Company: PAYX
Filing Date: 2025-04-14
Form Type: S-8
Source: 0000950103-25-004792
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Company: PAYCHEX INC
Filing Date: 2025-04-14
Form: S-8
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<div align='center'>EXPLANATORY NOTE</div>

Paychex,
Inc. (the “Registrant”) is filing this registration statement on Form S-8 (this “Registration Statement”)
to register 704,240 shares of its common stock, par value $0.01 per share (“Registrant Common Stock”), for issuance
pursuant to its 2002 Stock Incentive Plan (as amended, the “Registrant Plan”) in respect of Registrant Replacement
Awards (as defined below).

Registrant Replacement Awards

In
accordance with the terms of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 7, 2025,
by and among the Registrant, Skyline Merger Sub, Inc., a Delaware corporation and Paycor HCM, Inc., a Delaware corporation (“Paycor”)
(the transactions contemplated by the Merger Agreement, the “Merger”), at the effective time of the Merger (the “Effective Time”), (i) each award of time-based restricted stock units granted under the Paycor 2021 Omnibus Incentive Plan (“Paycor Plan”) held by Paycor employees at or above the level of “Director” that did not vest as of immediately prior to
the Effective Time was cancelled by the Registrant and converted into an award of restricted stock units with respect to a number of
shares of Registrant Common Stock (“Registrant RSUs”), determined by multiplying the number of shares of Paycor common
stock (“Paycor Common Stock”) with respect to such award by 0.1525113, rounded down to the nearest whole share, (ii)
each award of restricted stock units subject to vesting conditions based in whole or in part on performance goals granted under the Paycor
Plan that did not vest as of immediately prior to the Effective Time was cancelled by the Registrant and converted into an award of a
number of Registrant RSUs, equal to the number of shares of Paycor Common Stock underlying such award, determined based on the actual
level of performance as of the Effective Time, multiplied by 0.1525113, rounded down to the nearest whole share and (iii) each restricted
stock award granted under the Paycor Plan that did not vest as of immediately prior to the Effective Time was cancelled by the Registrant
and converted into Registrant restricted stock with respect to a number of shares of Registrant Common Stock, determined by multiplying
the number of Paycor Common