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  			PAYX-8K-101617_Descr_of_CommonStock
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">UNITED STATES</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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  		<p style="margin:0pt 0pt 12pt;line-height:120%;text-align:center;font-family:Calibri;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">Washington, DC 20549</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">FORM 8-K</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">CURRENT REPORT</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">Pursuant t</font><font style="display: inline;font-family:Arial;font-weight:bold;">o Section&nbsp;13 or 15(d) of the</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">Securities Exchange Act of 1934</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">Date of Report: </font><font style="display: inline;font-family:Arial;font-weight:bold;">October </font><font style="display: inline;font-family:Arial;font-weight:bold;">16</font><font style="display: inline;font-family:Arial;font-weight:bold;">, 2017</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">(Date of earliest event reported)</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:14pt;">PAYCHEX,&nbsp;INC.</font>
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  			<font style="display: inline;font-family:Arial;font-weight:bold;">(Exact name of registrant as specified in its charter)</font>
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  			<font style="display: inline;font-family:Arial;">&#xFEFF;</font>
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  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">DELAWARE</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">0-11330</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">16-1124166</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(State or other jurisdiction</font></p>
  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 8pt">
  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">of incorporation)</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Commission</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">File Number)</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(IRS Employer</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">Identification Number)</font></p>
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  						<font style="display: inline;font-family:Arial;font-size:1pt;">&#xFEFF;</font></p>
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  						&nbsp;</p>
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  						&nbsp;</p>
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  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;height:1.00pt;overflow:hidden;font-size:0pt;">
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  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;font-weight:bold;">911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;overflow: hidden;font-size:0pt;">
  						&nbsp;</p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">14625-2396</font></p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:8pt;">(Address of principal executive offices)</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:115%;overflow: hidden;font-size:0pt;">
  						&nbsp;</p>
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  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:8pt;">(Zip Code)</font></p>
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  		<p style="margin:12pt 0pt 6pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">(585) 385-6666</font>
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  		<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 8pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Registrant&#x2019;s telephone number, including area code)</font>
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  		<p style="margin:0pt 0pt 6pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">N/A</font>
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  		<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:115%;font-size: 8pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">(Former name or former address, if changed since last report.)</font>
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  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 10pt">
  			<font style="display: inline;font-family:Arial;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 10pt">
  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 10pt">
  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
  				</td>
  			</tr>
  		</table></div>
  		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;font-size: 10pt">
  			<font style="display: inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7; 240.12b-2 of this chapter). </font>
  		</p>
  		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;font-size: 10pt">
  			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
  		</p>
  		<p style="margin:0pt 0pt 12pt;text-align:right;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;font-size: 10pt">
  			<font style="display: inline;font-size:10pt;">Emerging growth company </font><font style="display: inline;font-family:MS Mincho;font-size:10pt;">&#x2610;</font>
  		</p>
  		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;font-size: 10pt">
  			<font style="display: inline;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display: inline;font-family:MS Mincho;font-size:10pt;">&#x2610;</font><font style="display: inline;font-family:PMingLiU;font-size:10pt;">&nbsp;</font>
  		</p>
  		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
  		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Arial;color:#000000;;font-size: 10pt"><font style="display: inline;font-size:10pt;"></font>
  		</p>
  		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">&#xFEFF;</font>
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  		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial;font-size: 12pt">
  			<font style="display: inline;font-weight:bold;">ITEM 8</font><font style="display: inline;font-weight:bold;">.01</font><font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Arial;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">OTHER EVENTS</font>
  		</p>
  		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">&#xFEFF;</font>
  		</p>
  		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Courier New;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-size:11pt;">The following &#x201C;Description of Common Stock&#x201D; is filed for the purpose of updating the description of the common stock of </font><font style="display: inline;font-family:Arial;font-size:11pt;">Paychex, Inc</font><font style="display: inline;font-family:Arial;font-size:11pt;">. (&#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;us</font><font style="display: inline;font-family:Arial;font-size:11pt;">,</font><font style="display: inline;font-family:Arial;font-size:11pt;">&#x201D; &nbsp;</font><font style="display: inline;font-family:Arial;font-size:11pt;">or</font><font style="display: inline;font-family:Arial;font-size:11pt;"> &nbsp;t</font><font style="display: inline;font-family:Arial;font-size:11pt;">he &#x201C;Company</font><font style="display: inline;font-family:Arial;font-size:11pt;">&#x201D;</font><font style="display: inline;font-family:Arial;font-size:11pt;">)</font><font style="display: inline;font-family:Arial;font-size:11pt;">.&nbsp;&nbsp;The &#x201C;Description of Common Stock&#x201D; modifies and supersedes any prior description of the common stock of the Company in any registration statement or report filed with the Securities and Exchange Commission (the &#x201C;Commission&#x201D;) and will be available for incorporation by reference into certain of the Company&#x2019;s filings with the Commission pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the rules and forms promulgated thereunder.</font><font style="display: inline;font-family:Arial;font-size:11pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">This</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">summary does not purport to be complete</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">and is subject to, and is qualified in its entirety by express reference</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">to, the applicable provisions of the Company's </font><font style="display: inline;font-family:Arial;font-size:11pt;">restated certificate of incorporation</font><font style="display: inline;font-family:Arial;font-size:11pt;">, its</font><font style="display: inline;font-family:Arial;font-size:11pt;"> bylaws</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">, and </font><font style="display: inline;font-family:Arial;font-size:11pt;">Delaware General Corporation Law</font><font style="display: inline;font-family:Arial;font-size:11pt;"> (&#x201C;Delaware Law&#x201D;)</font><font style="display: inline;font-family:Arial;color:#000000;font-size:11pt;">.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">&#xFEFF;</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;">DESCRIPTION OF COMMON STOCK</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">Authorized Capitalization</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">The Comp</font><font style="display: inline;font-family:Arial;">any is authorized to issue 600</font><font style="display: inline;font-family:Arial;">,000,000 shares of $0.01 par value common stock</font><font style="display: inline;font-family:Arial;">.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;;font-size: 11pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Arial;"></font><font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">Dividend Rights</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Holders of our common stock are entitled to receive ratably any dividends our board of directors</font><font style="display: inline;font-family:Arial;"> (the &#x201C;Board&#x201D;)</font><font style="display: inline;font-family:Arial;"> declares out of funds legally available for that purpose.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">Voting Rights</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Each share of our common stock entitles its holder to one vote on all matters to be voted upon by our stockholders.</font><font style="display: inline;font-family:Arial;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Arial;">Our common stock has no cumulative voting rights.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">No Pre-emptive or Other Rights</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Our common stock has no preemptive rights, conversion rights, or other subscription rights or redemption or sinking fund provisions.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">Right to Receive Liquidation Distributions</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">In the event of our liquidation, dissolution</font><font style="display: inline;font-family:Arial;">,</font><font style="display: inline;font-family:Arial;"> or winding up, the holders of our common stock </font><font style="display: inline;font-family:Arial;">are entitled </font><font style="display: inline;font-family:Arial;">to share ratably in all assets remaining after payment of liabilities</font><font style="display: inline;font-family:Arial;">.</font><font style="display: inline;font-family:Arial;"> &nbsp; &nbsp;</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">Transfer Agent and Registrar</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">The transfer agent and registrar for our common stock is American Stock</font><font style="display: inline;font-family:Arial;"> Transfer &amp; Trust Company, LLC</font><font style="display: inline;font-family:Arial;"> in New York, New York</font><font style="display: inline;font-family:Arial;">.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;;font-size: 11pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Arial;"></font><font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">Listing</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Our common stock is listed on the NASDAQ Global Select Market under the symbol &#x201C;PAYX.&#x201D;</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;">Anti-Takeover Provisions</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Some provisions of Delaware law, our restated certificate of incorporation and our bylaws, as amended, may have the effect of delaying, deferring</font><font style="display: inline;font-family:Arial;">,</font><font style="display: inline;font-family:Arial;"> or discouraging another party from acquiring control of us.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  
  		</p>
  		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;;font-size: 11pt"><font style="display: inline;font-family:Arial;font-style:italic;">Delaware Law</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">We are subject to Section 203 of the Delaware General Corporation Law, which regulates, subject to some exceptions, acquisitions of </font><font style="display: inline;font-family:Arial;">publicly-held</font><font style="display: inline;font-family:Arial;"> Delaware corporations. In general, Section 203 prohibits us from engaging in a &#x201C;business combination&#x201D; with an &#x201C;interested stockholder&#x201D; for a period of three years following the date the person becomes an interested stockholder, unless:</font>
  		</p>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">our </font><font style="display: inline;font-family:Arial;color:#000000;">Board</font><font style="display: inline;font-family:Arial;color:#000000;"> approved the business combination or the transaction in which the person became an interested stockholder prior to the date the person attained this status;</font></p></td></tr></table></div>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">upon consummation of the transaction that resulted in the person becoming an interested stockholder, the person owned at least 85 percent of our voting stock outstanding at the time the transaction commenced</font><font style="display: inline;font-family:Arial;color:#000000;"> (excluding specified shares)</font><font style="display: inline;font-family:Arial;color:#000000;">; or</font></p></td></tr></table></div>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">on or subsequent to the date the person became an interested stockholder, our </font><font style="display: inline;font-family:Arial;color:#000000;">Board</font><font style="display: inline;font-family:Arial;color:#000000;"> approved the business combination and the stockholders authorized the transaction at an annual or special meeting of stockholders by the affirmative vote of at least 66 2/3 percent of the outstanding </font><font style="display: inline;font-family:Arial;color:#000000;">voting </font><font style="display: inline;font-family:Arial;color:#000000;">stock not owned by the interested stockholder.</font></p></td></tr></table></div>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;color:#000000;">Section 203 defines a &#x201C;business combination&#x201D; to include:</font>
  		</p>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">any merger or consolidation involving us</font><font style="display: inline;font-family:Arial;color:#000000;"> or any of our majority-owned subsidiaries</font><font style="display: inline;font-family:Arial;color:#000000;"> and the interested stockholder</font><font style="display: inline;font-family:Arial;color:#000000;"> or any other entity if the merger or consolidation is caused by </font><font style="display: inline;font-family:Arial;color:#000000;">t</font><font style="display: inline;font-family:Arial;color:#000000;">he interested stockholder</font><font style="display: inline;font-family:Arial;color:#000000;">;</font></p></td></tr></table></div>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">any sale, </font><font style="display: inline;font-family:Arial;color:#000000;">lease, exchange, mortgage, </font><font style="display: inline;font-family:Arial;color:#000000;">transfer, pledge</font><font style="display: inline;font-family:Arial;color:#000000;">,</font><font style="display: inline;font-family:Arial;color:#000000;"> or other disposition</font><font style="display: inline;font-family:Arial;color:#000000;">, except proportionately,</font><font style="display: inline;font-family:Arial;color:#000000;"> involving the interested stockholder of our</font><font style="display: inline;font-family:Arial;color:#000000;"> or one of our majority-owned subsidiary&#x2019;s</font><font style="display: inline;font-family:Arial;color:#000000;"> assets</font><font style="display: inline;font-family:Arial;color:#000000;">, which have</font><font style="display: inline;font-family:Arial;color:#000000;"> an aggregate market value equal to 10% or more of either</font><font style="display: inline;font-family:Arial;color:#000000;"> the aggregate market value of all </font><font style="display: inline;font-family:Arial;color:#000000;">our</font><font style="display: inline;font-family:Arial;color:#000000;"> assets or the</font><font style="display: inline;font-family:Arial;color:#000000;"> aggregate market value of all our</font><font style="display: inline;font-family:Arial;color:#000000;"> outstanding stock</font><font style="display: inline;font-family:Arial;color:#000000;">;</font></p></td></tr></table></div>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">in general, any transaction that results in the issuance or transfer by us</font><font style="display: inline;font-family:Arial;color:#000000;"> or any of our majority-owned subsidiaries</font><font style="display: inline;font-family:Arial;color:#000000;"> of any of our stock to the interested stockholder; </font></p></td></tr></table></div>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
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  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">any transaction involving us </font><font style="display: inline;font-family:Arial;color:#000000;">or any of our majority-owned subsidiaries </font><font style="display: inline;font-family:Arial;color:#000000;">that has the effect of increasing the proportionate share of our stock owned by the interested stockholder; and</font></p></td></tr></table></div>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
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  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges, or other financial benefits provided by or through us</font><font style="display: inline;font-family:Arial;color:#000000;"> or any of our majority-owned subsidiaries</font><font style="display: inline;font-family:Arial;color:#000000;">.</font></p></td></tr></table></div>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;color:#000000;">In general, Section 203 defines an &#x201C;interested stockholder&#x201D; as any person who</font><font style="display: inline;font-family:Arial;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;">(i) </font><font style="display: inline;font-family:Arial;color:#000000;">owns 15% or more of our outstanding voting stock or </font><font style="display: inline;font-family:Arial;color:#000000;">(ii) </font><font style="display: inline;font-family:Arial;color:#000000;">is an affiliate or associate of us and was the owner of 15% or more of our outstanding voting stock at any time </font><font style="display: inline;font-family:Arial;color:#000000;">within three years prior to the </font><font style="display: inline;font-family:Arial;color:#000000;">date</font><font style="display: inline;font-family:Arial;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;">of determination of interested stockholder status</font><font style="display: inline;font-family:Arial;color:#000000;">;</font><font style="display: inline;font-family:Arial;color:#000000;"> and (iii)</font><font style="display: inline;font-family:Arial;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;">is the affiliate</font><font style="display: inline;font-family:Arial;color:#000000;"> or associate </font><font style="display: inline;font-family:Arial;color:#000000;">of any such person</font><font style="display: inline;font-family:Arial;color:#000000;">.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  
  		</p>
  		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;;font-size: 11pt"><font style="display: inline;font-family:Arial;font-style:italic;">Special Meetings</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Special meetings of stockholders may be called by the Chairman of the Board or the President and must be called by the Chairman of the Board, the President</font><font style="display: inline;font-family:Arial;">,</font><font style="display: inline;font-family:Arial;"> or the Secretary at the request in writing of a majority of the </font><font style="display: inline;font-family:Arial;">Board</font><font style="display: inline;font-family:Arial;"> or stockholders owning a majority of our issued and outstanding stock entitled to vote.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-style:italic;">Restated Certificate of Incorporation and Bylaw Provisions</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;">Our restated certificate of incorporation and bylaws</font><font style="display: inline;font-family:Arial;">,</font><font style="display: inline;font-family:Arial;"> as amended, provide that:</font>
  		</p>
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  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">our </font><font style="display: inline;font-family:Arial;color:#000000;">Board</font><font style="display: inline;font-family:Arial;color:#000000;"> or our stockholders are</font><font style="display: inline;font-family:Arial;color:#000000;"> expressly authorized to </font><font style="display: inline;font-family:Arial;color:#000000;">amend</font><font style="display: inline;font-family:Arial;color:#000000;">, alter or repeal our bylaws; and</font></p></td></tr></table></div>
  		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  				<font style="margin:0pt 0pt 10pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;line-height:115%;;"> &#xB7;</font>
  			</p>
  		</td><td style="width:20pt;"><p style="width:20pt;width:20pt;font-size:0pt;"></p></td><td align="left" valign="top">
  			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt;margin:0pt 0pt 10pt;">
  			<font style="display: inline;font-family:Arial;color:#000000;">we will indemnify officers and directors against losses </font><font style="display: inline;font-family:Arial;color:#000000;">they</font><font style="display: inline;font-family:Arial;color:#000000;"> may incur </font><font style="display: inline;font-family:Arial;color:#000000;">arising from </font><font style="display: inline;font-family:Arial;color:#000000;">investigations </font><font style="display: inline;font-family:Arial;color:#000000;">and legal proceedings resulting from their services to us, which may include services in connection with takeover defense measures.</font></p></td></tr></table></div>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">&#xFEFF;</font>
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  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">SIGNATURES</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  			<font style="display: inline;font-family:Arial;color:#000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
  		</p>
  		<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 9pt">
  			<font style="display: inline;font-size:9pt;color:#000000;">&#xFEFF;</font>
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  						<font style="display: inline;font-size:1pt;color:#000000;">&#xFEFF;</font></p>
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  						<font style="display: inline;font-family:Arial;font-size:1pt;color:#000000;">&#xFEFF;</font></p>
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  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;">PAYCHEX,&nbsp;INC.</font></p>
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  				<td valign="bottom" style="width:64.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 2.4pt 0pt 3.6pt;height:7.20pt">
  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;overflow: hidden;font-size:0pt;">
  						&nbsp;</p>
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  				<td valign="top" style="width:06.68%;padding:0pt 2.4pt 0pt 3.6pt;height:7.20pt">
  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;color:#000000;">Date:</font></p>
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  				<td valign="top" style="width:28.40%;padding:0pt 2.4pt 0pt 3.6pt;height:7.20pt">
  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;color:#000000;">October </font><font style="display: inline;font-family:Arial;color:#000000;">16</font><font style="display: inline;font-family:Arial;color:#000000;">, 2017</font></p>
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  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;overflow: hidden;font-size:0pt;">
  						&nbsp;</p>
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  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;color:#000000;">/s/&nbsp;Martin&nbsp;Mucci</font></p>
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  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;color:#000000;">Martin&nbsp;Mucci</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;">&#xFEFF;</font></p>
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  						<font style="display: inline;font-family:Arial;color:#000000;">President&nbsp;and Chief&nbsp;Executive&nbsp;Officer</font></p>
  				</td>
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  						<font style="display: inline;font-family:Arial;color:#000000;">Date:</font></p>
  				</td>
  				<td valign="top" style="width:28.40%;padding:0pt 2.4pt 0pt 3.6pt;height:7.20pt">
  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
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  				<td valign="bottom" style="width:00.70%;padding:0pt 0pt 0pt 3.6pt;height:7.20pt">
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  						<font style="display: inline;font-family:Arial;color:#000000;">/s/&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;">Efrain Rivera</font></p>
  				</td>
  			</tr>
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  						<font style="display: inline;font-family:Arial;color:#000000;">Efrain Rivera</font></p>
  				</td>
  			</tr>
  			<tr>
  				<td valign="top" style="width:06.68%;padding:0pt 0pt 0pt 3.6pt;height:7.20pt">
  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
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  					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:115%;font-size: 11pt">
  						<font style="display: inline;font-family:Arial;color:#000000;">Senior Vice President, Chief Financial Officer, and Treasurer</font></p>
  				</td>
  			</tr>
  		</table></div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "payx-20171016x8k.htm", "description": "8-K", "secsgml_size_bytes": 68348}]
metadata_filer: {"company-data": {"conformed-name": "PAYCHEX INC", "cik": "0000723531", "assigned-sic": "8700", "irs-number": "161124166", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-11330", "film-number": "171138246"}, "business-address": {"street1": "911 PANORAMA TRAIL S", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397", "phone": "5853856666"}, "mail-address": {"street1": "911 PANORAMA TRAIL SOUTH", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397"}}
text: PAYX-8K-101617_Descr_of_CommonStock
  ﻿
  ﻿
  ﻿
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, DC 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant t
  o Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  ﻿
  Date of Report:
  October
  16
  , 2017
  (Date of earliest event reported)
  ﻿
  PAYCHEX, INC.
  (Exact name of registrant as specified in its charter)
  ﻿
  ﻿
  DELAWARE
  0-11330
  16-1124166
  (State or other jurisdiction
  of incorporation)
  (Commission
  File Number)
  (IRS Employer
  Identification Number)
  ﻿
  911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK
  14625-2396
  (Address of principal executive offices)
  (Zip Code)
  (585) 385-6666
  (Registrant's telephone number, including area code)
  N/A
  (Former name or former address, if changed since last report.)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  ﻿
  ☐
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ﻿
  ☐
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ﻿
  ☐
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ﻿
  ☐
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
  ﻿
  Emerging growth company
  ☐
  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
  ☐
  ﻿
  ITEM 8
  .01
  OTHER EVENTS
  ﻿
  The following "Description of Common Stock" is filed for the purpose of updating the description of the common stock of
  Paychex, Inc
  . ("we," "our," "us
  ,
  "
  or
  t
  he "Company
  "
  )
  .  The "Description of Common Stock" modifies and supersedes any prior description of the common stock of the Company in any registration statement or report filed with the Securities and Exchange Commission (the "Commission") and will be available for incorporation by reference into certain of the Company's filings with the Commission pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the rules and forms promulgated thereunder.
  This
  summary does not purport to be complete
  and is subject to, and is qualified in its entirety by express reference
  to, the applicable provisions of the Company's
  restated certificate of incorporation
  , its
  bylaws
  , and
  Delaware General Corporation Law
  ("Delaware Law")
  .
  ﻿
  DESCRIPTION OF COMMON STOCK
  Authorized Capitalization
  The Comp
  any is authorized to issue 600
  ,000,000 shares of $0.01 par value common stock
  .
  Dividend Rights
  Holders of our common stock are entitled to receive ratably any dividends our board of directors
  (the "Board")
  declares out of funds legally available for that purpose.
  Voting Rights
  Each share of our common stock entitles its holder to one vote on all matters to be voted upon by our stockholders.
  Our common stock has no cumulative voting rights.
  No Pre-emptive or Other Rights
  Our common stock has no preemptive rights, conversion rights, or other subscription rights or redemption or sinking fund provisions.
  Right to Receive Liquidation Distributions
  In the event of our liquidation, dissolution
  ,
  or winding up, the holders of our common stock
  are entitled
  to share ratably in all assets remaining after payment of liabilities
  .
  Transfer Agent and Registrar
  The transfer agent and registrar for our common stock is American Stock
  Transfer & Trust Company, LLC
  in New York, New York
  .
  Listing
  Our common stock is listed on the NASDAQ Global Select Market under the symbol "PAYX."
  Anti-Takeover Provisions
  Some provisions of Delaware law, our restated certificate of incorporation and our bylaws, as amended, may have the effect of delaying, deferring
  ,
  or discouraging another party from acquiring control of us.
  Delaware Law
  We are subject to Section 203 of the Delaware General Corporation Law, which regulates, subject to some exceptions, acquisitions of
  publicly-held
  Delaware corporations. In general, Section 203 prohibits us from engaging in a "business combination" with an "interested stockholder" for a period of three years following the date the person becomes an interested stockholder, unless:
  ·
  our
  Board
  approved the business combination or the transaction in which the person became an interested stockholder prior to the date the person attained this status;
  ·
  upon consummation of the transaction that resulted in the person becoming an interested stockholder, the person owned at least 85 percent of our voting stock outstanding at the time the transaction commenced
  (excluding specified shares)
  ; or
  ·
  on or subsequent to the date the person became an interested stockholder, our
  Board
  approved the business combination and the stockholders authorized the transaction at an annual or special meeting of stockholders by the affirmative vote of at least 66 2/3 percent of the outstanding
  voting
  stock not owned by the interested stockholder.
  Section 203 defines a "business combination" to include:
  ·
  any merger or consolidation involving us
  or any of our majority-owned subsidiaries
  and the interested stockholder
  or any other entity if the merger or consolidation is caused by
  t
  he interested stockholder
  ;
  ·
  any sale,
  lease, exchange, mortgage,
  transfer, pledge
  ,
  or other disposition
  , except proportionately,
  involving the interested stockholder of our
  or one of our majority-owned subsidiary's
  assets
  , which have
  an aggregate market value equal to 10% or more of either
  the aggregate market value of all
  our
  assets or the
  aggregate market value of all our
  outstanding stock
  ;
  ·
  in general, any transaction that results in the issuance or transfer by us
  or any of our majority-owned subsidiaries
  of any of our stock to the interested stockholder;
  ·
  any transaction involving us
  or any of our majority-owned subsidiaries
  that has the effect of increasing the proportionate share of our stock owned by the interested stockholder; and
  ·
  the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges, or other financial benefits provided by or through us
  or any of our majority-owned subsidiaries
  .
  In general, Section 203 defines an "interested stockholder" as any person who
  (i)
  owns 15% or more of our outstanding voting stock or
  (ii)
  is an affiliate or associate of us and was the owner of 15% or more of our outstanding voting stock at any time
  within three years prior to the
  date
  of determination of interested stockholder status
  ;
  and (iii)
  is the affiliate
  or associate
  of any such person
  .
  Special Meetings
  Special meetings of stockholders may be called by the Chairman of the Board or the President and must be called by the Chairman of the Board, the President
  ,
  or the Secretary at the request in writing of a majority of the
  Board
  or stockholders owning a majority of our issued and outstanding stock entitled to vote.
  Restated Certificate of Incorporation and Bylaw Provisions
  Our restated certificate of incorporation and bylaws
  ,
  as amended, provide that:
  ·
  our
  Board
  or our stockholders are
  expressly authorized to
  amend
  , alter or repeal our bylaws; and
  ·
  we will indemnify officers and directors against losses
  they
  may incur
  arising from
  investigations
  and legal proceedings resulting from their services to us, which may include services in connection with takeover defense measures.
  ﻿
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  ﻿
  ﻿
  ﻿
  ﻿
  PAYCHEX, INC.
  ﻿
  ﻿
  Date:
  October
  16
  , 2017
  /s/ Martin Mucci
  ﻿
  Martin Mucci
  ﻿
  President and Chief Executive Officer
  ﻿
  Date:
  October
  16
  , 2017
  /s/
  Efrain Rivera
  ﻿
  Efrain Rivera
  ﻿
  Senior Vice President, Chief Financial Officer, and Treasurer
  ﻿