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Turek, Paychex ink separation agreement

Paychex Inc. will pay Walter Turek, retired senior vice president of marketing and sales, $210,470 over six months, a new SEC filing shows.
Turek retired from his position in May after 27 years with the company. Paychex has not yet named a replacement for him.
Under the separation agreement, Turek also is eligible to participate in the company’s medical plan, and if he chooses to do so Paychex will pay his premiums for six months. In return Turek has agreed to certain non-compete, confidentiality and non-solicitation provisions.
He also entered into a general release of all claims with Paychex.
Turek joined Paychex in 1981 and became vice president of sales in 1989. For the final seven years of his tenure he served as senior vice president of marketing and sales.
On the most recent Rochester Business Journal list of highest-paid public company executives, Turek ranked eighth with total 2008 compensation of $2,261,080.


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