On February 3, 2023, Paychex Advance LLC, and Paychex Inc., entered into Amendment No. 2 to the $250 million, three-year, unsecured, revolving credit facility established on February 6, 2020 in favor of the Company as borrower by a syndicate of lenders for which PNC Bank, N.A. acts as Administrative Agent. The Amendment, among other things, extends the maturity date of the 2020 Credit Facility from February 6, 2023 to February 6, 2026 at which time all borrowings thereunder will terminate.

Except for extending the maturity date and making ministerial changes to the 2020 Credit Facility, the Amendment did not change the existing terms of the 2020 Credit Facility. The lenders under the 2020 Credit Facility, and their respective affiliates, have performed, and may in the future perform for the Parent and the Company, various commercial banking, investment banking, underwriting, and other financial advisory services, for which they have received, and will continue to receive in the future, customary fees and expenses.