AGREEMENT
This Agreement is entered into as of December 15, 2023, by and between Paychex, Inc. (the “Company”), and Efrain Rivera (the “Employee”).
RECITALS
WHEREAS, the Employee previously served as the Senior Vice President and Chief Financial Officer of the Company, and since stepping down from such position, has continued to serve as a senior advisor to the Company; and
WHEREAS, the Company desires to continue the employment of the Employee as a senior advisor through August 1, 2024 on the terms set forth in this Agreement, and the Employee desires to remain in the continued employment of the Company for such period on the terms set forth in this Agreement; and
WHEREAS, the Employee was granted awards of stock options, time-based restricted stock units and performance-based restricted stock units on July 15, 2023 (the “2023 Equity Awards”), which would vest or proportionately vest on July 15, 2024 if the Employee remains in continuous employment through such date pursuant to the retirement provisions thereof; and
WHEREAS, the Employee desires to forfeit and cancel the 2023 Equity Awards;
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
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IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.
PAYCHEX, Inc.
By: /s/John B. Gibson
John B. Gibson
President and Chief Executive Officer
EMPLOYEE
/s/Efrain Rivera
Efrain Rivera
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