PAYCHEX INC - Director's Dealing 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2014-07-09

Reporting Person: MUCCI MARTIN (Director, CEO & President)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-09	Common Stock	S	3302	$41.70	Disposed	120872	Direct
2014-07-09	Common Stock	A	18072	$0.00	Acquired	138944	Direct
2014-07-09	Common Stock	A	68638	$0.00	Acquired	207582	Direct
2014-07-10	Common Stock	S	3507	$41.92	Disposed	204075	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-07-09	Stock Option	$41.70	A	195313	Acquired	2024-07-08	Common Stock (195313)	Direct

Security	Shares	Ownership
Common Stock	3813	Indirect

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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 (40000)	40000	Direct
Stock Option	$31.95	2018-07-09	Common Stock (12675)	12675	Direct
Stock Option	$24.21	2019-07-08	Common Stock (13290)	13290	Direct
Stock Option	$26.02	2020-07-06	Common Stock (29786)	29786	Direct
Stock Option	$27.28	2020-10-12	Common Stock (154591)	154591	Direct
Stock Option	$31.34	2021-07-05	Common Stock (206422)	206422	Direct
Stock Option	$31.63	2021-07-06	Common Stock (500000)	500000	Direct
Stock Option	$31.65	2022-07-10	Common Stock (274869)	274869	Direct
Stock Option	$38.48	2023-07-09	Common Stock (237844)	237844	Direct

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

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

F3: Award of restricted stock, subject to vesting, pursuant to the performance award under the Amended and Restated 2002 Stock Incentive Plan.