DEF 14A of Trinet Group, Inc., Apr 15, 2026

DEF 14A of Trinet Group, Inc.

Filed Apr 15, 2026 · FY20250000937098-26-000018

Open on EDGAR

  1. 2026 Director Nominees

    2026 Director Nominees

  2. 2026 Director Nominees

    | | | | | Committee Memberships | | | | | Name | Age | Director Since | Independent | FA | CHCM | NCG | R | | Michael J. Angelakis | 61 | 2017 | Yes | | • | • | | | David C. Hodgson | 69 | 2005 | Yes | | | • | | | Jacqueline Kosecoff | 76 | 2020 | Yes | | • | | • | | Michael Q. Simonds | 52 | 2024 | No | | | | |

  3. 2026 Director Nominees

    | • | Member | FA | Finance and Audit | NCG | Nominating and Corporate Governance | | | | CHCM | Compensation and Human Capital Management | R | Risk |

  4. 2026 Director Nominees

    | 2 | 2026 NOTICE AND PROXY STATEMENT |

  5. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS The Board of Directors of TriNet Group, Inc. (the "Board") is divided into three classes, each with a three-year term. Vacancies on the Board may be filled only by persons elected by a majority of the remaining directors, even if less than a quorum of the Board, or by a sole remaining director. A director elected by the Board to fill a vacancy in a class, including vacancies created by an increase in the number of directors, shall serve for the remainder of the full term of that class and until their successor is duly elected and qualified. As of the date of filing of this Proxy Statement, our Board has twelve members. Michael J. Angelakis, David C. Hodgson, Jacqueline Kosecoff and Michael Q. Simonds are Class III directors whose terms of office expire at the 2026 Annual Meeting. Each of the directors listed below has been recommended for reelection by our Nominating and Corporate Governance Committee and has been nominated for reelection by our Board. Pursuant to our Bylaws, if elected at the 2026 Annual Meeting, each of these nominees would serve until our 2029 Annual Meeting of Stockholders and until their successors have been duly elected and qualified or a director’s service may cease sooner in the event of such director's death, resignation or removal. Our nominees will be elected by a plurality of the votes of the holders of shares attending the 2026 Annual Meeting or represented by proxy and entitled to vote on the election of directors at our 2026 Annual Meeting. This means that the four nominees receiving the highest number of affirmative votes, even if less than a majority of the shares outstanding on the record date, will be elected as four members of the Board. Shares represented by executed proxies will be voted, if authority to do so is not withheld, for the election of the four nominees named below. If any nominee becomes unavailable for election for any reason, shares that would have been voted for that nominee will instead be voted for the election of a substitute nominee proposed by the Board. We have no reason to believe that any nominee will be unable to serve. The following is a brief biography of each nominee for election at our 2026 Annual Meeting and each director whose term will continue after our 2026 Annual Meeting.

  6. Board Composition

    Board Composition TriNet recognizes that breadth in experience, skill sets, and personal backgrounds of members of our Board are one of the keys to good governance. Currently, we have 12 directors on our Board.

  7. Board Composition

    | | THE BOARD OF DIRECTORS RECOMMENDS A VOTE IN FAVOR OF EACH NAMED NOMINEE |

  8. Board Composition

    | 2026 NOTICE AND PROXY STATEMENT | 3 |

  9. Board Composition

    | Proposal 1 | Table of Contents |

  10. Nominees for Election

    Nominees for Election

  11. Nominees for Election

    | MICHAEL J. ANGELAKIS | | | Independent Director Age: 61 Joined the Board: 2017 Committee Memberships: •Compensation and Human Capital Management •Nominating and Corporate Governance | Michael J. Angelakis has been a member of our Board since February 2017. Mr. Angelakis has served as the Chairman and CEO of Atairos Management, L.P. since August 2015. He has also served as a senior advisor to the Executive Management Committee of Comcast Corporation since January 2016, and, prior to founding Atairos, served as Comcast Corporation’s Vice Chair from 2011 to October 2015 and CFO from March 2007 to July 2015. Prior to joining Comcast, from 1999 to 2007, Mr. Angelakis served as a Managing Director and a member of the Management and Investment Committees of Providence Equity Partners. Mr. Angelakis serves on the board of directors of the following public companies: American Express Company since March 2025, Exxon Mobil Corporation since March 2021, and Lucky Strike Entertainment Corporation since July 2017. Mr. Angelakis previously served on the board of directors of Clarivate PLC from December 2021 to June 2025, Hewlett Packard Enterprises from October 2015 to March 2020 and Duke Energy Corporation from October 2015 to August 2017, as the Chairman of the Board for the Federal Reserve Bank of Philadelphia from October 2015 to August 2017, and as a trustee of Babson College. Mr. Angelakis was elected as a director of TriNet pursuant to the terms of the Stockholder Agreement, dated as of December 21, 2016, between TriNet and AGI-T, L.P., an affiliate of Atairos Group, Inc. Mr. Angelakis holds a B.S. from Babson College and is a graduate of the O/P Management Program at Harvard Business School. The Nominating and Corporate Governance Committee believes that Mr. Angelakis is qualified to serve on the Board based on his extensive investment, financial and managerial experience and leadership gained through his senior management roles in the media and telecommunications industries, including as the CFO of a public company, as well as experience as a director of other public companies. |

  12. Nominees for Election

    | DAVID C. HODGSON | | | Chairman of the Board Age: 69 Joined the Board: 2005 Committee Memberships: •Nominating and Corporate Governance | David C. Hodgson has been a member of our Board since June 2005 and has served as the Chair of our Board since May 2018. Mr. Hodgson is Vice Chairman and a Managing Director of General Atlantic, a global growth private equity firm he helped found in 1982. Mr. Hodgson is former Chair and current member of the Board of Trustees of Johns Hopkins Medicine since July 2010. Mr. Hodgson has served on the board of directors of Johns Hopkins HealthCare and Johns Hopkins Medicine International since 2012. Mr. Hodgson has been Chair of the Manhattan Theatre Club since 1992 and has served on the President's Leadership Council of the Dartmouth College Board of Trustees since 2020. Mr. Hodgson has also been a member of the Advisory Council at Stanford Graduate School of Business since 2018 and is a member of the Partnership Committee of GASC MGP, LLC. Mr. Hodgson is Chairman Emeritus of the board of Echoing Green and is Trustee Emeritus of Johns Hopkins University. He is currently a director of two public companies, Royalty Pharma since June 2022 and Alignment Healthcare since May 2024. He also serves as a director for UK-based private company Howden Group since 2013. Mr. Hodgson also served on the board of directors of DHI Group, Inc. from August 2005 to May 2014. Mr. Hodgson holds a B.A. in Mathematics and Social Sciences from Dartmouth College and an M.B.A. from the Stanford University Graduate School of Business. The Nominating and Corporate Governance Committee believes that Mr. Hodgson is qualified to serve on our Board based on his experience as a member of the board of directors of a number of public and private companies and his experience assisting companies in their development as a Managing Director of General Atlantic. |

  13. Nominees for Election

    | 4 | 2026 NOTICE AND PROXY STATEMENT |

  14. Nominees for Election

    | Table of Contents | Proposal 1 |

  15. Nominees for Election

    | JACQUELINE KOSECOFF | | | Independent Director Age: 76 Joined the Board: 2020 Committee Memberships: •Compensation and Human Capital Management •Risk | Jacqueline Kosecoff has been a member of our Board since January 2020. Since March 2012, Dr. Kosecoff has been a Managing Partner of Moriah Partners, a venture capital and private equity investing firm. She has also been a senior advisor of Warburg Pincus, a private equity investing firm since March 2012. Dr. Kosecoff has also served on public company boards, including Alignment Healthcare since March 2017. She previously served on the public company boards of Sealed Air Corporation from May 2005 to May 2021, GoodRx from May 2016 to June 2023, STERIS plc from October 2003 to July 2025, and Houlihan Lokey, Inc. from June 2016 to September 2025. She currently serves on the private company boards of Independent Living Systems, LLC since April 2013, Intelligent Medical Objects since October 2023, InformedDNA since April 2020, Alegeus Technologies, LLC since August 2021, Iris Telehealth, Inc. since July 2021 and Convergint since May 2025. Dr. Kosecoff holds a B.A. from the University of California, Los Angeles, an M.S. in Applied Mathematics from Brown University, and a doctorate from the University of California, Los Angeles. The Nominating and Corporate Governance Committee believes that Dr. Kosecoff is qualified to serve on our Board based on her extensive healthcare industry experience, leadership gained through her senior management roles in a variety of healthcare companies, and her service on the board of directors of other public companies. |

  16. Nominees for Election

    | MICHAEL Q. SIMONDS | | | Director President and Chief Executive Officer Age: 52 Joined the Board: 2024 Committee Memberships: •None | Michael Q. Simonds is President and CEO of TriNet and joined the Company and the Board in February 2024. Before joining TriNet, Mr. Simonds joined Unum Group, a Fortune 500 provider of workplace benefits and services, in 2003, and served as Executive Vice President and Chief Operating Officer at Unum, from February 2020 to February 2024. In this role, Mr. Simonds was responsible for all of Unum’s active businesses, collectively serving nearly 40 million workers and their families globally. He previously served as President and CEO of Unum US, Unum Group’s largest business unit, as well as other management positions at Unum. During this time, Mr. Simonds helped to lead the company's investments in a differentiated customer experience through HCM partnerships and expansion in voluntary benefits, dental, vision, and absence management solutions. Prior to Unum, Mr. Simonds served a range of financial institutions as a consultant at McKinsey & Company from 2001 to 2003 and has served on a number of non-profit boards focused on issues of health, education, and financial stability. He holds a B.A. from Bowdoin College in Economics and Anthropology and an M.B.A. from Harvard Business School. The Nominating and Corporate Governance Committee believes Mr. Simonds is qualified due to his extensive knowledge of the insurance industry and experience as Chief Operating Officer at Unum as well as his knowledge of the daily workings of TriNet which helps the Board oversee strategy execution. |

  17. Nominees for Election

    | | THE BOARD OF DIRECTORS RECOMMENDS A VOTE IN FAVOR OF EACH NAMED NOMINEE |

  18. Nominees for Election

    | 2026 NOTICE AND PROXY STATEMENT | 5 |

  19. Nominees for Election

    | Proposal 1 | Table of Contents |

  20. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

  21. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | RALPH A. CLARK | | | Independent Director Age: 67 Joined the Board: 2021 Committee Memberships: •Nominating and Corporate Governance (Chair) •Compensation and Human Capital Management | Ralph A. Clark has been a member of our Board since March 2021. Mr. Clark has served as the President and CEO of SoundThinking, Inc. since June 2010. Prior to joining SoundThinking, Mr. Clark was the CEO of GuardianEdge Technologies, a company that he joined in 2005, which was acquired by Symantec in 2010. Mr. Clark also served as the Vice President of Finance of Adaptec, Inc. and as the CFO of Snap Appliance which was acquired by Adaptec. Mr. Clark started his career as a marketing representative with the data processing division of IBM. Post business school, Mr. Clark spent three years in investment banking with Goldman Sachs and Merrill Lynch. Mr. Clark has served on the board of Glowforge, Inc., a private Seattle-based company, from September 2021 to October 2025. He is a former board member and chair emeritus of Pacific Community Ventures, former board member and chair of the Oakland Boys and Girls Club, former trustee and Vice-Chair of the Oakland Museum of California, and former trustee of the American Conservatory Theater. He has also served on the Harvard Business School Global Advisory Board since February 2019. Mr. Clark graduated with a B.S. in Economics from University of the Pacific, Stockton, California in 1981 and with an M.B.A. from Harvard Business School in 1993. The Nominating and Corporate Governance Committee believes Mr. Clark is qualified due to his experience as President and CEO of SoundThinking, which gives him knowledge and insight into the management needs and growth strategy of a publicly traded company. |

  22. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | MARIA CONTRERAS-SWEET | | | Independent Director Age: 70 Joined the Board: 2020 Committee Memberships: •Risk (Chair) •Nominating and Corporate Governance | Maria Contreras-Sweet has been a member of our Board since November 2020. Ms. Contreras-Sweet became the Managing Member of Contreras Sweet Enterprises, in June 2017 and Rockway Equity Partners, LLC, in August 2017. From April 2014 through January 2017, Ms. Contreras-Sweet served as the 24th Administrator of the U.S. Small Business Administration and as a member of President Barack Obama’s cabinet. Ms. Contreras-Sweet was also a founder of ProAmerica Bank, where she served as Executive Chair from 2006 to 2014. Ms. Contreras-Sweet was Co-Founder and Managing Partner of Fortius Holdings from 2004 to 2006. Prior to that, Ms. Contreras-Sweet served as the California Cabinet Secretary of the Business, Transportation and Housing Agency from 1999 to 2003. Ms. Contreras-Sweet has been a director of Regional Management Corporation since January 2018 and Zions Bancorporation since April 2021. She has also served on the private company board of Vistage Worldwide since August 2023 and on the nonprofit board of the Bipartisan Policy Center since February 2018. She also serves as Chair of the Los Angeles World Affairs Council and is a distinguished fellow of the Larta Institute. In addition, Ms. Contreras-Sweet served on the Sempra Energy board of directors from March 2017 to May 2023. Ms. Contreras-Sweet has been bestowed with numerous Honorary Doctorates including from Tufts University, Whittier College and California State University, Los Angeles. The Nominating and Corporate Governance Committee believes that Ms. Contreras-Sweet possesses extensive knowledge and executive experience in state and federal government, corporate, entrepreneurial and nonprofit sectors. |

  23. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | 6 | 2026 NOTICE AND PROXY STATEMENT |

  24. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | Table of Contents | Proposal 1 |

  25. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | BRIAN C. EVANKO | | | Independent Director Age: 49 Joined the Board: 2024 Committee Memberships: •Finance and Audit | Brian C. Evanko has been a member of our Board since July 2024. Mr. Evanko has served in various roles with The Cigna Group with increasing levels of authority since 1998, including serving as President and COO since March 2025. In addition, Mr. Evanko served as President and Chief Executive Officer of Cigna Healthcare from January 2024 to March 2025. Mr. Evanko served as Chief Financial Officer of The Cigna Group from January 2021 to March 2025. From November 2017 to January 2021, Mr. Evanko led Cigna Healthcare's U.S. Government business, which included Medicare Advantage, Government Pharmacy, Medicaid, Individual and Family Plans (IFP), and Cigna Supplemental Benefits. Mr. Evanko also previously served as President of U.S. Individual and Voluntary Businesses for Cigna Healthcare, where he led the implementation of the Affordable Care Act for the company's Individual Exchange. He currently serves as Vice Chair of the nonprofit board of the Connecticut Science Center, where he has been a director since May 2018. Mr. Evanko earned a B.A. in actuarial science from Pennsylvania State University and is a Fellow of the Society of Actuaries (FSA), Member of the American Academy of Actuaries (MAAA) and a Chartered Financial Analyst (CFA). The Nominating and Corporate Governance Committee believes Mr. Evanko is qualified to serve as a director due to his experience as a public company CFO and his knowledge of the insurance industry. |

  26. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | JANET H. KENNEDY | | | Independent Director Age: 65 Joined the Board: 2025 Committee Memberships: •Finance and Audit •Compensation and Human Capital Management | Janet Kennedy joined TriNet's Board in September 2025. Ms. Kennedy is a seasoned executive with more than 40 years of experience leading digital and technology transformations. Most recently, Ms. Kennedy served as VP, North America Regions of Google Cloud at Alphabet, Inc. from July 2019 to April 2023, focused on helping clients leverage emerging technologies to develop and execute their digital transformations. Ms. Kennedy also previously served as a Partner/Principal, Americas Digital Transformation Leader at Ernst & Young from 2018 to 2019. Prior to that, Ms. Kennedy held a variety of positions at Microsoft Corporation, including as Vice President, MSUS Digital Transformations Leader from 2017 to 2018, President, Microsoft Canada from 2013 to 2017, U.S. Enterprise, VP, West and Central Regions from 2009 to 2013, District General Manager – Midwest EPG from 2006 to 2008, Director, Retail and Hospitality Industry from 2005 to 2006, and Regional Sales Director, Retail and Hospitality from 2002 to 2004. Ms. Kennedy also served at IBM Corporation in various roles from 1983 to 2002. Ms. Kennedy also currently serves on the board of directors for Canadian Pacific Kansas City Limited since April 2023, where she serves as chair of the Audit and Finance Committee and as a member of the Integration Committee. Canadian Pacific Kansas City acquired Kansas City Southern railroad, where she served as a public board director since May 2017 to April 2023. Ms. Kennedy joined the Duluth Holdings, Inc in August 2023 and serves on the Audit Committee. Ms. Kennedy holds a B.S. in Industrial Management/Industrial Engineering from Purdue University and an M.B.A. from the McColl School of Business at Queens University of Charlotte. The Nominating and Corporate Governance Committee believes Ms. Kennedy is qualified to serve as a director due to her extensive financial and digital technology experience. |

  27. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | 2026 NOTICE AND PROXY STATEMENT | 7 |

  28. Directors Continuing in Office Until Our 2027 Annual Meeting of Stockholders

    | Proposal 1 | Table of Contents |

  29. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

  30. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    | PAUL CHAMBERLAIN | | | Independent Director Age: 62 Joined the Board: 2015 Committee Memberships: •Compensation and Human Capital Management (Chair) •Finance and Audit | Paul Chamberlain has been a member of our Board since December 2015. Since January 2015, Mr. Chamberlain has operated his own strategic and financial advisory firm, PEC Ventures. Prior to starting PEC Ventures, Mr. Chamberlain worked at Morgan Stanley, a multinational investment bank and financial services company, for 26 years, most recently as Managing Director and Co-Head of Global Technology Banking. Mr. Chamberlain has served on the board of directors of ServiceNow, Inc. since October 2016 and previously served on the board of directors of Veeva Systems, Inc. from December 2015 through June 2023. Mr. Chamberlain has taught at Princeton University’s Bendheim Center of Finance since January 2023 and previously served as a visiting professor at Princeton’s Keller Center for Entrepreneurial Studies. Mr. Chamberlain has served on the Strategic Advisory Committee of JobTrain, Menlo Park, a California-based vocational and life skills training group since July 2020. Mr. Chamberlain holds a B.A. in History, magna cum laude, from Princeton University in 1985 and an M.B.A. from Harvard Business School in 1989. The Nominating and Corporate Governance Committee believes that Mr. Chamberlain is qualified to serve on our Board based on his strategic and financial expertise, his public board work with other leading technology companies and his past experience as a Managing Director of Morgan Stanley. |

  31. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    | WAYNE B. LOWELL | | | Independent Director Age: 70 Joined the Board: 2009 Committee Memberships: •Finance and Audit (Chair) •Risk | Wayne B. Lowell has been a member of our Board since August 2009. From March 2012 until November 2017, Mr. Lowell served as Chair and CEO of Senior Whole Health Holdings, Inc., a health insurance company focused on providing health insurance coverage to senior citizens. From 1998 to 2012, Mr. Lowell served as President of Jonchra Associates, LLC, which provided strategic, operating and financial advice to senior management of private equity-funded and publicly-held entities. Earlier, Mr. Lowell worked for PacifiCare Health Systems, which was a Fortune 500 healthcare company where he held various positions of increasing authority, ultimately serving as Executive Vice President, CFO and Chief Administrative Officer. Mr. Lowell served on the board of directors of Addus Homecare Corporation from January 2010 to June 2013. Mr. Lowell holds a B.S. in Accounting from the University of Maryland and an M.B.A. from the University of California, Irvine. Mr. Lowell is a Certified Public Accountant. The Nominating and Corporate Governance Committee believes that Mr. Lowell is qualified to serve on our Board based on his years of experience in the health care industry and his past experience as a CFO. |

  32. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    | 8 | 2026 NOTICE AND PROXY STATEMENT |

  33. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    | Table of Contents | Proposal 1 |

  34. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    | MADHU RANGANATHAN | | | Independent Director Age: 61 Joined the Board: 2025 Committee Memberships: •Finance and Audit •Risk | Madhu Ranganathan joined TriNet's Board in September 2025. Ms Ranganathan previously served as OpenText's CFO of Corporate Development from April 2024 to March 2025 and as Executive Vice President, Chief Financial Officer in April 2018 until April 2024. Ms. Ranganathan served as the Chief Financial Officer for [24]7.ai from June 2008 to March 2018. Ms. Ranganathan also held senior financial roles at Rackable Systems from December 2005 to May 2008, Redback Networks from August 2002 to November 2005, and Backweb Technologies from December 1996 to January 2000. She also has public accounting experience with PricewaterhouseCoopers LLC. Ms. Ranganathan currently serves as a Board member for the Bank of Montreal since April 2021 and Akamai Technologies since June 2019. She previously served on the board of Micro Focus International form 2023 to 2025. She also previously served as a Board member of ServiceSource and Watermark, a Bay Area organization focused on professional development for women. Ms. Ranganathan holds an M.B.A. in Finance from the University of Massachusetts, is a member of the AICPA and a Chartered Accountant (India). The Nominating and Corporate Governance Committee believes that Ms. Ranganathan is qualified to serve on our Board based on her extensive experience in the tech industry and her experience as a public company CFO. |

  35. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    | MYRNA SOTO | | | Independent Director Age: 57 Joined the Board: 2021 Committee Memberships: •Risk •Nominating and Corporate Governance | Myrna Soto joined TriNet's Board in May 2021. Ms. Soto’s cybersecurity experience includes her current role as an advisory board member for venture capital firm ForgePoint Capital since March 2019, as well as previous positions that include Chief Strategy & Trust Officer for ForcePoint from May 2020 to May 2021, Chief Operating Officer for Digital Hands from March 2019 to May 2020, strategic advisor to the CEO for Bay Dynamics from July 2015 to December 2019, and Global Chief Information Security Officer for Comcast from 2009 to 2018. Her experience also includes leadership and advisory roles with MGM Resorts International, Royal Caribbean Cruises, American Express and Norwegian Cruise Lines, among others. Ms. Soto currently serves on several public company boards, including Consumers Energy/CMS Energy since January 2015 and Popular Inc. from July 2018 until May 8, 2026. Ms. Soto also serves on the boards of two private companies, Delinea since July 2021 and Vectra.ai since June 2023. She previously served on the boards of Headspace from October 2021 to August 2024, Huntress from September 2023 to August 2024 and Spirit Airlines from July 2018 to March 2025. Ms. Soto has also served as a senior investment advisor in the private equity space for TPG since January 2022. Ms. Soto earned an M.B.A and an M.S. from Nova Southeastern University, as well as a B.A. in Psychology from Florida International University. She also holds a master certificate in project management and information technology management from The George Washington University School of Business. Ms. Soto is a Board of Governance Fellow for the National Association of Corporate Directors. The Nominating and Corporate Governance Committee believes Ms. Soto is qualified due to having over 30 years of experience in the information technology and cybersecurity fields and currently serves on multiple public company boards and has both compensation and audit committee experience. |

  36. Directors Continuing in Office Until Our 2028 Annual Meeting of Stockholders

    | 2026 NOTICE AND PROXY STATEMENT | 9 |

  37. Executive Transition

    Executive Transition Ms. Murthy was appointed as the Company’s Executive Vice President, Chief Financial Officer to succeed Ms. Tuminelli, effective November 28, 2025. The CHCM Committee worked with its independent compensation consultant to design a compensation package intended to appropriately incentivize Ms. Murthy in her new role and to establish long-term alignment with the creation of shareholder value. Certain one-time awards as described below also were approved by the CHCM Committee following consideration of Ms. Murthy's foregone compensation opportunities with her prior employer. In connection with Ms. Murthy's appointment, the CHCM Committee approved (i) a one-time new hire time-based restricted stock unit award ("RSU") with a target value of $500,000, which will vest in full on December 15, 2026, subject to Ms. Murthy's continued service, and (ii) a one-time, time-based RSU with a target value of $4.1 million vesting over a four-year vesting period subject to Ms. Murthy's continued service. Ms. Murthy also received a one-time cash sign-on bonus of $500,000, which is subject to repayment if Ms. Murthy resigns or is terminated for cause within the first 12 months of employment. The amount subject to repayment in such case would be the total sign-on bonus amount reduced by 1/12 for each completed month of employment. In addition, the CHCM Committee approved payment of Ms. Murthy’s target annual cash bonus for 2025, pro-rated for her partial year of employment, based solely on her continued service through the applicable payment date.

  38. Executive Transition

    To support a smooth transition in the leadership of the Company, Ms. Tuminelli entered into a transition agreement with the Company on October 25, 2025, pursuant to which she provided transition services to the Company in a non-executive role from November 28, 2025 until her separation from the Company effective March 16, 2026. Ms. Tuminelli’s separation from the Company constituted a qualifying termination without cause as defined under the Company’s Severance Plan. Please see the section “Potential Payments Upon Termination or Change in Control” for additional information regarding Ms. Tuminelli’s separation payments.

  39. Executive Compensation Policies and Practices

    | What We Do | | What We Don’t Do | | | ☑ | We Pay for Performance. In 2025, 90% of the compensation(1) for our CEO was at risk and an average of 81% of the compensation for our other NEOs was at risk. For more details, see the charts in the section titled "Compensation Mix" below. | ☒ | We Do Not Guarantee Salary Increases or Annual Bonuses. Our Senior Executive Management is not guaranteed salary increases or annual bonuses for any year except in limited circumstances. | | ☑ | We Engage an Independent Advisor. The CHCM Committee engages an independent compensation consultant to provide analysis, advice and guidance on executive compensation matters. | ☒ | We Do Not Permit Hedging, Pledging or Short Sales. Our employees, executive officers, and directors are prohibited from making put or call options or short sales of Company securities, engaging in hedging transactions involving Company securities, and pledging Company securities as collateral for a loan. | | ☑ | We Have Independent Committees. Each of our Board committees is comprised solely of independent directors under NYSE listing rules. | ☒ | We Do Not Provide Excise Tax Gross-ups. Our Senior Executive Management does not receive tax “gross-ups” on excise taxes in connection with change in control arrangements. | | ☑ | We Conduct an Annual Peer-Based Review. The CHCM Committee, assisted by its compensation consultant, annually reviews our executive compensation program against the competitive market using a group of peer companies as a reference. | ☒ | We Do Not Maintain Executive Pension Plans. Our Senior Executive Management is not entitled to participate in defined benefit pension arrangements and has no accrued benefits in any such TriNet arrangements. | | ☑ | We Have Robust Stock Ownership Guidelines. We maintain equity ownership guidelines for our officers subject to Section 16 of the Exchange Act and the members of our Board, each of which do not give credit for unvested or unexercised equity awards. | ☒ | We Do Not Offer Supplemental Executive Retirement. Our Senior Executive Management is not entitled to supplemental executive retirement benefits. | | ☑ | We Have a Compensation Recovery ("Clawback") Policy. We maintain a compensation recovery (“clawback”) policy under which we are required to seek reimbursement of certain cash and performance based equity incentive payments erroneously paid to our NEOs and other current and former officers subject to Section 16 of the Exchange Act in the event of financial certain restatements. | ☒ | We Do Not Have "Single Trigger" Change in Control Provisions. Our change in control benefits and plans are based on a “double trigger” arrangement, such that no payments are made solely by virtue of a change in control. |

  40. Role of CHCM Committee

    Role of CHCM Committee The CHCM Committee oversees our Senior Executive Management compensation and benefit policies, administers our equity compensation plans, and annually reviews and approves the compensation decisions affecting our Senior Executive Management with the assistance of its independent compensation consultant, Meridian. The CHCM Committee considers many factors when making compensation decisions related to our Senior Executive Management Team. Some of these factors include: •the compensation analysis provided by Meridian, including relevant competitive market data; •the recommendations of our CEO (except with respect to his own compensation); •our corporate growth and other elements of financial performance; •the individual achievement of each Senior Executive Management team member against their management objectives; •performance levels, including consistent exceptional performance; •retention risk; •the expected future contribution of the individual Senior Executive Management team member; •internal pay equity based on the impact on our business and performance; •the Senior Executive Management team member’s existing equity awards and stock holdings; and •the potential dilutive effect of new equity awards on our stockholders. The CHCM Committee considers these factors when making decisions with respect to individual elements of pay and with respect to total compensation opportunities. The CHCM Committee does not weight these factors in any predetermined manner nor does it apply any formulas in making its compensation decisions. The members of the CHCM Committee consider these factors given their individual experience, knowledge of the competitive market, knowledge of our Senior Executive Management and business judgment in making decisions regarding executive compensation and our Senior Executive Management compensation program.

  41. Role of the Compensation Consultant

    Role of the Compensation Consultant The CHCM Committee has the authority under its charter to retain the services of one or more external advisors, including compensation consultants, legal counsel, accounting, and other advisors, to assist it in the performance of its duties and responsibilities. The CHCM Committee makes all determinations regarding the engagement, fees and services of these external advisors, and any such external advisor reports directly to the CHCM Committee.

  42. Role of the Compensation Consultant

    | 32 | 2026 NOTICE AND PROXY STATEMENT |

  43. Role of the Compensation Consultant

    | Table of Contents | Compensation Discussion and Analysis |

  44. Role of the Compensation Consultant

    The CHCM Committee may replace any of its advisors or hire additional advisors at any time. The CHCM Committee engaged Meridian as its compensation consultant to assist it in connection with its reviews, analyses and determinations with respect to the compensation of our Senior Executive Management. The CHCM Committee reviews Meridian's engagement annually. The nature and scope of the services provided to the CHCM Committee by Meridian during 2025 were as follows: •assisted in refining our overall compensation strategy and design of the annual and long-term incentive compensation plans; •evaluated the efficacy of our compensation policies and practices to support and reinforce our long-term strategic goals; •provided advice with respect to compensation best practices and market trends; •evaluated our compensation peer group to be used in the development of competitive compensation levels and practices; •provided competitive market data and analysis relating to the compensation of our senior personnel, including our NEOs; •evaluated the competitiveness of our executive and non-employee director compensation programs; •assisted the CHCM Committee in its risk assessment of the Company's executive compensation programs; •provided ad hoc advice and support throughout the year; and •assisted with the development of our executive compensation-related disclosure in consultation with our legal advisors. Representatives of Meridian attend meetings of the CHCM Committee, as requested, and communicate with the CHCM Committee Chair and with management as circumstances warrant. All Senior Executive Management compensation decisions, however, are made by the CHCM Committee or full Board, as appropriate. For further discussion regarding the compensation consultant independence evaluation process, see the section titled "Information Regarding Committees of the Board of Directors - CHCM Committee Processes and Procedures" above.

  45. Use of Competitive Market Data

    Use of Competitive Market Data The CHCM Committee, assisted by Meridian, has developed a compensation peer group which is used to assess the competitive market for executive talent. In selecting our peer group, the CHCM Committee, with the input of Meridian, identified companies that it believed were comparable to us, taking into consideration the size of each company (based primarily on revenues and market capitalization) and the following additional factors: •the comparability of the company’s business model; •the company’s business services focus; •the comparability of the company’s organizational complexities and growth attributes; and •the comparability of the company’s operational performance. The CHCM Committee approved the following group of peer companies in 2024 to aid in the evaluation of our 2025 Senior Executive Management compensation program. At the time the peer group was approved, the selected companies had revenues ranging from approximately $1.7 billion to approximately $7.3 billion with an overall median of $4.5 billion. The peer group also had market capitalization ranging from approximately $757 million to approximately $78.2 billion with an overall median of $7.8 billion.

  46. Use of Competitive Market Data

    | Peer Group | | | | Broadridge Financial Solutions, Inc. | Gartner, Inc. | Paycom Software, Inc. | | Cadence Design Systems, Inc. | Genpact Limited | Primerica, Inc. | | CNO Financial Group, Inc. | Insperity, Inc. | SS&C Technologies Holdings, Inc. | | Conduent Incorporated | Maximus, Inc. | Teradata Corporation | | FTI Consulting, Inc. | Paychex, Inc. | Workday, Inc. |

  47. Use of Competitive Market Data

    | 2026 NOTICE AND PROXY STATEMENT | 33 |

  48. Use of Competitive Market Data

    | Compensation Discussion and Analysis | Table of Contents |

  49. Use of Competitive Market Data

    As part of the annual review of the peer companies and following a review of select industries, company revenues and market capitalization, Meridian recommended, and the CHCM Committee approved, the addition of Paycom Software Inc. and Workday, Inc. and the removal of Synopsys, Inc. and American Equity Investment Life Holding Company for 2025. The CHCM Committee believes that the evaluation of information regarding the compensation practices at other companies is useful as a reference point for its compensation decisions in two primary respects. First, the CHCM Committee recognizes that our compensation policies and practices must be competitive in the marketplace. Second, this information is useful in assessing the reasonableness and appropriateness of individual compensation elements and of our overall compensation packages. As noted under the heading "Oversight and Design of our Compensation Program" above, the CHCM Committee's review of peer group data is only one of several factors that the CHCM Committee considers in making its decisions with respect to the compensation of our Senior Executive Management. For instance, in addition to peer group data, the CHCM Committee also reviews broad-based compensation survey data for some of its executive positions, and takes into consideration, among other factors, our Company's performance, individual achievement and expected achievement, and retention risk.

  50. Compensation Elements

    | Compensation Element | | Purpose | Key Features | | Base Salary | | Provide a competitive level of fixed compensation based on the market value of the position. Rewards experience and expected future contribution. | Established based on competitive comparisons, level of responsibility and the facts and circumstances of each executive officer and each individual position. | | Annual Cash Incentives | | Motivate achievement of pre-established short-term Company and individual performance objectives. | Actual payment is at-risk and varies based on the achievement of pre-established, short-term Company and individual performance objectives. | | Long-term Equity Incentive Awards | Time-based Equity Awards | Attract and retain senior executives and align their interests with the long-term market value of our common stock. | Granted annually, these awards vest over four years to achieve our retention objectives. Actual payment varies based on the market price of our common stock at the time of vesting. | | | Performance-based Equity Awards | Motivate achievement of long-term, strategic Company performance objectives. | Actual payment occurs over multiple years, is at-risk and varies based on the achievement of long-term strategic Company performance objectives. |

  51. Compensation Elements

    In addition to the compensation elements outlined above, our Senior Executive Management participates in Company-wide employee benefit plans on terms and conditions that are generally consistent with those applicable to our non-executive U.S. employees. Our Senior Executive Management is also eligible for severance and double-trigger change in control severance payments and benefits, as described under the heading “Potential Payments Upon Termination or Change in Control” below.

  52. Compensation Mix

    Compensation Mix Our Senior Executive Management compensation program is designed to align the interests of our Senior Executive Management with those of our stockholders. As a result, a significant percentage of the annual target total direct compensation of our executives is in the form of long-term equity awards and annual cash incentive awards and thus is variable and "at risk." For all NEOs (other than Ms. Murthy), 50% of the long-term equity award granted in 2025 was in the form of performance-based restricted stock unit awards ("PSUs"), and the other 50% was granted in the form of RSUs. Ms. Murthy was not granted PSUs in 2025 due to her start date occurring in the fourth quarter of the year. Ms. Murthy was granted one-time RSU awards with a total target value of $4.6 million, as described in further detail below. Our equity awards have realizable value linked to share price and, in the case of PSUs, are tied to the long-term achievement of Company-wide financial objectives, while our annual cash incentive awards are tied to a combination of near-term financial goals alongside individual performance in furtherance of Company strategy. We believe these performance measures, established goals and objectives correlate with and drive long-term stockholder value creation. This allows us to incentivize and reward our Senior Executive Management for achieving and/or exceeding strategic Company goals and financial objectives, while ensuring that a significant portion of compensation remains variable and “at risk” in the event that our strategic and financial goals are not achieved or as a result of our stock price performance. The following charts show the 2025 compensation mix for our CEO and the average 2025 compensation mix for our other current NEOs (excluding Ms. Murthy), in each case assuming target achievement under our annual cash incentive plan and based on the target grant date value of equity awards granted during 2025.

  53. Compensation Mix

    | | CEO | | Other NEOs(1) | | | | | | | | ■ Base Salary | ■ Annual Cash Incentive | | | | ■ Long-Term Performance-based Equity | ■ Long-Term Time-based Equity | |

  54. Nonrecurring Amounts

    Nonrecurring Amounts From time to time, we provide special nonrecurring sign-on bonuses or equity grants to recruit and retain certain members of our Senior Executive Management team. In connection with her appointment as Chief Financial Officer, Ms. Murthy received (i) a sign-on cash bonus of $500,000, subject to repayment on a pro-rated basis upon a voluntary resignation or termination for cause within one year of her start date, and (ii) new hire equity awards consisting of an RSU award with target value of $500,000 that will vest in full on December 15, 2026, and an RSU award valued at $4.1 million that will vest over 4 years, in each case subject to Ms. Murthy’s continued service. In addition, Ms. Murthy received her target annual cash bonus for 2025 based solely on her continued service through the payment date, pro-rated for her partial year of service. As described above, these one-time awards were approved following consideration of Ms. Murthy's foregone compensation opportunities with her prior employer.

  55. 2025 Executive Bonus Plan Performance

    2025 Executive Bonus Plan Performance Professional Service Revenues and Adjusted EBITDA are the company-wide financial measures that we use to measure performance under the 2025 Executive Bonus Plan. For the definition of these non-GAAP measures as well as the application of certain individual performance goals for measuring total performance, see "2025 Executive Compensation-2025 Annual Cash Incentive Plan Performance Objectives" below. The following graphs show our actual achievement against these performance targets under our 2025 Executive Bonus Plan.

  56. 2025 Executive Bonus Plan Performance

    2025 Executive Bonus Plan Performance

  57. 2025 Performance-based Restricted Stock Unit Award Performance

    2025 Performance-based Restricted Stock Unit Award Performance Professional Service Revenue and GAAP EPS are the financial measures that we use to measure performance under our 2025 PSU awards. For the definition of these measures, see "2025 Executive Compensation-2025 Performance-Based Equity Incentive Awards" below. The following graph shows our achievement against these performance targets under our 2025 PSU awards.

  58. 2025 PSU Performance

    2025 PSU Performance

  59. 2025 PSU Performance

    | 2026 NOTICE AND PROXY STATEMENT | 37 |

  60. 2025 PSU Performance

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  61. Annual Cash Incentive Compensation

    Annual Cash Incentive Compensation We use annual cash incentives to motivate our executives to achieve our short-term financial and operational objectives and individual performance goals, while making progress towards our longer-term growth and strategic goals. All NEOs are eligible to receive an annual cash incentive not to exceed 200% of their individual target bonus. Unless otherwise indicated, the cash incentive awards our NEOs earn under our plan is "at-risk" and variable based on our achievement against these objectives. The target and actual annual cash incentive payouts for our NEOs for 2025 under the 2025 Executive Bonus Plan were:

  62. Annual Cash Incentive Compensation

    | Name | 2025 Target Annual Cash Incentive Opportunity ($) | 2025 Target Annual Cash Incentive Opportunity as % of Base Salary(1) (%) | 2025 Actual Annual Cash Incentive Award as a % of 2025 Target Opportunity (%) | 2025 Actual Annual Cash Incentive Award ($) | | Michael Q. Simonds | 1,500,000 | 150 | 84.8 | 1,272,000 | | Mala Murthy(2) | 650,000 | 100 | 9.3 | 60,548 | | Jay Venkat | 635,000 | 100 | 84.8 | 538,538 | | Jeffery Hayward | 550,000 | 100 | 97.5 | 536,417 | | Anthony Shea Treadway | 550,000 | 100 | 76.3 | 419,805 | | Kelly Tuminelli | 650,000 | 100 | 72.1 | 468,570 |

  63. Annual Cash Incentive Compensation

    (1)Cash Incentive Awards were paid as a percentage of the base salary levels in effect as of April 1, 2025. (2)The Cash Incentive Award paid to Ms. Murthy under the 2025 Executive Bonus Plan was pro-rated to reflect her appointment in November 2025 and based solely on continued service.

  64. Annual Cash Incentive Compensation

    | 38 | 2026 NOTICE AND PROXY STATEMENT |

  65. Annual Cash Incentive Compensation

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  66. 2025 Annual Cash Incentive Plan Performance Objectives

    2025 Annual Cash Incentive Plan Performance Objectives During the first quarter of each year, the CHCM Committee selects the financial performance measures, sets the target levels for those financial measures, and approves new individual and strategic performance goals (MBOs) to properly incentivize our Senior Executive Management, including our NEOs, to achieve key business objectives for the year and create long-term value for the Company’s stockholders. In early 2025, the CHCM Committee established the financial performance objectives and MBOs for our NEOs under our 2025 Executive Bonus Plan. When establishing the MBOs, the CHCM Committee may consider, among other things, prior year performance, market conditions and management's recommendations. As described in more detail below, the cash incentive award payouts for 2025 were based on our actual achievement against these financial objectives and MBOs. The financial performance objectives under our 2025 Executive Bonus Plan were Professional Service Revenue and adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). Professional Service Revenue is defined as fees charged to clients for processing payroll-related transactions on behalf of our PEO and Administrative Services Offering ("ASO") clients, access to our HR expertise, employment and benefit law compliance services, other HR-related and tax credit filing services and fees charged to access our cloud-based ASO services. Adjusted EBITDA is a non-GAAP financial measurement defined as: net income, excluding the effects of income tax provision, interest expense, bank fees and other, depreciation, amortization of intangible assets, stock-based compensation expense, amortization of cloud computing arrangements, transaction and integration costs, and restructuring costs. The CHCM Committee believes that such measures are appropriate to enable period-to-period comparisons on a consistent basis and, accordingly, to facilitate the development of future projections, while excluding costs that are not directly resulting from the Company’s core and ongoing operations. These measures are also defined and reported in "Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. For 2025, the target performance levels for these measures were as follows:

  67. 2025 Annual Cash Incentive Plan Performance Objectives

    | Financial Objective | Target ($ in millions) | | Professional Service Revenue | 713 | | Adjusted EBITDA | 406 |

  68. 2025 Annual Cash Incentive Plan Performance Objectives

    No bonus was payable to our executives with respect to the financial performance measures under our 2025 Executive Bonus Plan if we achieved Adjusted EBITDA of less than $345 million. We refer to this condition as the "Adjusted EBITDA Gate." The CHCM Committee established the financial performance targets at levels that it believed would be rigorous in the current climate and continue to drive a "pay for performance" culture after taking into account a number of factors including strategic and operational changes in the company's medium-term business plan and an uncertain external economic environment including small and medium size business hiring trends. The 2025 targets were aligned with guidance provided to the market, ensuring that compensation remains aligned with successful execution of the Company's strategy. In addition to the above financial performance objectives, management objectives, or MBOs for each of our NEOs were established as part of our 2025 Executive Bonus Plan. Our MBOs may be quantitative or qualitative goals, depending on the organizational priorities for a given year, and typically focus on key departmental or operational objectives or functions. Most of the MBOs are intended to provide a set of common objectives that facilitate collaborative management and engagement, although our NEOs also may be assigned individual goals. Even if financial objectives or MBO objectives, or both, are met, the CHCM Committee may determine to reduce or not pay cash incentive awards through its exercise of negative discretion depending on overall Company performance or individual performance.

  69. 2025 Annual Cash Incentive Plan Performance Objectives

    | 2026 NOTICE AND PROXY STATEMENT | 39 |

  70. 2025 Annual Cash Incentive Plan Performance Objectives

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  71. 2025 Annual Cash Incentive Plan Performance Objectives

    The CHCM Committee established the following common MBOs for our NEOs under our 2025 Executive Bonus Plan: •Achieve growth in new clients; •Enhance our customer journey; and •Foster an inclusive, collaborative and engaged culture.

  72. Weighting of 2025 Executive Bonus Plan Performance Objectives and Award Payout Range

    Weighting of 2025 Executive Bonus Plan Performance Objectives and Award Payout Range The CHCM Committee considered Company-wide financial performance as well as departmental and individual achievement in assigning weighting to the target annual cash incentive award opportunities for our NEOs under our 2025 Executive Bonus Plan. Pursuant to the terms of the plan, achievement of financial objectives received 60% weighting, evenly weighted between Professional Service Revenue and Adjusted EBITDA, and achievement of MBOs received 40% weighting. The CHCM Committee believes that aligning the executives' bonus targets and weightings in this manner supports achievement of our key financial and strategic business objectives. Payouts under our 2025 Executive Bonus Plan could scale between 0% and 200% of a NEO's target cash incentive award opportunity as follows: •Professional Service Revenue: For every 1% below goal, bonus scales down 10% and for every 1% above goal, bonus scales up by 10%; and •Adjusted EBITDA: For every 1% below goal, bonus scales down 6.67% and for every 1% above goal, bonus scales up by 4%. The following table shows the threshold, target and maximum performance levels (and the associated potential award) under our 2025 Executive Bonus Plan based on achievement of the company-wide financial metrics:

  73. Weighting of 2025 Executive Bonus Plan Performance Objectives and Award Payout Range

    | Performance Level | % of Professional Service Revenue Target (%) | Award (%) | % of Adjusted EBITDA Target (%) | | Threshold | 90 | 0 | 85 | | Target | 100 | 100 | 100 | | Maximum | 110 | 200 | 125 |

  74. Weighting of 2025 Executive Bonus Plan Performance Objectives and Award Payout Range

    Awards are realized only if the threshold level of performance is achieved, and payments are interpolated between the respective threshold, target and maximum levels as described above. Achievement of MBOs may impact funding of bonuses up to a maximum of 150% (each component is scaled) and equal to or less than the maximum award value in aggregate.

  75. Achievement and Actual Awards under Our 2025 Executive Bonus Plan

    Achievement and Actual Awards under Our 2025 Executive Bonus Plan In March 2026, the CHCM Committee determined that our actual achievement with respect to the financial objectives under our 2025 Executive Bonus Plan (described above) was as follows:

  76. Achievement and Actual Awards under Our 2025 Executive Bonus Plan

    | Financial Objective | 2025 Target ($ in millions) | 2025 Actual ($ in millions) | Achievement (%) | | Professional Service Revenue | 713 | 719 | 108.2 | | Adjusted EBITDA | 406 | 425 | 120.4 |

  77. Achievement and Actual Awards under Our 2025 Executive Bonus Plan

    | 40 | 2026 NOTICE AND PROXY STATEMENT |

  78. Achievement and Actual Awards under Our 2025 Executive Bonus Plan

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  79. Achievement and Actual Awards under Our 2025 Executive Bonus Plan

    In addition, the CHCM Committee evaluated and determined that the 2025 corporate MBOs had been attained at approximately 41% of target performance, which along with the financial performance metric achievement levels, results in approximately 85% of target annual cash incentives. After evaluation of individual performance, upon recommendation by and in consultation with the CEO, the CHCM Committee approved the Total 2025 Actual Cash Incentive Awards as indicated in the table below:

  80. Achievement and Actual Awards under Our 2025 Executive Bonus Plan

    | Name | Professional Service Revenue Target Weight (%) | Professional Service Revenue Achievement as % of Target (%) | Adjusted EBITDA Target Weight (%) | Adjusted EBITDA Achievement as % of Target (%) | MBO Target Weight (%) | Corporate MBO Achievement as % of Target (%) | Actual % of 2025 Target Incentive (%) | Total 2025 Actual Cash Incentive Award ($) | | Michael Q. Simonds | 30 | 108.2 | 30 | 120.4 | 40 | 40.5 | 84.8 | 1,272,000 | | Mala Murthy(1) | 30 | 108.2 | 30 | 120.4 | 40 | 40.5 | 9.3 | 60,548 | | Jay Venkat | 30 | 108.2 | 30 | 120.4 | 40 | 40.5 | 84.8 | 538,538 | | Jeffery Hayward | 30 | 108.2 | 30 | 120.4 | 40 | 40.5 | 97.5 | 536,417 | | Anthony Shea Treadway | 30 | 108.2 | 30 | 120.4 | 40 | 40.5 | 76.3 | 419,805 | | Kelly Tuminelli | 30 | 108.2 | 30 | 120.4 | 40 | 40.5 | 72.1 | 468,570 |

  81. Achievement and Actual Awards under Our 2025 Executive Bonus Plan

    (1)The Cash Incentive Awards paid to Ms. Murthy under the 2025 Executive Bonus Plan was pro-rated to reflect her appointment in November 2025 and based solely on continued service.

  82. 2025 Long-Term Equity Incentive Awards

    2025 Long-Term Equity Incentive Awards The CHCM Committee believes that equity compensation is integral to aligning the long-term interests of our Senior Executive Management with those of our stockholders. The CHCM Committee believes that by owning shares of our common stock, our Senior Executive Management has an incentive to act to maximize long-term stockholder value. This incentive to maximize long-term stockholder value is advanced further through our stock ownership guidelines. The CHCM Committee seeks to provide our Senior Executive Management with a blend of time-based and performance-based equity awards. Our time-based equity awards are important for attracting and retaining executive officers. Because our time-based equity awards generally vest on a quarterly basis over four years and vary in value based on the market value of our common stock, they also align the interests of our Senior Executive Management with the long-term market value of our common stock. Our performance-based equity awards reward our Senior Executive Management for achieving specific pre-established strategic business objectives, and impose additional time-based vesting, which the CHCM Committee believes also will continue to incentivize and reward Senior Executive Management for enhancing the long-term value of our common stock. During the first quarter of each year, the CHCM Committee evaluates, and may consider adjusting, the type and design of the equity awards, including establishing new financial performance criteria for the performance-based equity awards, to properly incentivize our Senior Executive Management, including our NEOs, to achieve key business objectives and create long-term value for our stockholders. For purposes of the 2025 equity award program, for all Senior Executive Management other than Ms. Murthy, the CHCM Committee determined to grant a blend of 50% RSUs and 50% PSUs, based on grant date value (assuming, with respect to the PSUs, achievement at the target performance level). Ms. Murthy was not granted any PSUs due to her later hire date in November 2025. In connection with her appointment, Ms. Murthy was granted (i) a new hire RSU award with target value of $500,000 that will vest in full on December 15, 2026; and (ii) a one-time RSU award with target value of $4.1 million that will vest over 4 years, in each case, subject to continued employment. As described above, these one-time awards were approved following consideration of Ms. Murthy's foregone compensation opportunities with her prior employer.

  83. 2025 Long-Term Equity Incentive Awards

    | 2026 NOTICE AND PROXY STATEMENT | 41 |

  84. 2025 Long-Term Equity Incentive Awards

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  85. 2025 Long-Term Equity Incentive Awards

    In 2025, the Equity Award Committee (a subcommittee established by the CHCM Committee and delegated authority to administer our equity plans and grant equity awards) granted the following equity awards to our NEOs:

  86. 2025 Long-Term Equity Incentive Awards

    | Name | Number of RSUs Granted (#) | Grant Date Value(1) ($) | Number of PSUs Granted at Target (#) | Grant Date Value at Target(1) ($) | | Michael Q. Simonds | 53,788 | 4,125,002 | 53,788 | 4,125,002 | | Mala Murthy | 76,528 | 4,600,098 | — | — | | Jay Venkat | 13,040 | 1,000,038 | 13,040 | 1,000,038 | | Jeffery Hayward | 13,040 | 1,000,038 | 13,040 | 1,000,038 | | Anthony Shea Treadway | 13,040 | 1,000,038 | 13,040 | 1,000,038 | | Kelly Tuminelli | 13,692 | 1,050,039 | 13,692 | 1,050,039 |

  87. 2025 Long-Term Equity Incentive Awards

    (1) Calculated based on the closing price of TriNet's common stock on the date of grant.

  88. 2025 Performance-Based Equity Incentive Awards

    2025 Performance-Based Equity Incentive Awards Our 2025 PSU awards were designed with a single-year performance measurement period subject to subsequent multi-year vesting requirements which provide a continued link to share price performance. 50% of the shares earned during the performance period (January 1, 2025 to December 31, 2025) will vest under the award at the end of the second year (December 31, 2026) and the remaining 50% of shares earned (if any) will vest under the award at the end of the third year (December 31, 2027), in each case contingent on continued employment with the Company. The CHCM Committee selected two equally-weighted performance measures for our 2025 PSU awards: our Professional Service Revenue and our GAAP EPS. We defined our "Professional Service Revenue" as the Company's annual Professional Service Revenue, as reported in the Company's audited financial statements for the fiscal year ended December 31, 2025, excluding the direct impact of any unplanned mergers or acquisitions (which either did not occur or had no material impact in 2025). Professional Service Revenue is a key measure for the business because it closely aligns to the Company's desire to grow its new and install customer base. We defined our "GAAP EPS" as the Company's GAAP EPS, as reported in the Company's audited financial statements for the fiscal year ended December 31, 2025. The CHCM Committee believes these performance measures are an appropriate means to evaluate the effectiveness of our business strategies over time and our annual profitability, both of which are important to our objective of creating long-term stockholder value. Under the 2025 PSUs, the amount actually earned pursuant to these awards is determined based on the Company's results against the above-described performance measures, with the number of shares of our common stock earned determined by employing a multiplier for each performance measure scaled from 0% to 200% of the target award (interpolating between threshold, target and maximum performance), as shown in the table below, provided that if the MBOs in the 2025 Executive Bonus Plan were not achieved at 60% of target or more, the maximum Performance Multiplier for the PSUs could be no more than 125% of target. This 60% threshold is designed to reinforce the importance the CHCM Committee places on the achievement of the MBOs.

  89. 2025 Performance-Based Equity Incentive Awards

    | Performance Level | Professional Service Revenue ($ in millions) | GAAP EPS ($) | Performance Multiplier (%) | | Threshold | 642 | 2.15 | 50 | | Target | 713 | 2.90 | 100 | | Maximum | 784 | 3.65 | 200 |

  90. 2025 Performance-Based Equity Incentive Awards

    | 42 | 2026 NOTICE AND PROXY STATEMENT |

  91. 2025 Performance-Based Equity Incentive Awards

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  92. 2025 Performance-Based Equity Incentive Awards

    The CHCM Committee established Professional Service Revenue and GAAP EPS targets at levels that it believed would be rigorous in the current climate and continue to drive a "pay for performance" culture after taking into account a number of factors including strategic/operational changes in the company's medium-term business plan and an uncertain external economic environment including small and medium size business hiring trends. The 2025 targets were aligned with guidance provided to the market, ensuring that compensation remains aligned with successful execution of the Company's strategy. In designing our 2025 PSU awards, the CHCM Committee considered a competitive market analysis prepared by Meridian, reviewed various design alternatives, and held discussions with Meridian and our CEO (except with respect to his own equity awards). The CHCM Committee also considered the existing equity holdings of each of our NEOs, including the current economic value of their unvested and unearned equity awards, the mix of time-based and performance-based equity, and the ability of existing equity holdings to satisfy our retention objectives. The CHCM Committee also considered the dilutive effect of our long-term equity incentive award practices and the overall impact of our mix of executive equity awards, as well as awards to other employees, on executive incentives and the market value of our common stock.

  93. Shares Earned under our 2025 PSU Awards

    Shares Earned under our 2025 PSU Awards The following table shows our achievement against the target Annual Professional Service Revenue and Annual GAAP EPS for the 2025 performance period under our 2025 PSU:

  94. Shares Earned under our 2025 PSU Awards

    | Financial Objective | 2025 Target ($) | Weight (%) | 2025 Actual ($) | Achievement (%) | | Professional Service Revenue | 713 million | 50 | 719 million | 108.5 | | GAAP EPS | 2.90 | 50 | 3.20 | 140 |

  95. Shares Earned under our 2025 PSU Awards

    Based on such achievement, the following table sets forth the number of shares of our common stock and value as of December 31, 2025 earned by our eligible NEOs under our 2025 PSU awards, subject to the time-based vesting condition for the awards.

  96. Shares Earned under our 2025 PSU Awards

    | Name | Grant Date | Performance Period | Vesting Period after Performance Period(1) | Target Shares (#) | Shares Earned (#) | Shares Earned as a % of Target (%) | | Michael Q. Simonds | 2025 | 1 year | 2 years | 53,788 | 66,818 | 124 | | Mala Murthy(2) | — | — | — | — | — | — | | Jay Venkat | 2025 | 1 year | 2 years | 13,040 | 16,199 | 124 | | Jeffery Hayward | 2025 | 1 year | 2 years | 13,040 | 16,199 | 124 | | Anthony Shea Treadway | 2025 | 1 year | 2 years | 13,040 | 16,199 | 124 | | Kelly Tuminelli | 2025 | 1 year | 2 years | 13,692 | 17,009 | 124 |

  97. Shares Earned under our 2025 PSU Awards

    (1)Our 2025 PSU awards had a single performance period from January 1, 2025 to December 31, 2025 and will vest 50% on December 31, 2026 and 50% on December 31, 2027, subject to continuous service through each date. (2)Ms. Murthy was not granted PSUs in 2025 due to her start date occurring in November 2025.

  98. Shares Earned under our 2025 PSU Awards

    | 2026 NOTICE AND PROXY STATEMENT | 43 |

  99. Shares Earned under our 2025 PSU Awards

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  100. Employment Agreements

    Employment Agreements We have executed written employment agreements with each of our NEOs. We believe that these employment agreements were necessary to induce these individuals to forego other employment opportunities or leave their current employer for the uncertainty of a demanding position in a new and unfamiliar organization. Each of these employment agreements provides for “at will” employment and sets forth the initial compensation arrangements for the NEO, including an initial base salary, an annual cash incentive compensation opportunity, and a recommendation for an initial equity award.

  101. Severance/Change in Control Benefits

    Severance/Change in Control Benefits All of our current executive officers are entitled to certain severance and change in control benefits pursuant to their employment agreements or under a company severance benefit plan. For a summary of the material terms and conditions of the severance and change in control benefits our NEOs are eligible to receive, see the section titled “Potential Payments Upon Termination or Change in Control” below.

  102. Severance/Change in Control Benefits

    | 44 | 2026 NOTICE AND PROXY STATEMENT |

  103. Severance/Change in Control Benefits

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  104. Equity Grant Policy

    Equity Grant Policy Generally, we follow a regular pattern of granting annual or periodic “refresh” equity awards to our officers and certain other employees. This process is overseen by our CHCM Committee, subject to Board approval when appropriate, and the timing, size and distribution of equity awards may change from year to year. Annual awards typically are granted during the first quarter of the year following our filing of the Company's annual report, and other awards, including new hire awards, typically are granted on the 15th (or next trading day) of each month. As discussed above under the section "Information Regarding Committees of the Board of Directors - CHCM Committee Processes and Procedures," our CHCM Committee delegated authority to our CEO, and the Chief People Officer in the event the CEO is unavailable, subject to certain limitations such as the maximum value for each award, to grant time-vested RSUs to certain employees of the Company pursuant to the terms of such policy and our equity incentive plan. As the CEO does not have the authority under the policy to approve awards to his direct reports other than below the position level of Senior Vice President, awards to executives are subject to approval by our CHCM Committee, and the Board in certain circumstances, as the case may be. The price per share attributable to our equity compensation for purposes of determining the number of shares to be granted pursuant to any RSU or PSU is generally determined by the closing price of TriNet's common stock on the date of grant. If any options are granted, they are granted with an exercise price of at least equal to the fair market value as of the date of grant. No options were granted to the NEOs in 2025.

  105. Equity Grant Policy

    | 2026 NOTICE AND PROXY STATEMENT | 45 |

  106. Equity Grant Policy

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  107. 2025 Summary Compensation Table

    2025 Summary Compensation Table The following table sets forth information regarding the compensation awarded to or earned by our NEOs in the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023:

  108. 2025 Summary Compensation Table

    | Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards(1) ($) | Non-Equity Incentive Plan Compensation(2) ($) | All Other Compensation ($) | Total ($) | | Michael Q. Simonds President and Chief Executive Officer | 2025 | 1,000,000 | — | 8,250,004 | 1,272,000 | 30,051(3) | 10,552,055 | | | 2024 | 890,152 | 3,000,000 | 13,600,231 | 831,604 | — | 18,321,987 | | | 2023 | — | — | — | — | — | — | | Mala Murthy Executive Vice President, Chief Financial Officer | 2025 | 54,167 | 560,548(4) | 4,600,098 | — | 27,249(5) | 5,242,062 | | | 2024 | — | — | — | — | — | — | | | 2023 | — | — | — | — | — | — | | Jay Venkat Executive Vice President, Strategy, Products, and Transformation | 2025 | 635,000 | — | 2,000,076 | 538,538 | 17,598(3) | 3,191,212 | | | 2024 | 635,000 | — | 2,000,096 | 397,681 | 10,278 | 3,043,055 | | | 2023 | 635,000 | — | 2,000,152 | 699,000 | 13,200 | 3,347,352 | | Jeffery Hayward Executive Vice President, Chief Services & Technology Officer | 2025 | 543,750 | | 2,000,076 | 536,417 | 264,043(6) | 3,344,286 | | | 2024 | 518,750 | — | 2,000,096 | 394,550 | 13,800 | 2,927,196 | | | 2023 | — | — | — | — | — | — | | Anthony Shea Treadway Senior Vice President, Chief Revenue Officer | 2025 | 550,000 | | 2,000,076 | 419,805 | 377,497(7) | 3,347,378 | | | 2024 | 234,896 | 455,000 | 2,000,084 | 146,751 | — | 2,836,731 | | | 2023 | — | — | — | — | — | — | | Kelly Tuminelli Former Executive Vice President, Chief Financial Officer | 2025 | 650,000 | — | 2,100,078 | 468,570 | 39,021(8) | 3,257,669 | | | 2024 | 646,875 | — | 2,500,184 | 810,000 | 5,682 | 3,437,694 | | | 2023 | 637,500 | — | 2,500,036 | 669,000 | 13,200 | 3,960,736 |

  109. 2025 Summary Compensation Table

    (1)Amounts reported in this column do not reflect the amounts actually received by our NEOs. Instead, these amounts reflect the aggregate grant date fair market value of equity awards granted to our NEOs for the applicable year as computed in accordance with FASB ASC 718 and based on the closing price of TriNet's common stock on the date of grant. As required by SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. Our NEOs will only realize compensation from these awards to the extent they meet the vesting requirements under the awards. The grant date fair market value of the RSUs granted in 2025 are as follows: Mr. Simonds, $4,125,002; Ms. Murthy, $4,600,098; Mr. Venkat, $1,000,038; Mr. Hayward, $1,000,038; Mr. Treadway, $1,000,038; and Ms. Tuminelli, $1,050,039. The grant date fair market value of the PSU awards based on target performance level are as follows: Mr. Simonds, $4,125,002; Mr. Venkat, $1,000,038; Mr. Hayward, $1,000,038; Mr. Treadway, $1,000,038; and Ms. Tuminelli, $1,050,039. Assuming achievement of the performance metrics at the maximum level, the grant date fair market value of the PSU awards would have been as follows: Mr. Simonds, $8,250,004; Mr. Venkat, $2,000,076; Mr. Hayward, $2,000,076; Mr. Treadway, $2,000,076; and Ms. Tuminelli, $2,100,078. For information on the valuation assumptions used in these computations, see Note 10 - Stock Based Compensation found in Part II, Item 8, "Financial Statements and Supplementary Data" in the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 12, 2026.

  110. 2025 Summary Compensation Table

    | 2026 NOTICE AND PROXY STATEMENT | 47 |

  111. 2025 Summary Compensation Table

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  112. 2025 Summary Compensation Table

    (2)Amounts in this column represent bonuses paid under our 2025 Executive Bonus Plan for performance during the applicable year. Actual payment of these amounts for 2025 occurred in 2026. (3)This amount represents company contributions to the 401(k) plan during the fiscal year ended December 31, 2025. (4)This amount represents (i) a one-time sign-on bonus of $500,000, however, it was not paid until early 2026 and (ii) $60,548 in bonus for 2025 that was agreed per the terms of Ms. Murthy's employment agreement. (5)This amount represents legal fees that Ms. Murthy was reimbursed for in connection with her employment agreement. (6)The amount reported includes (i) a one-time allowance of $250,000 to help cover costs of relocating to the Atlanta office and (ii) $14,043 in company contributions to the 401(k) plan during the fiscal year ended December 31, 2025. (7)The amount reported includes (i) a one-time allowance of $350,000 to help cover costs of relocating to the Atlanta office; (ii) $14,408 in company contributions to the 401(k) plan during the fiscal year ended December 31, 2025; and (iii) $13,089 in connection with incremental cost of companion travel on business-related trips. (8)The amount reported includes (i) $23,986 in company contributions to the 401(k) plan during the fiscal year ended December 31, 2025 and (ii) $15,035 in connection with incremental cost of companion travel on business-related trips.

  113. 2025 Summary Compensation Table

    | 48 | 2026 NOTICE AND PROXY STATEMENT |

  114. 2025 Summary Compensation Table

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  115. 2025 Grants of Plan-Based Awards Table

    2025 Grants of Plan-Based Awards Table The following table provides information with regard to potential cash bonuses payable to our NEOs in 2025 under our performance-based, non-equity incentive plan and with regard to equity awards granted to each NEO under our equity incentive plan during 2025.

  116. 2025 Grants of Plan-Based Awards Table

    | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Unit (#) | Grant Date Fair Market Value of Stock and Option Awards(2) ($) | | Name | Award Type | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | Michael Q. Simonds | Cash Incentive | — | — | 1,500,000 | 3,000,000 | — | — | — | — | — | | | PSUs | 3/21/2025 | — | — | — | 26,894 | 53,788 | 107,576 | — | 4,125,002 | | | RSUs | 3/21/2025 | — | — | — | — | — | — | 53,788 | 4,125,002 | | Mala Murthy | Cash Incentive | — | — | —(3) | — | — | — | — | — | — | | | PSUs | — | — | — | — | — | — | — | — | — | | | RSUs | 12/15/2025 | — | — | — | — | — | — | 8,319 | 500,055 | | | RSUs | 12/15/2025 | — | — | — | — | — | — | 68,209 | 4,100,043 | | Jay Venkat | Cash Incentive | — | — | 635,000 | 1,270,000 | — | — | — | — | — | | | PSUs | 3/21/2025 | — | — | — | 6,520 | 13,040 | 26,080 | — | 1,000,038 | | | RSUs | 3/21/2025 | — | — | — | — | — | — | 13,040 | 1,000,038 | | Jeffery Hayward | Cash Incentive | — | — | 550,000 | 1,100,000 | — | — | — | — | — | | | PSUs | 3/21/2025 | — | — | — | 6,520 | 13,040 | 26,080 | — | 1,000,038 | | | RSUs | 3/21/2025 | — | — | — | — | — | — | 13,040 | 1,000,038 | | Anthony Shea Treadway | Cash Incentive | — | — | 550,000 | 1,100,000 | — | — | — | — | — | | | PSUs | 3/21/2025 | — | — | — | 6,520 | 13,040 | 26,080 | — | 1,000,038 | | | RSUs | 3/21/2025 | — | — | — | — | — | — | 13,040 | 1,000,038 | | Kelly Tuminelli(4) | Cash Incentive | — | — | 650,000 | 1,300,000 | — | — | — | — | — | | | PSUs | 3/21/2025 | — | — | — | 6,846 | 13,692 | 27,384 | — | 1,050,039 | | | RSUs | 3/21/2025 | — | — | — | — | — | — | 13,692 | 1,050,039 |

  117. 2025 Grants of Plan-Based Awards Table

    (1)Amounts represent the range of possible cash payouts under our 2025 Executive Bonus Plan. The maximum amount that could have been earned by each NEO was 200% of the target cash incentive. See the section titled "2025 Executive Compensation-Weighting of 2025 Executive Bonus Plan Performance Objectives and Award Scale" in the CD&A above for more detailed information. Actual amounts received under our 2025 Executive Bonus Plan are described under the section titled "2025 Executive Compensation-Annual Cash Incentive Compensation" in the CD&A above and in the “Non-Equity Incentive Plan Compensation” column of the 2025 Summary Compensation Table.

  118. 2025 Grants of Plan-Based Awards Table

    | 2026 NOTICE AND PROXY STATEMENT | 49 |

  119. 2025 Grants of Plan-Based Awards Table

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  120. 2025 Grants of Plan-Based Awards Table

    (2)Each of the RSUs and PSUs shown in the table was granted under, and is subject to, the terms of the TriNet Group, Inc. Amended and Restated 2019 Equity Incentive Plan (the "2019 Plan"). Amounts reported in this column do not reflect the amounts actually received by our NEOs. Instead, these amounts reflect the aggregate grant date fair market value for the equity awards granted to the NEOs as computed in accordance with FASB ASC 718 and based on the closing price of TriNet's common stock on the date of grant. As required by SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. The grant date fair market value of our 2025 PSU awards is calculated at the target performance level. At the maximum performance level, the grant date fair value of our 2025 PSU awards would be 200% of the target value. For information on the valuation assumptions used in these computations, see Note 10 - Stock Based Compensation found in Part II, Item 8, "Financial Statements and Supplementary Data" in the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 12, 2026. The material terms of the RSUs and PSUs granted to the Named Executive Officers are described under the section titled "2025 Executive Compensation-2025 Long-Term Equity Incentive Awards" in the CD&A above. (3)Ms. Murthy's bonus for 2025 was agreed to per the terms of her employment agreement. (4)In connection with Ms. Tuminelli's separation from the Company on March 16, 2026, she was entitled to the accelerated vesting of the portion of her unvested time-based equity awards (including any earned PSUs for which the performance period was completed) that would have otherwise vested if her employment continued for 12 months following her separation date. All remaining unvested equity that did not accelerate were forfeited.

  121. 2025 Grants of Plan-Based Awards Table

    | 50 | 2026 NOTICE AND PROXY STATEMENT |

  122. 2025 Grants of Plan-Based Awards Table

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  123. Outstanding Equity Awards as of December 31, 2025 Table

    Outstanding Equity Awards as of December 31, 2025 Table The following table provides information regarding outstanding equity awards held by our NEOs as of December 31, 2025.

  124. Outstanding Equity Awards as of December 31, 2025 Table

    | | | | Stock Awards(1) | | | | | | | | Number of Shares or Units of Stock that Have No Vested (#) | Market Value of Shares or Units of Stock that Have Not Vested(3) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(3) ($) | | Name | Award Type(2) | Grant Date | | | | | | Michael Q. Simonds | RSUs | 3/15/2024 | 20,892(4) | 1,235,344 | — | — | | | PSUs | 3/15/2024 | 8,294(5) | 490,424 | — | — | | | RSUs | 3/21/2025 | 43,703(6) | 2,584,158 | — | — | | | PSUs | 3/21/2025 | 66,818(7) | 3,950,948 | — | — | | Mala Murthy | RSUs | 12/15/2025 | 8,319(8) | 491,902 | — | — | | | RSUs | 12/15/2025 | 68,209(4) | 4,033,198 | — | — | | Jay Venkat | RSUs | 7/15/2022 | 2,390(9) | 141,321 | — | — | | | RSUs | 3/15/2023 | 4,059(6) | 240,009 | — | — | | | RSUs | 3/15/2024 | 4,477(6) | 264,725 | — | — | | | PSUs | 3/15/2024 | 1,064(5) | 62,914 | — | — | | | RSUs | 3/21/2025 | 10,595(6) | 626,482 | — | — | | | PSUs | 3/21/2025 | 16,199(7) | 957,847 | — | — | | Jeffery Hayward | RSUs | 7/15/2022 | 1,594(9) | 94,253 | — | — | | | RSUs | 3/15/2023 | 3,045(6) | 180,051 | — | — | | | RSUs | 3/15/2024 | 4,477(6) | 264,725 | — | — | | | PSUs | 3/15/2024 | 1,064(5) | 62,914 | — | — | | | RSUs | 3/21/2025 | 10,595(6) | 626,482 | — | — | | | PSUs | 3/21/2025 | 16,199(7) | 957,847 | — | — | | Anthony Shea Treadway | RSUs | 8/15/2024 | 14,381(9) | 850,349 | — | — | | | RSUs | 3/21/2025 | 10,595(6) | 626,482 | — | — | | | PSUs | 3/21/2025 | 16,199(7) | 957,847 | — | — | | Kelly Tuminelli(10) | RSUs | 3/23/2022 | 845(6) | 49,965 | — | — | | | RSUs | 3/15/2023 | 5,074(6) | 300,026 | — | — | | | RSUs | 3/15/2024 | 5,597(6) | 330,951 | — | — | | | PSUs | 3/15/2024 | 1,330(5) | 78,643 | — | — | | | RSUs | 3/21/2025 | 11,125(6) | 657,821 | — | — | | | PSUs | 3/21/2025 | 17,009(7) | 1,005,742 | — | — |

  125. Outstanding Equity Awards as of December 31, 2025 Table

    | 2026 NOTICE AND PROXY STATEMENT | 51 |

  126. Outstanding Equity Awards as of December 31, 2025 Table

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  127. Outstanding Equity Awards as of December 31, 2025 Table

    (1)The awards are subject to accelerated vesting upon certain events, as summarized under the section below titled “Potential Payments Upon Termination or Change in Control.” (2)There were no outstanding stock options held by our NEOs as of December 31, 2025. (3)The market value of the unvested shares is calculated by multiplying the number of shares by $59.13, which was the closing price of TriNet's common stock on December 31, 2025, the last trading day of TriNet's fiscal year. (4)Awards were granted under our 2019 Plan and are subject to a four-year vesting schedule, with 1/4th of the total shares granted vesting on the 15th day of the second month following the 12-month anniversary of the award grant date, and 1/16th of the total shares granted vesting on the 15th day of the second month of each calendar quarter thereafter, in each case subject to such NEO's continued service with TriNet through the applicable vesting date. (5)Amounts in this column set forth unvested PSU awards granted in 2024. The share amount for the unvested PSUs is reported based on the number of earned but unvested PSUs, i.e., the shares scheduled to vest on December 31, 2025, and December 31, 2026. (6)Awards were granted under our 2019 Plan and are subject to a four-year vesting schedule, with 1/16th of the total shares subject to the award vesting on the 15th day of the second month of each calendar quarter following the award grant date, in each case subject to such NEO's continued service with TriNet through the applicable vesting date. (7)Amounts in this column set forth unvested PSU awards granted in 2025. The share amount for the unvested PSUs is reported based on the number of earned but unvested PSUs, i.e., the shares scheduled to vest on December 31, 2026, and December 31, 2027. (8)Awards were granted under our 2019 Plan with 100% of the total shares granted vesting upon the 12-month anniversary of the award grant date, subject to such NEO's continued service with TriNet through the applicable vesting date. (9)Awards were granted under our 2019 Plan and are subject to a four-year vesting schedule, with 1/4th of the total shares granted vesting upon the 12-month anniversary of the award grant date, and 1/16th of the total shares granted vesting on the 15th day of the second month of each calendar quarter thereafter, in each case subject to such NEO's continued service with TriNet through the applicable vesting date. (10)Pursuant to Ms. Tuminelli's transition agreement, she continued to be eligible to vest in her equity awards during the term of her transition agreement with the Company. In connection with her separation from the Company on March 16, 2026, Ms. Tuminelli was entitled to the accelerated vesting of the portion of her unvested time-based equity awards (including any earned PSUs for which the performance period was completed) that would have otherwise vested if her employment had continued for 12 months following her separation date. All remaining unvested equity that did not accelerate was forfeited.

  128. 2025 Option Exercises and Stock Vested Table

    2025 Option Exercises and Stock Vested Table The following table shows certain information regarding option exercises and stock awards vesting during 2025 with respect to our NEOs:

  129. 2025 Option Exercises and Stock Vested Table

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting(1) ($) | | Michael Q. Simonds | — | — | 30,914 | 2,152,127 | | Mala Murthy | — | — | — | — | | Jay Venkat | — | — | 20,019 | 1,326,726 | | Jeffery Hayward | — | — | 15,990 | 1,059,886 | | Anthony Shea Treadway | — | — | 8,981 | 582,853 | | Kelly Tuminelli | — | — | 21,935 | 1,440,073 |

  130. 2025 Option Exercises and Stock Vested Table

    (1)Represents the value realized based on the vesting date of such shares, or if the vesting date is not a trading day for our stock, the immediately preceding trading day, multiplied by the number of shares vested.

  131. 2025 Option Exercises and Stock Vested Table

    | 52 | 2026 NOTICE AND PROXY STATEMENT |

  132. 2025 Option Exercises and Stock Vested Table

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  133. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control Our NEOs are eligible to receive severance and other payments and benefits following a termination of employment, including in connection with a change in control of TriNet, under their respective employment agreements with the Company (for Mr. Simonds and Ms. Murthy) or the TriNet Group, Inc. Amended and Restated Executive Severance Benefit Plan (the "Severance Plan") (for the other NEOs). A summary of the terms and conditions of the NEOs' severance benefits under the applicable employment agreement or Severance Plan is set forth below (except as otherwise noted with respect to performance-based equity award agreements, which are applicable to all NEOs).

  134. 2025 Pay Ratio Disclosure

    2025 Pay Ratio Disclosure

  135. Pay Ratio

    Pay Ratio In accordance with the requirements of Section 953(b) of the Dodd-Frank Act and Item 402(u) of Regulation S-K (which we collectively refer to as the “Pay Ratio Rule”), we are providing the following information for the 12-month period that ended on December 31, 2025: •the median of the annual total compensation of all our employees (except our CEO) was $99,327; •the annual total compensation of our CEO was $10,556,895; and •the ratio of these two amounts was 106 to 1. We believe that this ratio is a reasonable estimate calculated in a manner consistent with the requirements of the Pay Ratio Rule. SEC rules for identifying the median employee and calculating annual total compensation allow companies to apply various methodologies and apply various assumptions and, as result, the pay ratio reported by us may not be comparable to the pay ratio reported by other companies.

  136. Pay Versus Performance Disclosure

    Pay Versus Performance Disclosure The table below and subsequent discussion is intended to comply with the requirements of Item 402(v) of Regulation S-K (the "Pay Versus Performance Rule") in order to provide information about the relationship between executive compensation actually paid and certain financial performance of the Company. The dollar amounts do not reflect the actual amount of compensation earned or realized by our CEO or our other NEOs during the applicable year. For further information regarding the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to the “Compensation Discussion and Analysis."

  137. Pay Versus Performance Table

    Pay Versus Performance Table

  138. Pay Versus Performance Table

    | | Summary Compensation Table ("SCT") Total For: | | Compensation Actually Paid ("CAP") To: | | Average SCT for Non-CEO Named Executive Officers(1) ($) | Average CAP to Non-CEO Named Executive Officers(2) ($) | Value of Initial Fixed $100 Investment Based On Total Shareholder Return: | | | | | Year | CEO - Simonds(1) ($) | CEO - Goldfield(1) ($) | CEO - Simonds(2) ($) | CEO - Goldfield(2) ($) | | | TriNet Group, Inc.(3) ($) | Peer Group(3) ($) | Net Income ($, in millions) | Adjusted EBITDA(4) ($, in millions) | | 2025 | 10,552,055 | — | 8,175,192 | — | 3,676,521 | 2,858,898 | 75 | 166 | 155 | 425 | | 2024 | 18,321,987 | 358,726 | 10,417,483 | (3,155,264) | 3,278,691 | 400,162 | 161 | 210 | 173 | 485 | | 2023 | — | 9,816,270 | — | 20,456,413 | 3,246,395 | 6,471,887 | 210 | 188 | 375 | 697 | | 2022 | — | 9,083,348 | — | 2,897,101 | 3,618,009 | 2,459,839 | 120 | 147 | 355 | 688 | | 2021 | — | 8,657,624 | — | 15,593,113 | 2,520,222 | 4,098,764 | 168 | 192 | 338 | 565 |

  139. Pay Versus Performance Table

    (1)The dollar amounts reported are the total compensation reported for each individual in the “Total” column of the Summary Compensation Table (the “SCT”) for the applicable year.

  140. Pay Versus Performance Table

    | Year | CEO | Non-CEO Named Executive Officers | | 2025 | Michael Q. Simonds | Jeffery Hayward, Mala Murthy, Anthony Shea Treadway, Kelly Tuminelli, Jay Venkat | | 2024 | Michael Q. Simonds, Burton M. Goldfield | Jeffery Hayward, Anthony Shea Treadway, Kelly Tuminelli, Jay Venkat, Alex Warren, Samantha Wellington | | 2023 | Burton M. Goldfield | Kelly Tuminelli, Jay Venkat, Alex Warren, Samantha Wellington | | 2022 | Burton M. Goldfield | Kelly Tuminelli, Jay Venkat, Alex Warren, Samantha Wellington | | 2021 | Burton M. Goldfield | Edward Griese, Olivier Kohler, Kelly Tuminelli, Samantha Wellington |

  141. Pay Versus Performance Table

    | 2026 NOTICE AND PROXY STATEMENT | 57 |

  142. Pay Versus Performance Table

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  143. Pay Versus Performance Table

    (2)The dollar amounts reported represent the amount of “compensation actually paid” (“CAP”) to our CEO and to our other NEOs as a group (excluding our CEO), in each case computed in accordance with Item 402(v) of Regulation S-K. To calculate CAP, the following adjustments were made to SCT total compensation:

  144. Pay Versus Performance Table

    | CEO - Simonds | | | | | | Year | Summary Compensation Table Total ($) | Reported Value of Equity Awards(a) ($) | Equity Awards Adjustments(b) ($) | Compensation Actually Paid ($) | | 2025 | 10,552,055 | (8,250,004) | 5,873,141 | 8,175,192 | | 2024 | 18,321,987 | (13,600,231) | 5,695,727 | 10,417,483 |

  145. Pay Versus Performance Table

    | CEO - Goldfield | | | | | | Year | Summary Compensation Table Total ($) | Reported Value of Equity Awards(a) ($) | Equity Awards Adjustments(b) ($) | Compensation Actually Paid ($) | | 2024 | 358,726 | — | (3,513,990) | (3,155,264) | | 2023 | 9,816,270 | (7,000,070) | 17,640,213 | 20,456,413 | | 2022 | 9,083,348 | (6,625,148) | 438,901 | 2,897,101 | | 2021 | 8,657,624 | (6,000,024) | 12,935,513 | 15,593,113 |

  146. Pay Versus Performance Table

    | Average Non-CEO NEOs | | | | | | Year | Summary Compensation Table Total ($) | Reported Value of Equity Awards(a) ($) | Equity Awards Adjustments(b) ($) | Compensation Actually Paid ($) | | 2025 | 3,676,521 | (2,540,081) | 1,722,458 | 2,858,898 | | 2024 | 3,278,691 | (2,166,790) | (711,739) | 400,162 | | 2023 | 3,246,395 | (1,937,570) | 5,163,062 | 6,471,887 | | 2022 | 3,618,009 | (2,375,133) | 1,216,963 | 2,459,839 | | 2021 | 2,520,222 | (1,462,559) | 3,041,101 | 4,098,764 |

  147. Pay Versus Performance Table

    (a)Represents a reduction in an amount equal to the grant date fair value of equity-based awards granted each year as reported in the SCT for the applicable year.

  148. Pay Versus Performance Table

    | 58 | 2026 NOTICE AND PROXY STATEMENT |

  149. Pay Versus Performance Table

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  150. Pay Versus Performance Table

    (b)Represents an addition (or subtraction, as the case may be) in an amount equal to the value of equity awards calculated in accordance with Item 402(v) of Regulation S-K for each year shown, which is generally based on the fair value of equity awards granted during the year valued at year-end plus any change in the value of prior years' awards (see following tables).

  151. Pay Versus Performance Table

    | Equity Component of CAP: | | | | | | | | CEO - Simonds | | | | | | | | Year | Fair Value of Current Year Equity Awards at the End of the Year ($) | Fair Value of Current Year Equity Awards That Vested in the Same Year ($) | Change in Value of Prior Years' Awards Unvested at the End of the Year ($) | Change in Value of Prior Years' Awards That Vested in the Year ($) | Prior Years' Awards that were Forfeited ($) | Equity Value Included in CAP ($) | | | (a) | (b) | (c) | (d) | (e) | (a)+(b)+(c)+(d)+(e) | | 2025 | 6,535,107 | 694,336 | (923,445) | (432,857) | — | 5,873,141 | | 2024(i) | 4,539,862 | 1,155,865 | — | — | — | 5,695,727 |

  152. Pay Versus Performance Table

    | CEO - Goldfield | | | | | | | | Year | Fair Value of Current Year Equity Awards at the End of the Year ($) | Fair Value of Current Year Equity Awards That Vested in the Same Year ($) | Change in Value of Prior Years' Awards Unvested at the End of the Year ($) | Change in Value of Prior Years' Awards That Vested in the Year ($) | Prior Years' Awards that were Forfeited ($) | Equity Value Included in CAP ($) | | | (a) | (b) | (c) | (d) | (e) | (a)+(b)+(c)+(d)+(e) | | 2024(ii) | — | — | (1,738,204) | (1,775,786) | — | (3,513,990) | | 2023 | 9,798,405 | 886,725 | 2,943,043 | 4,012,040 | — | 17,640,213 | | 2022 | 5,006,217 | 541,916 | (2,121,477) | (2,987,755) | — | 438,901 | | 2021 | 9,605,161 | 623,366 | 1,522,676 | 1,184,310 | — | 12,935,513 |

  153. Pay Versus Performance Table

    | Average Non-CEO NEOs | | | | | | | | Year | Fair Value of Current Year Equity Awards at the End of the Year ($) | Fair Value of Current Year Equity Awards That Vested in the Same Year ($) | Change in Value of Prior Years' Awards Unvested at the End of the Year ($) | Change in Value of Prior Years' Awards That Vested in the Year ($) | Prior Years' Awards that were Forfeited ($) | Equity Value Included in CAP ($) | | | (a) | (b) | (c) | (d) | (e) | (a)+(b)+(c)+(d)+(e) | | 2025 | 2,188,330 | 136,347 | (312,584) | (289,635) | — | 1,722,458 | | 2024 | 738,989 | 146,979 | (270,205) | (387,578) | (939,924) | (711,739) | | 2023 | 2,739,315 | 221,656 | 1,100,484 | 1,101,607 | — | 5,163,062 | | 2022 | 2,009,609 | 117,573 | (491,225) | (418,994) | — | 1,216,963 | | 2021 | 2,138,063 | 119,467 | 492,451 | 349,414 | (58,294) | 3,041,101 |

  154. Pay Versus Performance Table

    (i)Mr. Simonds joined the Company in February 2024. The amounts reported represent (i) fair value of outstanding equity granted in 2024 and (ii) fair value of Mr. Simonds' new hire RSU award granted in March 2024 and fully vested on December 31, 2024. (ii)Pursuant to Mr. Goldfield's transition agreement, all of his unvested equity remained outstanding and he continued to be eligible to vest in his equity awards during the term of his consulting agreement with the Company through March 31, 2025. As reflected in the tables above, equity award values reported for purposes of CAP are calculated by adding or subtracting, as applicable, the following: (a) for any awards granted in the applicable year that are outstanding and unvested as of the end of the year, the year-end fair value of those awards; (b) for any awards that were granted and became vested in the same year, the fair value of those awards as of the vesting date; (c) for any awards granted in a prior year that are outstanding and unvested as of the end of that year, the change in fair value from the end of the prior fiscal year to the end of the applicable year; (d) for any awards granted in prior years that vested in the applicable year, the amount equal to the change in fair value of those awards as of the vesting date (from the end of the prior fiscal year) and (e) the values granted in prior years that were forfeited. The valuation assumptions used to calculate fair values did not materially differ from those disclosed as of the grant date of the equity awards. No dividends or other earnings were paid on unvested shares during the periods reported.

  155. Pay Versus Performance Table

    | 2026 NOTICE AND PROXY STATEMENT | 59 |

  156. Pay Versus Performance Table

    | Alignment of Pay for Performance in 2025 | Table of Contents |

  157. Pay Versus Performance Table

    (3)The Total Shareholder Return (TSR) is calculated on a cumulative basis by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. Peer Group Shareholder Return represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is stated below and is consistent with the peer group used for purposes of Item 201(e) of Regulation S-K as reported in our Form 10-K for the fiscal year ended December 31, 2025. (4)Adjusted EBITDA is a non-GAAP measure that adjusts net income, excluding the effects of income tax provisions, interest expense, bank fees and other, depreciation, amortization of intangible assets, stock based compensation expense, amortization of cloud computing arrangements, transaction and integration costs, and restructuring costs. Combined with other financial and individual performance objectives, Adjusted EBITDA is an important element in how we link compensation actually paid to our NEOs to Company performance. Adjusted EBITDA is defined and reported under “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

  158. Comparative Analysis of the Pay versus Performance Table

    Comparative Analysis of the Pay versus Performance Table

  159. Non-Employee Director Compensation

    Non-Employee Director Compensation

  160. Non-Employee Director Compensation Policy

    Non-Employee Director Compensation Policy Our non-employee director compensation policy provides that each non-employee director will receive the following cash compensation for board services:

  161. Non-Employee Director Compensation Policy

    | | Chair ($) | Non-Chair Member ($) | | Board Annual Retainer | 90,000 | 60,000 | | Committees | | | | Finance and Audit Annual Retainer | 40,000 | 15,000 | | CHCM Annual Retainer | 30,000 | 15,000 | | Nominating and Corporate Governance Annual Retainer | 20,000 | 10,000 | | Risk Annual Retainer | 20,000 | 10,000 |

  162. Non-Employee Director Compensation Policy

    In addition, on the date of our first Board meeting each calendar year, each of our non-employee directors is granted an RSU award with a grant date fair value of $215,000 (or $335,000, in the case of the Board Chair) to be settled in shares of our common stock. Each annual RSU award vests in full on the earlier of the 12-month anniversary of the grant or the trading date most closely preceding the date the Annual Meeting of Stockholders for the year immediately following the year in which the awards were granted, subject to the non-employee director's continuous service through such date. Each new non-employee director is granted an RSU award with a grant date value of $215,000 (or $335,000, in the case of a new non-employee director to serve as Board Chair) pro-rated for the number of days that will elapse between the non-employee director’s date of initial election or appointment and the first anniversary of the date of grant of the non-employee directors' most recent grant of annual RSUs. These initial awards will vest in full on the same date the most recent annual RSU award to the non-employee directors becomes vested; in each case, subject to the non-employee director’s continuous service through such date. In addition, each of the foregoing RSU awards is eligible to vest in full immediately prior to a change in control, subject to the non-employee director remaining a non-employee director of the Company as of the day prior to the change in control. We also reimburse our non-employee directors for their reasonable out-of-pocket expenses incurred in attending Board and committee meetings. The maximum annual amount of compensation (including cash and equity compensation) for each non-employee director is $750,000 for each calendar year. The maximum amount covers all forms of cash, stock and other compensation (other than reimbursements for reasonable out-of-pocket expenses incurred in attending Board and committee meetings).

  163. Non-Employee Director Compensation Policy

    | 64 | 2026 NOTICE AND PROXY STATEMENT |

  164. Non-Employee Director Compensation Policy

    | Table of Contents | Alignment of Pay for Performance in 2025 |

  165. 2025 Director Compensation Table

    2025 Director Compensation Table The following table shows information regarding the compensation earned or paid during 2025 to non-employee directors who served on the Board during the year. Mr. Simonds' compensation is shown in the table entitled “2025 Summary Compensation Table" and the related tables under the section titled “2025 Executive Compensation" in the CD&A. Mr. Simonds did not receive any compensation for his services as a member of the Board.

  166. 2025 Director Compensation Table

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards(1)(2) ($) | Total ($) | | Michael J. Angelakis | 85,000 | 215,046 | 300,046 | | Paul Chamberlain | 105,000 | 215,046 | 320,046 | | Ralph A. Clark | 95,000 | 215,046 | 310,046 | | Maria Contreras-Sweet | 90,000 | 215,046 | 305,046 | | Brian C. Evanko | 75,000 | 215,046 | 290,046 | | David C. Hodgson | 100,000 | 335,030 | 435,030 | | Janet H. Kennedy(3) | 22,663 | 138,462 | 161,125 | | Jacqueline Kosecoff | 85,000 | 215,046 | 300,046 | | Wayne B. Lowell | 110,000 | 215,046 | 325,046 | | Madhu Ranganathan(3) | 21,413 | 138,462 | 159,875 | | Myrna Soto | 83,750 | 215,046 | 298,796 |

  167. 2025 Director Compensation Table

    (1)The amounts reported in this column do not reflect the amounts actually received by our non-employee directors. Instead, these amounts reflect the aggregate grant date fair market value of the equity awards granted to our non-employee directors during 2025, as computed in accordance with FASB ASC 718. The grant date fair market value for the RSU awards is measured based on the closing price of TriNet’s common stock on the date of grant. The assumptions used in the calculation of these amounts are included in Note 1 - Description of Business and Significant Accounting Policies found in Part II, Item 8, "Financial Statements and Supplementary Data" in the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The amounts reported exclude the impact of estimated forfeitures related to service-based vesting conditions. (2)As of December 31, 2025, each current non-employee director (other than Mr. Hodgson, Ms. Kennedy and Ms. Ranganathan) held 2,649 outstanding unvested RSUs. Mr. Hodgson held 4,127 unvested RSUs. Ms. Kennedy and Ms. Ranganathan each held 2,070 unvested RSUs. (3)Ms. Kennedy's and Ms. Ranganathan's fees and stock awards were pro-rated to reflect their appointments in September 2025.

  168. 2025 Director Compensation Table

    | 2026 NOTICE AND PROXY STATEMENT | 65 |