DELUXE CORP — Director's Dealing 2003

Aug 19, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2003-08-15

Reporting Person: EILERS RONALD E (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-15	Common Stock	M	26667	$20.24	Acquired	60415.12	Direct
2003-08-15	Common Stock	S	17387	$42.85	Disposed	43028.12	Direct
2003-08-15	Common Stock	F	4567	$42.85	Disposed	38461.12	Direct
2003-08-18	Common Stock	M	15000	$20.38	Acquired	53461.12	Direct
2003-08-18	Common Stock	S	477	$43.35	Disposed	52984.12	Direct
2003-08-18	Common Stock	S	6600	$43.27	Disposed	46384.12	Direct
2003-08-18	Common Stock	F	2595	$43.28	Disposed	43789.12	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-15	Options (right to buy)	$20.24	M	26667	Disposed	2008-01-26	Common Stock (26667)	Direct
2003-08-18	Options (right to buy)	$20.38	M	15000	Disposed	2010-01-14	Common Stock (15000)	Direct

Footnotes

F1: The reporting person also owns 7,559 restricted stock units that were awarded on 1/27/03 under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the anniversary of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through such date. Award results from an election to receive a portion of the holder's 2002 incentive compensation in restricted stock units in lieu of cash.

F2: Options were granted on 1/4/99 (30,000 shares at $27.44 per share), 1/14/00 (15,000 shares at $20.38 per share), 1/26/01 (35,666 shares at $20.24 per share), 3/13/02 (110,000 shares at $47.67 per share) and 3/10/03 (110,000 shares at $38.54 per share). Options granted prior to 1/1/01 have a term of 10 years from the date of grant and options granted after 1/1/01 have terms of seven years. One-third of the options vest and become exercisable in equal installments 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. The options also include reload options granted in connection with stock swap exercises (5,616 at $30.3029) which options are vested and expire 10 years from the date of the original option grant (1,081 on 12/11/04 and 4,535 on 2/9/06).