DELUXE CORP — Director's Dealing 2005

Sep 6, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2005-08-24

Reporting Person: ALEXANDER STUART (V.P., Investor Relations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-24	Common Stock	G	100	—	Disposed	20648	Direct
2005-08-24	Common Stock	G	100	—	Acquired	100	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2007-01-25	Common Stock (2422)	2422	Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (10800)	10800	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (11000)	11000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (1665)	1665	Direct
Common Stock Option	$39.63	2012-04-27	Common Stock (1665)	1665	Direct

Footnotes

F1: Gift to daughter who shares reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his daughter, and this report should not be deemed an admission that the reporting person is the beneficial owner of his daughter's shares for purposes of Section 16 or for any other purpose.

F2: Includes 684 shares of restricted stock and 247 shares acquired under the Company's Employee Stock Purchase Plan on August 1, 2005.

F3: 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.

F4: Options vest in three equal installments on the three succeeding anniversary dates of the date of grant, provided the holder remains an employee of the Company. Date entered reflects date on which first installment vests(ed).