Company: PAYX
Filing Date: 2025-08-29
Form Type: DEF 14A
Source: 0001193125-25-191789
Chunk: 41

Company: PAYCHEX INC
Filing Date: 2025-08-29
Form: DEF 14A
Chunk 41
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2019. Mr. Ante’s total compensation for fiscal 2025 included the following:•A going forward base salary of $500,000 per year(pro-ratedfor time in service during fiscal 2025).•Aone-timespecial incentive equity grant of performance-based RSUs with a total grant-date fair value of approximately $3.2 million at target that are eligible to vest based upon achievement of average annual synergy attainment targets over a three-year performance period (and subject to continued employment), in connection with the acquisition of Paycor.For fiscal 2026, the Board approved a compensation package for Mr. Ante consistent with the Company’s annual executive compensation program including; a base salary; participation in our annual incentive program with a target bonus of 100% of his base salary; and participation in our annual equity program, which consists of a fiscal 2026 grant for Mr. Ante composed of 60% performance-based RSUs, 25% stock options, and 15% time-based RSUs.Refer to the remainder of this CD&A for a detailed discussion of the overall compensation philosophy, practice, and analysis of elements of the compensation awarded to our NEOs as provided in the Fiscal 2025 Summary Compensation Table included in the Named Executive Officer Compensation section of this proxy statement.Paychex, Inc. 2025 Proxy Statement•37
| CD&A |

Fiscal 2025 Compensation Results Base Salary We pay base salary to attract talented executives and to provide a fixed base of cash compensation. Base salaries are reviewed annually. Our practice is to make targeted base salary increases as determined necessary based on performance, market information, and scope of responsibilities. For fiscal 2025, Mr. Schrader received a base salary increase of approximately 11% to $500,000, based on these factors, bringing his base salary closer to our Peer Group median, while remaining below it. In connection with Mr. Ante’s appointment as SVP of Paycor, his base salary was set at $500,000 per year. There were no adjustments made to the base salaries of our other NEOs for fiscal 2025. Annual Incentive Program The annual incentive program was established to motivate NEOs to meet the financial goals set by the Company as presented to its stockholders, while maintaining alignment with stockholders’ interests. Upon achievement of the minimum eligible performance, payouts under our annual incentive program are determined based upon the satisfaction of certain quantitative and qualitative components. Predetermined performance targets are established at the beginning of each fiscal