DELUXE CORP — Director's Dealing 2003

Nov 13, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2003-11-12

Reporting Person: MOSNER LAWRENCE J (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-12	Common Stock	M	71545	$25.20	Acquired	170465	Direct
2003-11-12	Common Stock	F	9056	$41.11	Disposed	161409	Direct
2003-11-12	Common Stock	S	7500	$41.30	Disposed	153909	Direct
2003-11-12	Common Stock	S	400	$41.26	Disposed	153509	Direct
2003-11-12	Common Stock	S	100	$41.25	Disposed	153409	Direct
2003-11-12	Common Stock	S	400	$41.23	Disposed	153009	Direct
2003-11-12	Common Stock	S	2700	$41.20	Disposed	150309	Direct
2003-11-12	Common Stock	S	200	$41.19	Disposed	150109	Direct
2003-11-12	Common Stock	S	1100	$41.18	Disposed	149009	Direct
2003-11-12	Common Stock	S	900	$41.17	Disposed	148109	Direct
2003-11-12	Common Stock	S	200	$41.16	Disposed	147909	Direct
2003-11-12	Common Stock	S	1700	$41.15	Disposed	146209	Direct
2003-11-12	Common Stock	S	500	$41.14	Disposed	145709	Direct
2003-11-12	Common Stock	S	2500	$41.13	Disposed	143209	Direct
2003-11-12	Common Stock	S	1200	$41.12	Disposed	142009	Direct
2003-11-12	Common Stock	S	1300	$41.11	Disposed	140709	Direct
2003-11-12	Common Stock	S	2800	$41.10	Disposed	137909	Direct
2003-11-12	Common Stock	S	3700	$41.09	Disposed	134209	Direct
2003-11-12	Common Stock	S	2400	$41.08	Disposed	131809	Direct
2003-11-12	Common Stock	S	1100	$41.07	Disposed	130709	Direct
2003-11-12	Common Stock	S	3000	$41.06	Disposed	127709	Direct
2003-11-12	Common Stock	S	3000	$41.05	Disposed	124709	Direct
2003-11-12	Common Stock	S	4300	$41.04	Disposed	120409	Direct
2003-11-12	Common Stock	S	2000	$41.03	Disposed	118409	Direct
2003-11-12	Common Stock	S	700	$41.02	Disposed	117709	Direct
2003-11-12	Common Stock	S	800	$41.01	Disposed	116909	Direct
2003-11-12	Common Stock	S	1400	$41.00	Disposed	115509	Direct
2003-11-12	Common Stock	S	300	$40.99	Disposed	115209	Direct
2003-11-12	Common Stock	S	1200	$40.98	Disposed	111409	Direct
2003-11-13	Common Stock	S	3169	$41.13	Disposed	108240	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-12	Options (right to buy)	$25.20	M	71545	Disposed	2008-01-30	Common Stock (71545)	Direct

Footnotes

F1: Reflects additional sales transacted on 11/12/2003 as follows: 400 shares at $40.97; 400 shares at $40.95; 200 shares at $40.94; 600 shares at $40.92 and 1,000 shares at $40.90.

F2: Options were granted under the Company's Stock Incentive Plan on 1/4/99 (80,000 shares at $27.44 per share), 1/14/00 (80,000 shares at $20.38 per share),1/14/00 (42,500 shares at $20.38 per share), 5/9/00 (80,000 shares at $19.09 per share), 1/26/01 (150,000 shares at $20.24 per share), 3/14/02 (180,000 shares at $47.67 per share) and 3/10/03 (200,000 shares at $38.54 per share). Options granted prior to 1/1/01 have a term of ten years, and options granted after 1/1/01 have seven year terms. With the exception of the 42,500 share option grant on 1/14/2000 (which vested in its entirety based on achievement of performance metrics), one-third of each option grant vests and becomes exercisable on each of the three succeeding anniversaries of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through such dates.