Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 22

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 22
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 payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption Date, interest will cease to accrue on the notes to be redeemed. Upon the occurrence of the consummation of the Acquisition, the foregoing provisions regarding the special mandatory redemption will cease to apply. There is no escrow account for, or security interest in, the proceeds of the offering for the benefit of the holders of the notes. Optional Redemption Prior to the Applicable Par Call Date, we may redeem any series of notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

| (1) | 100% of the principal amount of the notes to be redeemed; and |

| (2) | (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon                                                                  
 discounted to the redemption date (assuming such notes matured on the Applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30- 
 day months) at the Treasury Rate plus    basis points with respect to the 20 notes,    basis points with respect to the 20 notes and    basis points with respect to     
 the 20 notes, less (b) interest accrued and unpaid thereon to the redemption date,                                                                                       |

plus, in each case, accrued and unpaid interest, if any, thereon to, but not including, the date of redemption. S-14

In addition, on or after the Applicable Par Call Date, we may redeem any series of notes at
our option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of such series of notes, plus accrued and unpaid interest to, but not including, the redemption date.

“Applicable Par Call Date” means (1) with respect to the 20 notes, , 20 ( months
prior to the maturity date of the 20 notes), (2) with respect to the 20 notes, , 20 ( months prior to the maturity date of the 20 notes) and (3) with respect to the 20 notes,
, 20 ( months prior to the maturity date of the