EXHIBIT 10(l) PAYCHEX, INC. OFFICER PERFORMANCE INCENTIVE PROGRAM FISCAL 2006 PLAN DESCRIPTION 1. Participants: Executive Officers of Paychex, Inc. 2. The maximum incentive for the Chief Executive Officer is 100% of base salary plus any bonus awards recommended by the Compensation Committee and approved by the Board of Directors for over-achievement of operating objectives. The maximum is 70% of base salary for all other Executive Officers. 3. Performance Criteria: The payment of cash bonus awards to participants shall be determined by the Board on a discretionary basis based primarily on how year-over-year revenue growth, year-over-year growth in operating income excluding interest on funds held for clients, and improvement in operating income excluding interest on funds held for clients as a percentage of service revenues for the fiscal year compare to the goals that are established annually by the Board of Directors. 4. Payment: Incentive payments to be paid in July 2006 after Board approval. Officer must be employed at the fiscal year end to be eligible for any bonus. 5. Changes and Termination: Bonus awards, changes to and termination of the Program is at the sole discretion of the Board.