PAYCHEX INC — Director's Dealing 2010

Jul 8, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2010-07-06

Reporting Person: JUDGE JONATHAN (Director, CEO & President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-06	Common Stock	S	2899	$25.16	Disposed	150015	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ESPP	12128	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$30.68	2014-10-01	Common Stock (100000)	100000	Direct
Stock Option	$30.68	2014-10-01	Common Stock (550000)	550000	Direct
Stock Option	$33.68	2015-07-07	Common Stock (250000)	250000	Direct
Stock Option	$36.87	2016-07-13	Common Stock (150000)	150000	Direct
Stock Option	$43.91	2017-07-17	Common Stock (150000)	150000	Direct
Stock Option	$31.95	2018-07-09	Common Stock (183906)	183906	Direct
Stock Option	$31.95	2018-07-09	Common Stock (58275)	58275	Direct
Stock Option	$24.21	2019-07-08	Common Stock (316447)	316447	Direct

Footnotes

F1: Disposition of shares to satisfy tax withholding obligations arising from lapse of restrictions applicable to award of restricted stock.

F2: ESPP balance as of May 31, 2010.