DELUXE CORP — Director's Dealing 2008

Sep 16, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2008-09-15

Reporting Person: Nachtsheim Stephen P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-09-15	Common Stock	J	1311	$14.87	Acquired	30348	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$44.32	2009-05-07	Common Stock (1000)	1000	Direct
Common Stock Option	$44.28	2010-04-29	Common Stock (1000)	1000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (1000)	1000	Direct
Common Stock Option	$39.63	2012-04-27	Common Stock (1000)	1000	Direct

Footnotes

F1: Shares acquired represent restricted stock units received in lieu of directors' fees pursuant to the Company's Non-Employee Director Stock and Deferral Plan. These units will convert to shares of Common Stock on deferred dates specified by the director. Total Direct ownership reported in column 5 includes 3,293 shares of restricted stock and 20,411 restricted stock units.

F2: Options vest in three equal installments on the three succeeding anniversary dates of the date of grant, provided the holder remains a director of the Company. Date entered reflects date on which first installment vests(ed).