Company: PAYX
Filing Date: 2025-08-29
Form Type: DEF 14A
Source: 0001193125-25-191789
Chunk: 38

Company: PAYCHEX INC
Filing Date: 2025-08-29
Form: DEF 14A
Chunk 38
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2022   |     |                    |     | 1.2 |     |        | $ | 145.2 |
| Fiscal 2021   |     |                    |     | 1.7 |     |        | $ | 155.7 |

Paychex, Inc. 2025 Proxy Statement •32

| CD&A |

The following graph shows how a $100 investment in our common stock on May 31, 2020, would have grown to $251 as of May 31, 2025, with dividends reinvested quarterly. The chart also compares the total stockholder return on our common stock to the same investment in the S&P 500 Index over the same period, with dividends reinvested quarterly. For us, this represents a cumulative return of 151%, or approximately 20% on a compound basis. For more information about our fiscal 2025 business results, see the section of our fiscal 2025 Annual Report on Form 10-K(“Form 10-K”)titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” How Pay is Tied to Company Performance Our executive compensation programs are designed to ensure that the interests of our senior leaders are appropriately aligned with the Company’s stockholders by rewarding performance that meets established business and individual goals. Key features of the executive compensation programs that tie to Company performance are:

| • |     | In fiscal 2025, the C&L Committee enhanced the performance focus of our long-term incentive program by increasing the portion of performance-based equity awarded to certain executive officers, including our CEO and CFO, from 50% to 60% of the total equity award at target. The C&L Committee also extended the performance period from two to three years and adopted a relative total shareholder return modifier to further align payouts with shareholder outcomes. |

| • |     | A significant portion of our NEOs’ annual compensation is “at risk” based on performance. For fiscal 2025, at risk or variable pay, which is comprised of the target value of an annual cash incentive opportunity and target date fair values of longer-term equity-based incentives, represented 90% of total target compensation for our CEO, Mr. Gibson, and 82% of total target compensation on average for our other NEOs (excluding Mr. Ante, who joined the Company in April 2025); |

| • |     | Target compensation for the annual incentive program and annual grants of performance-based stock awards is generally established at