Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 10

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 10
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, 20 |

| 20  notes —   , 20 |

| 20  notes —   , 20 |

| Interest Rates | 20  notes —   % per annum |

| 20  notes —   % per annum |

| 20  notes —   % per annum |

| Interest Payment Dates | Interest will be paid on the notes on   and   of each year, beginning on    , 2025. |

| Use of Proceeds | We expect to use the net proceeds from this offering to fund the Acquisition, including the payment of related fees and expenses, with any remaining net proceeds for general corporate purposes. For more information about our use of proceeds from 
 this offering, see “Use of Proceeds.”                                                                                                                                                                                                                 |

| Optional Redemption | We may redeem the notes in whole or in part at any time or from time to time at the redemption prices described under “Description of Notes—Optional Redemption” in this prospectus supplement. |

S-3

| Change of Control Repurchase Event | Upon the occurrence of both (1) a change of control of us and (2) a downgrade of the notes below an investment grade rating by each of Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. within a                           
 specified period, unless we have previously exercised our optional redemption right with respect to a series of notes in whole, we will be required to offer to repurchase each series of notes at a price equal to 101% of the then outstanding 
 principal amount, 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