DELUXE CORP — Director's Dealing 2008

Feb 22, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2008-02-20

Reporting Person: WIDENER LUANN E (Sr. V.P., President SS & FS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-02-20	Common Stock	A	7000	—	Acquired	34889	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-02-20	Common Stock Option	$22.52	A	31300	Acquired	2015-02-20	Common Stock (31300)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2010-01-22	Common Stock (9889)	9889	Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (10000)	10000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (10000)	10000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (2870)	2870	Direct
Common Stock Option	$39.63	2012-04-27	Common Stock (4000)	4000	Direct
Common Stock Option	$26.58	2013-02-14	Common Stock (11600)	11600	Direct
Common Stock Option	$24.99	2013-03-01	Common Stock (10133)	10133	Direct
Common Stock Option	$32.65	2014-02-13	Common Stock (51500)	51500	Direct

Footnotes

F1: Total ownership includes 18,650 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 the date of grant, provided the holder remains an employee of the Company. Date entered reflects date on which first installment vests(ed).