Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 35

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 35
---
 and us, taken as a whole.

Events of Default

In addition to the events of default described in the accompanying prospectus, the failure by us to repurchase notes tendered for repurchase
following the occurrence of a Change of Control Repurchase Event in conformity with the covenant described under “Change of Control Repurchase Event” is an “event of default” under the indenture with respect to the notes.

S-21

Concerning the Trustee The Bank of New York Mellon Trust Company, N.A. will be the trustee under the Indenture with respect to the notes of each series offered hereby. Book-Entry System The descriptions of operations and procedures of DTC that follow are provided solely as a matter of convenience. These operations and procedures are solely within DTC’s control and are subject to changes by DTC, from time to time. Neither we, the trustee nor any of the underwriters takes any responsibility for these operations and procedures and we urge you to contact DTC or its participants directly to discuss these matters. DTC has advised us as follows: DTC is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within 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