Paychex Founder & 10% Owner Files Form 144 to Sell $32.7M in Common Stock

Insider Filing Analysis: Form 144 Notice of Proposed Sale

Overview
On October 21, 2026, a Form 144 notice was filed on behalf of B. Thomas Golisano, founder and 10% shareholder of Paychex, Inc. ($PAYX), disclosing the intention to sell 295,857 shares of common stock through Merrill Lynch, Pierce, Fenner & Smith Incorporated. The aggregate market value of the proposed transaction is $32,674,447, representing an implied price of approximately $110.44 per share.

Transaction Details

• Securities to be Sold: 295,857 Common Shares
• Aggregate Market Value: $32,674,447
• Approximate Date of Sale: October 19, 2026
• Shares Outstanding: 357,600,000 (~0.08% of total shares outstanding)
• Acquisition Origin: Acquired on May 23, 1996, via private placement from Paychex for cash.

Past Three Months Activity
The filing reports significant prior selling activity through the B. Thomas Golisano Revocable Living Trust:

• September 28, 2026: 562,635 shares sold for gross proceeds of $56,212,863 (~$99.91/share).
• October 19, 2026: 295,857 shares sold for gross proceeds of $32,674,447 (~$110.44/share).

Significance Assessment
Given the insider's status as a 10% owner/founder and the combined gross value of over $88M in sales within the last month, this transaction carries High trading significance. While long-term founders periodically liquidate positions for estate planning and philanthropic purposes, the size of the dispositions represents notable market supply.