8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 1, 2009

GEVITY HR, INC.

(Exact name of registrant as specified in charter)

Florida
(State of incorporation) 0-22701
(Commission File Number) 65-0735612
(IRS Employer
Identification No.)

9000 Town Center Parkway
Bradenton, Florida 34202
(Address of principal executive offices / Zip Code)

(941) 741-4300
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d—2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e—4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

     On June 1, 2009, Gevity HR, Inc. (the “Company” or “Gevity”) entered into that certain Revolving Credit and Term Loan Agreement by and among the financial institutions from time to time signatory thereto, Comerica Bank, as Administrative Agent, Co-Lead Arranger, Syndication Agent and Documentation Agent, KeyBank National Association, as Co-Lead Arranger, Bank of America, N.A., as Syndication Agent, TriNet HR Corporation (“TriNet HR”), as a Borrower, Gin Acquisition, Inc. (“Gin”), as a Borrower, Gevity (as successor by merger to Gin), as a Borrower (TriNet HR and Gevity, collectively, “Borrowers”), and TriNet Group, Inc. (“Parent”), as a Guarantor (the “Comerica Credit Agreement”).

     The Comerica Credit Agreement provides for (i) a three-year term loan facility of $60,000,000 and (ii) a three-year revolving credit facility of $20,000,000, which includes a $16,400,000 letter of credit subfacility. The proceeds of the term loans were used to finance a portion of the Merger (as defined below). A portion of proceeds of the revolving credit facility were used to issue letters of credit.

     Loans under the revolving credit facility bear interest, at the Borrowers’ option, at a rate equal to either the Eurodollar rate, plus an applicable margin equal to 4.25% per annum, or a base rate, plus an applicable margin equal to 3.25% per annum. The Term Loans bear interest, at the Borrowers’ option, at a rate equal to either the Eurodollar rate, plus an applicable margin equal to 5.00% per annum, or a base rate, plus an applicable margin equal to 4.00% per annum. Borrowers must also pay (i) a revolving credit facility fee equal to 0.75% per annum of the aggregate revolving credit commitment, and (ii) a letter of credit fee equal to 4.25% per annum with respect to the undrawn amount of each letter of credit under the Comerica Credit Agreement.

     Borrowers’ obligations under the Comerica Credit Agreement are guaranteed by each of Parent’s existing and subsequently acquired or organized direct and indirect domestic subsidiaries. The obligations of the Borrowers and the subsidiary guarantors under the Comerica Credit Agreement and the related guarantees are secured, subject to customary permitted liens and other agreed upon exceptions, by (1) a first priority pledge of all of the equity interests of each of Parent’s direct and indirect subsidiaries, and (2) a perfected first priority interest in all tangible and intangible assets of Parent, Borrowers and each subsidiary guarantor (subject to certain exclusions), except, in the case of a foreign subsidiary, to the extent such pledge would be prohibited by applicable law or would result in materially adverse tax consequences (limited, in the case of a foreign subsidiary, to 65% of the voting stock of such foreign subsidiary).

     The Comerica Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to Borrowers and their subsidiaries, including, among other things, restrictions on liens, indebtedness, investments, loans, acquisitions, mergers, dissolution, sale of assets, restricted payments, capital expenditures, transactions with affiliates, sale-leaseback transactions, prepayment of debt, and subordinated debt. The Comerica Credit Agreement contains financial covenants that require Borrowers to maintain a minimum consolidated fixed coverage ratio, a maximum consolidated leverage ratio, a maximum consolidated total liabilities to consolidated effective tangible net worth ratio, a

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minimum current ratio, a minimum cash balance, a collections covenant and a minimum consolidated profitability covenant. The Comerica Credit Agreement also includes customary events of default, including cross-defaults to material indebtedness and change of control.

Item 1.02. Termination of a Material Definitive Agreement.

     In connection with the Merger (as defined below), on June 1, 2009, the Company terminated its Amended and Restated Credit Agreement, dated as of August 30, 2006, as amended, among the Company, Bank of America, N.A., as administrative agent and the other parties thereto (the “Pre-Merger Credit Agreement”) and repaid in full all outstanding loans and advances under the Pre-Merger Credit Agreement in connection with such termination. No penalties were paid in connection with such repayments.

     The descriptions of the Pre-Merger Credit Agreement set forth on each of the Company’s Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (the “Commission”) on September 6, 2006, May 10, 2007, June 19, 2007, February 26, 2008 and March 6, 2008 are incorporated herein by reference.

Item 2.01 Completion of Acquisition or Disposition of Assets.

     On June 1, 2009, the merger (the “Merger”) contemplated by the Agreement and Plan of Merger, dated as of March 4, 2009 (the “Merger Agreement”), by and among the Company, Gin and Parent was consummated in accordance with the Merger Agreement. A copy of the press release announcing the completion of the Merger is attached hereto as Exhibit 99.1 and incorporated herein by reference.

     Pursuant to the Merger Agreement, each share of common stock of the Company, par value $0.01 per share (the “Common Stock”), issued and outstanding immediately prior to the effective time (the “Effective Time”) of the Merger (other than (i) shares of Common Stock held in the treasury of the Company or held by any direct or indirect wholly owned subsidiary of the Company and (ii) shares of Common Stock owned by Parent or Gin or any direct or indirect wholly owned subsidiary of Parent or Gin) was converted into the right to receive $4.00 in cash, without interest (the “Merger Consideration”). In addition, immediately prior to the effective time of the Merger, shares of Common Stock held by an investment fund affiliated with General Atlantic LLC were contributed to Parent in exchange for 530,018 shares of Series H Convertible Preferred Stock of Parent. The total transaction value (excluding transaction costs and expenses) was approximately $99 million.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

     The Company is a party to the Comerica Credit Agreement as set forth in Item 1.01 hereof, the description of which is incorporated herein by reference.

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

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     In connection with the closing of the Merger, Gevity notified The NASDAQ Stock Market (“NASDAQ”) on June 1, 2009, that each outstanding share of Common Stock (except as described in Item 2.01 above) was converted at the Effective Time into the Merger Consideration, as set forth in Item 2.01 hereof which is incorporated herein by reference, and requested that the NASDAQ file a Form 25 with the Commission to delist the shares of Common Stock from listing and registration thereon. In addition, the Company will file with the Commission a Form 15 to deregister the shares of Common Stock under Sections 12(b) and 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to suspend the reporting obligations of the Company under Sections 13 and 15(d) of the Exchange Act.

Item 3.03 Material Modification to Rights of Security Holders.

     Pursuant to the Merger Agreement and in connection with the consummation of the Merger, each outstanding share of Common Stock (except as described in Item 2.01 above) was converted at the Effective Time into the right to receive the Merger Consideration. See the disclosure regarding the Merger and the Merger Agreement under Item 2.01 hereof for additional information.

Item 5.01 Changes in Control of Registrant.

     As a result of the Merger, the Company became a wholly owned subsidiary of Parent. See the disclosure regarding the Merger and the Merger Agreement under Item 2.01 hereof for additional information.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

     At the Effective Time, on June 1, 2009, the Company’s existing articles of incorporation and by-laws were amended and restated in their entirety to be identical to the articles of incorporation and the bylaws of Gin, as in effect immediately prior to the Effective Time, except that the name of the surviving corporation will continue to be Gevity HR, Inc. The amended and restated articles of incorporation and amended and restated by-laws of the Company which are filed as Exhibits 3.1 and 3.2, respectively hereto, are incorporated herein by reference.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

3.1	Amended and Restated Articles of Incorporation of Gevity HR, Inc.
3.2	By-laws of Gevity HR, Inc.
99.1	Press Release, dated June 1, 2009

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GEVITY HR, INC.
Date: June 1, 2009	By:	/s/ Gregory L. Hammond
		Name:	Gregory L. Hammond
		Title:	Secretary

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Exhibit Index

(d) Exhibits

Exhibit
Number	Description
3.1	Amended and Restated Articles of Incorporation of Gevity HR, Inc.
3.2	By-laws of Gevity HR, Inc.
99.1	Press Release, dated June 1, 2009

EX-3.1

Exhibit 3.1

AMENDED AND RESTATED

ARTICLES OF INCORPORATION

OF

GEVITY HR, INC.

     Pursuant to Section 607.1002 and Section 607.1007 of the Florida Business Corporation Act, Gevity HR, Inc., a Florida corporation (the “Corporation”), hereby certifies as follows:

     1. The Corporation is named Gevity HR, Inc.

     2. These Amended and Restated Articles of Incorporation were adopted by the Corporation’s Board of Directors on June 1, 2009 and contain amendments that do not require shareholder approval.

     3. The Corporation’s Articles of Incorporation, as originally filed with the Department of State of the State of Florida on February 28, 1997 and as amended through the date hereof, are hereby amended and restated in their entirety to read as follows:

ARTICLE I

     The name of this corporation is Gevity HR, Inc. (the “Corporation”).

ARTICLE II

     The purpose for which the Corporation is formed is to engage in any lawful act or activity for which corporations may be organized under the Florida Business Corporation Act (the “Act”).

ARTICLE III

     The address of the principal office and the mailing address of the office of the Corporation is 515 E. Park Avenue, Tallahassee, FL 32301.

ARTICLE IV

     The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 100 shares of common stock, par value $0.01 per share.

ARTICLE V

     The street address of the Corporation’s registered office is 515 E. Park Avenue, Tallahassee, FL 32301, and the name of its registered agent at such office is CorpDirect Agents, Inc.

ARTICLE VI

     The Board of Directors of the Corporation shall consist of at least one director, with the exact number to be fixed from time to time in the manner provided in the Corporation’s Bylaws, who will serve as the Corporation’s director until successors are duly elected and qualified.

ARTICLE VII

     A director or officer of the Corporation shall not be personally liable to the Corporation or its shareholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability (i) for any breach of the director’s or officer’s duty of loyalty to the Corporation or its shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 607.0834 of the Act as the same exists or hereafter may be amended, (iv) for violation of a criminal law, unless the director or officer had reasonable cause to believe his conduct was lawful or had no reasonable cause to believe his conduct was unlawful or (v) for any transaction from which the director or officer derived an improper personal benefit.

     The Corporation shall indemnify and shall advance expenses on behalf of its officers and directors to the fullest extent not prohibited by law in existence either now or hereafter.

[Signature page to follow]

     IN WITNESS WHEREOF, the undersigned has executed these Amended and Restated Articles of Incorporation on June 1, 2009.

By:	/s/ Gregory L. Hammond
	Name:	Gregory L. Hammond
	Title:	Secretary

[Signature Page to Amended and Restated Articles of Incorporation]

EX-3.2

Exhibit 3.2

BYLAWS

OF

GEVITY HR, INC.

A Florida Corporation

(revised as of June 1, 2009)

INDEX

	Page
	Number
Article I OFFICES		1
1.1 Registered Office		1
1.2 Other Offices		1
Article II MEETINGS OF SHAREHOLDERS		1
2.1 Place		1
2.2 Time of Annual Meeting		1
2.3 Call of Special Meetings		1
2.4 Conduct of Meetings		1
2.5 Notice and Waiver of Notice		1
2.6 Quorum		2
2.7 Voting Per Share		2
2.8 Voting of Shares		2
2.9 Proxies		3
2.10 Shareholder List		3
2.11 Action Without Meeting		4
2.12 Fixing Record Date		4
2.13 Inspectors and Judges		4
2.14 Voting for Directors		5
Article III DIRECTORS		5
3.1 Number, Election and Term		5
3.2 Vacancies		5

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	Page
	Number
3.3 Powers		5
3.4 Place of Meetings		5
3.5 Annual Meeting		5
3.6 Regular Meetings		5
3.7 Special Meetings and Notice		6
3.8 Quorum; Required Vote; Presumption of Assent		6
3.9 Action Without Meeting		6
3.10 Conference Telephone or Similar Communications Equipment Meetings		6
3.11 Committees		7
3.12 Compensation of Directors		7
3.13 Chairman of the Board		7
Article IV OFFICERS		7
4.1 Positions		7
4.2 Election of Specified Officers by Board		7
4.3 Election or Appointment of Other Officers		7
4.4 Salaries		8
4.5 Term; Resignation		8
4.6 President		8
4.7 Vice Presidents		8
4.8 Secretary		8
4.9 Treasurer		8
4.10 Other Officers, Employees and Agents		9
Article V CERTIFICATES FOR SHARES		9
5.1 Issue of Certificates		9
5.2 Legends for Preferences and Restrictions on Transfer		9

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	Page
	Number
5.3 Facsimile Signatures		10
5.4 Lost Certificates		10
5.5 Transfer of Shares		10
5.6 Registered Shareholders		10
Article VI GENERAL PROVISIONS		10
6.1 Dividends		10
6.2 Reserves		10
6.3 Checks		11
6.4 Fiscal Year		11
6.5 Seal		11
6.6 Gender		11
Article VII AMENDMENTS OF BYLAWS		11

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GEVITY HR, INC.

BYLAWS

(revised as of June 1, 2009)

ARTICLE I
OFFICES

     1.1 Registered Office . The registered office of GEVITY HR, INC., a Florida corporation (the “Corporation”), shall be located at 515 E. Park Avenue, Tallahassee, FL 32301, and the name of its initial registered agent at such office is CorpDirect Agents, Inc., unless otherwise designated by the Corporation’s Board of Directors (the “Board of Directors”).

     1.2 Other Offices. The Corporation may also have offices at such other places, either within or without the State of Florida, as the Board of Directors may from time to time determine or as the business of the Corporation may require.

ARTICLE II
MEETINGS OF SHAREHOLDERS

     2.1 Place. All annual meetings of shareholders shall be held at such place, within or without the State of Florida, as may be designated by the Board of Directors and stated in the notice of the meeting or in a duly executed waiver of notice thereof. Special meetings of shareholders may be held at such place, within or without the State of Florida, and at such time as shall be stated in the notice of the meeting or in a duly executed waiver of notice thereof.

     2.2 Time of Annual Meeting. Annual meetings of shareholders shall be held on such date and at such time fixed, from time to time, by the Board of Directors, provided that there shall be an annual meeting held every year at which the shareholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.

     2.3 Call of Special Meetings. Special meetings of the shareholders, for any purpose, or purposes, unless otherwise prescribed by statute, may be called by the President and will be called by the President or the Secretary at the request in writing of a majority of the Board, or at the request in writing of shareholders controlling no less than 50% of all of the votes entitled to be cast on any issue proposed to be considered at the proposed special meeting. Such request must state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders will be limited to the purposes stated in the notice.

     2.4 Conduct of Meetings. The Chairman of the Board (or in his absence, the President or such other designee of the Chairman of the Board) shall preside at the annual and special meetings of shareholders and shall be given full discretion in establishing the rules and procedures to be followed in conducting the meetings, except as otherwise provided by law or in these Bylaws.

     2.5 Notice and Waiver of Notice. Except as otherwise provided by law, written or printed notice stating the place, day and hour of the meeting and, in the case of a special meeting,

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the purpose or purposes for which the meeting is called, shall be delivered not less than ten (10) nor more than sixty (60) days before the day of the meeting, either personally or by first-class mail, by or at the direction of the President, the Secretary or the officer or person calling the meeting, to each shareholder of record entitled to vote at such meeting. If the notice is mailed at least thirty (30) days before the date of the meeting, it may be done by a class of United States mail other than first-class. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail addressed to the shareholder at his address as it appears on the stock transfer books of the Corporation, with postage thereon prepaid. If a meeting is adjourned to another time and/or place, and if an announcement of the adjourned time and/or place is made at the meeting, then it shall not be necessary to give notice of the adjourned meeting unless the Board of Directors, after adjournment, fixes a new record date for the adjourned meeting. Whenever any notice is required to be given to any shareholder, a waiver thereof in writing signed by the person or persons entitled to such notice, whether signed before, during or after the time of the meeting stated therein, and delivered to the Corporation for inclusion in the minutes or filing with the corporate records, shall be equivalent to the giving of such notice. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the shareholders need be specified in any written waiver of notice. Attendance of a person at a meeting shall constitute a waiver of (a) lack of or defective notice of such meeting, unless the person objects at the beginning to the holding of the meeting or the transacting of any business at the meeting and (b) lack of defective notice of a particular matter at a meeting that is not within the purpose or purposes described in the meeting notice, unless the person objects to considering such matter when it is presented.

     2.6 Quorum . Shares entitled to vote as a separate voting group may take action on a matter at a meeting only if a quorum of these shares exists with respect to that matter. Except as otherwise provided in the Articles of Incorporation or by the Florida Business Corporation Act, as amended (the “FBCA”), a majority of the shares entitled to vote on the matter by each voting group, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, but in no event shall a quorum consist of less than one-third (1/3) of the shares of each voting group entitled to vote. If less than a majority of outstanding shares entitled to vote are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. After a quorum has been established at any shareholders’ meeting, the subsequent withdrawal of shareholders, so as to reduce the number of shares entitled to vote at the meeting below the number required for a quorum, shall not affect the validity of any action taken at the meeting or any adjournment thereof. Once a share is represented for any purpose at a meeting, it is deemed present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting unless a new record date is or must be set for that adjourned meeting.

     2.7 Voting Per Share. Except as otherwise provided in the Articles of Incorporation or by the FBCA, each shareholder is entitled to one (1) vote for each outstanding share held by him on each matter voted at a shareholders’ meeting.

     2.8 Voting of Shares. A shareholder may vote at any meeting of shareholders of the Corporation, either in person or by proxy. Shares standing in the name of another corporation, domestic or foreign, may be voted by the officer, agent or proxy designated by the bylaws of such corporate shareholder or, in the absence of any applicable bylaw, by such person or persons

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as the board of directors of the corporate shareholder may designate. In the absence of any such designation, or, in case of conflicting designation by the corporate shareholder, the chairman of the board, the president, any vice president, the secretary and the treasurer of the corporate shareholder, in that order, shall be presumed to be fully authorized to vote such shares. Shares held by an administrator, executor, guardian, personal representative, or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name or the name of his nominee. Shares held by or under the control of a receiver, a trustee in bankruptcy proceedings, or an assignee for the benefit of creditors may be voted by such person without the transfer thereof into his name. If shares stand of record in the names of two or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, tenants by the entirety or otherwise, or if two or more persons have the same fiduciary relationship respecting the same shares, unless the Secretary of the Corporation is given notice to the contrary and is furnished with a copy of the instrument or order appointing them or creating the relationship wherein it is so provided, then acts with respect to voting shall have the following effect: (a) if only one votes, in person or by proxy, his act binds all; (b) if more than one vote, in person or by proxy, the act of the majority so voting binds all; (c) if more than one vote, in person or by proxy, but the vote is evenly split on any particular matter, each faction is entitled to vote the share or shares in question proportionally; or (d) if the instrument or order so filed shows that any such tenancy is held in unequal interest, a majority or a vote evenly split for purposes hereof shall be a majority or a vote evenly split in interest. The principles of this paragraph shall apply, insofar as possible, to execution of proxies, waivers, consents, or objections and for the purpose of ascertaining the presence of a quorum.

     2.9 Proxies. Any shareholder of the Corporation, other person entitled to vote on behalf of a shareholder pursuant to applicable law, or attorney-in-fact for such persons may vote the shareholder’s shares in person or by proxy. Any shareholder of the Corporation may appoint a proxy to vote or otherwise act for him by signing an appointment form, either personally or by his attorney-in-fact. An executed telegram or cablegram appearing to have been transmitted by such person, or a photographic, photostatic, or equivalent reproduction of an appointment form, shall be deemed a sufficient appointment form. An appointment of a proxy is effective when received by the Secretary of the Corporation or such other officer or agent which is authorized to tabulate votes, and shall be valid for up to eleven (11) months, unless a longer period is expressly provided in the appointment form. The death or incapacity of the shareholder appointing a proxy does not affect the right of the Corporation to accept the proxy’s authority unless notice of the death or incapacity is received by the Secretary or other officer or agent authorized to tabulate votes before the proxy exercises his authority under the appointment. An appointment of a proxy is revocable by the shareholder unless the appointment is coupled with an interest.

     2.10 Shareholder List. After fixing a record date for a meeting of shareholders, the Corporation shall prepare an alphabetical list of the names of all its shareholders who are entitled to notice of the meeting, arranged by voting group with the address of, and the number and class and series, if any, of shares held by each. The shareholders’ list must be available for inspection by any shareholder for a period of ten (10) days prior to the meeting or such shorter time as exists between the record date and the meeting and continuing through the meeting at the Corporation’s principal office, at a place identified in the meeting notice in the city where the

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meeting will be held, or at the office of the Corporation’s transfer agent or registrar. Any shareholder of the Corporation or his agent or attorney is entitled on written demand to inspect the shareholders’ list (subject to the requirements of law), during regular business hours and at his expense, during the period it is available for inspection. The Corporation shall make the shareholders’ list available at the meeting of shareholders, and any shareholder or his agent or attorney is entitled to inspect the list at any time during the meeting or any adjournment.

     2.11 Action Without Meeting. Any action required by the Articles of Incorporation or the FBCA to be taken at a meeting of shareholders, or any action that may be taken at a meeting of shareholders, may be taken without a meeting and without notice if a consent in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted with respect to the subject matter thereof, and such consent shall have the same force and effect as a vote of shareholders taken at such a meeting.

     2.12 Fixing Record Date. For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purposes, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than sixty (60) days, and, in case of a meeting of shareholders, not less than ten (10) days, prior to the date on which the particular action requiring such determination of shareholders is to be taken. If no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a dividend, the date on which the notice of the meeting is mailed or the date on which the resolutions of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this Section 2.12, such determination shall apply to any adjournment thereof, except where the Board of Directors fixes a new record date for the adjourned meeting or as required by law.

     2.13 Inspectors and Judges. The Board of Directors in advance of any meeting may, but need not, appoint one or more inspectors of election or judges of the vote, as the case may be, to act at the meeting or any adjournment(s) thereof. If any inspector or inspectors, or judge or judges, are not appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors or judges. In case any person who may be appointed as an inspector or judge fails to appear or act, the vacancy may be filled by the Board of Directors in advance of the meeting, or at the meeting by the person presiding thereat. The inspectors or judges, if any, shall determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots and consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate votes, ballots and consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. On request of the person presiding at the meeting, the inspector or inspectors or judge or judges, if any, shall make a report in writing of any challenge, question or matter determined by him or them, and execute a certificate of any fact found by him or them.

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     2.14 Voting for Directors. Unless otherwise provided in the Articles of Incorporation, directors shall be elected by a plurality of the votes cast by the shares entitled to vote in the election at a meeting at which a quorum is present.

ARTICLE III
DIRECTORS

     3.1 Number, Election and Term. The number of directors of the Corporation shall be fixed from time to time, within the limits specified by the Articles of Incorporation, by resolution of the Board of Directors; provided, however, no director’s term shall be shortened by reason of a resolution reducing the number of directors. The directors shall be elected at the annual meeting of the shareholders, except as provided in Section 2 of this Article, and each director elected shall hold office for the term for which he is elected and until his successor is elected and qualified or until his earlier resignation, removal from office or death. Directors must be natural persons who are 18 years of age or older but need not be residents of the State of Florida, shareholders of the Corporation or citizens of the United States. Any director may be removed at any time, with or without cause, at a special meeting of the shareholders called for that purpose.

     3.2 Vacancies. A director may resign at any time by giving written notice to the Corporation, the Board of Directors or the Chairman of the Board. Such resignation shall take effect when the notice is delivered unless the notice specifies a later effective date, in which event the Board of Directors may fill the pending vacancy before the effective date if they provide that the successor does not take office until the effective date. Any vacancy occurring in the Board of Directors and any directorship to be filled by reason of an increase in the size of the Board of Directors shall be filled by the affirmative vote of a majority of the current directors though less than a quorum of the Board of Directors, or may be filled by an election at an annual or special meeting of the shareholders called for that purpose, unless otherwise provided by the Articles of Incorporation or the FBCA. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office, or until the next election of one or more directors by shareholders if the vacancy is caused by an increase in the number of directors.

     3.3 Powers. Except as provided in the Articles of Incorporation and the FBCA, all corporate powers shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be managed under the direction of, its Board of Directors.

     3.4 Place of Meetings. Meetings of the Board of Directors, regular or special, may be held either within or without the State of Florida.

     3.5 Annual Meeting. The first meeting of each newly elected Board of Directors shall be held, without call or notice, immediately following each annual meeting of shareholders.

     3.6 Regular Meetings. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors.

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     3.7 Special Meetings and Notice. Special meetings of the Board of Directors may be called by the Chairman of the Board or by the President and shall be called by the Secretary on the written request of any two directors. Written notice of special meetings of the Board of Directors shall be given to each director at least forty-eight (48) hours before the meeting. Except as required by the FBCA, neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting. Notices to directors shall be in writing and delivered personally or mailed to the directors at their addresses appearing on the books of the Corporation. Notice by mail shall be deemed to be given at the time when the same shall be received. Notice to directors may also be given by telegram, teletype or other form of electronic communication. Notice of a meeting of the Board of Directors need not be given to any director who signs a written waiver of notice before, during or after the meeting. Attendance of a director at a meeting shall constitute a waiver of notice of such meeting and a waiver of any and all objections to the place of the meeting, the time of the meeting and the manner in which it has been called or convened, except when a director states, at the beginning of the meeting or promptly upon arrival at the meeting, any objection to the transaction of business because the meeting is not lawfully called or convened.

     3.8 Quorum; Required Vote; Presumption of Assent. A majority of the number of directors fixed by, or in the manner provided in, these bylaws shall constitute a quorum for the transaction of business; provided, however, that whenever, for any reason, a vacancy occurs in the Board of Directors, a quorum shall consist of a majority of the remaining directors until the vacancy has been filled. The act of a majority of the directors present at a meeting at which a quorum is present when the vote is taken shall be the act of the Board of Directors. A director of the Corporation who is present at a meeting of the Board of Directors or a committee of the Board of Directors when corporate action is taken shall be presumed to have assented to the action taken, unless he objects at the beginning of the meeting, or promptly upon his arrival, to holding the meeting or transacting specific business at the meeting, or he votes against or abstains from the action taken.

     3.9 Action Without Meeting. Any action required or permitted to be taken at a meeting of the Board of Directors or a committee thereof may be taken without a meeting if a consent in writing, setting forth the action taken, is signed by all of the members of the Board of Directors or the committee, as the case may be, and such consent shall have the same force and effect as a unanimous vote at a meeting. Action taken under this section is effective when the last director signs the consent, unless the consent specifies a different effective date. A consent signed under this Section 3.9 shall have the effect of a meeting vote and may be described as such in any document.

     3.10 Conference Telephone or Similar Communications Equipment Meetings. Members of the Board of Directors may participate in a meeting of the Board of Directors by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time. Participation in such a meeting shall constitute presence in person at the meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground the meeting is not lawfully called or convened.

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     3.11 Committees. The Board of Directors, by resolution adopted by a majority of the full Board of Directors, may designate from among its members an executive committee and one or more other committees, each of which, to the extent provided in such resolution, shall have and may exercise all of the authority of the Board of Directors in the business and affairs of the Corporation except where the action of the full Board of Directors is required by the FBCA. Each committee must have two or more members who serve at the pleasure of the Board of Directors. The Board of Directors, by resolution adopted in accordance with this Article Three, may designate one or more directors as alternate members of any committee, who may act in the place and stead of any absent member or members at any meeting of such committee. Vacancies in the membership of a committee shall be filled by the Board of Directors at a regular or special meeting of the Board of Directors. The executive committee shall keep regular minutes of its proceedings and report the same to the Board of Directors when required. The designation of any such committee and the delegation thereto of authority shall not operate to relieve the Board of Directors, or any member thereof, of any responsibility imposed upon it or him by law.

     3.12 Compensation of Directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

     3.13 Chairman of the Board. The Board of Directors may, in its discretion, choose a chairman of the board who shall preside at meetings of the shareholders and of the directors and shall be an ex officio member of all standing committees. The Chairman of the Board shall have such other powers and shall perform such other duties as shall be designated by the Board of Directors. The Chairman of the Board shall be a member of the Board of Directors but no other officers of the Corporation need be a director. The Chairman of the Board shall serve until his successor is chosen and qualified, but he may be removed at any time by the affirmative vote of a majority of the Board of Directors.

ARTICLE IV
OFFICERS

     4.1 Positions. The officers of the Corporation shall consist of a President and a Secretary, and, if elected by the Board of Directors by resolution, a Chairman of the Board, a Treasurer and one or more Vice Presidents. Any two or more offices may be held by the same person.

     4.2 Election of Specified Officers by Board. The Board of Directors at its first meeting and after each annual meeting of shareholders shall choose the officers of the Corporation.

     4.3 Election or Appointment of Other Officers. Such other officers and assistant officers and agents as may be deemed necessary or appropriate may be elected or appointed by the Board of Directors, or, unless otherwise specified herein, appointed by the President of the

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Corporation. The Board of Directors shall be advised of appointments by the President at or before the next scheduled Board of Directors meeting.

     4.4 Salaries. The salaries of all officers of the Corporation to be elected by the Board of Directors pursuant to Article Four, Section 4.2 hereof shall be fixed from time to time by the Board of Directors or pursuant to its discretion. The salaries of all other elected or appointed officers of the Corporation shall be fixed from time to time by the President of the Corporation or pursuant to his direction.

     4.5 Term; Resignation. The officers of the Corporation shall hold office until their successors are chosen and qualified. Any officer or agent elected or appointed by the Board of Directors or the President of the Corporation may be removed, with or without cause, by the Board of Directors. Any officers or agents appointed by the President of the Corporation pursuant to Section 4.3 of this Article Four may also be removed from such officer positions by the President, with or without cause. Any vacancy occurring in any office of the Corporation by death, resignation, removal or otherwise shall be filled by the Board of Directors, or, in the case of an officer appointed by the President of the Corporation, by the President or the Board of Directors. Any officer of the Corporation may resign from his respective office or position by delivering notice to the Corporation. Such resignation is effective when delivered unless the notice specifies a later effective date. If a resignation is made effective at a later date and the Corporation accepts the future effective date, the Board of Directors may fill the pending vacancy before the effective date if the Board provides that the successor does not take office until the effective date.

     4.6 President. The President shall have general and active management of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. In the absence of the Chairman of the Board or in the event the Board of Directors shall not have designated a chairman of the board, the President shall preside at meetings of the shareholders and the Board of Directors.

     4.7 Vice Presidents. The Vice Presidents in the order of their seniority, unless otherwise determined by the Board of Directors, shall, in the absence or disability of the President, perform the duties and exercise the powers of the President. They shall perform such other duties and have such other powers as the Board of Directors shall prescribe or as the President may from time to time delegate.

     4.8 Secretary. The Secretary shall attend all meetings of the Board of Directors and all meetings of the shareholders and record all the proceedings of the meetings of the shareholders and of the Board of Directors in a book to be kept for that purpose and shall perform like duties for the standing committees when required. He shall give, or cause to be given, notice of all meetings of the shareholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or President, under whose supervision he shall be. He shall keep in safe custody the seal of the Corporation and, when authorized by the Board of Directors, affix the same to any instrument requiring it.

     4.9 Treasurer. The Treasurer shall have the custody of corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books

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belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the President and the Board of Directors at its regular meetings or when the Board of Directors so requires an account of all his transactions as treasurer and of the financial condition of the Corporation unless otherwise specified by the Board of Directors, the Treasurer shall be the Corporation’s Chief Financial Officer.

     4.10 Other Officers, Employees and Agents. Each and every other officer, employee and agent of the Corporation shall possess, and may exercise, such power and authority, and shall perform such duties, as may from time to time be assigned to him by the Board of Directors, the officer so appointing him and such officer or officers who may from time to time be designated by the Board of Directors to exercise such supervisory authority.

ARTICLE V
CERTIFICATES FOR SHARES

     5.1 Issue of Certificates. The Corporation shall deliver certificates representing all shares to which shareholders are entitled; and such certificates shall be signed by the Chairman of the Board, President or a Vice President, and by the Secretary or an Assistant Secretary of the Corporation, and may be sealed with the seal of the Corporation or a facsimile thereof.

     5.2 Legends for Preferences and Restrictions on Transfer. The designations, relative rights, preferences and limitations applicable to each class of shares and the variations in rights, preferences and limitations determined for each series within a class (and the authority of the Board of Directors to determine variations for future series) shall be summarized on the front or back of each certificate. Alternatively, each certificate may state conspicuously on its front or back that the Corporation will furnish the shareholder a full statement of this information on request and without charge. Every certificate representing shares that are restricted as to the sale, disposition, or transfer of such shares shall also indicate that such shares are restricted as to transfer and there shall be set forth or fairly summarized upon the certificate, or the certificate shall indicate that the Corporation will furnish to any shareholder upon request and without charge, a full statement of such restrictions. If the Corporation issues any shares that are not registered under the Securities Act of 1933, as amended, and registered or qualified under the applicable state securities laws, the transfer of any such shares shall be restricted substantially in accordance with the following legend:

“THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION THEREUNDER OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR

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THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.”

     5.3 Facsimile Signatures. The signatures of the Chairman of the Board, the President or a Vice President and the Secretary or Assistant Secretary upon a certificate may be facsimiles, if the certificate is manually signed by a transfer agent, or registered by a registrar, other than the Corporation itself or an employee of the Corporation. In case any officer who has signed or whose facsimile signature has been placed upon such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer at the date of the issuance.

     5.4 Lost Certificates. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost or destroyed.

     5.5 Transfer of Shares. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.

     5.6 Registered Shareholders. The Corporation shall be entitled to recognize the exclusive rights of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Florida.

ARTICLE VI
GENERAL PROVISIONS

     6.1 Dividends. The Board of Directors may from time to time declare, and the Corporation may pay, dividends on its outstanding shares in cash, property, or its own shares pursuant to law and subject to the provisions of the Articles of Incorporation.

     6.2 Reserves. The Board of Directors may by resolution create a reserve or reserves out of earned surplus for any proper purpose or purposes, and may abolish any such reserve in the same manner.

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     6.3 Checks. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate.

     6.4 Fiscal Year. The fiscal year of the Corporation shall be fixed by the Board of Directors and may be otherwise changed from time to time by resolution of the Board of Directors.

     6.5 Seal. The corporate seal shall have inscribed thereon the name and state of incorporation of the Corporation. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

     6.6 Gender. All words used in these Bylaws in the masculine gender shall extend to and shall include the feminine and neuter genders.

ARTICLE VII
AMENDMENTS OF BYLAWS

     Unless otherwise provided by law, these Bylaws may be altered, amended or repealed or new Bylaws may be adopted by action of the Board of Directors.

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE
Contact:
Brooke Burgess
Fleishman-Hillard Inc.
(916) 717-3919
brooke.burgess@fleishman.com

Greg Howard
Director of Communications, TriNet
(510) 543-7665
greg.howard@trinet.com

TriNet Closes Acquisition of Gevity
New Company Becomes One of the Nation’s Largest HR Outsourcing Providers for Small Businesses

SAN LEANDRO, Calif. (June 1, 2009) - TriNet Group, Inc., a leading provider of human resources (HR) outsourcing services for small businesses, announced today that it has completed its acquisition of Gevity (NASDAQ: GVHR), an HR outsourcing company based in Bradenton, Florida. The combined company will be the one of the largest HR outsourcing providers of its kind in the country.

On March 5, TriNet announced that it entered into a definitive agreement to acquire Gevity in an all-cash transaction valued at approximately $98 million. At that time, TriNet began working diligently to integrate the two companies’ operations and customer support models to ensure a smooth and well-executed transition for the combined company’s 8,000 customers and 130,000 employees nationwide.

As a result of the process, former Gevity customers won’t experience any disruption in their HR service delivery. They are also expected to gain significant advantages from the combined organization in the form of expanded healthcare options, enhanced web-based HR technology, and flexible service delivery options.

“We are thrilled that the acquisition of Gevity is complete and we’ve solidified TriNet’s position as a leading provider of small business HR outsourcing services,” said Burton M. Goldfield, president & CEO of TriNet. “Our vision is to capitalize on the deep expertise from both companies in order to equip customers with industry-specific services and solutions, breaking with the ‘one size fits all’ approach that companies have typically been forced to endure from HR outsourcing providers.”

Goldfield added that customers will benefit from an ongoing cycle of innovation that creates products and services tailored to their unique business challenges.

“A technology company may require a stock administration program, whereas a restaurant may need the ability to report tips,” Goldfield pointed out. “TriNet intends to provide solutions that solve business challenges for customers across multiple industries, and in doing so, create a small business HR outsourcing offering unlike any that has ever existed.”

For more information about the acquisition, visit www.trinet.com/gevity.

About TriNet Group, Inc. Founded in 1988 by Martin Babinec, TriNet provides strategic, cost-effective payroll, benefits, and HR outsourcing services to companies throughout the United States and Canada. TriNet specializes in helping small businesses reach their corporate goals and become destinations for top talent, enabling them to compete successfully with larger, more established organizations. TriNet’s comprehensive offerings include HR administration, online employee benefits administration and support, employer risk management, payroll processing, tax compliance, workers compensation, group health and welfare products, and strategic human capital consulting services. For more information about TriNet, visit www.trinet.com.