PAYCHEX INC — Director's Dealing 2011

Jul 8, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2011-07-06

Reporting Person: MORPHY JOHN M (PFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-07-06	Common Stock	S	580	$31.34	Disposed	80422.5	Direct
2011-07-07	Common Stock	S	2649	$31.63	Disposed	77773.5	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock IRA	1644	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$40.86	2011-07-12	Common Stock (15000)	15000	Direct
Stock Option	$31.79	2014-07-08	Common Stock (30000)	30000	Direct
Stock Option	$33.68	2015-07-07	Common Stock (50000)	50000	Direct
Stock Option	$36.87	2016-07-13	Common Stock (30000)	30000	Direct
Stock Option	$43.91	2017-07-17	Common Stock (30000)	30000	Direct
Stock Option	$31.95	2018-07-09	Common Stock (36781)	36781	Direct
Stock Option	$31.95	2018-07-09	Common Stock (11655)	11655	Direct
Stock Option	$24.21	2019-07-08	Common Stock (51251)	51251	Direct

Footnotes

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