PAYCHEX INC - Director's Dealing 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2017-07-12

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

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-07-12	Common Stock	A	16430	$0.00	Acquired	237754	Direct
2017-07-12	Common Stock	A	40500	$0.00	Acquired	278254	Direct
2017-07-13	Common Stock	M	30000	$43.91	Acquired	308254	Direct
2017-07-13	Common Stock	S	30000	$57.04	Disposed	278254	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-07-13	Stock Option	$43.91	M	30000	Disposed	2017-07-17	Common Stock (30000)	Direct
2017-07-12	Stock Option	$57.24	A	214482	Acquired	2027-07-11	Common Stock (214482)	Direct

Security	Shares	Ownership
Common Stock	4159	Indirect

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$26.02	2020-07-06	Common Stock (29786)	29786	Direct
Stock Option	$31.34	2021-07-05	Common Stock (206422)	206422	Direct
Stock Option	$31.63	2021-07-06	Common Stock (315000)	315000	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
Stock Option	$41.70	2024-07-08	Common Stock (195313)	195313	Direct
Stock Option	$47.32	2025-07-07	Common Stock (206801)	206801	Direct
Stock Option	$60.84	2026-07-05	Common Stock (208590)	208590	Direct
Stock Option	$60.84	2026-07-05	Common Stock (294812)	294812	Direct

F1: Award of restricted stock, subject to vesting, pursuant to the Amended and Restated 2002 Stock Incentive Plan.

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

F3: Exercise of stock options approaching 10-year expiration date.