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: 2011-07-07

Reporting Person: FLASCHEN DAVID J S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-31	Common Stock	J	569	$0.00	Acquired	9898	Direct
2011-07-07	Common Stock	A	1652	$0.00	Acquired	11550	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-07-07	Stock Option	$31.63	A	11468	Acquired	2021-07-06	Common Stock (11468)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock - Family Trust	12250	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$28.14	2012-07-11	Common Stock (5000)	5000	Direct
Stock Option	$29.55	2013-07-10	Common Stock (10000)	10000	Direct
Stock Option	$31.79	2014-07-08	Common Stock (10000)	10000	Direct
Stock Option	$33.68	2015-07-07	Common Stock (10000)	10000	Direct
Stock Option	$36.87	2016-07-13	Common Stock (6000)	6000	Direct
Stock Option	$43.91	2017-07-17	Common Stock (6000)	6000	Direct
Stock Option	$31.95	2018-07-09	Common Stock (6250)	6250	Direct
Stock Option	$24.21	2019-07-08	Common Stock (6250)	6250	Direct
Stock Option	$26.02	2020-07-06	Common Stock (7686)	7686	Direct

Footnotes

F1: Updated balance reflects 569 shares acquired through a Dividend Reinvestment Program.

F2: Award of restricted stock, subject to vesting, pursuant to the Amended and Restated 2002 Stock Incentive Plan.