SEC Contract Filing

Filing Date: 2024-04-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>payx-ex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<html>
 <head>
 <title>EX-10.1</title>
 </head>
 <body style="margin: auto!important;padding: 8px;">
 <div style="padding-top:0.5in;min-height:1in;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p></div>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">EXECUTION COPY</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">AMENDMENT NO. 3</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Dated as of April 12, 2024</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">to</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">2019 CREDIT AGREEMENT</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Dated as of July 31, 2019</font></p>
 <p style="text-indent:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">THIS AMENDMENT NO. 3 (this &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Amendment No. 3</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;) is made as of April 12, 2024 by and among Paychex of New York LLC, a Delaware limited liability company (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Borrower</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;), Paychex, Inc., a Delaware corporation (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Parent</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Administrative Agent</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;), under that certain 2019 Credit Agreement dated as of July 31, 2019 by and among the Borrower, the Parent, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Credit Agreement</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.</font></p>
 <p style="text-indent:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement;</font></p>
 <p style="text-indent:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">WHEREAS, the Borrower, the Parent, the Lenders party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein;</font></p>
 <p style="text-indent:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Parent, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment No. 3.</font></p>
 <p style="text-indent:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font s