Paychex, Inc. Common Stock Dinari dShares

Paychex is a cloud-based human capital management provider offering payroll, compliance, talent management, benefits administration, and retirement services. The firm also provides HR outsourcing services, including professional employer organization, or PEO, offerings, enabling clients to reduce HR overhead. Paychex primarily targets small and midsize businesses, although its acquisition of Paycor in 2025 signals the firm's aspirations to expand into the midmarket segment, serving firms with more than 100 employees. As of fiscal 2026, Paychex has approximately 800,000 clients and manages payroll for one in 11 workers in the United States. Paychex, Inc. Common Stock Dinari dShares provides blockchain-based exposure to the listed underlying security PAYX. Dinari represents that each dShare is backed 1:1 by the corresponding underlying security and supports on-chain transfer, settlement, redemption, and applicable corporate actions.