Company: PAYC
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001193125-25-072358
Chunk: 64

Company: Paycom Software, Inc.
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 64
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 following a change in control (or, in the case of Mr. Richison, at any time), any change in the executive officer’s status, reporting, duties or position that represents a demotion or diminution from such executive officer’s prior status, or (iii) any material breach by us of the employment agreement between us and the executive officer; provided, that such executive officer will not be deemed to have been terminated for “good reason” unless he delivers written notice to us specifying the alleged “good reason” within 30 days (or, in the case of Mr. Richison, 45 days) after he learns of the circumstances giving rise to “good reason,” within 30 days (or, in the case of Mr. Richison, 20 days) following delivery of such notice, we have failed to cure such circumstances and the executive officer resigns within 15 days (or, in the case of Mr. Richison, 30 days) after the end of the cure period.

On February 7, 2024, the Company and Mr. Richison entered into a letter agreement (the “Richison Letter Agreement”) pursuant to which, among other things, Mr. Richison acknowledged and agreed that the change in his position from Chief Executive Officer to Co-Chief Executive Officer triggered the forfeiture of the 2020 CEO Performance Award in accordance with its terms. In addition, pursuant to the Richison Letter Agreement,

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Mr. Richison’s employment agreement was amended to clarify provisions related to Mr. Richison’s existing private aircraft and personal security benefits.

Letter Agreements (Peck, Walker, Clark and Thomas)

We are party to letter agreements with each of Messrs. Peck and Clark and Ms. Walker, which set forth the applicable executive officer’s initial annual base salary, describes equity awards granted in connection with his or her promotion or hiring and provides that he or she is eligible to participate in the Annual Incentive Plan. Prior to his resignation, we were party to a letter agreement with Mr. Thomas, which set forth his annual base salary and described the equity awards granted in connection with his promotion. We do not have any written employment agreement with Mr. Smith.

Other Arrangements

Each NEO is eligible to participate in, or receive benefits under, any plan or arrangement made available to our employees, including any health, dental, vision, disability, life insurance, 401(k), or other retirement programs in accordance with the terms and conditions of