Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 17

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 17
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 in effect for any given period of time or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies,
if, in each rating agency’s judgment, circumstances so warrant. Actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under further review for a downgrade, could affect the market
value and liquidity of the notes and possibly increase our corporate borrowing costs.

Optional redemption may adversely affect your return on the notes.

We have the right to redeem some or all of the notes prior to maturity. We may redeem these notes at times
when prevailing interest rates may be relatively low. Accordingly, you may not be able to reinvest the amount received upon a redemption in a comparable investment at an effective interest rate as high as that of the notes.

In the event of a special mandatory redemption, holders of the notes may not obtain their expected return on such notes.

If we redeem the notes pursuant to the special mandatory redemption provisions, you may not obtain your expected return on such notes and may
not be able to reinvest the amount received upon such special mandatory redemption in a comparable investment at an effective interest rate as high as that of the notes. In addition, as a result of the special mandatory redemption provisions of the
notes, the trading prices of such notes may not reflect the financial results of our business or macroeconomic factors.

You will have no
rights under the special mandatory redemption provisions if the Acquisition is consummated on or prior to the dates described under “Description of Notes—Special Mandatory Redemption,” nor will you have any right to require us to
redeem your notes if, between the closing of this offering and the consummation of the Acquisition, we experience any changes (including any material adverse changes) in our business or financial condition, or if the terms of the Merger Agreement or
the Acquisition change, including in material respects. In addition, there is no escrow account for or security interest in the proceeds of this offering for the benefit of holders of the notes, and you will therefore be subject to the risk that we
may be unable to finance the special mandatory redemption if it is triggered. See “Description of Notes—Special Mandatory Redemption” in this prospectus supplement.

The Change of Control Repurchase Event provision in the notes provides only limited protection against significant events that could negatively impact the value of your notes.

As described under “Description of Notes—Change of Control Repurchase
Event,” upon the occurrence of a Change of Control Repurchase Event (as defined