PAYX insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Adam Ante Sr. Vice President, Paycor	1,762	$100.84	3.1%	54K	Oct 1, 2026	Oct 2, 2026
Ryan Bergstrom Chief Product Officer	1,393	$100.84	3.1%	43K	Oct 1, 2026	Oct 2, 2026

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Thomas Golisano 10% owner	562,635	$99.91	1.6%	35.12M	Sep 28, 2026	Sep 30, 2026

What stands out

Two directors bought shares: Joseph Doody (1K shares, $99K) and Tom Bonadio (1K shares, $98K). These are the first by current officers or directors since Mar 27, 2020.Joseph Doody: purchase, Feb 4, 2026 · Tom Bonadio: purchase, Feb 4, 2026

Martin Mucci (5.8% of holdings) sold $2.7M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, Jul 14, 2026

Selling rose in the last 90 days but the year remains well below the 5-year average: officers and directors sold 30K shares, against an average of 1.4K per 90 days earlier in the period. Most of it was Martin Mucci (25K shares in the last 90 days, 5.8% of holdings) and Christopher Simmons (2.6K shares in the last 90 days, 48% of holdings); 0% of these sales were under disclosed plans.Martin Mucci: largest recent sale, Jul 14, 2026 · Christopher Simmons: largest recent sale, Jul 17, 2026

Percentages cover 22 of 23 officers and directors. Left out: Joseph Tucci (holdings couldn't be fully reconciled). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is 100% of that person's own stake; not comparable between people. The stake is the vested shares held at the start of the period (Oct 9, 2025); the gold part is what they sold.

SoldRest of starting stakeAdded during the period

Martin Mucci

Director

Sold 5.8%, but 214K shares were added (mostly vesting), so the stake grew

5.8% · $2.7MNo plan disclosed

Joseph Tucci

Director

Sold $384K (plan status beside the amount). Share of stake not shown: holdings couldn't be fully reconciled. Why

$384KNo plan disclosed

Christopher Simmons

VP, Controller & Treasurer

48% · $303KNo plan disclosed

Robert Schrader

Sr. VP, CFO

13% · $299KNo plan disclosed

Elizabeth Roaldsen

Sr. Vice President

4.7% · $41KNo plan disclosed

Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

No plan disclosedOne dollar scale for every month; the tallest bar is labeled

Common questions

Is the Paychex CEO selling stock?

No. John Gibson reported no open-market sales in the past 12 months.

Why are Paychex insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Paychex insiders buying?

Yes. 2 officers or directors reported 2 purchases in the past 12 months (Form 4 code P, which includes private purchases).

How much of their stake did Paychex insiders sell?

Less than 0.1% overall. As a group they still hold 95% of their starting shares. The biggest individual seller, Martin Mucci, sold shares equal to 5.8% of starting holdings, but more shares were added, so the stake grew. That covers the 12 months to Oct 9, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold5 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Martin Mucci Director	$2.7M 25K shares	5.8%	No plan disclosed
Joseph Tucci Director	$384K 3.9K shares	i No percentage: holdings couldn't be fully reconciled.	No plan disclosed
Christopher Simmons VP, Controller & Treasurer	$303K 2.6K shares	48%	No plan disclosed
Robert Schrader Sr. VP, CFO	$299K 2.6K shares	13%	No plan disclosed
Elizabeth Roaldsen Sr. Vice President	$41K 459 shares	4.7%	No plan disclosed

The full ownership picture22 of 23 insiders fully reconciled · 23 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 9, 2025

Sold

Held Oct 9, 2026

Still held

Thomas Golisano

Minor difference of 9,390 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

10% owner

36.98M

35.13M

no sales

Vesting, gifts, unvested awards and holding lines for Thomas Golisano

0shares vested or exercised

−1.86Mgifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	36,942,634	35,091,288
Cynthia A. Golisano Irrevocable Trust U/A dtd 6/13/2005	Common Stock	41,277	37,884

Additional holdings last reported Dec 27, 2006, not confirmed since: 18,193 shares. Not included in any total or percentage on this page.

Spouse, Common Stock: 15,517 shares, last reported Dec 27, 2006
Spouse, Common Stock IRA: 2,677 shares, last reported Dec 27, 2006

Reconciliation: minor difference of 9,390 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Martin Mucci

Director

430K

−25K

440K

+2.2%

Vesting, gifts, unvested awards and holding lines for Martin Mucci

+214Kshares vested or exercised

−18Kgifted (net of own trusts)

−163Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	425,469	434,891
401(k)	Common Stock	5,003	5,003

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
179,191	$69.54	Jul 10, 2028	$8.2M
195,228	$85.46	Jul 9, 2029	$5.8M
195,428	$73.53	Jul 14, 2030	$8.1M
108,086	$112.67	Jul 14, 2031	$262K
3,299	$109.19	Oct 14, 2032	$19K
3,985	$120.86	Jul 14, 2033	$0
3,949	$121.63	Jul 14, 2034	$0
790	$140.68	Jul 14, 2035	$0
3,607	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

John Gibson

President and CEO

82K

81K

no sales

Vesting, gifts, unvested awards and holding lines for John Gibson

0shares vested or exercised

0gifted (net of own trusts)

−15Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	81,755	81,366

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
31,653	$69.54	Jul 10, 2028	$1.4M
34,165	$85.46	Jul 9, 2029	$1.0M
39,823	$73.53	Jul 14, 2030	$1.7M
26,547	$112.67	Jul 14, 2031	$64K
2,972	$125.00	Jan 14, 2032	$0
21,954	$115.00	Jul 14, 2032	$2K
20,485	$109.19	Oct 14, 2032	$121K
63,583	$120.86	Jul 14, 2033	$0
64,126	$121.63	Jul 14, 2034	$0
62,758	$140.68	Jul 14, 2035	$0
96,971	$110.00	Jul 14, 2036	$494K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Mark Bottini

Sr. VP of Sales

81K

no sales

Vesting, gifts, unvested awards and holding lines for Mark Bottini

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	79,360	79,360
401(k)	Common Stock	1,772	1,772
Direct	Common Stock ESPP	36	36

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
43,760	$60.84	Jul 5, 2026	$2.4M
113,318	$60.84	Jul 5, 2026	$6.1M
41,159	$57.24	Jul 11, 2027	$2.4M
31,653	$69.54	Jul 10, 2028	$1.4M
34,165	$85.46	Jul 9, 2029	$1.0M
39,823	$73.53	Jul 14, 2030	$1.7M
22,755	$112.67	Jul 14, 2031	$55K
17,563	$115.00	Jul 14, 2032	$2K
19,904	$120.86	Jul 14, 2033	$0
19,787	$121.63	Jul 14, 2034	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Joseph Velli

Director

79K

90K

no sales

Vesting, gifts, unvested awards and holding lines for Joseph Velli

+10Kshares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	78,619	89,564

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,615	$57.20	Jul 12, 2027	$557K
8,641	$70.37	Jul 11, 2028	$386K
7,929	$85.33	Jul 10, 2029	$236K
5,793	$73.53	Jul 14, 2030	$241K
5,075	$112.67	Jul 14, 2031	$12K
3,027	$115.00	Jul 14, 2032	$272
3,382	$120.86	Jul 14, 2033	$0
3,351	$121.63	Jul 14, 2034	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Adam Ante

Sr. Vice President, Paycor

60K

54K

no sales

Vesting, gifts, unvested awards and holding lines for Adam Ante

0shares vested or exercised

0gifted (net of own trusts)

−8.8Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	59,603	54,213

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
14,767	$140.68	Jul 14, 2035	$0
23,088	$110.00	Jul 14, 2036	$118K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Ryan Bergstrom

Chief Product Officer

46K

43K

no sales

Vesting, gifts, unvested awards and holding lines for Ryan Bergstrom

0shares vested or exercised

0gifted (net of own trusts)

−6.6Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	46,484	43,295

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
14,767	$140.68	Jul 14, 2035	$0
23,088	$110.00	Jul 14, 2036	$118K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Joseph Doody

Director

24K

26K

no sales

Vesting, gifts, unvested awards and holding lines for Joseph Doody

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	164	725
Joseph G. Doody Revocable Living Trust	Common Stock - Family Trust	23,758	23,922
Margaret Weiss Doody Revocable Living Trust	Common Stock - Family Trust	0	1,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,929	$85.33	Jul 10, 2029	$236K
5,793	$73.53	Jul 14, 2030	$241K
5,075	$112.67	Jul 14, 2031	$12K
3,027	$115.00	Jul 14, 2032	$272
3,382	$120.86	Jul 14, 2033	$0
3,351	$121.63	Jul 14, 2034	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Tom Bonadio

Director

20K

22K

no sales

Vesting, gifts, unvested awards and holding lines for Tom Bonadio

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	19,779	21,504

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
4,404	$61.47	Jan 14, 2027	$236K
9,615	$57.20	Jul 12, 2027	$557K
8,641	$70.37	Jul 11, 2028	$386K
7,929	$85.33	Jul 10, 2029	$236K
5,793	$73.53	Jul 14, 2030	$241K
5,075	$112.67	Jul 14, 2031	$12K
3,027	$115.00	Jul 14, 2032	$272
3,382	$120.86	Jul 14, 2033	$0
3,351	$121.63	Jul 14, 2034	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Robert Schrader

Minor difference of 17 shares. Difference is under 0.5% of holdings.

Sr. VP, CFO

20K

−2.6K

19K

96%

Vesting, gifts, unvested awards and holding lines for Robert Schrader

0shares vested or exercised

0gifted (net of own trusts)

−2.5Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	19,281	18,547
401(k)	Common Stock	322	339

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
16,519	$73.53	Jul 14, 2030	$687K
9,102	$112.67	Jul 14, 2031	$22K
7,684	$115.00	Jul 14, 2032	$692
8,846	$120.86	Jul 14, 2033	$0
4,237	$117.98	Oct 14, 2033	$0
18,322	$121.63	Jul 14, 2034	$0
18,458	$140.68	Jul 14, 2035	$0
29,553	$110.00	Jul 14, 2036	$150K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Reconciliation: minor difference of 17 shares. Difference is under 0.5% of holdings.

Pamela Joseph

New Form 3 filed 2018-05-01; earlier filings set aside.

Director

11K

12K

no sales

Vesting, gifts, unvested awards and holding lines for Pamela Joseph

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

New Form 3 filed 2018-05-01; earlier filings set aside.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	11,045	11,770

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,801	$70.37	Jul 11, 2028	$483K
7,929	$85.33	Jul 10, 2029	$236K
5,793	$73.53	Jul 14, 2030	$241K
5,075	$112.67	Jul 14, 2031	$12K
3,027	$115.00	Jul 14, 2032	$272
3,382	$120.86	Jul 14, 2033	$0
3,351	$121.63	Jul 14, 2034	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Elizabeth Roaldsen

Sr. Vice President

9.8K

−459

71%

Vesting, gifts, unvested awards and holding lines for Elizabeth Roaldsen

0shares vested or exercised

0gifted (net of own trusts)

−2.4Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	9,835	6,952

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
12,164	$120.86	Jul 14, 2033	$0
2,119	$117.98	Oct 14, 2033	$0
14,291	$121.63	Jul 14, 2034	$0
11,518	$140.68	Jul 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Kara Wilson

Director

7.5K

8.3K

no sales

Vesting, gifts, unvested awards and holding lines for Kara Wilson

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	7,529	8,254

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,615	$57.20	Jul 12, 2027	$557K
8,641	$70.37	Jul 11, 2028	$386K
7,929	$85.33	Jul 10, 2029	$236K
5,793	$73.53	Jul 14, 2030	$241K
5,075	$112.67	Jul 14, 2031	$12K
3,027	$115.00	Jul 14, 2032	$272
3,382	$120.86	Jul 14, 2033	$0
3,351	$121.63	Jul 14, 2034	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Chad Parodi

SVP, HCM, PEO & Insurance

6.7K

8.8K

no sales

Vesting, gifts, unvested awards and holding lines for Chad Parodi

0shares vested or exercised

0gifted (net of own trusts)

−647withheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	6,683	8,763

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
6,775	$119.72	Jan 14, 2034	$0
13,192	$121.63	Jul 14, 2034	$0
11,813	$140.68	Jul 14, 2035	$0
18,471	$110.00	Jul 14, 2036	$94K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Christopher Simmons

VP, Controller & Treasurer

5.4K

−2.6K

3.3K

61%

Vesting, gifts, unvested awards and holding lines for Christopher Simmons

0shares vested or exercised

0gifted (net of own trusts)

−1.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	5,427	3,290

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
4,391	$115.00	Jul 14, 2032	$395
4,589	$120.86	Jul 14, 2033	$0
1,960	$117.98	Oct 14, 2033	$0
7,145	$121.63	Jul 14, 2034	$0
7,310	$140.68	Jul 14, 2035	$0
11,082	$110.00	Jul 14, 2036	$56K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Beaumont Vance

Sr VP Data, Analytics, and AI

4.4K

no sales

Vesting, gifts, unvested awards and holding lines for Beaumont Vance

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	4,421	4,421

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,174	$122.45	Apr 14, 2034	$0
14,291	$121.63	Jul 14, 2034	$0
11,518	$140.68	Jul 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Mason Argiropoulos

Minor difference of 152 shares. Small increase from an employee stock purchase plan. Small increase from an employee stock purchase plan.

VP, Chief HR Officer

3.6K

5.5K

no sales

Vesting, gifts, unvested awards and holding lines for Mason Argiropoulos

0shares vested or exercised

0gifted (net of own trusts)

−465withheld by the company for taxes

none reportedunvested awards, start → end

Small increase from an employee stock purchase plan. Filing 1 Filing 2 Filing 3

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	3,502	5,219
Direct	Common Stock ESPP	95	247

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,006	$122.45	Apr 14, 2034	$0
11,909	$121.63	Jul 14, 2034	$0
11,075	$140.68	Jul 14, 2035	$0
14,777	$110.00	Jul 14, 2036	$75K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Reconciliation: minor difference of 152 shares. Small increase from an employee stock purchase plan.

Joseph Tucci

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: -64,013 shares on Oct 15, 2025 (Direct). See the filing Sales and other transactions for Joseph Tucci are complete.

Director

n/a

−3.9K

n/a

Vesting, gifts, unvested awards and holding lines for Joseph Tucci

+10Kshares vested or exercised

0gifted (net of own trusts)

−6.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: -64,013 shares on Oct 15, 2025 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	3,351	3,351

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,615	$57.20	Jul 12, 2027	$557K
8,641	$70.37	Jul 11, 2028	$386K
7,929	$85.33	Jul 10, 2029	$236K
5,793	$73.53	Jul 14, 2030	$241K
5,075	$112.67	Jul 14, 2031	$12K
3,027	$115.00	Jul 14, 2032	$272
3,382	$120.86	Jul 14, 2033	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Kevin Price

Director

3.2K

no sales

Vesting, gifts, unvested awards and holding lines for Kevin Price

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	3,226	3,951

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,075	$112.67	Jul 14, 2031	$12K
3,027	$115.00	Jul 14, 2032	$272
3,382	$120.86	Jul 14, 2033	$0
3,351	$121.63	Jul 14, 2034	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Jason Rose

SVP, Digital Sales & Marketing

no sales

Vesting, gifts, unvested awards and holding lines for Jason Rose

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	2,756	2,756
401(k)	Common Stock	26	26
Direct	Common Stock ESPP	187	187

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,059	$142.30	Oct 14, 2034	$0
9,598	$140.68	Jul 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Theresa Payton

Director

2.1K

2.8K

no sales

Vesting, gifts, unvested awards and holding lines for Theresa Payton

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	2,075	2,800

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,082	$120.86	Jul 14, 2033	$0
3,351	$121.63	Jul 14, 2034	$0
670	$140.68	Jul 14, 2035	$0
3,061	$127.52	Oct 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Prabha Bhandari

Chief Legal Officer, Secretary

1.9K

1.7K

no sales

Vesting, gifts, unvested awards and holding lines for Prabha Bhandari

0shares vested or exercised

0gifted (net of own trusts)

−282withheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	1,946	1,664

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,558	$121.63	Jul 14, 2034	$0
7,383	$140.68	Jul 14, 2035	$0

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

Michael Hansen

Started reporting during the period; starting holdings are from the Form 3.

Director

624

no sales

Vesting, gifts, unvested awards and holding lines for Michael Hansen

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 9, 2025	Oct 9, 2026
Direct	Common Stock	624	624

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,435	$111.18	Jan 18, 2036	$10K

Estimate: options held × ($115.09 − strike price), using the most recent insider trade price on Form 4 (Jul 20, 2026), not a market close.

22 of 23 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (19 exactly, 3 with a minor or footnoted difference). For 1 we show sales but not holdings; the ! icon on that row explains why. Percentages cover 22 of 23 officers and directors. Left out: Joseph Tucci (holdings couldn't be fully reconciled). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$3.8M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $3.8M across 34,581 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $3.8M

Sales with no 10b5-1 plan and no tax reference in the filing. $2.7M of it is Martin Mucci. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Martin Mucci, Jul 14, 2026

Taxes

207,402 shares ($22.6M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 2 buyers (2 trades)

2 officers and directors bought shares in this period, in 2 trades(Form 4 code P). Across all their filings on record there are 10 purchase trades.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Martin Mucci Director	25K	$2.7M	0%	73%	Jul 14, 2026 to Jul 14, 2026
Joseph Tucci Director	3.9K	$384K	0%	10%	Jun 26, 2026 to Jun 26, 2026
Christopher Simmons VP, Controller & Treasurer	2.6K	$303K	0%	8%	Jul 17, 2026 to Jul 17, 2026
Robert Schrader Sr. VP, CFO	2.6K	$299K	0%	8%	Jul 20, 2026 to Jul 20, 2026
Elizabeth Roaldsen Sr. Vice President	459	$41K	0%	1%	May 13, 2026 to May 13, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$0	$0	$0	$0
Apr 2026	$0	$0	$0	$0
May 2026	$41K	$0	$0	$41K
Jun 2026	$384K	$0	$0	$384K
Jul 2026	$3.4M	$0	$0	$3.4M
Aug 2026	$0	$0	$0	$0
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about one-fifteenth of the 5-year average. 5 insiders sold; the average is 9 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 9, 2026 Latest 12 months	35K	5	$3.8M
Oct 9, 2025 1 year earlier	210K	7	$30.6M
Oct 9, 2024 2 years earlier	387K	8	$47.2M
Oct 10, 2023 3 years earlier	282K	8	$33.8M
Oct 10, 2022 4 years earlier	443K	9	$56.9M
Oct 10, 2021 5 years earlier	1.39M	11	$132M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty1 insider whose holdings couldn't be fully reconciled

Joseph Tucci: holdings couldn't be fully reconciled (difference of -725 shares). Balance changed with no matching transaction and no footnote: -64,013 shares on Oct 15, 2025 (Direct). Filing, Oct 15, 2025

Thomas Golisano: minor difference of 9,390 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Robert Schrader: minor difference of 17 shares. Difference is under 0.5% of holdings.

Mason Argiropoulos: minor difference of 152 shares. Small increase from an employee stock purchase plan.

Inferred rename: "Inman Family Partners, LLC Sub-Fund" is treated as the same holder as "Inman Family Partners, LLC Sub-Fund 1", because the old name was never reported again and the new one opened with the same balance (48,606 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology995 filings from SEC EDGAR, and how we read them

All 995 Forms 3, 4 and 5 filed for Paychex (SEC CIK 723531) from Jul 11, 2003 to Oct 2, 2026, retrieved from SEC EDGAR on Oct 9, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (33)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Michael Gioja	Apr 7, 2025	23,983 shares, last reported balance as of Apr 3, 2025
David Flaschen	Aug 6, 2024	51,302 shares, last reported balance as of Aug 24, 2024
Stephanie Schaeffer	Jul 18, 2023	71,071 shares, last reported balance as of Jul 15, 2023
Efrain Rivera	Jul 18, 2023	86,136 shares, last reported balance as of Jul 17, 2023
Karen Saunders-McClendon	Jul 18, 2023	7,895 shares, last reported balance as of Jul 15, 2023
Laurie Zaucha	Jul 17, 2020	53,717 shares, last reported balance as of Jul 15, 2020
Jennifer Vossler	Jul 9, 2019	20,363 shares, last reported balance as of Jul 6, 2019
Grant Inman	Jul 26, 2018	223,749 shares, last reported balance as of Jul 26, 2018
Phillip Horsley	Sep 11, 2017	110,090 shares, last reported balance as of Sep 7, 2017
Kevin Hill	Oct 22, 2013	27,433 shares, last reported balance as of Oct 21, 2013
John Morphy	Jul 15, 2011	78,612 shares, last reported balance as of Jul 13, 2011
Rebecca Bernson	Jun 2, 2011	No balance on record
Delbert Humenik	Sep 30, 2010	12,181 shares, last reported balance as of Sep 28, 2010
Jonathan Judge	Aug 4, 2010	151,871 shares, last reported balance as of Aug 2, 2010
William Kuchta	Jul 9, 2010	33,643 shares, last reported balance as of Jul 7, 2010
Walter Turek	Jul 2, 2009	283,473 shares, last reported balance as of Jul 1, 2009
Melinda Janik	Jul 14, 2008	8,916 shares, last reported balance as of Jul 10, 2008
Robert Sebo	Jul 17, 2006	3,181,361 shares, last reported balance as of Jul 13, 2006
Daniel Canzano	Jul 6, 2006	27,502 shares, last reported balance as of May 31, 2006
Lynn Miley	Jul 6, 2006	1,166 shares, last reported balance as of May 31, 2006
Elizabeth Vickery	Jul 6, 2006	27,086 shares, last reported balance as of May 31, 2006
Clifford Gibson	Apr 14, 2006	11,513 shares, last reported balance as of Apr 13, 2006
Martin Stowe	Apr 7, 2006	667 shares, last reported balance as of Apr 7, 2006
Brad Flipse	Feb 3, 2006	1 shares, last reported balance as of Feb 3, 2006
Thomas Clark	Dec 1, 2005	319,860 shares, last reported balance as of Nov 22, 2005
Michael McCarthy	Oct 4, 2005	22,403 shares, last reported balance as of Oct 3, 2005
Diane Rambo	Jul 11, 2005	18,461 shares, last reported balance as of Jul 7, 2005
Anthony Tortorella	Jul 11, 2005	8,193 shares, last reported balance as of Jul 7, 2005
Leonard Redon	Jul 11, 2005	721 shares, last reported balance as of Jul 7, 2005
Steven Beauchamp	Jul 11, 2005	83 shares, last reported balance as of Jul 7, 2005
Betsy Atkins	Jul 9, 2004	No balance on record
Kathleen Browne	Jul 9, 2004	784 shares, last reported balance as of Jul 8, 2004
Vincent Tarquin	Jan 9, 2004	No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Paychex insiders sold $3.8M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the Paychex CEO selling stock?

Why are Paychex insiders selling?

Are any Paychex insiders buying?

How much of their stake did Paychex insiders sell?

The evidence

No plan disclosed · $3.8M

Taxes

Purchases · 2 buyers (2 trades)

Sales by month