Company: PAYX
Filing Date: 2025-01-07
Form Type: 8-K
Source: 0000950103-25-000267
Chunk: 1

Company: PAYCHEX INC
Filing Date: 2025-01-07
Form: 8-K
Item: Item 1.01
Chunk 1
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 other outstanding Paycor RSU other than those held by Paycor employees at or above                                              

  each other outstanding Paycor RSU will be cancelled and exchanged for an award of restricted stock units                                           

  each outstanding restricted stock unit with respect to Paycor Stock that is subject to vesting conditions                                  

  each outstanding restricted stock award with respect to Paycor Stock will be cancelled and exchanged for                                           

Following the execution of
the Merger Agreement, Pride Aggregator, LP, Paycor’s majority stockholder, executed and delivered to Paycor and Paychex a written
consent adopting the Merger Agreement and approving the Merger (the “ Written Consent”), thereby providing the required
stockholder approval for the Merger. No further action by the holders of Paycor Stock is required to complete the Merger.

The Closing is subject to
certain customary mutual conditions, including (a) approval of the Merger Agreement and the Merger by the holders of a majority of Paycor
Stock (which has been obtained by the delivery of the Written Consent) and the mailing of the information statement on Schedule 14C to
the stockholders of Paycor at least 20 days prior to the Closing, (b) the absence of any injunction, order or law issued or enforced by
any court or governmental authority of competent jurisdiction that prohibits or makes illegal the consummation of the Merger and (c) the
expiration or termination of any waiting period applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976. The obligation of each party to consummate the Merger is also conditioned upon, among other things, (x) the accuracy of the
representations and warranties of the other party as of the Closing (subject to customary materiality qualifiers), (y) compliance by the
other party in all material respects with its pre-Closing obligations and covenants under the Merger Agreement and (z) in Paychex’s
case, (1) the absence of a material adverse effect with respect to Paycor and (2) certain required consents, approvals, notifications
or filings from or to governmental entities under applicable money transmission laws and insurance laws having been made, obtained or
received (or, as applicable, the expiration or termination of any waiting period). The Closing may not occur prior to April 15, 2025,
unless Paychex elects to waive such inside date.

The Merger Agreement