DELUXE CORP — Director's Dealing 2003

Jun 4, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2003-06-03

Reporting Person: EILERS RONALD E (President and COO)

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 (30,000 shares at $20.38 per share), 1/26/01 (80,000 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 ten 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).