Company: ADP
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001308179-25-000607
Chunk: 85

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 85
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 of total annual compensation. The change in control plan defines “good reason” as the occurrence of any of the following events after a change in control without the participant’s written consent:

| ● | A material diminution in the participant’s position, duties, responsibilities, or authority as of the date immediately prior to the change in control; or                                                             |
| ● | a reduction in a participant’s base compensation or a failure to provide incentive compensation opportunities at least as favorable in the aggregate as those provided immediately prior to the change in control; or |

| ● | a failure to provide employee benefits at least as favorable in the aggregate as those provided immediately prior to the change in control; or |
| ● | a failure of any successor of the company to assume in writing the obligations under the change in control plan.                               |

The change in control plan defines “cause” as:

| ● | gross negligence or willful misconduct by a participant, which is materially injurious to the company, monetarily or otherwise; |
| ● | misappropriation or fraud with regard to the company or its assets;                                                             |
| ● | conviction of, or the pleading of guilty or nolo contendere to, a felony involving the assets or business of the company; or    |
| ● | willful and continued failure to substantially perform one’s duties after written notice by the board of directors.             |

The change in control payments potentially due to the NEOs are payable solely pursuant to the terms of the change in control plan and applicable terms of the award agreements. A “change in control” will have occurred under the change in control plan if:

| ● | any “person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended), excluding the company, any subsidiary of the company, or any employee benefit plan sponsored or maintained by the company (including any trustee of any such plan acting in its capacity as trustee), becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the company representing 35% or more of the total combined voting power of the company’s then-outstanding securities; |
| ● | there occurs a merger, consolidation, or other business combination of the company (a “transaction”), other than a transaction immediately following which the stockholders of the company, immediately prior to the transaction, continue to be the beneficial owners of securities of the resulting entity representing more than 60% of the voting power in the resulting entity