Company: PAYC
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001193125-25-072358
Chunk: 8

Company: Paycom Software, Inc.
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 8
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 specific operations and goals, which better positions them to make long-term strategic decisions that are in the best interest of our stockholders. Furthermore, the Company’s classified board reduces the vulnerability of the Company to certain potentially abusive takeover tactics. Because only one-third of the directors are elected at any annual meeting of stockholders, it is impossible to elect an entire new Board of Directors or even a majority of the Board of Directors at a single meeting. Incumbent directors always represent a majority of the Board of Directors and are in a position to negotiate with activists or potential acquirers while protecting the interests of all stockholders.

**Board of Directors Independence**

Our Board of Directors relies on the criteria set forth in the New York Stock Exchange (“NYSE”) Listed Company Manual for purposes of evaluating the independence of directors and, based on such criteria, has affirmatively determined that each of Mses. Turney, Vemulapalli and Williams and each of Messrs. Binz, Duques, Peters and Watts qualifies as “independent.” In making such determinations, the Board of Directors considered transactions and relationships between each non-employee director and the Company, if any, that would require disclosure pursuant to Item 404 of Regulation S-K under the Securities Act of 1933, as amended (the “Securities Act”). The Board of Directors also considered other transactions or relationships that do not rise to the level of requiring disclosure, including transactions and relationships (i) between the Company and entities affiliated with certain directors, as a result of such entities’ purchase (at standard rates) and ongoing use of the Company’s HCM and payroll software, (ii) between the Company and a director’s immediate family member who was previously employed by the Company as an administrative assistant and (iii) between the Company and an entity for which a member of the Board of Directors serves as an executive officer, as a result of the Company’s purchase (at standard rates) and ongoing use of such entity’s software. There are no family relationships between any of our directors or executive officers. There are no arrangements or understandings between any director and any other person pursuant to which he or she was selected as a director.

**Board of Directors Meetings**

During the fiscal year ended December 31, 2024, the Board of Directors held five meetings. Each director attended at least 93% of the aggregate number of meetings held by the Board and the committees of the Board during the period such director served on the Board of Directors or committee(s), if applicable, in