Joshua Scutt
Paylocity HoldingAbout Joshua Scutt
Senior Vice President of Sales at Paylocity since August 2021; previously Vice President, Sales at Paylocity (Oct 2018–Aug 2021), Vice President of Enterprise Sales at NCR (Feb 2017–Oct 2018), and multiple leadership roles at ADP culminating in Senior Vice President of Small Business Sales (1997–2016). Age 54; B.A. in Education from Northern Michigan University; tenure at Paylocity since 2018 and in current role since 2021 . FY2024 corporate performance metrics for executive bonuses were 60% Recurring and other revenue and 40% Adjusted EBITDA; actuals were $1,281.68M revenue (below threshold) and $505.554M Adjusted EBITDA (maximum), leading to a 60% of target payout, and Mr. Scutt’s FY2024 bonus was $195,615 paid in FY2025 . Equity incentives include RSUs vesting quarterly and MSUs that vest based on relative TSR percentile measured over a three-year period ending August 31, 2026 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Paylocity | Senior Vice President of Sales | Aug 2021–present | Leads sales organization for growth and execution |
| Paylocity | Vice President, Sales | Oct 2018–Aug 2021 | Built and scaled sales prior to SVP role |
| NCR | Vice President, Enterprise Sales | Feb 2017–Oct 2018 | Led enterprise sales initiatives |
| ADP | Senior Vice President, Small Business Sales; various roles | 1997–2016 | Led small business sales; long-tenured sales leadership |
External Roles
No public company directorships or external board roles disclosed in executive biographies reviewed .
Fixed Compensation
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Annual Base Salary ($) | $420,000 | $434,700 | $465,129 |
| Target Bonus (% of Base) | 75% | 75% | 100% |
| Actual Bonus Paid ($) | $472,500 | $195,615 | — |
Performance Compensation
Cash Bonus Plan – FY2024 Outcomes
| Metric | Weighting | Target | Actual | Payout (metric-level) | Result for Scutt |
|---|---|---|---|---|---|
| Recurring & other revenue | 60% | $1,317,200,000 | $1,281,680,000 | 0% (below threshold) | Contributed 0% |
| Adjusted EBITDA | 40% | $477,300,000 | $505,554,000 | 150% (maximum) | Contributed 60% of target overall payout |
| Total Bonus Outcome | — | — | — | — | 45% of base salary = $195,615 |
Equity Grants – FY2024 Annual Award Cycle (Aug 15, 2023)
| Instrument | Grant Date | Target Grant Value ($) | Shares Granted | Vesting |
|---|---|---|---|---|
| RSUs | 8/15/2023 | $2,415,000 | 11,194 | 6.25% each 3-month anniversary over 16 quarters, service-based |
| MSUs (TSR-based) | 8/15/2023 | $1,035,000 | 4,798 | Vests based on TSR percentile over 3-year period ending 8/31/2026 |
No stock option awards disclosed for Mr. Scutt in the proxy tables reviewed .
Equity Ownership & Alignment
Beneficial Ownership (as of Sep 30, 2025)
| Holder | Shares Owned | % Outstanding | Notes |
|---|---|---|---|
| Joshua Scutt | 13,704 | <1% | Includes 3,502 RSUs vesting within 60 days and 118 shares held by father-in-law (spouse has POA) |
Stock Ownership Guidelines & Compliance
| Position | Ownership Requirement | Compliance Status |
|---|---|---|
| Other Named Executive Officers (incl. SVP Sales) | 2x base salary | Currently compliant (subject to phase-in periods) |
Outstanding Equity Awards (Unvested) – June 30, 2025
| Award Type | Unvested Units | Market/Payout Value ($) | Vest Start / Schedule |
|---|---|---|---|
| RSUs (series) | 985 | $178,472 | 8/16/2022; vests annually in 4 equal installments |
| RSUs (series) | 1,511 | $273,778 | Footnote (8) schedule per proxy (service-based) |
| RSUs (series) | 3,399 | $615,865 | 11/15/2022; vests every 3 months over 16 installments |
| RSUs (series) | 6,297 | $1,140,953 | 11/15/2023; vests quarterly over 16 installments |
| RSUs (series) | 13,508 | $2,447,515 | 11/15/2024; vests quarterly over 16 installments |
| RSUs (series) | 6,175 | $1,118,848 | Footnote (7) schedule per proxy (service-based) |
| MSUs (performance) | 1,655 | $299,869 | Performance-based; TSR percentile |
| MSUs (performance) | 4,798 | $869,350 | FY2024 MSU grant; TSR percentile to 8/31/2026 |
| MSUs (performance) | 2,375 | $430,326 | Performance-based; TSR percentile |
Notes:
- Market values use $181.19 closing price on June 30, 2025 .
- Earlier outstanding awards (as of June 30, 2024) included unvested RSUs of 730, 1,971, 3,023, 6,117, 9,096 and MSUs of 4,728 and 4,798 with market/payout values; price basis $131.85 on June 28, 2024 .
Vesting Schedules (disclosed footnotes)
- RSUs vest annually in four equal installments starting on Aug 14, 2021 and Aug 16, 2022 (series-specific) .
- RSUs vest every three months in 16 equal installments beginning Nov 15, 2022; Nov 15, 2023; Nov 15, 2024 .
- FY2024 RSUs vest 6.25% each quarter from grant date (Aug 15, 2023) .
- MSUs vest based on TSR percentile over three years ending Aug 31, 2026; payout based on performance achieved .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Effective Aug 16, 2021; at-will; annual bonus targeted at 100% (FY2025) / 75% (FY2024–FY2023) of base salary; Committee discretion on payments |
| Severance (involuntary termination without cause) | 12 months of then-current monthly base salary, contingent on release |
| Change-in-Control (CIC) | Single-trigger full acceleration of unvested time-based equity immediately prior to, and contingent upon, CIC (service through CIC date required) |
| MSU/PSU Treatment on CIC | Immediate vest based on performance levels attained through CIC date (service through CIC date required) |
| Death/Disability | Full acceleration of time-based awards; performance awards remain outstanding and vest based on actual goal achievement, prorated for service days in the period |
| Non-Compete/Non-Solicit | 12 months post-termination (and during employment) for employees and customers; confidentiality and IP assignment obligations |
| Clawback Policy | Adopted Oct 2023; mandatory recoupment of erroneous incentive compensation per Nasdaq Rule 10D-1; equity awards subject to recoupment |
| Insider Trading Policy | Trading windows/blackout periods; clearance procedures; policy filed as exhibit to FY2024 10-K |
Investment Implications
- Pay-for-performance alignment: Cash bonus structure heavily tied to Recurring revenue (60%) and Adjusted EBITDA (40); FY2024 outcomes produced a 60% of target payout (45% of base salary for Scutt), indicating sensitivity to profitability even when revenue misses threshold .
- Retention and selling pressure: RSUs vest quarterly in 16 installments across multiple series (2022–2024 starts), creating ongoing vesting cadence that can contribute to periodic insider selling pressure as units settle .
- CIC risk and governance: Time-based awards accelerate on a single trigger at CIC, which can be shareholder-unfriendly; performance awards vest based on attained TSR levels, preserving some performance linkage .
- Skin-in-the-game: Beneficial ownership <1%; as of Sep 30, 2025 Scutt held 13,704 shares including 3,502 RSUs vesting within 60 days, with compliance to 2x base salary ownership guidelines reported for NEOs—alignment is present but not concentrated .
- Contractual protections vs. mobility: 12-month severance and 12-month non-compete/non-solicit lower near-term turnover risk but still allow mobility after a year; bonus discretion resides with the Committee .
- Equity design: Significant RSU grants complemented by MSUs tied to TSR percentile through Aug 2026, indicating balanced emphasis on absolute retention and market-relative performance .