PAYCHEX INC — Director's Dealing 2019

May 7, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAYCHEX INC (PAYX)
CIK: 0000723531
Period of Report: 2019-05-06

Reporting Person: FLASCHEN DAVID J S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-06	Common Stock	M	6686	$26.02	Acquired	34223	Direct
2019-05-06	Common Stock	S	6686	$84.74	Disposed	27537	Direct
2019-05-06	Common Stock	M	11468	$31.63	Acquired	39005	Direct
2019-05-06	Common Stock	S	11468	$84.74	Disposed	27537	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-06	Stock Option	$26.02	M	6686	Disposed	2020-07-06	Common Stock (6686)	Direct
2019-05-06	Stock Option	$31.63	M	11468	Disposed	2021-07-06	Common Stock (11468)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock - Family Trust	14707	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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
Stock Option	$57.20	2027-07-12	Common Stock (9615)	9615	Direct
Stock Option	$70.37	2028-07-11	Common Stock (8641)	8641	Direct