Company: PAYC
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001193125-25-072358
Chunk: 70

Company: Paycom Software, Inc.
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 70
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y) the actual Relative TSR of the Company against the peer group through the date of the change in control, and (ii) the 2024 PSUs will become fully vested as of the date of such termination of service. Pursuant to the 2023 LTIP, if the 2024 PSUs are not assumed in connection with a change in control, all outstanding 2024 PSUs will vest in connection with such change in control, as follows: (i) if the payout level has been determined (or is determinable) as of such change in control, such award shall be payable in full in accordance with the payout schedule set forth in the award agreement; and (ii) if the payout level is undeterminable, the award shall be pro-rated based on the time elapsed in the applicable performance period between the date of grant and the change in control and paid at the target payout level in accordance with the payout schedule set forth in the award agreement. Given the assumption that the triggering event occurred on December 31, 2024, the amount presented reflects (i) the value of shares delivered upon vesting of the second tranche of the 2022 PSUs based on actual achievement for the three-year performance period ended December 31, 2024 (0% payout) and (ii) with respect to 2024 PSUs, the value of shares delivered based on actual achievement for the performance period ended December 31, 2024. |

| (10) | The PSU award agreements provide that if the NEO is terminated without cause (as defined in the applicable award agreement) or the NEO terminates his or her employment for good reason (as defined in the applicable award agreement), the PSUs shall remain outstanding and eligible for vesting based on the actual achievement of the applicable performance goals, and pro-rated based on a fraction, determined by the number of completed days of service from the date of grant through the date of the NEO’s termination of service over the total number of days in the performance period. Given the assumption that the triggering event occurred on December 31, 2024, the amount presented reflects (i) the value of shares delivered upon vesting of the second tranche of the 2022 PSUs based on actual achievement for the three-year performance period ended December 31, 2024 (0% payout) and (ii) with respect to 2024 PSUs, the value of shares delivered based on actual achievement for the performance period ended December 31, 2024