Company: PAYX
Filing Date: 2025-08-29
Form Type: DEF 14A
Source: 0001193125-25-191789
Chunk: 63

Company: PAYCHEX INC
Filing Date: 2025-08-29
Form: DEF 14A
Chunk 63
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-Kfiled with the SEC on July 15, 2011. Arrangements Related to the Acquisition of Paycor Under the terms of the merger agreement entered into by the Company in connection with the acquisition of Paycor, continuing executives of Paycor, including Mr. Ante, are entitled to receive certain severance payments and benefits in the event of a qualifying termination during the 12-monthperiod following the closing date of the acquisition (the “protection period”). A termination without cause or for good reason during the protection period would entitle the executive to receive severance payments and benefits pursuant to the Paycor Change in Control Severance Plan that had been in effect immediately prior to the closing of the acquisition, including:

| • |     | an aggregate amount of cash equal to a multiple of the executive’s base salary and a multiple of the executive’s target annual bonus, payable in substantially equal installments over the applicable severance period; |

Paychex, Inc. 2025 Proxy Statement •55

| NEO Compensation |

| • |     | to the extent the respective executive holds unvested equity awards granted under the 2021 Paycor Omnibus Incentive Plan that vest solely based on continued employment with the Company and its affiliates, any such unvested awards will accelerate and vest as of such termination date; and |

| • |     | reimbursement for the cost of health insurance continuation coverage under COBRA of continued premium payments under the Company’s group health plans pursuant to COBRA, at the same cost applicable to active employees of the Company for the applicable severance period. |

In addition, the severance payments and benefits are subject to the NEO’s execution and non-revocation ofa fully effective release of claims in favor of the Company and continued compliance with customary restrictive covenants. Other Separation Benefits Death or Disability:Upon termination due to death or disability, NEOs may be eligible to receive an annual incentive program award payout based on the 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 death and disability provisions as follows:

| • |     | Stock Options – In the event of an NEO’s termination due to death or disability, the options become fully vested and remain exercisable for the lesser of three years following the NEO’s death or disability termination or the remainder of the outstanding term. |

| • |     | Time-Based RSUs – In