DELUXE CORP — Director's Dealing 2014

Aug 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2014-08-11

Reporting Person: SCARFONE ANTHONY C (Sr. VP, General Counsel & Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-11	Common Stock	M	13900	$22.52	Acquired	46867	Direct
2014-08-11	Common Stock	M	15500	$18.28	Acquired	62367	Direct
2014-08-11	Common Stock	F	18568	$57.14	Disposed	43799	Direct
2014-08-12	Common Stock	S	900	$57.00	Disposed	42899	Direct
2014-08-13	Common Stock	S	10000	$57.22	Disposed	32899	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-11	Common Stock Option	$22.52	M	13900	Disposed	2015-02-20	Common Stock (13900)	Direct
2014-08-11	Common Stock Option	$18.28	M	15500	Disposed	2017-02-17	Common Stock (15500)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2015-01-22	Common Stock (1866)	1866	Direct
Restricted Stock Units	$0	2016-01-21	Common Stock (1054)	1054	Direct
Common Stock Option	$25.59	2018-02-16	Common Stock (27100)	27100	Direct
Common Stock Option	$25.45	2019-02-16	Common Stock (26500)	26500	Direct
Common Stock Option	$38.80	2020-02-20	Common Stock (17100)	17100	Direct
Common Stock Option	$50.32	2021-02-27	Common Stock (9665)	9665	Direct

Footnotes

F1: The shares were sold in multiple transactions at prices ranging from $57.00 to $57.41. The price reported is the weighted average sale price. The reporting person will provide to the issuer, a security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each price within the selling range.

F2: Total ownership includes 2,482 shares of restricted stock.

F3: Restricted Stock Units were awarded on 1/22/2013 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 their 2012 annual incentive compensation in restricted stock units in lieu of cash.

F4: Restricted Stock Units were awarded on 1/21/2014 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 their 2013 annual incentive compensation in restricted stock units in lieu of cash.

F5: Options vest in three equal installments on the three succeeding anniversary dates of grant, provided the holder remains in the employ of the Company. Date entered reflects date on which first installment vests(ed).