Company: PAYX
Filing Date: 2025-03-31
Form Type: S-3ASR
Source: 0001193125-25-067979
Chunk: 9

Company: PAYCHEX INC
Filing Date: 2025-03-31
Form: S-3ASR
Chunk 9
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 be subordinate to any of our other debt; |

| • |     | if the amount of payments of principal or interest is to be determined by reference to an index or formula, or                                                                                               
 based on a coin or currency other than that in which the debt securities are stated to be payable, the manner in which these amounts are determined and the calculation agent, if any, with respect thereto; |

| • |     | if other than the entire principal amount of the debt securities when issued, the portion of the principal amount 
 payable upon acceleration of maturity as a result of an Event of Default;                                         |

| • |     | any provisions for the remarketing of the debt securities; |

| • |     | if applicable, covenants affording holders of debt protection with respect to our operations, financial condition 
 or transactions involving us; and                                                                                 |

| • |     | any other specific terms of any debt securities. |

The applicable prospectus supplement will set forth certain U.S. federal income tax considerations for holders of any debt securities and the securities exchange or quotation system on which any debt securities are listed or quoted, if any. Debt securities issued by us will be structurally subordinated to all indebtedness and other liabilities of our subsidiaries, except to the extent any such subsidiary guarantees or is otherwise obligated to make payment on such debt securities. 8

Consolidation, Merger or Sale We cannot consolidate or merge with or into, or transfer or lease all or substantially all of our consolidated properties and assets to, any person, and we shall not permit any other person to consolidate with or merge into us, unless:

| • |     | we will be the continuing corporation or the successor corporation or the person formed by such consolidation or                                                                                                                                                                                                                         
 into which we are merged or to which all or substantially all of our consolidated properties and assets are transferred or leased is a person organized or formed under the laws of the United States, any state of the United States or the District of                                                                                 
 Columbia and, if such entity is not a corporation, a co-obligor of the debt securities is a corporation organized or existing under any such laws, and such successor corporation or person, including such co-obligor, if any, expressly assumes by supplemental indenture our obligations under the debt securities and the indenture; |

| • |     | immediately after giving effect to such transaction, no Event of Default or event, which after notice or lapse of 
 time or both would become an Event of Default, shall have occurred and be