PAYCHEX INC — Director's Dealing 2012

Feb 6, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2012-02-02

Reporting Person: Gioja Michael E (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-02	Common Stock	M	7840	$24.21	Acquired	21819	Direct
2012-02-02	Common Stock	S	7840	$31.76	Disposed	13979	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-02	Stock Option	$24.21	M	7840	Disposed	2019-07-08	Common Stock (7840)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$26.77	2018-11-09	Common Stock (12000)	12000	Direct
Stock Option	$26.02	2020-07-06	Common Stock (17872)	17872	Direct
Stock Option	$31.34	2021-07-05	Common Stock (44381)	44381	Direct
Stock Option	$31.63	2021-07-06	Common Stock (250000)	250000	Direct