[DEF 14A] Paychex Inc Definitive Proxy Statement

Rhea-AI Filing Summary

Paychex, Inc. presents its 2025 proxy materials describing corporate governance, executive pay design, and shareholder voting procedures. The Board recommends a vote FOR each of ten director nominees. The proxy discloses compensation practices: a mix of time-based and performance-based equity, pay-for-performance features with payout ranges (0%–150% or up to 200% with TSR modifier), stock ownership guidelines (CEO: 6x base salary; SVPs: 3x), a clawback policy, and prohibitions on hedging. Operational highlights include a client base of approximately 800,000, improved client retention to pre-pandemic levels, above‑pre‑pandemic revenue retention, and record HR outsourcing worksite employee retention.

Positive

• Board recommends FOR all ten director nominees, providing clarity for shareholder votes
• Client base grew to approximately 800,000, with client retention improved to pre-pandemic levels
• Compensation ties to performance via multi-year metrics and a relative TSR modifier, with explicit payout ranges
• Governance safeguards disclosed: clawback policy, insider trading prohibitions, and independent compensation consultant use

Negative

• No financial results or specific revenue/profit figures disclosed in the provided excerpt
• Proxy text is fragmented and several sections appear truncated or incomplete, limiting full assessment

Insights

Corporate Governance Analyst

TL;DR: Proxy emphasizes strong governance, robust pay‑for‑performance mechanisms, and board endorsement of nominees.

The disclosure shows a traditional governance framework: committee oversight of risk and compensation, independent consultant use, insider trading restrictions, clawback provisions, and clear stock ownership targets to align management with shareholders. The compensation structure ties multi-year performance metrics and relative TSR to payouts, with caps and downward/upward adjustments stated. Board recommendation for all nominees is explicit. These items are material for shareholder voting and governance assessment.

Compensation & Benefits Specialist

TL;DR: Pay mix leans on variable equity with multi-year targets and TSR modifiers to align executives with long-term performance.

The proxy details annual equity grant cadence, predefined performance metrics, capped payouts, and inclusion of unvested non-performance awards toward ownership guidelines. Use of a double-trigger change-in-control, post‑restatement clawback, and prohibition on hedging are standard but important controls. Disclosure of payout ranges and relative TSR adjustments provides investors transparency on potential upside and downside in executive realizable pay.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material under §240.14a-12

Paychex, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

  WHEN   Thursday, October 9, 2025 9:30 a.m. Eastern Time   WHERE   Online only at www.virtualshareholdermeeting.com/PAYX2025   IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2025 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON OCTOBER 9, 2025.   On or about August 29, 2025, we will mail to all stockholders a Notice of Internet Availability of Proxy Materials, which contains instructions for accessing our proxy materials on the Internet and voting by telephone or on the Internet. The Notice of Internet Availability of Proxy Materials also contains instructions for requesting a printed set of proxy materials. Paychex, Inc.’s Proxy Statement and Annual Report for the year ended May 31, 2025, are available at www.proxyvote.com and https://investor.paychex.com.   Our principal executive offices are located at 911 Panorama Trail South, Rochester, NY 14625-2396. MATTERS TO BE VOTED ON:   The principal business of the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) will be:   1. To elect ten nominees to the Board of Directors for a one-year term;   2. To hold an advisory vote to approve named executive officer compensation;   3. To ratify the selection of PricewaterhouseCoopers LLP to serve as our independent registered public accounting firm; and,   4. To transact such other business as may properly come before the meeting or any adjournment thereof.   WHO MAY VOTE: Stockholders of record at the close of business on August 11, 2025, are entitled to notice of and to vote at the Annual Meeting and at any adjournments or postponements thereof.   HOW TO PARTICIPATE: Our Annual Meeting will be broadcast as a live webcast accessible at www.virtualshareholdermeeting.com/PAYX2025.   For more information about the virtual meeting format, including detailed instruction on how to vote, please see the “Frequently Asked Questions” section of the proxy statement.   By order of the Board of Directors     Prabha Sipi Bhandari Chief Legal Officer, Chief Ethics Officer, and Secretary   August 29, 2025

Your Vote Is Very Important, and We Encourage You to Vote

VOTE YOUR SHARES

HOW TO VOTE

Please read the proxy statement and vote right away using any of the following methods.

Stockholders of Record:

VOTE BY INTERNET BEFORE OR DURING THE MEETING Visit the website listed on your Notice of Internet Availability of Proxy Materials.				VOTE BY TELEPHONE Call 1-800-690-6903 to vote by phone.				VOTE BY MAIL Sign, date, and return your proxy card in the enclosed envelope (this is only available if you requested a printed copy).

Beneficial Stockholders:

If you are a beneficial stockholder, you will receive instructions from your bank, broker, or other nominee that you must follow for your shares to be voted.

Table of Contents

TABLE OF CONTENTS

Page
1		PROXY STATEMENT SUMMARY
5		PROPOSAL 1: ELECTION OF DIRECTORS FOR A ONE-YEAR TERM
12		DIRECTOR COMPENSATION FOR THE FISCAL YEAR ENDED MAY 31, 2025
16		BENEFICIAL OWNERSHIP OF PAYCHEX COMMON STOCK
17		Delinquent Section 16(a) Reports
18		CORPORATE GOVERNANCE
18		Role of the Board
18		Corporate Responsibility
19		Board Leadership Structure
20		Nomination Process
21		Board Oversight of Risk
22		Board Meetings and Committees
25		Policy on Transactions with Related Persons
25		Transactions with Related Persons
26		Insider Trading Policy
26		Stockholder Engagement During Fiscal 2025
27		Communications with the Board of Directors
27		CODE OF BUSINESS ETHICS AND CONDUCT
28		PROPOSAL 2: ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION

Page
30		COMPENSATION DISCUSSION AND ANALYSIS
30		Executive Summary
38		Fiscal 2025 Compensation Results
44		Compensation Decision Process
47		The Compensation & Leadership Committee Report
48		NAMED EXECUTIVE OFFICER COMPENSATION
48		Fiscal 2025 Summary Compensation Table
50		Grants of Plan-Based Awards for Fiscal 2025
52		Option Exercises and Stock Vested in Fiscal 2025
53		Outstanding Equity Awards as of May 31, 2025
55		Potential Payments upon Termination or Change in Control Fiscal 2025
58		Non-Qualified Deferred Compensation Fiscal 2025
59		CEO Pay Ratio
61		Pay Versus Performance
65		PROPOSAL 3: RATIFICATION OF THE SELECTION OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
66		Fees for Professional Services
67		Report of The Audit Committee
68		FREQUENTLY ASKED QUESTIONS
A-1		Appendix A: PAYCHEX, INC. NON-GAAP FINANCIAL MEASURES
B-1		Appendix B: PAYCHEX, INC. RECONCILIATION OF PERFORMANCE MEASURES TO THOSE REPORTED IN THE COMPANY’S CONSOLIDATED FINANCIAL STATEMENTS

Paychex has elected to use the Securities and Exchange Commission’s Notice and Access model, which allows us to make the proxy materials available on the Internet, as the primary means of furnishing proxy materials to stockholders.

Paychex, Inc. (“Paychex,” the “Company,” “we,” “our,” or “us”), a Delaware corporation, is furnishing this proxy statement to stockholders in connection with the solicitation of proxies on behalf of the Board of Directors of the Company (the “Board”) for the 2025 Annual Meeting of Stockholders (the “Annual Meeting”). This proxy statement summarizes information concerning the matters to be presented at the Annual Meeting and related information to help stockholders make an informed vote. Distribution of this proxy statement and a form of proxy to stockholders is scheduled to begin on or about August 29, 2025.

Paychex, Inc. 2025 Proxy Statement

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PROXY STATEMENT SUMMARY

This summary section highlights information contained elsewhere in this proxy statement. This summary does not contain all the information that you should consider, and you should read the entire proxy statement before voting. For more complete information regarding the performance of Paychex, Inc. (the “Company,” “Paychex,” “we,” or “our”) for the fiscal year ended May 31, 2025 (“fiscal 2025”), review the Company’s Annual Report on Form 10-K (“Form 10-K”) for fiscal 2025.

Paychex, Inc. 2025 Annual Meeting of Stockholders

October 09, 2025 9:30 a.m., Eastern Time Virtual Meeting at: www.virtualshareholdermeeting.com/PAYX2025

Meeting Agenda and Voting Matters

Item

Proposal

Board Vote Recommendation

Page Reference (for more detail)

Proposal 1

Election of ten directors for a one-year term

FOR each director nominee

5

Proposal 2

Advisory vote to approve named executive officer compensation

FOR

28

Proposal 3

Ratification of the selection of PricewaterhouseCoopers LLP to serve as our independent registered public accounting firm

FOR

65

Paychex, Inc. 2025 Proxy Statement • 1

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 Proxy Summary 

Fiscal 2025 Business Highlights*

Total service revenue $5.4B 5% increase				Operating income $2.2B 2% increase				Diluted earnings per share $4.58 2% decrease
5-year TSR(1) 151%				Operating income, net of certain items(2) $2.2B 7% increase				Adjusted diluted earnings per share(2) $4.98 6% increase

* Percent increase reflects growth percentages compared to the fiscal year ended May 31, 2024 (“fiscal 2024”).

(1) Total Shareholder Return (“TSR”) assumes a $100 investment in Paychex common stock from May 31, 2020 to May 31, 2025, with dividends reinvested.

(2) Operating income, net of certain items and adjusted diluted earnings per share are not United States generally accepted accounting principles (“GAAP”) measures. Refer to “Paychex, Inc. Non-GAAP Financial Measures” in Appendix A of this proxy statement for a discussion of these non-GAAP measures and a reconciliation to the most comparable GAAP measures of operating income and diluted earnings per share.

In fiscal 2025, we completed our largest acquisition to date with the addition of Paycor HCM, Inc. (“Paycor”), a leading provider of HCM, payroll, and talent software, which enables us to better serve larger businesses with more complex needs and expands our addressable market to over $100 billion.

Paychex continued focusing on returning value to our stockholders during fiscal 2025. In May 2025, the Company increased its quarterly dividend by 10%, or $0.10 per share to $1.08 per share. The Company continued to repurchase its common stock to offset dilution and in fiscal 2025 repurchased 0.8 million shares for $104.5 million.

Distributed approximately $1.6 Billion to Stockholders in Fiscal 2025

(an increase of 5% compared to fiscal 2024)

  Dividends Paid   $1.4B     Share Repurchases   $104.5M  

Paychex, Inc. 2025 Proxy Statement • 2

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 Proxy Summary 

Recent Awards and Recognition

		World’s Most Ethical Companies® Paychex has been named one of the 2025 World’s Most Ethical Companies® by Ethisphere for the 17th year. Paychex is one of only three companies to receive this honor 17 times.				TIME Magazine America’s Best Companies Paychex has been named a top-performing U.S.-based organization for the company’s culture, business results, and corporate responsibility efforts.
		Training Hall of Fame Paychex has been inducted into Training magazine’s Training Hall of Fame for consecutive recognition as one of the world’s top training organizations.				Excellence in Technology In 2024, Paychex Flex Perks® was recognized for excellence in technology by Brandon Hall Group. This is the 11th time Paychex’s innovative technology solutions have been awarded by the global research and analyst firm.
		Top HR Product of the Year In 2024, Paychex Flex Perks® was recognized as a Top HR Product. This is the fourth time a Paychex solution has been named a top product by Human Resource Executive.				FORTUNE®Magazine America’s’ Most Innovative Companies Paychex has been named one of America’s Most Innovative Companies on Fortune’s annual list for the third time.

Pay-for-Performance

Key features of our executive compensation program that tie compensation to the Company’s performance are:

• A significant portion of annual compensation is “at risk” based on performance. For the President and Chief Executive Officer (“CEO”), 90% of his total target compensation is at risk or variable. On average, for the other named executive officers (“NEOs”) (excluding Mr. Ante, who joined the Company in April 2025), 82% of their total target compensation is at risk or variable.

Paychex, Inc. 2025 Proxy Statement • 3

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 Proxy Summary 

• Variable compensation is comprised of an annual cash incentive program and longer-term equity-based incentives. For the annual cash incentive for fiscal 2025, results for certain performance metrics were below target, resulting in payouts at 70.9% of target for the CEO and 63.0% of target on average for the other NEOs (excluding Mr. Ante, who joined the Company in April 2025).

• Performance stock awards granted in July 2023 reached the end of the two-year performance period in May 2025. Achievement was at 84% of target. The awards earned are restricted for an additional one-year period.

For more information on compensation for our NEOs and how it ties to performance, refer to the Compensation Discussion and Analysis and Named Executive Officer Compensation sections of this proxy statement.

The Company values stockholder feedback and is committed to ongoing engagement. During fiscal 2025, discussions with stockholders were held reviewing topics including corporate governance and other matters that were priorities of our stockholders. Refer to the Corporate Governance section of this proxy statement for more information on our fiscal 2025 stockholder outreach and engagement.

Additional Information

Refer to the Frequently Asked Questions section of this proxy statement for important information about proxy materials, voting, annual meeting procedures, company documents, communications, and the deadlines to submit stockholder proposals for the 2026 Annual Meeting of Stockholders. Additionally, questions may be directed to Investor Relations at (800) 828-4411 or by written request to 911 Panorama Trail South, Rochester, NY 14625, Attention: Investor Relations. General information regarding the meeting and links to key documents can be found on our Investor Relations web page at https://investor.paychex.com.

Cautionary Note Regarding Forward-Looking Statements

This proxy statement contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements that are not historical facts. They provide current expectations or forecasts of future results or events and examples include, among others:

• statements with respect to the beliefs, plans, objectives, and expectations regarding the future compensation plans of the Company and corporate responsibility initiatives and goals of the Company; and

• statements preceded by, followed by, or that include the words “aim,” “ambition,” “anticipate,” “believe,” “could,” “design,” “estimate,” “goal,” “intend,” “may,” “plan,” “potential,” “project,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” “would,” and other similar words or phrases.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to known and unknown uncertainties, risks, changes in circumstances, and other factors that are difficult to predict, many of which are outside our control. Our actual performance and outcomes, including without limitation, our actual results and financial condition, may differ materially from those indicated in or suggested by the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, please see the risks and other factors detailed from time to time in our most recent periodic reports on Form 10-K and Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”). Except as required by law, we undertake no obligation to update these forward-looking statements after the date of filing this proxy statement with the SEC to reflect events or circumstances after such date, or to reflect the occurrence of unanticipated events.

Paychex, Inc. 2025 Proxy Statement • 4

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PROXY STATEMENT

PROPOSAL 1:

ELECTION OF DIRECTORS FOR A ONE-YEAR TERM

What am I voting on?		Voting Recommendation
Stockholders are being asked to elect ten director nominees for a one-year term. This section includes information about the Board and each director nominee.		The Board recommends a vote FOR each of the ten director nominees.

The Board is elected by the stockholders to oversee the overall success of the Company, review its operational and financial capabilities, and periodically assess its long-term strategic objectives. The Board serves as the ultimate decision-making body of the Company, except for those matters reserved for stockholders. The Board selects and oversees the members of senior management who are charged by the Board with conducting the day-to-day business of the Company. The Board acts as an advisor to senior management and ultimately monitors management’s performance.

Election Process

The Company’s Amended and Restated By-Laws (“By-Laws”) provide for the annual election of directors. The By-Laws provide that each director is elected by a majority of the votes cast for the director at any meeting held for the election of directors at which a quorum is present, and the director is running unopposed. If a nominee that is an incumbent director does not receive a majority of the votes cast in an uncontested election, such director must offer his or her resignation to the Board. The Nominating and Governance (“N&G”) Committee considers such offer and will make a recommendation to the Board on whether to accept or reject the resignation. The Board then considers the N&G Committee’s recommendation and will determine whether to accept such offer. The Board will disclose its decision and the rationale behind it within 90 days of the certification of the election results.

2025 Nominees for Director

There are ten nominees for election as director, as listed on the following pages. Each of the nominees is a current member of the Board. As previously disclosed by the Company, Mr. Golisano stepped down from the Board and the Board determined to reduce its size from 11 to 10 directors effective July 9, 2025. The ten persons listed have been nominated for election to the Board by the N&G Committee. The nominees, except for Messrs. Gibson and Mucci, are independent under The Nasdaq Stock Market LLC (“Nasdaq”) director independence standards. If elected, each nominee will hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal. We believe that all the nominees will be available to serve as a director. However, if any nominee should become unable to serve, the named proxy holders may exercise discretionary authority to vote for substitute nominees proposed by the Board.

The Board believes that the combination of the distinct and complementary qualifications, skills, viewpoints, backgrounds, and experience of the 2025 director nominees will continue to contribute to an effective and well-functioning Board. Due in part to stockholder feedback, board refreshment continues to be an important consideration of our Board. For more information on our nomination process, refer to the Corporate Governance section of this proxy statement.

The Board recommends the election of each of the director nominees identified on the following pages.

Unless otherwise directed, the named proxy holders will vote the proxy FOR the election of each of these

director nominees.

Paychex, Inc. 2025 Proxy Statement • 5

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 Election of Directors 

Summary of Director Nominees

The Company seeks to maintain a Board comprised of a mix of perspectives, experiences, skills, and backgrounds to reflect the multi-faceted nature of the business environment in which the Company operates. For purposes of Board composition, the Board, guided by the N&G Committee, considers, among other factors that the Board determines relevant, a nominee’s demonstrated business judgment, leadership abilities, integrity, prior experience, education, training, and relationships. The N&G Committee regularly evaluates Board composition, and as a Company, we are dedicated to ongoing Board refreshment so that the Board’s collective skills and viewpoints remain aligned with the evolving demands of our business landscape.

Our director nominees are accomplished professionals, with diverse areas of expertise, who are well-equipped to oversee the success of the business and effectively represent the interests of stockholders. Our director nominees:

• are seasoned leaders who possess high personal and professional ethics and share the values of the Company;

• are highly accomplished in their fields and have served as directors and officers in a diverse range of companies, including technology, financial services, and payment companies, among others;

• strengthen our Board’s oversight capabilities by having varied lengths of tenure that provide historical and new perspectives about our Company; and

• bring extensive and varied experience in strategic planning, business development, international business, mergers and acquisitions, and go-to-market strategies, among others.

The Board has identified qualifications, attributes, skills, and experience that are important to be represented on the Board as a whole, in light of the multi-faceted nature of the business environment in which the Company operates. The Board believes that the varied and complementary qualifications, attributes, skills, and experience of the director nominees collectively contribute to a well-functioning and effective Board.

Below is a summary to highlight some but not all the important skills our director nominees bring to the Board.

Skills

Capital Markets Literacy

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Industry Knowledge

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Financial Literacy

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Global Experience

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Leadership Experience

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Product Marketing

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Risk Management

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Technology Experience

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Director Nominee Biographies

The following is summary information about each of our ten director nominees. The Board recommends that our shareholders elect all ten director nominees listed below at the Annual Meeting. Each nominee is elected annually by a majority of votes cast in uncontested elections.

Paychex, Inc. 2025 Proxy Statement • 6

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 Election of Directors 

  Martin Mucci CHAIRMAN OF THE BOARD   Director since 2010   Age: 65   Board Committees: •  Executive (Chair) Career Highlights: •  Paychex, Inc. •  Chairman of the Board and CEO, December 2021 – October 2022 •  President and CEO, September 2010 – December 2021 •  Senior Vice President (“SVP”), Operations, October 2002 – September 2010 •  Frontier Communications of Rochester (a telecommunications company), January 1998 – December 2001 •  President, Telephone Operations •  President and CEO of Frontier Telephone of Rochester   Other Current Public Company Directorships: •  Cintas Corporation (a uniform rental and facility services company), since April 2023 •  Board Member, Audit and Nominating and Governance committees   Former Public Company Directorships: •  NCR Corporation (a software, consulting and technology company), April 2021 – October 2023 •  Cbeyond (a telecommunications company focused on small businesses), February 2009 – July 2014   Other Professional Experience and Community Involvement: •  Royal Oak Realty Trust, Board Member and Audit Committee, since May 2025 •  St. John Fisher University, Trustee Emeritus, since 2014 •  Madison Dearborn Partners (a private equity firm), Business and Government Software and Services Advisory Team, Member, since 2013   Key Experience and Qualifications: The Board has concluded that Mr. Mucci is qualified to lead the Board due to his experience providing day-to-day leadership as the former President and CEO of Paychex, giving him extensive knowledge of the Company, its operations, challenges, and opportunities. In addition, Mr. Mucci’s educational background and senior leadership experience provide him with strong financial literacy.

  Thomas F. Bonadio INDEPENDENT   Director since 2017   Age: 76   Board Committees: •  Audit (Chair) •  Corporate Development Advisory •  Investment Career Highlights: •  The Bonadio Group (accounting firm) •  Founder and Chairman of the Board of Directors, since September 1978 •  Impact Capital, (a venture capital firm), since June 2017   Former Public Company Directorships: •  CurAegis Technologies, Inc. (a health and wellness company), November 2010 – March 2021   Other Professional Experience and Community Involvement: •  Viridi (an energy storage company), Board Member, since March 2018 •  Royal Oak (a private real estate investment trust), Board Member and Audit Committee Chair, since June 2014 •  Conceptus, Inc. (a medical device company), Board Member and Audit Committee Chair, June 2003 to June 2013   Key Experience and Qualifications: The Board has concluded that Mr. Bonadio is qualified to serve as a director of the Company due to his strong background in finance and business, his entrepreneurial experience, and his knowledge of the Certified Public Accountant community. Mr. Bonadio is a successful entrepreneur whose experience building his own business is representative of many clients Paychex serves today. He also brings a high degree of financial literacy obtained from his years in the financial services industry, and his ability to assess financial performance of other companies through the review and understanding of financial statements. This financial expertise is a great benefit to the Board and its committees.

Paychex, Inc. 2025 Proxy Statement • 7

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 Election of Directors 

  Joseph G. Doody INDEPENDENT   Director since 2010   Age: 73   Board Committees: •  Compensation & Leadership (Chair) •  Investment •  Nominating and Governance Career Highlights: •  Staples, Inc., (an office products company) •  Vice Chairman February 2014 until his retirement in September 2017 •  President, North American Delivery, from March 2002 to February 2014. •  Various positions, November 1998 to March 2002   Other Current Public Company Directorships: •  Casella Waste Systems, Inc. (a waste management company), since 2004   Former Public Company Directorships: •  Virtusa Corporation (a global technology company), February 2017 – February 2021   Other Professional Experience and Community Involvement: •  Foundation Board at The College at Brockport •  Chair 2013 – 2017, Emeritus since 2019   Key Experience and Qualifications: The Board has concluded that Mr. Doody is qualified to serve as a director of the Company due to his significant leadership and international experience. His long tenure in management of a large division of a multinational company enables him to provide our Board with important operational expertise. In addition, his deep knowledge of small- to medium-sized businesses brings a thorough understanding of the risks and opportunities affecting the Company’s clients and potential clients. Mr. Doody also has extensive experience in strategic planning and business development, which allows him to provide valuable input into the Company’s plans for market growth.

  John B. Gibson PRESIDENT AND CHIEF EXECUTIVE OFFICER   Director since 2022   Age: 59   Board Committees: •  Corporate Development Advisory •  Executive Career Highlights: •  Paychex, Inc. •  President and CEO, since October 2022 •  President and Chief Operating Officer (“COO”), December 2021 – October 2022 •  Senior Vice President of Service, May 2013 – December 2021 •  Convergys (now Concentrix) (a global technology company) •  President, HR Management division, June 2004 – June 2010 •  Ameritech Corporation (now AT&T) (a telecommunications company) •  Vice President, Sales and Service, April 1989 – November 1999   Key Experience and Qualifications: The Board has concluded that Mr. Gibson is qualified to serve as a director of the Company due to his leadership and experience. Mr. Gibson has been a key leader in the Company’s digital expansion, its service transformation, and the expansion of its professional employer organization and HR advisory services. His deep understanding of the Company’s market and focus on driving innovative technology and HR advisory solutions for the Company’s approximately 800,000 clients make him a valuable addition to the Board.

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 Election of Directors 

  Pamela A. Joseph INDEPENDENT   Director since 2018 (previously served from 2005 – 2017)   Age: 66   Board Committees: •  Compensation & Leadership •  Corporate Development Advisory •  Executive¹ •  Nominating and Governance (Chair) Career Highlights: •  Xplor Technologies (a SaaS company) •  Chief Executive Officer, since October 2022 •  Executive Chair, since 2018 •  Advent International (a private equity firm) •  Operating Partner, since 2018 •  Total System Services, Inc., (a financial services company) •  President, COO, and Board Member, May 2016 – September 2017 •  U.S. Bancorp Payment Services (a financial services company) •  Vice Chair, December 2004 – June 2015. •  Chair, Elavon (formerly NOVA Information Systems, Inc.), a wholly owned subsidiary of U.S. Bancorp, December 2004 – June 2015.   Other Current Public Company Directorships: •  TransUnion (a global information and insights company) •  Board Chair, since 2019 •  Audit Chair, July 2015 – July 2019 •  Board Member, since 2015 •  Adyen N.V. (a Netherlands-based payments platform business) •  Board Member, Audit Committee, since May 2019   Key Experience and Qualifications: The Board has concluded that Ms. Joseph is qualified to serve as a director of the Company due to her extensive executive experience in the financial services and payment industries. Her wealth of technology experience brings insight to the Board and its committees. In addition, her experience with major acquisitions, board experience, and international expansion allows her to provide valuable input to the Company’s growth plans.

(1) The Board appointed Ms. Joseph as a member of the Executive Committee effective July 9, 2025.

  Theresa M. Payton INDEPENDENT   Director since 2023   Age: 58   Board Committees: •  Audit Career Highlights: •  Fortalice Solutions, LLC (a security consulting company) •  Founder, President, and Chief Executive Officer, since September 2008 •  Dark Cubed (a cybersecurity solutions company) •  Co-founder, Board member, January 2014 – September 2022 •  Executive Office of the President at the White House •  Chief Information Officer, May 2006 – September 2008 •  Bank of America (a financial institution) •  Senior Vice President, September 2004 – April 2006 •  Wachovia (a financial institution) •  Senior Vice President, July 1995 – September 2004   Other Professional Experience and Community Involvement: •  Transformation Innovation Advisory Board of UniCredit S.p.A., January 2019 – August 2022. •  Public Sector Advisory Board, Member, CyberArk (a publicly traded cybersecurity company), January 2019 – December 2021   Key Experience and Qualifications: The Board has concluded that Ms. Payton is qualified to serve as a director of the Company due to her significant technology and cybersecurity expertise and experience as an entrepreneur. Her business acumen, intense focus on the needs of clients, and her ability to provide sound governance insights on digital and security risks make her a valuable contributor to the Board.

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 Election of Directors 

  Kevin A. Price INDEPENDENT   Director since 2021   Age: 65   Board Committees: •  Audit •  Nominating and Governance Career Highlights: •  KAP Holdings, LLC (an equipment wholesale company) •  Founder and President, since 2006 •  PartScription TM (an ecommerce company) •  Founder and President, July 2010 – June 2025 •  Sears Holdings Corporation (a retail company) •  Vice President of the Customer Care Network, August 2000 – August 2006 •  Ameritech Corporation (a telecommunications company) •  Vice President, Planning and Administration, June 1999 – July 2000 •  Vice President, Sales and Operations, July 1996 – June 1999 •  AC Nielsen (a market research company) , September 1991 – June 1998   Other Professional Experience and Community Involvement: •  Link Unlimited, Member Emeritus, Board of Directors, since August 1996 •  College of Business and Public Administration, Advisory Council Member, Drake University, 2017 – 2020 •  Brennan School of Business, Dominican University, Advisory Board Member, 2005 – 2018 •  Oak Park River Forest Infant Welfare Society, since 2023   Key Experience and Qualifications: The Board has concluded that Mr. Price is qualified to serve as a director of the Company due to his extensive experience as an entrepreneur and significant executive leadership and e-commerce experience. Mr. Price is a strategic leader who has provided agile leadership to help drive business success. His experience is a great benefit to the Board and its committees.

  Joseph M. Tucci INDEPENDENT   Lead Independent Director   Director since 2000   Age: 78   Board Committees: •  Compensation & Leadership •  Executive •  Nominating and Governance Career Highlights: •  Bridge Growth Partners, LLC (a private equity firm) •  Co-founder and Chairman of the Board of Directors, since 2013. •  EMC Corporation (“EMC”) (a provider of data-storage systems) •  Chairman of the Board of Directors, January 2006 – September 2016 •  Chief Executive Officer, January 2001 – September 2016 •  VMWare, Inc. (a cloud infrastructure company) •  Chairman of the Board of Directors, April 2007 – September 2016   Other Current Public Company Directorships: •  Motorola Solutions, Inc. (a public safety and enterprise security company), since May 2017   Former Public Company Directorships: •  GTY Technology Holdings, Inc. (a technology company), September 2016 – July 2022   Other Professional Experience and Community Involvement: •  Syniti, (an enterprise data management solutions company), Board Member, August 2017 – November 2024   Key Experience and Qualifications: The Board has concluded that Mr. Tucci is qualified to serve as a director of the Company due to his extensive executive leadership experience as CEO of EMC. Mr. Tucci has spent over 40 years in the technology industry in senior roles at large, complex, and global technology companies. His experience leading EMC through a period of dramatic revitalization, growth and market share gains, and new product introductions enables him to share knowledge of the challenges a company faces due to rapid changes in the marketplace.

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 Election of Directors 

  Joseph M. Velli INDEPENDENT   Director since 2007   Age: 67   Board Committees: •  Compensation & Leadership •  Corporate Development Advisory (Chair) •  Executive •  Investment (Chair) Career Highlights: •  ConvergEx Group, LLC (a provider of brokerage, software products, and technology services) •  Chairman of the Board and Chief Executive Officer, October 2006 - December 2013 •  Director, October 2006 - May 2014 •  The Bank of New York (a financial institution) •  Senior Executive Vice President and as a member of the Senior Policy Committee,
February 1984 until October 2006   Other Current Public Company Directorships: •  Cognizant Technology Solutions Corp. (a consulting and outsourcing company), since December 2017 •  Computershare Ltd. (Australian Stock Exchange) (a financial services company), since October 2014   Former Public Company Directorships: •  AssetMark Financial Holdings (a financial services company), May 2020 – September 2024   Other Professional Experience and Community Involvement: •  William Paterson University, Board of Trustees, Member, since June 2017 •  Lovell Minnick Partners (a venture capital and private equity firm), Advisory Council, Member, since October 2016   Key Experience and Qualifications: The Board has concluded that Mr. Velli is qualified to serve as a director of the Company due to his extensive experience with securities servicing, financial technology, capital markets, business to business, sales and marketing, and mergers and acquisitions matters, as well as his public board experience. He plays a key role in the Board’s discussions of the Company’s investments and liquidity. Mr. Velli has extensive experience with acquisitions and business services, providing valuable insights on potential growth opportunities for the Company.

  Kara Wilson INDEPENDENT   Director since 2017   Age: 55   Board Committees: •  Audit •  Corporate Development Advisory Career Highlights: •  KKR & Co. Inc. (a global investment firm) •  Senior Advisor, since October 2019 •  Rubrik, Inc. (a cloud data management company) •  Chief Marketing Officer, June 2017 – May 2019 •  FireEye (a cyber security company) •  Executive Vice President, October 2016 – June 2017 •  Chief Marketing Officer, August 2013 – June 2017   Other Current Public Company Directorships: •  OneStream. (a technology company), since July 2020 (initial public offering, July 2024)   Former Public Company Directorships: •  KnowBe4 (a technology services company), January 2020 – February 2023   Other Professional Experience and Community Involvement: •  SkyHive Board Member, since February 2021 •  ReliaQuest Board Member, since January 2021 •  OutSystems Board Member, since April 2020 •  Alludo Board Member, since January 2018   Key Experience and Qualifications: The Board has concluded that Ms. Wilson is qualified to serve as a director of the Company due to her extensive experience in driving go-to-market strategies for enterprise technology companies. The Board can benefit from Ms. Wilson’s marketing experience to help Paychex with the development and execution of go-to-market strategies to effectively differentiate the Company in a highly competitive and constantly evolving industry. Ms. Wilson has experience at global companies and can provide insight on any expansion of the Company’s global presence.

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DIRECTOR COMPENSATION

FOR THE FISCAL YEAR ENDED MAY 31, 2025

Director compensation is recommended by the Compensation & Leadership (“C&L”) Committee and approved by the Board annually in July. The Board’s authority cannot be delegated to another party. The Company’s management does not play a role in setting director compensation. The Company compensates the independent directors of the Board using a combination of cash and equity-based compensation. John B. Gibson, President and CEO of the Company, receives no compensation for his services as a director. Rather, the compensation received by Mr. Gibson in his role as President and CEO is shown in the Fiscal 2025 Summary Compensation Table, contained in the Named Executive Officer Compensation section of this proxy statement.

The table below presents the total compensation received from the Company by all directors except Mr. Gibson for the fiscal year ended May 31, 2025 (“fiscal 2025”).

Name (a)		Fees Earned or Paid in Cash (b)					Stock Awards (c)					Stock Options (d)					Other Compensation (e)					Total
Martin Mucci			$	195,000				$	108,980				$	108,992				$	0				$	412,972
Thomas F. Bonadio			$	136,250				$	92,560				$	92,488				$	0				$	321,298
Joseph G. Doody			$	128,750				$	92,560				$	92,488				$	0				$	313,798
David Flaschen(1)			$	85,625				$	0				$	0				$	14,999				$	100,624
B. Thomas Golisano(2)			$	298,750				$	0				$	0				$	0				$	298,750
Pamela A. Joseph			$	141,875				$	92,560				$	92,488				$	0				$	326,923
Theresa M. Payton			$	107,500				$	92,560				$	92,488				$	0				$	292,548
Kevin A. Price			$	117,500				$	92,560				$	92,488				$	0				$	302,548
Joseph M. Tucci			$	183,750				$	92,560				$	92,488				$	0				$	368,798
Joseph M. Velli			$	132,500				$	92,560				$	92,488				$	0				$	317,548
Kara Wilson			$	115,000				$	92,560				$	92,488				$	0				$	300,048

(1) As we previously disclosed, Mr. Flaschen retired from the board in October 2024.

(2) As we previously disclosed, Mr. Golisano stepped down from the Board effective July 9, 2025.

Fees Earned or Paid in Cash (Column (b))

The amounts reported in this column reflect the annual cash compensation paid to the directors during fiscal 2025, whether or not such fees were deferred. Annual cash compensation for the directors who own less than 5% of the outstanding shares of the common stock of the Company or do not also serve as executive officers is comprised solely of annual retainers, which are paid in quarterly installments. These retainers are paid for participation on the Board with separate retainers for committee membership. In addition to their committee membership retainers, committee chairs (with the exception of the Executive Committee) receive additional retainers in recognition for their time contributed in preparation for committee meetings.

Mr. Mucci, who is not an independent director, receives an annual cash retainer of $195,000 for his services as Chairman of the Board of the Company, paid in quarterly installments.

Any director beneficially owning more than 5% of the outstanding shares of common stock of the Company may elect to receive their total compensation for serving on the Board or Committees thereof in cash in quarterly installments as opposed to in the form of a mix of cash and equity in the Company.

Mr. Golisano, who was not an independent director but is a beneficial owner of more than 5% of the outstanding shares of the Company’s common stock, received total cash compensation of $298,750 during fiscal 2025, which was paid in

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 Director Compensation 

quarterly installments. This amount was determined based on the annual retainers and fair value of equity compensation applicable to all independent directors in effect for fiscal 2025.

The Board receives competitive market data on director compensation of companies in our compensation Peer Group from our independent consultants. Refer to the Compensation Discussion and Analysis section within this proxy statement for a listing of the companies included in our compensation Peer Group for fiscal 2025.

The annual retainers, applicable to all independent directors, in effect for fiscal 2025 were as follows:

Compensation Element
Annual cash retainer		$	95,000
Audit Committee member annual retainer		$	12,500
C&L Committee member annual retainer		$	10,000
N&G Committee member annual retainer		$	10,000
Investment Committee member annual retainer		$	7,500
Executive Committee member annual retainer		$	7,500
Corporate Development Advisory Committee member annual retainer		$	7,500
Lead Independent Director annual retainer(1)		$	50,000
Audit Committee Chair annual retainer(2)		$	25,000
C&L Committee Chair annual retainer(2)		$	22,500
N&G Committee Chair annual retainer(2)		$	20,000
Corporate Development Advisory Committee Chair annual retainer(2)		$	2,500
Investment Committee Chair annual retainer(2)		$	2,500

(1) The Lead Independent Director receives the Lead Independent Director annual retainer in addition to the annual cash retainer.

(2) The committee chair receives the chair annual retainer in addition to the respective committee member retainer.

Equity Awards: Stock Awards (Column (c)) and Option Awards (Column (d))

The amounts reported in these columns reflect the grant-date fair value of time-based restricted stock units (“RSUs”) and stock option awards, respectively, granted to each independent director and computed in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718. The amounts do not reflect whether the recipient has actually received a financial gain from these awards (such as a lapse in the restrictions on time-based RSUs or an exercise of stock options). For fiscal 2025, the equity-based compensation structure for independent directors was set at a total fair value of approximately $185,000 per director and $218,000 for the Chairman of the Board, with approximately 50% awarded in the form of stock options and 50% in the form of time-based RSUs. In July 2024, all directors (except for Messrs. Flaschen and Golisano) received an annual equity award under the Paychex, Inc. 2002 Stock Incentive Plan, as amended and restated October 15, 2020 (the “2002 Plan”) as follows:

		Time-Based RSUs		Stock Options
Grant Date		July 15, 2024		July 15, 2024
Exercise Price		N/A		$121.63
Quantity		See(1)		See(1)
Fair Value(2)		$121.63		$27.60
Vesting Schedule		On the first anniversary of the date of grant.		On the first anniversary of the date of grant.
Certain Restrictions		Shares may not be sold during the director’s tenure as a member of the Board, except as necessary to satisfy tax obligations.		N/A
Other(3)		Upon the discretion of the Board, unvested shares may be accelerated in whole or in part for certain events including, but not limited to, director retirement.		Unvested options outstanding upon the retirement of a Board member will be canceled.

(1) All directors (except for Messrs. Flaschen, Golisano and Mucci) were granted 761 time-based RSUs and 3,351 stock options. Mr. Mucci was granted 896 time-based RSUs and 3,949 stock options.

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 Director Compensation 

(2) The fair value of time-based RSUs is determined based on the closing price of the underlying common stock on the grant date. The fair value of stock options is determined using a Black-Scholes option pricing model. The assumptions used in determining the July 15, 2024 fair value of $27.60 per share for these stock options were: risk-free interest rate of 4.3%; dividend yield of 3.3%; volatility factor of 0.25; and expected option life of 7.0 years.

(3) Retirement eligibility for this purpose begins at age 55 or older with ten years of service as a member of the Board.

As of May 31, 2025, each director other than Mr. Gibson had the following equity awards outstanding:

Director		Stock Awards (Shares)					Stock Options  (Shares)
Martin Mucci				896					1,338,874
Thomas F. Bonadio				761					51,217
Joseph G. Doody				761					28,557
David Flaschen(1)				—					—
B. Thomas Golisano(2)				—					—
Pamela A. Joseph				761					39,358
Theresa M. Payton				761					8,433
Kevin A. Price				761					14,835
Joseph M. Tucci				761					57,033
Joseph M. Velli				761					57,033
Kara Wilson				761					46,813

(1) As we previously disclosed, Mr. Flaschen retired from the board in October 2024.

(2) As we previously disclosed, Mr. Golisano stepped down from the Board effective July 9, 2025.

Other Compensation (Column (e))

The amount reported in this column reflects a retirement gift from the Company to Mr. Flaschen for his years of service on the Board.

Deferred Compensation Plan

We maintain a non-qualified and unfunded deferred compensation plan in which all independent directors are eligible to participate. Directors may elect to defer up to 100% of their Board cash compensation. The Company does not contribute to this plan. Gains and losses are credited based on the participant’s selection of a variety of designated investment choices, which the participant may change at any time. We do not match any participant deferral or guarantee a certain rate of return. The earnings on these investments are not above-market or preferential. During fiscal 2025, no directors other than Mr. Gibson deferred compensation under the plan.

Benefits

We reimburse each director for expenses associated with attendance at Board and committee meetings.

Stock Ownership Guidelines

The Board set stock ownership guidelines for our non-management directors with a value of six times his or her annual Board retainer, not including any committee, committee chair, or lead independent director retainers. The ownership guidelines were established to provide long-term alignment with stockholders’ interests. The directors are expected to attain the ownership guideline within five years after the later of first becoming a director or the adoption of any increased guideline. Directors may not sell underlying stock received through time-based RSUs until their service on the Board is complete, except for those shares sold as necessary to satisfy tax obligations. For the purpose of achieving the ownership guideline, time-based RSUs awarded to the directors are included. All non-management directors are currently compliant with the stock ownership guidelines.

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 Director Compensation 

Prohibition on Hedging or Speculating in Company Stock

Directors must adhere to strict standards with regards to trading in Paychex stock. Also, we prohibit directors from hedging Paychex stock. They may not, among other things:

• speculatively trade in Paychex stock;

• short sell any securities of the Company; or

• buy or sell puts or calls on the Company’s securities.

Pledging of Company Stock

We maintain a pledging policy for all Paychex directors, officers, and employees that prohibits pledging of Company securities for any purpose. Our pledging policy is posted on our website at https://investor.paychex.com/corporate-governance/governance-documents.

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BENEFICIAL OWNERSHIP OF PAYCHEX COMMON STOCK

The following table contains information, as of July 31, 2025, on the beneficial ownership of the Company’s common stock by:

• each principal stockholder known to be a beneficial owner of more than 5% of the Company’s common stock. This includes any “group” as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

• each director and nominee for director;

• each of the Company’s named executive officers (“NEOs”); and

• all directors, NEOs, and executive officers of the Company as a group.

Name		Amount of Shares Owned(1)					RSUs Vesting by September 29, 2025(2)					Stock Options Exercisable by September 29, 2025(3)					Total Shares Beneficially Owned					Percent of Class
Principal Stockholders:
B. Thomas Golisano(4) 1 Fishers Road Pittsford, NY 14534				37,262,715					—					—					37,262,715					10.3	%
Vanguard Group Inc.(5) 100 Vanguard Blvd. Malvern, PA 19355				30,417,301					—					—					30,417,301					8.4	%
BlackRock Inc.(6) 55 East 52nd Street New York, NY 10001				27,959,696					—					—					27,959,696					7.7	%
Capital International Investors(7) 333 South Hope Street, 55th Fl Los Angeles, CA 90071				23,108,013					—					—					23,108,013					6.4	%
Directors:
Martin Mucci				425,275					—					903,648					1,328,923						**
Thomas F. Bonadio				19,615					—					51,217					70,832						**
Joseph G. Doody(8)				23,758					—					28,557					52,315						**
John B. Gibson				41,368					—					234,533					275,901						**
Pamela A. Joseph				10,881					—					39,358					50,239						**
Theresa M. Payton				1,911					—					8,433					10,344						**
Kevin A. Price				3,062					—					14,835					17,897						**
Joseph M. Tucci				66,475					—					57,033					123,508						**
Joseph M. Velli				78,455					—					57,033					135,488						**
Kara Wilson				7,365					—					46,813					54,178						**
Named Executive Officers:																									**
John B. Gibson				41,368					—					234,533					275,901						**
Robert L. Schrader				9,955					—					46,721					56,676						**
Adam Ante				1,445					—					—					1,445						**
Mark A. Bottini				71,499					—					364,060					435,559						**
Michael E. Gioja(9)				13,903					—					115,488					129,391						**
All directors, NEOs, and executive officers of the Company as a group (21 persons)				778,960					819					2,004,101					2,783,880					0.8	%

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 Beneficial Ownership 

Under the rules of the Securities and Exchange Commission (“SEC”), “beneficial ownership” is deemed to include shares for which the individual, directly or indirectly, has or shares voting or disposition power, whether or not they are held for the individual’s benefit, and includes shares that may be acquired within 60 days. This information is based upon reports filed by such persons with the SEC.

** Indicates that percentage is less than 1%.

(1) This column reflects shares held of record and Company shares owned through a bank, broker, or other holder of record. For executive officers, this also includes shares owned through the Paychex, Inc. 401(k) Incentive Retirement Plan (the “401(k) Plan”).

(2) This column includes shares to be acquired on or prior to September 29, 2025 in connection with the vesting of RSUs held by directors and executive officers.

(3) This column includes shares that may be acquired upon exercise of options, which are exercisable on or prior to September 29, 2025. Under SEC rules, shares that may be acquired within 60 days are included in beneficial ownership.

(4) Included in shares beneficially owned for Mr. Golisano are: 278,068 shares owned by the B. Thomas Golisano Foundation, of which Mr. Golisano is a member of the foundation’s nine-member board of trustees (Mr. Golisano disclaims beneficial ownership of these shares but does share voting and investment power); 42,013 shares held in the name of family members, trusts, or other entities of Mr. Golisano (Mr. Golisano shares voting and investment power of these shares); and 36,942,634 shares, held in the name of a trust for which Mr. Golisano is the trustee and beneficiary (Mr. Golisano has sole voting and investment power of these shares).

(5) Beneficial ownership is based on information as of December 29, 2023, contained in the Schedule 13G/A filed with the SEC on February 13, 2024 by Vanguard Group Inc., including notice that it has sole dispositive power as to 28,969,814 shares, shared voting power as to 433,035 shares, and shared dispositive power as to 1,447,487 shares.

(6) Beneficial ownership is based on information as of December 31, 2023, contained in the Schedule 13G/A filed with the SEC on January 26, 2024 by BlackRock, Inc., including notice that it has, along with certain institutional investment managers for which it is the parent holding company, sole voting power as to 25,155,004 shares, and sole dispositive power as to 27,959,696 shares.

(7) Beneficial ownership is based on information as of June 30, 2025, contained in the Schedule 13G filed with the SEC on August 12, 2025 by Capital International Investors, including notice that it has sole voting power as to 22,758,850 shares and sole dispositive power as to 23,108,013 shares.

(8) Included in shares beneficially owned for Mr. Doody are 23,758 shares held in the name of a trust for which Mr. Doody is the trustee and beneficiary. Mr. Doody has sole voting and investment power of these shares.

(9) Included in shares beneficially owned for Mr. Gioja are 9,948 shares held in the name of a trust for which Mr. Gioja is the trustee and beneficiary. Mr. Gioja has sole voting and investment power of these shares.

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires directors, executive officers, and beneficial owners of more than 10% of the Company’s common stock to file reports of their ownership and changes in their ownership of the Company’s equity securities with the SEC. Based solely on our review of information supplied to the Company and filings made with the SEC, the Company believes that during fiscal 2025, its directors, executive officers, and beneficial owners of more than 10% of the Company’s common stock have complied in a timely manner with all applicable Section 16 filing requirements, except one Form 4 filed late, due to an administrative error, on behalf of Mr. Golisano to report one transaction.

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CORPORATE GOVERNANCE

Role of the Board

The Board recognizes the fundamental principle that good corporate governance is critical to organizational success and the protection of stockholder value. As such, the Board has adopted a set of Corporate Governance Guidelines as a statement of principles guiding the Board’s conduct. These principles are intended to be interpreted in the context of all applicable laws and the Company’s Restated Certificate of Incorporation, By-Laws and other governing documents. A copy of these guidelines can be found on our website at https://investor.paychex.com/corporate-governance/governance-documents.

Corporate Responsibility

Paychex is committed to good corporate citizenship, which is reflected in our company culture. Our core cultural values are designed to guide decision making aligned to the expectations of clients, stockholders, regulators, employees, and the multiple communities in which we operate and to reflect our continuing commitment to belonging and engagement. Our cultural values are:

Integrity		Service		Innovation
Partnership		Accountability		Respect

Each of these values is critical to our ongoing success. All employees are required to verify their understanding and observance of these values on an annual basis through training and review with management during performance discussions.

Our Board is focused on the long-term sustainability of our business. The N&G Committee has oversight of our corporate responsibility policies and initiatives. Corporate responsibility efforts at Paychex are overseen by the Corporate Responsibility Steering Committee, which is chaired by the Chief Legal Officer, Chief Ethics Officer, and Secretary, and is comprised of members representing Human Resources & Organizational Development; Legal; External Reporting; Investor Relations; Corporate Marketing; Corporate Communications; Risk, Compliance and Data Analytics; Information Technology; Business Operations; Sustainability; and Internal Audit.

Our corporate responsibility efforts are focused on the following pillars:

Ethics		Governance		Privacy & Security
We hold ourselves to the highest ethical standards: doing business the right way and conducting ourselves with integrity.		Governance guides us as we strive to deliver long-term success and maximize stockholder value.		Privacy and security of personal and account information are among our top priorities.
Belonging and Engagement		Environment		Employees
We are committed to fostering a culture where our employees feel connected and engaged through our Belonging & Engagement programs.		We are committed to managing our environmental impact as an integral part of our operations.		Our programs support our employees’ total well-being, professional growth, and sense of community.
Community		Empowering Businesses		Occupational Safety
We contribute to the quality of life in the communities where our employees live and work.		Our goal is to be an essential partner to small- and medium-sized businesses.		We are committed to providing our employees with a safe working environment.

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Further information about our corporate responsibility efforts can be found in our Corporate Responsibility Reports at www.paychex.com/corporate/corporate-responsibility. The inclusion of any website address in this proxy statement does not incorporate by reference the information on or accessible through the website into this proxy statement.

Board Leadership Structure

The Board’s current leadership structure is comprised of:

• Chairman of the Board and a non-independent director (Mr. Mucci);

• President and CEO as a non-independent director (Mr. Gibson);

• an independent director serving as Lead Independent Director (Mr. Tucci); and

• Audit, C&L, Corporate Development Advisory, Investment, and N&G committees led by independent directors.

We currently have separated the roles of Chairman and CEO and believe this structure currently best serves the Company, but may change the leadership structure in the future if the Board believes that a change would best serve the Company and its stockholders. The Board believes this structure provides a well-functioning and effective balance between strong Company leadership and appropriate safeguards and oversight by non-management directors. We believe that the Company is best served by having a Chairman who has in-depth knowledge of the Company’s operations and the industry. Mr. Mucci’s experience as our CEO and long tenure of service on the Board qualify him to lead the Board, particularly as it focuses on strategic risks and opportunities facing the Company.

Our Lead Independent Director is responsible for conducting regularly scheduled executive sessions of the non-management or independent directors and such other responsibilities as the independent directors may assign. Regularly scheduled executive sessions of the members of the Board, without members of management present, are held at each regularly scheduled Board meeting. As appropriate, matters presented to the Board by the N&G and C&L Committees are reviewed and discussed in executive sessions by the independent directors.

The Board and its standing committees that meet regularly conduct performance self-evaluations at least annually to assess the qualifications, attributes, skills, and experience represented on the Board and to determine whether the Board and its committees are functioning effectively. The Board also conducts individual Board member assessments annually.

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Nomination Process

The N&G Committee is responsible for recommending candidates to the full Board to either fill vacancies or stand for election at each annual meeting of stockholders. The N&G Committee follows the Board’s Nomination Policy (the “Nomination Policy”), which is included in the N&G Committee Charter. The Board has determined that it is necessary for the continued success of the Company to ensure that the Board is composed of individuals having a variety of complementary experience, education, training, backgrounds, and relationships relevant to the then-current needs of the Board and the Company. The Nomination Policy directs the N&G Committee to consider nominees representing a multitude of perspectives and experiences and requires that any third-party search firm be instructed to include such nominees in the initial lists they prepare.

In evaluating candidates for nomination to the Board, including candidates for nomination recommended by a stockholder, the Nomination Policy requires N&G Committee members to consider the contribution that a candidate for nomination would be expected to make to the Board and the Company. This is based upon the current composition and needs of the Board, and the candidate’s demonstrated business judgment, leadership abilities, integrity, prior experience, education, training, relationships, and other factors that the Board determines relevant. When identifying candidates for nomination to fill vacancies created by the expiration of the term of any incumbent director, the Nomination Policy requires N&G Committee members to determine whether such incumbent director is willing to stand for re-election and, if so, to take into consideration the value to the Board and to the Company of their continuity and familiarity with the Company’s business. The Board has previously used a third-party search firm to identify director candidates, and the N&G Committee is authorized by its charter to continue this practice.

The Nomination Policy requires the N&G Committee to consider candidates for nomination to the Board recommended by any reasonable source, including stockholders. Stockholders who wish to nominate candidates for director must comply with the procedures set forth in the By-Laws, including sending timely notice in writing to the Secretary of the Company that includes the information and disclosure required by the By-Laws. For more information, see the subheading entitled “How do I submit a proposal for next year’s Annual Meeting?” in the Frequently Asked Questions section of this proxy statement.

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 Corporate Governance 

Board Oversight of Risk

One of the most important functions of the Board is oversight of risks inherent in the operation of the Company’s business. Senior management is responsible for the day-to-day management of risks facing the Company. The Board implements its risk oversight function both as a whole and through delegation to Board committees. The Board is responsible for ensuring an appropriate culture of risk management exists within the Company, overseeing the Company’s aggregate risk profile, and monitoring how the Company addresses specific risks. The Board receives regular reports from officers on particular risks to the Company, reviews the Company’s strategic plan, and regularly communicates with its committees.

Cybersecurity risks are overseen by the Audit Committee of our Board. Annually, the Audit Committee reviews an assessment of our risk management processes with the Board. The Audit Committee is responsible for reviewing significant cybersecurity risk exposures and the steps management has taken to monitor, control, and report such exposures. The Audit Committee receives quarterly updates from our Chief Information Security Officer regarding our cybersecurity risk management program. These updates include a status of current capabilities, ongoing initiatives, and the evolving cybersecurity threat landscape.

The C&L Committee regularly reviews the risks and rewards associated with our compensation programs. The programs are designed with features that mitigate risk without diminishing the incentive nature of the compensation. As part of its risk oversight, the C&L Committee conducts an annual assessment of risks arising from the Company’s compensation programs. The C&L Committee reviews such programs with its independent compensation consultant. The C&L Committee’s assessment includes identification of risk with the various forms of compensation, the inherent risk in performance-based compensation metrics, and existing risk mitigation controls. Risk mitigation includes, but is not limited to, the balance of fixed and variable compensation, the balance of short- and long-term compensation, stock ownership guidelines, level of oversight, and internal controls over financial reporting. Based on its last review, the C&L Committee concluded that the Company’s compensation policies and procedures are not reasonably likely to have a material adverse effect on the Company.

The N&G Committee assists the Board in developing and overseeing corporate governance objectives to further integrate it into the Company’s strategy and operations. The N&G Committee also oversees policies and programs related to environmental, philanthropic, and political activities. The N&G Committee also provides oversight of the Company’s risks, reporting, and disclosure with respect to governance and corporate responsibility matters, including an update on the annual assessment of environmental risks facing the Company.

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Executive Management Succession Planning

The Board oversees executive management succession planning, which is formally reviewed at least annually by the C&L Committee. The Board regularly discusses succession and development plans with the CEO as well as without the CEO present in executive sessions of the Board. The Board makes sure that it has adequate opportunities to meet with and assess development plans for potential executive management successors to ensure that the Company has the right management talent to pursue its strategies successfully.

Board Meetings and Committees

Our Corporate Governance Guidelines require that our Board meet at least four times per year. The Board held four meetings in fiscal 2025. To the extent practicable, directors are expected to attend all Board meetings and meetings of the committees on which they serve. During fiscal 2025, the average attendance for the Board and committee meetings was approximately 96%. Each director attended at least 83% of the aggregate number of meetings of the Board and of the committees of the Board on which he or she served, where applicable, during fiscal 2025. Directors are expected to attend the Annual Meeting, and 100% of then-current directors did attend the 2024 Annual Meeting of Stockholders (“2024 Annual Meeting”), which was held virtually. All directors are independent within the meaning of applicable SEC and Nasdaq director independence standards, with the exception of Mr. Gibson, Mr. Golisano, and Mr. Mucci. As of May 31, 2025, committee assignments were as follows:

Board Members

Audit(1)

C&L(2)

Corporate Development Advisory

Executive

Investment

N&G(3)

Martin Mucci

Thomas F. Bonadio(4)

Joseph G. Doody

John B. Gibson

B. Thomas Golisano(5)

Pamela A. Joseph(6)

Theresa M. Payton

Kevin A. Price

Joseph M. Tucci

Joseph M. Velli

Kara Wilson

# of meetings held during the year

6

5

5

2

1

2

 Member    Chair

(1) All members of the Audit Committee, which was established in accordance with Section 3(a)(58)(A) of the Exchange Act, meet the independence, experience, and other applicable Nasdaq listing requirements and applicable SEC rules regarding independence.

(2) All members of the C&L Committee meet the Nasdaq independence criteria for compensation committee members.

(3) All members of the N&G Committee meet the Nasdaq independence criteria for directors overseeing director nominations.

(4) Mr. Bonadio qualifies as an “Audit Committee Financial Expert,” as defined by applicable SEC rules.

(5) As we previously disclosed, Mr. Golisano stepped down from the Board effective July 9, 2025.

(6) The Board appointed Ms. Joseph as a member of the Executive Committee effective July 9, 2025.

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The Board committees, which meet regularly and report back to the full Board, play significant roles in carrying out the risk management function. The Board’s six standing committees have the following risk oversight areas and general responsibilities:

Audit Committee

Primary Risk Oversight Areas

• Internal controls;

• Risk related to financial statement accuracy and reporting;

• Legal, regulatory, and compliance risks;

• Risks related to security, technology, privacy, cybersecurity and data protection; and

• Other operational and fraud risks.

Primary Responsibilities

• Serve as an independent and objective party to monitor the Company’s financial reporting process, internal control system, and financial risk management processes;

• Review the performance and independence of the Company’s independent accountants and internal audit department;

• Provide an open avenue of communication among the independent accountants, financial and senior management, internal audit department, and the Board; and

• Review significant risk exposures and processes to monitor, control, and report such exposures, periodically reporting on such information to the Board.

Compensation & Leadership Committee

Primary Risk Oversight Areas

• Risks arising from the Company’s compensation policies and practices for all employees and non-employee directors.

Primary Responsibilities

• Design and administer the Company’s executive and director compensation programs to ensure furtherance of the Company’s overall compensation objectives;

• Evaluate and determine compensation for the CEO and senior executive officers and recommend director compensation to the Board;

• Assist the Board in an annual review on succession planning and evaluating potential successors for executive management positions; and

• Evaluate compensation policies to determine if they incentivize risks that are reasonably likely to have a material adverse effect on the Company.

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 Corporate Governance 

Corporate Development Advisory Committee

Primary Risk Oversight Areas

• Risk related to the Company’s acquisition and divesture opportunities.

Primary Responsibilities

• Review and provide guidance to management and the Board with respect to the Company’s acquisition or divestiture opportunities, as appropriate, and review related strategy; and

• Authority to approve acquisitions or divestitures in accordance with the parameters set by the Board, to the extent permitted by law and the Company’s By-Laws.

Executive Committee

Primary Responsibilities

• Exercise all the powers and authority of the Board, except as limited by law, between Board meetings and when the Board is not in session.

Investment Committee

Primary Risk Oversight Areas

• Risk related to investing activities.

Primary Responsibilities

• Review the Company’s investment policies and strategies, and the performance of the Company’s investment portfolios; and

• Determine that the investment portfolios are managed in compliance with the Company’s established investment policy.

Nominating and Governance Committee

Primary Risk Oversight Areas

• Risks related to governance, climate, and corporate responsibility matters.

Primary Responsibilities

• Identify, evaluate, and recommend candidates to be nominated for election to the Board;

• Provide oversight of the governance of the Board to ensure that it meets its fiduciary obligations to the Company and its stockholders; and

• Provide ongoing oversight of the Company’s governance, climate, and corporate responsibility activities and performance.

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 Corporate Governance 

The Audit, C&L, Corporate Development Advisory, Investment, and N&G Committees’ responsibilities are more fully described in each committee’s charter adopted by the Board, which are accessible on the Company’s website at https://investor.paychex.com/corporate-governance/governance-documents.

Policy on Transactions with Related Persons

Related persons include our executive officers, directors, and director nominees, as well as their immediate family members, and holders of more than 5% of the Company’s common stock. It is generally the Company’s practice to avoid transactions with related persons. However, there may be occasions when a transaction with a related person is in the best interest of the Company. The Company’s policies and procedures for the review and approval of related-person transactions are described below. In addition, the Company maintains a conflict of interest policy applicable to all employees, which is internally distributed and appears in the Company’s Code of Business Ethics and Conduct, which is posted at https://investor.paychex.com/corporate-governance/governance-documents.

Officers and directors are required to disclose any potential conflicts of interest or related-person transactions, which include: certain financial interests in or relationships with any supplier, client, partner, subcontractor, or competitor; and engaging in any activity that could create the appearance of a conflict of interest, including financial involvement or dealings with employees or representatives of the types of entities listed above. Annually, officers and directors complete a Director’s and Officer’s Questionnaire, within which they provide information regarding whether they or any member of their immediate family had any interest in any actual or proposed transaction with the Company or any of its subsidiaries where the amount involved exceeded $120,000. The individuals are also asked about any other economic relationships that might be conflicts of interest. The responses are reviewed by our Financial Reporting and Legal departments to determine if a conflict of interest exists related to any such transaction. For officers, the Company’s Chief Financial Officer (“CFO”) oversees the review of such transactions.

Members of the Board are required to disclose to the Chairman or the Chair of the N&G Committee any situation that involves, or may reasonably be expected to involve, a conflict of interest with the Company. This includes engaging in any conduct or activities that would impair the Company’s relationship with any person or entity with which the Company has or proposes to enter into a business or contractual relationship.

The Financial Reporting department reviews and updates the Company’s listing of related persons on a quarterly basis for determination of potential related-person transactions that should be disclosed in the Company’s periodic reports to the SEC. During this quarterly review and update, these identified transactions are reviewed and disclosed as required. The N&G Committee is required to consider all questions of possible conflicts of interest of Board members and executive officers, including review of transactions of the Company in excess of $120,000 in which a director, executive officer, or an immediate family member of a director or executive officer has an interest. The factors considered by the N&G Committee in their review include: the business objective of the transaction; the individual’s involvement in the transaction; whether the transaction would impact the judgment of the officer or director to act in the best interest of the Company; and any other matters the N&G Committee deems appropriate. Except as noted below in “Transactions with Related Persons” for fiscal 2025, no instances of conflict or non-compliance have been identified. Should a conflict of interest be identified, relevant information and circumstances would be reviewed to determine if action is required relative to continuing the arrangement.

Transactions with Related Persons

For fiscal 2025, the following reportable transactions in excess of $120,000 were identified and communicated to the N&G Committee:

• Based on information in a Schedule 13G filed on January 26, 2024, Blackrock, Inc. and/or its affiliates (“Blackrock”) is an owner of more than 5% of the Company’s common stock, which makes Blackrock a “Related Person” of the Company under Item 404 of Regulation S-K. Blackrock has been a vendor of the Company since 2011. In fiscal 2025, the Company paid Blackrock approximately $1.5 million for investment management services.

• The Company provides payroll and other ancillary services to Eastman Kodak Company (“Kodak”). Pursuant to the agreement between the Company and Kodak, Kodak paid the Company approximately $0.7 million in fees for these services during fiscal 2025. As a former director and a beneficial owner of greater than 5% of the Company’s common stock, Mr. Golisano may be deemed to have an interest in this transaction, but is not expected to have any direct

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 Corporate Governance 

identifiable interest in this transaction. During a portion of fiscal 2024, Mr. Golisano also served as a director on Kodak’s Board of Directors as the designee of GO EK Ventures IV, LLC (“GO EK Ventures”). GO EK Ventures IV, LLC beneficially owns greater than 5% of Kodak’s outstanding shares, and Mr. Golisano is its sole member. Mr. Golisano did not participate in the negotiation, decision-making process, or approval of the agreement between the Company and Kodak. Our N&G Committee considered the relevant information and approved the transaction after finding the transaction to be on arm’s length terms and in the best interests of the Company.

• The Company provides payroll and other ancillary services to The Bonadio Group (“Bonadio “). Pursuant to the agreement between the Company and Bonadio, Bonadio paid the Company approximately $0.2 million in fees for these services during fiscal 2025. As a director, Mr. Bonadio may be deemed to have an interest in this transaction, but is not expected to have any direct identifiable interest therein. In addition to serving as a Board member of the Company, Mr. Bonadio is the founder and also serves as the Chairman of the Board of Directors of Bonadio. Mr. Bonadio did not participate in the negotiation, decision-making process, or approval of the agreement between the Company and Bonadio. Our N&G Committee considered the relevant information and approved the transaction after finding the transaction to be on arm’s length terms and in the best interests of the Company.

• During 2024, the Company entered into an agreement to resell certain HelloTeam, Inc. (“HelloTeam”) services to customers. Pursuant to the agreement between the Company and HelloTeam, HelloTeam paid the Company approximately $0.9 million in fees during fiscal 2025. As a director and a beneficial owner of greater than 5% of the Company’s common stock, Mr. Golisano may be deemed to have an interest in this transaction, but is not expected to have any direct identifiable interest therein. In addition to having served as a Board member of the Company until he stepped down from the Board effective July 9, 2025, as previously disclosed, Mr. Golisano also owns a greater than 10% interest in HelloTeam. Mr. Golisano did not participate in any negotiation, decision-making process, or approval of the agreement between the Company and HelloTeam. Our N&G Committee considered the relevant information and approved the transaction after finding the transaction to be on arm’s length terms and in the best interests of the Company.

Insider Trading Policy

The Company has adopted an insider trading policy, for all employees, designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company. Insiders, who include our directors, executive officers, and certain employees whose duties involve access to material non-public information, may buy and sell the Company’s stock within an open “window period,” which in fiscal 2025 began on the second business day after earnings are announced and ends the last day of the last month of each quarter. Insiders are prohibited from purchasing or selling the Company’s stock if they are in possession of material non-public information, even if it is within the open “window period.” The Company reserves the right to impose an “event-specific blackout period” if it deems insiders to have “insider information,” regardless of if it is an open “window period” and it may do so with little or no notice. Employees subject to the “event-specific black-out period” will be notified by the CFO or Chief Legal Officer.

Stockholder Engagement

During fiscal 2025, the Company engaged with stockholders to discuss our corporate governance and other key matters.

We regularly review our corporate governance and executive compensation practices. As part of this assessment, we proactively engage with our stockholders to assist our Board in understanding their perspectives.

Since our 2024 Annual Meeting, we invited the top 25 institutional stockholders, owning approximately 50% of our outstanding shares, to meet with us to discuss our corporate governance, executive compensation practices and other key matters.

From these engagements, we gained valuable perspectives from our stockholders, which were conveyed to the Board and relevant committees. The stockholders expressed continued focus on board refreshment. Stockholders also sought to better understand how Paychex governs cybersecurity, data privacy and artificial intelligence practices in a manner that is both ethical and secure.

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 Corporate Governance 

Communications with the Board of Directors

The Board has established procedures to enable stockholders and other interested parties to communicate in writing with the Board, including the chair of any standing committee of the Board. Written communications should be clearly marked and mailed to:

Stockholder and Other Interested Parties – Board Communication

Paychex, Inc.

911 Panorama Trail South

Rochester, New York 14625-2396

Attention: Corporate Secretary

In the case of communications intended for committee chairs, the specific committee must be identified. Any such communications that do not identify a standing committee will be forwarded to the Board. The Secretary will promptly forward all stockholder and other interested party communications to the Board or to the appropriate standing committee of the Board, as the case may be.

Code of Business Ethics and Conduct

The Company has a Code of Business Ethics and Conduct that applies to all of its directors, officers, and employees. The Company requires all of its directors, officers, and employees to adhere to this code in addressing legal and ethical issues that they encounter in the course of doing their work. This code requires our directors, officers, and employees to avoid conflicts of interest, comply with all laws and regulations, conduct business in an honest and ethical manner, and otherwise act with integrity and in the Company’s best interest. All newly hired employees are required to certify that they have reviewed and understand this code. In addition, each year all employees and directors are reminded of and asked to affirmatively acknowledge their obligation to follow the code. The Code of Business Ethics and Conduct is available for review on the Company’s website at https://investor.paychex.com/corporate-governance/governance-documents. The Company intends to disclose any amendment to, or waiver from, a provision of its Code of Business Ethics and Conduct that relates to any element of the code of ethics definition enumerated in Item 406 of Regulation S-K by posting such information on its website at the address specified above.

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PROPOSAL 2:

ADVISORY VOTE TO APPROVE NAMED

EXECUTIVE OFFICER COMPENSATION

What am I voting on?		Voting Recommendation
Stockholders are being asked to approve, on an advisory basis, the compensation of our NEOs as described in the Compensation Discussion and Analysis (“CD&A”) and the Named Executive Officer Compensation sections of this proxy statement.		The Board of Directors recommends a vote FOR the advisory vote approving the NEO compensation, as disclosed in this proxy statement.

We are asking our stockholders to provide advisory approval of the compensation of our NEOs as required by Section 14A of the Exchange Act. This proposal, commonly known as a “say-on-pay” proposal, gives our stockholders an opportunity to express their views on the overall compensation of our NEOs and the philosophy, policies, and practices as described in this proxy statement. Our stockholders are currently given the opportunity to vote, on a non-binding, advisory basis, on say-on-pay proposals annually, with the next opportunity to vote on such a proposal being the 2026 Annual Meeting of Stockholders (“2026 Annual Meeting”). Before you vote, we encourage you to read the CD&A and Named Executive Officer Compensation sections of this proxy statement, which provide detailed information on the Company’s compensation policies and practices, and overall compensation of our NEOs.

Compensation Programs Highlights

Our executive compensation programs are designed to attract, motivate, and retain highly qualified NEOs, who are critical to our success. We strongly believe that our executive compensation — both pay opportunities and pay actually realized — should be tied to Company performance. Under our compensation programs, the NEOs are rewarded for the achievement of specific annual and longer-term strategic and financial goals of the Company. Some key aspects of our compensation programs that you should consider are:

• NEO compensation is evaluated and determined by our C&L Committee, which is comprised entirely of independent directors. This committee utilizes the services of an independent consultant to advise them on matters of executive compensation.

• Our executive compensation program is designed to implement core compensation principles, including alignment with stockholders’ interests, long-term value creation, and pay-for-performance. A significant portion of pay is at risk or variable where the amount realized will be dependent on achievement of financial targets or, in the case of certain time-vested equity awards, the value of the Company’s stock.

• A mix of annual and long-term incentive programs creates a balance between short-term and long-term focus, reducing risk in the compensation programs.

• Our equity-based, long-term incentive awards include a combination of stock options, time-based stock awards, and performance-based stock awards.

In addition, we have responsible compensation practices that ensure consistent leadership and decision-making, certain of which are intended to mitigate risk. These include:

• Stock ownership guidelines designed to align the directors’ and executives’ long-term financial interests with those of our stockholders.

• Prohibition of hedging of the Company’s stock for both directors and executive officers.

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 Say-on-Pay Vote 

• Prohibition of pledging Company stock as collateral.

• A long-standing insider trading policy.

• A clawback policy applicable to our Annual Officer Performance Incentive Program (the “annual incentive program”) and performance-based stock awards.

• Non-compete and other forfeiture provisions within our equity-based compensation agreements. These provisions allow the Company to cancel all or any outstanding portion of equity awards and recoup the gross value of any payouts under the annual incentive program, vested time-based stock awards, vested performance-based stock awards, or profits from exercises of options.

Results of the 2024 Say-on-Pay Vote

At the 2024 Annual Meeting held on October 10, 2024, approximately 95% of the total stockholder votes cast were in favor of the Company’s NEO compensation as presented in our 2024 proxy statement. The C&L Committee considered this favorable outcome and believed it conveyed our stockholders’ support of the committee’s decisions and the existing executive compensation programs. As we evaluated our compensation practices and talent needs throughout fiscal 2025, the C&L Committee remained mindful of the strong support for our compensation policies and practices communicated by our stockholders at the last annual meeting. For fiscal 2025, the C&L Committee retained the core design of our executive compensation programs as it believes the program continues to attract, retain, and provide appropriate incentive for senior management. In addition, the C&L Committee approved certain changes to our long-term incentive program, as described more fully in the CD&A section of this proxy statement. These changes are intended to increase the focus on performance and to further align executive compensation to the interests of our stockholders.

Advisory Vote

The C&L Committee, along with the Board, believe that the policies, procedures, and amounts of compensation discussed here, and described further in this proxy statement, are effective in achieving the desired goals of aligning our executive compensation structure with the interests of our stockholders. To indicate approval of our NEO compensation, a majority of the shares entitled to vote on the proposal must be voted for the proposal in person or by proxy at the Annual Meeting.

This say-on-pay vote is advisory and, therefore, is not binding on the Company, the C&L Committee, or our Board. Our Board values the opinions of our stockholders and, to the extent that there is any significant vote against the NEO compensation as disclosed in this proxy statement, we will consider our stockholders’ concerns and the C&L Committee will evaluate whether actions are necessary to address these concerns.

The Board recommends a vote FOR the proposal to approve the NEO compensation on an advisory

basis, as disclosed in this proxy statement.

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COMPENSATION DISCUSSION AND ANALYSIS

The CD&A provides a description of our executive compensation policies and programs, the decisions made by the C&L Committee regarding executive compensation, and the factors contributing to those decisions. This discussion focuses on the compensation of our NEOs for fiscal 2025, who were:

Name		Title
John B. Gibson		President and CEO (Principal Executive Officer)
Robert L. Schrader		SVP and CFO (Principal Financial Officer)
Adam Ante		SVP of Paycor
Mark A. Bottini(1)		SVP of Sales
Michael E. Gioja(2)		SVP of Information Technology and Product Development (“IT and PD”)

(1) As we previously disclosed, Mr. Bottini retired from his position as SVP of Sales on July 8, 2025 and will continue to serve as a special advisor to the Company through August 31, 2025.

(2) As we previously disclosed, Mr. Gioja retired from his position as SVP of IT and PD on July 8, 2025 and will continue to serve as a special advisor to the Company through December 31, 2025.

Executive Summary

Business and Financial Highlights

Our executive compensation is tied to financial and operational performance and is intended to drive sustained, long-term increases in stockholder value. During fiscal 2025, we delivered solid financial results, reflecting growth across our business. Reported financial results for fiscal 2025 and the respective growth percentages compared to fiscal 2024 were as follows:

Total service revenue $5.4B 5% increase				Operating income $2.2B 2% increase				Diluted earnings per share $4.58 2% decrease
5-year TSR(1) 151%				Operating income, net of certain items(2) $2.2B 7% increase				Adjusted diluted earnings per share(2) $4.98 6% increase

(1) TSR assumes a $100 investment in Paychex common stock from May 31, 2020 to May 31, 2025, with dividends reinvested.

(2) Operating income, net of certain items and adjusted diluted earnings per share are not United States (“U.S.”) generally accepted accounting principles (“GAAP”) measures. Refer to “Paychex, Inc. Non-GAAP Financial Measures” in Appendix A of this proxy statement for a discussion of these non-GAAP measures and a reconciliation to the most comparable GAAP measures of operating income and diluted earnings per share.

Our strategy is to be the digitally driven HR leader, serving as an essential partner to clients by providing them with the technology and advisory services they need for HR, payroll, benefits, and insurance. We believe that successfully executing this strategy will lead to strong, long-term financial performance. In fiscal 2025, we continued to drive growth and enhance our market position by executing on key elements of our strategy.

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 CD&A 

Growing our client base and market share. We operate in a large and growing market, with significant potential to expand within our current target markets. We continue to invest significantly in new demand generation tools, sales tools, and go-to-market strategies. During fiscal 2025, our client base grew to approximately 800,000. Client retention improved over the prior year and remained in line with pre-pandemic levels. Revenue retention remained above pre-pandemic levels and HR outsourcing worksite employee retention continued to improve and remained at record levels.

Increasing product penetration. We offer a full suite of integrated solutions incorporating a unique combination of industry-leading HR technology and HR advisory solutions that set us apart in the industry. We continue to increase penetration across our human capital management (“HCM”) software, HR outsourcing, retirement, and insurance offerings. In particular, we achieved double-digit growth in revenue from our retirement products for fiscal 2025, and we now have over 120,000 retirement clients. HR outsourcing also reflected strong growth in revenue and worksite employees served, which was approximately 2.5 million employees as of May 31, 2025.

Driving technology innovation. We continue to invest in our proprietary, award-winning HCM platforms to maximize efficiency and functionality for our clients and their employees. We implemented enhancements to our Paychex Flex^® and Paycor platforms designed to improve the client and client employee experiences from hiring and onboarding through employee retention. Paychex Flex has continued to earn awards in fiscal 2025 including an HR Tech Award from Lighthouse Research & Advisory for Best Small Business-focused Solution in the Core HR/Workforce category; a 2024 BIG (Business Intelligence Group) Innovation Award for our digital employee onboarding, and a Leader in Next Generation HCM Technology by NelsonHall.

Paycor’s HCM platform continued to earn numerous awards in fiscal 2025, including multiple G2 Summer 2025 awards such as ‘Grid Leader’ for Enterprise Performance Management and ‘Best ROI’ for Enterprise Compensation Management; three ‘2025 Top Rated Awards’ from TrustRadius; a Leader in the 2025 HCM Value Matrix by Nucleus Research for organizations with up to 2,500 employees; and multiple Top 5 rankings in the mid-market segment of the 2024-2025 Sapient HR Systems Report.

In addition, we believe that we are well positioned to capture the artificial intelligence (“AI”) opportunity with our large and growing data sets, predictive analytics, and AI models, and we have increased our AI investments to improve efficiency, enhance the customer experience, and unlock new growth opportunities. In fiscal 2025, we successfully implemented several additional innovative AI models that offer improved functionality for Paychex and our clients and also added new benchmarking and people analytics for Paychex Flex users.

Pursuing strategic acquisitions. We utilize acquisitions, when appropriate, as a means to expand our portfolio, enter new markets, or increase our scale. In fiscal 2025, we acquired Paycor, a leading provider of HCM HCM, payroll and talent software. This acquisition enables the Company to expand its capabilities upmarket and serve larger businesses with more complex needs.

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Stockholder Distributions: The value we return to our stockholders is very important to us. During fiscal 2025, we distributed $1.6 billion to our stockholders through dividends and repurchases of outstanding shares of our common stock.

We have distributed 

$6.4 billion to stockholders over the 

past 5 years. 

Dividend Payments: We continue to pay substantial dividends to our stockholders. The most recent increases in the quarterly dividend to stockholders were as follows:

		Increase in Quarterly Dividend					Quarterly Dividend Amount					% Change
May 2025			$	0.10				$	1.08					10	%
May 2024			$	0.09				$	0.98					10	%
May 2023			$	0.10				$	0.89					13	%
May 2022			$	0.13				$	0.79					20	%
May 2021			$	0.04				$	0.66					6	%

Share Repurchases: The Board has authorized the repurchase of common stock as follows:

• $400 million authorized in May 2019, which was fully utilized by its expiration on May 31, 2022;

• $400 million authorized in July 2021, which expired on January 31, 2024, at which time $157.9 million of unused repurchase authorization expired; and

• $400 million authorized in January 2024, which will expire on May 31, 2027.

Shares repurchased in recent years were as follows:

(In millions)		Shares Repurchased					Amount
Fiscal 2025				0.8				$	104.5
Fiscal 2024				1.5				$	169.2
Fiscal 2022				1.2				$	145.2
Fiscal 2021				1.7				$	155.7

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The following graph shows how a $100 investment in our common stock on May 31, 2020, would have grown to $251 as of May 31, 2025, with dividends reinvested quarterly. The chart also compares the total stockholder return on our common stock to the same investment in the S&P 500 Index over the same period, with dividends reinvested quarterly. For us, this represents a cumulative return of 151%, or approximately 20% on a compound basis.

For more information about our fiscal 2025 business results, see the section of our fiscal 2025 Annual Report on Form 10-K (“Form 10-K”) titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

How Pay is Tied to Company Performance

Our executive compensation programs are designed to ensure that the interests of our senior leaders are appropriately aligned with the Company’s stockholders by rewarding performance that meets established business and individual goals. Key features of the executive compensation programs that tie to Company performance are:

• In fiscal 2025, the C&L Committee enhanced the performance focus of our long-term incentive program by increasing the portion of performance-based equity awarded to certain executive officers, including our CEO and CFO, from 50% to 60% of the total equity award at target. The C&L Committee also extended the performance period from two to three years and adopted a relative total shareholder return modifier to further align payouts with shareholder outcomes.

• A significant portion of our NEOs’ annual compensation is “at risk” based on performance. For fiscal 2025, at risk or variable pay, which is comprised of the target value of an annual cash incentive opportunity and target date fair values of longer-term equity-based incentives, represented 90% of total target compensation for our CEO, Mr. Gibson, and 82% of total target compensation on average for our other NEOs (excluding Mr. Ante, who joined the Company in April 2025);

• Target compensation for the annual incentive program and annual grants of performance-based stock awards is generally established at the beginning of the performance period by the C&L Committee. NEOs have an opportunity to earn actual compensation that varies from target based on achievement against pre-established performance metrics;

• Fiscal 2025 performance metrics consisted of new business revenue and service revenue (our measures of business growth) and operating income, net of certain items⁽¹⁾ (our measure of profitability) for our annual incentive program and service revenue, operating income, net of certain items⁽¹⁾, and total shareholder return (“TSR”) for our fiscal 2025 performance-based equity awards; and

• The financial measures used as performance targets are linked directly to our annual and long-term strategic business plans that are reviewed and approved by the Board.

(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.

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Elements of Compensation

We use a combination of compensation elements, including base salary, annual incentive program, and equity awards delivered under our 2002 Plan. Each element and the related compensation decisions and results for fiscal 2025 are discussed below.

Summary of Fiscal 2025 Elements of Compensation

Compensation Elements

Salary

Annual    Incentive    Program

Stock    Options

Time-Based    RSU Awards

Performance-Based    RSU Awards

Fixed

Variable, At-Risk

Recipients

All NEOs

When Granted

Reviewed    annually

Annually

Form of Delivery

Cash

Equity

Type of Performance

Short-Term

Long-Term

Performance Period

Ongoing

1-year

Vest ratably   over 3 years

3-year    performance    period

How Payout is Determined

C&L Committee    Judgment

Quantitative   based on   achievement   against   targets;   small portion   qualitative

Based on stock price on  exercise/vest date

Quantitative based    on achievement    against targets;    and a 25%    rTSR modifier(1)

Performance Metrics

N/A

Service   revenue;   operating   income, net   of certain   items; and   annualized   new business   revenue

N/A

N/A

Service    revenue;    operating    income, net    of certain    items, and    rTSR

(1) Performance-based RSU awards are subject to a relative TSR metric, which modifies the final payout downward or upward by up to 25% based on the Company’s three-year TSR performance versus the S&P 500’s three-year TSR performance.

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Highlights of Executive Compensation Practices

The Board maintains governance standards and oversight of our executive compensation policies and practices. The following governance practices were in place during fiscal 2025, and these practices, among other elements of our compensation programs, aid in mitigating risk associated with our compensation programs.

WHAT WE DO		WHAT WE DON’T DO
✓  Pay for performance. A significant portion of executive pay is not guaranteed but rather tied to key financial metrics that are disclosed to our stockholders. ✓  Mitigate undue risk in compensation programs. The executive compensation program includes features that reduce the possibility of the NEOs, either individually or as a group, making excessively risky business decisions that could maximize short-term results at the expense of longer-term value. ✓  Balance of short-term and long-term incentives. Our incentive programs are designed to provide an appropriate balance of annual and longer-term incentives. ✓  Capped award payouts. Amounts or shares that can be earned under the annual incentive program, as well as the time-based stock awards and performance-based stock awards, are capped. ✓  Stock ownership guidelines. There are restrictions on sales of vested awards until a NEO has attained ownership of the Company’s stock as follows: CEO — six times base salary; and SVPs — three times base salary. ✓  Include double-trigger change in control provisions. Our Change in Control Plan for officers is a “double-trigger” arrangement, requiring change in control and a subsequent termination of employment. ✓  Clawback policy. Clawback policy applicable to our annual incentive program and performance-based stock awards allows us to recover excess incentive-based compensation from our executive officers in the event of an accounting restatement. ✓  Include non-compete and other forfeiture provisions in our equity-based compensation agreements. These provisions allow the Company to cancel all or any outstanding portion of equity awards and recover the gross value of any vested time-based stock awards, vested performance-based stock awards, or profits from exercises of options in the event of a violation of the restrictive covenants. ✓  Utilize an independent compensation consulting firm. The C&L Committee benefits from its utilization of an independent compensation consulting firm, which provides no other services to the Company.		×   No employment agreements. We do not have employment contracts for our NEOs. Employment of all of our executive officers is “at will.” ×   No significant perquisites. The benefits our NEOs receive in the form of health insurance, life insurance, and Company matching contributions to the 401(k) Plan are the same benefits generally available to all our employees. ×   No hedging, pledging or short sales transactions permitted. Our executive officers, 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.

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The 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-Based Compensation” within this CD&A for a more detailed discussion of variable compensation, performance targets established, and actual results against those targets.

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SVP of Paycor

Following 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 2019. Mr. Ante’s total compensation for fiscal 2025 included the following:

• A going forward base salary of $500,000 per year (pro-rated for time in service during fiscal 2025).

• A one-time special 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.

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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 year (by the C&L Committee with consultation of management) and are typically based on the Board-approved fiscal year financial plan. The performance targets are intended to provide a balance between growing revenue and managing expenses. For extraordinary circumstances, the C&L Committee reserves the right to apply discretion and make adjustments (no such adjustments outside of the pre-approved terms of the plan were made for fiscal 2025).

The qualitative component consists of individual-specific goals established at the beginning of the fiscal year based on functions and responsibilities unique to the individual. The CEO can potentially receive up to 20% of base salary and all other NEOs can potentially receive up to 10% of base salary, in each case for achieving their personal goals. The assessment of qualitative goals is subjective, based on the discretion of the C&L Committee. For fiscal 2025, the C&L Committee evaluated each NEO and determined the specific percentage of the qualitative portion to award each NEO as presented on the following page.

Each NEO has an opportunity to earn a percentage of their annualized base salary based on achievement of goals at threshold, target, and maximum. The various percentages of base salary that each NEO is eligible to earn for achievement of the performance measures in the aggregate are as follows:

		Quantitative Component (% of base salary)															Qualitative Component (maximum % of base salary)
Position		Threshold					Target					Maximum
CEO (Mr. Gibson)				55.0%					130.0%					205.0%					20.0%
SVP-Sales (Mr. Bottini)				47.5%					105.0%					157.5%					10.0%
SVP-Other (Messrs. Schrader and Gioja)				40.0%					90.0%					140.0%					10.0%

Thresholds are set as the floor with any achievement below threshold resulting in no payout for the respective performance metric. Maximums are set as a ceiling on the amount of payout a NEO can receive for each performance metric.

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The performance metrics for the fiscal 2025 annual incentive program for the NEOs (excluding Mr. Ante, who joined the Company in April 2025) were established as follows:

		Fiscal 2025 Year-over-Year Growth Rates															% of Plan Dollars															Achievement  as a % of Target
Bonus Objectives(1)		Threshold					Target					Maximum					Threshold					Target					Maximum
Service revenue				1.2	%				5.5	%				7.6	%				96.0	%				100.0	%				102.0	%				100.0	%
Operating income, net of certain items(2)				2.4	%				6.6	%				8.8	%				96.0	%				100.0	%				102.0	%				99.3	%
Annualized new business revenue(3)				2.0	%				4.0	%				7.2	%				98.1	%				100.0	%				103.1	%				0.0	%(4)

(1) The annual incentive program allows for certain adjustments to metrics as reported in our consolidated financial statements. The acquisition component of service revenue is included up to a maximum of 2% of service revenue at target.

(2) Operating income, net of certain items, is a non-GAAP measure. Refer to “Paychex, Inc. Non-GAAP Financial Measures” in Appendix A for a discussion of this non-GAAP measure and a reconciliation to the most comparable GAAP measure of operating income.

(3) Annualized new business revenue is the approximate amount of revenue to be earned over the first 12-month period, from the sale in the current fiscal year, of certain management solutions; and professional employer organization and insurance solutions to new clients and new product sales to existing clients. This measure is not directly calculated from our audited financial statements, as reported service revenue also includes recurring revenue from pre-existing clients. This metric is set to provide incentive for executives to strive to exceed the target, given the relationship to recurring revenue.

(4) Achievement for annualized new business revenue was below threshold attainment for fiscal 2025. Therefore, there was no payout related to this metric under the annual incentive program.

Each metric is assigned a different weighting on an individual basis, depending on the position and role of the particular NEO. Each performance objective, along with the target percentage of base salary that can be earned for that metric, and the actual payout percentage is set forth below for our NEOs (excluding Mr. Ante, who joined the Company in April 2025), in accordance with calculations per the program:

		Mr. Gibson										Mr. Bottini										Messrs. Schrader and Gioja
Bonus Objectives		% of Base Salary at Target					% of Base Salary Achieved(1)					% of Base Salary at Target					% of Base Salary Achieved(1)					% of Base Salary at Target					% of Base Salary Achieved(1)
Service revenue				37.5	%				37.5	%				25.0	%				25.0	%				30.0	%				30.0	%
Operating income, net of certain items(2)				55.0	%				48.9	%				25.0	%				22.6	%				35.0	%				31.5	%
Annualized new business revenue(3)				37.5	%				—	%				55.0	%				—	%				25.0	%				—	%
Total quantitative annual incentive				130.0	%				86.4	%				105.0	%				47.6	%				90.0	%				61.5	%
Qualitative(4)				20.0	%				20.0	%				10.0	%				8.0	%				10.0	%				10.0	%
Total				150.0	%				106.4	%				115.0	%				55.6	%				100.0	%				71.5	%

(1) If the actual achievement under a given performance metric is between two thresholds (e.g., between threshold and target or between target and maximum), then the percentage of base salary achieved would be calculated based on a straight-line interpolation of the achievement level above threshold or target, as appropriate, for such performance metric.

(2) 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.

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(3) Annualized new business revenue is the approximate amount of revenue to be earned over the first 12-month period, from the sale in the current fiscal year, of certain management solutions; and professional employer organization and insurance solutions to new clients and new product sales to existing clients. This measure is not directly calculated from our audited financial statements, as reported service revenue also includes recurring revenue from pre-existing clients. This metric is set to provide incentive for executives to strive to exceed the target, given the relationship to recurring revenue.

(4) The NEOs have an opportunity to earn a percentage of base salary based on individual-specific qualitative goals related to the functions and responsibilities unique to the individual. The C&L Committee may determine, at its sole discretion, whether satisfactory achievement has occurred, regardless of achievement against the pre-established individual goals.

The actual achievement translated to the incentive payments for our NEOs (excluding Mr. Ante, who joined the Company in April 2025) is as follows:

		Annualized Base Salary(1)					Minimum Potential Payout(2)					Target Potential Payout(2)					Maximum Potential Payout(2)					% of Base Salary Achieved					Actual Incentive  Compensation Earned(3)
John B. Gibson			$	900,000					—				$	1,350,000				$	2,025,000					106.4	%			$	957,375
Robert L. Schrader			$	500,000					—				$	500,000				$	750,000					71.5	%			$	357,500
Mark A. Bottini			$	530,000					—				$	609,500				$	887,750					55.6	%			$	294,647
Michael E. Gioja			$	550,000					—				$	550,000				$	825,000					71.5	%			$	393,250

(1) This represents the NEO’s annualized base salary as of May 31, 2025. It may differ from base salary paid for fiscal 2025 reflected in the Fiscal 2025 Summary Compensation Table of this proxy statement, due to timing of salary increases, start dates, etc.

(2) These columns represent the range of payout that each NEO has the opportunity to earn. The minimum potential payout indicates that no payout is earned if achievement is below threshold. The maximum potential payout is based on the percentage of base salary that each NEO can earn for maximum achievement.

(3) Actual incentive compensation earned is calculated as annualized base salary multiplied by the percentage of base salary achieved and is provided in the Fiscal 2025 Summary Compensation Table of this proxy statement.

Equity-Based Compensation

To align our NEOs’ interests with the long-term interests of our stockholders, we grant equity awards under the 2002 Plan. Annually, the C&L Committee reviews the NEO compensation of our Peer Group to determine the desired pay range for our officers. See the “Compensation Decision Process” section later in this CD&A for further information on the Committee’s process for determining total compensation, including equity awards. This review, along with each officer’s individual performance and potential, determine the total compensation. The quantity of equity awards is based on an estimated total value as determined by the C&L Committee in conjunction with its total compensation review and evaluation.

In July 2024, the C&L Committee made an annual equity grant to our NEOs (excluding Mr. Ante who joined the Company in April 2025) that was a blend of stock options, time-based RSUs and performance-based RSUs. The award value was split as follows:

Annual Equity Award Value Allocations

Messrs. Gibson and Schrader:		Messrs. Bottini and Gioja:

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This annual distribution provides for a significant portion of the total equity-based compensation value to be performance-based (60% for Messrs. Gibson and Schrader and 50% for Messrs. Bottini and Gioja), consistent with the C&L Committee’s total compensation determination. For our July 2024 annual grants, the C&L Committee determined the estimated total target value to be approximately: $7,000,000 for Mr. Gibson; $2,000,000 for Mr. Schrader; $1,800,000 for Mr. Bottini; and $1,900,000 for Mr. Gioja. The estimated total target value of Messrs. Gibson’s and Schrader’s equity-based compensation was increased in fiscal 2025 to adjust the compensation closer to market based on an analysis against our Peer Group. See further discussion under the “Peer Group” section within this CD&A.

The following equity-based compensation was granted in July 2024 for our NEOs (excluding Mr. Ante, who joined the Company in April 2025):

NEO		Performance-Based   RSU Awards (at Target)(1)					Stock   Option Awards(2)					Time-Based  RSU Awards(3)
John B. Gibson				34,531					64,126					8,633
Robert L. Schrader				9,866					18,322					2,466
Mark A. Bottini				7,399					19,787					2,960
Michael E. Gioja				7,811					20,887					3,124

(1) Performance-based RSU awards are subject to a three-year performance period.

(2) Stock option awards vest one-third per year over three years and have a term of 10 years.

(3) Time-based RSU awards vest one-third per year over three years.

Mr. Ante’s PSUs

In May 2025, the C&L Committee approved a performance-based RSU award to Mr. Ante (who joined the Company in April 2025), with a grant-date fair value of approximately $3,200,000. This grant consisted of 23,024 performance-based RSUs (at target), which may be earned based on the Company’s average annual synergy attainment over a three-year performance period, in connection with the acquisition of Paycor. Annual synergy targets for each year were established at the start of the performance period as part of the Company’s strategic planning process. At the end of the performance period, the average synergy attainment is measured against pre-established threshold, target, and maximum performance levels set by the C&L Committee. Payout may range from 0% to 150% of the target.

2024-2027 Performance Stock Awards

Our performance stock awards are designed to provide variable compensation that is focused on longer-term results. The performance-based RSUs granted in fiscal 2025 (other than those granted to Mr. Ante, who joined the Company in April 2025) have a three-year performance period (which we extended to be longer than the two-year performance period used in previous years), and may be earned based on the sustained year-over-year growth in service revenue and operating income (equally weighted), net of certain items compared to performance targets, subject to a downward or upward adjustment of 25% based on relative TSR. Payout may range from 0% to 200% of target. The C&L Committee establishes performance targets intended to be appropriately challenging at all levels, including the threshold level, but attainable with increasing difficulty for each level beyond threshold. The threshold level was expected to be appropriately challenging but achievable under normal circumstances. The target level would be achieved if the Company performed as expected under our strategic plan for the three-year period. The maximum level would be achievable only with exceptional performance. 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.

The goals are set by the C&L Committee upfront for the entire performance period. The threshold, target, and maximum growth rates for service revenue and operating income, net of certain items for each of the three years in the performance period are determined as percentage increases over the actual results from the prior year. As a result, payouts for the second and third year of the performance period require sustained growth over the three-year period. Because growth rates are calculated separately for each year in the performance period and are not aggregated over the three-year performance period, the plan allows for a long-term growth goal while recalibrating to actual performance on an annual basis.

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The relative TSR metric modifies the final payout downward or upward by up to 25% based on the Company’s three-year TSR performance versus the S&P 500. The S&P 500 consists of a broad group of companies that represents investors’ alternative capital investment opportunities, thereby aligning the performance-based RSU payout opportunity to the long-term investment experience of our stockholders. If relative TSR performance is at or below the 25th percentile, the final payout is reduced by 25%. If the relative TSR performance is at or above the 75th percentile, the payout is increased by 25%. Payouts are linearly interpolated for relative TSR performance between the 25th and 75th percentiles, with no adjustment applied at the 50th percentile. The relative TSR modifier may not result in a payout in excess of 200% of the target shares.

2023-2025 Performance Stock Awards

The two-year performance period for performance-based stock awards granted in July 2023 and October 2023 ended on May 31, 2025. For these awards, full vesting is generally provided after an additional one-year service period (i.e., total of three years). The shares earned were based on achievement against pre-established targets for the performance period as follows:

Performance Goal ($ In Millions)		Two-Year Performance Targets Established															Actual Achievement
		Threshold					Target					Maximum					($)					% of Target
Service revenue(1)			$	10,210				$	10,747				$	11,070				$	10,542					98	%
Operating income, net of certain items(2)			$	4,102				$	4,318				$	4,447				$	4,228					98	%
Percent of plan				95	%				100	%				103	%
Payout as a percent of target				60	%				100	%				150	%									84	%

(1) Service revenue as calculated under the performance share agreement allows for 2% of total service revenue to be delivered from acquisitions during the performance period. Refer to Appendix B for a description of this non-GAAP measure and a reconciliation of service revenue as calculated for the performance period to service revenue reported in our consolidated financial statements.

(2) 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. In addition, this measure as calculated under the performance share agreement excludes the impact of business acquisitions and other unusual items during the performance period. Refer to Appendix B for a description of this non-GAAP measure and a reconciliation of the amount for the performance period to the most comparable GAAP measure of operating income.

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Stock Ownership Guidelines

The C&L Committee has established stock ownership guidelines. The requirements for fiscal 2025 are as follows:

Position		Requirement
CEO (Mr. Gibson)			6X base salary
SVPs (All other NEOs)			3X base salary

There are restrictions on sales of shares acquired from awards until the officer has attained the applicable stock ownership level. The ownership guidelines were established to provide long-term alignment with stockholders’ interests. For the purposes of achieving the ownership guidelines, unvested stock and stock units awarded to the executive officers that do not include performance-vesting metrics are included. All NEOs are currently compliant with the guidelines.

Policies and Practices Related to the Grant of Certain Equity Awards

Our equity awards, including stock options, are granted in accordance with a predetermined schedule, which coincides with regularly scheduled C&L Committee meetings that are scheduled more than one year in advance.

Annual grants of equity awards, including stock options, to our NEOs and members of the Board are approved during the regularly scheduled meeting of the C&L Committee in July after the release of our fiscal year-end earnings and upcoming fiscal year financial guidance. Our trading black-out period normally lifts on the second business day following such release of information. The C&L Committee may also grant equity awards to individuals upon hire or promotion to executive officer positions or appointment to the Board. These equity awards are not granted during any trading black-out periods. Recipients are notified shortly after C&L Committee approval of their grant, noting the number of stock options, shares of time-based stock, target performance-based stock awards and goals, the vesting schedule, and exercise price. Any sales restrictions or other terms of the award are also communicated at that time.

The C&L Committee does not grant equity awards in anticipation of the release of material nonpublic information. Similarly, we do not time the release of material nonpublic information based on equity award grant dates.

Prohibition on Hedging or Speculating in Company Stock

NEOs, along with all employees of the Company, must adhere to strict standards with regards to trading in Paychex stock. These standards are set forth in our insider trading policy. Specifically, we prohibit executive officers from hedging Paychex stock. They may not, among other things:

• speculatively trade in the Company’s stock;

• short sell any securities of the Company; or

• buy or sell puts or calls on the Company’s securities.

Pledging of Company Stock

We maintain a pledging policy for all Paychex directors, officers, and employees that prohibits pledging of Company stock for any purpose. Our pledging policy is posted on our website at https://investor.paychex.com/corporate-governance/governance-documents.

Clawback Policy

On October 11, 2023, the C&L Committee adopted the Paychex, Inc. Policy for the Recovery of Erroneously Awarded Compensation (the “Clawback Policy”), a copy of which was filed as Exhibit 97.1 to the Company’s Form 10-K for fiscal 2024, effective October 2, 2023. The Clawback Policy applies to all executive officers, including all NEOs. Under the Clawback Policy, in the event that the Company is required to prepare an accounting restatement due to the Company’s material noncompliance with any financial reporting requirement under the federal securities laws, the Company will recover, on a reasonably prompt basis, the excess incentive-based compensation received by any current or former executive officer during the prior three fiscal years that exceeds the amount that the executive officer would have received had the incentive-based compensation been determined based on the restated financial statements. The Clawback Policy is intended to comply with the requirements of Section 10D of the Exchange Act and Nasdaq Listing Rule 5608.

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Prior to adopting the Clawback Policy, we retained the right to recoup all or a portion of the payouts made under the annual incentive program and equity-based compensation awards if those payouts were based on financial statements that were subsequently subject to restatement and where fraud or misconduct was involved.

Non-Compete and Other Forfeiture Provisions

Our equity-based compensation agreements state that following termination of employment, certain benefits (including equity-based compensation) will be forfeited if the NEO engages in activities adverse to the Company. These activities include:

• competition with the Company during a specified period after termination of employment;

• solicitation of the Company’s clients or employees during a specified period after termination of employment;

• breach of confidentiality either during or after employment; or

• engaging in conduct which is detrimental to the Company during the NEO’s employment with the Company.

Should any of these activities occur, we may cancel all or any outstanding portion of the equity awards subject to this provision and recover the gross value of any vested time-based stock awards and vested performance-based stock awards, including all dividends and dividend equivalents. In the case of stock options, we may suspend the NEO’s right to exercise the option and/or may declare the option forfeited. In addition, we may seek to recover all profits from certain prior exercises as liquidated damages and pursue other available legal remedies.

Perquisites

Our NEOs receive benefits in the form of vacation, health insurance, life insurance, Company matching contributions to the 401(k) Plan when such contributions are in effect, and other benefits, which are generally available to all our employees. We do not provide our NEOs with pension arrangements, post-retirement health coverage, or other similar benefits, with the exception of access to a non-qualified and unfunded deferred compensation plan.

Deferred Compensation

We offer a non-qualified and unfunded deferred compensation plan to our NEOs. The deferred compensation plan is intended to supplement the NEO’s 401(k) Plan account. Due to limitations on the 401(k) Plan accounts placed by the Internal Revenue Service, this plan allows for further savings toward retirement for the NEOs and functions similarly to the 401(k) Plan account. Refer to the “Non-Qualified Deferred Compensation” discussion included in the Named Executive Officer Compensation section of this proxy statement for more information on how our deferred compensation plan functions.

Change in Control Plan

Executives of the Company are covered by a Change in Control Plan. Upon involuntary termination by the Company without cause or a voluntary termination by the participant for good reason, within 12-months following a change in control, the executive becomes entitled to certain severance benefits. Such severance benefits are conditioned upon the execution of a general release in favor of the Company. We do not provide any “single trigger” payments or benefits, nor do we provide any 280G excise tax gross-up payments.

Refer to the “Potential Payments upon Termination or Change in Control” discussion within the Named Executive Officer Compensation section of this proxy statement for further information.

Compensation Decision Process

Role of the Compensation Consultant

As outlined in its charter, the C&L Committee has the authority to retain consultants and advisers, at the Company’s expense, to assist in the discharge of the committee’s duties. The C&L Committee can retain and dismiss such consultants

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and advisers at any time. The consultants report directly to the committee and have direct access to the committee through the C&L Committee’s Chair. The C&L Committee requires that any consultant it retains cannot be utilized by management for other purposes. Although management, particularly the VP, Chief Human Resources Officer (“CHRO”), may work closely with the consultant, the consultant is ultimately accountable to the C&L Committee on matters related to executive compensation.

The C&L Committee retains the services of Frederic W. Cook & Co., Inc. (“FW Cook”) as its independent compensation consultant. FW Cook has not provided any other services to the Company prior to or subsequent to being retained as the compensation consultant to the C&L Committee. The C&L Committee was solely responsible for the decision to retain FW Cook as its consultant. FW Cook advises the C&L Committee on matters of NEO compensation, assists with analysis and research, and provides updates on evolving best practices in compensation. While FW Cook may express an opinion on compensation matters, the C&L Committee is solely responsible for setting the type and amount of compensation for NEOs.

The C&L Committee recognizes that it is essential to receive objective advice from its compensation consultant. The C&L Committee closely examines the procedures and safeguards that FW Cook takes to ensure that the compensation consulting services are objective. The C&L Committee has assessed the independence of FW Cook pursuant to SEC rules and concluded that FW Cook’s work for the C&L Committee does not raise any conflict of interest.

Role of Compensation & Leadership Committee and Management

As part of the C&L Committee’s responsibility to evaluate and determine NEO compensation, on an annual basis the C&L Committee:

• reviews the companies in our Peer Group for any changes;

• reviews base salaries for adjustments, if any;

• establishes and approves the performance targets and payouts under incentive-based programs and awards; and

• grants equity awards under our 2002 Plan.

The C&L Committee reviews each element of compensation annually to ensure that executive total compensation remains appropriate and competitive to attract and retain a high-performing executive team.

The C&L Committee, in making its decisions, utilizes various sources of information to evaluate our NEO compensation, including, but not limited to:

• compensation consultant reports and analyses;

• comparative market data as it pertains to executive officers at Peer Group companies for all relevant compensation elements; and

• internal management reports including a three-year history of total compensation for all officers and a summary for the upcoming fiscal year of total cash compensation and equity awards for all officers.

The C&L Committee strives for our NEOs’ compensation to be in line with our Peer Group. The information provided by the compensation consultant indicates whether our compensation package, if target performance is achieved, is comparable to the median compensation of our Peer Group, given current competitive practices, overall best practices, and other compensation and benefit trends.

Management reports are used to evaluate compensation recommendations and the impact to total compensation for each individual. They are also used to view a complete picture of the trend of compensation to executive officers, both as a team and as individuals. This facilitates discussion that more accurately details individual officer compensation, noting differences that reflect officer tenure, performance, and position in the management structure.

The C&L Committee uses these management updates along with peer information, where available, as tools to evaluate executive compensation. This information is reviewed in a subjective manner. There is no implied direct or formulaic linkage between peer information and the C&L Committee’s compensation decisions.

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Our CEO and our CHRO provide recommendations to the C&L Committee on design elements for compensation. These individuals, and from time-to-time invited guests including other officers, will attend the meetings of the C&L Committee to present and respond to questions on current or proposed plan design. Annually, our CEO reviews achievement of the recently completed fiscal year’s plan and presents recommendations regarding salary for each of the NEOs (other than himself), the upcoming fiscal year’s annual incentive program structure, and equity awards. Management is excluded from executive sessions of the C&L Committee where final decisions on compensation are made, particularly those on our CEO’s performance and compensation. Executive sessions occur at each meeting of the C&L Committee.

Peer Group

In addition to many other factors that affect compensation decisions, the C&L Committee takes into account the compensation practices of our Peer Group, where available, in formulating our compensation program. Peer Group review is not the sole determining factor in the C&L Committee’s decisions on compensation, and the C&L Committee reserves the discretion to adjust compensation based on other factors as previously discussed.

The Peer Group companies were selected based upon the following criteria: comparable business model, company size including revenues, earnings, and market capitalization, executive talent sources, competition for investor capital, companies considered by our investors to be our peers, and overall reasonableness. The Peer Group is comprised of the following industries or segments: a direct competitor in the HCM industry, financial transaction management companies, and business services and outsourcing companies.

Our Peer Group used for evaluating executive compensation for fiscal 2025 consisted of the following companies:

Peer Group
Automatic Data Processing, Inc.		Global Payments, Inc.
Broadridge Financial Solutions, Inc.		Intuit, Inc.
Corpay, Inc.		Jack Henry & Associates, Inc.
Equifax, Inc.		Moody’s Corporation
Euronet Worldwide, Inc.		SS&C Technologies Holdings, Inc.
Fair Isaac Corporation		TransUnion
Fiserv, Inc.		Verisk Analytics, Inc.
Gartner, Inc.		WEX, Inc.

Paychex, Inc. vs. Peer Group

(1) Based on the completed fiscal year 2024 results of Paychex and each Peer-Group company.

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The C&L Committee annually reviews and approves the selection of Peer Group companies, adjusting the group from year to year based upon our business and changes in the Peer Group companies’ business or the comparability of their metrics. The Peer Group may also be adjusted in the event of mergers, acquisitions, or other significant economic changes. The Peer Group used to determine fiscal 2025 compensation was not adjusted from the prior year.

The Compensation & Leadership Committee Report

The C&L Committee has reviewed and discussed the Compensation Discussion and Analysis included in the proxy statement with management. Based on such review and discussion, the C&L Committee recommends to the Board that the Compensation Discussion and Analysis be included in the proxy statement and the Company’s Form 10-K for fiscal 2025.

The Compensation & Leadership Committee:

  Joseph G. Doody, Chair

  Pamela A. Joseph

  Joseph M. Tucci

  Joseph M. Velli

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NAMED EXECUTIVE OFFICER COMPENSATION

Fiscal 2025 Summary Compensation Table

The table below presents the total compensation for each of the NEOs.

Name and Principal Position (a)		Fiscal Year (b)					Salary (c)					Stock Awards (d)					Option Awards (e)					Non-Equity Incentive Plan Compensation (f)					All Other Compensation (g)					Total  (h)
John B. Gibson President and CEO				2025				$	900,000				$	5,183,393				$	1,749,999				$	957,375				$	16,644				$	8,807,411
				2024				$	922,211				$	4,024,955				$	1,725,007				$	844,875				$	17,807				$	7,534,855
				2023				$	730,673				$	3,299,902				$	1,200,009				$	1,429,782				$	19,814				$	6,680,180
Robert L. Schrader SVP and CFO				2025				$	493,654				$	1,480,900				$	500,007				$	357,500				$	14,646				$	2,846,707
				2024				$	414,904				$	839,933				$	359,984				$	250,289				$	15,123				$	1,880,233
Adam Ante SVP of Paycor				2025				$	56,827				$	3,196,882				$	—				$	—				$	—				$	3,253,709
	Mark A. Bottini SVP of Sales				2025				$	530,000				$	1,245,685				$	539,987				$	294,647				$	16,560				$	2,626,879
				2024				$	550,385				$	1,260,011				$	539,996				$	256,553				$	15,960				$	2,622,905
				2023				$	526,692				$	1,120,057				$	479,997				$	836,424				$	15,038				$	2,978,208
Michael E. Gioja SVP of IT & PD				2025				$	550,000				$	1,314,949				$	570,006				$	393,250				$	18,106				$	2,846,311
				2024				$	571,154				$	1,330,021				$	570,001				$	353,375				$	11,500				$	2,836,051
				2023				$	546,692				$	1,190,034				$	510,005				$	722,284				$	17,363				$	2,986,378

Salary (Column (c))

The amounts reported in this column reflect the base salary paid to the NEOs during the fiscal year. Mr. Ante joined the Company in April 2025. For fiscal 2024, there were 27 bi-weekly pay periods paid compared to 26 bi-weekly periods in fiscal 2025 and 2023.

Stock Awards (Column (d))

The amounts in this column reflect the aggregate grant-date fair value of time-based stock awards and performance-based stock awards granted during the respective fiscal years and were computed in accordance with FASB ASC Topic 718. The amounts do not reflect whether the recipient has actually realized a financial gain from such awards (such as a lapse in the restrictions on a stock award). The grant-date fair value per share of the fiscal 2025 performance-based stock award that included performance conditions and a market condition was calculated using a Monte Carlo simulation. The grant-date fair value per share of the fiscal 2025, 2024 and 2023 performance-based stock awards, that only included performance conditions, and all time-based stock awards were determined based on the closing price of the underlying common stock on the date of grant, adjusted for the present value of expected dividends over the applicable performance period for performance-based stock awards. For additional information about the assumptions used in these calculations for fiscal 2025, see Note F, “Stock-Based Compensation Plans,” to our audited consolidated financial statements for fiscal 2025, included in our Form 10-K.

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 NEO Compensation 

Performance-based stock awards are reflected in the Fiscal 2025 Summary Compensation Table assuming target achievement at the date of grant. The grant-date fair value of these awards at target achievement and at maximum achievement is as follows:

		Fiscal 2025								Fiscal 2024								Fiscal 2023
		Target				Maximum				Target				Maximum				Target				Maximum
John B. Gibson		$	4,133,361			$	8,266,721			$	2,874,972			$	4,312,459			$	2,499,969			$	3,749,954
Robert L. Schrader(1)		$	1,180,960			$	2,361,920			$	599,924			$	899,886
Adam Ante(1)		$	3,196,882			$	4,795,324
Mark A. Bottini		$	885,660			$	1,771,321			$	899,969			$	1,349,953			$	800,012			$	1,200,018
Michael E. Gioja		$	934,977			$	1,869,953			$	950,037			$	1,425,055			$	849,979			$	1,274,969

(1) Mr. Schrader was not an NEO for fiscal 2023 and Mr. Ante was not an NEO for fiscal 2024 and 2023.

The fiscal 2025 annual performance-based stock awards have a three-year performance period and a maximum payout opportunity of 200% of the target number of performance units. Annual performance-based stock awards prior to fiscal 2025 had a two-year performance period, followed by an additional year of service required (i.e., total of three years), and a maximum payout opportunity of 150% of the target number of performance units. The performance-based stock award granted to Mr. Ante in May 2025 has a three-year performance period and a maximum payout opportunity of 150% of the target number of performance units.

Refer to the Grants of Plan-Based Awards for Fiscal 2025 table included in this proxy statement for further information on time-based RSUs and performance-based RSUs granted in fiscal 2025.

Option Awards (Column (e))

The amounts in this column reflect the grant-date fair value of stock options granted during the respective fiscal years and were computed in accordance with FASB ASC Topic 718. The amounts do not reflect whether the recipient has actually realized a financial gain from such awards (such as by exercising stock options). The grant-date fair values per share of the stock options were determined using a Black-Scholes option pricing model. For additional information about the assumptions used in these calculations for fiscal 2025, see Note F, “Stock-Based Compensation Plans,” to our audited consolidated financial statements for fiscal 2025, included in our Form 10-K.

Refer to the Grants of Plan-Based Awards for Fiscal 2025 table included in this proxy statement for further information on stock options granted in fiscal 2025.

Non-Equity Incentive Plan Compensation (Column (f))

The amounts in this column are the amounts earned under the annual incentive program. These amounts were paid in July following the applicable fiscal year end. Refer to the discussion in the CD&A “Elements of Compensation” subsection “Annual Incentive Program” for information on performance targets and achievement against those targets to determine the amount earned under this program for fiscal 2025.

All Other Compensation (Column (g))

The amounts reported in this column reflect the Company matching contributions under the 401(k) Plan.

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 NEO Compensation 

Grants of Plan-Based Awards for Fiscal 2025

The table below presents estimated possible payouts under the Company’s annual incentive program for fiscal 2025 based on achievement of performance objectives at various levels for the Company and individual NEOs. It also summarizes equity awards granted during fiscal 2025 to each of the NEOs. This information does not set forth the actual payout awarded to the NEOs for fiscal 2025.

						Estimated Future Payouts Under Non-Equity Incentive Plan Awards												Estimated Future Payouts Under Equity Incentive Plan Awards												All Other Stock Awards: Number of Shares of Stock or Units (#) (i)				All Other Option Awards: Number of Securities Underlying Options (#) (j)				Exercise or Base Price of Option Awards ($/Sh) (k)				Grant- Date Fair Value of Stock and Option Awards ($) (l)
Name and Grant Type (a)		Grant Date (b)				Threshold ($) (c)				Target ($) (d)				Maximum ($) (e)				Threshold (#) (f)				Target (#) (g)				Maximum (#) (h)
John B. Gibson
Annual Incentive Program			7/15/2024			$	675,000			$	1,350,000			$	2,025,000
Time-Based RSUs			7/15/2024																												8,633											$	1,050,032
Performance-Based RSUs			7/15/2024																17,266				34,531				69,062															$	4,133,361
Stock Options			7/15/2024																																64,126			$	121.63			$	1,749,999
Robert L. Schrader
Annual Incentive Program			7/15/2024			$	250,000			$	500,000			$	750,000
Time-Based RSUs			7/15/2024																												2,466											$	299,940
Performance-Based RSUs			7/15/2024																4,933				9,866				19,732															$	1,180,960
Stock Options			7/15/2024																																18,322			$	121.63			$	500,007
Adam Ante
Performance-Based RSUs			5/14/2025																11,512				23,024				34,536															$	3,196,882
Mark A. Bottini
Annual Incentive Program			7/15/2024			$	304,750			$	609,500			$	887,750
Time-Based RSUs			7/15/2024																												2,960											$	360,025
Performance-Based RSUs			7/15/2024																3,700				7,399				14,798															$	885,660
Stock Options			7/15/2024																																19,787			$	121.63			$	539,987
Michael E. Gioja
Annual Incentive Program			7/15/2024			$	275,000			$	550,000			$	825,000
Time-Based RSUs			7/15/2024																												3,124											$	379,972
Performance-Based RSUs			7/15/2024																3,906				7,811				15,622															$	934,977
Stock Options			7/15/2024																																20,887			$	121.63			$	570,006

Estimated Future Payouts Under Non-Equity Incentive Plan Awards (Columns (c), (d), and (e))

The amounts in these columns consist of possible payouts under our annual incentive program for fiscal 2025. The actual amounts earned by each NEO for fiscal 2025 are reported as Non-Equity Incentive Plan Compensation in the Fiscal 2025 Summary Compensation Table. Additional information regarding how the payout amounts under our annual incentive program are determined can be found under the subheading entitled “Annual Incentive Program” in the Compensation Discussion and Analysis Section of this proxy statement.

Estimated Future Payouts Under Equity Incentive Plan Awards (Columns (f), (g), and (h))

The amounts in these columns consist of performance-based RSUs granted during fiscal 2025 under the 2002 Plan. For performance-based RSUs, the NEOs do not have voting rights and do not accrue dividend equivalents.

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 NEO Compensation 

For performance-based RSUs granted on July 15, 2024, the threshold, target, and maximum number of performance-based RSUs that may be earned are based on achievement compared to established targets for service revenue (weighted 50%) and operating income, net of certain items (weighted 50%) over a three-year performance period. 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. In addition, actual payout is subject to a downward or upward adjustment of 25% based on based on the Company’s three-year TSR performance versus that of the S&P 500.

The performance-based RSUs granted to Mr. Ante on May 14, 2025, are based on achievement of average annual synergy attainment over a three-year performance period, in connection with the acquisition of Paycor.

All Other Stock Awards: Number of Shares of Stock or Units (Column (i))

The amounts in this column consist of time-based RSUs granted in fiscal 2025 under the 2002 Plan. The time-based RSUs granted to our executive officers vest one-third annually over a three-year period from the date of grant, provided the executive officer is an employee of the Company on the vesting date. NEOs do not have voting rights on these awards prior to vesting, but do accrue dividend equivalents which are paid at the time of vesting.

All Other Option Awards: Number of Securities Underlying Options (Column (j))

The amounts in this column consist of time-based stock options granted in fiscal 2025 under the 2002 Plan. The stock options have an exercise price equal to the closing stock price on the date of grant and have a term of ten years. The stock options granted to our executive officers, vest one-third per annum over a three-year period from the date of grant, provided the executive officer is an employee of the Company on the vesting date.

Grant-Date Fair Value of Stock and Option Awards (Column (l))

The amounts in this column represent the aggregate grant-date fair value of time-based RSUs, performance-based RSUs, and stock options granted in fiscal 2025 under the 2002 Plan.

• The grant-date fair value of the time-based RSUs granted to our NEOs (excluding Mr. Ante, who joined the Company in April 2025) in July 2024 was $121.63 per share and was determined based on the closing price of the underlying common stock on the date of grant.

• The grant-date fair value of the performance-based RSUs granted to our NEOs (excluding Mr. Ante, who joined the Company in April 2025) in July 2024 was $119.70 per share and was determined using a Monte Carlo simulation, applying the following assumptions; risk-free interest rate of 4.2%; a dividend yield of 3.3%; a stock-price volatility factor of 0.24; and a measurement period of 2.9 years from the date of grant.

• The grant-date fair value of the performance-based RSUs granted to Mr. Ante in May 2025 was $138.85 per share and was determined based on the closing price of the underlying common stock on the date of grant, adjusted for the present value of expected dividends over the performance period.

• The grant-date fair value of the stock options granted to our NEOs (excluding Mr. Ante, who joined the Company in April 2025) in July 2024 was $27.29 and was determined using a Black-Scholes option pricing model, applying the following assumptions; risk-free interest rate of 4.2%; a dividend yield of 3.3%; a stock-price volatility factor of 0.25; and an expected option life of 6.5 years from the date of grant.

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 NEO Compensation 

Option Exercises and Stock Vested in Fiscal 2025

The following table provides information about the value realized by the NEOs upon the exercise of stock options and the lapsing of the restrictions on stock awards during fiscal 2025. Certain columns in this table and the presentation of information on an award-by-award basis are not required by the rules relating to executive compensation disclosures and are not a substitute for the information required by Item 402 of SEC Regulation S-K, but rather are intended to provide additional information that stockholders may find useful.

		Option Awards												Stock Awards
Name (a)		Date of Grant (b)				Number of Shares Acquired on Exercise (#) (c)				Value Realized on Exercise ($) (d)				Date of Grant				Number of Shares Acquired on Vesting (#) (f)				Value Realized on Vesting ($) (g)
John B. Gibson			—				—				—				7/15/2021				12,273			$	1,492,765
															1/15/2022				467			$	67,374
															7/15/2022				1,159			$	140,969
															10/15/2022				1,221			$	173,748
															7/15/2023				3,171			$	385,689
Robert L. Schrader			7/10/2019				13,015			$	740,449				7/15/2021				4,208			$	511,819
															7/15/2022				406			$	49,382
															7/15/2023				441			$	53,639
															10/15/2023				226			$	32,160
Adam Ante			—				—				—				—				—				—
Mark A. Bottini			7/8/2015				46,875			$	4,431,872				7/15/2021				10,099			$	1,228,341
															7/15/2022				1,198			$	152,073
															7/15/2023				1,071			$	131,876
Michael E. Gioja			7/12/2017				41,159			$	3,368,711				7/15/2021				10,706			$	1,302,171
			7/11/2018				31,653			$	2,692,034				7/15/2022				1,323			$	168,825
															7/15/2023				1,145			$	141,269

Value Realized on Exercise (Column (d))

The amounts in this column represent the difference between the market price of a share of the Company’s common stock as of the date of exercise and the exercise price of the option for all options exercised.

Value Realized on Vesting (Column (g))

The amounts in this column are based on the closing stock price of the Company’s common stock on the vesting date.

Paychex, Inc. 2025 Proxy Statement • 52

Table of Contents

 NEO Compensation 

Outstanding Equity Awards as of May 31, 2025

The following table presents the equity awards made to NEOs which were outstanding as of May 31, 2025.

		Option Awards																												Stock Awards
Name (a)		Option Grant Date (b)				Number of Securities Underlying Unexercised Options (Exercisable) (#) (c)				Number of Securities Underlying Unexercised Options (Unexercisable) (#) (d)				Option Exercise Price ($) (e)				Option Expiration Date (f)				Total Potential Current Value of Outstanding Options ($) (g)								Number of Shares or Units of Stock That Have Not Vested (#) (h)				Market Value of Shares or Units of Stock That Have Not Vested ($) (i)				Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (k)				Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) (l)
John B. Gibson			7/15/2024				—				64,126			$	121.63				7/14/2034
			7/15/2023				21,194				42,389			$	120.86				7/14/2033
			10/15/2022				13,656				6,829			$	109.19				10/14/2032
			7/15/2022				14,636				7,318			$	115.00				7/14/2032
			1/15/2022				2,972				—			$	125.00				1/15/2032
			7/15/2021				26,547				—			$	112.67				7/14/2031
			7/15/2020				39,823				—			$	73.53				7/15/2030
			7/10/2019				34,165				—			$	85.46				7/10/2029
			7/11/2018				31,653				—			$	69.54				7/10/2028			$	16,553,806
																															63,806			$	10,075,605				34,531			$	5,452,790
Robert L. Schrader			7/15/2024				—				18,322			$	121.63				7/14/2034
			10/15/2023				1,412				2,825			$	117.98				10/14/2033
			7/15/2023				2,948				5,898			$	120.86				7/14/2033
			7/15/2022				5,122				2,562			$	115.00				7/14/2032
			7/15/2021				9,102				—			$	112.67				7/14/2031
			7/15/2020				16,519				—			$	73.53				7/15/2030			$	3,297,018
																															12,091			$	1,909,290				9,866			$	1,557,940
Adam Ante																															67,254			$	10,620,079				23,024			$	3,635,720
Mark A. Bottini			7/15/2024				—				19,787			$	121.63				7/14/2034
			7/15/2023				6,634				13,270			$	120.86				7/14/2033
			7/15/2022				11,708				5,855			$	115.00				7/14/2032
			7/15/2021				22,755				—			$	112.67				7/14/2031
			7/15/2020				39,823				—			$	73.53				7/14/2030
			7/10/2019				34,165				—			$	85.46				7/10/2029
			7/11/2018				31,653				—			$	69.54				7/10/2028
			7/12/2017				41,159				—			$	57.24				7/11/2027
			7/6/2016				43,760				—			$	60.84				7/5/2026
			7/6/2016				113,318				—			$	60.84				7/5/2026			$	31,262,113
																															19,942			$	3,149,041				7,399			$	1,168,376
Michael E. Gioja			7/15/2024				—				20,887			$	121.63				7/14/2034
			7/15/2023				7,003				14,007			$	120.86				7/14/2033
			7/15/2022				6,220				6,221			$	115.00				7/14/2032
			7/15/2021				8,091				—			$	112.67				7/14/2031
			7/15/2020				39,823				—			$	73.53				7/14/2030
			7/10/2019				34,165				—			$	85.46				7/10/2029			$	8,271,600
																															21,032			$	3,321,163				7,811			$	1,233,435

Paychex, Inc. 2025 Proxy Statement • 53

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 NEO Compensation 

Number of Securities Underlying Unexercised Options (Unexercisable) (Column (d))

The options displayed in this column vest one-third per annum over a three-year period from the date of grant.

The following table provides information with respect to the future vesting of each NEO’s outstanding options.

		Number of Securities Vesting (#)
		Fiscal 2026					Fiscal 2027					Fiscal 2028
John B. Gibson				56,716					42,570					21,376
Robert L. Schrader				13,030					10,469					6,108
Adam Ante				—					—					—
Mark A. Bottini				19,085					13,231					6,596
Michael E. Gioja				20,186					13,966					6,963

Total Potential Current Value of Outstanding Options (Column (g))

The total potential current value of options outstanding is based on the difference between $157.91, the closing price of the Company’s common stock as of May 30, 2025, and the exercise price, multiplied by all outstanding options, whether exercisable or unexercisable. This column is not required by the rules relating to executive compensation disclosures and is not a substitute for information required by Item 402 of SEC Regulation S-K but rather is intended to provide additional information that stockholders may find useful.

Number of Shares or Units of Stock and Market Value of Shares or Units of Stock That Have Not Vested (Columns (h) and (i))

The stock awards in this column include all time-based stock awards. For all NEOs, time-based stock awards vest one-third per annum over a three-year period from the date of grant. Additionally, for NEOs (excluding Mr. Ante, who joined the Company in April 2025), this column includes performance-based stock awards granted during fiscal 2024 and 2023 for which the performance conditions have been met. These performance-based stock awards remain subject to a one-year service requirement, lapsing on the third anniversary of the grant date.

The stock awards in this column for Mr. Ante include time-based Paychex RSUs and RSAs that were issued on April 14, 2025 in exchange for unvested stock awards originally granted by Paycor. The stock awards remain subject to the original vesting conditions: one third vests on the first anniversary of the grant-date, and the remainder vests in eight equal quarterly installments thereafter.

The following table provides information with respect to the future vesting of each NEO’s outstanding stock awards:

		Number of Securities Vesting (#)
		Fiscal 2026					Fiscal 2027					Fiscal 2028
John B. Gibson				33,703					27,225					2,878
Robert L. Schrader				5,334					5,935					822
Adam Ante				35,810					22,078					9,366
Mark A. Bottini				10,386					8,569					987
Michael E. Gioja				10,952					9,038					1,042

The market value displayed is based on the number of shares or units that have not vested multiplied by $157.91, the closing price of the Company’s common stock as of May 30, 2025. Total dividends or dividend equivalents on the stock awards that have not vested as of May 31, 2025, were as follows: Mr. Gibson—$210,020; Mr. Schrader—$38,017; Mr. Ante—$72,634; Mr. Bottini—$67,460; and
Mr. Gioja—$71,231. The grant-date fair value for stock awards incorporates expected dividends or dividend equivalents.

Paychex, Inc. 2025 Proxy Statement • 54

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 NEO Compensation 

Equity Incentive Plan Awards: Unearned Shares, Units or Other Rights That Have Not Vested (Columns (k) and (l))

The stock awards in these columns represent performance-based RSUs granted in July 2024 (to the NEOs, except Mr. Ante, who joined the Company in April 2025) and May 2025 (for Mr. Ante) and assume performance at the target level. For performance-based RSUs granted in July 2024 (to the NEOs, except for Mr. Ante who joined the Company in April 2025), RSUs earned will be determined at the end of the three-year performance period ending May 31, 2027 and will then vest on the third anniversary of the date of grant. For the performance-based RSUs granted in May 2025 (to Mr. Ante), RSUs will be determined at the end of the three-year performance period ending May 31, 2028 and will then vest on July 15, 2028. The market value displayed is based on the number of shares at target multiplied by $157.91, the closing price of the Company’s common stock as of May 30, 2025.

Potential Payments Upon Termination or Change in Control Fiscal 2025

Change in Control Plan

The Company has a Change in Control Plan covering our NEOs, except for Mr. Ante. Upon involuntary termination by the Company without cause or a voluntary termination by the participant for good reason, within 12 months following a change in control, as defined in the Change in Control Plan, the officer becomes entitled to certain severance benefits. “Cause” means the participant’s dereliction of duty to the Company, conviction for a felony, or willful misconduct that has a substantial adverse effect on the Company. “Good reason” means a significant change to the duties, authority, or position that were assigned immediately before the change in control including: the reduction in or removal of any material duties, authority, or position within the Company; assignment of duties inconsistent with the participant’s position, authorities, or responsibilities; material reduction to base salary, annual incentive, or other elements of total compensation; relocation of the participant’s principal workplace to an area outside of a 50-mile radius; or the failure of a successor company to assume or adopt this plan.

The severance benefits, which are conditioned upon the execution of a general release in favor of the Company, are as follows:

• Cash compensation in the form of a lump-sum payment equal to a multiple of annual cash compensation (base salary and annual incentive program award at target) as determined by position within the Company (Mr. Gibson—2.0; and Messrs. Schrader, Bottini, and Gioja—1.5);

• Lump-sum cash payment for pro-rated portion of current year annual incentive program award at target;

• Immediate vesting of all outstanding time-based equity awards. Performance-based equity awards will vest for a pro-rated portion of the target number of shares; and

• Lump-sum payment for the cost to continue basic life insurance, medical, dental, vision, and hospitalization benefits for the applicable continuation period, which is determined as the number of years equal to the participant’s multiplier (Mr. Gibson—2.0; and Messrs. Schrader, Bottini, and Gioja—1.5).

The plan does not provide for tax gross-ups. The summary of the terms of the foregoing plan is qualified in its entirety by reference to the text of the plan document. For more information, refer to the Paychex, Inc. Change in Control Plan, incorporated by reference from Exhibit 10.24 to the Company’s Form 10-K filed with the SEC on July 15, 2011.

Arrangements Related to the Acquisition of Paycor

Under the terms of the merger agreement entered into by the Company in connection with the acquisition of Paycor, continuing executives of Paycor, including Mr. Ante, are entitled to receive certain severance payments and benefits in the event of a qualifying termination during the 12-month period following the closing date of the acquisition (the “protection period”). A termination without cause or for good reason during the protection period would entitle the executive to receive severance payments and benefits pursuant to the Paycor Change in Control Severance Plan that had been in effect immediately prior to the closing of the acquisition, including:

• an aggregate amount of cash equal to a multiple of the executive’s base salary and a multiple of the executive’s target annual bonus, payable in substantially equal installments over the applicable severance period;

Paychex, Inc. 2025 Proxy Statement • 55

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 NEO Compensation 

• to the extent the respective executive holds unvested equity awards granted under the 2021 Paycor Omnibus Incentive Plan that vest solely based on continued employment with the Company and its affiliates, any such unvested awards will accelerate and vest as of such termination date; and

• reimbursement for the cost of health insurance continuation coverage under COBRA of continued premium payments under the Company’s group health plans pursuant to COBRA, at the same cost applicable to active employees of the Company for the applicable severance period.

In addition, the severance payments and benefits are subject to the NEO’s execution and non-revocation of a fully effective release of claims in favor of the Company and continued compliance with customary restrictive covenants.

Other Separation Benefits

Death or Disability: Upon termination due to death or disability, NEOs may be eligible to receive an annual incentive program award payout based on the actual fiscal year results and calculated using the base pay received by the NEO during the performance period.

Equity awards granted in fiscal 2023, fiscal 2024, and fiscal 2025 have death and disability provisions as follows:

• Stock Options – In the event of an NEO’s termination due to death or disability, the options become fully vested and remain exercisable for the lesser of three years following the NEO’s death or disability termination or the remainder of the outstanding term.

• Time-Based RSUs – In the event of an NEO’s termination due to death or disability, the time-based RSUs become immediately vested.

• Performance-Based RSUs – In the event of an NEO’s termination due to death or disability, performance-based RSUs granted in fiscal 2023 and fiscal 2024 become immediately vested for a pro-rata portion of the target number of shares, and performance-based RSUs granted in fiscal 2025 become immediately vested for the target number of shares.

Retirement: Upon retirement, NEOs may be eligible to receive an annual incentive program award payout based on actual fiscal year results and calculated using the base pay received by the NEO during the performance period.

Equity awards granted in fiscal 2023, fiscal 2024, and fiscal 2025 have retirement provisions as follows:

• Stock Options – In the event of retirement on or after the one-year anniversary of grant date, the options remain outstanding and continue to vest and remain exercisable for the lesser of five years following the NEO’s retirement or the remainder of the outstanding option term. In the event of retirement before the one-year anniversary of the grant date, the options are forfeited.

• Time-Based RSUs – In the event of retirement on or after the one-year anniversary of grant date, the time-based RSUs remain outstanding and vest in accordance with the terms of the agreement. In the event of retirement before the one-year anniversary of the grant date, the time-based RSUs are forfeited.

• Performance-Based RSUs:

• For performance-based RSUs granted in fiscal 2023, the performance-based RSUs remain outstanding and continue to vest. The number of shares earned based on performance is determined after the end of the performance period, and the NEO receives payment of a pro-rata portion of the number of shares earned.

• For performance-based RSUs granted in fiscal 2024, in the event of retirement after the first anniversary of the grant date, the performance-based RSUs remain outstanding and continue to vest. The number of shares earned is determined after the end of the performance period, and the NEO receives payment of a pro-rata portion of the number of shares earned. In the event of retirement before the one-year anniversary of the grant date, the performance-based RSUs granted in 2024 are forfeited.

• For performance-based RSUs granted in fiscal 2025, in the event of retirement after the first anniversary of the grant date, the performance-based RSUs remain outstanding and continue to vest. The number of shares earned is determined after the end of the performance period, and the NEO receives payment of the number of shares earned. In the event of retirement before the one-year anniversary of the grant date, the performance-based RSUs granted in 2025 are forfeited.

Paychex, Inc. 2025 Proxy Statement • 56

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 NEO Compensation 

Retirement eligible for equity awards means the NEO is age 60 or older with 10 or more years of service. As of May 31, 2025, Messrs. Bottini and Gioja were retirement eligible.

Potential Benefits Upon Separation from Company

The following table presents, as of May 31, 2025, the compensation and benefits that would be owed to our NEOs upon separation from employment from the Company for the various reasons specified.

							Potential Payments Upon Separation
		Annual Compensation per the Summary Compensation Table(1)					Voluntary Resignation/ Termination					Death or Disability					Retirement					Termination Other Than For Cause/ Resignation For Good Reason  within One Year of Change of Control
John B. Gibson
Base Salary(2)								$	—				$	—				$	—				$	1,800,000
Annual Incentive(3)									—					957,375					957,375					2,700,000
Stock Options(4)									—					4,543,728					—					4,543,728
Time-Based Stock Awards(5)									—					10,075,605					—					10,075,605
Performance-Based Stock Awards(6)									—					5,452,790					—					5,452,790
Benefits(7)									—					—					—					67,538
Total			$	8,807,411				$	—				$	21,029,498				$	957,375				$	24,639,661
Robert L. Schrader
Base Salary(2)								$	—				$	—				$	—				$	750,000
Annual Incentive(3)									—					357,500					—					750,000
Stock Options(4)									—					1,105,981					—					1,105,981
Time-Based Stock Awards(5)									—					1,909,290					—					1,909,290
Performance-Based Stock Awards(6)									—					1,557,940					—					1,557,940
Benefits(7)									—					—					—					34,797
Total			$	2,846,707				$	—				$	4,930,711				$	—				$	6,108,008
Adam Ante
Base Salary(8)								$	—				$	—				$	—				$	500,000
Annual Incentive(8)(9)									—					—					—					250,000
Stock Options									—					—					—					—
Time-Based Stock Awards(8)									—					—					—					10,620,079
Performance-Based Stock Awards(6)									—					3,635,720					—					3,635,720
Benefits(8)									—					—					—					23,567
Total			$	3,253,709				$	—				$	3,635,720				$	—				$	15,029,366
Mark A. Bottini
Base Salary(2)								$	—				$	—				$	—				$	795,000
Annual Incentive(3)									—					294,647					294,647					914,250
Stock Options(4)									—					1,460,764					742,892					1,460,764
Time-Based Stock Awards(5)									—					3,149,041					2,681,628					3,149,041
Performance-Based Stock Awards(6)									—					1,168,376					—					1,168,376
Benefits(7)									—					—					—					59,839
Total			$	2,626,879				$	—				$	6,072,828				$	3,719,167				$	7,547,270

Paychex, Inc. 2025 Proxy Statement • 57

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 NEO Compensation 

							Potential Payments Upon Separation
		Annual Compensation per the Summary Compensation Table(1)					Voluntary Resignation/ Termination					Death or Disability					Retirement					Termination Other Than For Cause/ Resignation For Good Reason  within One Year of Change of Control
Michael E. Gioja
Base Salary(2)								$	—				$	—				$	—				$	825,000
Annual Incentive(3)									—					393,250					393,250					825,000
Stock Options(4)									—					1,543,683					785,902					1,543,683
Time-Based Stock Awards(5)									—					3,321,163					2,827,852					3,321,163
Performance-Based Stock Awards(6)									—					1,233,435					—					1,233,435
Benefits(7)									—					—					—					33,517
Total			$	2,846,311				$	—				$	6,491,531				$	4,007,004				$	7,781,797

(1) The amounts in this column are the total reported compensation for fiscal 2025 per the Fiscal 2025 Summary Compensation Table presented earlier in this proxy statement. These amounts are provided for comparative purposes only.

(2) Base salary is the annual salary at a multiple as outlined in the Change in Control Plan; 2.0 for Mr. Gibson; and 1.5 for Messrs Schrader, Bottini, and Gioja.

(3) For death or disability and retirement, the value for the annual incentive is the amount earned as of May 31, 2025. For termination other than for cause or resignation for good reason within one year of a change in control, the value for the annual incentive is the incentive at target at a multiple as outlined in the Change in Control Plan; 2.0 for Mr. Gibson; and 1.5 for Messrs Schrader, Bottini, and Gioja.

(4) The value of the unvested stock option awards is determined by the difference in the closing price of the Company’s common stock of $157.91 per share as of May 30, 2025, and the exercise price multiplied by the number of unvested options.

(5) The value of unvested time-based stock awards is based upon the closing price of the Company’s common stock of $157.91 per share as of May 30, 2025. The performance-based stock awards granted during fiscal 2024 and 2023 are also included in this line, since their performance conditions have been satisfied.

(6) The value of the performance-based stock awards is based upon the closing price of the Company’s common stock of $157.91 as of May 30, 2025, assuming achievement at target.

(7) The value of the cost to continue basic life insurance, medical, dental, vision, and hospitalization benefits for the applicable Continuation Period, which is equal to the number of years as outlined in the Change in Control Plan: 2.0 for Mr. Gibson; and 1.5 for Messrs Schrader, Bottini, and Gioja.

(8) No death or disability payments were provided for under the terms of Mr. Ante’s time-based stock awards or bonus earned with Paycor. Amounts shown for termination other than for cause or resignation for good reason within one year of a change in control were determined as described above under “Arrangements Related to the Acquisition of Paycor.” Base salary is Mr. Ante’s annual salary at a multiple of 1.0. The value of Mr. Ante’s unvested time-based stock awards is based upon the closing price of the Company’s common stock of $157.91 per share as of May 30, 2025.

(9) Represents the cash payment payable to Mr. Ante based on a performance-based annual cash bonus earned with Paycor based on achievement against performance targets for Paycor’s fiscal year ended June 30, 2025, as determined in good faith by the Compensation and Benefits Committee of the Board of Directors of Paycor as of April 14, 2025, the acquisition closing date, and extrapolated to June 30, 2025.

Non-qualified Deferred Compensation Fiscal 2025

We offer a non-qualified and unfunded deferred compensation plan to our NEOs. Eligible employees can defer up to 50% of their base salary and annual incentive program award. The Company does not contribute to this plan. Gains and losses are credited based on the participant’s selection of a variety of designated investment choices. The NEO has sole control as to which of the designated funds to invest in and earns the resulting return on such investment. We do not match any participant deferral or guarantee a certain rate of return. Distributions are paid at one of the following dates selected by the participant: the participant’s termination date; the date the participant retires from any active employment; or a designated specific date. Payments can be made either in a lump sum or in annual installments over a period not to exceed ten years.

Paychex, Inc. 2025 Proxy Statement • 58

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 NEO Compensation 

The following table summarizes the activity under the plan:

		Fiscal 2025
Name (a)		Executive Contributions ($) (b)					Aggregate Earnings/ (Losses), Net ($) (c)					Aggregate Withdrawals/ Distributions ($) (d)					Aggregate Balance as of May 31, 2025  ($) (e)
John B. Gibson			$	422,437				$	245,793				$	(1,280	)			$	4,512,218
Mark A. Bottini			$	38,483				$	60,794				$	—				$	744,094

Messrs. Schrader, Ante, and Gioja are currently not participating in this plan.

Executive Contributions (Column (b))

The amounts in this column reflect the aggregate of the salary and bonus amounts deferred by the NEO during fiscal 2025. These are included in amounts reported in the Fiscal 2025 Summary Compensation Table.

Aggregate Earnings/(Losses), Net (Column (c))

The amounts in this column reflect net realized gains/(losses) and net unrealized gains/(losses). They are not included in the Fiscal 2025 Summary Compensation Table as the earnings on these investments are not considered to be “above-market” earnings.

Aggregate Withdrawals/Distributions (Column (d))

The amounts in this column represent amounts withdrawn from the plan and have been included in the “Salary” and “Non-Equity Incentive Plan Compensation” amounts reported in the Summary Compensation Tables for previous years.

Aggregate Balance as of May 31, 2025 (Column (e))

The amounts in this column reflect the accumulated balances in the plan and include the “Salary” and “Non-Equity Incentive Plan Compensation” deferred amounts reported in current and previous years in the Fiscal 2025 Summary Compensation Table.

CEO Pay Ratio

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K, we are required to provide the ratio of the annual total compensation of Mr. Gibson, our CEO, to the annual total compensation of our median employee.

To identify our median employee for fiscal 2025, we took the following steps:

• We identified our global employee population of approximately 15,400 employees, excluding our CEO, who were employed by us on March 1, 2025. Approximately 88% of our employees are located in the U.S. and 12% are located in jurisdictions outside the U.S. We included all employees, whether employed on a full-time, part-time, or seasonal basis;

• As permitted by the SEC’s “de minimis” exemption, we adjusted our global employee population to exclude all employees from certain jurisdiction outside of the U.S. (238 in Germany and 228 in Denmark);

• We identified the median employee by examining the previous 12-month period of W-2 wages for our adjusted global employee population, excluding our CEO, who were employed by us on March 1, 2025; and

• We did not make any assumptions, adjustments, or estimates with respect to W-2 wages, however we did annualize the compensation for any full-time or part-time employees that were not employed by us for the entire 12-month period.

Paychex, Inc. 2025 Proxy Statement • 59

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 NEO Compensation 

In April 2025, we completed the acquisition of Paycor, a leading provider of HR, payroll, and talent software. As a result of this acquisition, approximately 2,700 employees from Paycor became our employees. As permitted by the transition periods exception within the SEC rules, we have elected to omit these employees from our pay ratio calculation for fiscal 2025. We anticipate that these employees will be included in the total employee count in future calculations.

We calculated total annual compensation for fiscal 2025 for the median employee using the same methodology we used for our CEO as set forth in the 2025 Summary Compensation Table in this proxy statement.

The table below sets forth comparative information regarding: (A) the total annual compensation of our CEO for fiscal 2025; (B) the median of the total annual compensation of all other employees of the Company, excluding employees of certain non-U.S. jurisdictions and our CEO, for fiscal 2025; and (C) the ratio of the CEO total annual compensation to the median of the total annual compensation of all other employees, excluding employees of certain non-U.S. jurisdictions and our CEO:

Mr. Gibson, our CEO, total annual compensation (A)		$	8,807,411
Median employee total annual compensation, excluding employees of certain non-U.S. jurisdictions and our CEO (B)		$	70,003
Ratio of CEO to median employee compensation (C)			126:1

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 NEO Compensation 

Pay Versus Performance

In accordance with rules adopted by the SEC, we provide the following disclosure regarding executive compensation for our principal executive officers (“PEO”) and Non-PEO NEOs and Company performance for the fiscal years listed below.

					Summary Compensation Table Total for PEO												Compensation Actually Paid to PEO										Average Summary Compensation Table Total for Non-PEO NEOs(2) (d)					Average Compensation Actually Paid to Non-PEO NEOs(2)(3) (e)					Value of Initial Fixed $100 Investment Based On:										Net Income (in millions) (h)					Operating Income, Net of Certain Items(5) (in millions) (i)
Fiscal Year (a)					Gibson(1) (b)					Mucci(1) (b)							Gibson(1)(3) (c)					Mucci(1)(3) (c)															Total Shareholder Return (f)					Peer Group Total Shareholder Return(4) (g)
		2025				$	8,807,411				$	—						$	16,426,552				$	—				$	2,893,402				$	6,848,997				$	251.16				$	186.69				$	1,657				$	2,189
		2024				$	7,534,855				$	—						$	8,462,562				$	—				$	2,498,637				$	2,602,402				$	185.79				$	153.68				$	1,690				$	2,054
		2023				$	6,680,180				$	14,442,172						$	5,660,044				$	(3,614,572	)			$	2,691,157				$	1,782,985				$	157.41				$	121.82				$	1,557				$	1,933
		2022				$	—				$	11,025,026						$	—				$	23,305,787				$	3,257,026				$	5,846,642				$	180.70				$	118.53				$	1,393				$	1,782
		2021				$	—				$	9,627,247						$	—				$	21,142,733				$	2,605,572				$	4,992,766				$	144.16				$	127.00				$	1,098				$	1,434

(1) John B. Gibson was our PEO in fiscal 2025 and 2024 and during fiscal 2023 following October 13, 2022. Martin Mucci was our PEO during fiscal 2023 through October 13, 2022, and in fiscal 2022 and 2021. The amounts deducted and added in calculating Compensation Actually Paid (“CAP”) for Mr. Gibson for fiscal 2025 are as follows:

		2025
Summary Compensation Table Total			$	8,807,411
Deduction of stock awards and option awards reported in the Summary Compensation Table				(6,933,392	)
Fiscal year-end value of equity awards granted during the fiscal year that remained unvested as of the last day of the fiscal year				10,862,812
Change in fair value from the last day of the prior fiscal year to the last day of the fiscal year of unvested equity awards that were granted in a prior year				3,245,013
Change in fair value from the last day of the prior fiscal year to the vesting date during the fiscal year of awards granted in a prior year that vested during the most recent fiscal year				271,219
Value of dividends or other earnings paid on equity awards not otherwise included				173,489
Compensation Actually Paid			$	16,426,552

(2) The individuals comprising the Non-PEO NEOs for each year are as follows:

2021-2022		2023		2024		2025
Efrain Rivera		Efrain Rivera		Robert L. Schrader		Robert L. Schrader
John B. Gibson		Mark A. Bottini		Efrain Rivera		Adam Ante
Mark A. Bottini		Michael E. Gioja		Mark A. Bottini		Mark A. Bottini
Michael E. Gioja		Stephanie L. Schaeffer		Michael E. Gioja		Michael E. Gioja
				Elizabeth Roaldsen

The amounts deducted and added in calculating the average CAP for these NEOs for fiscal 2025 are as follows:

		2025
Summary Compensation Table Total			$	2,893,402
Deduction of stock awards and option awards reported in the Summary Compensation Table				(2,212,104	)
Fiscal year-end value of equity awards granted during the fiscal year that remained unvested as of the last day of the fiscal year				5,273,447
Change in fair value from the last day of the prior fiscal year to the last day of the fiscal year of unvested equity awards that were granted in a prior year				785,403
Change in fair value from the last day of the prior fiscal year to the vesting date during the fiscal year of awards granted in a prior year that vested during the most recent fiscal year				55,252
Value of dividends or other earnings paid on equity awards not otherwise included				53,597
Compensation Actually Paid			$	6,848,997

(3) The amounts shown for CAP have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect the actual compensation realized or received by our NEOs.

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 NEO Compensation 

(4) The Peer Group TSR set forth in this table utilizes the Company’s peer group used for executive compensation market comparative purposes which was also utilized in the stock performance graph required by Item 201(e) of Regulation S-K included in our Form 10-K.

(5) 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.

Pay Versus Performance Relationships

The following chart sets forth the relationship between CAP to our PEOs, the average of CAP to our Non-PEO NEOs, and the Company’s cumulative TSR over the five most recently completed fiscal years. In addition, the following chart compares the Company’s cumulative TSR over the five most recently completed fiscal years to that of the Company’s fiscal 2025 Peer Group.

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 NEO Compensation 

The following chart sets forth the relationship between CAP to our PEOs, the average of CAP to our Non-PEO NEOs, and the Company’s consolidated Net Income during the five most recently completed fiscal years.

The following chart sets forth the relationship between CAP to our PEOs, the average of CAP to our Non-PEO NEOs, and the Company’s Operating Income, Net of Certain Items during the five most recently completed fiscal years.

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 NEO Compensation 

Tabular List

The following list presents the financial performance measures that the Company considers to have been the most important in linking CAP to our PEOs and Non-PEO NEOs for fiscal 2025 to Company performance. The measures listed below are not ranked.

• Annualized new business revenue(1)

• Operating income, net of certain items(2)

• Relative total shareholder return(3)

• Service revenue

(1) Annualized new business revenue is the approximate amount of revenue to be earned over the first 12-month period, from the sale in the current fiscal year, of certain management solutions; and professional employer organization and insurance solutions to new clients and new product sales to existing clients. This measure is not directly calculated from our audited financial statements, as reported service revenue also includes recurring revenue from pre-existing clients.

(2) Operating income, net of certain items is a non-GAAP measure. Please 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.

(3) Relative total shareholder return is based on the Company’s TSR performance versus the S&P 500’s TSR performance for a specified period.

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PROPOSAL 3:

RATIFICATION OF THE SELECTION OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

What am I voting on?		Voting Recommendation
Stockholders are being asked to ratify the appointment of PricewaterhouseCoopers LLP (“PwC”) as the Company’s independent registered public accounting firm (the “independent accountants”) for fiscal 2026.		The Board of Directors recommends a vote FOR the ratification of PwC as the Company’s independent accountants for fiscal 2026.

The Audit Committee has appointed PwC as the Company’s independent accountants for fiscal 2026. The firm has served as the independent accountants for the Company since the fiscal year ended May 31, 2014. In connection with the decision to appoint PwC, the Audit Committee evaluates: their reputation, qualifications, and experiences; quality of communications and interactions during the past year; and their independence and objectivity. Although action by stockholders in this matter is not required, the Audit Committee believes that it is appropriate to seek stockholder ratification of this appointment and to seriously consider stockholder opinion on this issue. If the stockholders do not ratify the appointment, the Audit Committee will review its future selection of the independent accountants but may still retain them.

The Audit Committee is also responsible for the audit fee negotiations associated with the Company’s retention of PwC. In order to ensure continuing auditor independence, the Audit Committee periodically considers whether there should be a regular rotation of the independent accountants. Additionally, the Audit Committee and its Chair are directly involved in the selection and mandated rotation of the lead engagement partner from PwC. The members of the Audit Committee believe that the continued retention of PwC to serve as the Company’s independent accountants is in the best interest of the Company and its stockholders.

Representatives from PwC will be present at the Annual Meeting, will be afforded the opportunity to make any statements they wish, and will be available to respond to appropriate questions from stockholders.

To ratify the appointment of PwC, a majority of the shares present and entitled to vote on the proposal at the Annual Meeting must be voted for the proposal.

The Board recommends a vote FOR the proposal to ratify the appointment of PWC as the Company’s

independent accountants for fiscal 2026.

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 Independent Accountants 

Fees for Professional Services

The following table shows the aggregate fees for professional services rendered for the Company by PwC:

		Year Ended May 31,
		2025				2024
Audit fees		$	2,433,000			$	2,065,000
Audit-related fees			1,022,000				240,000
Tax-related fees			28,745				85,327
Other fees			2,160				2,160
Total fees		$	3,485,905			$	2,392,487

Audit fees

This category includes fees for fiscal 2025 and fiscal 2024 that were for professional services rendered primarily for the audits of the Company’s annual consolidated financial statements, reviews of the financial statements included in the Company’s Quarterly Reports on Form 10-Q, audits of the effectiveness of internal control over financial reporting, and for statutory and regulatory filings.

Audit-related fees

This category includes fees for services in fiscal 2025 and fiscal 2024 that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements and are not reported under “Audit Fees.” These services include consultations concerning financial accounting and reporting standards, service organization control reports, accounting relating to acquisitions, including the Paycor acquisition, and agreed-upon procedures required by regulation.

Tax-related fees

This category includes fees for fiscal 2025 and 2024 services related to tax compliance and planning.

Other fees

This category includes fees for audit related software licenses for fiscal 2025 and fiscal 2024.

Audit Committee Policy on Pre-Approval of Services of Independent Accountants

The Audit Committee’s policy is to pre-approve all audit and permissible non-audit services provided by the independent accountants. The Audit Committee pre-approved all such audit and audit-related services provided by the independent accountants during fiscal 2025 and fiscal 2024.

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 Independent Accountants 

Report of the Audit Committee

The Audit Committee of the Board of Directors oversees the Company’s financial reporting process on behalf of the Board and is composed entirely of independent directors. The Audit Committee is governed by a written charter and its primary responsibilities are highlighted in the Corporate Governance section of this Proxy Statement.

Paychex management is responsible for the preparation of the consolidated financial statements, the financial reporting process, and for the Company’s internal controls over financial reporting. PwC, the Company’s independent accountants, is responsible for performing independent audits of the Company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. The independent accountants are also responsible for expressing an opinion on the effectiveness of the Company’s internal controls over financial reporting. The Audit Committee monitors and oversees these processes. Also, the Audit Committee discussed with PwC the matters required to be discussed by Auditing Standard 1301 as adopted by the Public Company Accounting Oversight Board relating to communications with audit committees.

As part of the oversight processes, the Audit Committee regularly meets with management, the Company’s internal auditors, and the independent accountants. The Audit Committee meets with the internal auditors and independent accountants, with and without management present, to discuss the overall scope and plans for various audits, results of their examinations, their evaluations of the Company’s internal controls, and the overall quality and effectiveness of the Company’s financial reporting process and legal and ethical compliance programs, including the Company’s Code of Business Ethics and Conduct. The Audit Committee held six meetings during fiscal 2025 and had full access to each of the aforementioned parties.

In fulfilling its oversight responsibilities, the Audit Committee has reviewed and discussed with management and the independent accountants the consolidated financial statements for fiscal 2025, including a discussion on the quality and acceptability of the Company’s accounting policies, the critical audit matters addressed in PwC’s audit report, the reasonableness of significant judgments and estimates, and the clarity of disclosures in the consolidated financial statements. The Audit Committee also monitored the progress and results of testing of internal controls over financial reporting, reviewed reports from management and internal audit regarding design, operation, and effectiveness of internal controls over financial reporting, and reviewed the report from the independent accountants regarding the effectiveness of the Company’s internal control over financial reporting.

The Audit Committee has discussed with the independent accountants the matters required to be discussed by Auditing Standard 1301 and SEC Rule 2-07. The independent accountants have provided the Audit Committee with written disclosures and the letter required by the Public Company Accounting Oversight Board regarding independent accountants’ communications with the audit committee concerning independence, and the Audit Committee has discussed with the independent accountants and management the accountants’ independence. The Audit Committee approved non-audit services provided by PricewaterhouseCoopers LLP during fiscal 2025. The Audit Committee considered whether PricewaterhouseCoopers LLP’s provision of non-audit services to the Company and its affiliates and the fees and costs billed for those services, is permissible with PricewaterhouseCoopers LLP’s independence. The Audit Committee has a clear policy on non-audit services that may be provided by the independent accountants, which prohibits certain categories of work and requires pre-authorization for all non-audit related services.

Based upon the reviews and discussions referred to above, the Audit Committee recommended, and the Board approved that the audited consolidated financial statements be included in the Company’s Form 10-K for the fiscal 2025 for filing with the SEC. The Audit Committee has recommended for approval by the Board the selection of the Company’s independent accountants.

The Audit Committee:

Thomas F. Bonadio, Chair

Theresa M. Payton

Kevin A. Price

Kara Wilson

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FREQUENTLY ASKED QUESTIONS

What is a proxy statement and what is a proxy?

We are furnishing this proxy statement to stockholders on behalf of our Board, who is soliciting your proxy to vote at the Annual Meeting. A proxy statement is a document that SEC regulations require us to give you when we ask you to sign a proxy designating individuals to vote on your behalf. This proxy statement summarizes information concerning the matters to be presented at the Annual Meeting and related information to help stockholders make an informed vote.

A proxy is your legal designation of another person to vote the stock that you own. That other person is called a proxy. The proxy card is your written document that designates someone to be your proxy. We have designated three of our officers as proxies for the Annual Meeting — John B. Gibson, President and CEO, Robert L. Schrader, SVP and CFO and Prabha Sipi Bhandari, Chief Legal Officer, Chief Ethics Officer, and Secretary.

When and where is the Annual Meeting?

The Annual Meeting will be held virtually on Thursday, October 9, 2025, at 9:30 a.m. Eastern Time at www.virtualshareholdermeeting.com/PAYX2025. There will not be an option for stockholders to attend in person. The following information about the Annual Meeting can be found at www.virtualshareholdermeeting.com/PAYX2025:

• How any stockholder can attend the Annual Meeting;

• How stockholders as of the record date can use their 16-digit control number to vote during the Annual Meeting;

• How stockholders as of the record date may submit questions electronically before and while attending the Annual Meeting; and

• How to view a replay of the Annual Meeting for approximately one month after the date of the Annual Meeting.

How can I view and participate in the Annual Meeting?

To participate, go to www.virtualshareholdermeeting.com/PAYX2025 and log in with the 16-digit control number provided in your proxy materials.

When should I join the Annual Meeting?

You may begin to log in to the meeting platform at 9:15 a.m. Eastern Time on Thursday, October 9, 2025. The meeting will begin promptly at 9:30 a.m. Eastern Time.

What if I lost my 16-digit control number?

If you lost your 16-digit control number, you will still be able to log in as a guest. To view the Annual Meeting webcast, visit www.virtualshareholdermeeting.com/PAYX2025 and log in as a guest. Please note, that if you log in as a guest, you will not be able to submit questions or vote during the meeting. If the proxy materials or voting instruction form that you received do not indicate that you may vote your shares through the www.proxyvote.com website, you should contact your bank, broker or other nominee (preferably at least 5 days before the Annual Meeting) and obtain a “legal proxy” (which will contain a 16-digit control number that will allow you to attend, participate in, or vote at the Annual Meeting).

How can I ask questions and vote at the Annual Meeting?

We encourage you to submit your questions and vote in advance of the Annual Meeting by visiting www.proxyvote.com. Stockholders may also vote or ask questions virtually during the Annual Meeting when accessing www.virtualshareholdermeeting.com/PAYX2025.

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 FAQ 

Any question topics pertinent to meeting matters that are not addressed during the meeting due to time constraints will be addressed and posted online at https://investor.paychex.com. If we receive questions about the same or similar topics, we may provide a representative question and a single response to avoid repetition. The questions and answers will be available as soon as practical after the meeting and will remain available until one week after posting.

What if I have technical difficulties or trouble accessing the virtual meeting?

If you encounter any technical difficulties logging into the website (www.virtualshareholdermeeting.com/PAYX2025) or during the virtual meeting, there will be a 1-800 number and international number available on the website to assist you. Technical support will be available 15 minutes prior to the start of the virtual meeting.

What is the “Notice and Access” model and why did the Company elect to use it?

We are making this proxy statement and our annual report available to stockholders on the Internet under the SEC’s Notice and Access model. On or about August 29, 2025, we will mail to all stockholders a Notice of Internet Availability of Proxy Materials (“Notice of Internet Availability”) in lieu of mailing a full printed set of the proxy materials. Accordingly, on or about August 29, 2025, our proxy materials are first being made available to our stockholders on www.proxyvote.com and https://investor.paychex.com. The Notice of Internet Availability includes instructions for accessing the proxy materials on the Internet and for how to vote. You will also find instructions for requesting a full printed set of the proxy materials in the Notice of Internet Availability.

We believe the electronic method of delivery under the Notice of Internet availability model will decrease postage and printing expenses, expedite delivery of proxy materials to you, and reduce our environmental impact, and we encourage you to take advantage of the availability of the proxy materials on the Internet. If you received the Notice of Internet Availability but would like to receive a full printed set of the proxy materials in the mail, you may follow the instructions in the Notice of Internet Availability for requesting such materials.

Can I access proxy materials on the Internet?

The Notice of Internet Availability will provide you with instructions for viewing our proxy materials for the 2025 Annual Meeting at www.proxyvote.com as well as on https://investor.paychex.com. You may elect to receive an e-mail message, which will provide a link to these documents on the Internet instead of waiting to receive the Notice of Internet Availability for viewing the materials.

What am I voting on? How do you recommend I vote? What vote is required for approval?

The table below shows the proposals subject to vote at the Annual Meeting, along with information on what vote is required to approve each of the proposals, assuming the presence of a quorum at the Annual Meeting, and the Board’s recommendations for each proposal. With respect to Proposals 1, 2, and 3, you may vote “FOR,” “AGAINST,” or “ABSTAIN.”

Proposal		Vote Required		Board Recommendation
Proposal 1: Election of ten nominees to the Board of Directors for a one-year term		Majority of the votes duly cast			FOR all director nominees
Proposal 2: Advisory vote to approve the Company’s named executive officer compensation		Majority of the shares present and entitled to vote on the proposal			FOR
Proposal 3: Ratification of the selection of our independent registered public accounting firm		Majority of the shares present and entitled to vote on the proposal			FOR

Who is entitled to vote at the Annual Meeting?

Stockholders of record of our common stock as of the close of business on August 11, 2025 (the “Record Date”), will be eligible to vote at the Annual Meeting. Each share outstanding as of the Record Date will be entitled to one vote.

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 FAQ 

How many shares must be present to hold the Annual Meeting?

In order for us to conduct our Annual Meeting, the holders of a majority of the shares entitled to vote must be present at the Annual Meeting. This is called a quorum. A quorum is necessary to hold a valid meeting. As of August 11, 2025, 359,608,905 shares of common stock were issued and outstanding. A total of 179,804,453 shares will constitute a quorum.

What is the difference between a registered stockholder and a beneficial stockholder?

If your shares are registered directly in your name with the Company’s transfer agent, Equiniti Trust Company, LLC, you are considered a stockholder of record, or a “registered stockholder”, with respect to those shares. If your shares are held in a brokerage account in the name of your bank, broker, or other nominee (this is called “street name”), you are not a registered stockholder, but rather are considered a “beneficial owner” of those shares. Your bank, broker, or other nominee will send you instructions on how to vote your shares.

What shares are included on Notice of Internet Availability or the proxy card?

You may receive more than one Notice of Internet Availability if you have multiple accounts with our transfer agent, or with banks, brokers, or other nominees, or proxy card if you have requested a full printed set of proxy materials.

If you are a registered stockholder, you will receive a Notice of Internet Availability, or proxy card if you have requested a full printed set of proxy materials, for shares of common stock you hold in certificate form or in book-entry form.

If you are a participant in the Paychex Employee Stock Ownership Plan Stock Fund (“ESOP”) of the Company’s 401(k) Plan, you will receive electronic communication or a proxy card that reflects those shares. You can vote those shares using the methods described below. This will serve as a voting instruction for Fidelity Management Trust Company (the “Trustee”), who is the holder of record for the shares in the ESOP. As a participant in the ESOP, you have the right to direct the Trustee on how to vote the shares of common stock credited to your account at the Annual Meeting. The participants’ voting instructions will be tabulated confidentially. Only the Trustee and/or the tabulator will have access to each participant’s individual voting direction. If you do not submit voting instructions for your shares of common stock in the ESOP, those shares will be voted by the Trustee in the same proportions as the shares for which voting instructions were received from other participants. To allow sufficient time for voting by the Trustee, voting instructions by ESOP participants must be received by 11:59 p.m. Eastern Time on Monday, October 6, 2025. The Trustee will then vote all shares of common stock held in the ESOP by the established deadline.

If you are a beneficial owner, you will receive voting instruction information from the bank, broker, or other nominee through which you own your shares of common stock.

How do I vote in advance of the Annual Meeting?

If you are a registered stockholder, or a participant in the ESOP, you can vote in one of the following ways:

• Via the Internet — Go to the website noted on your Notice of Internet Availability in order to vote via the Internet. Internet voting is available 24 hours a day. We encourage you to vote via the Internet, as it is the most cost-effective way to vote;

• By telephone — Call 1-800-690-6903 and follow the voice prompt instructions to vote by telephone. Telephone voting is available 24 hours a day; or

• By mail — If you requested a full printed set of proxy materials, mark your proxy card, sign and date it, and return it in the enclosed postage-paid envelope.

Proxies submitted by Internet or telephone must be received by 11:59 p.m. Eastern Time on Wednesday, October 8, 2025.

If you are a beneficial owner, you can vote in the manner prescribed by the bank, broker, or other nominee through which you own your shares of common stock. You will receive voting instruction information for you to use in directing the bank, broker, or other nominee how to vote your shares. Check the voting instruction information used by the bank, broker, or other nominee to see if it offers Internet or telephone voting.

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 FAQ 

May I vote during the Annual Meeting?

If you are a registered stockholder, you may vote your shares during the Annual Meeting if you attend virtually by visiting the website at www.virtualshareholdermeeting.com/PAYX2025 and logging in with your 16-digit control number, even if you previously voted by Internet or telephone. Votes submitted during the Annual Meeting must be received no later than the closing of the polls at the Annual Meeting. Whether or not you plan to attend the meeting, however, we strongly encourage you to vote your shares by proxy before the meeting.

If you are a beneficial owner and want to vote your shares during the Annual Meeting, you can vote online using your 16-digit control number.

May I change my mind after I vote?

Registered stockholders may change a properly executed proxy at any time prior to it being voted at the Annual Meeting by:

• providing written notice of revocation to the Corporate Secretary;

• submitting a later-dated proxy via the Internet, telephone, or mail (if you requested a printed copy of the proxy materials); or

• voting during the Annual Meeting.

Beneficial owners should contact their broker, bank, or other nominee for instructions on how to change their vote.

If you are a participant in the ESOP, you may change a properly executed proxy at any time prior to 11:59 p.m. Eastern Time on Monday, October 6, 2025, by submitting a proxy that has a more recent date than the original proxy by Internet, telephone, or mail. You may not, however, change your voting instructions during the Annual Meeting because the Trustee will not be present.

In what manner are proxies voted? What if I did not specify a vote?

All votes properly cast and not revoked will be voted at the Annual Meeting in accordance with the stockholder’s directions. You should specify your choice for each matter when you vote. However, if you do not specify your choices then your shares will be voted in accordance with the Board’s recommendations. Should any matter not described above be properly presented at the Annual Meeting, the proxies will vote in accordance with their judgment as permitted.

If you are a beneficial owner, in order to ensure your shares are voted the way you would like, you must provide voting instructions to your bank, broker, or other nominee. If you do not provide your voting instructions to that party, whether your shares can be voted depends on the type of item being considered for vote. New York Stock Exchange (“NYSE”) rules, which also apply to companies with shares listed on the Nasdaq Global Select Market, allow your bank, broker, or other nominee to use its own discretion and vote your shares on routine matters. A bank, broker, or other nominee does not have discretion to vote your shares on non-routine matters (known as “broker non-votes”). Proposals 1 and 2 are not considered to be routine matters under the current NYSE rules, and so your bank, broker, or other nominee will not have the discretionary authority to vote your shares on those items. Proposal 3 is considered a routine matter under NYSE rules, so your bank, broker, or other nominee will have discretionary authority to vote your shares on that item.

How are broker non-votes and abstentions counted?

Broker non-votes are not considered votes for or against a proposal and therefore will have no direct impact on any proposal since they are not deemed to be duly cast nor entitled to vote, but they will be counted for the purpose of determining the presence or absence of a quorum. Therefore, we urge you to give voting instructions to your bank or broker on all voting items.

Abstentions are also counted for the purposes of establishing a quorum but will have the same effect as a vote against a proposal, except in regard to the election of directors. For this item, abstentions will have no direct impact since they are not deemed to be duly cast.

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 FAQ 

How can I find the results of the voting?

The Company will report the final results in a Current Report on Form 8-K filed with the SEC within four business days following the Annual Meeting.

Are there any other actions to be presented at the Annual Meeting?

As of the date of this proxy statement, management does not intend to present, and has not been informed that any other person intends to present, any matter for action at the Annual Meeting other than those described in this proxy statement. If any other matters properly come before the Annual Meeting, the named proxy holders will vote on such matters in accordance with their judgment.

Who pays for the cost of solicitation of proxies?

Solicitation of proxies is made on behalf of the Company and the Company will pay the cost of solicitation of proxies. The Company will reimburse any banks, brokers and other custodians, nominees, and fiduciaries for their expenses in forwarding proxies and proxy solicitation material to the beneficial owners of the shares held by them. In addition to solicitation by use of the mail or via the Internet, directors, officers, and regular employees of the Company, without extra compensation, may solicit proxies personally or by telephone or other communication means.

How is the Company’s Annual Report being delivered?

We are pleased to be using the SEC’s rule that allows companies to furnish proxy materials to their stockholders over the Internet. In accordance with this rule, on or about August 29, 2025, we will send stockholders of the Record Date a Notice of Internet Availability. The Notice contains instructions on how to access our Proxy Statement and Annual Report for fiscal 2025 on the Internet. You may also access it on https://investor.paychex.com.

In addition, on www.proxyvote.com there are instructions on how to request to receive paper copies of the document. You may also obtain a copy of our Form 10-K filed with the SEC, without charge, upon written request submitted to Paychex, Inc., 911 Panorama Trail South, Rochester, New York 14625-2396, Attention: Investor Relations.

What is householding?

In accordance with the Exchange Act, the Company delivers materials to stockholders under a program known as “householding.” Under the householding program, the Company is delivering one copy of its Notice of Internet Availability addressed to all stockholders who share a single address, unless such stockholders previously notified the Company that they wish to revoke their consent to the householding. Householding is intended to reduce the Company’s printing and postage costs.

You may revoke your consent at any time by calling toll-free (866) 540-7095 or by writing to Broadridge Investor Communications Services, Attention: Broadridge Householding Department, 51 Mercedes Way, Edgewood, New York 11717. If you revoke your consent, you will be removed from the householding program within 30 days of receipt of your revocation, and each stockholder at your address will receive individual copies of the Notice of Internet Availability.

Stockholders of record residing at the same address and currently receiving multiple copies of the Notice of Internet Availability who wish to receive a single copy may also contact Broadridge Investor Communications Services at the phone number and address noted above. Beneficial owners will need to contact their broker, bank, or other nominee to request that only a single copy of each document be mailed to all stockholders at the shared address in the future.

The Company hereby undertakes to deliver upon oral or written request a separate copy of its Notice of Internet Availability, proxy statement or annual report to a stockholder at a shared address to which a single copy was delivered. If such stockholder wishes to receive a separate copy of such documents, contact Rachel White, Head of Investor Relations, either by calling toll-free (800) 828-4411 or by writing to Paychex, Inc., 911 Panorama Trail South, Rochester, New York 14625-2396, Attention: Investor Relations.

If you own Paychex stock beneficially through a bank, broker, or other nominee, you may already be subject to householding if you meet the criteria. If you wish to receive a separate Notice of Internet Availability, proxy statement and annual report in future mailings, you should contact your bank, broker, or other nominee.

Paychex, Inc. 2025 Proxy Statement • 72

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 FAQ 

How do I submit a proposal for next year’s Annual Meeting?

Stockholder proposals, which are intended to be presented at the 2026 Annual Meeting, for inclusion in the Company’s proxy statement pursuant to SEC Rule 14a-8, must be received by the Company at its executive offices on or before May 1, 2026 to be considered timely. Any such proposals, including stockholder proposals for candidates for nomination for election to the Board, must be submitted in accordance with applicable SEC rules and regulations, and follow the Company’s procedures under “Communications with the Board of Directors.”

Stockholder proposals, which are intended to be presented at the 2026 Annual Meeting outside of the SEC Rule 14a-8 process, must be received by the Company’s Corporate Secretary at its executive offices no sooner than June 11, 2026 and no later than July 11, 2026 to be considered timely.

If the date of our 2026 Annual Meeting has been changed by more than 30 days before or more than 60 days after the first anniversary of this Annual Meeting, stockholders must submit proposals (1) not earlier than the 120th day prior to the 2026 Annual Meeting and not later than the close of business on the 90th day prior to the 2026 Annual Meeting or (2) if public announcement of the 2026 Annual Meeting is less than 100 days prior to the date of the meeting, not later than the 10th day following the day on which public disclosure of the 2026 Annual Meeting is first made.

Stockholders may nominate candidates for the Board by the same deadlines as proposals for business to come before the 2026 Annual Meeting. Each notice of business or nomination must set forth the information required by our By-laws. Any such proposals, including stockholder proposals for candidates for nomination for election to the Board, must be submitted in accordance with applicable SEC rules and regulations, and follow the Company’s procedures in its By-Laws. Submitting a notice does not ensure that the proposal will be raised at the 2026 Annual Meeting. We will not permit stockholder proposals that do not comply with the foregoing notice requirement to be brought before the 2026 Annual Meeting.

In addition to satisfying the advance notice requirements in order to comply with the universal proxy rules under the Exchange Act, stockholders who intend to solicit proxies in support of director nominees other than the Company’s nominees must provide notice to the Company’s Corporate Secretary that sets forth the information required by Rule 14a-19 under the Exchange Act no later than August 10, 2026.

Paychex, Inc. 2025 Proxy Statement • 73

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APPENDIX A

PAYCHEX, INC. NON-GAAP FINANCIAL MEASURES

The following table reconciles the GAAP measures to the related non-GAAP measures that were utilized within this proxy statement.

$ in millions, except per share amounts		2025				Change(1)				2024				Change(1)				2023
Operating income		$	2,208				2	%		$	2,174				7	%		$	2,033
Non-GAAP adjustments:
Less: Interest on funds held for clients			(162	)							(146	)							(100	)
Add: Acquisition-related costs(2)			162								—
Add: Cost-optimization initiatives(3)			—								39								—
Less: Operating (income)/loss, net of operating loss/(income), associated with acquired businesses			(19	)							(13	)							—
Operating income, net of certain items			2,189				7	%			2,054				6	%		$	1,933
Diluted earnings per share(4)		$	4.58				-2	%		$	4.67				9	%		$	4.30
Non-GAAP adjustments:
Acquisition-related costs(2)			0.54								—								—
Cost-optimization initiatives(3)			—								0.11								—
Tax impact of above adjustments			(0.11	)							(0.03	)							—
Excess tax benefits related to employee stock-based compensation payments(5)			(0.03	)							(0.03	)							(0.02	)
Adjusted diluted earnings per share		$	4.98				6	%		$	4.72				11	%		$	4.27

(1) Percentage changes are calculated based on unrounded numbers.

(2) Acquisition-related costs included in Selling, general and administrative expenses include (i) $40.7 million in amortization of intangibles acquired in the acquisition of Paycor, (ii) $70.8 million in compensation costs related to the acquisition of Paycor, including replacement awards, severance, and retention and transaction bonuses, and $50.8 million in other acquisition-related costs, primarily reflecting third-party professional service fees. Acquisition-related costs included in interest expense includes $34.0 million reflecting the amortization of financing fees related to debt instruments associated with the financing of the Paycor acquisition and the excluded component of the initial fair value of the interest rate swaption contracts.

(3) Cost optimization initiatives recognized in fiscal 2024 includes further reductions to our geographic footprint, reprioritization of certain technology investments, and headcount optimization.

(4) The calculation of the impact of non-GAAP adjustments on diluted earnings per share is performed on each line independently. The table may not add down by +/- $0.01 due to rounding.

(5) Net tax windfall benefits related to employee stock-based compensation payments recognized in income taxes. This item is subject to volatility and will vary based on employee decisions on exercising employee stock options and fluctuations in our stock price, neither of which is within the control of management.

(6) Non-recurring tax benefit derived from prior years’ research and development costs incurred in the production of customer-facing software.

In addition to reporting operating income and diluted earnings per share, which are U.S. GAAP measures, we present operating income, net of certain items and adjusted diluted earnings per share which are non-GAAP measures. We believe these additional measures are an indicator of our core business operations’ performance period over period. Operating income, net of certain items, excludes interest on funds held for clients. Interest on funds held for clients is an adjustment to operating income due to the volatility of interest rates, which are not within the control of management. Operating income, net of certain items and adjusted diluted earnings per share are not calculated through the application of U.S. GAAP and are not required forms of disclosure by the SEC. As such, they should not be considered as a substitute for the U.S. GAAP measure of operating income and diluted earnings per share and therefore should not be used in isolation, but in conjunction with the U.S. GAAP measures. The use of any non-GAAP measure may produce results that vary from the U.S. GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Paychex, Inc. 2025 Proxy Statement • A-1

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APPENDIX B

PAYCHEX, INC. RECONCILIATION OF PERFORMANCE MEASURES TO THOSE REPORTED IN THE COMPANY’S CONSOLIDATED FINANCIAL STATEMENTS

Under the Company’s incentive compensation programs, performance targets are often based on measures of service revenue and operating income, net of certain items (see Note 4 below regarding this measure). In evaluating achievement, the programs allow for certain adjustments to be made to the results reported in the consolidated financial statements.

The following table reconciles the results reported in our consolidated financial statements to those representing achievement under the award agreement for the July 2023 performance-based RSUs.

		Year Ended May 31,										Two-Year Performance  Period
In millions		2025					2024
Service revenue			$	5,410				$	5,132				$	10,542
Service revenue, as calculated under the award(1)			$	5,410				$	5,132				$	10,542
Operating income			$	2,208				$	2,174				$	4,382
Less: Interest on funds held for clients				(162	)				(146	)				(308	)
Add: Paycor acquisition-related costs(2)				162					—					162
Add: Cost optimization initiatives(3)				—					39					39
Less: Operating income associated with acquired businesses				(34	)				(13	)				(47	)
Operating income, net of certain items(4), as calculated under the award			$	2,174				$	2,054				$	4,228

(1) In evaluating achievement for the July 2023 performance shares, no adjustments were made to our service revenue results reported in the consolidated financial statements for fiscal 2024.

(2) Acquisition-related costs included in Selling, general and administrative expenses include (i) $40.7 million in amortization of intangibles acquired in the acquisition of Paycor, (ii) $70.8 million in compensation costs related to the acquisition of Paycor, including replacement awards, severance, and retention and transaction bonuses, and $50.8 million in other acquisition-related costs, primarily reflecting third-party professional service fees. Acquisition-related costs included in interest expense includes $34.0 million reflecting the amortization of financing fees related to debt instruments associated with the financing of the Paycor acquisition and the excluded component of the initial fair value of the interest rate swaption contracts.

(3) One-time costs and corresponding tax benefits recognized related to our cost optimization initiatives, including further reductions to our geographic footprint, reprioritization of certain technology investments and headcount optimization.

(4) Operating income, net of certain items, is a measure that is provided in addition to the U.S. GAAP measure of operating income for purposes of compensation program performance targets. Refer to “Paychex, Inc. Non-GAAP Financial Measures” in Appendix A of this proxy statement for a discussion of non-GAAP measures.

Paychex, Inc. 2025 Proxy Statement • B-1

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HELPFUL RESOURCES

Visit the website or scan the QR codes to access these sites with your mobile device.

Paychex website www.paychex.com		Investor Relations https://investor.paychex.com
Proxy Voting www.proxyvote.com

ABOUT PAYCHEX

Paychex, Inc. (Nasdaq:PAYX) is the digitally driven HR leader that is reimagining how companies address the needs of today’s workforce with the most comprehensive, flexible, and innovative HCM solutions for organizations of all sizes. Offering a full spectrum of HR advisory and employee solutions, Paychex pays one out of every 11 American private sector workers and is raising the bar in HCM for nearly 800,000 customers in the U.S. and Europe. Every member of the Paychex team is committed to fulfilling the Company’s purpose of helping businesses succeed. Visit www.paychex.com to learn more.

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      PAYCHEX, INC.  911 PANORAMA TRAIL SOUTH  ROCHESTER, NY 14625 -2396     VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.com or scan the QR Barcode above   Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 p.m. Eastern Time on October 8, 2025 for shares held directly and by 11:59 p.m. Eastern Time on October 6, 2025 for shares held in a Plan. Have your proxy card in hand when you access the website and follow the instructions to obtain your records and to create an electronic voting instruction form.   During The Meeting - Go to www.virtualshareholdermeeting.com/PAYX2025   You may attend the meeting via the Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions.   VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 p.m. Eastern Time on October 8, 2025 for shares held directly and by 11:59 p.m. Eastern Time on October 6, 2025 for shares held in a Plan. Have your proxy card in hand when you call and then follow the instructions.   VOTE BY MAIL If you requested a full printed set of proxy materials, mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

V77598-Z90621-P35684     KEEP THIS PORTION FOR YOUR RECORDS

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  THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY

PAYCHEX, INC.

The Board of Directors recommends you vote FOR the following:

1.  Election of Directors

Nominees:

For

Against

Abstain

1a.  Martin Mucci

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The Board of Directors recommends you vote FOR proposals 2 and 3: 2.  ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION. 3.  RATIFICATION OF THE SELECTION OF PRICEWATERHOUSECOOPERS LLP TO SERVE AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. NOTE: SHARES ISSUED TO OR HELD FOR THE ACCOUNT OF THE UNDERSIGNED UNDER THE ESOP WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS MADE, IF THE CARD IS NOT SIGNED OR IF THE CARD IS NOT RECEIVED BY MONDAY, OCTOBER 6, 2025 THE SHARES ISSUED TO OR HELD FOR THE ACCOUNT OF THE PARTICIPANT WILL BE VOTED BY THE ESOP TRUSTEE IN THE SAME PROPORTION AS ESOP SHARES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED.

For

Against

Abstain

1b.  Thomas F. Bonadio

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1c.  Joseph G. Doody

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1d.  John B. Gibson

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1e.   Pamela A. Joseph

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1f.    Theresa M. Payton

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1g.  Kevin A. Price

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1h.  Joseph M. Tucci

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1i.   Joseph M. Velli

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1j.   Kara Wilson

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Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer.

Signature [PLEASE SIGN WITHIN BOX]

Date

Signature (Joint Owners)

Date

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August 29, 2025

Dear Paychex Stockholder:

The Board of Directors cordially invites you to attend our virtual Annual Meeting of Stockholders (the “Annual Meeting”) on Thursday, October 9, 2025 at 9:30 a.m. Eastern Time online at www.virtualshareholdermeeting.com/PAYX2025.

The accompanying booklet includes the formal Notice of Annual Meeting of Stockholders and the Proxy Statement. The Proxy Statement tells you about the agenda items and the procedures for the Annual Meeting. It also provides certain information about Paychex, Inc., its Board of Directors, and its Named Executive Officers.

It is important that your shares be represented at the Annual Meeting. Whether or not you plan to attend the Annual Meeting, you are encouraged to vote. You may vote by Internet, telephone, or if you requested a full printed set of proxy materials, by mail. We encourage you to use the Internet as it is the most cost-effective way to vote.

We hope you will be able to attend the Annual Meeting and would like to take this opportunity to remind you that your vote is important. If you have any questions about the Annual Meeting, please contact the Corporate Secretary at (800) 828-4411, or write to Paychex, Inc., 911 Panorama Trail South, Rochester, New York 14625-2396, Attention: Corporate Secretary.

Sincerely,

John B. Gibson

Chief Executive Officer

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:

The Notice and Proxy Statement and Annual Report are available at www.proxyvote.com.

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V77599-Z90621-P35684 

PAYCHEX, INC.

Proxy Solicited on Behalf of the Board of Directors

of Paychex, Inc. for the Annual Meeting, October 9, 2025

PROXY

The undersigned hereby appoints JOHN B. GIBSON, ROBERT L. SCHRADER and PRABHA SIPI BHANDARI, or any of them, with full power of substitution, attorneys and proxies to represent the undersigned at the Annual Meeting of Stockholders to be held on October 9, 2025 (“Annual Meeting”), and at any adjournment thereof, with all the powers which the undersigned would possess if personally present to vote all shares of stock which the undersigned may be entitled to vote at said Annual Meeting. The shares represented by this proxy will be voted as instructed by you and in the discretion of the proxy on all other matters. If not otherwise specified in this proxy card, shares will be voted in accordance with the recommendations of the Board of Directors.

If shares of Paychex, Inc. Common Stock are issued to or held for the account of the undersigned under the Paychex Employee Stock Ownership Plan Stock Fund (“ESOP”) of the Paychex, Inc. 401(k) Incentive Retirement Plan, then the undersigned hereby directs the trustee of the ESOP to vote all shares of Paychex, Inc. Common Stock in the undersigned’s name and/or account under such plan in accordance with the instructions given herein, at the Annual Meeting and at any adjournment thereof, on all matters properly coming before the Annual Meeting, including but not limited to the matters set forth on the reverse side.

THIS PROXY IS SOLICITED ON BEHALF OF THE COMPANY’S BOARD OF DIRECTORS. PLEASE MARK, SIGN, DATE AND RETURN IT IN THE ENCLOSED ENVELOPE. IF NOT OTHERWISE MARKED, THE SHARES REPRESENTED BY THIS PROXY SHALL BE VOTED “FOR” EACH OF THE NOMINEES IN PROPOSAL 1, “FOR” PROPOSAL 2 AND “FOR” PROPOSAL 3.

Continued and to be signed on reverse side

FAQ

What director votes does Paychex (PAYX) recommend in the 2025 proxy?

The Board recommends a vote FOR each of the ten director nominees.

How large is Paychex's (PAYX) client base per the proxy?

The proxy states the client base grew to approximately 800,000 during fiscal 2025.

What are Paychex's (PAYX) executive stock ownership guidelines?

Guidelines require the CEO to hold equity equal to six times base salary and SVPs three times base salary; all NEOs are currently compliant.

How does Paychex (PAYX) link pay to performance?

Compensation includes time‑based and performance‑based awards with predefined metrics, payout ranges (e.g., 0%–150% or up to 200% with TSR modifier), and relative TSR adjustments of ±25%.

Does Paychex (PAYX) have clawback and hedging policies?

Yes. The proxy discloses a clawback policy for incentive-based awards and prohibitions on hedging by executive officers.