UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No.     )
____________________________________________________________________________
 
 
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¨ Preliminary Proxy Statement
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ý Definitive Proxy Statement
¨ Definitive Additional Materials
¨ Soliciting Material Pursuant to § 240.14a-12



TriNet Group, Inc.
(Name of Registrant as Specified In Its Charter)
 
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
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TRINET GROUP, INC.
One Park Place, Suite 600
Dublin, California 94568

NOTICE OF 2021 ANNUAL MEETING OF STOCKHOLDERS
To Be Held On May 27, 2021

Dear Stockholder:
You are cordially invited to attend the 2021 Annual Meeting of Stockholders of TRINET GROUP, INC., a Delaware corporation, which will be held virtually on Thursday, May 27, 2021, at 9:00 a.m., Pacific Time (the "2021 Annual Meeting").
We are holding the 2021 Annual Meeting for the following purposes, as more fully described in the accompanying proxy statement:
1. To elect five Class I directors to hold office until the 2024 Annual Meeting of Stockholders;
2. To approve, on an advisory basis, the compensation of our named executive officers ("Named Executive Officers" or "NEOs"), as disclosed in this accompanying proxy statement;
3. To indicate, on an advisory basis, the preferred frequency of stockholder advisory votes on the compensation of our Named Executive Officers;
4. To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2021; and
5. To conduct any other business properly brought before the meeting or any adjournment or postponements thereof.
This year's annual meeting will be a completely virtual meeting of stockholders. You can attend the 2021 Annual Meeting by visiting www.virtualshareholdermeeting.com/TNET2021, where you will be able to listen to the meeting live, submit questions and vote online during the meeting, just as you could at an in-person meeting. We believe that a virtual meeting enables expanded access and increased stockholder attendance and participation.
The record date for the 2021 Annual Meeting is March 31, 2021. Only stockholders of record at the close of business on that date may vote at our 2021 Annual Meeting or any adjournment thereof. Further information regarding voting rights and the matters to be voted upon is presented in the accompanying proxy statement.
On or about April 14, 2021, we expect to mail to our stockholders a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access our proxy statement and annual report. The Notice provides instructions on how to vote via the Internet or by telephone and includes instructions on how to receive a paper copy of our proxy materials by mail. The accompanying proxy statement and our annual report can be accessed directly



at the following Internet address www.proxyvote.com. You will be asked to enter the sixteen-digit control number located on your Notice or proxy card.
YOUR VOTE IS IMPORTANT. Whether or not you plan to attend the 2021 Annual Meeting, we urge you to submit your vote via the Internet, telephone or mail as soon as possible to ensure your shares are represented. For additional instructions on voting by telephone or the Internet, please refer to your proxy card. Returning the proxy does not deprive you of your right to attend the 2021 Annual Meeting and to vote your shares at the 2021 Annual Meeting.
We appreciate your continued support of TriNet.

By Order of the Board of Directors,

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Samantha Wellington
Secretary

April 14, 2021
You are cordially invited to attend the meeting. Whether or not you expect to attend the meeting, please complete, date, sign and return the proxy mailed to you, or vote over the telephone or the Internet as instructed in these materials, as promptly as possible in order to ensure your representation at the meeting. Even if you have voted by proxy, you may still vote if you attend the meeting. Please note, however, that if your shares are held of record by a broker, bank or other nominee and you wish to vote at the meeting, you must obtain a proxy issued in your name from that record holder.



TRINET GROUP, INC.
PROXY STATEMENT FOR THE 2021 ANNUAL MEETING OF STOCKHOLDERS
TABLE OF CONTENTS






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TRINET GROUP, INC.
One Park Place, Suite 600
Dublin, California 94568

PROXY STATEMENT
FOR THE 2021 ANNUAL MEETING OF STOCKHOLDERS
QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING
Why am I receiving these materials?
The Board of Directors of TriNet Group, Inc. (the “Board”) is soliciting your proxy to vote at our 2021 Annual Meeting of Stockholders (the “2021 Annual Meeting”), including at any adjournments or postponements of the 2021 Annual Meeting. In this Proxy Statement for the 2021 Annual Meeting (the “Proxy Statement”), “we,” “us,” “our,” the "Company" and “TriNet” refer to TriNet Group, Inc.
Why did I receive a notice regarding the availability of proxy materials on the Internet?
Under the "notice and access" rules of the Securities and Exchange Commission (the “SEC”), we are able to provide access to our proxy materials over the Internet. Accordingly, we have sent you a Notice of Internet Availability of Proxy Materials (the “Notice”) because our Board is soliciting your proxy to vote at our 2021 Annual Meeting, including at any adjournments or postponements of the meeting. All stockholders will be able to access our proxy materials on the website referred to in the Notice or request to receive a printed set of the proxy materials. The Notice includes instructions on how to access our proxy materials over the Internet or to request a printed copy.
We expect to mail the Notice on or about April 14, 2021 to all stockholders of record entitled to vote at our 2021 Annual Meeting. We may send you a proxy card, along with a second Notice, on or after April 27, 2021.
Where and at what time is the 2021 Annual Meeting?
Our 2021 Annual Meeting will be held on Thursday, May 27, 2021, at 9:00 a.m., Pacific Time. The 2021 Annual Meeting will be a completely virtual meeting of stockholders. You can attend the Annual Meeting by visiting www.virtualshareholdermeeting.com/TNET2021 where you will be able to listen to the meeting live, submit questions and vote online. You will not be able to physically attend the 2021 Annual Meeting. We believe that a virtual meeting enables expanded access and increased stockholder attendance and participation.
How many votes do I have?
On each matter to be voted upon, you have one vote for each share of common stock you own as of the close of business on our record date, March 31, 2021.
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What matters am I voting on and how many votes are needed to approve each proposal?
You will be able to vote on the four matters listed below at our 2021 Annual Meeting. The table below summarizes the Board’s voting recommendation, the minimum vote needed to approve each proposal, and the effect of abstentions and broker non-votes.
Proposal
Number
   Proposal Description    Vote Required for Approval Board's Recommendation Effect of
Abstentions
  
Effect of
Broker
Non-Votes
1   
The election of Katherine August-deWilde, H. Raymond Bingham, Ralph A. Clark, Maria Contreras-Sweet, and Shawn Guertin as Class I directors
   Nominees receiving the most “For” votes FOR each Nominee None    None
2    Approval, on an advisory basis, of the compensation of our Named Executive Officers    “For” votes from the holders of a majority of shares attending the meeting live or represented by proxy and entitled to vote on the matter FOR Against    None
3 To indicate, on an advisory basis, the preferred frequency of stockholder advisory votes on the compensation of our Named Executive Officers The frequency receiving the highest number of votes from the holders of shares present in person or represented by proxy and entitled to vote on the matter EVERY YEAR None None
4   
Ratification of the selection of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2021
  
“For” votes from the holders of a majority of shares attending the meeting live or represented by proxy and entitled to vote on the matter
FOR Against    None
In addition, you may vote on any other business as may properly come before the 2021 Annual Meeting or any adjournments or postponements thereof.
How do I vote?
You may either vote “For” all the nominees to the Board or you may “Withhold” your vote for any nominee you specify. You may vote "Every Year," "Every Two Years" or "Every Three Years" on the frequency of the advisory vote on our Named Executive Officers' compensation or abstain from voting. For each of the other matters to be voted on, you may vote “For” or “Against” or abstain from voting.
Why are you holding a virtual annual meeting?
This is the second year that we have implemented a virtual format for our Annual Meeting. Based on our experience at the 2020 annual meeting of stockholders, we believe that a virtual meeting will enable expanded access and increased stockholder attendance and participation.
Who can vote at the 2021 Annual Meeting?
Only stockholders of record at the close of business on March 31, 2021, will be entitled to vote at our 2021 Annual Meeting. Beneficial owners can vote their shares live at our 2021 Annual Meeting so long as they obtain a valid proxy from their broker, bank or other agent. On the record date of March 31, 2021, there were 65,881,233 shares of common stock outstanding and entitled to vote.
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Who is a stockholder of record and how do they vote?
If, on March 31, 2021, your shares were registered directly in your name with our transfer agent, Computershare Trust Company, N.A., then you are a stockholder of record. If you are a stockholder of record, you may vote live at our 2021 Annual Meeting, or by proxy over the telephone, through the Internet, or by using a proxy card that you may request or that we may elect to deliver to you at a later time. Whether or not you plan to attend the meeting, we urge you to vote by proxy to ensure your vote is counted. You may still attend our 2021 Annual Meeting and vote live even if you have already voted by proxy.
If, on March 31, 2021, your shares were not held in your name, but rather in an account at a brokerage firm, bank, or other similar agent, then you are the beneficial owner of those shares and different procedures apply for you. Read the question titled "Who is a beneficial owner and how do they vote?" below.
Even if you plan to attend our 2021 Annual Meeting, please read this Proxy Statement carefully and vote using one of the following methods if you are a stockholder of record:
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Mark, sign and date your proxy card
and send by free post
In the U.S. or Canada dial toll free 24/7
 1-800-690-6903
Visit 24/7 www.proxyvote.com Vote live at the 2021
Annual Meeting
Scan your unique QR code on your
proxy card
24/7 to vote with your mobile device

To vote using the proxy card, simply complete, sign and date the proxy card and return it promptly in the envelope provided. If your signed proxy card is received before our 2021 Annual Meeting, your proxyholder (one of the individuals named on your proxy card) will vote your shares as you direct.
To vote over the telephone, dial toll-free 1-800-690-6903 using a touch-tone phone and follow the recorded instructions. You will be asked to provide the company number and control number from the Notice. Your telephone vote must be received by 11:59 p.m. Eastern Time on May 26, 2021, to be counted.
To vote through the internet, go to www.proxyvote.com to complete an electronic proxy card. You will be asked to provide the company number and control number from the Notice. Your Internet vote must be received by 11:59 p.m. Eastern Time on May 26, 2021, to be counted. Internet proxy voting may be provided to allow you to vote your shares online, with procedures designed to ensure the authenticity and correctness of your proxy vote instructions.
To vote live, attend our 2021 Annual Meeting by visiting www.virtualshareholdermeeting.com/TNET2021, where you may vote and submit questions during the meeting (have your Notice or proxy card in hand when you visit the website). Even if you plan to attend the 2021 Annual Meeting, we recommend that you also vote by proxy so that your vote will be counted if you later decide not to attend the 2021 Annual Meeting.
Who is a beneficial owner and how do they vote?
If, on March 31, 2021, your shares were not held in your name, but rather in an account at a brokerage firm, bank, or other similar agent, then you are the beneficial owner of shares held in “street name” and the Notice will be forwarded to you by that broker, bank or agent rather than by TriNet. The broker, bank or other agent holding your account is considered the stockholder of record for purposes of voting at the 2021 Annual Meeting. Simply follow the voting instructions in the Notice your broker, bank or other agent sends to you to ensure that your vote is counted.
If your shares were instead registered directly in your name with our transfer agent, Computershare Trust Company, N.A., then you are a stockholder of record with respect to those shares and different procedures apply for you. Read the question titled "Who is a stockholder of record and how do they vote?" above.
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Even if you plan to attend our 2021 Annual Meeting, please read this Proxy Statement carefully and vote using one of the following methods if you are a beneficial owner:
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Vote live at our 2021 Annual Meeting by obtaining a legal
proxy from your broker, bank or other agent
Follow the voting instructions in the Notice you received from
your broker, bank or other agent
To vote live at the 2021 Annual Meeting, you must obtain a legal proxy from your broker, bank or other agent.
To vote by any other means, you must follow the instructions in the Notice you receive from your broker, bank or other agent. These instructions can vary from agent to agent.
What is the quorum requirement?
A quorum of stockholders is necessary to hold a valid annual meeting. A quorum will be present if stockholders holding a majority of the outstanding shares entitled to vote attend the 2021 Annual Meeting live or are represented by proxy. On the record date, March 31, 2021, there were 65,881,233 shares outstanding and entitled to vote. Thus, the holders of 32,940,617 shares must attend the 2021 Annual Meeting live or be presented by proxy at our 2021 Annual Meeting to have a quorum. Your shares will be counted towards the quorum only if you submit a valid proxy, if a valid proxy is submitted on your behalf by your broker, bank or other agent, or if you vote live at our 2021 Annual Meeting. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, the Chair of the meeting or the holders of a majority of shares attending the meeting live or represented by proxy may adjourn the 2021 Annual Meeting to another date.
What happens if I do not vote?
If you are a stockholder of record and do not vote either by completing your proxy card, by telephone, through the Internet or live by attending our 2021 Annual Meeting, your shares will not be voted or be counted as present at the 2021 Annual Meeting for the purposes of establishing a quorum.
If you are a beneficial owner and do not instruct your broker, bank, or other agent how to vote your shares, your broker, bank or agent will still be able to vote your shares on certain matters. For the 2021 Annual Meeting, your broker, bank or agent may not vote your shares on Proposal 1 (election of directors), Proposal 2 (advisory approval of executive compensation), or Proposal 3 (advisory approval of annual advisory votes on named executive compensation), but may vote your shares on Proposal 4 (ratification of the appointment of Deloitte & Touche LLP).
What are “broker non-votes”?
When a beneficial owner of shares held in “street name” does not give instructions to the broker or nominee holding the shares as to how to vote on matters deemed by the New York Stock Exchange ("NYSE") to be “non-routine,” the broker or nominee cannot vote the shares. These unvoted shares are counted as “broker non-votes.” For the 2021 Annual Meeting, Proposal 4 (ratification of the appointment of Deloitte & Touche LLP) is the sole routine matter. Your broker, bank or agent will not have discretion to vote on Proposal 1 (election of directors), Proposal 2 (advisory approval of executive compensation), or Proposal 3 (advisory approval of annual advisory votes on Named Executive Officer compensation) absent direction from you, as they are considered "non-routine" matters.
What if I return a proxy card or otherwise vote but do not make specific choices?
If you return a signed and dated proxy card or otherwise vote without marking voting selections, your shares will be voted, as applicable, “For” the election of all five nominees for director, “For” the advisory approval of executive compensation, for "Every Year" as the preferred frequency of advisory votes on Named Executive Officer compensation, and “For” ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2021. If any other matter is properly presented at the meeting, your proxyholder will vote your shares using their best judgment.
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What if another matter is properly brought before the meeting?
We know of no other matters that will be presented for consideration at our 2021 Annual Meeting. If any other matters are properly brought before the meeting, it is the intention of the proxyholders named in the accompanying proxy to vote on those matters in accordance with their best judgment.
Who is paying for this proxy solicitation?
We will pay for the entire cost of soliciting proxies for our 2021 Annual Meeting. In addition to these proxy materials, members of our Board and our employees also may solicit proxies in person, by telephone, or by other means of communication. Directors and employees will not be paid any additional compensation for soliciting proxies. We also may reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners.
What does it mean if I receive more than one Notice?
If you receive more than one Notice, your shares may be registered in more than one name or in different accounts. Please follow the voting instructions on each of the Notices you receive to ensure that all of your shares are voted.
Can I change my vote after submitting my proxy?
Stockholder of Record: Shares Registered in Your Name
Yes. You can revoke your proxy at any time before the final vote at the meeting. If you are the record holder of your shares, you may revoke your proxy in any one of the following ways:
you may submit another properly completed proxy card with a later date;
you may grant a subsequent proxy by telephone or through the Internet using the procedures outlined above;
you may send a timely written notice that you are revoking your proxy to our Secretary at One Park Place, Suite 600, Dublin, California 94568; or
you may attend the 2021 Annual Meeting and vote live.
Your most current proxy card or telephone or Internet proxy at the time of the 2021 Annual Meeting will be the one that is counted.
Beneficial Owner: Shares Registered in the Name of a Broker, Bank or Other Agent
Yes. If your shares are held by your broker, bank or other agent, you should follow the instructions provided by your broker, bank or agent for changing or revoking your vote. You cannot change or revoke the vote made by your broker, bank or agent by attending our 2021 Annual Meeting, unless you have obtained a legal proxy from the broker, bank or agent that holds your shares giving you the right to vote the shares.
When are stockholder proposals due for the 2022 Annual Meeting of Stockholders?
To be considered for inclusion in our 2022 proxy materials, your proposal (including a director nomination) must be submitted in writing by December 15, 2021 to our Secretary at One Park Place, Suite 600, Dublin, California 94568, and must comply with all applicable requirements of Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); provided, however, that if our 2022 Annual Meeting of Stockholders is held before April 27, 2022, or after June 26, 2022, then the deadline is a reasonable amount of time prior to the date we begin to print and mail our proxy statement for the 2022 Annual Meeting of Stockholders. If you wish to submit a proposal (including a director nomination) that is not to be included in our 2022 proxy materials, the proposal must be received by our Secretary not earlier than the close of business on January 27, 2022, and not later than the close of business on February 26, 2022; provided, however, that if our 2022 Annual Meeting of Stockholders is held before April 27, 2022, or after June 26, 2022, then the proposal must be received not earlier than the close of business on the 120th day prior to such meeting and not later than the close of business on the later of the 90th day prior to such meeting or the 10th day following the day on which public announcement of the date of such
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meeting is first made. You are also advised to review our Bylaws, which contain additional requirements about advance notice of stockholder proposals and director nominations.
How can I find out the results of the voting at the 2021 Annual Meeting?
Preliminary voting results will be announced at our 2021 Annual Meeting. In addition, final voting results will be published in a Current Report on Form 8-K that we expect to file with the U.S. Securities and Exchange Commission within four business days after the 2021 Annual Meeting. If final voting results are not available to us in time to file a Form 8-K within four business days after the meeting, we intend to file a Form 8-K to publish preliminary results and, within four business days after the final results are known to us, file an additional Form 8-K to publish the final results.

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PROPOSAL 1
ELECTION OF DIRECTORS
Our 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. 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. Katherine August-deWilde, H. Raymond Bingham, Ralph A. Clark, Maria Contreras-Sweet, and Shawn Guertin are Class I directors whose term of office expires at the 2021 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 2021 Annual Meeting, each of these nominees would serve until our 2024 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 2021 Annual Meeting, or represented by proxy, and entitled to vote on the election of directors at our 2021 Annual Meeting. This means that the five 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. Shares represented by executed proxies will be voted, if authority to do so is not withheld, for the election of the five 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. Each person nominated for election has agreed to serve if elected. We have no reason to believe that any nominee will be unable to serve.
It is our policy to invite and encourage directors and nominees for director to attend each of our annual meetings of stockholders. In 2020, all of the directors then in office attended our 2020 Annual Meeting of Stockholders.
The following is a brief biography of each nominee for election at our 2021 Annual Meeting and each director whose term will continue after our 2021 Annual Meeting.

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    Nominees for Election
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Director since 2013
Independent
Katherine August-deWilde
Compensation Committee (Chair)
Katherine August-deWilde, age 73, has been a member of our Board since October 2013. Ms. August-deWilde is currently Vice Chair and a director of First Republic Bank, a commercial bank specializing in private banking, business banking and wealth management, since January 2016 and served as the President of First Republic Bank from 2007 to 2015. Ms. August-deWilde has served in various roles at First Republic Bank since 1985, including as Chief Financial Officer and Executive Vice President and Chief Operating Officer. Ms. August-deWilde also has served on the board of directors of First Republic Bank since 1988, Eventbrite, Inc. since February 2016, and SunRun, Inc. since January 2016. She is a member of the Catalyst Corporate Board Resource. Ms. August-deWilde holds a B.A. from Goucher College and an M.B.A. from Stanford University Graduate School of Business. The Nominating and Corporate Governance Committee believes that Ms. August-deWilde is qualified to serve on our Board based on her experience as a corporate executive, her financial expertise, and her service on the boards of directors of other public companies.
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Director since 2008
Independent
H. Raymond Bingham
Nominating and Corporate Governance Committee (Chair)
Compensation Committee (Member)
H. Raymond Bingham, age 75, has been a member of our Board since July 2008 and served as the Chair of our Board from January 2010 to May 2018. He is a partner of Canyon Bridge Capital Partners, a global private equity buyout firm, and has served as Executive Chairman of Imagination Technologies since November 2016. From 2015 to 2016, he was an Advisory Director of Riverwood Capital Management, a private equity firm that invests in high-growth technology companies. From January 2010 to December 2015, Mr. Bingham was an Advisory Director of General Atlantic, a global growth equity firm, and served as a Managing Director from September 2006 to December 2009. Previously, Mr. Bingham served on the board of directors of Cypress Semiconductor from March 2015 to June 2017 and as Executive Chairman from August 2016 to June 2017. He also previously served on the board of directors of Flextronics International Ltd. from October 2005 to June 2017, Oracle Corporation from November 2002 to March 2017, DHI Group, Inc. from July 2009 to April 2015, Spansion, Inc. from May 2010 to March 2015, Fusion-io, Inc. from February 2011 to July 2014, and STMicroelectronics from April 2007 to April 2013. Mr. Bingham holds a B.S. in Economics from Weber State University and an M.B.A. from Harvard Business School. Additionally, he was awarded an Honorary Doctorate of Humanities from Weber State University. The Nominating and Corporate Governance Committee believes that Mr. Bingham is qualified to serve on our Board based on his broad and extensive experience serving in management roles at technology companies, including as chief executive officer and chief financial officer, as well as his significant service on the board of directors of other publicly traded companies, and his extensive knowledge and experience managing portfolio companies both within and outside our industry.
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Director since 2021
Independent
Ralph A. Clark
Ralph Clark, age 62, serves as the President and CEO of ShotSpotter, Inc., a publicly traded (NASDAQ SSTI) SaaS based acoustic surveillance and precision policing solutions company. The company is focused on law enforcement agencies and security personnel globally and includes over 100 municipalities and their respective LE agencies as clients. Mr. Clark joined ShotSpotter in 2010 and led the business model and technology transformation resulting in ShotSpotter's category leading platform expansion, sustained revenue growth and recent full year GAAP profitability. Mr. Clark successfully orchestrated ShotSpotter's initial public offering in 2017 bringing on high quality institutional investor firms such as Gilder Gagnon and Federated as public market institutional investors. The company's market capitalization has grown since going public and is recognized as a market pioneer and leader in precision policing solutions. Prior to joining ShotSpotter, Mr. Clark was the CEO of GuardianEdge Technologies, a leading end-point data protection company that he joined in 2005 which was acquired by Symantec in 2010 for approximately $100 million. Mr. Clark is proud to have started his career as an IBM large systems marketing representative in the early 1980's working in Seattle with primary responsibility for large systems sales to Boeing Computer Services. After business school, Mr. Clark spent three years in investment banking with Goldman Sachs and Merrill Lynch prior to moving back to his hometown in Oakland, California to re-pursue a career in leading high growth technology companies. Mr. Clark holds a B.S. in Economics from University of the Pacific and an M.B.A. from Harvard Business School. The Nominating and Corporate Governance Committee believes that Mr. Clark is qualified to serve on our Board based on his significant management experience in small and medium sized businesses, his current role as the chief executive officer of a publicly traded company and his multiple experiences as a TriNet client.
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Director since 2020
Independent
Maria Contreras-Sweet
Risk Committee (Member)
Maria Contreras-Sweet, 65, has been a director since November 2020. In October 2017, she became the Managing Member of both Contreras Sweet Companies, LLC, a marketing and research solutions company, and Rockway Equity Partners, LLC, a private-equity firm that invests in small and mid-size companies. From April 2014 through January 2017, she served as the 24th Administrator of the U.S. Small Business Administration and as a member of President Obama’s cabinet where she managed the world’s largest seed fund and the largest middle market fund of funds, as well as a $120 billion loan portfolio. In addition, Ms. Contreras-Sweet led a major initiative to bring the Small Business Administration ("SBA") into the digital age and expand into broader domestic and global markets. At the time, SBA reached historic levels in lending and contracting for small businesses. Prior, Ms. Contreras-Sweet was a founder of ProAmerica Bank where she served as Executive Chairwoman from 2006 to 2014. The bank served the small and middle market. She was Co-Founder and Managing Partner of Fortius Holdings from 2004 to 2006. Prior to that, she served as the California cabinet Secretary of the Business, Transportation and Housing Agency from 1999 to 2003 where she oversaw 42,000 employees with a $14 billion budget. While there she led in the creation of the Department of Managed Healthcare, the state's HMO regulator, and reached new levels of partnering with small businesses on California’s multi-billion dollar infrastructure program. She is a director of Sempra Energy, Regional Management Corporation and on the nonprofit boards of the Bipartisan Policy Center, Los Angeles World Affairs Council and Town Hall and is a distinguished fellow of the Larta Institute. Prior, she served on the board of directors of Blue Cross of California and as a Founding Director of The California Endowment, a healthcare philanthropy. 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. She brings a strong understanding of banking, corporate governance, healthcare, and global innovation, extensive experience with small and medium-sized enterprises, and deep familiarity with state and federal regulatory bodies which makes her a valuable contributor to the Board.
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Director since 2020
Independent
Shawn Guertin
Risk Committee (Chair)
Audit Committee (Member)
Shawn Guertin, age 57, has been a member of our Board since January 2020. While at Aetna, Inc., Mr. Guertin served as Executive Vice President, Chief Financial Officer and Chief Enterprise Risk Officer from January 2014 to May 2019 and as Senior Vice President, Chief Financial Officer and Chief Enterprise Risk Officer from February 2013 to January 2014, where he was responsible for overseeing a plethora of finance related duties, mergers and acquisitions and risk management. Prior to these roles, while at Aetna, Inc., he served as the Head of Business Segment Finance from April 2011 to February 2013. Prior to joining Aetna, Inc., from 2010 to 2011, he served as a consultant to Coventry Health Care. Prior to this role, while at Coventry HealthCare, from 2005 to 2009, he served as a Chief Financial Officer and Treasurer and, from 1998 to 2004, as Senior Vice President and Chief Actuary. In September 2020, Mr. Guertin joined the board of directors of Da Vita. Mr. Guertin holds a B.A. from Boston University. The Nominating and Corporate Governance Committee believes that Mr. Guertin is qualified to serve on our Board based on his significant management experience in the healthcare industry and his experience as a chief financial officer and chief enterprise risk officer of a public company.
THE BOARD OF DIRECTORS RECOMMENDS
A VOTE IN FAVOR OF EACH NAMED NOMINEE
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Directors Continuing in Office Until Our 2022 Annual Meeting of Stockholders
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Director since 1988
Independent
Martin Babinec
Martin Babinec, age 66, founded TriNet in 1988 and has served on our Board since that time, serving as Chair until December 2009. From 1988 until May 2008, he also served as our Chief Executive Officer. Mr. Babinec founded and serves as Managing Director of UpVentures Capital, an early-stage investor; co-founded and is a member of the management committee of Rock City Development LLC; founded and serves as Chair of Upstate Venture Connect and Entrepreneurs Across Borders, both of which are entrepreneur-led non-profits; and UpMobility, a family foundation. Mr. Babinec holds a B.S. in Business Administration from Shippensburg University. The Nominating and Corporate Governance Committee believes that Mr. Babinec is qualified to serve on our Board based on his significant business experience, both inside and outside our industry, and because his role as our founder and former Chief Executive Officer brings unique insight to the Board.
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Director since 2015
Independent
Paul Chamberlain
Audit Committee (Member)
Paul Chamberlain, age 57, has been a member of our Board since December 2015. Mr. Chamberlain currently operates his own strategic and financial advisory firm, PEC Ventures. Prior to starting PEC Ventures in January 2015, he 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 Veeva Systems, Inc. since December 2015 and ServiceNow, Inc. since October 2016. He also has worked as a visiting professor and adjunct professor at Princeton University’s Keller Center for Entrepreneurial Studies and Santa Clara University’s Leavey School of Business, respectively. Mr. Chamberlain chairs the Strategic Advisory Committee of JobTrain, the Menlo Park, California-based vocational and life skills training group focused on the neediest in the Silicon Valley community. He holds a B.A. in History, magna cum laude, from Princeton University and an M.B.A. from Harvard Business School. The Nominating and Corporate Governance Committee believes that Mr. Chamberlain is qualified to serve on our Board based on his strategic and financial expertise and his past experience as a Managing Director of Morgan Stanley.
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Director since 2009
Independent
Wayne B. Lowell
Audit Committee (Chair)
Risk Committee (Member)
Wayne B. Lowell, age 65, has been a member of our Board since August 2009. From March 2012 until November 2017, Mr. Lowell served as Chair and Chief Executive Officer of Senior Whole Health Holdings, Inc., a health insurance company focused on providing health insurance coverage to senior citizens. From 1998 to 2012, he 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, he 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, Chief Financial Officer 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 chief financial officer.
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Directors Continuing in Office Until Our 2023 Annual Meeting of Stockholders
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Director since 2017
Independent
Michael J. Angelakis
Compensation Committee (Member)
Nominating and Corporate Governance Committee (Member)
Michael J. Angelakis, age 56, has been a member of our Board since February 2017. Mr. Angelakis has served as the Chairman and Chief Executive Officer of Atairos Management, L.P., an independent, private investment firm, since August 2015. Mr. Angelakis also serves as a Senior Advisor to the Executive Management Committee of Comcast Corporation, a leading media and telecommunications company, since July 2015. Prior to founding Atairos, he served as Comcast Corporation’s Vice Chair from March 2007 to October 2015 and Chief Financial Officer from March 2007 to July 2015. Mr. Angelakis also serves on the board of directors of ExxonMobil since March 2021 and of Groupon, Inc. since April 2016. He previously served on the board of directors of 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 chief financial officer of a public company, as well as experience as a director of other public companies.
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Director since 2008
President and Chief Executive Officer
Burton M. Goldfield
Burton M. Goldfield, age 65, joined TriNet as Chief Executive Officer and a member of our Board in May 2008. Prior to joining TriNet, Mr. Goldfield was Chief Executive Officer at Ketera Technologies, a SaaS provider to Fortune 2000 companies. Before that, Mr. Goldfield served as Senior Vice President, Worldwide Field Operations at Hyperion Solutions Corporation, a software company, and Vice President of Worldwide Sales for IBM Corporation’s multinational information technology company, Rational Software division. Mr. Goldfield also previously served on the board of directors of DHI Group, Inc. from December 2014 to May 2019. Mr. Goldfield holds a B.S. in Biomedical Engineering from Syracuse University and an M.B.A. from Villanova University. The Nominating and Corporate Governance Committee believes that Mr. Goldfield is qualified to serve on our Board based on his operational and strategic expertise from his previous executive positions with other large companies, as well as his past experience as a director of another public company.




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DAVIDHODGSON11.JPG
Director since 2005
Independent
David C. Hodgson
Board of Directors (Chair)
Nominating and Corporate Governance Committee (Member)
David C. Hodgson, age 64, 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 joined General Atlantic in 1982, helped found their partnership, and has over 35 years of experience identifying and assisting portfolio companies worldwide in all areas of their development. Mr. Hodgson is former Chair and current member of the Board of Trustees of Johns Hopkins Medicine. He serves on the board of directors of Johns Hopkins HealthCare and Johns Hopkins Medicine International. He is Chair of the Manhattan Theatre Club, serves on the President's Leadership Council of the Dartmouth College Board of Trustees, and is a member of the Advisory Council at Stanford Graduate School of Business. Mr. Hodgson is Chairman Emeritus of the board of Echoing Green and is Trustee Emeritus of Johns Hopkins University. Previously, Mr. Hodgson served on the board of directors of DHI Group, Inc. from August 2005 to May 2014. Mr. Hodgson holds an A.B. 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 boards 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.
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Director since 2020
Independent
Jacqueline Kosecoff
Compensation Committee (Member)
Jacqueline Kosecoff, age 71, has been a member of our Board since January 2020. Since March 2012, Dr. Kosecoff has been a Managing Partner of Moriah Partners, where she works to identify, select, mentor and manage health services and IT companies, and a Senior Advisor of Warburg Pincus, a private equity investing firm. From 2005 to 2012, Dr. Kosecoff was a senior executive inside UnitedHealth Group-PacifiCare. Dr. Kosecoff joined UnitedHealth Group as part of its acquisition of PacifiCare Health Systems in 2005 and took responsibility for, among other areas, the Medicare Part D business and the consumer health product division serving seniors. From 2002 to 2005, at PacifiCare Health Systems, Dr. Kosecoff served as Executive Vice President with responsibility for various business segments. Dr. Kosecoff served as Chief Executive Officer of Prescription Solutions (now known as OptumRx) from 2006 to 2011. From 1998 to 2002, Dr. Kosecoff was founder, President and Chief Operating Officer of Protocare, a firm whose lines of business included the clinical development of drugs, devices, biopharmaceutical and nutritional products, and health services consulting. Dr. Kosecoff served as Professor of Medicine and Public Health at the University of California, Los Angeles from 1975 to 2006. Dr. Kosecoff has also served on the board of directors of GoodRx since May 2016 (company went public in September 2020), Houlihan Lokey since June 2016, Sealed Air Corporation since May 2005 and STERIS Corporation since October 2003. 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 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 boards of directors of other public companies.
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INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE
Independence of the Board of Directors
Our Board has undertaken a review of its composition, the composition of its committees and of the independence of each our of directors and determined that, other than Mr. Goldfield, by virtue of his position as our Chief Executive Officer ("CEO"), each of our directors is “independent” as that term is defined under the listing requirements and rules of the NYSE. In making this determination, our Board considered the current and prior relationships that each non-employee director has with TriNet and all other facts and circumstances the Board deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director. There are no family relationships among any of the director nominees, directors or any of our executive officers.
Board Leadership Structure
We separate our Chair of the Board (the “Board Chair”) and CEO to reinforce the independence of our Board in its oversight of our business and affairs. We believe that an independent Board Chair enhances the effectiveness of our Board by being best positioned to objectively evaluate and oversee management’s performance, ensure management accountability, and align management with the best interests of the Company and its stockholders. Our Board Chair, Mr. David C. Hodgson, has authority, among other things, to call and preside over Board meetings, to set meeting agendas and to determine the materials distributed to our Board. Mr. Hodgson also serves as the Board’s lead independent director. As lead independent director, Mr. Hodgson presides over periodic meetings of the Board’s independent directors, serves as a liaison between our CEO and the independent directors and performs such additional duties as our Board may otherwise determine and delegate.
Role of the Board in Risk Oversight
One of our Board’s key functions is informed oversight of our risk management process. Our Board administers this oversight function directly as well as through the Board’s standing committees. Our officers are responsible for day-to-day management of the material risks that TriNet faces. Our newly formed Risk Committee reviews the design of our enterprise risk management program, monitors our management's operation of that program, including risk trends, significant risk exposures, and the quality and effectiveness of our technology security, and oversees the nature and level of risk appropriate for TriNet. Our Audit Committee considers and discusses our major financial risk exposures and management actions to monitor and control these exposures, monitors our compliance with legal and regulatory financial requirements, and oversees the performance of our internal audit function. Our Nominating and Corporate Governance Committee monitors the effectiveness of our corporate governance guidelines and oversees governance risks, such as director independence and conflicts of interest. Our Compensation Committee assesses and monitors risks, such as management incentives and potential for excessive risk taking, related to our compensation policies and programs. Our Board receives periodic updates from our management and their independent advisors throughout the year regarding the risks that TriNet faces and reviews our enterprise risk management program at least annually. In addition, our committees meet periodically with our management and their independent advisors to review risks and risk management processes relevant to the committees’ respective areas of oversight. Both our Board and our Board committees receive periodic and incidental reports as matters may arise from our Chief Compliance Officer, who is our Chief Legal Officer (our "CLO"), and our Internal Audit Department, regarding potential violations of our Code of Business Conduct and Ethics, our ethics hotline activity and other complaints we may receive regarding potential ethics violations or our financial controls, accounting and other auditing matters. Our committee chairs are responsible for promptly reporting findings regarding material risk exposures to the Board.
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Meetings of the Board of Directors
Our Board held seven meetings during 2020. In 2020, each of our directors attended at least 75% of our 2020 Board meetings, and of the meetings of each committee on which they served, that were held during their service as a Board member in 2020. In addition, our non-management directors met five times in 2020 in scheduled executive sessions at which only non-management directors were present. The Board Chair presided over these executive sessions.
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Information Regarding Committees of the Board of Directors
Our Board has four committees: an Audit Committee, a Compensation Committee, a Nominating and Corporate Governance Committee and a newly formed Risk Committee. The following table provides membership for each of our Board committees as of April 14, 2021:
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Audit Committee
The primary functions of our Audit Committee include:
assist the Board in its oversight of:
the Company’s corporate accounting and financial reporting processes;
the Company’s systems of internal control over financial reporting;
the Company’s audits of financial statements;
the quality and integrity of the Company’s financial statements and internal controls;
the qualifications, performance and independence of the Company’s independent registered public accounting firm;
the performance, responsibilities, budget and staffing of the Company’s internal audit function; and
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the Company's compliance with legal and regulatory requirements;
conduct an annual assessment of the performance of the Audit Committee, and periodically review and assess the adequacy of its charter;
establish procedures for the receipt, retention and treatment of complaints, and monitor complaints, received by us regarding accounting, internal accounting controls or auditing matters; and
prepare the Committee report that the SEC rules require to be included in the Company’s annual proxy statement.
Our Board has determined that each member of our Audit Committee is independent under NYSE listing standards and Rule 10A-3(b)(1) promulgated under the Exchange Act, is an “audit committee financial expert” within the meaning of SEC regulations, and has the requisite financial expertise required under the applicable requirements of the NYSE. In arriving at this determination, the Board examined each Audit Committee member’s scope of experience and the nature of their employment in the corporate finance sector.
Our Audit Committee has authority to engage legal counsel or other experts or consultants, as it deems appropriate to carry out its responsibilities. Our Audit Committee meets regularly in executive session. Our Audit Committee’s authority, duties and responsibilities are described in its charter, which is reviewed annually and updated as warranted. The charter is available in the Investor Relations section of the Company’s website at http://investor.trinet.com/company/investors-relations/governance/documents-charters/default.aspx. The Audit Committee held nine meetings during 2020.
Report of the Audit Committee of the Board of Directors(1)
The Audit Committee has reviewed and discussed the Company's audited financial statements for the fiscal year ended December 31, 2020 with our management. The Audit Committee has discussed with the Company's independent registered public accounting firm the matters required to be discussed by Auditing Standard No. 16, Communications with Audit Committees, as adopted by the Public Company Accounting Oversight Board (“PCAOB”). The Audit Committee has also received the written disclosures and the letter from our independent registered public accounting firm required by applicable requirements of the PCAOB regarding our independent accountants’ communications with the Audit Committee concerning independence, and has discussed with our independent registered public accounting firm the accounting firm’s independence. Based on the foregoing, the Audit Committee has recommended to the Board that the Company's audited financial statements be included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Wayne B. Lowell
Paul Chamberlain
Shawn Guertin
(1)The material in this report is not “soliciting material,” is not deemed “filed” with the Securities and Exchange Commission and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.
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Compensation Committee
The primary functions of our Compensation Committee include:
determine and approve goals and objectives for our executive compensation program, evaluate executive performance against those goals and objectives, and approve the individual compensation levels and other terms of employment in light of such performance, including, without limitation, reviewing, approving and administering any employment agreements, severance agreements or plans, change in control agreements, plans or provisions and any other compensatory arrangements with our executive officers;
review and approve the compensation of Board members, including retainer, Board meeting, committee meeting and committee chair fees and equity grants or awards;
oversee administration of our equity incentive plans, establish guidelines, interpret plan documents, approve grants and awards, and exercise such other power and authority as may be permitted or required under such plans;
review and recommend to our Board the adoption, amendment and termination of our equity incentive plans;
review, in consultation with the Company's CEO, the Company's management succession planning, including policies and planning for CEO selection and succession;
assess the independence of each compensation consultant, legal counsel and other advisor to our Compensation Committee, in accordance with, and to the extent required by, applicable law and the NYSE listing standards;
review and discuss with our management the disclosures contained under the caption “Compensation Discussion and Analysis” for use in any of our annual reports on Form 10-K, registration statements and proxy statements, in accordance with, and to the extent required by, applicable law and the NYSE listing standards, and recommending to our Board that such Compensation Discussion and Analysis be approved for inclusion therein;
prepare and review our Compensation Committee’s reports on executive compensation to be included in our annual proxy statements, in accordance with and to the extent required by applicable law and the NYSE listing standards;
investigate any matter brought to the attention of our Compensation Committee within the scope of its duties if, in the judgment of our Compensation Committee, such investigation is appropriate;
review and assess the adequacy of our Compensation Committee’s charter periodically and recommending any proposed changes to our Board for approval; and
conduct an evaluation of the performance of our Compensation Committee periodically.
Our Board has determined that each member of our Compensation Committee is independent under NYSE listing standards and Rule 10C-1 promulgated under the Exchange Act and a “non-employee director” as defined in Rule 16b-3 promulgated under the Exchange Act.
The Compensation Committee’s authority, duties, and responsibilities are described in its charter, which is reviewed annually and revised and updated as warranted. The charter is available in the Investor Relations section of the Company’s website at http://investor.trinet.com/company/investors-relations/governance/documents-charters/default.aspx. The Compensation Committee held four meetings during 2020.
Compensation Committee Processes and Procedures
Our Compensation Committee meets regularly during the year. The agenda for each meeting is usually developed by the Chair of our Compensation Committee, often in consultation with our CEO, CLO, Senior Vice President of Human Resources and our Compensation Committee's compensation consultant. Our Compensation Committee meets regularly in executive session. From time to time, various members of management and other employees, as well as outside advisors and consultants, attend Compensation Committee meetings to make presentations and provide financial and other background information and advice relevant to Compensation Committee deliberations.
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Our CEO does not participate in, or be present during, any deliberations or determinations of our Compensation Committee regarding his compensation or individual performance objectives.
In certain situations, our Compensation Committee may delegate its authority to a subcommittee or our CEO in connection with the grant of certain equity awards. In 2017, our Compensation Committee formed the Equity Award Committee, initially comprised of two members and currently including three members of the Compensation Committee, Mses. August-deWilde and Kosecoff and Mr. Bingham. The primary purpose of the Equity Award Committee is to administer the Company's equity incentive plan and to grant equity awards thereunder, primarily to our Section 16 officers, without limiting the authority of our Compensation Committee. Our Compensation Committee has delegated to our Company's CEO the authority, subject to certain limitations such as the maximum value for each award, to grant restricted stock unit awards ("RSU Awards") to certain non-executive employees and consultants of the Company, in connection with their hiring or promotion, pursuant to the terms of such policy and the Company's equity incentive plan. In March 2021, this authority was expanded to annual RSU Awards to certain non-executive employees and consultants of the Company.
Under its charter, our Compensation Committee has full access to all of our books, records, facilities and personnel. In addition, under the charter, our Compensation Committee has authority to engage and retain legal counsel, compensation consultants and other experts and consultants, as it deems appropriate to carry out its responsibilities. Our Compensation Committee has direct responsibility for the oversight of the work performed by, and for approving the reasonable fees and retention terms of, these advisors.
Under its charter, our Compensation Committee may select, or receive advice from, a compensation consultant, legal counsel or other advisor, other than in-house legal counsel and certain other types of advisors, only after taking into consideration six factors, prescribed by the SEC and as set forth in the NYSE listing standards, that bear upon the advisor’s independence; however, there is no requirement that any advisor be independent. In 2020, after taking these factors into consideration, our Compensation Committee determined that Compensia, Inc., its compensation consultant ("Compensia"), met the independence test outlined herein, confirmed that Compensia's work did not raise any conflicts of interest and engaged Compensia to assist it in connection with its review, analysis and determinations with respect to the compensation of our senior personnel, including our Named Executive Officers. For a list of our Named Executive Officers, see the section titled “Compensation Discussion and Analysis-Named Executive Officers” below. For a summary of the nature and scope of the services provided to our Compensation Committee by Compensia, see the section titled "Compensation Discussion and Analysis-Oversight and Design of our Compensation Program-Role of Compensation Consultant" below.
In July 2019, for the 2020 fiscal year, Compensia also reviewed the compensation peer group our Compensation Committee uses to aid in the development of reasonable and competitive compensation practices, recommended changes or updates to our peer group and performed a competitive market analysis of performance and compensation levels for that peer group. Management also evaluated the analysis and provided input for our Compensation Committee’s consideration. Following an active dialogue with Compensia and management, our Compensation Committee established our 2020 executive compensation program, which is discussed in the section titled "Compensation Discussion and Analysis" beginning on page 33.
Historically, at one or more meetings in the first quarter of each year, our Compensation Committee conducts its annual review of Company performance against our compensation plan goals and objectives for the prior year, determines executive cash incentive and performance equity award payments under those plans, sets executive compensation levels, and establishes new performance objectives and goals for the current year. Our Compensation Committee also considers matters, at various meetings throughout the year, related to individual compensation (such as compensation for new executive hires, which in 2020 included compensation for a new Chief Financial Officer), as well as high-level strategic compensation issues, such as the general efficacy of our compensation strategy, potential modifications to that strategy, retention and performance-specific compensation requirements and new trends, plans or approaches to compensation among our peer group or more generally. For executives other than our CEO, our Compensation Committee solicits and considers evaluations and recommendations of our CEO. For our CEO, our Compensation Committee conducts its own evaluation and makes compensation and incentive award adjustments accordingly. As part of its deliberations, our Compensation Committee will use the Board's annual evaluation of the CEO's performance and may review and consider materials such as financial reports and projections, operational data, tax and accounting information, total compensation that may become payable to executives, executive and director stock ownership information, company stock performance data, analyses of historical executive compensation levels and current Company-wide compensation
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levels, and recommendations of our Compensation Committee’s compensation consultant, including analyses of executive and director compensation paid at other companies, as appropriate.
The specific determinations of our Compensation Committee with respect to executive compensation for 2020 are described in greater detail in the section titled “Compensation Discussion and Analysis” beginning on page 33.
Compensation Committee Interlocks and Insider Participation
None of the members of the Compensation Committee is currently, or has been at any time, one of our officers or employees. None of our executive officers currently serves, or has served during the last year, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving as a member of the Board or the Compensation Committee.
Nominating and Corporate Governance Committee
The primary functions of the Nominating and Corporate Governance Committee include:
review and evaluate the size, composition, function and duties of the Board consistent with its needs;
recommend criteria for the selection of candidates to the Board and its committees, and identify individuals qualified to become Board members consistent with such criteria, including the consideration of nominees submitted by shareholders;
recommend to the Board director nominees for election at the next annual or special meeting of shareholders at which directors are to be elected or to fill any vacancies or newly created directorships that may occur between such meetings;
recommend directors for appointment to Board committees;
make recommendations to the Board as to determinations of director independence;
oversee the evaluation of the Board; and
develop and recommend to the Board the Corporate Governance Guidelines and Code of Business Conduct and Ethics for the Company and oversee compliance with such Corporate Governance Guidelines and Code of Business Conduct and Ethics.
Our Board has determined that each member of the Nominating and Corporate Governance Committee is independent under the NYSE listing standards. The Nominating and Corporate Governance Committee has authority to engage legal counsel and other experts or consultants, as it deems appropriate to carry out its responsibilities. The Nominating and Corporate Governance Committee's authority, duties and responsibilities are described in its charter, which is reviewed annually and revised and updated as warranted. The charter is available in the Investor Relations section of the Company's website at http://investor.trinet.com/company/investors-relations/governance/documents-charters/default.aspx.
Our Nominating and Corporate Governance Committee believes that candidates for director should have certain minimum qualifications, including the ability to read and understand basic financial statements, independence and commitment to rigorously representing the long-term interests of the Company's stockholders. Our Nominating and Corporate Governance Committee also considers such factors as relevant expertise and experience upon which to be able to offer advice and guidance to management, sufficient time to devote to our affairs, demonstrated excellence in their field and the ability to exercise sound business judgment. Our Nominating and Corporate Governance Committee retains the right to modify these qualifications. Candidates for director nominees are reviewed in the context of the current composition of our Board, our operating requirements and the long-term interests of stockholders. In conducting this assessment, our Nominating and Corporate Governance Committee typically considers diversity, age, skills and such other factors as it deems appropriate, given the current needs of our Board and TriNet, to maintain a balance of knowledge, experience and capability.
In the case of incumbent directors whose terms of office are set to expire, our Nominating and Corporate Governance Committee reviews these directors’ overall service to TriNet during their terms, including the number of meetings attended, level of participation, quality of performance and any other relationships and transactions that
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might impair the directors’ independence. In the case of new director candidates, the Nominating and Corporate Governance Committee also determines whether such candidates are independent for NYSE purposes, which determinations are made based upon applicable NYSE listing standards, applicable SEC rules and regulations and the advice of counsel, where necessary. Our Nominating and Corporate Governance Committee then uses its network of contacts to compile a list of potential candidates, but may also engage, if it deems appropriate, a professional search firm. Our Nominating and Corporate Governance Committee conducts any appropriate and necessary inquiries into the backgrounds and qualifications of possible candidates after considering the function and needs of our Board. Our Nominating and Corporate Governance Committee meets to discuss and consider the candidates’ qualifications and then selects a nominee for recommendation to the Board by majority vote.
Our Nominating and Corporate Governance Committee will consider director candidates recommended by stockholders. Our Nominating and Corporate Governance Committee does not intend to alter the manner in which it evaluates candidates based on whether or not the candidate was recommended by a stockholder, including the minimum criteria set forth above. Stockholders who wish to recommend individuals for consideration by the Nominating and Corporate Governance Committee to become nominees for election to our Board may do so by delivering a written recommendation to the Nominating and Corporate Governance Committee at the following address: One Park Place, Suite 600, Dublin, California 94568. Submissions must include the full name of the proposed nominee, a description of the proposed nominee’s business experience for at least the previous five years, complete biographical information, a description of the proposed nominee’s qualifications as a director and a representation that the nominating stockholder is a beneficial or record holder of our common stock and has been a holder for at least one year. Any such submission must be accompanied by the written consent of the proposed nominee to be named as a nominee and to serve as a director if elected. Our Nominating and Corporate Governance Committee held six meetings during 2020.
Risk Committee
The primary functions of the Risk Committee include:
review the Company's Enterprise-wide Risk Management Policy and approach;
oversee the operation of the Company's enterprise-wide risk management framework, processes and methodologies;
review enterprise-level risk management objectives and monitor management's execution of such objectives;
review management's reports on risk management processes, methodologies, controls and capabilities;
review the Company's efforts to foster a culture of risk-adjusted decision-making without constraining reasonable risk-taking and innovation;
review the adequacy of resources of the Company's risk management functions;
monitor relevant trends and developments in the area of enterprise risk management and oversight;
review the Company's risk profile against its tolerances, including significant risk exposure and risk trends, and the steps management has taken to monitor, control and report such risk exposures and trends;
monitor the quality and effectiveness of the Company's technology security and periodically review, appraise and discuss with management the quality and effectiveness of the Company's information technology security, data privacy and disaster recovery capabilities;
review, approve and monitor risk management actions for cases escalated to the Committee; and
consider such other matters and perform such other actions as the Board or Committee deems necessary or advisable in relation to the Committee's risk-management oversight function.
Our Board has determined that each member of the Risk Committee is independent under the NYSE listing standards. The Risk Committee meets as often as it determines is appropriate to carry out its responsibilities. The Risk Committee has authority to engage advisers as it deems appropriate to carry out its responsibilities. The Risk Committee's authority, duties and responsibilities are described in its charter, which is reviewed annually and
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revised and updated as warranted. The charter is available in the Investor Relations section of the Company's website at http://investor.trinet.com/company/investors-relations/governance/documents-charters/default.aspx. Our Risk Committee was newly formed in March 2021 and, as a result, did not hold any meetings in 2020.
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Stockholder Communications with the Board
Our Board has adopted a Stockholder Communication Policy, which includes a formal process by which stockholders may communicate with the Board or any of its directors. The Stockholder Communication Policy is available on our website at http://investor.trinet.com/company/investors-relations/governance/documents-charters/default.aspx. Any interested person also may communicate directly with the presiding lead director or the independent or non-management directors. Persons interested in communicating directly with the independent or non-management directors regarding their concerns or issues are referred to the procedures for such communications in our Stockholder Communication Policy.
Code of Business Conduct and Ethics
Our Board has adopted a Code of Business Conduct and Ethics (the "Code") that applies to all of our corporate employees, executive officers and directors, including those executive officers responsible for financial reporting. Our Code is available on our website at http://investor.trinet.com/company/investors-relations/governance/documents-charters/default.aspx. We intend to disclose any amendments to this Code, or any waivers of its requirements, on our website to the extent permitted or required by applicable SEC rules or stock exchange requirements.
Corporate Governance Guidelines
Our Board has adopted Corporate Governance Guidelines to assure that the Board will have the necessary authority and practices in place to review and evaluate our business operations as needed and to make decisions that are independent of our management. The guidelines are also intended to align the interests of directors and management with those of our stockholders. Our Corporate Governance Guidelines set forth the practices our Board intends to follow with respect to board composition and selection, board responsibilities, board meetings and involvement of senior management, CEO performance evaluation and succession planning, and board committees and compensation. Our Corporate Governance Guidelines are available on our website at http://investor.trinet.com/company/investors-relations/governance/documents-charters/default.aspx.
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PROPOSAL 2
ADVISORY VOTE ON NAMED EXECUTIVE OFFICER COMPENSATION
Pursuant to Section 14A of the Exchange Act, we are asking our stockholders to approve, on an advisory basis, the compensation of our Named Executive Officers as disclosed in this Proxy Statement, including in the section titled "Compensation Discussion and Analysis" ("CD&A") beginning on page 33. This vote is not intended to address any specific item of compensation, but rather the overall compensation of all our Named Executive Officers and the executive compensation philosophy, policies and practices described in the CD&A as well as the related compensation tables and the accompanying narrative disclosure.
Before you vote, we urge you to read the CD&A, as well as the related compensation tables and the accompanying narrative disclosure contained in this Proxy Statement for detailed information on our executive compensation program.
Our Board believes that our executive compensation program strikes an appropriate balance of long- and short-term performance incentives, reinforces the link of executive pay and the Company's long-term performance, and aligns the interests of our Named Executive Officers with those of our stockholders. Accordingly, our Board is asking stockholders to indicate their support for the compensation of our Named Executive Officers, as described in the CD&A in this Proxy Statement, by casting a non-binding advisory vote “FOR” the following resolution:
“RESOLVED, that the compensation paid to TriNet’s Named Executive Officers, as disclosed pursuant to Item 402 of Regulation S-K, including in the Compensation Discussion and Analysis, compensation tables and narrative discussion, is hereby APPROVED.”
Because the vote is advisory, it is not binding on our Board, our Compensation Committee or TriNet. Nevertheless, the views expressed by our stockholders, whether through this vote or otherwise, are important to management and our Board and, accordingly, our Board and Compensation Committee will consider the results of this vote in making determinations in the future regarding our executive compensation arrangements.
Advisory approval of this proposal requires the vote of the holders of a majority of the shares attending our 2021 Annual Meeting live or represented by proxy and entitled to vote on the matter at our 2021 Annual Meeting. Unless our Board decides to modify its policy regarding the frequency of soliciting advisory votes on the compensation of our Named Executive Officers, after considering the results of the advisory vote of stockholders on Proposal 3 of this Proxy Statement, the next scheduled say-on-pay vote is expected to be at the 2022 Annual Meeting of Stockholders.
THE BOARD OF DIRECTORS RECOMMENDS
A VOTE IN FAVOR OF PROPOSAL 2
24


PROPOSAL 3
ADVISORY VOTE ON THE FREQUENCY OF SOLICITATION OF ADVISORY STOCKHOLDER APPROVAL OF EXECUTIVE COMPENSATION

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), and Section 14A of the Exchange Act enable our stockholders, at least once every six years, to indicate their preference regarding how frequently we should solicit a non-binding advisory vote on the compensation of our Named Executive Officers as disclosed in our proxy statement. Following the 2015 Annual Meeting of Stockholders, we have solicited the advisory vote of stockholders on our Named Executive Officers’ compensation annually. In accordance with the Dodd-Frank Act, we are asking stockholders to indicate whether they would prefer an advisory vote every year, every other year or every three years. Alternatively, stockholders may abstain from casting a vote.

After considering the benefits and consequences of each alternative, the Board recommends that the advisory vote on the compensation of our Named Executive Officers be submitted to the stockholders once every year. In formulating its recommendation, the Board considered that an annual advisory vote on executive compensation will allow our stockholders to provide us with their direct input on our compensation philosophy, policies and practices as disclosed in the proxy statement every year. Additionally, an annual advisory vote on executive compensation is consistent with our policy of seeking input from, and engaging in discussions with, stockholders on corporate governance matters and executive compensation philosophy, policies and practices.

While the Board believes that its recommendation is appropriate at this time, the stockholders are not voting to approve or disapprove that recommendation, but are instead asked to indicate their preferences, on an advisory basis, as to whether the non-binding advisory vote on the approval of our Named Executive Officer compensation practices should be held every year, every other year or every three years. The alternative among one year, two years or three years that receives the highest number of votes from the holders of shares present in person or represented by proxy and entitled to vote on the matter at the annual meeting will be deemed to be the frequency preferred by the stockholders. The Board is asking the stockholders to cast a non-binding advisory vote with respect to the following resolution:

“RESOLVED, that the Company's stockholders determine, on an advisory basis, the frequency with which the Company's stockholders shall have an advisory vote to approve the compensation of the Company's Named Executive Officers, among the following choices:

Choice 1 - every year;
Choice 2 - every two years;
Choice 3 - every three years; or
Choice 4 - abstain from voting"

The Board and the Compensation Committee value the opinions of the stockholders in this matter and, to the extent there is any significant vote in favor of one frequency over the other options, even if less than a majority, the Board will consider the stockholders’ preference and evaluate any appropriate next steps. However, because this vote is advisory and, therefore, not binding on the Board or TriNet, the Board may decide that it is in the best interests of the stockholders that we hold an advisory vote on executive compensation more or less frequently than the option preferred by the stockholders. The vote will not be construed to create or imply any change or addition to the fiduciary duties of management or the Board.
THE BOARD OF DIRECTORS RECOMMENDS
A VOTE IN FAVOR OF "EVERY YEAR" ON PROPOSAL 3
25


PROPOSAL 4
RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Our Audit Committee has selected Deloitte & Touche LLP (“Deloitte & Touche”) as our independent registered public accounting firm for the fiscal year ending December 31, 2021, and has further directed that management submit the selection of its independent registered public accounting firm for ratification by our stockholders at our 2021 Annual Meeting. Deloitte & Touche has audited our financial statements since 2017. Representatives of Deloitte & Touche are expected to be present at our 2021 Annual Meeting. They will have an opportunity to make a statement if they so desire and will be available to respond to appropriate questions.
Neither our Bylaws nor other governing documents or law require stockholder ratification of the selection of Deloitte & Touche as our independent registered public accounting firm. However, the Audit Committee is submitting the selection of Deloitte & Touche to our stockholders for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, our Audit Committee will reconsider whether or not to retain Deloitte & Touche. Even if the selection is ratified, our Audit Committee in its discretion may direct the appointment of different independent auditors at any time during the year if they determine that such a change would be in the best interests of TriNet and our stockholders.
The Board is asking the stockholders to ratify the selection of Deloitte & Touche LLP as TriNet's independent registered public accounting firm and vote "FOR" the following resolution:
"RESOLVED, the stockholders hereby ratify the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2021."
The affirmative vote of the holders of a majority of the shares attending our 2021 Annual Meeting live or represented by proxy and entitled to vote on the matter at our 2021 Annual Meeting will be required to ratify the selection of Deloitte & Touche.
26


Principal Accountant Fees and Services
On May 6, 2016, our Audit Committee approved the engagement of Deloitte & Touche as the Company’s independent registered public accounting firm.
The following table summarizes the aggregate fees billed and accrued for professional services provided by Deloitte & Touche during our fiscal years 2020 and 2019. These fees were approved pursuant to the pre-approval policies and procedures described below.
 
Fiscal Year Ended December 31,
($ in thousands)
2020 2019
Audit Fees(1)
$ 6,177  $ 6,908 
Audit-related Fees(2)
67  40 
Tax Fees(3)
236  139 
All Other Fees(4)
174 
Total Fees
$ 6,484  $ 7,261 
(1)Audit Fees included fees for professional services rendered for the audits of the Company’s 2020 and 2019 annual consolidated financial statements included in the Company's Annual Report on Form 10-K and reviews of the quarterly financial statements included in the Company’s Quarterly Reports on Form 10-Q.
(2)Audit-related Fees for the fiscal years ended December 31, 2020 and 2019 consist of assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of the financial statements and are not reported under audit fees. Amounts include fees for services provided in connection with registration statements and merger and acquisition due diligence services.
(3)Tax Fees include fees for tax compliance, tax advice and tax planning, and other tax services.
(4)All Other Fees include fees for other audit and review engagements.
All fees described above were pre-approved by the Audit Committee.
Pre-Approval Policies and Procedures
Our Audit Committee has adopted a policy for the pre-approval of audit and non-audit services rendered by our independent registered public accounting firm. This policy generally requires pre-approval of the specified services in the defined categories of audit services, audit-related services and tax services. Pre-approval may also be given as part of our Audit Committee’s approval of the scope of the engagement of the independent registered public accounting firm or on an individual, explicit, case-by-case basis before the independent registered public accounting firm is engaged to provide each service. The pre-approval of services may be delegated to one or more of our Audit Committee’s members, but the decision must be reported to the full Audit Committee at its next scheduled meeting.
Our Audit Committee has determined that the rendering of services other than audit services by Deloitte & Touche is compatible with maintaining Deloitte & Touche's independence.
THE BOARD OF DIRECTORS RECOMMENDS
A VOTE IN FAVOR OF PROPOSAL 4
27


SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth, as of March 31, 2021, information regarding beneficial ownership of our common stock by:
each person, or group of affiliated persons, known by us to beneficially own more than 5% of our common stock;
each of our Named Executive Officers;
each of our directors and nominees for director; and
all of our current executive officers and directors as a group.
Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o TriNet Group, Inc., One Park Place, Suite 600, Dublin, California 94568.
 
Beneficial Ownership(1)
Beneficial Owner
Number of Shares
Percent of Total
5% Holders (other than Directors and Named Executive Officers):
Atairos Group, Inc.(2)
21,472,863  32.6  %
Wellington Management Group LLC(3)
5,950,773  9.0  %
The Vanguard Group(4)
4,181,718  6.3  %
Cantillon Capital Management LLC(5)
4,009,377  6.1  %
ArrowMark Colorado Holdings, LLC(6)
3,368,498  5.1  %
Directors:
Michael J. Angelakis(7)
21,472,863  32.6  %
Katherine August-deWilde(8)
93,533 
*
Martin Babinec(9)
3,232,153  4.9  %
H. Raymond Bingham(10)
124,413 
*
Paul Chamberlain(11)
33,959 
*
Ralph A. Clark(12)
59 
*
Maria Contreras-Sweet(13)
921 
*
Burton M. Goldfield(14)
700,650  1.1  %
Shawn Guertin(15)
5,984 
*
David C. Hodgson(16)
116,627 
*
Jacqueline Kosecoff(17)
5,984 
*
Wayne B. Lowell(18)
106,091 
*
Non-Director Named Executive Officers:
Edward Griese(19)
18,642 
*
Olivier Kohler(20)
53,949 
*
Kelly Tuminelli
— 
*
Samantha Wellington(21)
27,443 
*
All executive officers and directors as a group (15 persons)(22)
25,974,629  39.3  %
* Less than one percent.
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(1)This table is based upon information supplied by executive officers, directors and certain principal stockholders and Schedules 13D and 13G and Form 4s filed with the SEC. Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, we believe that each of the stockholders named in this table has sole voting and investment power with respect to the shares indicated as beneficially owned. Unless otherwise indicated in the footnotes to this table, applicable percentages are based on 65,881,233 shares outstanding on March 31, 2021, adjusted as required by rules promulgated by the SEC. Common stock subject to stock options currently exercisable or exercisable within 60 days of March 31, 2021, or issuable upon settlement of RSUs within 60 days of March 31, 2021, is deemed to be outstanding for computing the percentage ownership of the person holding these options or RSUs and the percentage ownership of any group of which the holder is a member but is not deemed outstanding for computing the percentage of any other person.
(2)Based on information supplied in a Schedule 13D/A filed with the SEC on March 17, 2020 and a Form 4 filed with the SEC on March 26, 2021 reporting beneficial ownership of (i) 17,691,312 shares directly held by AGI-T, L.P., (ii) 3,758,947 shares directly held by A-A SMA, L.P., and (iii) 22,604 shares directly held by Michael J. Angelakis that previously were issued to him upon the vesting of RSUs granted to Mr. Angelakis. A-T Holdings GP, LLC is the general partner of AGI-T, L.P. Atairos Group, Inc. is the sole member and manager of A-T Holdings GP, LLC and the sole limited partner of AGI-T, L.P. A-A SMA GP, LLC is the general partner of A-A SMA, L.P. Atairos Group, Inc. is the sole member and manager of A-A SMA GP, LLC and the sole limited partner of A-A SMA, L.P. Atairos Partners, L.P. is the sole voting stockholder of Atairos Group, Inc. Atairos Partners GP, Inc. is the general partner of Atairos Partners, L.P. Mr. Angelakis is the Chairperson and Chief Executive Officer of Atairos Group, Inc. and directly or indirectly controls a majority of the voting power of Atairos Partners GP, Inc. Each of Mr. Angelakis, Atairos Group, Inc. and the other entities described above disclaims beneficial ownership of the securities described in clauses (i)-(iii) above except to the extent of its pecuniary interest therein. According to the Schedule 13D/A, the address for Atairos Group, Inc. is 40 Morris Avenue, c/o Atairos Management, L.P., Bryn Mawr, Pennsylvania 19010.
(3)Based on information jointly supplied by Wellington Management Group LLP, Wellington Group Holdings LLP, and Wellington Investment Advisors Holdings LLP (collectively, "Wellington") and Wellington Management Company LLP in a Schedule 13G/A filed with the SEC on February 4, 2021. According to the Schedule 13G/A, Wellington has shared power to vote or direct the vote of up to 5,097,071 shares and shared power to dispose or to direct the disposition of up to 5,950,773 shares as of December 31, 2020, and Wellington Management Company LLP has shared power to vote or direct the vote of up to 4,551,592 shares and shared power to dispose or to direct the disposition of up to 4,988,972 shares as of December 31, 2020. According to the Schedule 13G/A, the address for Wellington is 280 Congress Street, Boston, Massachusetts 02210.
(4)Based on information supplied by The Vanguard Group ("Vanguard") in a Schedule 13G/A filed with the SEC on February 10, 2021. According to the Schedule 13G/A, Vanguard has sole power to dispose or to direct the disposition of 4,052,916 shares as of December 31, 2020 and Vanguard has shared power to vote or direct the vote of 95,278 shares and shared power to dispose or to direct the disposition of 128,802 shares as of December 31, 2020. According to the Schedule 13G/A, the address for Vanguard is 100 Vanguard Boulevard, Malvern, Pennsylvania 19355.
(5)Based on information jointly supplied by Cantillon Capital Management LLC, Cantillon Management L.P., Cantillon Inc. and William von Mueffling (collectively, "Cantillon") in a Schedule 13G/A filed with the SEC on February 9, 2021. According to the Schedule 13G/A, Cantillon has shared power to vote or direct the vote of 3,120,489 shares and shared power to dispose or to direct the disposition of 4,009,377 shares, and Mr. von Mueffling has sole power to vote or direct the vote and to dispose or to direct the disposition of 345,000 shares as of December 31, 2020. According to the Schedule 13G/A, the address for Cantillon is 499 Park Avenue, 9th Floor, New York, New York 10022.
(6)Based on information supplied by ArrowMark Colorado Holdings, LLC ("ArrowMark") in a Schedule 13G/A filed with the SEC on February 16, 2021. According to the Schedule 13G/A, ArrowMark has sole power to vote or direct the vote and to dispose or to direct the disposition of 3,368,498 shares as of December 31, 2020. According to the Schedule 13G/A, the address for ArrowMark is 100 Fillmore Street, Suite 325, Denver, Colorado 80206.
(7)Includes the shares described in footnote 2 above.
(8)Reflects 93,533 shares held by the DeWilde Family Trust dated June 21, 1990, for which Ms. August-deWilde shares voting and investment power.
(9)Based on information supplied in a Schedule 13G/A filed with the SEC on February 12, 2021 and a Form 4 filed with the SEC on March 26, 2021 reporting beneficial ownership of (i) 2,535,196 shares held by Martin and Krista Babinec, Trustees of The Babinec Family Trust, for which Mr. Babinec has sole voting and investment power, (ii) 531,369 shares held by the Babinec 2008 Children’s Trust, for which Mr. Babinec shares voting and investment power, (iii) 134,140 shares held by UpMobility Foundation Inc. (fka Babinec Foundation, Inc.), for which Mr. Babinec has sole voting and investment power, and (iv) 31,448 shares held by William and Elizabeth Babinec Family Charity Trust, for which Mr. Babinec has sole voting and investment power.
29


(10)Includes (i) 109,413 shares held by H. Raymond Bingham Living Trust, and (ii) 15,000 shares issuable pursuant to stock options exercisable within 60 days of March 31, 2021.
(11)Reflects 33,959 shares owned directly.
(12)Reflects 59 shares owned directly.
(13)Reflects 921 shares owned directly.
(14)Includes (i) 10,302 shares owned directly, (ii) 472,254 shares held by Burton M. Goldfield and Maud Carol Goldfield, Trustees of the Burton M. and Maud Carol Goldfield Trust u/a/d 12/6/00, for which Mr. Goldfield shares voting and investment power, (iii) 207,363 shares issuable pursuant to stock options exercisable within 60 days of March 31, 2021 and (iv) 10,731 shares issuable upon settlement of RSUs and restricted stock awards ("RSAs") within 60 days of March 31, 2021.
(15)Reflects 5,984 shares owned directly.
(16)Reflects 116,627 shares owned directly.
(17)Reflects 5,984 shares held by Robert H. Brook and Jacqueline B. Kosecoff Family Trust, for which Dr. Kosecoff shares voting and investment power.
(18)Includes (i) 20,000 shares issuable pursuant to stock options exercisable within 60 days of March 31, 2021 and (ii) 86,091 shares held by the Wayne and Nan Lowell Revocable Trust dated February 2, 1991, for which Mr. Lowell shares voting and investment power.
(19)Includes (i) 1,499 shares issuable upon settlement of RSUs and RSAs within 60 days of March 31, 2021 and (ii) 17,143 shares owned directly.
(20)Includes (i) 6,536 shares issuable upon settlement of RSUs and RSAs within 60 days of March 31, 2021 and (ii) 47,413 shares owned directly.
(21)Includes (i) 3,975 shares issuable upon settlement of RSUs within 60 days of March 31, 2021 and (ii) 23,468 shares owned directly.
(22)Consists of (i) 25,711,024 shares held by the directors and executive officers, (ii) 242,363 shares issuable pursuant to stock options held by such persons that are exercisable within 60 days of March 31, 2021 and (iii) 21,242 shares issuable upon settlement of RSUs and RSAs within 60 days of March 31, 2021.
DELINQUENT SECTION 16(a) REPORTS
Section 16(a) of the Exchange Act requires our directors and officers, and persons who own more than 10% of a registered class of our equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of our common stock and other equity securities. Officers, directors and greater than 10% stockholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file.
To our knowledge, based solely on a review of the copies of such reports furnished to us and written representations that no other reports were required, during the fiscal year ended December 31, 2020, our officers, directors and greater than 10% beneficial owners complied with all applicable Section 16(a) filing requirements.

30


EXECUTIVE OFFICERS
Biographies for our executive officers, other than our CEO and director, Mr. Goldfield, as of April 14, 2021, appear below. Biographical information with regard to Mr. Goldfield is presented under “Proposal No. 1-Election of Directors” in this Proxy Statement.
OLIVIERA071.JPG
Executive Vice President and Chief Operating Officer
Olivier Kohler
Olivier Kohler, age 58, has served as our Executive Vice President and Chief Operating Officer since May 2020, as our Senior Vice President and Chief Operating Officer from March 2019 to April 2020 and as our Senior Vice President and Chief Operations Officer from April 2018 to March 2019. Prior to joining TriNet, Mr. Kohler served as Chief Operating Officer at Bridgewater Associates, an investment management firm, from January 2016 to July 2017. Prior to this, Mr. Kohler served as Chief Administrative Officer and Senior Vice President at Cisco Systems, a worldwide technology company, from November 2010 to December 2015. Before joining Cisco Systems, Mr. Kohler served in various roles of increasing responsibility over the course of nearly 28 years at Hewlett Packard, a multinational information technology company, most recently as Global Head of Enterprise Strategic Alliances. Mr. Kohler holds degrees in Accounting & Computer Science, as well as Business Management, from École Supérieure de Commerce in Switzerland.
KELLYTUMINELLI1.JPG
Executive Vice President and Chief Financial Officer
Kelly Tuminelli
Kelly Tuminelli, age 52, was hired as Executive Vice President of Finance for TriNet on September 8, 2020, and assumed the role of Executive Vice President and Chief Financial Officer on October 26, 2020. Prior to joining TriNet, Ms. Tuminelli held the role of Executive Vice President and Chief Financial Officer of Genworth Financial, Inc. located in Richmond, Virginia. Prior to Genworth, Ms. Tuminelli held several finance roles within the General Electric Company, after starting her career with PriceWaterhouseCoopers, LLP in Seattle, Washington. Ms. Tuminelli holds a B.A. in Business Administration from the University of Washington, and is a Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA).
SAMANTHAWELLINGTON1.JPG
Senior Vice President, Chief Legal Officer and Secretary
Samantha Wellington
Samantha Wellington, age 43, has served as our Senior Vice President, Chief Legal Officer and Secretary since November 2018 and previously served as our Vice President and Associate General Counsel from October 2016 to November 2018. Prior to joining TriNet, Ms. Wellington held various senior legal positions at Oracle Corporation, a multinational computer technology corporation, over a 12-year period, including Managing Counsel for Oracle’s Corporate, Securities & Acquisitions Legal Team from January 2009 to October 2016 and Senior Legal Counsel for Oracle’s Asia Pacific and Japan division from November 2005 to January 2009. She also served Oracle’s interests on the board of directors of Oracle’s publicly traded subsidiaries in Japan and India from June 2013 to October 2016, and from April 2013 to October 2016, respectively. Ms. Wellington holds both a Bachelor of Creative Arts and a Bachelor of Laws from Wollongong University, as well as a Master of Laws in Communication and Technology Law from the University of New South Wales. She is admitted to practice law in both NSW, Australia and California, USA.

31


Compensation Committee Report(1)
The Compensation Committee has reviewed and discussed with management the Compensation Discussion and Analysis contained in this Proxy Statement. Based on this review and discussion, the Compensation Committee has recommended to our Board that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated into our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Katherine August-deWilde
Michael J. Angelakis
H. Raymond Bingham
Jacqueline Kosecoff
(1) The material in this report is not “soliciting material,” is not deemed “filed” with the Commission and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.
32


EXECUTIVE COMPENSATION
COMPENSATION DISCUSSION AND ANALYSIS

Named Executive Officers
This Compensation Discussion and Analysis (the "CD&A") describes our executive compensation philosophy, policies objectives and practices during 2020, the material elements of our executive compensation program, and the executive compensation decisions made by the Compensation Committee in 2020 and the key factors that contributed to those decisions. This discussion focuses primarily on the compensation of our Named Executive Officers in 2020, but also includes important compensation changes approved for our senior executives generally in 2020. For the fiscal year ended December 31, 2020, our NEOs were:
Name
    Title
Burton M. Goldfield
   President and Chief Executive Officer (“CEO”) (our principal executive officer)
Kelly Tuminelli(1)
Executive Vice President and Chief Financial Officer ("CFO") (our principal financial officer)
Olivier Kohler
Executive Vice President and Chief Operating Officer
Samantha Wellington
Senior Vice President and Chief Legal Officer
Edward Griese(2)
Senior Vice President of Insurance Services
Richard Beckert(3)
Former Senior Vice President and Chief Financial Officer
Michael P. Murphy(4)
Former Vice President and Interim Chief Financial Officer
Barrett Boston(5)
   Former Senior Vice President and Chief Revenue Officer
(1)     Ms. Tuminelli became our Chief Financial Officer on October 26, 2020.
(2)     On March 24, 2021, in connection with an internal restructuring, the Board determined that Mr. Griese is no longer an "executive officer" as defined under the Exchange Act. Mr. Griese's title and other duties and responsibilities remain unaffected by this determination.
(3)     Mr. Beckert served as Chief Financial Officer until May 15, 2020, and separated employment from the Company on the same day.
(4)     Mr. Murphy served as Interim Chief Financial Officer of the Company from May 15, 2020 to October 25, 2020, and separated employment from the Company on December 28, 2020.
(5)     Mr. Boston separated employment from the Company on December 7, 2020.
These NEOs, together with the other members of our senior executive management whose compensation is determined by our Compensation Committee, are referred to as our “Senior Executive Management”.
Compensation Philosophy and Objectives
Our Compensation Committee regularly reviews the elements of the individual compensation packages for our Senior Executive Management. When making its compensation decisions for our Senior Executive Management, our Compensation Committee takes into consideration our Company’s performance for prior years, competitive market data, our CEO's recommendations, with the exception of his own compensation, as well as the additional factors described in “Oversight and Design of our Compensation Program-Role of Compensation Committee” below.
Our Senior Executive Management compensation program is designed to achieve the following objectives:
Attract, Retain and Motivate. Attract and retain highly talented and experienced executives who possess the knowledge, skills, and leadership that are critical to our success and motivate those executives to achieve our strategic business objectives and uphold our core values.
33


Promote Teamwork and Individual Performance. Promote executive teamwork through shared strategic goals, while also recognizing and rewarding the unique role each executive officer plays in our success by measuring individual performance.
Link Compensation with Performance and Strategic Goals. Tie executive compensation to overall Company performance and the achievement of strategic goals.
Align Executive and Stockholder Interests. Align the long-term interests and objectives of our executives with those of our stockholders.
Our Compensation Committee regularly reviews our Senior Executive Management compensation program to ensure that the program’s components continue to align with the above objectives and that the program is administered in a manner consistent with our established compensation policies and philosophy.
Executive Compensation Policies and Practices
The Compensation Committee oversees our executive compensation program, policies and practices. These policies and practices, which are designed to link compensation and performance and either minimize or prohibit behaviors that are not aligned with our stockholders’ long-term interests, are as follows:
What We Do
What We Don’t Do
þ
Pay for Performance. In 2020, 53% of the target total direct cash and equity compensation for our CEO and an average of 44% of the target total cash and equity direct compensation for our other NEOs was performance-based. For more details, see the charts in the section titled "Compensation Mix" in the CD&A.
  
ý
No Guaranteed Salary Increases or Bonuses. Our Senior Executive Management is not guaranteed salary increases or bonuses for any year.
þ
Independent Advisor. Since 2012, the Compensation Committee has engaged Compensia to provide analysis, advice and guidance on executive compensation matters.
ý
No 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.
þ
Independent Committees. Each of our Board committees is comprised solely of independent directors.
   ý
No Excise Tax Gross-ups. Our Senior Executive Management does not receive tax “gross-ups” in connection with severance or change in control arrangements.
þ
Annual Peer-Based Review. The Compensation Committee, assisted by Compensia, annually reviews our executive compensation program against the competitive market using a group of peer companies as a reference.
   ý
No Pension Plans. Our Senior Executive Management is not entitled to pension arrangements, defined benefit retirement plans, or nonqualified deferred compensation plans.
þ
Stock Ownership Guidelines. In 2017, our Board adopted and has subsequently amended equity ownership guidelines for our officers subject to Section 16 of the Exchange Act and the members of our Board.
ý
No Supplemental Executive Retirement. Our Senior Executive Management is not entitled to supplemental executive retirement benefits.
þ
Compensation Recovery ("Clawback") Policy. In 2017, our Board adopted and subsequently amended in 2020 a compensation recovery (“clawback”) policy under which we may seek reimbursement of cash incentive payments made to our NEOs and other current and former officers subject to Section 16 of the Exchange Act in certain circumstances.
ý
No "Single-trigger" Change in Control Provisions. Our change in control benefits and plans are based on a “double-trigger” arrangement.

34


Oversight and Design of our Compensation Program
Role of Compensation Committee
The Compensation Committee oversees our Senior Executive Management compensation and benefit programs, 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, Compensia.

In making its 2020 Senior Executive Management compensation decisions, the Compensation Committee considered the following factors:

the compensation analysis provided by Compensia, 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 Compensation Committee considered these factors both when making decisions with respect to individual pay elements and with respect to total compensation opportunities. The Compensation Committee has not adopted artificial limits with respect to any compensation component and will continue to strive to create compensation terms as needed to attract and retain executive talent to the Company. The Compensation 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 Compensation Committee consider these factors in light of 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.
Role of Management
Our CEO works closely with the Compensation Committee in determining the compensation of our Senior Executive Management (other than his own). Our CEO reviews the performance of the other Senior Executive Management and shares those evaluations with the Compensation Committee and its compensation consultant, Compensia, and then makes recommendations for each element of compensation.
Our CEO also works with our CFO, CLO and Senior Vice President of Human Resources to recommend the structure of our long-term incentive programs, to identify and develop corporate and individual performance objectives for such plans and to evaluate actual performance against the selected objectives. Our CEO also makes recommendations on new hire compensation packages for potential new executives.
35


The Compensation Committee solicits and considers our CEO’s recommendations and uses these recommendations as one of several factors in making its decisions with respect to the compensation of our Senior Executive Management. In all cases, the final decision on NEO compensation is made by the Compensation Committee. Moreover, no NEO or other employee participates in the determination of the amounts or elements of such individual’s own compensation.
At the request of the Compensation Committee, our CEO typically attends a portion of each Compensation Committee meeting, including meetings at which the Compensation Committee’s compensation consultant is present.
Role of the Compensation Consultant
The Compensation 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 performance of its duties and responsibilities. The Compensation Committee makes all determinations regarding the engagement, fees and services of these external advisors, and any such external advisor reports directly to the Compensation Committee.
In 2020, the Compensation Committee engaged Compensia to assist it in connection with its review, analysis and determinations with respect to the compensation of our Senior Executive Management. The nature and scope of the services provided to the Compensation Committee by Compensia in 2020 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 in supporting and reinforcing 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 our severance and change in control arrangements;
evaluated the competitiveness of our executive and non-employee director 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.
The Compensation Committee may replace any of its advisors or hire additional advisors at any time. Representatives of Compensia attend meetings of the Compensation Committee, as requested, and communicate with the Compensation Committee Chair and with management as circumstances warrant. All Senior Executive Management compensation decisions, however, are made by the Compensation Committee. For further discussion regarding the compensation consultant independence evaluation process, see the section titled "Information Regarding Committees of the Board of Directors-Compensation Committee Processes and Procedures" above.

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Use of Competitive Market Data
To aid in the evaluation of our executive compensation program, the Compensation Committee, assisted by Compensia, has developed a compensation peer group which is used to assess the competitive market for executive talent. In selecting our peer group, the Compensation Committee, with the input of its compensation consultant, Compensia, 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 Compensation Committee approved the following group of peer companies in May 2019 to aid in the evaluation of our 2020 Senior Executive Management compensation program. At the time the peer group was approved, the selected companies had revenues ranging from approximately $1.8 billion to approximately $4.7 billion and market capitalization ranging from approximately $505 million to approximately $29.9 billion.
American Equity Investment
Genpact
Broadridge Financial Solutions
Insperity
Cadence Design Systems
Maximus
CNO Financial Group
Primerica
Conduent
SS&C Technologies
CoreLogic
Synopsys
FTI Consulting
Teradata
Gartner
As part of the annual review of the peer companies, the Compensation Committee removed Convergys from the prior year’s peer group, as they had been acquired, and added Genpact to the peer group.
The Compensation 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 respects. First, the Compensation 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 headings “Compensation Philosophy and Objectives” above, its review of competitive market data is only one of several factors that the Compensation 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 Compensation Committee also reviews compensation survey data for some of its executive positions.
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Compensation Elements
Our Senior Executive Management compensation program consists primarily of three elements: base salary, annual cash incentive compensation, and long-term equity incentive awards, as described in the following table:
Compensation Element
Purpose
Key Features
Base Salary
Provides 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
Motivates 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 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.
Long-term Performance-based Equity Awards
Motivates 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.
In addition to the compensation elements outlined above, our Senior Executive Management participates in Company-wide employee benefit plans that are generally consistent with or available to our other U.S. employees. Our Senior Executive Management also are 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.
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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 large percentage of the 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." These awards are tied to the achievement of Company-wide financial objectives and individual performance goals. We believe these performance goals and objectives correlate with 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. Further, we provide special non-recurring bonuses to recruit and retain certain members of our Senior Executive Management team: Ms. Tuminelli was provided a $1,000,000 signing bonus and a lump sum payment of $400,000 to assist with relocation expenses in 2020; Mr. Kohler was provided a $500,000 promotion-related bonus; and Mr. Murphy was provided retention bonuses in the amount of $374,000 in aggregate.
The following table shows the 2020 compensation mix for the target total direct compensation of our CEO and NEOs in 2020. For this purpose, the compensation mix at target includes (i) base salary for 2020; (ii) the bonuses described in the above paragraph; (iii) 2020 annual cash incentive at target; (iv) grant date value of RSU Awards granted in 2020; and (v) grant date value at target of performance-based restricted stock unit awards ("PSU Awards") granted in 2020.
Name
Base Salary
($)(1)
Bonus
 
Annual Cash Incentive Award
@ Target
($)
2020 RSU Awards
($)
 
2020 PSU Awards
@ Target
($)
 
Total @ Target Compensation
($)
Burton M. Goldfield
950,000   1,425,000   3,250,044   3,250,044   8,875,088
Kelly Tuminelli(2)
625,000 1,400,000
   196,496(2)
3,000,065 5,221,561
Olivier Kohler(3)
625,000 500,000 596,858 2,500,040 1,500,008 5,721,906
Samantha Wellington
500,000 350,000 875,044 875,044 2,600,088
Edward Griese
413,000 289,100 425,047 425,047 1,552,194
Richard Beckert
610,000
   226,000(4)
836,000
Michael P. Murphy
425,000 374,000 297,500 500,003 500,003 2,096,506
Barrett Boston
460,000 515,000 550,008 550,008 2,075,016
(1)Base salaries were effective as of April 1, 2020, with the exception of Ms. Tuminelli who joined the Company on September 8, 2020, and Mr. Kohler who received a promotion-related base salary increase effective July 25, 2020.
(2)Ms. Tuminelli's annual cash incentive target is prorated based on her hire date. She received an equity grant in October 2020 solely in RSUs. The Compensation Committee determined it was appropriate not to grant her PSUs so late in the 2020 performance period.
(3)The figures in this table for Mr. Kohler reflect the following items he became entitled to in connection with his promotion to Executive Vice President and Chief Operating Officer: (i) an annual base salary increase from $575,000 to $625,000, (ii) a $500,000 promotion-related bonus, (iii) target variable compensation at 100% of his annual base salary including the promotion-related base salary increase in July 2020, and (iv) an award of service-vested RSU Awards with a grant date value of approximately $1,000,000.
(4)Mr. Beckert's annual cash incentive target is prorated based on his termination date on May 15, 2020.
The following charts show the 2020 compensation mix for our CEO and the average 2020 compensation mix for our other NEOs (excluding Ms. Tuminelli because she joined the Company in the third quarter of 2020 and excluding Messrs. Beckert, Murphy and Boston because they left their positions in 2020), in each case assuming target achievement under our annual cash incentive plan and including only the target grant date value of equity awards actually granted during 2020.
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2020 Compensation Mix at Target
A2020COMPENSATIONMIXATTRGT1.JPG
40


Pay for Performance in 2020
One of the key goals of our executive compensation program is to tie executive compensation to overall Company performance and the achievement of strategic goals.
In 2020, in terms of operational achievements, we:
continued to grow our revenues, although at a slower rate than we initially expected due to the impact from COVID-19 on both new sales and our clients;
created our Recovery Credit program to assist our eligible clients, resulting in a reduction in revenue recognized;
saw our worksite employees ("WSEs") increasing their participation, or enrollment, in our insurance offerings;
experienced lower utilization of health services primarily in the second quarter, although utilization approached more typical levels through the second half of the year;
completed the acquisition of Little Bird HR, Inc., expanding our footprint in our non-profit vertical;
launched the extension of our People Matter branding campaign - Humanity Campaign; and
delivered profitable growth as a result of revenue growth and lower insurance costs.
When designing the 2020 compensation program in late 2019 and early 2020, the Compensation Committee, with its compensation consultant, Compensia, reviewed the available information about COVID-19 and its potential impact on our business. On subsequent occasions during the year, the Compensation Committee revisited the 2020 compensation program to take into account evolving developments related to COVID-19. The Compensation Committee determined that adjustments to the compensation program were unnecessary based on the information available. The unfolding COVID-19 crisis, including its impact on the economy and our business, will be taken into account in determining compensation for our NEOs on a go-forward basis.
Performance Highlights
These operational achievements drove the financial performance improvements noted below in 2020 when compared to 2019:
$4.0B $368M $1.1B
Total revenues Operating income Net Service Revenue *
% increase 37  % increase 14  % increase
$272M $3.99 $303M
Net income Diluted EPS Adjusted Net income *
28  % increase 34  % increase 28  % increase

* Non-GAAP measure; these measures are defined and reported under “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” pages 32 to 52 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. In addition, for the definition of Net Service Revenues, see the section titled "2020 Annual Cash Incentive Plan Performance Objectives" below.
                            
Our results for WSEs and payroll and payroll tax payments in 2020 when compared to the prior year were:
323,672   331,908   $44.9B
Average WSE   Total WSE   Payroll and payroll tax payments
—  % no change   (2) % reduction   % increase
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The compensation of our NEOs was aligned with this performance. Specifically, our:
2020 annual cash incentive plan (the "2020 Executive Bonus Plan") payout to our CEO was 129% of target;
2020 Executive Bonus Plan average payout to our other eligible NEOs was 122% of target excluding Messrs. Murphy and Boston because they left their positions in 2020 and therefore did not receive a 2020 annual cash incentive payment.
Net Service Revenue annual growth rate (“Net Service Revenue Growth Rate”) of 14% was above target and the GAAP earnings per share annual growth rate (“GAAP EPS Growth Rate,” as defined in the section titled "Performance-Based Equity Incentive Awards" below) of 34% was above target for the 2020 performance period under our 2020 PSU Awards. Our 2020 PSU Awards had a single performance period from January 1, 2020 to December 31, 2020, and, if earned, will vest 50% on December 31, 2021 and 50% on December 31, 2022, subject to continuous service through each date.
2020 Executive Bonus Plan Performance
Net Service Revenues and Adjusted EBITDA are non-GAAP financial measures that we use to measure performance under the 2020 Executive Bonus Plan and exclude the direct impact of any mergers or acquisitions. For the definition of these measures, see the section titled "2020 Executive Compensation-2020 Annual Cash Incentive Plan Performance Objectives" below. 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, 2020.
The following graphs show our actual achievement against the performance targets under our 2020 Executive Bonus Plan.

2020 Executive Bonus Plan Performance
CHART-F93611DF21F84B53A621.JPG CHART-0EC834BA20B34543AC01.JPG
42


2020 Performance-based Restricted Stock Award Performance
The following graph shows our achievement against the target Net Service Revenue Growth Rate and GAAP EPS Growth Rate for the 2020 performance period under our 2020 PSU Awards. Net Service Revenue Growth Rate and GAAP EPS Growth Rate are non-GAAP financial measures that we used to measure performance for the 2020 PSU Awards and exclude the direct impact of any mergers or acquisitions.

2020 PSU Performance
CHART-9782C78DF36A400795B1.JPG CHART-798188D385564F38B491.JPG
2020 Performance-based Compensation Summary
Based on the 2020 results above, factoring in the level of achievement of our Company's corporate financial goals and certain individual goals for the cash incentive awards and 2020 PSU Awards, our NEOs earned the following amounts as a percentage of their 2020 targets under our performance-based compensation programs:
Name
   
2020 Cash Incentive Award as % of Target(1)
Actual Shares Earned as % of 2020 PSU Awards Target(2)
Burton M. Goldfield
129% 184%
Kelly Tuminelli
129% —%
Olivier Kohler
114% 184%
Samantha Wellington
122% 184%
Edward Griese
114% 184%
Richard Beckert
129% —%
Michael P. Murphy
—% —%
Barrett Boston
—% —%
(1)Ms. Tuminelli's annual cash incentive target was prorated based on her hire date, and Mr. Kohler's annual cash incentive target reflects his promotion-related salary increase in July 2020.
(2)Our 2020 PSU Awards had a single performance period from January 1, 2020 to December 31, 2020, and, if earned, will vest 50% on December 31, 2021 and 50% on December 31, 2022, subject to continuous service through each date.
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2020 Total Direct Compensation Highlights
The following table shows the “total direct compensation” for our NEOs in 2020 and reflects the key compensation decisions made during 2020 or based on 2020 performance. For this purpose, "total direct compensation" includes (i) actual base salary earned for 2020; (ii) special non-recurring bonuses; (iii) annual cash incentive paid based on 2020 performance; (iv) the grant date value of time-based RSU Awards granted during 2020; and (v) shares earned by our NEOs based on the 2020 performance period pursuant to our 2020 PSU Awards:
Name
Actual Base Salary
($)
Bonus(1)
 
Annual Cash Incentive Award
($)
RSU Awards
($)(2)
 
Shares Earned under
2020 PSU Awards
($)(3)
 
2020 Total Compensation
($)
Burton M. Goldfield
937,500   1,840,000   3,250,044   5,976,332   12,003,876
Kelly Tuminelli
196,496 1,400,000 254,000 3,000,065 4,850,561
Olivier Kohler
590,451 500,000 683,000 2,500,040 2,758,307 7,031,798
Samantha Wellington
485,000 427,000 875,044 1,609,012 3,396,056
Edward Griese
411,000 331,000 425,047 781,520 1,948,567
Richard Beckert
228,750 291,000 519,750
Michael P. Murphy
418,073 374,000 500,003 1,292,076
Barrett Boston
430,480 550,008 980,488
(1)Ms. Tuminelli was provided a $1,000,000 signing bonus and $400,000 to assist with relocation expenses in 2020, Mr. Kohler was provided a $500,000 promotion-related bonus, and Mr. Murphy was provided retention bonuses in the amount of $374,000 in aggregate.
(2)Represents the grant date value based on the closing price of TriNet's common stock on the date of grant, which accounts for the RSU Award portion of the Stock Award column of the “Summary Compensation Table” of this Proxy Statement.
(3)Represents the grant date value of shares earned under 2020 PSU Awards based on the closing price of TriNet's common stock on the date of grant. The amounts in this table differ from those that account for the 2020 PSU Award portion of the Stock Award column of the “Summary Compensation Table” of this Proxy Statement because that table discloses the grant date value of the PSU Awards based on target performance level rather than the value of the shares actually earned in the performance period.
For more information on the executive compensation for our NEOs in 2020, see “2020 Executive Compensation” below.
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2020 Executive Compensation
Base Salary
Base salaries for our NEOs in 2020 and 2019 were:
Name
 
2020 Base Salary
($)(1)
2019 Base Salary
($)(1)
Percentage Increase
(%)
Burton M. Goldfield
  950,000 900,000 6%
Kelly Tuminelli
625,000 N/A
Olivier Kohler
625,000 550,000 14%
Samantha Wellington
500,000 440,000 14%
Edward Griese
413,000 405,000 2%
Richard Beckert
  610,000 610,000 —%
Michael P. Murphy
425,000 415,000 2%
Barrett Boston
  460,000 446,250 3%
(1)Amount reflects annualized base salary effective as of April 1, 2020, with the exception of Ms. Tuminelli who joined the Company on September 8, 2020, and Mr. Kohler who received a 9% base salary increase effective July 25, 2020 related to his promotion to Executive Vice President and Chief Operating Officer.
We seek to pay market-competitive base salaries to attract and retain a stable executive team and ensure that our executives receive a fixed base level of compensation. Base salaries are initially set through arm’s-length negotiation at the time of hiring, taking into account level of responsibility, qualifications, experience, prior salary level and competitive market information. Base salaries for our NEOs are then reviewed and adjusted annually by the Compensation Committee.
Special Non-Recurring Cash Bonuses
For Ms. Tuminelli and Messrs. Kohler and Murphy, we also provided one-time cash bonuses as an inducement to hire and for retention purposes, as applicable. For Ms. Tuminelli, we made a lump sum payment of a $1,000,000 signing bonus, which was paid on September 30, 2020, and a lump sum payment of $400,000 to assist with relocation expenses, which was paid on October 30, 2020. For Mr. Kohler, we made a lump sum payment of a $500,000 promotion-related cash bonus, which was paid on September 15, 2020.

Mr. Murphy was eligible for the following potential retention bonus payments in 2020 to help ensure a smooth transition within the Finance leadership of the Company: (i) $187,000 in the event Mr. Murphy remained employed by TriNet through the date that occurred 14 calendar days after the filing of TriNet’s Quarterly Report on Form 10-Q for the second quarter of fiscal year 2020; (ii) $187,000 in the event Mr. Murphy remained employed by TriNet through the date that occurred 14 calendar days after the filing of TriNet’s Quarterly Report on Form 10-Q for the third quarter of fiscal year 2020; and (iii) $375,000 in the event Mr. Murphy remained employed by TriNet through the date that occurred 14 calendar days after the filing of TriNet’s Annual Report on Form 10-K for fiscal year 2020. Mr. Murphy separated from us on December 28, 2020 and, prior to such date, was paid an aggregate of $374,000 in retention bonuses due to his satisfaction of the first two retention bonus conditions described above, $187,000 of which was paid on each of August 14, 2020 and November 16, 2020.
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Annual Cash Incentive Compensation
The target and actual annual cash incentive payouts for our NEOs for 2020 under the 2020 Executive Bonus Plan were:
Name
   
2020 Target Annual Cash Incentive Opportunity
($)
2020 Target Annual Cash Incentive Opportunity as % of Base Salary(1)
2020 Actual Annual Cash Incentive Award
($)
2020 Actual Annual Cash Incentive Award as a % of 2020 Target Opportunity
Burton M. Goldfield
  1,425,000   150%   1,840,000   129%
Kelly Tuminelli
196,496 100% 254,000 129%
Olivier Kohler
596,858 100% 683,000 114%
Samantha Wellington
350,000 70% 427,000 122%
Edward Griese
289,100 70% 331,000 114%
Richard Beckert
  226,000 100% 291,000 129%
Michael P. Murphy
297,500 70% —%
Barrett Boston
515,000 112% —%

(1)Amount reflects the percentage of the base salary levels in effect as of April 1, 2020, with the exception of Ms. Tuminelli who joined the Company on September 8, 2020, and Mr. Kohler who received a promotion-related base salary increase effective July 25, 2020.
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. The amount of cash incentive awards our NEOs earn under our plan is "at-risk" and variable based on our achievement against these objectives.
2020 Annual Cash Incentive Plan Performance Objectives
During the first quarter of each year, the Compensation Committee selects the financial performance measures and sets the target levels for those measures and approves new individual and strategic performance goals 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 2020, the Compensation Committee established the financial performance objectives and management business objectives ("MBOs") for our NEOs under our 2020 Executive Bonus Plan. As described in more detail below, the actual cash incentive award payouts for 2020 were based on our actual achievement against these financial objectives and MBOs.
The financial performance measures under our 2020 Executive Bonus Plan were Net Service Revenues and adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), excluding the direct impact of any mergers and acquisitions, and the target performance levels for these measures were as follows:
Financial Objective
Target
Net Service Revenues
$1,024 million
Adjusted EBITDA
$412 million
No bonus was payable to our executives under our 2020 Executive Bonus Plan if we achieved Adjusted EBITDA of less than $350.2 million.
Net Service Revenues and Adjusted EBITDA are non-GAAP financial measurements that are calculated by applying the following adjustments to our applicable GAAP financial measures:
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Financial Objective
Definition
Net Service Revenues
Sum of professional service revenues and Net Insurance Service Revenues, or total revenues less insurance costs excluding the direct impact of any mergers or acquisitions.
Adjusted EBITDA
Net income, excluding the effects of: income tax provision, interest expense, depreciation, amortization of intangible assets, and stock-based compensation expense excluding the direct impact of any mergers or acquisitions.
In addition to the above financial performance objectives, MBOs for each of our NEOs were established as part of our 2020 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. However, even if financial objectives or MBO objectives, or both, are met, the Compensation 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.
The Compensation Committee established the following common MBOs for our NEOs under our 2020 Plan:

Achieve financial plan

Deliver outstanding client experience

Deliver industry leading platform and differentiated vertical products

Achieve operational excellence and scale

Deliver outstanding colleague experience
Weighting of 2020 Executive Bonus Plan Performance Objectives and Award Payout Range
The Compensation Committee considered Company-wide financial performance as well as departmental and individual achievement in assigning the weighting below to the target annual cash incentive award opportunities for our NEOs under our 2020 Executive Bonus Plan:

Financial Objectives
Strategic Performance
Name
Net Service Revenues
Adjusted EBITDA
MBOs
Burton M. Goldfield
37.5% 37.5% 25%
Kelly Tuminelli
37.5% 37.5% 25%
Olivier Kohler
25% 25% 50%
Samantha Wellington
25% 25% 50%
Edward Griese
25% 25% 50%
Richard Beckert
37.5% 37.5% 25%
Michael P. Murphy
37.5% 37.5% 25%
Barrett Boston
25% 25% 50%
Payouts under our 2020 Executive Bonus Plan could scale between 0% and 200% of an NEO's target cash incentive award opportunity as follows:
Net Service Revenues - For every 1.0% below goal, bonus scales down 10% and for every 1.0% above goal, bonus scales up by 6.67%; and
Adjusted EBITDA - For every 1.0% below goal, bonus scales down 6.67%, and for every 1.0% above goal, bonus scales up by 4.0%.
The following table shows the threshold, target and maximum performance levels (and the associated potential award) under our 2020 Executive Bonus Plan:
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Name
  
% of Net Service Revenue Target
Award %
% of Adjusted EBITDA Target
Award %
Threshold
  90% 0% 85% 0%
Target
  100% 100% 100% 100%
Max
  115% 200% 125% 200%
Achievement and Actual Awards under Our 2020 Executive Bonus Plan
In March 2021, the Compensation Committee determined that our actual achievement with respect to the financial objectives under our 2020 Executive Bonus Plan (described above) was as follows:
Financial Objective
2020 Target
2020 Actual
Achievement %
Net Service Revenues
$1,024 million $1,054 million 119%
Adjusted EBITDA
$412 million $472 million 158%
Based on these results and after evaluation and review of our NEOs' respective performance against their individual MBOs, the Compensation Committee determined that the 2020 goals had been attained at the following percentage levels for each of our NEOs. The Compensation Committee approved the following annual cash incentive payouts:
Name
   
Net Service Revenue Target Weight
Net Service Revenue Achievement as % of Target
Adjusted EBITDA Target Weight
Adjusted EBITDA Achievement as % of Target
MBO Target Weight
 
MBO Achievement
as % of Target
Total 2020 Actual Cash Incentive Award
% of Prorated 2020 Target Incentive
Burton M. Goldfield
37.5% 119% 37.5% 158% 25% 100% 1,840,000 129%
Kelly Tuminelli
37.5% 119% 37.5% 158% 25% 100% 254,000 129%
Olivier Kohler
25% 119% 25% 158% 50% 90% 683,000 114%
Samantha Wellington
25% 119% 25% 158% 50% 105% 427,000 122%
Edward Griese
25% 119% 25% 158% 50% 90% 331,000 114%
Richard Beckert
37.5% 119% 37.5% 158% 25% 100% 291,000 129%
Michael P. Murphy
37.5% 119% 37.5% 158% 25% 100% —%
Barrett Boston
25% 119% 25% 158% 50% 100% —%
2020 Long-Term Equity Incentive Awards
The Compensation Committee believes that equity compensation is integral to aligning the long-term interests of our Senior Executive Management with those of our stockholders. The Compensation Committee believes that by owning shares of our common stock, our Senior Executive Management have 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 Compensation 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 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, which the Compensation Committee believes also will enhance the long-term value of our common stock.
During the first quarter of each year, the Compensation 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 2020 equity award program, the Compensation Committee determined to grant a blend of 50% RSUs and 50% PSUs, based on their grant date value (assuming, with respect to the PSUs, achievement at the target performance level).
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In 2020, the Compensation Committee granted the following equity awards to our NEOs:
Name
Number of RSUs Granted
(#)
Grant Date Value
($)(1)
Number of PSUs Granted @ Target
(#)
Grant Date Value @ Target
($)(1)
Burton M. Goldfield
61,484 3,250,044 61,484 3,250,044
Kelly Tuminelli(2)
43,092 3,000,065
Olivier Kohler
44,248
2,500,040(3)
28,377 1,500,008
Samantha Wellington
16,554 875,044 16,554 875,044
Edward Griese
8,041 425,047 8,041 425,047
Richard Beckert
Michael P. Murphy
9,459 500,003 9,459 500,003
Barrett Boston
10,405 550,008 10,405 550,008

(1)Calculated based on the closing price of TriNet's common stock on the date of grant, which are the same amounts disclosed in the “Summary Compensation Table” of this Proxy Statement.
(2)Ms. Tuminelli commenced her employment with the Company in September 2020, and as such, the Compensation Committee granted Ms. Tuminelli's equity award in October 2020.
(3)Includes a one-time award of RSUs with a grant date value of approximately $1,000,000 that were granted to Mr. Kohler in July 2020 in connection with his promotion.
The vesting schedule for our 2020 RSU Awards is as follows: 1/16th of the total shares vest quarterly, subject to the NEO’s continued service with the Company.
2020 Performance-Based Equity Incentive Awards
The Compensation Committee selected two equally weighted performance measures for our 2020 PSU Awards: our Net Service Revenue Growth Rate and our GAAP EPS Growth Rate. We defined our "Net Service Revenue Growth Rate" as the annual growth rate in the Company's Net Service Revenues, as reported in the Company's audited financial statements for the fiscal year ended December 31, 2020, excluding direct impact of any mergers or acquisitions. We defined our "GAAP EPS Growth Rate" as annual growth rate in the Company's GAAP EPS, as reported in the Company's audited financial statements for the fiscal year ended December 31, 2020, excluding the direct impact of any mergers or acquisitions. The Compensation 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 measures are important to our objective of creating long-term stockholder value.
The actual award was based on the Company's results based on the following annual growth rate percentages as shown in the table below:

Threshold
Target
Maximum
Net Service Revenue Growth Rate
6% 10% 15%
GAAP EPS Growth Rate
4% 12% 20%
Our 2020 PSU Awards were designed with a single-year performance measurement period subject to subsequent multi-year vesting requirements. 50% of the shares earned (if any) during the performance period (January 1, 2020 to December 31, 2020) will vest under the award at the end of the second year (December 31, 2021) and the remaining 50% of shares earned (if any) will vest under the award at the end of the third year (December 31, 2022). The number of shares of our common stock that may be earned pursuant to our 2020 PSU Awards scale from 0% to 200% of the target award, as described in the following table:

 
Below Threshold
At Threshold
Target
Maximum
Performance Multiplier
0% 50% 100% 200%
49


In designing our 2020 PSU Awards, the Compensation Committee considered a competitive market analysis prepared by Compensia, reviewed various design alternatives, and held discussions with Compensia and our CEO (except with respect to his own equity awards). The Compensation 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, the ability of existing equity holdings to satisfy our retention objectives. The Compensation 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.
Shares Earned under our 2020 PSU Awards
The following table shows our achievement against the target Annual Net Service Revenue Growth Rate and Annual GAAP EPS Growth Rate for the 2020 performance period under our 2020 PSU Awards.

Required Growth Rate Percentage
 for Maximum Payout
Actual 2020 Growth Rate
Actual 2020 Performance Multiplier Achievement
Net Service Revenue Growth Rate
  15% 13.4% 168%
GAAP EPS Growth Rate
20% 32.6% 200%
Based on such achievement, the following table sets forth the number of shares of our common stock, and value as of December 31, 2020, earned by our eligible NEOs under our 2020 PSU Awards, subject to the time-based vesting condition for the awards.
Name
    Grant Date Performance Period
Vesting Period after
Performance Period(1)
Target Shares
(#)
Shares Earned
(#)
Shares Earned as a % of Target
Value of Shares Earned
($)(2)
Burton M. Goldfield
2020 1 year 2 years 61,484 113,061 184% 5,976,332
Kelly Tuminelli(3)
—%
Olivier Kohler
2020 1 year 2 years 28,377 52,182 184% 2,758,307
Samantha Wellington
2020 1 year 2 years 16,554 30,441 184% 1,609,012
Edward Griese
2020 1 year 2 years 8,041 14,786 184% 781,520
Richard Beckert(3)
—%
Michael P. Murphy(4)
2020 1 year 2 years 9,459 —%
Barrett Boston(4)
2020 1 year 2 years 10,405 —%
(1)Our 2020 PSU Awards had a single performance period from January 1, 2020 to December 31, 2020, and, to the extent earned, will vest 50% on December 31, 2021 and 50% on December 31, 2022, subject to continuous service through each date.
(2)Represents the grant date value of shares earned under 2020 PSU Awards based on the closing price of TriNet's common stock on the date of grant. The amounts in this column differ from those that account for the 2020 PSU Award portion of the Stock Award column of the “Summary Compensation Table” of this Proxy Statement because that table discloses the grant date value of PSU Awards based on performance target level rather than the value of PSUs actually earned in the performance period.
(3)Ms. Tuminelli and Mr. Beckert did not receive 2020 PSU Awards.
(4)Messrs. Murphy and Boston forfeited their 2020 PSU Awards prior to December 31, 2020.
In March 2021, the Compensation Committee approved the actual number of shares of our common stock earned under our 2020 PSU Awards by our NEOs for the 2020 measurement period.


50


Employee Benefit Plans
We have established a tax-qualified retirement plan under Section 401(k) of the Internal Revenue Code for all our U.S. employees, including our Senior Executive Management, who satisfy certain eligibility requirements, including requirements relating to age and length of service. Under the plan, all participants receive a fully-vested matching contribution equal to 100% of their elective contributions up to 4% of their eligible compensation as defined by the plan and the Internal Revenue Code. We intend for this plan to qualify under Section 401(a) of the Internal Revenue Code so that contributions by employees to the plan, and income earned on plan contributions, are not taxable to employees until withdrawn from the plan.
In addition, we provide other benefits to our Senior Executive Management on the same general basis as our full-time employees. These benefits include health, dental and vision benefits, health and dependent care flexible spending accounts, short-term and long-term disability insurance, accidental death and dismemberment insurance, and basic life insurance coverage. We do not currently offer our employees a non-qualified deferred compensation plan or pension plan.
We design our employee benefits programs to be affordable and competitive in relation to the market, as well as compliant with applicable laws and practices. We adjust our employee benefits programs as needed based upon regular monitoring of applicable laws and practices, the competitive market and our employees’ needs.
Perquisites and Other Personal Benefits
Periodically, when our Senior Executive Management attend certain Company-related functions, their spouse or partner may also be invited, in which case we may incur incremental travel and other event-related expenses for such spouses or partners, the cost of which is taxable to the NEO and may be covered by the Company. The Company also may cover any additional tax gross-up payments associated with the taxable compensation. These travel-related expenses and tax gross-up payments are available to all colleagues attending the Company-related functions for which the benefits are available to the Senior Executive Management. Amounts paid in connection with, or reimbursed as a result of, these arrangements are set forth in the Summary Compensation Table below.
The Compensation Committee believes that these limited perquisites and other personal benefits serve a business purpose as they are important for attracting and retaining key talent, as well as fostering teamwork and cohesion among the Senior Executive Management.
2021 Executive Compensation
2021 Equity Awards
In March 2021, the Compensation Committee determined that our equity grant program would continue to be composed of a blend of 50% time-based equity awards and 50% performance-based equity awards in 2021, such awards calculated by grant date value. Notwithstanding the foregoing, the Compensation Committee determined that Ms. Tuminelli's 2021 equity awards be comprised entirely of performance-based equity due to the grant of a time-based equity award with a grant date value of approximately $3,000,000 upon becoming our Executive Vice President and Chief Financial Officer in October 2020.

In March 2021, the Equity Award Committee of the Compensation Committee granted RSU Awards and PSU Awards to the Company’s NEOs listed below under the Company’s 2019 Equity Incentive Plan:
Name
Maximum number of shares retained upon vesting of the RSUs
  
Target number of shares retained upon vesting of the PSUs
Burton M. Goldfield
35,851 35,851
Kelly Tuminelli
14,938
Olivier Kohler
16,432 16,432
Samantha Wellington
7,469 7,469
Edward Griese
3,586 3,586
51


The RSU Awards are subject to the following vesting schedule: 1/16th of the total shares subject to the RSU Award (rounded down to the nearest whole share, except for the last vesting installment which will be rounded up or down, as necessary, to account for any prior fractional shares) shall vest on the 15th day of the second month of each calendar quarter following the RSU Award grant date, in each case provided that each recipient of an RSU Award is an Employee or Consultant (each as defined in our 2019 Equity Incentive Plan) of the Company on such vesting date.
The 2021 PSU Awards are earned based on the extent to which the Company meets or exceeds certain percentages of the following performance measures:
Professional Service Revenue Growth Rate
GAAP Earnings Per Share
These performance measures were modified from 2020 to 2021. Specifically, Professional Service Revenue Growth Rate replaces Net Service Revenue Growth Rate, and GAAP Earnings Per Share replaces EPS Growth Rate, in each case to more closely align with the Company's stated financial model and growth strategy. The measures exclude mergers and acquisitions and senior note issuance.
The 2021 PSU Awards are designed with a single-year performance period subject to subsequent multi-year vesting requirements. 50% of the shares earned, if any, during the performance period (January 1, 2021 to December 31, 2021) will vest under the award at the end of the second year (December 31, 2022) and the remaining 50% of shares earned, if any, will vest under the award at the end of the third year (December 31, 2023).
The number of shares that may be earned pursuant to our 2021 PSU Awards scale from 0% to 200% of the target award, as set out in the following table:

 
Below Threshold
At Threshold
Target
Maximum
Performance Multiplier
  0% 50% 100% 200%

The performance multiplier for any achievement level which falls between any of the amounts set forth in the table above shall be determined by linear interpolation. Nothing greater than the Maximum Award can be earned under the Award.

In designing our 2021 equity awards, the Compensation Committee considered a competitive market analysis prepared by Compensia, reviewed various design alternatives, and held discussions with Compensia and our CEO (except with respect to his own equity awards). The Compensation 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 Compensation 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.
Weighting of 2021 Executive Bonus Plan Performance Objectives and Award Scale

In March 2021, the Compensation Committee approved the Company’s 2021 annual cash incentive plan (the "2021 Executive Bonus Plan"). Under the 2021 Executive Bonus Plan, the annual variable cash compensation is awarded based on company-wide financial goals for Professional Service Revenue (changed from Net Service Revenue in 2020 to align with the Company's stated financial model and growth strategy) and Adjusted EBITDA, excluding the direct impact of any mergers or acquisitions and senior note issuances. The variable cash compensation is also based on MBOs.
52


The Compensation Committee considered Company-wide financial performance, excluding direct impact of any mergers or acquisitions, as well as departmental and individual achievement, in assigning the weighting below to the target annual cash incentive award opportunities for our NEOs under our 2021 Executive Bonus Plan.

Financial Objectives
Strategic Performance
Name
Professional Service Revenue
Adjusted EBITDA
MBOs
Burton M. Goldfield
  37.5% 37.5% 25%
Kelly Tuminelli
  37.5% 37.5% 25%
Olivier Kohler
  25% 25% 50%
Samantha Wellington
25% 25% 50%
Edward Griese
  25% 25% 50%
Payouts under our 2021 Executive Bonus Plan could scale between 0% and 200% of an NEO's target cash incentive award opportunity as follows:
Professional Service Revenue - For every 1.0% below or above the target performance level, payouts scale up or down, respectively, by 10%; and
Adjusted EBITDA - For every 1.0% below the target performance level, payouts scale down by 6.67%, and for every 1.0% above the target performance level, payouts scale up by 4.0%;
The following table shows the threshold, target and maximum performance levels (and the associated potential award) under our 2021 Executive Bonus Plan:

   
% of Professional Service Revenue Target
Award %
% of Adjusted EBITDA
Award %
Threshold
  90% 0% 85% 0%
Target
  100% 100% 100% 100%
Max
  110% 200% 125% 200%

53


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.
For a summary of the material terms and conditions of the employment agreement with each of our NEOs, see the section titled “Employment Arrangements” below.
Severance/Change in Control Benefits
Each 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 the severance and change in control benefits our NEOs receive, see the section titled “Potential Payments Upon Termination or Change in Control” below.
For a description of the severance payments and benefits received by each of Messrs. Beckert, Murphy and Boston in connection with the terminations of their employment, see sections titled "Employment Arrangements" and "Potential Payments Upon Termination or Change in Control" below.
Other Compensation Policies
Stock Ownership Policy
In 2017, to further align the interests of our executives and the members of our Board with those of our stockholders, our Board adopted equity ownership guidelines for certain executive officers and members of our Board. These guidelines, as amended, require our CEO and our other officers subject to Section 16 of the Exchange Act to accumulate aggregate equity holdings equal to 500% and 300%, respectively, of their annual base salaries. Our non-employee directors are required to accumulate aggregate equity holdings equal to 500% of their annual cash retainer for regular service to the Board. Our executive officers and the members of our Board must satisfy these guidelines within the later of December 31, 2021, or within five years of the date on which they become subject to these guidelines. As of December 31, 2020, each of our directors and required officers have met or are projected to meet their respective stock ownership requirement before their respective required time frames. Ms. Tuminelli, Dr. Kosecoff, Mr. Guertin and Ms. Contreras-Sweet are subject to the stock ownership policy beginning in 2020, and Mr. Clark beginning in 2021. Ms. Tuminelli became an executive officer of the Company on October 26, 2020, and has until December 31, 2025 to satisfy these guidelines. Dr. Kosecoff and Mr. Guertin joined our Board on January 15, 2020, and have until December 31, 2025 to satisfy these guidelines. Ms. Contreras-Sweet joined our Board on November 19, 2020, and has until December 31, 2025 to satisfy these guidelines, and Mr. Clark joined our Board on March 16, 2021, and has until December 31, 2026 to satisfy these guidelines. Shares owned directly may be counted toward compliance with these guidelines, while vested or unvested unexercised options, unvested RSUs and PSUs, and unvested restricted stock (both time-based and performance-based) are not counted toward meeting the ownership guidelines.
Compensation Recovery Policy
In 2017, our Board adopted and subsequently amended as of 2020 a compensation recovery, or “clawback” policy, under which we may generally seek reimbursement of cash compensation payments made to our NEOs and other current and former officers subject to Section 16 of the Exchange Act that were based on achieving objective Company financial performance, if the covered executive engaged in fraud or intentional or unlawful misconduct that caused or otherwise materially contributed to a required restatement of our financial results, and if a lower cash payment would have been made to the covered executive based upon those restated financial results.
Such policy shall be updated to comply with the requirements of Section 954 of the Dodd-Frank Act upon the Securities and Exchange Commission adoption of final regulations to implement this provision.
54


Equity Grant Policy

Generally, our Compensation Committee follows a regular pattern of granting annual or periodic “refresh” equity awards to our executive officers and certain other employees. This process is overseen by our Compensation Committee and the timing, size and distribution of equity awards may change from year to year although they are typically awarded during the first quarter of the year.

As discussed above under the section "Information Regarding Committees of the Board of Directors-Compensation Committee Processes and Procedures," our Compensation Committee delegated to our CEO the authority, subject to certain limitations such as the maximum value for each award, to grant RSU Awards 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, awards to executives are subject to approval by our Compensation Committee, or its subcommittee the Equity Award Committee, and in the case of new hires, typically occur in the calendar month following the executive's start date.
The price per share attributable to our equity compensation is 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 fair market value of grant.
Short Sales, Hedging and Pledging Policies
We have a policy that prohibits our employees (including our executive officers) and members of our Board from holding Company securities in a margin account, pledging Company securities as collateral for a loan, engaging in short sales, transactions in put or call options (or other derivative securities), hedging transactions, or similar inherently speculative transactions with respect to the Company’s stock at any time, regardless of whether such individual is in possession of material nonpublic information or whether the trading window is open. These transactions often evidence an expectation that the Company’s stock will decline in value and that such directors, officers or employees do not have the same objectives as other Company stockholders. In addition, these transactions may reduce such individuals’ incentive to improve the Company’s performance or otherwise introduce at least the potential for a conflict of interest.

Tax and Accounting Considerations
Deductibility of Executive Compensation

Section 162(m) of the Internal Revenue Code generally disallows a deduction for federal income tax purposes to any publicly traded corporation for any remuneration in excess of $1 million paid in any taxable year to certain "covered employees" with respect the year in question.
While the Compensation Committee considers the tax implications of its decisions when determining the compensation of our executives, it reserves the discretion, in its judgment, to authorize compensation payments that are not deductible when it believes that such payments are appropriate to attract and retain executive talent.
Accounting for Stock-Based Compensation
The Compensation Committee may take accounting considerations into account in designing compensation plans and arrangements for our executive officers and other employees. Chief among these is Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“FASB ASC 718”), the standard which governs the accounting treatment of stock-based compensation awards.
55


Stockholder Support for Our Executive Compensation Program
Our Board has authorized an annual stockholder advisory vote on our NEOs’ compensation as a method for engaging in regular and effective communication with our stockholders. The Compensation Committee considers the results of the advisory vote as it reviews and develops our compensation practices and policies. Approximately 99.57% of the votes cast on the stockholder advisory proposal on Named Executive Officer compensation at our 2020 Annual Meeting of Stockholders were voted in favor of our NEO compensation. The Compensation Committee did not make any changes to the Company's executive compensation program as a result of this stockholder advisory vote.
Compensation Related Risk
Our Board is responsible for the oversight of our risk profile, including compensation-related risks. Our Compensation Committee monitors our compensation policies and practices as applied to our employees (including our executive officers) to ensure that these policies and practices do not encourage excessive and unnecessary risk-taking. In 2020, at the direction of the Compensation Committee, our management conducted a review of our compensation programs, including our executive compensation program, and, based on this review, determined that the level of risk associated with these programs is not reasonably likely to have a material adverse effect on the Company.

56


2020 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, 2020, December 31, 2019 and December 31, 2018:
Name and Principal Position
Year
Salary
($)
Bonus
($)
Stock
Awards 
($)
(1)
Non-Equity
Incentive Plan
Compensation
($)
(2)
All Other
Compensation
($)

Total
($)
Burton M. Goldfield
2020 937,500
6,500,088(6)
1,840,000
   87,029(7)
9,364,617
President and
Chief Executive Officer
2019 881,250 4,000,012 727,341 17,412 5,626,015

2018 808,750 4,000,002 1,384,000 26,224 6,218,976
Kelly Tuminelli(3)
2020 196,496 1,400,000 3,000,065 254,000
   2,000(8)
4,852,561
Executive Vice President and
Chief Financial Officer

Olivier Kohler(4)
2020 590,451 500,000 4,000,048 683,000
   14,374(9)
5,787,873
Executive Vice President and
Chief Operating Officer
2019 537,500 2,500,100 342,496 417,544 3,797,640

Samantha Wellington
2020 485,000 1,750,088 427,000
   16,380(10)
2,678,468
Senior Vice President and
Chief Legal Officer
2019 430,000 500,032 185,942 11,275 1,127,249

2018 270,398 1,700,037 150,000 11,000 2,131,435
Edward Griese
2020 411,000 850,094 331,000
     33,328(11)
1,625,422
Senior Vice President of
Insurance Services
2019 401,250 750,018 112,000 11,275 1,274,543

2018 384,500 600,076 263,000 18,242 1,265,818
Richard Beckert
2020 228,750 291,000
      647,798(12)
1,167,548
Former Senior Vice President and
Chief Financial Officer
2019 590,000 2,500,100 328,650 11,200 3,429,950

2018 522,500 1,100,077 586,000 30,370 2,238,947
Michael P. Murphy(5)
2020 418,073 374,000 1,000,006
      450,259(13)
2,242,338
Former Vice President and
Interim Chief Financial Officer

Barrett Boston
2020 430,480 1,100,016
      490,742(14)
2,021,238
Former Senior Vice President and
Chief Revenue Officer
2019 440,937 1,100,084 200,000 19,034 1,760,055

2018 425,000 1,050,039 433,000 147,599 2,055,638

(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 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 only will realize compensation from these awards to the extent they meet the vesting requirements under the awards. The grant date fair market value of the RSU Awards are as follows: Mr. Goldfield, $3,250,044; Ms. Tuminelli, $3,000,065; Mr. Kohler, $1,500,008 and $1,000,032; Ms. Wellington, $875,044; Mr. Griese, $425,047; Mr. Murphy, $500,003; and Mr.
57


Boston, $550,008. The grant date fair market value of the PSU Awards based on target performance level are as follows: Mr. Goldfield, $3,250,044; Mr. Kohler, $1,500,008; Ms. Wellington, $875,044; Mr. Griese, $425,047; Mr. Murphy, $500,003; and Mr. Boston, $550,008. 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. Goldfield, $6,500,088; Mr. Kohler, $3,000,016; Ms. Wellington, $1,750,088; Mr. Griese, $850,094; Mr. Murphy, $1,000,006; and Mr. Boston, $1,100,016. For information on the valuation assumptions used in these computations, see 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, 2020 filed with the SEC on February 16, 2021.
(2)Amounts in this column represent bonuses paid under our 2020 Executive Bonus Plan for performance during the applicable year. Actual payment of these amounts for 2020 occurred in 2021.
(3)Ms. Tuminelli joined the Company on September 8, 2020.
(4)Mr. Kohler's compensation is shown only for 2020 and 2019 because he was not a Named Executive Officer in 2018.
(5)Mr. Murphy's compensation is shown only for 2020 because he served as Interim Chief Financial Officer of the Company from May 15, 2020 to October 25, 2020, and was not a Named Executive Officer in 2018 or 2019.
(6)Mr. Goldfield’s 2020 equity award, as increased from 2019, was consistent with CEO equity award values for our competitive peer group and was intended to align overall compensation with long-term corporate performance.
(7)This amount represents: $75,193 in payment of accumulated paid time off balance; $11,400 in company 401(k) plan matching contributions; $136 in spousal meals; and a $300 service award.
(8)This amount represents: $2,000 in company 401(k) plan matching contributions.
(9)This amount represents: $11,400 in company 401(k) plan matching contributions; $2,480 in spousal travel; and $494 in spousal meals.
(10)This amount represents: $4,980 in payment of accumulated paid time off balance and $11,400 in company 401(k) plan matching contributions.
(11)This amount represents: $21,928 in payment of accumulated paid time off balance and $11,400 in company 401(k) plan matching contributions.
(12)This amount represents: $11,400 in company 401(k) plan matching contributions; $610,000 in severance pay; $26,323 in COBRA reimbursement; and a $75 service award.
(13)This amount represents: $12,524 in payment of accumulated paid time off balance; $9,546 in company 401(k) plan matching contributions; $425,000 in severance pay; and $3,189 in COBRA reimbursement.
(14)This amount represents: $11,400 in company 401(k) plan matching contributions; $460,000 in severance pay; $19,267 in COBRA reimbursement; and a $75 service award.

58


2020 Grants of Plan-Based Awards Table
The following table provides information with regard to potential cash bonuses payable to our NEOs in 2020 under our performance-based, non-equity incentive plan and with regard to equity awards granted to each NEO under our equity incentive plans during 2020.
Name
Award Type
Grant
Date
All Other
Stock
Awards:
Number of
Shares of Stock or Unit
(#)
Grant 
Date
Fair 
Value
of Stock and Option
Awards
($)
(2)
 Estimated Future Payouts Under
Non-Equity Incentive Plan Awards
(1)
 Estimated Future Payouts Under
Equity Incentive Plan Awards
Threshold
 ($)
Target 
($)
Maximum 
($)
Threshold 
(#)
Target 
(#)
Maximum 
(#)
Burton M. Goldfield
Cash Incentive
1,425,000 2,850,000
PSUs
2/28/2020 30,742 61,484 122,968 3,250,044
RSUs
2/28/2020 61,484 3,250,044
Kelly Tuminelli
Cash Incentive
196,496 392,992
PSUs
RSUs
10/15/2020 43,092 3,000,065
Olivier Kohler
Cash Incentive
596,858 1,193,716
PSUs
2/28/2020 14,189 28,377 56,754 1,500,008
RSUs
2/28/2020 28,377 1,500,008
RSUs
7/27/2020 15,871 1,000,032
Samantha Wellington
Cash Incentive
350,000 700,000
PSUs
2/28/2020 8,277 16,554 33,108 875,044
RSUs
2/28/2020 16,554 875,044
Edward Griese
Cash Incentive
289,100 578,200
PSUs
2/28/2020 4,021 8,041 16,082 425,047
RSUs
2/28/2020 8,041 425,047
Richard Beckert
Cash Incentive
226,000 452,000
PSUs
RSUs
Michael P. Murphy
Cash Incentive
297,500 595,000
PSUs
2/28/2020 4,730 9,459 18,918 500,003
RSUs
2/28/2020 9,459 500,003
Barrett Boston
Cash Incentive
515,000 1,030,000
PSUs
2/28/2020 5,203 10,405 20,810 550,008
RSUs
2/28/2020 10,405 550,008
(1)Amounts represent the range of possible cash payouts under our 2020 Executive Bonus Plan. The threshold amount is not applicable as the Compensation Committee has discretion to reduce the non-equity incentive awards to 0%. The maximum amount that could have been earned by each NEO was 200% of the target cash incentive. Amounts for Ms. Tuminelli's bonus target are prorated based on her hire date, and reflect Mr. Kohler's promotion-related salary increase in July 2020. See the section titled "2020 Executive Compensation-Weighting of 2020 Executive Bonus Plan Performance Objectives and
59


Award Scale" in the CD&A above for more detailed information. Actual amounts received under our 2020 Executive Bonus Plan are described under the section titled "2020 Executive Compensation-Annual Cash Incentive Compensation" in the CD&A above and in the “Non-Equity Incentive Plan Compensation” column of the 2020 Summary Compensation Table.
(2)Each of the RSUs and PSUs shown in the table were granted under, and is subject to, the terms of the TriNet Group, Inc. 2019 Equity Incentive 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 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 value of our 2020 PSU Awards is calculated at the target performance level. At the maximum performance level, the grant date fair value of our 2020 PSU Awards would be 200% of the target value. The material terms of the RSUs and PSUs granted to the Named Executive Officers are described under the section titled "2020 Executive Compensation-2020 Long-Term Equity Incentive Awards" in the CD&A above.


60


Outstanding Equity Awards at December 31, 2020 Table
The following table provides information regarding outstanding equity awards held by our NEOs as of December 31, 2020.
Name
Grant Date
Option Awards
Stock Awards
Number of Shares or Units of Stock
 that Have Not Vested
(#)
Market Value of Shares
or Units of Stock
 that Have Not Vested
($)(8)
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested
(#)
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested
 ($)(8)
Option
Exercise
Price 
($)
Option
Expiration
Date
Number of Securities
Underlying Unexercised
Options (#)
Exercisable
Unexercisable
Burton M. Goldfield
2/11/2014
130,391(1)(3)
10.98 2/11/2024

3/5/2015
86,078(2)
33.51 3/5/2025

3/24/2017
3,571(5)
287,823

3/8/2018
13,128(5)
1,058,117

3/18/2019
18,222(5)
1,468,693

2/28/2020
49,956(7)
4,026,454

2/28/2020
113,061(9)
9,112,717
Kelly Tuminelli
10/15/2020
43,092(6)
3,473,215
Olivier Kohler
5/10/2018
7,399(4)
596,359

3/18/2019
11,389(5)
917,953

2/28/2020
23,057(7)
1,858,394

2/28/2020
52,182(9)
4,205,869

7/27/2020
13,888(7)
1,119,373
Samantha Wellington
3/24/2017
169(5)
13,621

3/8/2018
1,313(5)
105,828

12/13/2018
17,689(4)
1,425,733

2/28/2020
13,451(7)
1,084,151

2/28/2020
30,441(9)
2,453,545
Edward Griese
3/24/2017
440(5)
35,464

3/8/2018
1,970(5)
158,782

3/18/2019
3,417(5)
275,410

2/28/2020
6,534(7)
526,640

2/28/2020
14,786(9)
1,191,752
61


Richard Beckert
Michael P. Murphy(10)
3/24/2017
279(5)
22,487

3/8/2018
394(5)
31,756

3/18/2019
556(5)
44,814

2/28/2020