Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 11

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 11
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 plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. See “Description of Notes—Change of Control Repurchase Event” in this prospectus supplement.                                          |

| Covenants | We will issue the notes under an indenture with The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The indenture includes certain covenants, including limitations on our ability to: |

| • |     | create liens on our assets; |

| • |     | enter into sale and leaseback transactions; and |

| • |     | merge or consolidate with another entity. |

| These covenants are subject to a number of important exceptions, limitations and qualifications that are described under “Description of Notes—Certain Covenants” in this prospectus supplement and in the 
 indenture.                                                                                                                                                                                                 |

| Ranking | The notes will be our senior unsecured obligations and will rank equally in right of payment with all of our unsecured and unsubordinated obligations from time to time outstanding. The notes will be effectively subordinated in right of payment 
 to any secured indebtedness to the extent of the value of the assets securing such indebtedness. The notes will also be structurally subordinated in right of payment to any indebtedness and other liabilities of our subsidiaries. See            
 “Description of Notes—Ranking” in this prospectus supplement.                                                                                                                                                                                       |

| U.S. Federal Income Tax Considerations | See “U.S. Federal Income Tax Considerations.” You should consult your tax advisor with respect to the U.S. federal income tax considerations applicable to the ownership and disposition of notes in light of your particular circumstances 
 and any tax considerations applicable under the laws of any state, local, foreign or other taxing jurisdiction.                                                                                                                             |

| Additional Issues | We may create and issue additional notes with the same terms (except for the issue date, the offering price and, under certain circumstances, the first interest payment date) as one or more series of the notes so that such additional notes shall 
 be consolidated and form a single series with the notes of the corresponding series; provided that if such notes are not fungible with the notes of the applicable series of the notes offered hereby for U.S. federal income tax purposes, such      
 additional notes shall have one or more separate CUSIP numbers or no CUSIP number.                                                                                                                                                                    |

S-4

| Listing | The notes are new issues of securities with no established trading market. The notes are not