Company: ADP
Filing Date: 2025-05-07
Form Type: 424B2
Source: 0001193125-25-114878
Chunk: 6

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-05-07
Form: 424B2
Chunk 6
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 may from time to time incur additional debt and other liabilities. In addition, we are not restricted from paying dividends or making distributions on our capital stock or purchasing or redeeming our capital stock under the indenture. Active trading markets for the Notes may not develop. The Notes constitute a new issue of securities, for which there is no existing market. We do not intend to apply for listing of the Notes on any securities exchange. We cannot assure you trading markets for the Notes will develop, or of the ability of holders of the Notes to sell their Notes or of the prices at which holders may be able to sell their Notes. The underwriters have advised us that they currently intend to make a market in the Notes. However, the underwriters are not obligated to do so, and any market-making with respect to the Notes may be discontinued at any time without notice. If no active trading markets develop, you may be unable to resell the Notes at any price or at their fair market value. If trading markets do develop, changes in our ratings or the financial markets could adversely affect the market prices of the Notes. The market prices of the Notes will depend on many factors, including, among others, the following:

| • |     | ratings on our debt securities assigned by rating agencies; |

| • |     | the prevailing interest rates being paid by other companies similar to us; |

| • |     | our results of operations, financial condition and prospects; and |

| • |     | the condition of the financial markets. |

The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Notes. In addition, rating agencies continually review the ratings they have assigned to companies and debt securities, including our company. Negative changes in the ratings assigned to us or our debt securities could have an adverse effect on the market prices of the Notes. The Notes will be effectively subordinated to the indebtedness and other liabilities of our subsidiaries. A significant portion of our operations are conducted through our subsidiaries. None of our subsidiaries is a guarantor of 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 effectively subordinated to all indebtedness and other liabilities, including trade payables, of our subsidiaries. Even