DELUXE CORP — Director's Dealing 2016

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2016-05-10

Reporting Person: Peterson Terry D (SVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-10	Common Stock	M	11434	$25.59	Acquired	43865	Direct
2016-05-10	Common Stock	M	20752	$25.45	Acquired	64617	Direct
2016-05-10	Common Stock	F	21801	$64.41	Disposed	42816	Direct
2016-05-11	Common Stock	M	3063	$25.45	Acquired	45879	Direct
2016-05-11	Common Stock	F	2116	$63.27	Disposed	43763	Direct
2016-05-12	Common Stock	S	11332	$62.70	Disposed	32431	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-10	Common Stock Option	$25.59	M	11434	Disposed	2018-02-16	Common Stock (11434)	Direct
2016-05-10	Common Stock Option	$25.45	M	20752	Disposed	2019-02-16	Common Stock (20752)	Direct
2016-05-11	Common Stock Option	$25.45	M	3063	Disposed	2019-02-16	Common Stock (3063)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2017-01-20	Common Stock (7027)	7027	Direct
Restricted Stock Units	$0	2018-01-25	Common Stock (8310)	8310	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
Common Stock Option	$67.08	2022-02-12	Common Stock (12832)	12832	Direct
Common Stock Option	$54.30	2023-02-17	Common Stock (21812)	21812	Direct

Footnotes

F1: The shares were sold in multiple transactions at prices ranging from $62.70 to $62.76. 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 10,630 shares of restricted stock.

F3: Restricted Stock Units were awarded on 1/20/15 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.

F4: Restricted Stock Units were awarded on 1/25/16 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 2015 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).