DELUXE CORP — Director's Dealing 2005

Sep 20, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2005-09-20

Reporting Person: SCHLAIS WARNER F (Sr. V.P. and CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-09-20	Common Stock	S	3849	$39.433	Disposed	8139	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2007-01-25	Common Stock (4071)	4071	Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (20000)	20000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (22500)	22500	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (2400)	2400	Direct
Common Stock Option	$39.63	2012-04-27	Common Stock (2610)	2610	Direct

Footnotes

F1: Includes 1,040 shares of restricted stock.

F2: Restricted Stock Units were awarded on 1/25/05 under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the second 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 2004 incentive compensation in restricted stock units in lieu of cash.

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