DELUXE CORP — Director's Dealing 2005

Mar 2, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2005-03-01

Reporting Person: MOSNER LAWRENCE J (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-01	Common Stock	S	51000	$39.00	Disposed	114394	Direct
2005-03-01	Common Stock	S	100	$39.01	Disposed	114294	Direct
2005-03-01	Common Stock	S	200	$39.02	Disposed	114094	Direct
2005-03-01	Common Stock	S	200	$39.03	Disposed	113894	Direct
2005-03-01	Common Stock	S	3500	$39.05	Disposed	110394	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2007-01-25	Common Stock (45235)	45235	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: Includes 5,200 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 compenstion in restricted stock units in lieu of cash.

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).