Company: PAYC
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001193125-25-072358
Chunk: 69

Company: Paycom Software, Inc.
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 69
---
 right to receive any incentive compensation for such performance period. If the termination of employment occurs after the performance period has ended but prior to the date of actual payment, the participant will be entitled to payment of an amount not to exceed the amount set forth according to the terms of his or her award. The amount presented reflects the assumption that the triggering event occurred on December 31, 2024, which is the end of the performance period, and, as such, the participant would have been entitled to the amount of incentive compensation payable based on actual results for the 2024 performance period. See “Compensation Discussion and Analysis—Cash Compensation—Annual Incentive Plan.” |

| (5) | The amount presented represents (i) the aggregate amount payable for continuation of health insurance benefits for 12 months following the date of termination of employment ($13,478), plus (ii) the aggregate amount payable for Mr. Richison’s personal security for a period of two years following his termination ($1,136,414, based on amounts paid in 2024), per the terms of Mr. Richison’s employment agreement. |

| (6) | In connection with Mr. Boelte’s retirement on February 21, 2025, all unvested equity awards were forfeited in accordance with the terms of the applicable award agreements. |

| (7) | The amount presented represents the aggregate amount payable for continuation of health insurance benefits for 12 months following the date of termination of employment, per the terms of Mr. Boelte’s employment agreement. |

| (8) | The PSU award agreements provide that the vesting of the PSUs will accelerate at target performance upon the NEO’s death or total and permanent disability (as defined in the 2014 LTIP or 2023 LTIP, as applicable). |

| (9) | The PSU award agreements provide that unvested PSUs will remain outstanding in connection with a change in control, absent a subsequent termination of service. 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) in connection with or during the 12-month period following the consummation of a change in control but prior to the applicable vesting date, (i) the 2022 PSUs will vest based on the greater of: (x) the target performance level for Relative TSR (i.e., 100% of the target units), or (