Company: ADP
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001308179-25-000607
Chunk: 70

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 70
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) the grant date fair value of the second of three tranches of PSUs granted in September 2022 and (iii) the grant date fair value of the first of three tranches of PSUs granted in September 2023, and additionally, for Ms. Black and Messrs. DeSilva and Ayala, the grant date fair value of the third of three tranches of PSUs granted in January 2022 (in light of their promotions), and additionally, for Mr. McGuire, the grant date fair value of the third of three tranches of PSUs granted in October 2021 (in light of his promotion to CFO), and additionally, for Ms. Black, the grant date fair value of the second of three tranches of PSUs granted in January 2023 (in light of her promotion to CEO), in each case, reflecting that the performance goal(s) for the tranches was established in fiscal year 2024.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

| Automatic Data Processing, Inc. – Proxy Statement   | | 64 |

| Compensation of Executive Officers |

|     | The awards for fiscal year 2023 are comprised of PSUs and RSUs for all NEOs. Consistent with the requirements of ASC Topic 718, the amounts relating to the PSUs for fiscal year 2023 represent the sum of (i) the grant date fair value of the third of three tranches of PSUs granted in September 2020, (ii) the grant date fair value of the second of three tranches of PSUs granted in September 2021 and (iii) the grant date fair value of the first of three tranches of PSUs granted in September 2022, and additionally for Ms. Black and Messrs. DeSilva and Ayala, the grant date fair value of the second of three tranches of PSUs granted in January 2022 (in light of their promotions), and additionally for Mr. McGuire, the grant date fair value of the second of three tranches of PSUs granted in October 2021 (in light of his promotion to CFO),and additionally, for Ms. Black, the grant date fair value of the first of three tranches of PSUs granted in January 2023 (in light of her promotion to CEO), in each case, reflecting that the performance goal(s) for the tranches was established in fiscal year 2023.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 For PSUs granted in fiscal years 202