Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 23

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 23
---
 basis points with respect to the 2030 notes, 25 basis points with respect to the 2032 notes and 25 basis points with respect to the 2035 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 2030 notes, March 15, 2030 (one month prior to the maturity date of
the 2030 notes), (2) with respect to the 2032 notes, February 15, 2032 (two months prior to the maturity date of the 2032 notes) and (3) with respect to the 2035 notes, January 15, 2035 (three months prior to the maturity date of the 2035
notes).

“Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance with the
following two paragraphs.

The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)-H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities-Treasury constant maturities-Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company
shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Applicable Par Call Date (the “Remaining Life