PAYLOCITY HOLDING CORPORATION (NASDAQ:PCTY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
-
0

PAYLOCITY HOLDING CORPORATION (NASDAQ:PCTY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On June 6, 2017, Peter McGrail ceased to serve as the Chief Financial Officer of Paylocity Holding Corporation (the “Corporation”). Mr. McGrail will continue to serve as an employee of the Corporation. As of the date of the modification of Mr. McGrail’s employment arrangements, Mr. McGrail was not a member of the Corporation’s Board of Directors or any committee thereof. Mr. McGrail’s modified employment arrangements are a result of personal health reasons and are not the result of any disagreement with the Corporation on any matter relating to the Corporation’s operations, policies or practices.

In connection with Mr. McGrail’s modified employment arrangements, in order to facilitate an orderly transition process and to secure Mr. McGrail’s knowledge and expertise in such transition process, on June 6, 2017, the Compensation Committee of the Corporation’s Board of Directors modified the terms of Mr. McGrail’s existing employment arrangements to provide that, upon termination of Mr. McGrail’s employment due to Mr. McGrail’s death or disability: (i) any equity awards held by Mr. McGrail that are solely subject to time-based vesting will become fully vested, and (ii) each performance-based restricted stock unit award (a “PSU”) held by Mr. McGrail shall remain outstanding, and vest and settle based on actual achievement of the underlying performance goals, with Mr. McGrail receiving a pro-rated portion of the PSU award (based on the number of calendar days in the performance period that Mr. McGrail was employed over the total number of calendar days in the performance period).

On June 6, 2017, in connection with the foregoing, Steven Beauchamp, the Corporation’s President and Chief Executive Officer, was appointed acting Chief Financial Officer, and in such capacity, will serve as the Corporation’s principal financial officer and principal accounting officer until a successor is identified. Information regarding Mr. Beauchamp’s background and business experience, contracts between the Corporation and Mr. Beauchamp and any related party transactions involving Mr. Beauchamp is incorporated by reference herein from the Corporation’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on October 25, 2016.


About PAYLOCITY HOLDING CORPORATION (NASDAQ:PCTY)

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture. The cloud-based platform features a suite of unified payroll and HCM applications. The Company, through cloud-based platform, offers various products, which include Paylocity Web Pay, Paylocity HR, Paylocity Affordable Care Act Enhanced, Paylocity Impressions, Performance Management, Self-Service HR Portals, Paylocity Recruiting, Paylocity Web Time, Paylocity Web Onboarding, and Paylocity Web Benefits and Paylocity Enterprise Benefits, Powered by bswift. The multi-tenant software platform is configurable and includes a unified suite of payroll and HCM applications, such as time and labor tracking, benefits and talent management.