PAYCHEX INC — Director's Dealing 2019

May 14, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2019-05-14

Reporting Person: JOSEPH PAMELA A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-14	Common Stock	M	15052	$31.50	Acquired	20814	Direct
2019-05-14	Common Stock	S	15052	$84.39	Disposed	5762	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-14	Stock Option	$31.50	M	15052	Disposed	2020-03-23	Common Stock (15052)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$38.89	2020-03-23	Common Stock (12156)	12156	Direct
Stock Option	$41.70	2020-03-23	Common Stock (10850)	10850	Direct
Stock Option	$47.43	2020-03-23	Common Stock (11489)	11489	Direct
Stock Option	$70.37	2028-07-11	Common Stock (10801)	10801	Direct