Company: PAYX
Filing Date: 2025-08-29
Form Type: DEF 14A
Source: 0001193125-25-191789
Chunk: 40

Company: PAYCHEX INC
Filing Date: 2025-08-29
Form: DEF 14A
Chunk 40
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, including NEOs, and directors are prohibited from engaging in any hedging, pledging, or other similar types of transactions with respect to the Company’s common stock.   ×   No dividends or dividend equivalents on unearned performance-based awards. Stock awards do not earn or pay dividends until the shares are earned. |

Paychex, Inc. 2025 Proxy Statement •35

#### CD&AThe pay mix at target for our CEO, Mr. Gibson, and the average for our other NEOs (excluding Mr. Ante, who joined the Company in April 2025) for fiscal 2025 was as follows:The following illustrates the trend in Company performance, based on two of our key financial metrics utilized in performance-based compensation plans, and the total reported compensation of our CEO over the last three years.(1)Operating income, net of certain items, is a non-GAAP measure. Refer to “Paychex, Inc. Non-GAAP Financial Measures” in Appendix A of this proxy statement for a discussion of this non-GAAP measure and a reconciliation to the most comparable GAAP measure of operating income.(2)CEO total compensation as reflected in this chart is equal to the amounts reported in the Fiscal 2025 Summary Compensation Table included in the Named Executive Officer section of this and prior years’ proxy statements.Compensation amounts realized in fiscal 2025 related to performance-based compensation programs for fiscal 2025 included payouts under the annual incentive program and were earned at 70.9% of target for our CEO, Mr. Gibson, and 63.0% of target on average for our other NEOs (excluding Mr. Ante, who joined the Company in April 2025). For NEOs other than Mr. Ante, achievement was measured against financial targets established at the beginning of fiscal 2025.Refer to the section entitled “Elements of Compensation” and the subsections of “Annual Incentive Program” and“Equity-BasedCompensation” within this CD&A for a more detailed discussion of variable compensation, performance targets established, and actual results against those targets.Paychex, Inc. 2025 Proxy Statement•36

#### CD&ASVP of PaycorFollowing the acquisition of Paycor on April 14, 2025, Mr. Ante joined Paychex and was appointed by the Board to serve as the SVP of Paycor. Prior to joining Paychex, Mr. Ante had served as the CFO of Paycor since September