Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 12

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 12
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, and are not expected to be, listed on any national securities exchange or included in any automated dealer quotation system. See “Risk 
 Factors—Active trading markets for the notes may not develop” in this prospectus supplement.                                                                                                                                         |

| Denominations | The notes will be issued in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. |

| DTC Eligibility | The notes of each series will initially be issued fully registered in book-entry form and will be represented by one or more global notes deposited with, or on behalf of, The Depository Trust Company (“DTC”) and registered in the name 
 of Cede & Co., as the nominee of DTC. See “Description of Notes—Book Entry System” in this prospectus supplement.                                                                                                                          |

| Trustee, Registrar and Paying Agent | The Bank of New York Mellon Trust Company, N.A. |

| Governing Law | The indenture governing the notes and each series of notes will be governed by, and construed in accordance with, the laws of the State of New York. |

S-5

RISK FACTORS

Investing in the notes involves risks. Before making a decision to invest in the notes, you should carefully consider the risks related to the notes set forth below, as well as the risk factors related to our business and operations described in Part I, Item 1A of our most recent Annual Report on Form 10-Kunder the heading “Risk Factors,” which are incorporated by reference in this prospectus supplement and the accompanying prospectus. See “Where You Can Find More Information” in this prospectus supplement and the accompanying prospectus.

Risks Related to the Notes

The notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries that are not obligors under the notes.

A significant portion of our operations are conducted through our subsidiaries. None of our subsidiaries will be obligors under the notes. As a
result, our right to receive assets upon the liquidation or recapitalization of any of our subsidiaries, and your consequent right to benefit from our receipt of those assets, will be subject to the claims of such subsidiary’s creditors.
Accordingly, the notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of our subsidiaries. As of February 28, 2025, our subsidiaries had approximately $7.1 billion of liabilities,
including trade payables and client fund obligations but excluding intercompany