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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

VELLI JOSEPH M 		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
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

911 PANORAMA TRAIL SOUTH 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/18/2018
(Street)

ROCHESTER, NY 14625
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   5/18/2018     M    6250   (1) A $31.95   29013   D    
Common Stock   5/18/2018     S    3079   D $65.00   25934   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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   $31.95   5/18/2018     M         6250    7/10/2009   7/9/2018   Common Stock   6250   $65.00   0   D    
Stock Option   $24.21                    7/9/2010   7/8/2019   Common Stock   6250     6250   D    
Stock Option   $26.02                    7/7/2011   7/6/2020   Common Stock   7686     7686   D    
Stock Option   $31.63                    7/7/2012   7/6/2021   Common Stock   11468     11468   D    
Stock Option   $31.50                    7/12/2013   7/11/2022   Common Stock   15052     15052   D    
Stock Option   $38.89                    7/11/2014   7/10/2023   Common Stock   12156     12156   D    
Stock Option   $41.70                    7/9/2015   7/8/2024   Common Stock   10850     10850   D    
Stock Option   $47.43                    7/9/2016   7/8/2025   Common Stock   11489     11489   D    
Stock Option   $60.59                    7/7/2017   7/6/2026   Common Stock   10220     10220   D    
Stock Option   $57.20                    7/13/2018   7/12/2027   Common Stock   9615     9615   D    

Explanation of Responses:
(1)  Exercise of stock options approaching 10-year expiration date.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
VELLI JOSEPH M
911 PANORAMA TRAIL SOUTH
ROCHESTER, NY 14625 		X



Signatures
Stephanie L. Schaeffer, Attorney-in-fact 5/18/2018
** Signature of Reporting Person Date


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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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