PAYCHEX INC — Director's Dealing 2014

Apr 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2014-04-02

Reporting Person: FLASCHEN DAVID J S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-02	Common Stock	M	10000	$31.79	Acquired	28388	Direct
2014-04-02	Common Stock	S	10000	$42.50	Disposed	18388	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-04-02	Stock Option	$31.79	M	10000	Disposed	2014-07-08	Common Stock (10000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$33.68	2015-07-07	Common Stock (10000)	10000	Direct
Stock Option	$36.87	2016-07-13	Common Stock (6000)	6000	Direct
Stock Option	$43.91	2017-07-17	Common Stock (6000)	6000	Direct
Stock Option	$31.95	2018-07-09	Common Stock (6250)	6250	Direct
Stock Option	$24.21	2019-07-08	Common Stock (6250)	6250	Direct
Stock Option	$26.02	2020-07-06	Common Stock (7686)	7686	Direct
Stock Option	$31.63	2021-07-06	Common Stock (11468)	11468	Direct
Stock Option	$31.50	2022-07-11	Common Stock (15052)	15052	Direct
Stock Option	$38.89	2023-07-10	Common Stock (12156)	12156	Direct

Footnotes

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