Edgar Filing: PAYCHEX INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

MUCCI MARTIN

2. Issuer Name and Ticker or Trading Symbol
PAYCHEX INC [PAYX]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
CEO & President

(Last)

(First)

(Middle)

911 PANORAMA TRAIL S.

3. Date of Earliest Transaction (Month/Day/Year)
07/06/2016

(Street)

ROCHESTER, NY 14625

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/06/2016		A		14,377 ⁽¹⁾	A	$ 0	246,516	D
Common Stock	07/06/2016		A		24,075 ⁽²⁾	A	$ 0	270,591	D
Common Stock	07/06/2016		A		53,439 ⁽³⁾	A	$ 0	324,030	D
Common Stock	07/07/2016		M		40,000	A	$ 31.95	364,030	D
Common Stock	07/07/2016		S		40,000	D	$ 60.63	324,030	D
Common Stock	07/07/2016		M		12,675	A	$ 31.95	336,705	D
Common Stock	07/07/2016		S		12,675	D	$ 60.63	324,030	D
Common Stock	07/07/2016		M		13,290	A	$ 24.21	337,320	D
Common Stock	07/07/2016		S		13,290	D	$ 60.63	324,030	D
Common Stock								4,042 ⁽⁴⁾	I	401(k)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option

$ 31.95

07/07/2016

40,000

07/10/2009

07/09/2018

Common Stock

40,000

$ 0

Stock Option

$ 31.95

07/07/2016

12,675

07/10/2009

07/09/2018

Common Stock

12,675

$ 0

Stock Option

$ 24.21

07/07/2016

13,290

07/09/2010

07/08/2019

Common Stock

13,290

$ 0

Stock Option

$ 60.84

07/06/2016

208,590

07/06/2017

07/05/2026

Common Stock

208,590

$ 60.84

208,590

Stock Option

$ 60.84

07/06/2016

294,812 ⁽⁵⁾

07/06/2017

07/05/2026

Common Stock

294,812

$ 60.84

294,812

Stock Option

$ 43.91

07/17/2008

07/17/2017

Common Stock

30,000

Stock Option

$ 26.02

07/07/2011

07/06/2020

Common Stock

29,786

Stock Option

$ 31.34

07/06/2012

07/05/2021

Common Stock

206,422

Stock Option

$ 31.63

07/07/2014

07/06/2021

Common Stock

315,000 ⁽⁶⁾

315,000

Stock Option

$ 31.65

07/11/2013

07/10/2022

Common Stock

274,869

Stock Option

$ 38.48

07/10/2014

07/09/2023

Common Stock

237,844

Stock Option

$ 41.7

07/09/2015

07/08/2024

Common Stock

195,313

Stock Option

$ 47.32

07/08/2016

07/07/2025

Common Stock

206,801

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MUCCI MARTIN 911 PANORAMA TRAIL S. ROCHESTER, NY 14625	X		CEO & President

Signatures

Stephanie L. Schaeffer, Attorney-in-fact		07/08/2016
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Award of restricted stock, subject to vesting, pursuant to the Amended and Restated 2002 Stock Incentive Plan.
(2)	Grant of restricted stock, subject to vesting, based on achievement of multi-year performance metrics, pursuant to the Amended and Restated 2002 Stock Incentive Plan.
(3)	Award of restricted stock, subject to vesting, pursuant to the performance award under the Amended and Restated 2002 Stock Incentive Plan.
(4)	401(k) balance as of June 1, 2016.
(5)	Grant of non-qualified stock options, subject to vesting based on achievement of multi-year performance metrics, pursuant to the Amended and Restated 2002 Stock Incentive Plan.
(6)	Updated balance reflects cancellation of unvested options following Performance Period.

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