Company: PAYC
Filing Date: 2025-02-12
Form Type: 8-K
Source: 0000950170-25-018834
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Company: Paycom Software, Inc.
Filing Date: 2025-02-12
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 12, 2025, the Board of Directors (the “Board”) of Paycom Software, Inc. (the “Company”) appointed Bob Foster to serve as Chief Financial Officer of the Company, effective immediately following Craig Boelte’s retirement on February 21, 2025. As previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 1, 2024, Mr. Boelte notified the Board on July 31, 2024 that he intended to retire from his role as Chief Financial Officer within nine to 12 months.

Mr. Foster, 63, has served as the Company’s Executive Vice President of Accounting and Finance since October 2024. He joined the Company in November 2022 as Director of International Strategy and served in that role until October 2024. Before joining the Company, Mr. Foster led iiPay, a payroll company, from 2014 to October 2022, including as chief executive officer from 2016 to October 2022. Prior to that, Mr. Foster was a senior partner at Ernst & Young. Mr. Foster is a Certified Public Accountant and earned a bachelor of science degree in accounting from Ball State University.

In his new role, Mr. Foster’s annual base salary is $545,000, and he is eligible to participate in the Paycom Software, Inc. Annual Incentive Plan. Mr. Foster is also eligible to receive equity awards under the Paycom Software, Inc. 2023 Long-Term Incentive Plan in accordance with the Company’s typical annual grant cycle for executive officers. On February 12, 2025, the Company and Mr. Foster entered into a letter agreement (the “Letter Agreement”) setting forth certain terms of Mr. Foster’s continued employment and the salary he is to receive in his new role. The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

There are no arrangements or understandings between Mr. Foster and any other person pursuant to which Mr. Foster was named Chief Financial Officer of the Company. Mr. Foster does not have any family relationship with any