DELUXE CORP — Director's Dealing 2012

Feb 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2012-02-16

Reporting Person: Koldenhoven Lynn (SVP, Direct Checks)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-16	Common Stock Option	$25.45	A	12300	Acquired	2019-02-16	Common Stock (12300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10656	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2014-01-24	Common Stock (5119)	5119	Direct
Common Stock Option	$39.63	2012-04-27	Common Stock (1013)	1013	Direct
Common Stock Option	$26.58	2013-02-14	Common Stock (7000)	7000	Direct
Common Stock Option	$32.65	2014-02-13	Common Stock (15400)	15400	Direct
Common Stock Option	$22.52	2015-02-20	Common Stock (14000)	14000	Direct
Common Stock Option	$9.73	2016-02-18	Common Stock (16500)	16500	Direct
Common Stock Option	$18.28	2017-02-17	Common Stock (13300)	13300	Direct
Common Stock Option	$25.59	2018-02-16	Common Stock (12600)	12600	Direct

Footnotes

F1: Total ownership includes 552 shares purchased under the Employee Stock Purchase Plan on 1/31/2012.

F2: Restricted Stock Units were awarded on 1/24/2012 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 2011 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 vess(ed).