Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 36

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 36
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 the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act.

| • |     | DTC holds securities that its direct participants deposit with DTC. DTC also facilitates the post-trade                                                                                                                                            
 settlement among direct participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry transfers and pledges in direct participants’ accounts, thereby eliminating the 
 need for physical movement of securities certificates.                                                                                                                                                                                             |

| • |     | Direct participants include securities brokers and dealers, banks, trust companies, clearing corporations and 
 certain other organizations.                                                                                  |

| • |     | DTC is a 100% owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC,                                 
 in turn, is owned by its principal users, which include banks, broker-dealers, mutual funds and other financial institutions. |

| • |     | Access to the DTC system is also available to others such as securities brokers and dealers, banks, trust                                                                                                                                            
 companies and clearing corporations that clear through or maintain a custodial relationship with a direct participant, either directly or indirectly, which are referred to as indirect participants and, together with the direct participants, the 
 participants.                                                                                                                                                                                                                                        |

| • |     | The rules applicable to DTC and its participants are on file with the Securities and Exchange Commission. |

DTC will act as securities depository for the notes. The notes will be issued as fully registered securities registered in the name of Cede & Co. (DTC’s partnership nominee). Upon issuance, all notes having the same original issue date, stated maturity and other terms will be represented by the same global security or securities. One fully registered global security will be issued for all such notes having the same original issue date, stated maturity and other terms and will be deposited with or on behalf of DTC. If, however, the aggregate principal amount of any notes with the same stated maturity and other terms exceeds $500,000,000, then one global security will be issued with respect to each $500,000,000 of principal amount, and an additional global security will be issued with respect to any remaining principal amount of such notes. Purchases of notes under DTC’s system must be made by or through direct participants, which will receive a credit for such notes on D