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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on April 14, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration
No. 333-</B>&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAYCHEX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; padding-left: 9.35pt; font-size: 11pt; text-align: center; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-left: 9.35pt; font-size: 11pt; text-align: center; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt"><B>16-1124166</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Incorporation or Organization)</P></TD>
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification Number)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>911 Panorama Trail South</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rochester, New York 14625-2396</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(585) 385-6666</B></P></TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Address,
Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)&nbsp;</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 34%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paychex, Inc. 2002 Stock Incentive Plan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full Title of the Plans)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prabha Sipi Bhandari</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Legal Officer, Chief Ethics Officer
and Secretary</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paychex, Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>911 Panorama Trail South</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rochester, New York 14625-2396</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(585) 385-6666</B></P></TD>
    <TD STYLE="width: 33%; font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%"><FONT STYLE="font-size: 10pt"><B>Large accelerated filer </B></FONT><FONT STYLE="font-size: 12pt">&#9746;</FONT></TD>
    <TD STYLE="width: 37%"><FONT STYLE="font-size: 10pt"><B>Accelerated
    filer </B></FONT><B><FONT STYLE="font-size: 12pt">&#9744;</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Non-accelerated
    filer&nbsp;</B></FONT><B><FONT STYLE="font-size: 12pt">&nbsp;&#9744;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;(Do not check
    if a smaller reporting company)</FONT></B></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Smaller reporting company
    </B></FONT><B><FONT STYLE="font-size: 12pt">&#9744;</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Emerging growth company
    </B></FONT><B><FONT STYLE="font-size: 12pt">&#9744;</FONT></B></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Paychex,
Inc. (the &ldquo;<B>Registrant</B>&rdquo;) is filing this registration statement on Form S-8 (this &ldquo;<B>Registration Statement</B>&rdquo;)
to register 704,240 shares of its common stock, par value $0.01 per share (&ldquo;<B>Registrant Common Stock</B>&rdquo;), for issuance
pursuant to its 2002 Stock Incentive Plan (as amended, the &ldquo;<B>Registrant Plan</B>&rdquo;) in respect of Registrant Replacement
Awards (as defined below).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Registrant Replacement Awards</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In
accordance with the terms of the Agreement and Plan of Merger (the &ldquo;<B>Merger Agreement</B>&rdquo;), dated as of January 7, 2025,
by and among the Registrant, Skyline Merger Sub, Inc., a Delaware corporation and Paycor HCM, Inc., a Delaware corporation (&ldquo;<B>Paycor</B>&rdquo;)
(the transactions contemplated by the Merger Agreement, the &ldquo;<B>Merger</B>&rdquo;), at the effective time of the Merger (the &ldquo;<B>Effective
Time</B>&rdquo;), (i) each award of time-based restricted stock units granted under the Paycor 2021 Omnibus Incentive Plan (&ldquo;<B>Paycor
Plan</B>&rdquo;) held by Paycor employees at or above the level of &ldquo;Director&rdquo; that did not vest as of immediately prior to
the Effective Time was cancelled by the Registrant and converted into an award of restricted stock units with respect to a number of
shares of Registrant Common Stock (&ldquo;<B>Registrant RSUs</B>&rdquo;), determined by multiplying the number of shares of Paycor common
stock (&ldquo;<B>Paycor Common Stock</B>&rdquo;) with respect to such award by 0.1525113, rounded down to the nearest whole share, (ii)
each award of restricted stock units subject to vesting conditions based in whole or in part on performance goals granted under the Paycor
Plan that did not vest as of immediately prior to the Effective Time was cancelled by the Registrant and converted into an award of a
number of Registrant RSUs, equal to the number of shares of Paycor Common Stock underlying such award, determined based on the actual
level of performance as of the Effective Time, multiplied by 0.1525113, rounded down to the nearest whole share and (iii) each restricted
stock award granted under the Paycor Plan that did not vest as of immediately prior to the Effective Time was cancelled by the Registrant
and converted into Registrant restricted stock with respect to a number of shares of Registrant Common Stock, determined by multiplying
the number of Paycor Common Stock with respect to such award by 0.1525113, rounded down to the nearest whole number ((i), (ii) and (iii)
collectively, the &ldquo;<B>Registrant Replacement Awards</B>&rdquo;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">The documents
containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by
Rule 428(b)(1) under the Securities Act of 1933, as amended (the &ldquo;</FONT>Securities Act<FONT STYLE="font-weight: normal">&rdquo;).
In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the &ldquo;</FONT>Commission<FONT STYLE="font-weight: normal">&rdquo;)
and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement
or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The following documents are incorporated herein by
reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">(a) The Registrant&rsquo;s Annual Report
on Form 10-K, filed for the fiscal year ended May 31, 2024, filed with the Commission on July 11, 2024 (Registration No. 000-11330) (the
&ldquo;<B>Annual Report</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">(b) All reports filed pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;) since the end of the fiscal
year covered by the Annual Report; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">(d) The description of the Registrant Common
Stock contained in the Registrant&rsquo;s Registration Statement on Form 8-A (Registration No. 0-11330) and in any amendment or report
filed for the purpose of amending such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, all documents subsequently filed by the Registrant with
the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing
of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished
under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent
that a statement contained herein or in any other subsequently field document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 102(b) of the Delaware General Corporation
Law authorizes a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally
liable to a corporation or its stockholders for monetary damages for breach or alleged breach of the director&rsquo;s &ldquo;duty of care.&rdquo;
While this statute does not change the directors&rsquo; duty of care, it enables corporations to limit available relief to equitable remedies
such as injunction or rescission. The statute has no effect on a director&rsquo;s duty of loyalty or liability for acts or omissions not
in good faith or involving intentional misconduct or knowing violations of law, illegal payment of dividends or stock redemptions or repurchases,
or for any transaction from which the director derives an improper personal benefit. As permitted by the statute, the Registrant has adopted
provisions in its restated certificate of incorporation which eliminate to the fullest extent permissible under Delaware law the personal
liability of its directors to the Registrant and its stockholders for monetary damages for breach or alleged breach of their duty of care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 145 of the General Corporation Law of
the State of Delaware allows for the indemnification of officers, directors, employees, and agents of a corporation. The bylaws of the
Registrant, as amended, provide for indemnification to the fullest extent authorized by Section 145 of the General Corporation Law of
Delaware for directors and officers of the Registrant and also to persons who are serving at the request of the Registrant as directors
or officers of other corporations (including subsidiaries). The Registrant&rsquo;s bylaws also permit the Registrant to enter into indemnification
agreements with its directors and officers and to purchase insurance on behalf of any person whom it is required or permitted to indemnify.
The Registrant has entered into agreements with its directors and its executive officers that require the Registrant to indemnify such
persons to the fullest extent permitted under Delaware law against expenses, judgments, fines, settlements and other amounts actually
and reasonably incurred (including expenses of a derivative action) in connection with any proceeding, whether actual or threatened, to
which any such person may be made a party by reason of the fact that such person is or was a director or an executive officer of the Registrant
or any of its affiliated enterprises. The indemnification agreements also set forth certain procedures that will apply in the event of
a claim for indemnification thereunder. The Registrant intends to enter into indemnification agreements with any new directors and executive
officers in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Exhibit Description</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/723531/000095015204005452/l08538aexv3wa.txt"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/723531/000095015204005452/l08538aexv3wa.txt"><FONT STYLE="font-size: 10pt; background-color: white">Restated Certificate of Incorporation (incorporated by reference to Exhibit 3(a) of the Registrant&rsquo;s Annual Report on Form 10-K, filed with the Commission on July 20, 2004)</FONT></A></TD></TR>
    <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/723531/000072353120000025/payx-20200501xex3_1.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/723531/000072353120000025/payx-20200501xex3_1.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt; background-color: white">Amended and Restated By-Laws of Paychex, Inc. as of May 1, 2020 (incorporated by reference to Exhibit 3.1 of the Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on May 5, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp227619_ex0501.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp227619_ex0501.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt; background-color: white">Opinion of Davis Polk &amp; Wardwell LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp227619_ex2301.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp227619_ex2301.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp227619_ex0501.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="dp227619_ex0501.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt; background-color: white">Consent of Davis Polk &amp; Wardwell LLP (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="#a_001" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">24.1*</FONT></A></TD>
    <TD STYLE="font-size: 12pt"><A HREF="#a_001" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt; background-color: white">Powers of Attorney (included in the signature pages hereto)</FONT></A></TD>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/723531/000072353115000019/exhibit43paychex2002stocki.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="font-size: 11pt"><A HREF="https://www.sec.gov/Archives/edgar/data/723531/000072353115000019/exhibit43paychex2002stocki.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">Paychex, Inc. 2002 Stock
Incentive Plan, as amended and restated as of October 14, 2015 (incorporated by reference to Exhibit 4.3 of the Registrant&rsquo;s Registration
Statement on Form S-8, filed with the Commission on October 23, 2015)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><A HREF="dp227619_exfilingfees.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">107.1*</FONT></A></TD>
    <TD STYLE="font-size: 11pt"><A HREF="dp227619_exfilingfees.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-size: 10pt">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective Registration Statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>provided</I>, <I>however</I>, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised
that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Rochester, State of New York, on this 14th day of April, 2025.</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt"><B>PAYCHEX, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-size: 10pt">/s/&nbsp;<FONT STYLE="font-size: 10pt">Prabha Sipi Bhandari</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font-size: 11pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%; font-size: 11pt"><FONT STYLE="font-size: 10pt">Prabha Sipi Bhandari</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">Chief Legal Officer, Chief Ethics Officer and Secretary</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><A NAME="a_001" TITLE="POA"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOWN ALL PERSONS BY THESE PRESENTS, that the
individuals whose signature appears below hereby constitute and appoint John Gibson, Robert L. Schrader and Prabha Sipi Bhandari, and
each of them severally, as their true and lawful attorneys-in-fact and agents with full power of substitution and resubstitution for them
and in their name, place, and stead in any and all capacities to sign any and all amendments (including post-effective amendments) to
this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act
and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that said attorneys-in-facts and agents or any of them, or of their substitute or substitutes,
may lawfully do to cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 37%; text-align: center; font-size: 10pt; font-weight: bold"><U>Signature</U></TD>
    <TD STYLE="width: 40%; text-align: center; font-size: 10pt; font-weight: bold"><U>Title</U></TD>
    <TD STYLE="width: 23%; text-align: center; font-size: 10pt; font-weight: bold"><U>Date</U></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">/s/ John Gibson</TD>
    <TD STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">President and Chief Executive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Officer, and Director (Principal</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Executive Officer)</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center">April 14, 2025</P>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">John Gibson</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">/s/ Robert L. Schrader </TD>
    <TD STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Senior Vice President and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Financial Officer)</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center">April 14, 2025</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">Robert L. Schrader</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">/s/ Christopher Simmons</TD>
    <TD STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vice President, Controller and Treasurer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Accounting Officer)</P></TD>
    <TD STYLE="font-size: 10pt; text-align: center">April 14, 2025</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: center">Christopher Simmons</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Martin Mucci</TD>
    <TD STYLE="text-align: center">Chairman of the Board</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Martin Mucci</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Thomas F. Bonadio </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Thomas F. Bonadio</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Joseph G. Doody </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Joseph G. Doody</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">B. Thomas Golisano</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Pamela A. Joseph </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Pamela A. Joseph</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Theresa M. Payton </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Theresa M. Payton</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Kevin A. Price </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Kevin A. Price</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Joseph M. Tucci </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Joseph M. Tucci</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Joseph M. Velli </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Joseph M. Velli </TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Kara Wilson </TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">April 14, 2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">Kara Wilson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

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[{"type": "S-8", "sequence": "1", "filename": "dp227619_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 53976}]
{"company-data": {"conformed-name": "PAYCHEX INC", "cik": "0000723531", "assigned-sic": "8700", "organization-name": "07 Trade & Services", "ein": "161124166", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-286518", "film-number": "25834727"}, "business-address": {"street1": "911 PANORAMA TRAIL S", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397", "phone": "5853856666"}, "mail-address": {"street1": "911 PANORAMA TRAIL SOUTH", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397"}}
As filed with the Securities and Exchange Commission
on April 14, 2025
Registration
No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PAYCHEX, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
16-1124166
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
911 Panorama Trail South
Rochester, New York 14625-2396
(585) 385-6666
(Address,
Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)
Paychex, Inc. 2002 Stock Incentive Plan
(Full Title of the Plans)
Prabha Sipi Bhandari
Chief Legal Officer, Chief Ethics Officer
and Secretary
Paychex, Inc.
911 Panorama Trail South
Rochester, New York 14625-2396
(585) 385-6666
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated
    filer
☐
Non-accelerated
    filer
☐
(Do not check
    if a smaller reporting company)
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act.
☐
EXPLANATORY NOTE
Paychex,
Inc. (the "
Registrant
") is filing this registration statement on Form S-8 (this "
Registration Statement
")
to register 704,240 shares of its common stock, par value $0.01 per share ("
Registrant Common Stock
"), for issuance
pursuant to its 2002 Stock Incentive Plan (as amended, the "
Registrant Plan
") in respect of Registrant Replacement
Awards (as defined below).
Registrant Replacement Awards
In
accordance with the terms of the Agreement and Plan of Merger (the "
Merger Agreement
"), dated as of January 7, 2025,
by and among the Registrant, Skyline Merger Sub, Inc., a Delaware corporation and Paycor HCM, Inc., a Delaware corporation ("
Paycor
")
(the transactions contemplated by the Merger Agreement, the "
Merger
"), at the effective time of the Merger (the "
Effective
Time
"), (i) each award of time-based restricted stock units granted under the Paycor 2021 Omnibus Incentive Plan ("
Paycor
Plan
") held by Paycor employees at or above the level of "Director" that did not vest as of immediately prior to
the Effective Time was cancelled by the Registrant and converted into an award of restricted stock units with respect to a number of
shares of Registrant Common Stock ("
Registrant RSUs
"), determined by multiplying the number of shares of Paycor common
stock ("
Paycor Common Stock
") with respect to such award by 0.1525113, rounded down to the nearest whole share, (ii)
each award of restricted stock units subject to vesting conditions based in whole or in part on performance goals granted under the Paycor
Plan that did not vest as of immediately prior to the Effective Time was cancelled by the Registrant and converted into an award of a
number of Registrant RSUs, equal to the number of shares of Paycor Common Stock underlying such award, determined based on the actual
level of performance as of the Effective Time, multiplied by 0.1525113, rounded down to the nearest whole share and (iii) each restricted
stock award granted under the Paycor Plan that did not vest as of immediately prior to the Effective Time was cancelled by the Registrant
and converted into Registrant restricted stock with respect to a number of shares of Registrant Common Stock, determined by multiplying
the number of Paycor Common Stock with respect to such award by 0.1525113, rounded down to the nearest whole number ((i), (ii) and (iii)
collectively, the "
Registrant Replacement Awards
").
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
The documents
containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by
Rule 428(b)(1) under the Securities Act of 1933, as amended (the "
Securities Act
").
In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "
Commission
")
and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement
or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated herein by
reference:
(a) The Registrant's Annual Report
on Form 10-K, filed for the fiscal year ended May 31, 2024, filed with the Commission on July 11, 2024 (Registration No. 000-11330) (the
"
Annual Report
");
(b) All reports filed pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "
Exchange Act
") since the end of the fiscal
year covered by the Annual Report; and
(d) The description of the Registrant Common
Stock contained in the Registrant's Registration Statement on Form 8-A (Registration No. 0-11330) and in any amendment or report
filed for the purpose of amending such description.
In addition, all documents subsequently filed by the Registrant with
the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing
of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished
under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions.
Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent
that a statement contained herein or in any other subsequently field document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 102(b) of the Delaware General Corporation
Law authorizes a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally
liable to a corporation or its stockholders for monetary damages for breach or alleged breach of the director's "duty of care."
While this statute does not change the directors' duty of care, it enables corporations to limit available relief to equitable remedies
such as injunction or rescission. The statute has no effect on a director's duty of loyalty or liability for acts or omissions not
in good faith or involving intentional misconduct or knowing violations of law, illegal payment of dividends or stock redemptions or repurchases,
or for any transaction from which the director derives an improper personal benefit. As permitted by the statute, the Registrant has adopted
provisions in its restated certificate of incorporation which eliminate to the fullest extent permissible under Delaware law the personal
liability of its directors to the Registrant and its stockholders for monetary damages for breach or alleged breach of their duty of care.
Section 145 of the General Corporation Law of
the State of Delaware allows for the indemnification of officers, directors, employees, and agents of a corporation. The bylaws of the
Registrant, as amended, provide for indemnification to the fullest extent authorized by Section 145 of the General Corporation Law of
Delaware for directors and officers of the Registrant and also to persons who are serving at the request of the Registrant as directors
or officers of other corporations (including subsidiaries). The Registrant's bylaws also permit the Registrant to enter into indemnification
agreements with its directors and officers and to purchase insurance on behalf of any person whom it is required or permitted to indemnify.
The Registrant has entered into agreements with its directors and its executive officers that require the Registrant to indemnify such
persons to the fullest extent permitted under Delaware law against expenses, judgments, fines, settlements and other amounts actually
and reasonably incurred (including expenses of a derivative action) in connection with any proceeding, whether actual or threatened, to
which any such person may be made a party by reason of the fact that such person is or was a director or an executive officer of the Registrant
or any of its affiliated enterprises. The indemnification agreements also set forth certain procedures that will apply in the event of
a claim for indemnification thereunder. The Registrant intends to enter into indemnification agreements with any new directors and executive
officers in the future.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit Number
Exhibit Description
4.1
Restated Certificate of Incorporation (incorporated by reference to Exhibit 3(a) of the Registrant's Annual Report on Form 10-K, filed with the Commission on July 20, 2004)
4.2
Amended and Restated By-Laws of Paychex, Inc. as of May 1, 2020 (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K, filed with the Commission on May 5, 2020)
5.1*
Opinion of Davis Polk & Wardwell LLP
23.1*
Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm
23.2*
Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1)
24.1*
Powers of Attorney (included in the signature pages hereto)
99.1
Paychex, Inc. 2002 Stock
Incentive Plan, as amended and restated as of October 14, 2015 (incorporated by reference to Exhibit 4.3 of the Registrant's Registration
Statement on Form S-8, filed with the Commission on October 23, 2015)
107.1*
Filing Fee Table
*Filed herewith.
Item 9. Undertakings.
(a)       The
undersigned Registrant hereby undertakes:
(1)       To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)        To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)       To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective Registration Statement; and
(iii)      To
include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement;
provided
,
however
, that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of
the Exchange Act that are incorporated by reference in this Registration Statement.
(2)       That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(3)       To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(b)       The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)       Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the provisions referenced in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised
that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Rochester, State of New York, on this 14th day of April, 2025.
PAYCHEX, INC.
By:
/s/
Prabha Sipi Bhandari
Name:
Prabha Sipi Bhandari
Title:
Chief Legal Officer, Chief Ethics Officer and Secretary
POWER OF ATTORNEY
KNOWN ALL PERSONS BY THESE PRESENTS, that the
individuals whose signature appears below hereby constitute and appoint John Gibson, Robert L. Schrader and Prabha Sipi Bhandari, and
each of them severally, as their true and lawful attorneys-in-fact and agents with full power of substitution and resubstitution for them
and in their name, place, and stead in any and all capacities to sign any and all amendments (including post-effective amendments) to
this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act
and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that said attorneys-in-facts and agents or any of them, or of their substitute or substitutes,
may lawfully do to cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ John Gibson
President and Chief Executive
Officer, and Director (Principal
Executive Officer)
April 14, 2025
John Gibson
/s/ Robert L. Schrader
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)
April 14, 2025
Robert L. Schrader
/s/ Christopher Simmons
Vice President, Controller and Treasurer
(Principal Accounting Officer)
April 14, 2025
Christopher Simmons
/s/ Martin Mucci
Chairman of the Board
April 14, 2025
Martin Mucci
/s/ Thomas F. Bonadio
Director
April 14, 2025
Thomas F. Bonadio
/s/ Joseph G. Doody
Director
April 14, 2025
Joseph G. Doody
Director
April 14, 2025
B. Thomas Golisano
/s/ Pamela A. Joseph
Director
April 14, 2025
Pamela A. Joseph
/s/ Theresa M. Payton
Director
April 14, 2025
Theresa M. Payton
/s/ Kevin A. Price
Director
April 14, 2025
Kevin A. Price
/s/ Joseph M. Tucci
Director
April 14, 2025
Joseph M. Tucci
/s/ Joseph M. Velli
Director
April 14, 2025
Joseph M. Velli
/s/ Kara Wilson
Director
April 14, 2025
Kara Wilson