DELUXE CORP — Director's Dealing 2010

Jan 28, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2010-01-26

Reporting Person: Peterson Terry D (SVP & CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-01-26	Restricted Stock Units	$0	A	7786	Acquired	2012-01-26	Common Stock (7786)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11174	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$39.63	2012-04-27	Common Stock (2150)	2150	Direct
Common Stock Option	$26.58	2013-02-14	Common Stock (10800)	10800	Direct
Common Stock Option	$32.65	2014-02-13	Common Stock (15400)	15400	Direct
Common Stock Option	$22.52	2015-02-20	Common Stock (11700)	11700	Direct
Common Stock Option	$9.73	2016-02-18	Common Stock (16500)	16500	Direct

Footnotes

F1: Total ownership includes 3,650 shares of restricted stock.

F2: Restricted Stock Units were awarded on 1/26/2010 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 advance election by executive to receive a portion of his/her 2009 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).