Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 33

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 33
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 the Principal Property subject to 
 the sale and leaseback transaction extended, renewed, refinanced, replaced, amended or modified;                                                                                                                                                       |

| (2) | such transaction was for the sale and leasing back to us or any of our wholly owned subsidiaries of any 
 Principal Property by one of our wholly owned subsidiaries;                                             |

| (3) | such transaction involves a lease for not more than three years (or which may be terminated by us or our 
 subsidiary within a period of not more than three years);                                                |

| (4) | we would be entitled to incur Indebtedness secured by a Lien with respect to such sale and leaseback                                                  
 transaction without equally and ratably securing the notes pursuant to the first paragraph of the “—Limitation on Liens” covenant described above; or |

| (5) | we or any of our domestic wholly owned subsidiaries applies an amount equal to the net proceeds from the sale                                                                                                                                          
 of such Principal Property to the purchase of other property or assets used or useful in our business (including the purchase or development of other Principal Property) or to the retirement of Indebtedness that is pari passu with the notes       
 (including the notes) or Indebtedness of one or more of our subsidiaries within 365 days before or after the effective date of any such sale and leaseback transaction, provided that, in lieu of applying such amount to the retirement of pari passu 
 Indebtedness or Indebtedness of our subsidiary, we may deliver notes to the trustee for cancellation, such notes to be credited at the cost thereof.                                                                                                   |

Notwithstanding the restrictions set forth in the preceding paragraph, we and our domestic wholly owned subsidiaries may enter into any sale and leaseback transaction which would otherwise be subject to the foregoing S-20

restrictions, if after giving effect thereto Aggregate Debt does not exceed the greater of (1) 15% of our Consolidated Net Worth on a consolidated basis calculated as of the relevant date of
determination and (2) $620.0 million.

Certain Definitions

Set forth below are certain definitions related to the covenants discussed above:

“Aggregate Debt” means the sum of the following, as of the date of determination: (1) the aggregate principal amount of our and
our domestic wholly owned subsidiaries’ Indebtedness incurred after the date of initial issuance of the notes offered hereby and secured by Liens not permitted by the first paragraph under “—Limitation on Liens” above