DELUXE CORP — Director's Dealing 2010

Jan 25, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2010-01-22

Reporting Person: SCHRAM LEE J (Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-22	Common Stock	M	56945	—	Acquired	190293	Direct
2010-01-22	Common Stock	F	19824	$15.89	Disposed	170469	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-01-22	Restricted Stock Units	$0	M	56945	Disposed	2010-01-22	Common Stock (56945)	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
Common Stock Option	$22.52	2015-02-20	Common Stock (117400)	117400	Direct
Common Stock Option	$9.73	2016-02-18	Common Stock (165700)	165700	Direct

Footnotes

F1: Vesting and conversion into shares on a one-for-one basis of restricted stock units awarded on 1/22/08 under the Company's Stock Incentive Plan. Award of units resulted from an election to reeive a portion of the holder's 2007 incentive compensation in restricted stock units in lieu of cash. Total ownership includes 39,850 shares of restricted stock.

F2: 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).