DELUXE CORP — Director's Dealing 2015

Jan 30, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2015-01-28

Reporting Person: Peterson Terry D (SVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-28	Common Stock	S	8500	$64.36	Disposed	20514	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2016-01-21	Common Stock (8056)	8056	Direct
Restricted Stock Units	$0	2017-01-20	Common Stock (7027)	7027	Direct
Common Stock Option	$25.59	2018-02-16	Common Stock (11434)	11434	Direct
Common Stock Option	$25.45	2019-02-16	Common Stock (23815)	23815	Direct
Common Stock Option	$38.80	2020-02-20	Common Stock (23900)	23900	Direct
Common Stock Option	$50.32	2021-02-27	Common Stock (15464)	15464	Direct

Footnotes

F1: The shares were sold in multiple transactions at prices ranging from $64.35 to $64.38. 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 3,971 shares of restricted stock.

F3: Restricted Stock Units were awarded on 1/21/2014 under the Company's Long-Term 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 2013 annual incentive compensation in restricted stock units in lieu of cash.

F4: Restricted Stock Units were awarded on 1/20/2015 under the Company's Long-Term 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 2014 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 the date of grant, provided the holder remains an employee of the Company. Date entered reflects date on which first installment vests(ed).