Adam Ante
Senior Vice President, Paycor at PAYX
Executive
About Adam Ante
Adam Ante is Senior Vice President of Paycor at Paychex, appointed following Paychex’s acquisition of Paycor on April 14, 2025; he previously served as Paycor’s CFO since September 2019 . Company performance context during fiscal 2025: total service revenue $5.4B (+5% YoY), operating income $2.2B (+2% YoY), adjusted diluted EPS $4.98 (+6% YoY), and 5-year TSR of 151% (May 31, 2020 to May 31, 2025) . He is subject to Paychex’s executive trading, ownership, clawback, hedging, pledging, and forfeiture policies .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Paychex, Inc. | SVP of Paycor | Apr 2025–present | Integration and synergy delivery tied to acquisition; PSUs linked to average annual synergy attainment over 3 years . |
| Paycor HCM, Inc. | Chief Financial Officer | Sep 2019–Apr 2025 | Finance leadership at Paycor prior to acquisition by Paychex . |
External Roles
No external directorships or board roles disclosed for Mr. Ante in the proxy or 8‑K filings .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base salary (going forward) | $500,000 | Set upon appointment as SVP of Paycor; pro-rated for FY25 service . |
| FY25 salary paid | $56,827 | Reported in FY25 Summary Compensation Table . |
Performance Compensation
FY26 Annual Incentive Eligibility
| Program | Target bonus % | Metrics | Notes |
|---|---|---|---|
| Annual Officer Performance Incentive | 100% of base salary | Service revenue; Operating income (net of certain items); Annualized new business revenue | Company-wide program; specific FY25 metric calibrations disclosed for other NEOs; Mr. Ante begins participation in FY26 . |
FY25 Equity Awards – Adam Ante
| Award type | Grant date | Shares at target (#) | Grant-date fair value ($) | Metric | Payout range | Performance period | Vesting |
|---|---|---|---|---|---|---|---|
| Performance-based RSUs (PSUs) | May 14, 2025 | 23,024 | $3,196,882 | Average annual synergy attainment (Paycor integration) | 0%–150% of target | Three years ending May 31, 2028 | Vests July 15, 2028 (after performance determination) . |
Notes:
- Paychex also increased the performance-based equity emphasis for certain executives in FY25 (60% of grant value for CEO/CFO), added a 3-year performance period, and a relative TSR modifier to performance awards; Mr. Ante’s special grant is synergy-based with 3-year performance and 150% cap .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Shares owned directly | 1,445 | Beneficial ownership as of July 31, 2025 (<1% of class) . |
| Unvested time-based RSUs/RSAs | 67,254 | Market value $10,620,079 as of May 30, 2025; converted from Paycor awards at closing with original vesting intact . |
| Performance-based RSUs (target) | 23,024 | Market value $3,635,720 as of May 30, 2025 . |
| Options outstanding | None | No exercisable or unexercisable options listed for Mr. Ante . |
| Stock ownership guideline | 3x base salary | Unvested time-based stock counts toward compliance; all NEOs currently compliant . |
| Hedging/pledging | Prohibited | Applies to all officers and directors . |
Vesting Schedule (Time-Based Awards)
| Fiscal year | Shares vesting (#) | Notes |
|---|---|---|
| FY26 | 35,810 | Converted Paycor awards vest 1/3 on first anniversary, remainder in eight equal quarterly installments . |
| FY27 | 22,078 | As scheduled . |
| FY28 | 9,366 | As scheduled . |
Employment Terms
| Term/Provision | Details |
|---|---|
| Employment agreements | None; executive employment is “at will” . |
| Clawback policy | Adopted Oct 11, 2023 (effective Oct 2, 2023); recovers excess incentive-based compensation for 3 prior fiscal years upon accounting restatement; applies to all executive officers . |
| Non-compete/forfeiture | Equity agreements include non-compete, non-solicit, confidentiality, and misconduct forfeiture; company may cancel awards and recover value/profits upon violation . |
| Insider trading windows | Open window begins 2nd business day after earnings and ends last day of the last month of each quarter; event-specific blackouts may apply . |
| Change-in-control (CIC) coverage | Mr. Ante is not covered by Paychex CIC plan; protected under Paycor Change in Control Severance Plan for 12 months post-close (to Apr 14, 2026) with installments of base-salary and target-bonus multiples, acceleration of certain time-based Paycor equity, and COBRA reimbursements, contingent on release and covenants . |
Potential Payments – Termination within 12 Months of CIC (Adam Ante)
| Component | Amount ($) |
|---|---|
| Base salary (multiple) | 500,000 . |
| Annual incentive (target) | 250,000 . |
| Time-based stock awards | 10,620,079 . |
| Performance-based stock awards (target) | 3,635,720 . |
| Benefits (COBRA reimbursement) | 23,567 . |
| Total | 15,029,366 . |
Investment Implications
- Alignment and performance levers: Special PSUs directly tie Mr. Ante’s payout to Paycor integration synergies over three years, reinforcing value-creation in the acquisition and linking compensation to measurable outcomes; maximum payout capped at 150% .
- Retention and transition: Mr. Ante has CIC protection via Paycor’s plan only through April 14, 2026; he is not covered by the ongoing Paychex CIC plan, suggesting retention risk moderates once the protection period ends and synergy delivery becomes the primary lever for realized pay .
- Selling pressure and ownership: Large unvested time-based RSUs/RSAs (67,254) and scheduled vesting in FY26–FY28 could create mechanical selling around vest dates; however, stock ownership guidelines, trading windows, and prohibitions on hedging/pledging mitigate adverse signals and require sustained ownership (guideline: 3x base salary; currently compliant) .
- Options risk profile: No options outstanding reduces near-term “in-the-money” exercise dynamics; equity exposure is primarily RSUs/PSUs linked to performance and service .