FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Chesonis Algimantas K 		2. Issuer Name and Ticker or Trading Symbol

PAETEC Holding Corp. [ PAET ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Senior Vice President
(Last)          (First)          (Middle)

ONE PAETEC PLAZA, 600 WILLOWBROOK OFFICE PARK 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/25/2011
(Street)

FAIRPORT, NY 14450
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   11/25/2011     M    8114   A $2.16   425439   D  
 
Common Stock   11/25/2011     M    8764   A $1.85   434203   D  
 
Common Stock   11/25/2011     M    24669   A $3.39   458872   D  
 
Common Stock   11/25/2011     M    324   A $3.86   459196   D  
 
Common Stock   11/25/2011     M    11930   A $1.24   471126   D  
 
Common Stock   11/25/2011     M    324   A $1.37   471450   D  
 
Common Stock   11/25/2011     M    3500   A $1.28   474950   D  
 
Common Stock   11/25/2011     S (1)    57625   D $5.12   417325   D  
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)   $2.16   11/25/2011     M         324      (2) 3/15/2012   Common Stock   324   $ 0   0   D  
 
Employee Stock Option (right to buy)   $2.16   11/25/2011     M         7790      (3) 4/30/2012   Common Stock   7790   $ 0   0   D  
 
Employee Stock Option (right to buy)   $1.85   11/25/2011     M         649      (4) 3/15/2013   Common Stock   649   $ 0   0   D  
 
Employee Stock Option (right to buy)   $1.85   11/25/2011     M         8115      (5) 4/2/2013   Common Stock   8115   $ 0   0   D  
 
Employee Stock Option (right to buy)   $3.39   11/25/2011     M         324      (6) 3/20/2014   Common Stock   324   $ 0   0   D  
 
Employee Stock Option (right to buy)   $3.39   11/25/2011     M         24345    3/31/2009   3/31/2014   Common Stock   24345   $ 0   0   D  
 
Employee Stock Option (right to buy)   $3.86   11/25/2011     M         324      (7) 3/15/2015   Common Stock   324   $ 0   0   D  
 
Employee Stock Option (right to buy)   $1.24   11/25/2011     M         11930      (8) 12/29/2015   Common Stock   11930   $ 0   0   D  
 
Employee Stock Option (right to buy)   $1.37   11/25/2011     M         324      (9) 3/15/2016   Common Stock   324   $ 0   0   D  
 
Employee Stock Option (right to buy)   $1.28   11/25/2011     M         3500      (10) 3/2/2019   Common Stock   3500   $ 0   0   D  
 

Explanation of Responses:
( 1)  This transaction was executed in multiple trades at prices ranging from $5.12 to $5.13. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request by the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
( 2)  The option vested in four equal annual installments beginning on March 15, 2003.
( 3)  The option vested in four equal annual installments beginning on March 31, 2003.
( 4)  The option vested in four equal annual installments beginning on March 15, 2004.
( 5)  The option vested in four equal annual installments beginning on March 1, 2004.
( 6)  The option vested in four equal annual installments beginning on March 15, 2005.
( 7)  The option vested in four equal annual installments beginning on March 15, 2006.
( 8)  The option vested in four equal annual installments beginning on December 29, 2006.
( 9)  The option vested in four equal annual installments beginning on March 15, 2006.
( 10)  The option vested with respect to 3,500 shares in two equal annual installments beginning on March 2, 2010 and vested wtih respect to the remaining 3,500 shares on 11/15/2011.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Chesonis Algimantas K
ONE PAETEC PLAZA
600 WILLOWBROOK OFFICE PARK
FAIRPORT, NY 14450

Senior Vice President

Signatures
/s/ S. Shane Turley, Attorney-in-Fact 11/28/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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