Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 11

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 11
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 the 
 indenture.                                                                                                                                                                                                 |

| Ranking | The notes will be our senior unsecured obligations and will rank equally in right of payment with all of our unsecured and unsubordinated obligations from time to time outstanding. The notes will be effectively subordinated in right of payment 
 to any secured indebtedness to the extent of the value of the assets securing such indebtedness. The notes will also be structurally subordinated in right of payment to any indebtedness and other liabilities of our subsidiaries. See            
 “Description of Notes—Ranking” in this prospectus supplement.                                                                                                                                                                                       |

| U.S. Federal Income Tax Considerations | See “U.S. Federal Income Tax Considerations.” You should consult your tax advisor with respect to the U.S. federal income tax considerations applicable to the ownership and disposition of notes in light of your particular circumstances 
 and any tax considerations applicable under the laws of any state, local, foreign or other taxing jurisdiction.                                                                                                                             |

| Additional Issues | We may create and issue additional notes with the same terms (except for the issue date, the offering price and, under certain circumstances, the first interest payment date) as one or more series of the notes so that such additional notes shall 
 be consolidated and form a single series with the notes of the corresponding series; provided that if such notes are not fungible with the notes of the applicable series of the notes offered hereby for U.S. federal income tax purposes, such      
 additional notes shall have one or more separate CUSIP numbers or no CUSIP number.                                                                                                                                                                    |

S-4

| Listing | The notes are new issues of securities with no established trading market. The notes are not, and are not expected to be, listed on any national securities exchange or included in any automated dealer quotation system. See “Risk 
 Factors—Active trading markets for the notes may not develop” in this prospectus supplement.                                                                                                                                         |

| Denominations | The notes will be issued in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. |

| DTC Eligibility | The notes of each series will initially be issued fully registered in book-entry form and will be represented by one or more global notes deposited with, or on behalf of, The Depository Trust Company (“DTC”) and registered in the name 
 of Cede & Co., as the nominee of DTC. See “Description of Notes—Book Entry System” in this prospectus supplement.                                                                                                                          |

| Trustee, Registrar and