Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 74

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 74
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, as applicable, and that legal defeasance or covenant defeasance, as applicable, will not otherwise alter the beneficial owners’ U.S. federal income tax treatment of principal, premium, if any, and            
 interest payments on the series of debt securities, which opinion, in the case of legal defeasance, must be based on a ruling of the Internal Revenue Service, or a change in U.S. federal income tax law.                                               |

12

Although we may discharge or defease our obligations under the indenture as described in the two preceding paragraphs, we may not avoid, among other things, our duty to register the transfer or exchange of any series of debt securities, to replace any temporary, mutilated, destroyed, lost or stolen series of debt securities or to maintain an office or agency in respect of any series of debt securities. We may exercise our legal defeasance option notwithstanding our prior exercise of our covenant defeasance option. Modifications of the Indenture The indenture provides that we and the trustee may enter into supplemental indentures without the consent of the holders of debt securities to:

| • |     | secure any debt securities; |

| • |     | evidence the assumption by another person of our obligations, as permitted by the indenture; |

| • |     | add covenants for the protection of the holders of debt securities of all or any series or to surrender any right 
 or power conferred upon us;                                                                                       |

| • |     | add any additional events of default for the benefit of holders of the debt securities of all or any series; |

| • |     | add one or more guarantees for the benefit of holders of the debt securities; |

| • |     | provide for the issuance of additional debt securities of any series pursuant to the indenture; |

| • |     | comply with the rules of any applicable securities depository; |

| • |     | provide for uncertificated debt securities in addition to or in place of certificated debt securities; |

| • |     | add to, change or eliminate any of the provisions of the indenture in respect of one or more series of debt                                                                                                                         
 securities; provided that any such addition, change or elimination (a) shall neither (1) apply to any debt security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such 
 provision nor (2) modify the rights of the holder of any such debt security with respect to such provision or (b) shall