DELUXE CORP — Director's Dealing 2004

Sep 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-09-15

Reporting Person: ODWYER MARY ANN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-15	Restricted Stock Units	J	429	$41.40	Acquired	1639	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$42.35	2011-05-04	Common Stock (1000)	1000	Direct

Footnotes

F1: Includes 667 shares of restricted stock.

F2: Represents restricted stock units received in lieu of directors' fees pursuant to the Company's Non-Employee Director Stock and Deferral Plan. The units will vest and be converted into shares of Common Stock on January 17, 2016.

F3: Options vest in three equal installments on the three succeeding anniversary dates of the date of grant, provided the holder remains a director of the Company. Date entered reflects date on which first installment vests(ed).