<SEC-DOCUMENT>0000723531-20-000021.txt : 20200507
<SEC-HEADER>0000723531-20-000021.hdr.sgml : 20200507
<ACCEPTANCE-DATETIME>20200408140519
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000723531-20-000021
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200408

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			CORRESP 1
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<a name="_GoBack"></a><font style="display: inline;font-size:11pt;">Paychex, Inc.</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">911 Panorama Trail South</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">Rochester, NY 14625</font>
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			<font style="display: inline;font-size:11pt;">(585) 385-6666</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">www.paychex.com</font>
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			<font style="display: inline;font-size:11pt;background-color:yellow;">&#xFEFF;</font>
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			<font style="display: inline;font-size:11pt;">April </font><font style="display: inline;font-size:11pt;">8,</font><font style="display: inline;font-size:11pt;"> 2020</font>
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			<font style="display: inline;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:11pt;">Securities and Exchange Commission</font>
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			<font style="display: inline;font-size:11pt;">100 F Street NE</font>
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			<font style="display: inline;font-size:11pt;">Washington, DC&nbsp;&nbsp;20549</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">Attn:&nbsp; </font><font style="display: inline;font-size:11pt;">Keira Nakada</font><font style="display: inline;font-size:11pt;"> and Rufus Decker</font><font style="display: inline;font-size:11pt;">, &nbsp;</font><font style="display: inline;font-size:11pt;">Division of Corporation Finance</font><font style="display: inline;font-size:11pt;">, Office of Trade &amp; Services</font>
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			<font style="display: inline;font-weight:bold;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;font-weight:bold;font-size:11pt;">RE:</font><font style="display: inline;font-weight:bold;font-size:11pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-weight:bold;font-size:11pt;">Paychex, Inc.</font>
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		<p style="margin:0pt 0pt 0pt 36pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;font-size:11pt;">Form 10-K for the </font><font style="display: inline;font-weight:bold;font-size:11pt;">Fiscal Y</font><font style="display: inline;font-weight:bold;font-size:11pt;">ear </font><font style="display: inline;font-weight:bold;font-size:11pt;">E</font><font style="display: inline;font-weight:bold;font-size:11pt;">nded May 31, 201</font><font style="display: inline;font-weight:bold;font-size:11pt;">9</font>
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			<font style="display: inline;font-weight:bold;font-size:11pt;">Filed July </font><font style="display: inline;font-weight:bold;font-size:11pt;">24, 2019</font>
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			<font style="display: inline;font-weight:bold;font-size:11pt;">File No. </font><font style="display: inline;font-weight:bold;font-size:11pt;">00</font><font style="display: inline;font-weight:bold;font-size:11pt;">0-11330</font>
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			<font style="display: inline;color:#000000;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;color:#000000;font-size:11pt;">Dear Ms. </font><font style="display: inline;color:#000000;font-size:11pt;">Nakada</font><font style="display: inline;color:#000000;font-size:11pt;"> and Mr. Decker</font><font style="display: inline;color:#000000;font-size:11pt;">: &nbsp;</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;color:#000000;font-size:11pt;">Paychex, Inc. (the &#x201C;Company&#x201D;) hereby responds to the comments of the Staff of the Securities and Exchange</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">Commission</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">(the &#x201C;Commission&#x201D;) in their letter dated </font><font style="display: inline;color:#000000;font-size:11pt;">March 18,</font><font style="display: inline;color:#000000;font-size:11pt;"> 2020</font><font style="display: inline;color:#000000;font-size:11pt;">, with respect to the above-referenced filing.&nbsp;&nbsp;For the convenience</font><font style="display: inline;color:#000000;font-size:11pt;">&nbsp;</font><font style="display: inline;color:#000000;font-size:11pt;">of the Staff, the Staff&#x2019;s comments are set forth below in bold type, followed by our response.</font>
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			<font style="display: inline;color:#000000;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;color:#000000;font-size:11pt;">We appreciate the comments made by the </font><font style="display: inline;color:#000000;font-size:11pt;">Commission and</font><font style="display: inline;color:#000000;font-size:11pt;"> will </font><font style="display: inline;color:#000000;font-size:11pt;">clarify or </font><font style="display: inline;color:#000000;font-size:11pt;">furthe</font><font style="display: inline;color:#000000;font-size:11pt;">r enhance</font><font style="display: inline;color:#000000;font-size:11pt;"> our disclosure</font><font style="display: inline;color:#000000;font-size:11pt;">s</font><font style="display: inline;color:#000000;font-size:11pt;"> in future filings</font><font style="display: inline;color:#000000;font-size:11pt;"> as noted </font><font style="display: inline;color:#000000;font-size:11pt;">in response to </font><font style="display: inline;color:#000000;font-size:11pt;">the following </font><font style="display: inline;color:#000000;font-size:11pt;">comments.</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:11pt;text-decoration:underline;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:11pt;text-decoration:underline;">Form 10-K for the Fiscal Year Ended May 31, 201</font><font style="display: inline;font-weight:bold;color:#000000;font-size:11pt;text-decoration:underline;">9</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:11pt;text-decoration:underline;">&#xFEFF;</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:11pt;text-decoration:underline;">C</font><font style="display: inline;font-weight:bold;color:#000000;font-size:11pt;text-decoration:underline;">onsolidated Financial Statements</font>
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			<font style="display: inline;font-weight:bold;font-size:11pt;text-decoration:underline;">Note B &#x2013; Service Revenue</font>
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			<font style="display: inline;font-weight:bold;font-size:11pt;text-decoration:underline;">Assets Recognized from the Costs to Obtain and Fulfill Contracts, Page 55</font>
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			<font style="display: inline;font-weight:bold;font-size:11pt;">&#xFEFF;</font>
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		<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="line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:0pt;">
				<font style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> 1.</font>
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			<p style="line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:0pt;">
			<font style="display: inline;font-weight:bold;font-size:11pt;color:#000000;">W</font><font style="display: inline;font-weight:bold;font-size:11pt;color:#000000;">e read your response to comment 2. Please also tell us and disclose your accounting policy for incremental costs of obtaining a contract renewal, including whether a commission paid for a renewal is commensurate with a commission paid on the initial contract, any material differences in the incremental costs capitalized for a contract renewal versus the initial contract and the amortization period for incremental costs capitalized upon obtaining a contract renewal. Refer to ASC 340-40-50-2 and Revenue Recognition Transition Resource Group Memo No. 23.</font></p></td></tr></table></div>
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			<font style="display: inline;font-size:11pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;color:#000000;">The Company&#x2019;s incremental costs to obtain a contract </font><font style="display: inline;font-size:11pt;color:#000000;">include</font><font style="display: inline;font-size:11pt;color:#000000;"> commissions paid upon the initial commencement of a contract with its clients.&nbsp; </font><font style="display: inline;font-size:11pt;color:#000000;">The Company&#x2019;s contracts generally do not contain</font><font style="display: inline;font-size:11pt;color:#000000;"> specified contract </font><font style="display: inline;font-size:11pt;color:#000000;">periods</font><font style="display: inline;font-size:11pt;color:#000000;"> and may be terminated by either party </font><font style="display: inline;font-size:11pt;color:#000000;">with 30-days&#x2019; notice of termination. </font><font style="display: inline;font-size:11pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:11pt;color:#000000;">As a result</font><font style="display: inline;font-size:11pt;color:#000000;">, the Company does not incur incremental costs </font><font style="display: inline;font-size:11pt;color:#000000;">related to</font><font style="display: inline;font-size:11pt;color:#000000;"> contract renewal</font><font style="display: inline;font-size:11pt;color:#000000;">s</font><font style="display: inline;font-size:11pt;color:#000000;">. T</font><font style="display: inline;font-size:11pt;color:#000000;">he</font><font style="display: inline;font-size:11pt;color:#000000;"> incremental</font><font style="display: inline;font-size:11pt;color:#000000;"> costs </font><font style="display: inline;font-size:11pt;color:#000000;">of</font><font style="display: inline;font-size:11pt;color:#000000;"> obtain</font><font style="display: inline;font-size:11pt;color:#000000;">ing a new </font><font style="display: inline;font-size:11pt;color:#000000;">contract</font><font style="display: inline;font-size:11pt;color:#000000;"> with a client</font><font style="display: inline;font-size:11pt;color:#000000;"> are capitalized </font><font style="display: inline;font-size:11pt;color:#000000;">if it is expected that the economic benefit and amortization period will be longer than one year. The Company&#x2019;s assets related to </font><font style="display: inline;font-size:11pt;color:#000000;">incremental </font><font style="display: inline;font-size:11pt;color:#000000;">costs to obtain contracts with clients are capitalized and </font><font style="display: inline;font-size:11pt;color:#000000;">amortized using an accelerated method to closely align with the pattern of client attrition over the estimated life of the client relationship.</font>
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			<font style="display: inline;font-size:11pt;color:#000000;">&#xFEFF;</font>
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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:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;font-size:11pt;">The Company will expand disclosures within &#x2018;Note B &#x2013; Service Revenue&#x2019; in future filings, beginning with our next required report under the Exchange Act after the Staff&#x2019;s comments have been resolved. The</font><font style="display: inline;font-size:11pt;"> revised</font><font style="display: inline;font-size:11pt;"> disclosure</font><font style="display: inline;font-size:11pt;">s</font><font style="display: inline;font-size:11pt;"> will read as follows</font><font style="display: inline;font-size:11pt;">:</font>
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			<font style="display: inline;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;font-style:italic;font-size:11pt;">&#x201C;</font><font style="display: inline;font-style:italic;color:#000000;font-size:11pt;">The Company&#x2019;s contracts generally </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">do not contain specified contract </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">periods</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;"> and may be terminated</font><font style="display: inline;font-style:italic;font-size:11pt;">&nbsp;</font><font style="display: inline;font-style:italic;text-decoration:line-through;font-size:11pt;">have a term of 30 days as they are cancellable at any time</font><font style="display: inline;font-style:italic;font-size:11pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:11pt;">by either party with 30-days&#x2019; notice of termination.&#x201D; </font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-style:italic;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;font-style:italic;font-size:11pt;">&#x201C;</font><font style="display: inline;font-style:italic;font-size:11pt;">The Company recognizes an asset for the incremental costs of obtaining a contract with a client if it is expected that the </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">economic benefit and</font><font style="display: inline;font-style:italic;font-size:11pt;"> amortization period will be longer than one year. </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">Incremental costs of obtaining a contract include only those </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">costs that are directly related</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;"> to</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">the acquisition of new contract</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">s</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">and </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">that would not have </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">been </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">incurred if the contract had not been obtained. </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">The Company does not incur incremental costs to </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">obtain a contract renewal</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">.</font><font style="display: inline;font-style:italic;font-size:11pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:11pt;">The Company determined that certain </font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">sales commissions and bonuses, including related fringe benefits</font><font style="display: inline;font-style:italic;font-size:11pt;text-decoration:underline;">,</font><font style="display: inline;font-style:italic;font-size:11pt;">&nbsp;</font><font style="display: inline;font-style:italic;text-decoration:line-through;font-size:11pt;">selling and commission costs</font><font style="display: inline;font-style:italic;font-size:11pt;">&nbsp;</font><font style="display: inline;font-style:italic;font-size:11pt;">meet the capitalization criteria under ASC Subtopic 340-40, &#x201C;Other Assets and Deferred Costs: Contracts with Customers&#x201D; (&#x201C;ASC 340-40&#x201D;).&#x201D; </font>
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			<font style="display: inline;font-size:11pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:11pt;">If you have any question</font><font style="display: inline;font-size:11pt;">s</font><font style="display: inline;font-size:11pt;">, or require additional information, please do not hesitate to</font><font style="display: inline;font-size:11pt;"> contact Robert Schrader</font><font style="display: inline;font-size:11pt;">, our Vice President and Controller,</font><font style="display: inline;font-size:11pt;"> at (585) 387-6543.</font>
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		<p style="margin:0pt 0pt 0pt 324pt;line-height:115%;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 324pt;line-height:115%;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">Sincerely,</font>
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		<p style="margin:0pt 0pt 0pt 324pt;line-height:115%;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 324pt;line-height:115%;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">/s/ Martin Mucci</font>
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		<p style="margin:0pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 324pt;line-height:115%;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">Martin Mucci</font>
		</p>
		<p style="margin:0pt 0pt 0pt 360pt;line-height:115%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-size:11pt;">President and Chief Executive Officer</font>
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