PAYCHEX INC — Director's Dealing 2014

Jul 8, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2014-07-06

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-07-06	Common Stock	S	2443	$41.55	Disposed	148040	Direct
2014-07-06	Common Stock	S	23866	$41.55	Disposed	124174	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3813	Indirect

Holdings (Derivative)

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

Footnotes

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

F2: 401(k) balance as of June 1, 2014.