<SEC-DOCUMENT>0000723531-17-000048.txt : 20171017
<SEC-HEADER>0000723531-17-000048.hdr.sgml : 20171017
<ACCEPTANCE-DATETIME>20171017172848
ACCESSION NUMBER:		0000723531-17-000048
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171017
DATE AS OF CHANGE:		20171017
EFFECTIVENESS DATE:		20171017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAYCHEX INC
		CENTRAL INDEX KEY:			0000723531
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT [8700]
		IRS NUMBER:				161124166
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-220996
		FILM NUMBER:		171141341

	BUSINESS ADDRESS:	
		STREET 1:		911 PANORAMA TRAIL S
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14625-0397
		BUSINESS PHONE:		5853856666

	MAIL ADDRESS:	
		STREET 1:		911 PANORAMA TRAIL SOUTH
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14625-0397
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>payx-20171017.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
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			PAYX-S3ASR-101717
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;">As filed with the Securities and Exc</font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;">hange Commission on October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;">, 2017</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;">Registration No. 333-</font><font style="display: inline;color:#000000;font-size:12pt;">&nbsp;</font>
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		<p style="margin:0pt;border-bottom:2pt double #000000 ;line-height:9.65pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;color:#000000;font-size:12pt;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:14pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 16pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:16.5pt;">UNITED STATES</font>
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		<p style="margin:1.3pt 0pt 0pt;line-height:18.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 16pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:16.5pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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		<p style="margin:0.65pt 0pt 0pt;line-height:12.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">Washington, D.C. 20549</font>
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		<p style="margin:12pt 0pt 0pt;line-height:19pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 16pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:16.5pt;">FORM S-3</font>
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		<p style="margin:1.75pt 0pt 0pt;line-height:10pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">REGISTRATION STATEMENT</font>
		</p>
		<p style="margin:0.95pt 0pt 0pt;line-height:10pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">UNDER</font>
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		<p style="margin:1.25pt 0pt 6pt;line-height:10pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">THE SECURITIES ACT OF 1933</font>
		</p>
		<p style="margin:0.5pt 0pt 0pt;line-height:18.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 20pt">
			<font style="display: inline;font-weight:bold;font-size:20pt;">PAYCHEX, INC.</font>
		</p>
		<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Exact name of registrant as specified in its charter)</font>
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		<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">&#xFEFF;</font>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:38.74%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">&#xFEFF;</font></p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:38.74%;padding:0pt 6.5pt">
					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">Delaware</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:08.08%;padding:0pt 6.5pt">
					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:34.70%;padding:0pt 6.5pt">
					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">16-1124166</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:10.40%;padding:0pt 6.5pt">
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						&nbsp;</p>
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					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:38.74%;padding:0pt 6.5pt">
					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(State or other jurisdiction</font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">of incorporation or organization)</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:08.08%;padding:0pt 6.5pt">
					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:34.70%;padding:0pt 6.5pt">
					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(I.R.S. Employer</font><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Identification Number)</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:10.40%;padding:0pt 6.5pt">
					<p style="margin:1.15pt 0pt 0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">__________________________________</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">911 Panorama Trail South </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">Rochester, New York 14625-2396</font>
		</p>
		<p style="margin:0pt;line-height:9.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">(585) 385-6666</font>
		</p>
		<p style="margin:2pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">(Address, including zip code, and telephone number, including area code, of registrant&#x2019;s principal executive offices)</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">__________________________________</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Efrain Rivera</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Senior Vice President,</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Chief Financial Officer and Treasurer</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Paychex, Inc.</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">911 Panorama Trail South</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Rochester, New York 14625-2396</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">(585) 385-6666 </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">__________________________________</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 3pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:9.5pt;">Copies of all communications should be sent to:</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Tyler J. Savage, Esq. </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Nixon Peabody LLP </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">1300 Clinton Square</font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Rochester, New York 14604</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">(585) 263-1105</font>
		</p>
		<p style="margin:12.35pt 0pt 0pt;line-height:10.55pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;">Approximate date of commencement of proposed sale to the public: </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;"></font><font style="display: inline;color:#000000;font-size:8.5pt;">From time to time af</font><font style="display: inline;color:#000000;font-size:8.5pt;">ter the effective date of this registration s</font><font style="display: inline;color:#000000;font-size:8.5pt;">tatement.</font>
		</p>
		<p style="margin:9pt 0pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.</font><font style="display: inline;color:#000000;font-size:8pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt 0pt 9pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-size:8pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;">securities offered only in connection with dividend or interest reinvestment plans, check the following box. </font><font style="display: inline;color:#000000;font-size:9pt;">&#x2612;</font>
		</p>
		<p style="margin:0pt 0pt 9pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;">Act registration statement number of the earlier effective registration statement for the same offering. </font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt 0pt 9pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;">statement number of the earlier effective statement for the same offering. </font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">

		</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;font-family:Times New Roman;;font-size: 8pt"><font style="display: inline;font-size:8pt;"></font>
		</p>
		<p style="margin:0pt 0pt 9pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-size:8pt;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;">Commission pursuant to Rule 462(e) under the Securities Act, check the following box.</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:9pt;">&#x2612;</font>
		</p>
		<p style="margin:0pt 0pt 9pt;text-indent:21.6pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;">of securities pursuant to Rule 413(b) under the Securities Act, check the following box.</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font>
		</p>
		<p style="margin:4pt 0pt 6pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;color:#000000;font-size:8pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of &#x201C;large accelerated filer,&#x201D; &#x201C;accelerated filer,&#x201D; &#x201C;smaller reporting company,&#x201D; and &#x201C;emerging growth company&#x201D; in Rule 12b-2 of the Exchange Act. </font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width:509.40pt;margin-left:0pt;">
			<tr>
				<td valign="middle" style="width:290.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:218.70pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:290.70pt;padding:0pt 6.5pt">
					<p style="margin:4pt 0pt 0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;color:#000000;font-size:8pt;">Large&nbsp;accelerated&nbsp;filer&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;color:#000000;font-size:9pt;">&#x2612;</font></p>
				</td>
				<td valign="top" style="width:218.70pt;padding:0pt 6.5pt">
					<p style="margin:4pt 0pt 0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;color:#000000;font-size:8pt;">Accelerated&nbsp;filer</font><font style="display: inline;color:#000000;font-size:8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:290.70pt;padding:0pt 6.5pt">
					<p style="margin:4pt 0pt 0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;color:#000000;font-size:8pt;">Non-accelerated</font><font style="display: inline;color:#000000;font-size:8pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;">filer&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font><font style="display: inline;color:#000000;font-size:9pt;">&nbsp; &nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;">(Do not check if a smaller reporting company)</font></p>
				</td>
				<td valign="top" style="width:218.70pt;padding:0pt 6.5pt">
					<p style="margin:4pt 0pt 0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;color:#000000;font-size:8pt;">Smaller&nbsp;reporting&nbsp;company&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:290.70pt;padding:0pt 6.5pt">
					<p style="margin:4pt 0pt 0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;color:#000000;font-size:9pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:218.70pt;padding:0pt 6.5pt">
					<p style="margin:4pt 0pt 0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;color:#000000;font-size:8pt;">Emerging growth company&nbsp;</font><font style="display: inline;color:#000000;font-size:8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;color:#000000;font-size:8pt;">&#x2610;</font><font style="display: inline;color:#000000;font-size:9pt;"> &nbsp; &nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:4pt 0pt 0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;color:#000000;font-size:8pt;">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 </font><font style="display: inline;color:#000000;font-size:8pt;">Section 7(a) (2)(B) of the Securities Act</font><font style="display: inline;color:#000000;font-size:8pt;">.</font><font style="display: inline;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;font-size:9pt;">&#xF020;</font>
		</p>
		<p style="margin:10.05pt 0pt 0pt;line-height:12pt;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;color:#000000;font-size:8.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">__________________________________</font>
		</p>
		<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:2.4pt 0pt 19pt 3.6pt;line-height:10.45pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">CALCULATION OF REGISTRATION FEE</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:30.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="bottom" style="width:21.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:30.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:31.70pt;padding:0pt;">
					<p style="margin:12.45pt 0pt 0.9pt;line-height:9.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Title of Each Class of </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Securities to be Registered</font></p>
				</td>
				<td valign="bottom" style="width:21.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:31.70pt;padding:0pt;">
					<p style="margin:21.6pt 0pt 0.9pt;line-height:9.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Amount to be Registered(1)</font></p>
				</td>
				<td valign="middle" style="width:15.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:31.70pt;padding:0pt;">
					<p style="margin:3.3pt 0pt 0.9pt;line-height:9.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Proposed Maximum </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Offering Price </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Per Share(1)</font></p>
				</td>
				<td valign="middle" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:31.70pt;padding:0pt;">
					<p style="margin:3.3pt 0pt 0.9pt;line-height:9.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Proposed Maximum </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Aggregate </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Offering Price(1)</font></p>
				</td>
				<td valign="bottom" style="width:16.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:31.70pt;padding:0pt;">
					<p style="margin:12.45pt 0pt 0.9pt;line-height:9.15pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Amount of </font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Registration Fee(2)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:30.94%;border-top:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:15.05pt;padding:0pt;">
					<p style="margin:2.9pt 10.65pt 2.5pt 0pt;line-height:8.95pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;color:#000000;font-size:8pt;">Common stock, par value $0. 01 per share</font></p>
				</td>
				<td valign="middle" style="width:21.16%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:15.05pt;padding:0pt;">
					<p style="margin:2.9pt 38.45pt 2.5pt 0pt;line-height:8.95pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:15.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:15.05pt;padding:0pt;">
					<p style="margin:2.9pt 0pt 2.5pt;line-height:8.95pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:16.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:15.05pt;padding:0pt;">
					<p style="margin:2.9pt 0pt 2.5pt;line-height:8.95pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:16.02%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;height:15.05pt;padding:0pt;">
					<p style="margin:2.9pt 0pt 2.5pt;line-height:8.95pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:3pt;"><p style="width:3pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="line-height:9.75pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:0pt 7.2pt 6pt 0pt;">
				<font style="margin:0pt 7.2pt 6pt 0pt;font-family:Times New Roman;text-decoration:none;color:#000000;font-size:8pt;line-height:9.75pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> (1)</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:9.75pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:0pt 7.2pt 6pt 0pt;">
			<font style="display: inline;color:#000000;font-size:8pt;">Omitted pursuant to General Instruction II.E to Form S-3</font><font style="display: inline;color:#000000;font-size:8pt;">.</font><font style="display: inline;color:#000000;font-size:8pt;"> &nbsp;This registration s</font><font style="display: inline;color:#000000;font-size:8pt;">tatement covers an unspecified and indeterminate </font><font style="display: inline;color:#000000;font-size:8pt;">amount of common stock</font><font style="display: inline;color:#000000;font-size:8pt;"> as may from time to time be offered hereunder at indeterminate prices.</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:3pt;"><p style="width:3pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="line-height:10.1pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:2.6pt 18pt 0pt 0pt;">
				<font style="margin:2.6pt 18pt 0pt 0pt;font-family:Times New Roman;text-decoration:none;color:#000000;font-size:8pt;line-height:10.1pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> (2)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:10.1pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:2.6pt 18pt 0pt 0pt;">
			<font style="display: inline;color:#000000;font-size:8pt;">In accordance with Rules 456(b) and 457</font><font style="display: inline;color:#000000;font-size:8pt;">(r) under the Securities Act, the R</font><font style="display: inline;color:#000000;font-size:8pt;">egistrant is deferring payment of the registration fee and will pay the registration fee on a pay-as-you-go basis</font><font style="display: inline;color:#000000;font-size:8pt;">.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 11pt">
			&nbsp;
		</p></div><div style="margin-left:26pt;margin-right:45pt;">
		<p style="margin:0.8pt 0pt 0pt;line-height:14.75pt;vertical-align:baseline;font-family:Times New Roman;font-size: 13pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0.8pt 0pt 0pt;line-height:14.75pt;vertical-align:baseline;font-family:Times New Roman;;font-size: 13pt"><font style="display: inline;font-weight:bold;color:#000000;font-size:13.5pt;">PROSPECTUS</font>
		</p>
		<p style="margin:12pt 0pt 24pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 22pt">
			<font style="display: inline;font-weight:bold;font-size:22pt;">Paychex, Inc.</font>
		</p>
		<p style="margin:6pt 0pt 12pt;line-height:14.75pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 13pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:13.5pt;">Common Stock</font>
		</p>
		<p style="margin:12.65pt 0pt 0pt 27.35pt;line-height:11.45pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The selling stockholders</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">to be identified in a prospectus supplement may offer and sell from time to time, in one or more </font><font style="display: inline;color:#000000;">series or issuances </font><font style="display: inline;color:#000000;">and at prices and on terms that will be determined at the time of the offering, shares of common stock of Paychex, Inc. </font><font style="display: inline;color:#000000;">The prospectus supplements may also add, update</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> or change information contained or incorporated by reference in this document. This prospectus may be used to offer and sell securities only if accompanied by a prospectus supplement. You should read this prospectus and any prospectus supplements, along with the additional information described under the headings &#x201C;Where You Can Find More Information&#x201D; and &#x201C;Incorporation by Reference,&#x201D; before making an investment decision.</font>
		</p>
		<p style="margin:12.65pt 0pt 0pt 27.35pt;line-height:11.45pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">This prospectus describ</font><font style="display: inline;color:#000000;">es the general manner in which</font><font style="display: inline;color:#000000;"> the selling </font><font style="display: inline;color:#000000;">stockholders</font><font style="display: inline;color:#000000;"> may offer and resell shares of our common stock</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">The identity of, and specific information required with respect to, the selling stockholders, and the specific manner in which shares of </font><font style="display: inline;color:#000000;">our </font><font style="display: inline;color:#000000;">common stock may be offered and sol</font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;"> will be described in a supplement to this prospectus.</font>
		</p>
		<p style="margin:11.35pt 0pt 0pt 27.35pt;line-height:11.45pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">We will not receive any proceeds from the sale of shares by the selling stockholders.</font>
		</p>
		<p style="margin:12pt 0pt 24pt 27.35pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Our common stock is listed on the </font><font style="display: inline;color:#000000;">NASDAQ Global Select Market</font><font style="display: inline;color:#000000;"> under the symbol &#x201C;</font><font style="display: inline;color:#000000;">PAYX</font><font style="display: inline;color:#000000;">.&#x201D; On </font><font style="display: inline;color:#000000;">October 16</font><font style="display: inline;color:#000000;">, 201</font><font style="display: inline;color:#000000;">7</font><font style="display: inline;color:#000000;">, the last reported sale price for our common stock was $</font><font style="display: inline;color:#000000;">63.45</font><font style="display: inline;color:#000000;"> per share.</font>
		</p>
		<p style="margin:0pt 28.1pt 0pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">____________________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 27.35pt;text-indent:36pt;vertical-align:baseline;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 18pt 27.35pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Investing in our common stock involves ri</font><font style="display: inline;font-weight:bold;color:#000000;">sks. See &#x201C;Risk Factors&#x201D; on </font><font style="display: inline;font-weight:bold;color:#000000;">page </font><font style="display: inline;font-weight:bold;color:#000000;">3</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:bold;color:#000000;">of this prospectus</font><font style="display: inline;font-weight:bold;color:#000000;"> and any risk factors described in any applicable prospectus supplement</font><font style="display: inline;font-weight:bold;color:#000000;">, as well as those risk factors discussed in detail in Part I - Item 1A of our </font><font style="display: inline;font-weight:bold;">Annual Report on Form 10-K</font><font style="display: inline;font-weight:bold;color:#000000;"> for the</font><font style="display: inline;font-weight:bold;color:#000000;"> year ended May 31, 2017, as filed with the Securities and Exchange Commission.</font>
		</p>
		<p style="margin:0pt 28.1pt 0pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">____________________</font>
		</p>
		<p style="margin:0pt 28.1pt 0pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:6pt 3.6pt 18pt 27.35pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or </font><font style="display: inline;font-weight:bold;color:#000000;">passed upon the adequacy or accuracy of this prospectus or any applicable prospectus supplement</font><font style="display: inline;font-weight:bold;color:#000000;">. Any representation to the contrary is a criminal offense.</font>
		</p>
		<p style="margin:0pt 28.1pt 0pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">____________________</font>
		</p>
		<p style="margin:30pt 3.6pt 12pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">The date of this prospectus is October 17</font><font style="display: inline;font-weight:bold;color:#000000;">, 20</font><font style="display: inline;font-weight:bold;color:#000000;">17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10.5pt;">.</font>
		</p>
		<p style="margin:24pt 0pt 0pt;font-family:Times New Roman;font-size: 11pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 18pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">

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			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 18pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;font-weight:bold;color:#000000;">TABLE OF CONTENTS</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="middle" style="width:90.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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				<td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			</tr>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-size:12pt;">&#xFEFF;</font></p>
				</td>
				<td valign="bottom" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">Page</font></p>
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			</tr>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">ABOUT THIS PROSPECTUS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">1</font></p>
				</td>
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				<td valign="middle" style="width:90.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">1</font></p>
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				<td valign="middle" style="width:90.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">ABOUT THE COMPANY</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">3</font></p>
				</td>
			</tr>
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				<td valign="middle" style="width:90.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">RISK FACTORS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">3</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">USE OF PROCEEDS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">3</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">SELLING STOCKHOLDERS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">4</font></p>
				</td>
			</tr>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">DESCRIPTION OF PAYCHEX CAPITAL STOCK</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">4</font></p>
				</td>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">PLAN OF DISTRIBUTION</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">5</font></p>
				</td>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">LEGAL MATTERS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">6</font></p>
				</td>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">EXPERTS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">6</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">WHERE YOU CAN FIND MORE INFORMATION</font></p>
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				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">6</font></p>
				</td>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">6</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:90.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">INFORMATION NOT REQUIRED IN PROSPECTUS</font></p>
				</td>
				<td valign="middle" style="width:09.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">8</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt -18pt 12pt 0pt;text-indent:28.8pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:28.8pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:28.8pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:28.8pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:49pt;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">i</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">ABOUT THIS PROSPECTUS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">This prospectus is part of a registration statement on Form S-3 that we filed with the Secu</font><font style="display: inline;color:#000000;">rities and Exchange Commission, or SEC, </font><font style="display: inline;color:#000000;">using the </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">shelf</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> registration process. Under this shelf registration process, </font><font style="display: inline;color:#000000;">the</font><font style="display: inline;color:#000000;"> selling stockholder</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> to be named in a prospectus supplement may offer and sell, from time to time, shares of our common stock in one or more offerings or resales. Each time </font><font style="display: inline;color:#000000;">shares are offered for sale using this prospectus</font><font style="display: inline;color:#000000;">, we will provide a prospectus supplement that will contain specific information about the terms of that offering, including the specific amounts and prices of the shares of common stock offered and information about the selling stockholders. A prospectus supplement may also add, update</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">or change information contained in this prospectus. Any statement that we make in this prospectus will be modified or superseded by any inconsistent statement made b</font><font style="display: inline;color:#000000;">y us in a prospectus supplement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">You should read both this prospectus and any applicable prospectus supplement together with the additional information about our company to which we refer you in the section of this prospectus entitled </font><font style="display: inline;color:#000000;">&#x201C;</font><font style="display: inline;color:#000000;">Where You Can Find More Information.</font><font style="display: inline;color:#000000;">&#x201D;</font><font style="display: inline;color:#000000;"> If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in the applicable prospectus supplement.</font><font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">You should rely only on the information contained in this prospectus (as supplemented and amended) or incorporated herein by reference. Neither we nor the selling stockholders have authorized anyone else to provide you with different information. The securities are not being offered in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus and any accompanying prospectus supplement is accurate on any date subsequent to the date set forth on the front of the document or that any information we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even though this prospectus and any accompanying prospectus supplement is delivered or securities are sold on a later date.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:32.4pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">This prospectus and the documents incorporated by reference herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#x201C;Securities Act&#x201D;), and Section 21E of the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act</font><font style="display: inline;color:#000000;">&#x201D;). </font><font style="display: inline;color:#000000;">Forward-looking statements can be identified by such words and phrases as &#x201C;we expect,&#x201D; &#x201C;expected to,&#x201D; &#x201C;estimates,&#x201D; &#x201C;estimated,&#x201D; &#x201C;overview,&#x201D; &#x201C;current outlook,&#x201D; &#x201C;we look forward to,&#x201D; &#x201C;would equate to,&#x201D; &#x201C;projects,&#x201D; &#x201C;projections,&#x201D; &#x201C;projected to be,&#x201D; &#x201C;anticipates,&#x201D; &#x201C;anticipated,&#x201D; &#x201C;we believe,&#x201D; &#x201C;believes,&#x201D; &#x201C;could be,&#x201D; and other similar words or phrases. Examples of forward-looking statements include, among others, statements we make regarding operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to our outlook, revenue growth, earnings, earnings-per-share growth, or similar projections.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:32.4pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on </font><font style="display: inline;color:#000000;">our </font><font style="display: inline;color:#000000;">current</font><font style="display: inline;color:#000000;"> beliefs, expectations</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and assumptions </font><font style="display: inline;color:#000000;">regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial conditions may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">general market and economic conditions including, among others, changes in U.S. employment and wage levels, changes to new hiring trends, legislative changes to stimulate the economy, changes in </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">1</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 6pt 54pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt"><font style="display: inline;color:#000000;">short- and long-term interest rates, changes in the fair value and the credit rating of securities held by us, and accessibility of financing;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">changes in demand for our services and products, ability to develop and market new services and products effectively, pricing changes, and the impact of competition;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">changes in the availability of skilled workers, in particular those supporting our technology and product development;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">changes in the laws regulating collection and payment of payroll taxes, professional employer organizations, and employee benefits, including retirement plans, workers&#x2019; compensation</font><font style="display: inline;color:#000000;"> insurance</font><font style="display: inline;color:#000000;">, health insurance (including health care reform legislation), state unemployment, and section 125 plans;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">changes in health insurance and workers&#x2019; compensation </font><font style="display: inline;color:#000000;">insurance </font><font style="display: inline;color:#000000;">rates and underlying claims trends;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">changes in technology that adversely affect our products and services and impact our ability to provide timely enhancements to services and products;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">the possibility of cyber-attacks, security breaches, or other security vulnerabilities that could disrupt operations or expose confidential client data, and could also result in reduced revenues, increased costs, liability claims, or harm to our competitive position;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">the possibility of </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">failure of our operating facilities, or the failure of our computer systems, and communication systems during a catastrophic event;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">the possibility of third-party service providers failing to perform their functions;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">the possibility of a failure of internal controls or our inability to implement business processing improvements;</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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
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		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
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			<font style="display: inline;color:#000000;">the possibility that we may be subject to liability for violations of employment or discrimination laws by our clients and acts or omissions of client employees who may be deemed to be our agents, even if we do not participate in any such acts or violations, including possible liability related to our co-employment relationship with our professional employer organization; </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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">potentially unfavorable outcomes related to </font><font style="display: inline;color:#000000;">pending or future legal matters; 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: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">risks related to the integration of the businesses we acquire.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">These and other risks and uncertainties may cause our actual results to differ materially and adversely from those expressed in any forward-looking statements. Investors are directed to risks and uncertainties referenced below under &#x201C;Risk Factors&#x201D; and elsewhere in this prospectus </font><font style="display: inline;color:#000000;">and the applicable prospectus supplement </font><font style="display: inline;color:#000000;">for additional detail regarding factors that may cause actual results to be different than those expressed in our forward-looking statements. </font><font style="display: inline;color:#000000;">The information provided </font><font style="display: inline;color:#000000;">or incorporated by reference </font><font style="display: inline;color:#000000;">in this </font><font style="display: inline;color:#000000;">prospectus</font><font style="display: inline;color:#000000;"> is based upon the facts and circumstances known at this time, and any forward-looking statements made by us </font><font style="display: inline;color:#000000;">or incorporated by reference </font><font style="display: inline;color:#000000;">in this </font><font style="display: inline;color:#000000;">prospectus</font><font style="display: inline;color:#000000;"> speak only as of the date on which they are made.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Except as required by law, we undertake no obligation to revise or update publicly any forward-looking statements for any reason.</font>
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

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</div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">ABOUT </font><font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">THE COMPANY</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Paychex is</font><font style="display: inline;color:#000000;"> a leading provider of integrated human capital management (&#x201C;HCM&#x201D;) solutions for payroll, human resource (&#x201C;HR&#x201D;), retirement, and insurance services for small- to medium-sized businesses</font><font style="display: inline;color:#000000;">, serving </font><font style="display: inline;color:#000000;">clients throughout the U</font><font style="display: inline;color:#000000;">nited States</font><font style="display: inline;color:#000000;"> and Germany. Our business strategy focuses on flexible, convenient service; industry-leading integrated technology; providing a comprehensive suite of value-added HCM services; solid sales execution; continued </font><font style="display: inline;color:#000000;">service </font><font style="display: inline;color:#000000;">penetration; and engaging in strategic acquisitions. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">O</font><font style="display: inline;color:#000000;">ur mission </font><font style="display: inline;color:#000000;">is </font><font style="display: inline;color:#000000;">to be </font><font style="display: inline;color:#000000;">the</font><font style="display: inline;color:#000000;"> leading provider of HCM services by being an essential partner with America's businesses.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">We offer a comprehensive portfolio of HCM services and products that allow our clients to meet their diverse payroll and HR needs. Our payroll services are the foundation of our service portfolio. We support the small-business market through our core payroll, utilizing our integrated Paychex Flex&#xAE; processing platform, or our SurePayroll&#xAE; products. Mid-market companies are serviced through our Paychex Flex Enterprise solution set, which offers an integrated suite of HCM solutions using a single platform and single employee record, or through our traditional mid-market platform. Clients using Paychex Flex Enterprise are offered a software-as-a-service solution that integrates payroll processing with HR management, employee benefits administration, time and labor management, applicant tracking, and onboarding solutions. Paychex Flex Enterprise allows our mid-market clients to choose the services and software they need to meet the complexity of their business and have them integrated through one HCM solution</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Additionally, o</font><font style="display: inline;color:#000000;">ur wholly owned subsidiary, Paychex Advance LLC, provides a portfolio of services to the temporary staffing industry.&nbsp;&nbsp;This includes the purchase of receivable balances related to payroll funding arrangements with clients in the temporary staffing industry</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">We were incorporated in Delaware in </font><font style="display: inline;color:#000000;">1979</font><font style="display: inline;color:#000000;">. Our principal executive offices are located </font><font style="display: inline;color:#000000;">at </font><font style="display: inline;color:#000000;">911 Panorama Trail South, Rochester</font><font style="display: inline;color:#000000;">, New York 1</font><font style="display: inline;color:#000000;">4625-2396</font><font style="display: inline;color:#000000;"> and our </font><font style="display: inline;color:#000000;">principal</font><font style="display: inline;color:#000000;"> website </font><font style="display: inline;color:#000000;">address is</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#006EBF;text-decoration:underline;">www.paychex.com</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> Informati</font><font style="display: inline;color:#000000;">on on or accessible through our </font><font style="display: inline;color:#000000;">website is not </font><font style="display: inline;color:#000000;">incorporated into</font><font style="display: inline;color:#000000;"> this prospectus.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">When used in this prospectus, the terms &#x201C;the Company,&#x201D; &#x201C;Paychex,&#x201D; &#x201C;issuer,&#x201D; &#x201C;we,&#x201D; &#x201C;our,&#x201D; and &#x201C;us&#x201D; refer to </font><font style="display: inline;color:#000000;">Paychex, I</font><font style="display: inline;color:#000000;">nc. and its consolidated subsidiaries, unless otherwise specified.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">RISK FACTORS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Investing in our common stock involves risks. You should not purchase shares of our common stock unless you understand these investment risks. Before purchasing any shares of our common stock, you should consider carefully the information in this prospectus and carefully read the discussion under &#x201C;Part I-Item 1A. Risk Factors&#x201D; in our </font><font style="display: inline;color:#000000;">Annual Report on Form 10-K</font><font style="display: inline;color:#000000;"> for </font><font style="display: inline;color:#000000;">the year ended May 31, 2017, as such discussion may be amended or updated in other reports filed by us wi</font><font style="display: inline;color:#000000;">th the SEC</font><font style="display: inline;color:#000000;">, as well as the &#x201C;Risk Factors&#x201D; section in the applicable prospectus supplement</font><font style="display: inline;color:#000000;">. &nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">USE OF PROCEEDS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">All shares of common stock sold pursuant to this prospectus will be sold by the selling stockholders. We will not receive any </font><font style="display: inline;color:#000000;">of the </font><font style="display: inline;color:#000000;">proceeds from </font><font style="display: inline;color:#000000;">such </font><font style="display: inline;color:#000000;">sales.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font>

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

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</div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">SELLING STOCKHOLDERS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 6pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Information regarding selling stockholders, including their </font><font style="display: inline;color:#000000;">identities</font><font style="display: inline;color:#000000;">, the common stock to be registered on their behalf and the amounts to be sold by them, where applicable, will be set forth in a prospectus supplement, in a post-effective amendment, or in filings we make with the SEC under the Exchange Act that are incorporated by reference into this prospectus.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">DESCRIPTION OF PAYCHEX CAPITAL STOCK</font></p></td></tr></table></div>
		<p style="margin:0pt 3.6pt 12pt 0pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Our authorized capital stock consists of 600,000,000 shares of common stock, $0.01 par value. The following description of </font><font style="display: inline;color:#000000;">the material terms of </font><font style="display: inline;color:#000000;">our capital stock does not purport to be complete and is subject to, and qualified in its entirety by, our restated certifica</font><font style="display: inline;color:#000000;">te of incorporation and bylaws, </font><font style="display: inline;color:#000000;">which are exhibits to the registration statement of which this prospectus forms a part.</font>
		</p>
		<p style="margin:0pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">As of </font><font style="display: inline;color:#000000;">September 29</font><font style="display: inline;color:#000000;">, 2017, </font><font style="display: inline;color:#000000;">359,329,193 s</font><font style="display: inline;color:#000000;">hares of our common stock were outstanding.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">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;color:#000000;">H</font><font style="display: inline;color:#000000;">olders of our common stock </font><font style="display: inline;color:#000000;">are entitled to </font><font style="display: inline;color:#000000;">receive ratably any dividends our board of directors declares out of funds legally available for that purpose. If we liquidate, dissolve or wind up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities. Our common stock has no preemptive rights, conversion rights, or other subscription rights or redemption or sinking fund provisions.</font><font style="display: inline;font-family:Courier New;font-size:10pt;color:#000000;">&nbsp;</font>
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		<p style="margin:12pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Anti-Takeover Provisions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Some provisions of Delaware law, our restated certificate of incorporation and our bylaws</font><font style="display: inline;color:#000000;">, as amended, </font><font style="display: inline;color:#000000;">may have the effect of delaying, deferring or discouraging another party from acquiring control of us.</font>
		</p>
		<p style="margin:0pt 0pt 6pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Delaware Law</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">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 &#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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">our board of directors 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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;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 (excluding specified shares)</font><font style="display: inline;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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">on or subsequent to the date the person became an interested stockholder, our board of directors 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</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 6pt 54pt;text-indent: -27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">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 the interested stockholder</font><font style="display: inline;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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">any sale, lease, exchange, mortgage, transfer, pledge or other disposition, except proportionately, involving the interested stockholder of our or one of our majority-owned </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">5</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 6pt 54pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt"><font style="display: inline;color:#000000;">subsidiary&#x2019;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</font><font style="display: inline;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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">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 stockholde</font><font style="display: inline;color:#000000;">r</font><font style="display: inline;color:#000000;">; &nbsp;</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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">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</font><font style="display: inline;color:#000000;">; 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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;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 or any of our majority-owned subsidiaries</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">In general, Section 203 defines an &#x201C;interested stockholder&#x201D; 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</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Special Meetings</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">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;color:#000000;">,</font><font style="display: inline;color:#000000;"> or the Secretary at the request in writing of a majority of the board of directors or stockholders owning a majority of our issued and outstanding stock entitled to vote</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">Restated Certificate of Incorporation and Bylaw Provisions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Our restated certificate of incorporation and bylaws</font><font style="display: inline;color:#000000;"> as amended,</font><font style="display: inline;color:#000000;"> provide that:</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display: inline;color:#000000;">our board of directors or our stockholders are expressly authorized to amend, alter or repeal our bylaws</font><font style="display: inline;color:#000000;">;</font><font style="display: inline;color:#000000;"> 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:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-decoration:none;color:#000000;font-size:9.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> &#xB7;</font>
			</p>
		</td><td style="width:10pt;"><p style="width:10pt;width:10pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">we will indemnify officers and directors against losses </font><font style="display: inline;color:#000000;">that they may incur arising from </font><font style="display: inline;color:#000000;">investigations 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 6pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Transfer Agent and Registrar</font>
		</p>
		<p style="margin:0pt 0pt 12pt;background-color: #FFFFFF;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The transfer agent and registrar for our common stock </font><font style="display: inline;color:#000000;">is American Stock Transfer &amp; Trust Company, LLC. Its address is 6201 15th Avenue, Brooklyn, New York 11219</font><font style="display: inline;color:#000000;"> and its telephone number is 1-800-937-5449</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 6pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Listing</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Our common stock is listed on the NASDAQ Global Select Market under the symbol &#x201C;PAYX.&#x201D;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">PLAN OF DISTRIBUTION</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Shares of our common stock may be sold from time to time by selling stockholders, through public or private transactions at prevailing market prices or at privately negotiated prices, as described in the ap</font><font style="display: inline;color:#000000;">plicable prospectus supplement.</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">6</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">LEGAL MATTERS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Unless the applicable prospectus supplement indicates otherwise, the</font><font style="display: inline;color:#000000;"> validity of the </font><font style="display: inline;color:#000000;">common</font><font style="display: inline;color:#000000;"> stock </font><font style="display: inline;color:#000000;">offered by this prospectus </font><font style="display: inline;color:#000000;">will be passed upon for us by </font><font style="display: inline;color:#000000;">Nixon Peabody LLP</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">EXPERTS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The financial statements and management&#x2019;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&#x2019;s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the </font><font style="display: inline;color:#000000;">Annual Report on Form 10-K</font><font style="display: inline;color:#000000;"> for the year ended May 31, 2017 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">WHERE YOU CAN FIND MORE INFORMATION</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">We file annual, quarterly</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and current reports, proxy statements</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and other information with the SEC under the Exchange Act. You may read and copy any reports, statements</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> or other information on file at the SEC&#x2019;s public reference facility located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information regarding its public facilities. Our SEC filings, including the complete registration statement of which this prospectus is a part, are available to the public from commercial document retrieval services and also available at the Internet website maintained by the SEC at</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;font-style:italic;color:#0000FF;text-decoration:underline;">http://www.sec.gov</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;width:100%">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:uppercase;text-decoration:none;color:#000000;font-size:11pt;text-decoration:underline;text-align:center;vertical-align:baseline;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The SEC allows us to &#x201C;incorporate by reference&#x201D; the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings made with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act subsequent to the date of this registration statement until the selling stockholders listed herein sell all of the shares of our common stock registered under this prospectus or the offering is otherwise terminated:</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;;;padding:0pt 28pt 0pt 0pt;"> 1.</font>
			<font style="display: inline;color:#000000;">Our </font><font style="display: inline;color:#000000;">Annual Report on Form 10-K </font><font style="display: inline;color:#000000;">for the fiscal year ended </font><font style="display: inline;color:#000000;">May</font><font style="display: inline;color:#000000;"> 31, 201</font><font style="display: inline;color:#000000;">7</font><font style="display: inline;color:#000000;">, filed with the SEC on </font><font style="display: inline;color:#000000;">July 21</font><font style="display: inline;color:#000000;">, 201</font><font style="display: inline;color:#000000;">7</font><font style="display: inline;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:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;;;padding:0pt 28pt 0pt 0pt;"> 2.</font>
			<font style="display: inline;color:#000000;">The information specifically incorporated by reference into the </font><font style="display: inline;color:#000000;">Annual Report on Form 10-K</font><font style="display: inline;color:#000000;"> for th</font><font style="display: inline;color:#000000;">e fiscal year ended May 31, 2017</font><font style="display: inline;color:#000000;"> from our </font><font style="display: inline;color:#000000;">definitive proxy statement on Schedule 14A</font><font style="display: inline;color:#000000;">, f</font><font style="display: inline;color:#000000;">iled with the SEC on September 8, 2017</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">for our 2017</font><font style="display: inline;color:#000000;"> annual meeting of stockholders</font><font style="display: inline;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:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;;;padding:0pt 28pt 0pt 0pt;"> 3.</font>
			<font style="display: inline;color:#000000;">Our </font><font style="display: inline;color:#000000;">Quarterly Report on Form 10-Q</font><font style="display: inline;color:#000000;"> for the quarterly period ended August 31, 2017, filed with the SEC October 6, 2017;</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:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;;;padding:0pt 28pt 0pt 0pt;"> 4.</font>
			<font style="display: inline;color:#000000;">Our Current Report</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> on Form 8-K dated </font><font style="display: inline;color:#000000;">July 19, 2017</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">September 8, 2017</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">October 12, 2017</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">October 16, 2017</font><font style="display: inline;color:#000000;"> filed with the SEC on </font><font style="display: inline;color:#000000;">July 19</font><font style="display: inline;color:#000000;">, 2017</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">September 8, 2017</font><font style="display: inline;color:#000000;">, October 12, 2017</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">October 16, 2017</font><font style="display: inline;color:#000000;">, respectively</font><font style="display: inline;color:#000000;">;</font><font style="display: inline;color:#000000;"> and</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">7</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;;;padding:0pt 28pt 0pt 0pt;"> 5.</font>
			<font style="display: inline;color:#000000;">The description of our com</font><font style="display: inline;color:#000000;">mon stock contained in our </font><font style="display: inline;color:#000000;">Current Report on Form 8-K</font><font style="display: inline;color:#000000;"> dated October </font><font style="display: inline;color:#000000;">16</font><font style="display: inline;color:#000000;">, 2017, </font><font style="display: inline;color:#000000;">filed</font><font style="display: inline;color:#000000;"> with the SEC on October </font><font style="display: inline;color:#000000;">16</font><font style="display: inline;color:#000000;">, 2017.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">We are </font><font style="display: inline;color:#000000;">only incorporating certain portions of </font><font style="display: inline;color:#000000;">our proxy statement for our 2017</font><font style="display: inline;color:#000000;"> annual meeting of stockholders as described above and </font><font style="display: inline;color:#000000;">not incorporating by reference (i) any information furnished under items 2.02 or 7.01 (or corresponding information furnished under item 9.01 or included as an exhibit) in any current report on Form 8-K</font><font style="display: inline;color:#000000;"> &nbsp;o</font><font style="display: inline;color:#000000;">r (ii) any Form SD, that, in either case, we may file or furnish with the SEC, unless otherwise specified in such current report or in such form or in a particular prospectus supplement. The documents listed above or subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act in each year during which the offering made pursuant to this prospectus is in effect prior to the filing with the SEC of our Annual Report on Form 10-K covering such year shall cease to be incorporated by reference in this prospectus from and after the filing of such Annual Reports.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Any statement contained herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in any subsequently filed incorporated document modifies or supersedes such statement. Any statement contained in an incorporated document shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in any other subsequently filed incorporated document modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">This prospectus is part of a registration statement on Form S-3 filed with the SEC under the Securities Act. This prospectus does not contain all of the information set forth in the registration statement. You should read the registration statement for further information about </font><font style="display: inline;color:#000000;">Paychex</font><font style="display: inline;color:#000000;"> and our common stock.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Documents incorporated by reference are available from us, without charge, excluding all exhibits unless specifically incorporated by reference in the documents. You may obtain documents incorporated by reference in this prospectus by writing to us at the following address or by calling us at the telephone number listed below</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 3.6pt 0pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Paychex, Inc.</font>
		</p>
		<p style="margin:0pt 3.6pt 0pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">911 Panorama Trail South</font>
		</p>
		<p style="margin:0pt 3.6pt 0pt 27.35pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Rochester, New York 14625-2396</font><font style="display: inline;color:#000000;">&nbsp;</font><br /><font style="display: inline;color:#000000;">Attn: Corporate Secretary</font>
		</p>
		<p style="margin:0pt 3.6pt 12pt 27pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Telephone: (585) 385-6666</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">You should rely only on the information incorporated by reference or provided in this prospectus or any prospectus supplement. We have not authorized anyone else to provide you with different information. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front page of those documents.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">8</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;;font-size: 11pt"><font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="font-weight:bold;text-transform:none;text-decoration:none;display: inline;color:#000000;">INFORMATION NOT REQUIRED IN PROSPECTUS</font>
		</p>
		<p style="margin:0pt 0pt 12pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Item 14. Other Expenses of Issuance and Distribution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The following is a statement of the estimated expenses to be incurred and paid by the Company in connection with the issuance and distribution of the securities being registered.</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:27pt;">
			<tr>
				<td valign="top" style="width:360.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:113.20pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:360.90pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:113.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:360.90pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">SEC registration fee</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:113.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:360.90pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">Legal fees and expenses</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:113.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;**</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:360.90pt;border-bottom:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">Accounting fees and expenses</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:113.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;**</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:360.90pt;border-bottom:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="text-indent:0pt;margin-left:0pt; padding-right:288.5pt;"><font style="display: inline;color:#000000;">Miscellaneous</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;color:#000000;"></font></font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:113.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;**</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:360.90pt;border-bottom:1pt none #D9D9D9 ;height:16.64pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;width:113.20pt;height:16.64pt;padding:0pt 6.5pt">
					<p style="margin:0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;color:#000000;">$&nbsp;&nbsp;&nbsp;**</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">* &nbsp;</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">Because the amount to be registered consists of an unspecified amount of the securities as may from time to time be offered at indeterminate prices, in accordance with Rules 456(b) and 457(r)</font><font style="display: inline;color:#000000;"> under the Securities Act, the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;"> is deferring payment of the registration fee.</font>
		</p>
		<p style="margin:6pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">**</font><font style="display: inline;color:#000000;"> These fees and expenses </font><font style="display: inline;color:#000000;">are calculated based</font><font style="display: inline;color:#000000;"> on the securities offered and the number of issuances and accordingly</font><font style="display: inline;color:#000000;"> cannot be estimated at this time.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Item 15. Indemnification of Directors and Officers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Section 102(b) of the Delaware General Corporation Law authorizes a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to a corporation or its stockholders for monetary damages for breach or alleged breach of the director&#x2019;s &#x201C;duty of care.&#x201D; While this statute </font><font style="display: inline;color:#000000;">does</font><font style="display: inline;color:#000000;"> not change the directors&#x2019; duty of care, it enables corporations to limit available relief to equitable remedies such as injunction or rescission. The statute has no effect on a director&#x2019;s duty of loyalty or liability for acts or omissions not in good faith or involving intentional misconduct or knowing violations of law, illegal payment of dividends or stock redemptions or repurchases, or for any transaction from which the director derives an improper personal benefit. As permitted by the statute, the Company has adopted provisions in its restated certificate of incorporation which eliminate to the fullest extent permissible under Delaware law the personal liability of its directors to the Company and its stockholders for monetary damages for breach or alleged breach of their duty of care.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Section 145 of the General Corporation Law of the State of Delaware allows for the indemnification of officers, directors, employees</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and agents of a corporation. The bylaws of the Company</font><font style="display: inline;color:#000000;">, as</font><font style="display: inline;color:#000000;"> amended</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> provide for indemnification of its directors, officers, employees</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and agents to the full extent permitted by Delaware law, including those circumstances in which indemnification would otherwise be discretionary under Delaware law. The Company&#x2019;s bylaws also empower the Company to enter into indemnification agreements with its directors and officers and to purchase insurance on behalf of any person whom it is required or permitted to indemnify. The Company has entered into agreements with its directors and its executive officers that require the Company to indemnify such persons to the fullest extent permitted under Delaware law against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred (including expenses of a derivative action) in connection with any proceeding, whether actual or threatened, to which any such person may be made a party by reason of the fact that such person is or was a director or an executive officer of the Company or any of its affiliated enterprises. The indemnification agreements also set forth certain procedures that will apply in the event of a claim for indemnification thereunder. The Company intends to enter into indemnification agreements with any new directors and executive officers in the future.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">9</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;color:#000000;">Section 145 of the General Corporation Law of the State of Delaware </font><font style="display: inline;color:#000000;">gives Delaware corporations broad powers to indemnify their present and former directors and officers and those of affiliated corporations against expenses incurred in the defense of any lawsuit to which they are made parties by reason of being or having been such directors or officers, subject to specified conditions and exclusions; gives a director or officer who successfully defends an action the right to be so indemnified; and authorizes the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;"> to buy directors&#x2019; and officers&#x2019; liability insurance. Such indemnification is not exclusive of any other right to which those indemnified may be entitled under any bylaw, agreement, vote of stockholders</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> or otherwise.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The Company&#x2019;s </font><font style="display: inline;color:#000000;">b</font><font style="display: inline;color:#000000;">ylaws</font><font style="display: inline;color:#000000;">, as amended,</font><font style="display: inline;color:#000000;"> provide for indemnification to the fullest extent authorized by Section 145 of the General Corporation Law of Delaware for directors, officers</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and employees of the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;"> and also to persons who are serving at the request of the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;"> as directors, officers</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> or employees of other corporations (including subsidiaries); provided that, with respect to proceedings initiated by such indemnitee, indemnification shall be provided only if such proceedings were authorized by the Board of Directors. The right of indemnification is not exclusive of any other right which any person may acquire under any statute, bylaw, agreement, contract, vote of stockholders or otherwise.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The Company has entered into Indemnity Agreements with each of its officers and directors. The agreement alters or clarifies the statutory indemnity in the following respects: (i) indemnity is explicitly provided for settlements in derivative actions; (ii) the Company is obligated to advance a director&#x2019;s or officer&#x2019;s expenses of defending an action against him if the director or officer undertakes to repay such advances if he is ultimately found not to be entitled to indemnification or he is otherwise reimbursed for the expenses; (iii) indemnification is mandatory unless a determination is made that the director or officer has not met the required standard; (iv) the director or officer is permitted to petition a court to determine whether his actions met the standards required and the burden is placed on the </font><font style="display: inline;color:#000000;">Company</font><font style="display: inline;color:#000000;"> to prove that the director&#x2019;s and officer&#x2019;s conduct did not meet the required standard; and (v) partial indemnification is permitted in the event that the director or officer is not entitled to full indemnification.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Item 16.</font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:bold;color:#000000;"> Exhibits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27.35pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">A list of exhibits filed with this registration statement on Form S-3 is set forth on the Exhibit Index and is incorporated herein by reference</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Item 17. </font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font><font style="display: inline;font-weight:bold;color:#000000;">Undertakings.</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 0pt 0pt;">
				<font style="margin:0pt -0.2pt 12pt 0pt;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">undersigned</font><font style="display: inline;color:#000000;"> Registrant hereby undertakes:</font></p></td></tr></table></div>
		<p style="margin:0pt -0.2pt 12pt 49.5pt;text-indent: -22.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(1)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12.1pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">To file, </font><font style="display: inline;color:#000000;">during</font><font style="display: inline;color:#000000;"> any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:45pt;"><p style="width:45pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
				<font style="margin:0pt -0.2pt 12pt 0pt;font-family:Times New Roman;text-decoration:none;color:#000000;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> (i)</font>
			</p>
		</td><td style="width:6pt;"><p style="width:6pt;width:6pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
			<font style="display: inline;color:#000000;">To </font><font style="display: inline;color:#000000;">include</font><font style="display: inline;color:#000000;"> any prospectus required by Section 10(a)(3) of the Securities Act</font><font style="display: inline;color:#000000;"> of 1933</font><font style="display: inline;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:45pt;"><p style="width:45pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
				<font style="margin:0pt -0.2pt 12pt 0pt;font-family:Times New Roman;text-decoration:none;color:#000000;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> (ii)</font>
			</p>
		</td><td style="width:6pt;"><p style="width:6pt;width:6pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
			<font style="display: inline;color:#000000;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental </font><font style="display: inline;color:#000000;">change</font><font style="display: inline;color:#000000;"> in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#x201C;Calculation of Registration Fee&#x201D; table in the effective registration statement;</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">10</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:45pt;"><p style="width:45pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
				<font style="margin:0pt -0.2pt 12pt 0pt;font-family:Times New Roman;text-decoration:none;color:#000000;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> (iii)</font>
			</p>
		</td><td style="width:6pt;"><p style="width:6pt;width:6pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
			<font style="display: inline;color:#000000;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></p></td></tr></table></div>
		<p style="margin:0pt -0.2pt 12pt 49.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-style:italic;color:#000000;">provided, however, </font><font style="display: inline;color:#000000;">that paragraphs (i), (ii)</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and (iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</font>
		</p>
		<p style="margin:0pt -0.2pt 12pt 49.5pt;text-indent: -22.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(2)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12.1pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">That, for the purpose of determining any liability under the Securities Act</font><font style="display: inline;color:#000000;"> of 1933</font><font style="display: inline;color:#000000;">, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="display: inline;font-style:italic;color:#000000;">bona fide </font><font style="display: inline;color:#000000;">offering thereof.</font>
		</p>
		<p style="margin:0pt -0.2pt 12pt 49.5pt;text-indent: -22.5pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(3)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 12.1pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font>
		</p>
		<p style="margin:0pt -0.2pt 12pt 0pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(4)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 17.1pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">That, for the </font><font style="display: inline;color:#000000;">purpose</font><font style="display: inline;color:#000000;"> of determining liability under the Securities Act </font><font style="display: inline;color:#000000;">of 1933 </font><font style="display: inline;color:#000000;">to any purchaser:</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:48pt;"><p style="width:48pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
				<font style="margin:0pt -0.2pt 12pt 0pt;font-family:Times New Roman;text-decoration:none;color:#000000;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> (i)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
			<font style="display: inline;color:#000000;">Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; 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:48pt;"><p style="width:48pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
				<font style="margin:0pt -0.2pt 12pt 0pt;font-family:Times New Roman;text-decoration:none;color:#000000;font-size:11pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;;"> (ii)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt -0.2pt 12pt 0pt;">
			<font style="display: inline;color:#000000;">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act</font><font style="display: inline;color:#000000;"> of 1933 </font><font style="display: inline;color:#000000;">shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial </font><font style="display: inline;font-style:italic;color:#000000;">bona fide </font><font style="display: inline;color:#000000;">offering thereof. </font><font style="display: inline;font-style:italic;color:#000000;">Provided, however</font><font style="display: inline;color:#000000;">, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</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:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt 0pt 12pt;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-bottom:1pt none #D9D9D9;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt;">
			<font style="display: inline;color:#000000;">The undersigned Registrant hereby </font><font style="display: inline;color:#000000;">further </font><font style="display: inline;color:#000000;">undertakes that, for purposes of determining any liability under the</font><font style="display: inline;color:#000000;"> Securities Act</font><font style="display: inline;color:#000000;"> of 1933</font><font style="display: inline;color:#000000;">, each filing of the Registrant&#x2019;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act </font><font style="display: inline;color:#000000;">of 1934 </font><font style="display: inline;color:#000000;">(and, where applicable, each filing of an employee benefit plan&#x2019;s annual report pursuant to Section 15(d) of the Securities Exchange Act</font><font style="display: inline;color:#000000;"> of 1934</font><font style="display: inline;color:#000000;">) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="display: inline;font-style:italic;color:#000000;">bona fide </font><font style="display: inline;color:#000000;">offering thereof.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">11</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt 0pt 12pt;color:#000000;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-top:1pt none #D9D9D9;font-family:Times New Roman;font-size:11pt;;"> (c)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 11pt;margin:0pt;">
			<font style="display: inline;color:#000000;">Insofar as indemnification for liabilities arising under the Securities Act </font><font style="display: inline;color:#000000;">of 1933 </font><font style="display: inline;color:#000000;">may be permitted to directors, officers </font><font style="display: inline;color:#000000;">and controlling persons of the R</font><font style="display: inline;color:#000000;">egistrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the </font><font style="display: inline;color:#000000;">Securities and Exchange Commission</font><font style="display: inline;color:#000000;"> such indemnification is against public policy as expressed in the </font><font style="display: inline;color:#000000;">Securities </font><font style="display: inline;color:#000000;">Act</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or c</font><font style="display: inline;color:#000000;">ontrolling person of the R</font><font style="display: inline;color:#000000;">egistrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the </font><font style="display: inline;color:#000000;">Securities </font><font style="display: inline;color:#000000;">Act and will be governed by the final adjudication of such issue.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 27.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 27.35pt;font-family:Times New Roman;font-size: 11pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0.95pt 0pt 0pt 27pt;line-height:12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">12</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0.95pt 0pt 0pt 27pt;line-height:12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;font-weight:bold;color:#000000;">EXHIBIT INDEX</font>
		</p>
		<p style="margin:5.65pt 0pt 0.95pt 27pt;line-height:10.55pt;vertical-align:baseline;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:8.5pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:13.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:83.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:13.52%;border-bottom:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:10.5pt 0pt 0pt 3.6pt;line-height:9.7pt;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Exhibit N</font><font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">o.</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.70%;padding:0pt 6.5pt">
					<p style="margin:11.25pt 0pt 0pt;line-height:10.55pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:83.78%;border-bottom:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:11.25pt 5.4pt 0pt 0pt;line-height:10.55pt;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:9.5pt;">Description of Document</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:13.52%;border-top:1pt solid #000000 ;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3.1&nbsp;
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.70%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:83.78%;border-top:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<a href="http://www.sec.gov/Archives/edgar/data/723531/000095015204005452/l08538aexv3wa.txt" style="-sec-extract:exhibit"><font style="display: inline;">Restated Certificate of Incorporation, incorporated by reference from Exhibit 3(a) to the Company&#x2019;s Form 10-K filed with the Commission on July 20, 2004.</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:13.52%;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3.2&nbsp;
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.70%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:83.78%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<a href="http://www.sec.gov/Archives/edgar/data/723531/000095015206005992/l20831aexv3wb.txt" style="-sec-extract:exhibit"><font style="display: inline;">Bylaws, as amended, incorporated by reference from Exhibit 3(b) to the Company&#x2019;s Form 10-K filed with the Commission on July 21, 2006.</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:13.52%;padding:0pt 6.5pt">
					<p style="margin:6pt 8.1pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">5.1*</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.70%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:83.78%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<a href="payx-20171017xex5_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Opinion of Nixon Peabody LLP</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:13.52%;padding:0pt 6.5pt">
					<p style="margin:6pt 8.1pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">23.1*</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.70%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:83.78%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<a href="payx-20171017xex23_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:13.52%;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">23.2&nbsp;
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.70%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:83.78%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">Consent of </font><font style="display: inline;color:#000000;">Nixon Peabody LLP</font><font style="display: inline;color:#000000;"> (contained in Exhibit 5.1 hereto)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:13.52%;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">24.1&nbsp;
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:02.70%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:83.78%;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">Powers of Attorney (contained on signature page hereto)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:11.25pt 252pt 0pt 0pt;line-height:10.55pt;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;color:#000000;font-size:9.5pt;">____________________________</font>
		</p>
		<p style="margin:11.25pt 0pt 0pt;line-height:10.55pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;font-size:10pt;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;font-size:10pt;">*</font><font style="display: inline;color:#000000;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">Filed herewith</font>
		</p>
		<p style="margin:0pt 0pt 0pt 27pt;vertical-align:baseline;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;color:#000000;font-size:9.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">13</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;font-weight:bold;color:#000000;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">SIGNATURES</font><font style="display: inline;font-weight:bold;color:#000000;"> AND POWER OF ATTORNEY</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:27pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rochester, State of New York, on this </font><font style="display: inline;color:#000000;">17th</font><font style="display: inline;color:#000000;"> day of </font><font style="display: inline;color:#000000;">October</font><font style="display: inline;color:#000000;">, 2017.</font>
		</p>
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			<tr>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.78%;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:36.48%;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:57.76%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.78%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:36.48%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-weight:bold;">P</font><font style="display: inline;font-weight:bold;">AYCHEX, INC.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:57.76%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.78%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:36.48%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
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			<tr>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.78%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">By:</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:36.48%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;text-decoration:underline;">/s/Martin Mucci</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:57.76%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.78%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:36.48%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:57.76%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:05.78%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:36.48%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">Martin Mucci</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:57.76%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:05.78%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:36.48%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;color:#000000;">President and Chief Executive Officer</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:32.4pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">KNOWN ALL PERSONS BY THESE PRESENTS, that the individuals whose signature appears below hereby constitute and appoint </font><font style="display: inline;color:#000000;">Martin Mucci and Efrain Rivera</font><font style="display: inline;color:#000000;">, and each of them severally, as his or her true and lawful attorneys-in-fact and agents with full power of substitution and resubstitution for him or her and in his or her name, place, and stead in any and all capacities to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the </font><font style="display: inline;color:#000000;">Securities and Exchange Commission</font><font style="display: inline;color:#000000;">, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-facts and agents or any of them, or of his substitute or substitutes, may lawfully do to cause to be done by virtue hereof.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:32.4pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:109.6pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;color:#000000;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:6pt 3.6pt 0pt 0pt;text-indent:32.4pt;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Pursuant to the requirements of the Securities Act</font><font style="display: inline;color:#000000;"> of 1933</font><font style="display: inline;color:#000000;">, this registration statement has been signed by the following persons in the capacities </font><font style="display: inline;color:#000000;">and on the dates indicated.</font>
		</p>
		<p style="margin:6pt 3.6pt 0pt 0pt;text-indent:32.4pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:500.75pt;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:195.55pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;text-decoration:underline;">Signature</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;text-decoration:underline;">Title</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:101.45pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;text-decoration:underline;">Date</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:30.60pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;color:#000000;font-size:10pt;">/s/Martin Mucci</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:30.60pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="bottom" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:30.60pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">President and Chief Executive Officer, and Director (Principal Executive Officer)</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:30.60pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:30.60pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> &nbsp;October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Martin Mucci</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font></p>
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;color:#000000;font-size:10pt;">/s/Efrain Rivera</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Senior Vice President, Chief Financial Officer, and Treasurer (Principal Financial Officer)</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Efrain Rivera</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:13.00pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">/s/B. Thomas Golisano</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Chairman of the Board</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">B. Thomas Golisano</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&#xFEFF;</font></p>
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">/s/Thomas F. Bonadio</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Thomas F. Bonadio</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&#xFEFF;</font></p>
					<p style="margin:0pt 3.6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">/s/Joseph G. Doody</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;">
						&nbsp;</p>
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:23.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Joseph G. Doody</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr></table>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">14</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p>

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

		</p></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			&nbsp;

		</p>

</div>
		<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:500.75pt;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&#xFEFF;</font></p>
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">/s/David J. S. Flaschen</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:22.50pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">David J. S. Flaschen</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:27.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">/s/Phillip Horsley</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:27.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:27.90pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:27.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:27.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Phillip Horsley</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:28.35pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&#xFEFF;</font></p>
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">/s/Grant M. Inman</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:28.35pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:28.35pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:28.35pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:28.35pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Grant M. Inman</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:32.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">/s/Joseph M. Tucci</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:32.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:32.85pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:32.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:32.85pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;height:18.39pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Joseph M. Tucci</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:18.39pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:18.39pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:18.39pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:25.20pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">/s/Joseph Velli</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:25.20pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:25.20pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:25.20pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:25.20pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Joseph Velli</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:195.55pt;border-bottom:1pt solid #000000 ;height:25.65pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;color:#000000;font-size:10pt;"></font><br /><font style="display: inline;color:#000000;font-size:10pt;">/s/Kara Wilson</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:25.65pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td rowspan="2" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:176.85pt;height:25.65pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Director</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:13.45pt;height:25.65pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:101.45pt;height:25.65pt;padding:0pt 6.9pt;">
					<p style="margin:6pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<br /><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">October 17</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:195.55pt;border-top:1pt solid #000000 ;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Kara Wilson</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:13.45pt;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:13.45pt;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:101.45pt;height:13.90pt;padding:0pt 6.9pt;">
					<p style="margin:0pt 3.6pt 0pt 0pt;text-align:right;vertical-align:baseline;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;"></font><font style="display: inline;">15</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">

			<font style="display: inline;">

		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

			&nbsp;

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			&nbsp;

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			&nbsp;

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		<p style="margin:0pt;line-height:8pt;font-family:Times New Roman;font-size: 7pt">

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>payx-20171017xex5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.10.0.3-->
<!--Created on: 10/17/2017 4:30:40 PM-->
<html>
	<head>
		<title>
			Exhibit 5.1
		</title>
	</head>
	<body><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 0pt 8pt 27pt;vertical-align:baseline;font-family:Calibri;line-height:107.92%;font-size: 9pt">
			<a name="_GoBack"></a><font style="display: inline;color:#000000;font-size:9.5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Exhibit 5.1 </font>
		</p>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 8pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">[LETTERHEAD OF NIXON PEABODY LLP]</font>
		</p>
		<p style="margin:24pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">October&nbsp;17, 2017 </font>
		</p>
		<p style="margin:12pt 0pt 0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Paychex, Inc. </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">911 Panorama Trail South</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Rochester, New York 14625-2396</font>
		</p>
		<p style="margin:12pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Ladies and Gentlemen: </font>
		</p>
		<p style="margin:12pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">We have acted as counsel to Paychex, Inc., a Delaware corporation (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Company</font><font style="display: inline;font-size:10pt;">&#x201D;), in connection with the Registration Statement on Form S-3 (as amended or supplemented, the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Registration </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Statement</font><font style="display: inline;font-size:10pt;">&#x201D;) filed by the Company with the Securities and Exchange Commission (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Commission</font><font style="display: inline;font-size:10pt;">&#x201D;) on October 17, 2017 under the Securities Act of 1933, as amended (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Securities </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Act</font><font style="display: inline;font-size:10pt;">&#x201D;). The Registration Statement relates to the offer and resale, as set forth in the Registration Statement, any amendment thereto, the prospectus contained therein (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Prospectus</font><font style="display: inline;font-size:10pt;">&#x201D;) and any supplements to the Prospectus (each, a &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Prospectus Supplement</font><font style="display: inline;font-size:10pt;">&#x201D;), of an indeterminate number of shares (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Shares</font><font style="display: inline;font-size:10pt;">&#x201D;) of common stock, par value $0.01 per share, of the Company (the &#x201C;</font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Common Stock</font><font style="display: inline;font-size:10pt;">&#x201D;) by certain selling stockholders of the Company to be identified in one or more Prospectus Supplements. The Shares are being registered for offer and sale from time to time pursuant to Rule 415 under the Securities Act for unspecified proceeds.</font>
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		<p style="margin:12pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;font-size:10pt;">In connection with this opinion, we have examined and relied upon originals, or copies certified to our satisfaction, of such records, documents, certificates, opinions, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below, including, without limitation, the Registration Statement. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently sought to verify such matters. </font>
		</p>
		<p style="margin:12pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">In rendering this opinion, we have assumed the genuineness and authenticity of all signatures on original documents; the authenticity of all documents submitted to us as originals; the conformity to originals of all documents submitted to us as copies; the accuracy, completeness and authenticity of certificates of public officials; and the due authorization, execution and delivery of all documents where authorization, execution and delivery are prerequisites to the effectiveness of such documents. </font>
		</p>
		<p style="margin:12pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">In addition, with respect to any Shares included in a Prospectus Supplement that have not been issued as of the date hereof, we have assumed (a) the taking by the Board of Directors of the Company of all necessary corporate action to authorize and approve the issuance of such Shares, (b) that at the time immediately prior to the issuance of such Shares there will be sufficient shares of Common Stock authorized under the Company&#x2019;s organizational documents and not otherwise issued or reserved for issuance and (c) the due issuance and delivery of such Shares upon payment therefor (in an amount in excess of the par value thereof) in accordance with the applicable definitive agreement, contract or arrangement for distribution approved by the Board of Directors of the Company.</font>
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		<p style="margin:12pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Our opinion herein is expressed solely with respect to the General Corporation Law of the State of Delaware (the &#x201C;DGCL&#x201D;) as in effect on the date hereof. We express no opinion as to whether the laws of any particular jurisdiction, other than the DGCL, are applicable to the subject matter hereof. </font>
		</p>
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		</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:12pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;;font-size: 10pt"><font style="display: inline;font-size:10pt;">On the basis of the foregoing and in reliance thereon, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that the Shares are, or when issued will be, validly issued, fully paid and non-assessable. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the caption &#x201C;Legal Matters&#x201D; in the Prospectus included therein and any amendments thereof or supplements thereto. In giving such consent, we do not admit that any member of this firm is an &#x201C;expert&#x201D; within the meaning of the Securities Act or the rules and regulations of the Commission thereunder.</font>
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		<p style="margin:12pt 0pt 8pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">This opinion is limited to the matters stated herein, and no opinion or belief is implied or may be inferred beyond the matters expressly stated herein.&nbsp;&nbsp;This opinion is based upon currently existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to advise you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters or opinions set forth herein. </font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">Very truly yours,</font>
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			<font style="display: inline;font-size:8pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 3pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">/s/Nixon Peabody LLP</font>
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		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Nixon Peabody LLP</font>
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			<font style="display: inline;">&#xFEFF;</font>
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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>payx-20171017xex23_1.htm
<DESCRIPTION>EXHIBIT 23.1
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			Exhibit 23.1
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			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:10pt;">Exhibit 23.1</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;">Consent of Independent Registered Public Accounting Firm</font>
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			<font style="display: inline;font-family:Times New Roman;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">We hereby consent to the incorporation by reference in this Registration Statement on Form&nbsp;S</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#8209;3 of our report dated July 21, 2017 relating to the financial statements, financial statement schedule, and the effectiveness of internal control over financial reporting, which appears in Paychex, Inc.'s Annual Report on Form 10</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#8209;K for the year ended May 31, 2017.&nbsp;&nbsp;We also consent to the reference to us under the heading &#x201C;Experts&#x201D; in such Registration Statement.</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/PricewaterhouseCoopers LLP</font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Rochester, New York</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#FF0000;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">October 17, 2017</font>
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