PAYCHEX INC — Director's Dealing 2014

May 6, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2014-05-02

Reporting Person: Vossler Jennifer R. (VP/Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-02	Common Stock	S	1122	$41.40	Disposed	23471	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	556	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$27.27	2019-05-03	Common Stock (12000)	12000	Direct
Stock Option	$24.21	2019-07-08	Common Stock (11155)	11155	Direct
Stock Option	$26.02	2020-07-06	Common Stock (16383)	16383	Direct
Stock Option	$31.34	2021-07-05	Common Stock (24372)	24372	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

Footnotes

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