PAYCHEX INC — Director's Dealing 2012

May 7, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2012-05-04

Reporting Person: INMAN GRANT M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-04	Common Stock	M	5000	$28.14	Acquired	14992	Direct
2012-05-04	Common Stock	S	4700	$30.01	Disposed	10292	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-04	Stock Option	$28.14	M	5000	Disposed	2012-07-11	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	43000	Indirect
Common Stock	93949	Indirect
Common Stock	40000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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
Stock Option	$31.63	2021-07-06	Common Stock (11468)	11468	Direct

Footnotes

F1: Exercise of stock options approaching 10-year expiration date.