Company: ADP
Filing Date: 2025-05-07
Form Type: 424B2
Source: 0001193125-25-114878
Chunk: 25

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-05-07
Form: 424B2
Chunk 25
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 Notes to the DTC
participant’s account against payment. Payment will include interest accrued on the beneficial interest in the Global Notes from and including the last coupon payment date to and excluding the settlement date on the basis on which interest is
calculated on the Global Notes. For transactions settling on the 31st of the month, payment will include interest accrued to and excluding the first day of the following month. The payment will then be reflected in the account of the Clearstream or
Euroclear participant the following day, and receipt of the cash proceeds in the Clearstream or Euroclear participant’s account would be back-valued to the value date (which would be the preceding day, when settlement occurred in New York).
Should the Clearstream or Euroclear participant have a line of credit with its respective clearing system and elect to be in debit in anticipation of receipt of the sale proceeds in its account, the back-valuation will extinguish any overdraft
charges incurred over that one-day period. If settlement is not completed on the intended value date (that is, the trade fails), receipt of the cash proceeds in the Clearstream or Euroclear participant’s
account would instead be valued as of the actual settlement date.

S-19

Finally, day traders that use Clearstream or Euroclear and that purchase beneficial interests in the Global Notes from DTC participants for credit to Clearstream participants or Euroclear participants should note that these trades would automatically fail on the sale side unless affirmative action is taken. At least three techniques should be readily available to eliminate this potential problem:

| 1. | borrowing through Clearstream or Euroclear for one day (until the purchase side of the day trade is reflected 
 in their Clearstream or Euroclear accounts) in accordance with the clearing system’s customary procedures;    |

| 2. | borrowing beneficial interests in the Global Notes in the United States from a DTC participant no later than                                                                                                                 
 one day prior to settlement, which would give beneficial interests in the Global Notes sufficient time to be reflected in the appropriate Clearstream or Euroclear account in order to settle the sale side of the trade; or |

| 3. | staggering the value dates for the buy and sell sides of the trade so that the value date for the purchase from                       
 the DTC participant is at least one day prior to the value date for the sale to the Clearstream participant or Euroclear participant. |

Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of beneficial interests in the