DELUXE CORP — Director's Dealing 2008

Apr 29, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2008-04-27

Reporting Person: SCARFONE ANTHONY C (Sr. VP, General Counsel & Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-27	Common Stock	F	337	$21.10	Disposed	35758	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2010-01-22	Common Stock (3668)	3668	Direct
Common Stock Option	$16.42	2010-10-26	Common Stock (25925)	25925	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 (4800)	4800	Direct
Common Stock Option	$39.63	2012-04-27	Common Stock (4800)	4800	Direct
Common Stock Option	$26.58	2013-02-14	Common Stock (26100)	26100	Direct
Common Stock Option	$32.65	2014-02-13	Common Stock (45000)	45000	Direct
Common Stock Option	$22.52	2015-02-20	Common Stock (27400)	27400	Direct

Footnotes

F1: Transaction reflects withholding of shares to satisfy tax liabilities associated with vesting of restricted stock. Total ownership includes 13,100 shares of restricted stock.

F2: Restricted Stock Units were awarded on 1/22/08 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 2007 incentive compensation 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).