DELUXE CORP — Director's Dealing 2004

Aug 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-08-03

Reporting Person: MOSNER LAWRENCE J (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-03	Common Stock	G	2699	—	Disposed	134775	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Restricted Stock Units	9973	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$27.44	2009-01-04	Common Stock (80000)	80000	Direct
Common Stock Option	$20.38	2010-01-14	Common Stock (80000)	80000	Direct
Common Stock Option	$20.38	2010-01-14	Common Stock (42500)	42500	Direct
Common Stock Option	$19.09	2010-05-09	Common Stock (80000)	80000	Direct
Common Stock Option	$20.24	2008-01-26	Common Stock (150000)	150000	Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (180000)	180000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (200000)	200000	Direct
Common Stock Options	$42.35	2011-05-04	Common Stock (25000)	25000	Direct

Footnotes

F1: Restricted stock units were awarded on 1/26/04 (9,973 units) 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 2003 incentive compenstion in restricted stock units in lieu of cash.

F2: Includes 5,200 shares of restricted stock.

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