Jonathan Judge has resigned from his post as president of Paychex Inc., the company says.
Paychex, Rochester, N.Y. (Nasdaq:PAYX), sells benefits administration and compliance services along with payroll services.
Judge has signed a separation agreement that calls for him to receive a severance payment of $1.9 million along with immediate acceleration on July 31 of unvested equity awards made before July 1, 2007; and health insurance premiums for 12 months, the company says in a report filed with the U.S. Securities and Exchange Commission.
An additional 11,111 shares of restricted stock and an additional 30,000 non-qualified stock options from the July 17, 2007, awards will also vest July 31, the company says.
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“All vested and exercisable equity awards will continue to be governed by applicable plan documents,” the company says. “In consideration of the company entering into the agreement, Mr. Judge has agreed to certain non-compete, non-disparagement, confidentiality, and non-solicitation provisions.”