Company: PAYX
Filing Date: 2025-08-29
Form Type: DEF 14A
Source: 0001193125-25-191789
Chunk: 64

Company: PAYCHEX INC
Filing Date: 2025-08-29
Form: DEF 14A
Chunk 64
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 the event of an NEO’s termination due to death or disability, the time-based RSUs become immediately vested. |

| • |     | Performance-Based RSUs – In the event of an NEO’s termination due to death or disability, performance-based RSUs granted in fiscal 2023 and fiscal 2024 become immediately vested for a pro-rata portion of the target number of shares, and performance-based RSUs granted in fiscal 2025 become immediately vested for the target number of shares. |

Retirement:Upon retirement, NEOs may be eligible to receive an annual incentive program award payout based on actual fiscal year results and calculated using the base pay received by the NEO during the performance period. Equity awards granted in fiscal 2023, fiscal 2024, and fiscal 2025 have retirement provisions as follows:

| • |     | Stock Options – In the event of retirement on or after the one-year anniversary of grant date, the options remain outstanding and continue to vest and remain exercisable for the lesser of five years following the NEO’s retirement or the remainder of the outstanding option term. In the event of retirement before the one-year anniversary of the grant date, the options are forfeited. |

| • |     | Time-Based RSUs – In the event of retirement on or after the one-year anniversary of grant date, the time-based RSUs remain outstanding and vest in accordance with the terms of the agreement. In the event of retirement before the one-year anniversary of the grant date, the time-based RSUs are forfeited. |

| • |     | Performance-Based RSUs: |

| • |     | For performance-based RSUs granted in fiscal 2023, the performance-based RSUs remain outstanding and continue to vest. The number of shares earned based on performance is determined after the end of the performance period, and the NEO receives payment of a pro-rata portion of the number of shares earned. |

| • |     | For performance-based RSUs granted in fiscal 2024, in the event of retirement after the first anniversary of the grant date, the performance-based RSUs remain outstanding and continue to vest. The number of shares earned is determined after the end of the performance period, and the NEO receives payment of a pro-rata portion of the number of shares earned. In the event of retirement before the one-year anniversary of the grant date, the performance-based RSUs granted in 2024 are forfeited. |

| • |     | For performance-based RSUs granted in fiscal 2025,