Company: PAYX
Filing Date: 2025-01-07
Form Type: 8-K
Source: 0000950103-25-000267
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Company: PAYCHEX INC
Filing Date: 2025-01-07
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement

Merger Transaction

On January 7, 2025, Paychex,
Inc., a Delaware corporation (“ Paychex”), Skyline Merger Sub, Inc., a Delaware corporation and an indirect wholly owned
subsidiary of Paychex (“ Merger Sub”), and Paycor HCM, Inc., a Delaware corporation (“ Paycor”), entered
into an Agreement and Plan of Merger (the “ Merger Agreement”).

Upon the terms and subject
to the conditions set forth in the Merger Agreement, at the closing (the “ Closing”) of the transactions contemplated
by the Merger Agreement (the “ Transactions”), (a) Merger Sub will merge with and into Paycor, with Paycor as the surviving
corporation (the “ Surviving Corporation”) and an indirect wholly owned subsidiary of Paychex (the “ Merger”),
(b) each share of common stock of Paycor, par value $0.001 per share (“ Paycor Stock”), issued and outstanding immediately
prior to the effective time of the Merger (the “ Effective Time”) (other than shares of Paycor Stock (i) held by Paycor
as treasury stock or owned by Paychex or Merger Sub immediately prior to the Effective Time or (ii) held by any subsidiary of either Paycor
or Paychex (other than Merger Sub) (other than shares of Paycor Stock held by any such person in a trustee, custodian or nominee capacity
for the account of clients or customers of such persons) immediately prior to the Effective Time) issued and outstanding immediately prior
to the Effective Time (other than shares held by any holder who is entitled to appraisal rights and has properly exercised such rights
under Delaware law) will be converted into the right to receive $22.50 in cash, without interest (the “ Merger Consideration”),
and (c) each share of common stock of Merger Sub outstanding immediately prior to the Effective Time will be converted into and become
one share of common stock, par value $0.01 per share, of the Surviving Corporation. In addition, at the Closing, Paycor’s outstanding
equity awards will be treated as follows:

  each outstanding stock option will be cancelled and Paycor will pay for each such stock option cancelled                                      

  each outstanding time-based restricted stock unit (each, a “ Paycor RSU ”) that is held                                                 

  each