DELUXE CORP — Director's Dealing 2003

Aug 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: SCARFONE ANTHONY C (Sr. VP, General Counsel & Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-15	Common Stock	M	9000	$16.42	Acquired	13048	Direct
2003-08-15	Common Stock	S	580	$42.84	Disposed	12468	Direct
2003-08-15	Common Stock	S	400	$42.75	Disposed	12068	Direct
2003-08-15	Common Stock	S	2000	$42.60	Disposed	10068	Direct
2003-08-15	Common Stock	S	1400	$42.50	Disposed	8668	Direct
2003-08-15	Common Stock	S	35	$42.54	Disposed	8633	Direct
2003-08-15	Common Stock	F	1808	$42.61	Disposed	6825	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-15	Options (right to buy)	$16.42	M	9000	Disposed	2010-10-26	Common Stock (9000)	Direct

Footnotes

F1: The reporting person also owns 3,290 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 10/26/00 (25,925 shares at $16.42 per share), 3/14/02 (30,000 shares at $47.67 per share) and 3/10/03 (30,000 shares at $38.54 per share). Option 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 seven-year terms. 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.