July 22, 2014 Mr. Efrain Rivera Chief Financial Officer, Senior Vice President and Treasurer Paychex, Inc. Rochester, NY 14626-2396Letter of Agreement • July 25th, 2014 • Paychex Inc • Services-engineering, accounting, research, management
This will confirm the understanding between Robert W. Baird & Co. Incorporated ("Broker") and Paychex, Inc. (the “Purchaser”) pursuant to which Broker has been appointed by Purchaser as the agent to repurchase, on the behalf of the Purchaser, shares of the Purchaser’s outstanding common stock (the "Securities") in accordance with the following terms and conditions:
