Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 12

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 12
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 Paying Agent | The Bank of New York Mellon Trust Company, N.A. |

| Governing Law | The indenture governing the notes and each series of notes will be governed by, and construed in accordance with, the laws of the State of New York. |

S-5

RISK FACTORS

Investing in the notes involves risks. Before making a decision to invest in the notes, you should carefully consider the risks related to the notes set forth below, as well as the risk factors related to our business and operations described in Part I, Item 1A of our most recent Annual Report on Form 10-Kunder the heading “Risk Factors,” which are incorporated by reference in this prospectus supplement and the accompanying prospectus. See “Where You Can Find More Information” in this prospectus supplement and the accompanying prospectus.

Risks Related to the Notes

The notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries that are not obligors under the notes.

A significant portion of our operations are conducted through our subsidiaries. None of our subsidiaries will be obligors under the notes. As a
result, our right to receive assets upon the liquidation or recapitalization of any of our subsidiaries, and your consequent right to benefit from our receipt of those assets, will be subject to the claims of such subsidiary’s creditors.
Accordingly, the notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of our subsidiaries. As of February 28, 2025, our subsidiaries had approximately $7.1 billion of liabilities,
including trade payables and client fund obligations but excluding intercompany liabilities and liabilities of a type not required to be reflected on a balance sheet in accordance with GAAP. Even if we were recognized as a creditor of one or more of
our subsidiaries, our claims would still be structurally subordinated to any security interests in or other liens on the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims.

In addition, we derive a significant portion of our revenues from our subsidiaries. As a result, our cash flow and our ability to service our
debt and other obligations, including the notes, will depend on the results of operations of our subsidiaries and upon the ability of our subsidiaries to provide us with cash to pay amounts due on our obligations, including the notes. Our
subsidiaries are separate and distinct legal entities and have no obligation to make payments on the