PAYCHEX INC — Director's Dealing 2017

May 11, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2017-05-10

Reporting Person: INMAN GRANT M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-10	Common Stock	M	6000	$43.91	Acquired	32514	Direct
2017-05-10	Common Stock	M	6250	$31.95	Acquired	38764	Direct
2017-05-10	Common Stock	M	6250	$24.21	Acquired	45014	Direct
2017-05-10	Common Stock	S	10654	$57.75	Disposed	34360	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-10	Stock Option	$43.91	M	6000	Disposed	2017-07-17	Common Stock (6000)	Direct
2017-05-10	Stock Option	$31.95	M	6250	Disposed	2018-07-09	Common Stock (6250)	Direct
2017-05-10	Stock Option	$24.21	M	6250	Disposed	2019-07-08	Common Stock (6250)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	43000	Indirect
Common Stock	93949	Indirect
Common Stock	40000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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
Stock Option	$41.70	2024-07-08	Common Stock (10850)	10850	Direct
Stock Option	$47.43	2025-07-08	Common Stock (11489)	11489	Direct
Stock Option	$60.59	2026-07-06	Common Stock (10220)	10220	Direct

Footnotes

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