PAYCHEX INC — Director's Dealing 2014

Nov 4, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2014-11-03

Reporting Person: Schaeffer Stephanie L (CLO, Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-03	Common Stock	M	9000	$33.68	Acquired	42331	Direct
2014-11-03	Common Stock	S	9000	$47.02	Disposed	33331	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-03	Stock Option	$33.68	M	9000	Disposed	2015-07-07	Common Stock (9000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$36.87	2016-07-13	Common Stock (12000)	12000	Direct
Stock Option	$43.91	2017-07-17	Common Stock (12000)	12000	Direct
Stock Option	$31.95	2018-07-09	Common Stock (14713)	14713	Direct
Stock Option	$31.95	2018-07-09	Common Stock (4662)	4662	Direct
Stock Option	$24.21	2019-07-08	Common Stock (31647)	31647	Direct
Stock Option	$26.02	2020-07-06	Common Stock (14893)	14893	Direct
Stock Option	$31.34	2021-07-05	Common Stock (22156)	22156	Direct
Stock Option	$31.63	2021-07-06	Common Stock (100000)	100000	Direct
Stock Option	$31.65	2022-07-10	Common Stock (29450)	29450	Direct
Stock Option	$38.48	2023-07-09	Common Stock (26956)	26956	Direct
Stock Option	$41.70	2024-07-08	Common Stock (22135)	22135	Direct

Footnotes

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