DELUXE CORP — Director's Dealing 2005

Jan 27, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2005-01-25

Reporting Person: SCHULTE RICHARD L (Sr. V.P., President - SBS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-26	Restricted Stock Units	J	868	—	Disposed	0	Direct
2005-01-26	Common Stock	J	868	—	Acquired	15308	Direct
2005-01-26	Common Stock	F	335	$35.61	Disposed	14973	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-25	Restricted Stock Units	$0	A	5978	Acquired	2007-01-25	Common Stock (5978)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$22.91	2006-02-09	Common Stock (1000)	1000	Direct
Common Stock Option	$23.48	2007-01-31	Common Stock (4000)	4000	Direct
Common Stock Option	$25.20	2008-01-31	Common Stock (10000)	10000	Direct
Common Stock Option	$27.20	2009-01-29	Common Stock (10000)	10000	Direct
Common Stock Option	$20.00	2010-01-28	Common Stock (8333)	8333	Direct
Common Stock Option	$20.24	2008-01-26	Common Stock (25000)	25000	Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (30000)	30000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (30000)	30000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (4155)	4155	Direct

Footnotes

F1: Vesting of restricted stock units awarded on 1/26/04 under the Company's Stock Incentive Plan. Award of units resulted from an election to receive a portion of the holder's 2003 incentive compensation in restricted stock units in lieu of cash.

F2: Includes 267 shares acquired under the Company's Employee Stock Purchase Plan on August 2, 2004 and 854 shares of restricted stock.

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. Acquisition price is based on the closing price of the Company's common stock on date of grant.

F4: 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.