DELUXE CORP — Director's Dealing 2008

Jan 24, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2008-01-22

Reporting Person: SCHRAM LEE J (Chief Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-22	Restricted Stock Units	$0	A	56945	Acquired	2010-01-22	Common Stock (56945)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	108339	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$23.50	2013-05-01	Common Stock (182000)	182000	Direct
Common Stock Option	$32.65	2014-02-13	Common Stock (193200)	193200	Direct

Footnotes

F1: Includes 85,888 shares of restricted stock.

F2: Restricted Stock Units wre 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 2007 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.

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).