Sec Form 4 Filing - MUCCI MARTIN @ PAYCHEX INC - 2020-10-12

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 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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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 (MM/DD/YY) 10/12/2020 (Street) ROCHESTER, NY14625 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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) Code V Amount (A) or (D) Price Common Stock 10/12/2020 M 50,000 A $ 31.65 469,197 D Common Stock 10/12/2020 S 50,000 D $ 83.11 419,197 D Common Stock 4,543 I 401(k)

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option $ 31.65 10/12/2020 M 50,000 07/11/2013 07/10/2022 Common Stock 50,000 $ 0 174,869 D Stock Option $ 38.48 07/10/2014 07/09/2023 Common Stock 237,844 237,844 D Stock Option $ 41.7 07/09/2015 07/08/2024 Common Stock 195,313 195,313 D Stock Option $ 47.32 07/08/2016 07/07/2025 Common Stock 206,801 206,801 D Stock Option $ 60.84 07/06/2017 07/05/2026 Common Stock 208,590 208,590 D Stock Option $ 60.84 07/06/2017 07/05/2026 Common Stock 226,636 226,636 D Stock Option $ 57.24 07/12/2018 07/11/2027 Common Stock 214,482 214,482 D Stock Option $ 69.54 07/11/2019 07/10/2028 Common Stock 179,191 179,191 D Stock Option $ 85.46 07/10/2020 07/09/2029 Common Stock 195,228 195,228 D Stock Option $ 73.53 07/15/2021 07/14/2030 Common Stock 195,428 195,428 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MUCCI MARTIN 911 PANORAMA TRAIL S. ROCHESTER, NY14625 X CEO & President Signatures Stephanie L. Schaeffer, Attorney-in-fact 10/13/2020 Signature of Reporting Person Date

Explanation of Responses:
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).

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