Company: PAYX
Filing Date: 2025-08-29
Form Type: DEF 14A
Source: 0001193125-25-191789
Chunk: 62

Company: PAYCHEX INC
Filing Date: 2025-08-29
Form: DEF 14A
Chunk 62
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 Control Plan The Company has a Change in Control Plan covering our NEOs, except for Mr. Ante. Upon involuntary termination by the Company without cause or a voluntary termination by the participant for good reason, within 12 months following a change in control, as defined in the Change in Control Plan, the officer becomes entitled to certain severance benefits. “Cause” means the participant’s dereliction of duty to the Company, conviction for a felony, or willful misconduct that has a substantial adverse effect on the Company. “Good reason” means a significant change to the duties, authority, or position that were assigned immediately before the change in control including: the reduction in or removal of any material duties, authority, or position within the Company; assignment of duties inconsistent with the participant’s position, authorities, or responsibilities; material reduction to base salary, annual incentive, or other elements of total compensation; relocation of the participant’s principal workplace to an area outside of a 50-mileradius; or the failure of a successor company to assume or adopt this plan. The severance benefits, which are conditioned upon the execution of a general release in favor of the Company, are as follows:

| • |     | Cash compensation in the form of a lump-sum payment equal to a multiple of annual cash compensation (base salary and annual incentive program award at target) as determined by position within the Company (Mr. Gibson—2.0; and Messrs. Schrader, Bottini, and Gioja—1.5); |

| • |     | Lump-sum cash payment for pro-rated portion of current year annual incentive program award at target; |

| • |     | Immediate vesting of all outstanding time-based equity awards. Performance-based equity awards will vest for a pro-rated portion of the target number of shares; and |

| • |     | Lump-sum payment for the cost to continue basic life insurance, medical, dental, vision, and hospitalization benefits for the applicable continuation period, which is determined as the number of years equal to the participant’s multiplier (Mr. Gibson—2.0; and Messrs. Schrader, Bottini, and Gioja—1.5). |

The plan does not provide for tax gross-ups.The summary of the terms of the foregoing plan is qualified in its entirety by reference to the text of the plan document. For more information, refer to the Paychex, Inc. Change in Control Plan, incorporated by reference from Exhibit 10.24 to the Company’s Form 10