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PAYX > SEC Filings for PAYX > Form 8-K on 25-Jul-2014All Recent SEC Filings

Show all filings for PAYCHEX INC

Form 8-K for PAYCHEX INC


Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01 Entry into a Material Definitive Agreement

On July 22, 2014, Paychex, Inc. (the "Company") entered into an agreement with Robert W. Baird & Co. Incorporated ("Baird") (the "Agreement") in order to execute the purchase of up to $350 million of the Company's common stock pursuant to the requirements of and in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Agreement will allow the Company's Rule 10b-18 share repurchase program, which was announced on May 2, 2014, to continue during periods in which the Company may be aware of material non-public information. The authorization for the program ends on May 31, 2017.

The Agreement contains terms customary for agreements of this type. Pursuant to the terms of the Agreement, Baird, as agent for the Company, will purchase varying percentages of the maximum daily target volume allowable under Rule 10b-18 when the Company's common stock is trading at various price ranges. Any purchases under the Agreement will be disclosed publicly through periodic filings with the Securities and Exchange Commission.

The description of the Agreement in this Item 1.01 is qualified in its entirety by reference to the text of the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Share repurchases will be funded from available working capital.

Item 9.01 Financial Statements and Exhibits

The following exhibit relating to Item 1.01 of this Form 8-K is filed herewith:

Exhibit 10.1 Letter of Agreement between Paychex, Inc. and Robert W. Baird & Co. Incorporated dated July 22, 2014

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