Paychex Founder & 10% Owner B. Thomas Golisano Files Form 144 to Sell $2.55M in Shares

Executive Summary

On October 23, 2026, B. Thomas Golisano, founder and 10% shareholder of Paychex, Inc. ($PAYX), filed a Form 144 notice disclosing the intent to sell 21,890 shares of common stock through Merrill Lynch. The aggregate market value of the proposed transaction is approximately $2,547,339, indicating an implied share price of $116.37.

Transaction Details

• Security: Common Stock
• Proposed Sale Date: October 22, 2026
• Shares to be Sold: 21,890
• Total Consideration: $2,547,339
• Original Acquisition: May 23, 1996, via private placement from Paychex in exchange for cash.
• Shares Outstanding: 357,600,000 (proposed sale represents <0.01% of outstanding float).

Prior 3-Month Activity

The filing discloses significant disposition activity by the B. Thomas Golisano Revocable Living Trust over the prior month:

• 09/28/2026: 562,635 shares for $56,212,863 gross proceeds
• 10/19/2026: 295,857 shares for $32,674,447 gross proceeds
• 10/20/2026: 14,747 shares for $1,661,839 gross proceeds
• 10/22/2026: 21,890 shares for $2,547,339 gross proceeds

Market & Governance Impact

While this specific tranche is modest relative to Paychex's market capitalization, it forms part of a broader ongoing monetization program by the company's founder, totaling roughly $93M in aggregate sales during the preceding 30 days. The rating is classified as Medium primarily due to the seller's status as a prominent 10% shareholder and the cumulative volume of recent divestments.