DELUXE CORP — Director's Dealing 2006

Nov 3, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2006-10-25

Reporting Person: Branham Leanne (Vice President, Fulfillment)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3064	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2007-01-25	Common Stock (2338)		Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (5500)		Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (5500)		Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (1530)		Direct
Common Stock Option	$39.63	2012-04-27	Common Stock (1700)		Direct
Common Stock Option	$26.58	2013-02-14	Common Stock (10800)		Direct

Footnotes

F1: Includes 2,265 shares of restricted stock.

F2: Restricted stock units were awarded on 1/25/2005 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 anniversary dates of the date of grant, provided the holder remains an employ of the Company. Date entered reflects date on which first installment vests(ed).