Company: ADP
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001308179-25-000607
Chunk: 61

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 61
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%  |     |         | 10.5% |     |        | 7.48% |     |             | 99%  |
| 2023 |     | Adjusted Net Income Growth |     |        | 67% |     |           | 10.0% |     |        | 15.0% |     |         | 20.0% |     |        | 16.0% |     |             | 115% |
| 2023 |     | Revenue ex-ZMPT Growth     |     |        | 33% |     |           | 5.5%  |     |        | 8.5%  |     |         | 11.5% |     |        | 9.3%  |     |             | 120% |

| 1 | Refer to the table in Appendix A for a reconciliation from net earnings to adjusted net income for fiscal years 2025, 2024 and 2023 and for a reconciliation from consolidated revenue to revenue ex-ZMPT for fiscal years 2025, 2024 and 2023.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 2 | Fiscal year 2023 achievement percentage on a weighted basis is 117% of target, which applies to the first of three tranches of the PSU award granted in September 2022. Fiscal year 2024 achievement percentage on a weighted basis is 111% of target, which applies to the second of three tranches of the PSU award granted in September 2022, and the first of three tranches of the PSU award granted in September 2023. Fiscal year 2025 achievement percentage on a weighted basis is 132% of target, which applies to the third of three tranches of the PSU granted in September 2022, the second of three tranches of the PSU award granted in September 2023, and the first of three tranches of the PSU award granted in September 2024. |

Award levels achieved for each fiscal year in the three-year performance period are, as a percentage of target, 50% for threshold performance, 100% for target performance, 175% for stretch performance, and 0% for below threshold performance. The award level achieved within each range, as a percentage of target, is determined by linear interpolation between the lower and upper bounds. Dividends are paid only with respect to shares of ADP stock that have been issued in connection