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<SEC-DOCUMENT>0000897101-00-001208.txt : 20001222
<SEC-HEADER>0000897101-00-001208.hdr.sgml : 20001222
ACCESSION NUMBER:		0000897101-00-001208
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20001221
EFFECTIVENESS DATE:		20001221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELUXE CORP
		CENTRAL INDEX KEY:			0000027996
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANKBOOKS, LOOSELEAF BINDERS & BOOKBINDING & RELATED WORK [2780]
		IRS NUMBER:				410216800
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		
		SEC FILE NUMBER:	333-52452
		FILM NUMBER:		793464

	BUSINESS ADDRESS:	
		STREET 1:		3680 VICTORIA STREET NORTH
		CITY:			SHOREVIEW
		STATE:			MN
		ZIP:			55126
		BUSINESS PHONE:		6514837111

	MAIL ADDRESS:	
		STREET 1:		3680 VICOTRIA STREET NORTH
		CITY:			SHOREVIEW
		STATE:			MN
		ZIP:			55126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELUXE CHECK PRINTERS INC
		DATE OF NAME CHANGE:	19880608
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>0001.txt
<TEXT>




   As filed with the Securities and Exchange Commission on December 21, 2000
                                                   Registration No. 333-________
================================================================================

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                              --------------------

                                    FORM S-8
            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                              --------------------

                               DELUXE CORPORATION
             (Exact name of registrant as specified in its charter)

               MINNESOTA                               41-0216800
    (State or other jurisdiction of         (I.R.S. Employer Identification No.)
            incorporation)

3680 VICTORIA ST. N., SHOREVIEW, MINNESOTA             55126-2966
 (Address of principal executive offices)              (Zip Code)


                 DELUXE CORPORATION DEFERRED COMPENSATION PLAN
                            (Full title of the plan)


       John A. Blanchard III             Copy to:  Robert A. Rosenbaum, Esq.
Chairman and Chief Executive Officer                 Dorsey & Whitney LLP
        Deluxe Corporation                          Pillsbury Center South
       3680 Victoria St. N.                         220 South Sixth Street
  Shoreview, Minnesota 55126-2966             Minneapolis, Minnesota  55402-1498
          (651) 483-7111                                (612) 340-5681
(Name, address and telephone number, including area code, of agent for service)

                              --------------------

                        CALCULATION OF REGISTRATION FEE

<TABLE>
<CAPTION>
=================================================================================================================
                                                          PROPOSED               PROPOSED
      TITLE OF SECURITIES           AMOUNT TO BE   MAXIMUM OFFERING PRICE    MAXIMUM AGGREGATE      AMOUNT OF
      TO BE REGISTERED(1)            REGISTERED       PER OBLIGATION(2)      OFFERING PRICE(2)   REGISTRATION FEE
<S>                                  <C>                    <C>                  <C>                   <C>
Deferred Compensation Obligations    $3,000,000             100%                 $3,000,000            $750
=================================================================================================================
</TABLE>

(1)      The Deferred Compensation Obligations are unsecured obligations of
         Deluxe Corporation to pay deferred compensation in the future in
         accordance with the terms of the Deluxe Corporation Deferred
         Compensation Plan.

(2)      Estimated solely for the purpose of calculating the registration fee in
         accordance with Rule 457 under the Securities Act of 1933.

<PAGE>


                                    PART II.
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.

         The following documents that we have filed with the Securities and
Exchange Commission are incorporated by reference into this registration
statement:

         *        our annual report on Form 10-K for the year ended December 31,
                  1999, as amended by Form 10- K/A filed on May 1, 2000;

         *        our current reports on Form 8-K filed on December 4, 2000,
                  December 14, 2000 and December 19, 2000.

         *        our quarterly reports on Form 10-Q for the quarters ended
                  March 31, 2000; June 30, 2000, as amended on Forms 10-Q/A
                  filed on August 18, 2000 and October 27, 2000; and September
                  30, 2000; and

         *        the description of our common stock contained in any
                  registration statement or report filed by us under the
                  Securities Exchange Act of 1934, as amended (the "Exchange
                  Act"), including any amendment or report filed for the purpose
                  of updating such description.

         All documents filed by us pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934 subsequent to the date of this
registration statement and prior to the filing of a post-effective amendment
indicating that all securities offered by this registration statement have been
sold, or deregistering all securities remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be a part of
this registration statement from the respective dates of filing of such
documents.

ITEM 4. DESCRIPTION OF SECURITIES.

         The securities offered hereby are Deferred Compensation Obligations (as
defined below) of Deluxe which are being offered to eligible employees of Deluxe
and its subsidiaries under the Deluxe Corporation Deferred Compensation Plan
(2000 Restatement) (the "Plan"). The Plan permits participants to defer base
salary, hiring bonuses and cash incentive compensation in accordance with the
terms of the Plan. The amount of compensation to be deferred by each participant
will be based on elections by each participant under the terms of the Plan. The
amounts of base salary, hiring bonuses and cash incentive compensation deferred
by participants under the Plan are referred to as "Deferred Compensation
Obligations." The Deferred Compensation Obligations are denominated and paid in
U.S. dollars and will be payable on the date or dates selected by each
participant in accordance with the terms of the Plan or on such other date or
dates as specified in the Plan. The Deferred Compensation Obligations are not
convertible into another security of Deluxe.

         The Deferred Compensation obligations will be paid out of general
assets of Deluxe. They are unfunded and unsecured. As a result, the Deferred
Compensation Obligations will be unsecured obligations of Deluxe to pay deferred
compensation in the future in accordance with the terms of the Plan, and will
rank equally with other unsecured indebtedness of Deluxe from time to time
outstanding.

         The amounts of base salary, hiring bonuses and cash incentive
compensation deferred by a participant (a "Deferral") will be credited with
earnings and investment gains and losses by assuming that the Deferral was
invested in one or more investment options. The investment options are selected
by Deluxe's management committee and the investment among those options is
selected by the participant in accordance with the terms of the Plan. The
investment options include various investment funds, with different degrees of
risk. Participants may reallocate amounts among the various investment options
on a quarterly basis. The Deferrals will not actually be invested in the
investment options available under the Plan.

         Deluxe will also credit to participants' Deferral accounts certain
amounts specified in the Plan related to Deluxe's compensation-based benefit
plans

         Deluxe reserves the right to amend, modify or terminate the Plan at any
time.


                                      II-1
<PAGE>


         A participant's rights or the rights of any other person to receive
payment of Deferred Compensation Obligations may not be sold, assigned,
transferred, pledged, garnished or encumbered, except by a written designation
of a beneficiary under the Plan.

ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.

         Not applicable.

ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.

         Section 302A.521, subd. 2, of the Minnesota Business Corporation Act
(the "MBCA") requires Deluxe to indemnify a person made or threatened to be made
a party to a proceeding by reason of the former or present official capacity of
the person with respect to Deluxe against judgments, penalties, fines,
including, without limitation, excise taxes assessed against the person with
respect to an employee benefit plan, settlements and reasonable expenses,
including attorneys' fees and disbursements, incurred by the person in
connection with the proceeding (collectively "Losses") if, with respect to the
same acts or omissions, such person: (1) has not been indemnified by another
organization or employee benefit plan for the same Losses; (2) acted in good
faith; (3) received no improper personal benefit, and statutory procedures have
been followed in the case of any conflict of interest by a director; (4) in the
case of a criminal proceeding, had no reasonable cause to believe the conduct
was unlawful; and (5) in the case of acts or omissions occurring in the person's
official capacity as director, officer, member of a committee of the board or
employee, reasonably believed that the conduct was in the best interests of the
corporation, or in the case of acts or omissions occurring in the person's
official capacity as a director, officer, partner, trustee, employee or agent of
an affiliate or employee benefit plan, reasonably believed that the conduct was
not opposed to the best interests of the corporation.

         Article XII of Deluxe's Amended Articles of Incorporation provides that
no director of Deluxe shall be personally liable to Deluxe or its shareholders
for monetary damages for breach of fiduciary duty by such director as a
director. Article XII does not, however, limit or eliminate the liability of a
director to the extent provided by applicable law for (i) any breach of the
director's duty of loyalty to Deluxe or its shareholders, (ii) acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation
of law, (iii) authorizing a dividend, stock repurchase or redemption or other
distribution in violation of Minnesota law or for violation of certain
provisions of Minnesota securities laws or (iv) any transaction from which the
director derived an improper personal benefit.

         The Bylaws of Deluxe provide that Deluxe shall indemnify such persons,
for expenses and liabilities, in such manner, under such circumstances and to
such extent as permitted by the provisions of the Minnesota Statutes relating to
indemnification of directors, officers and employees of Minnesota corporations.

         Deluxe maintains an insurance policy or policies to assist in funding
the indemnification of directors and officers for certain liabilities.

ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.

         Not applicable.

ITEM 8. EXHIBITS.

4.1      Deferred Compensation Plan (2000 Restatement).

4.2      Amendment No. 1 to Amended and Restated Rights Agreement, entered into
         as of January 21, 2000, between Deluxe and Norwest Bank Minnesota,
         National Association, as Rights Agent (incorporated by Reference to
         Exhibit 4.1 to the registrant's Amended Quarterly Report on Form 10-Q/A
         filed with the Securities and Exchange Commission (the "Commission") on
         August 18, 2000).

4.3      Amended and Restated Rights Agreement, dated as of January 31, 1997, by
         and between Deluxe and Norwest Bank Minnesota, National Association, as
         Rights Agent, which includes as Exhibit A thereto


                                      II-2
<PAGE>


         the form of Rights Certificate (incorporated by reference to Exhibit
         4.1 to the registrant's Amendment No. 1 on Form 8-A/A-1 (File No.
         001-07945) filed with the Commission on February 7, 1997).

4.4      Indenture, relating to up to $150,000,000 of debt securities
         (incorporated by reference to Exhibit 4.1 to the registrant's
         Registration Statement on Form S-3 (Registration No. 33-32279) filed
         with the Commission on November 24, 1989).

4.5      Amended and Restated Credit Agreement, dated of July 8, 1997, among
         Deluxe, Bank of America National Trust and Savings Association, as
         agent, and the other financial institutions party thereto related to a
         $150,000,000 committed line of credit (incorporated by reference to
         Exhibit 4.3 to the registrant's Annual Report on Form 10-K for the year
         ended December 31, 1997).

4.6      Credit Agreement, dated as of August 30, 1999, among Deluxe, Bank of
         America, N.A., as sole and exclusive administrative agent, and the
         other financial institutions party thereto related to a $500,000,000
         revolving credit facility (incorporated by reference to Exhibit 4.4 to
         the registrant's Quarterly Report on Form 10-Q for the quarter ended
         September 30, 1999).

5.1      Opinion of Dorsey & Whitney LLP.

23.1     Consent of Deloitte & Touche LLP.

23.2     Consent of Dorsey & Whitney LLP (contained in Exhibit 5.1 to this
         registration statement).

24.1     Power of Attorney.


ITEM 9. UNDERTAKINGS.

         (a) The undersigned registrant hereby undertakes:

                  (1) To file, during any period in which offers or sales are
         being made, a post-effective amendment to this registration statement:

                           (i) To include any prospectus required by Section
                  10(a)(3) of the Securities Act of 1933;

                           (ii) To reflect in the prospectus any facts or events
                  arising after the effective date of the registration statement
                  (or the most recent post-effective amendment thereof) which,
                  individually or in the aggregate, represent a fundamental
                  change in the information set forth in the registration
                  statement. Notwithstanding the foregoing, any increase or
                  decrease in volume of securities offered (if the total dollar
                  value of securities would not exceed that which was
                  registered) and any deviation from the low or high end of the
                  estimated maximum offering range may be reflected in the form
                  of prospectus filed with the Securities and Exchange
                  Commission pursuant to Rule 424(b) if, in the aggregate, the
                  changes in volume and price represent no more than a 20%
                  change in the maximum aggregate offering price set forth in
                  the "Calculation of Registration Fee" table in the effective
                  registration statement; and

                           (iii) To include any material information with
                  respect to the plan of distribution not previously disclosed
                  in the registration statement or any material change to such
                  information in the registration statement;

         PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) above do
         not apply if information required to be included in a post-effective
         amendment by those paragraphs is contained in periodic reports filed
         with or furnished to the Securities and Exchange Commission by the
         registrant pursuant to Section 13 or Section 15(d) of the Securities
         Exchange Act of 1934 that are incorporated by reference in the
         registration statement.

                  (2) That, for the purpose of determining any liability under
         the Securities Act of 1933, each such post-effective amendment shall be
         deemed to be a new registration statement relating to the securities


                                      II-3
<PAGE>


         offered therein, and the offering of such securities at that time shall
         be deemed to be the initial bona fide offering thereof.

                  (3) To remove from registration by means of a post-effective
         amendment any of the securities being registered which remain unsold at
         the termination of the offering.

         (b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

         (c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or other
controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.


                                      II-4
<PAGE>


                                   SIGNATURES

         Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Shoreview, State of Minnesota, on December 20, 2000.

                            DELUXE CORPORATION


                            By            *
                               -------------------------------------------------
                               John A. Blanchard III
                               Chairman of the Board and Chief Executive Officer


         Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities indicated on December 20, 2000.


Signature                        Title
- ---------                        -----

           *                   Chairman of the Board and Chief Executive Officer
- ---------------------------    (principal executive officer)
John A. Blanchard III

           *                   Senior Vice President and Chief Financial Officer
- ---------------------------    (principal financial and accounting officer)
Lois M. Martin


           *                   Director
- ---------------------------
Lawrence J. Mosner


           *                   Director
- ---------------------------
Calvin W. Aurand, Jr.


           *                   Director
- ---------------------------
Ronald E. Eilers


           *                   Director
- ---------------------------
Daniel D. Granger


                                      II-5
<PAGE>


           *                   Director
- ---------------------------
Barbara B. Grogan


           *                   Director
- ---------------------------
Charles A. Haggerty


           *                   Director
- ---------------------------
Donald R. Hollis


           *                   Director
- ---------------------------
Cheryl E. Mayberry


           *                   Director
- ---------------------------
Stephen P. Nachtsheim


           *                   Director
- ---------------------------
Robert C. Salipante


*   By   /s/ Anthony C. Scarfone
       -------------------------------------
       Anthony C. Scarfone, Attorney-in-Fact


                                      II-6
<PAGE>


                                 EXHIBIT INDEX


4.1      Deferred Compensation Plan (2000 Restatement).

4.2      Amendment No. 1 to Amended and Restated Rights Agreement, entered into
         as of January 21, 2000, between Deluxe and Norwest Bank Minnesota,
         National Association, as Rights Agent (incorporated by Reference to
         Exhibit 4.1 to the registrant's Amended Quarterly Report on Form 10-Q/A
         filed with the Securities and Exchange Commission (the "Commission") on
         August 18, 2000).

4.3      Amended and Restated Rights Agreement, dated as of January 31, 1997, by
         and between Deluxe and Norwest Bank Minnesota, National Association, as
         Rights Agent, which includes as Exhibit A thereto the form of Rights
         Certificate (incorporated by reference to Exhibit 4.1 to the
         registrant's Amendment No. 1 on Form 8-A/A-1 (File No. 001-07945) filed
         with the Commission on February 7, 1997).

4.4      Indenture, relating to up to $150,000,000 of debt securities
         (incorporated by reference to Exhibit 4.1 to the registrant's
         Registration Statement on Form S-3 (Registration No. 33-32279) filed
         with the Commission on November 24, 1989).

4.5      Amended and Restated Credit Agreement, dated of July 8, 1997, among
         Deluxe, Bank of America National Trust and Savings Association, as
         agent, and the other financial institutions party thereto related to a
         $150,000,000 committed line of credit (incorporated by reference to
         Exhibit 4.3 to the registrant's Annual Report on Form 10-K for the year
         ended December 31, 1997).

4.6      Credit Agreement, dated as of August 30, 1999, among Deluxe, Bank of
         America, N.A., as sole and exclusive administrative agent, and the
         other financial institutions party thereto related to a $500,000,000
         revolving credit facility (incorporated by reference to Exhibit 4.4 to
         the registrant's Quarterly Report on Form 10-Q for the quarter ended
         September 30, 1999).

5.1      Opinion of Dorsey & Whitney LLP.

23.1     Consent of Deloitte & Touche LLP.

23.2     Consent of Dorsey & Whitney LLP (contained in Exhibit 5.1 to this
         registration statement).

24.1     Power of Attorney.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>DEFERRED COMPENSATION PLAN (2000 RESTATEMENT)
<TEXT>


                                                                     EXHIBIT 4.1


                             DELUXE CORPORATION
                           DEFERRED COMPENSATION PLAN
                               (2000 RESTATEMENT)

<PAGE>


                               DELUXE CORPORATION
                           DEFERRED COMPENSATION PLAN
                               (2000 RESTATEMENT)

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

SECTION 1      RESTATEMENT AND PURPOSE........................................1

                1.1.   Restatement
                1.2.   Purpose

SECTION 2      DEFINITIONS....................................................1

                2.1.   Definitions
                2.2.   Transition Rule

SECTION 3      ELIGIBILITY FOR PARTICIPATION..................................3

SECTION 4      ENROLLMENT AND ELECTIONS.......................................4

                4.1.   Initial Enrollment
                4.2.   Election to Defer
                4.3.   Special Rule for New Hires

SECTION 5      DEFERRAL ACCOUNTS..............................................6

                5.1.   Participant Deferral Accounts
                5.2.   Employee Benefit Plan Equivalent
                5.3.   Investment Options
                5.4.   Charges Against Deferral Accounts
                5.5.   Contractual Obligation
                5.6.   Unsecured Interest

SECTION 6      PAYMENT OF DEFERRED AMOUNTS....................................7

                6.1.   Event of Maturity
                6.2.   Form of Distribution
                       6.2.1.  Form of Payment
                       6.2.2.  Time of Payment
                       6.2.3.  Default
                       6.2.4.  New Designation
                       6.2.5.  Code Section 162(m) Delay
                6.3.   Special Rule for eFunds Participants

SECTION 7      FINANCIAL EMERGENCY...........................................11

SECTION 8      BENEFICIARY...................................................11


                                      -i-
<PAGE>


SECTION 9      NONTRANSFERABILITY............................................12

SECTION 10     DETERMINATIONS -- RULES AND REGULATIONS.......................12

                10.1.  Determinations
                10.2.  Rules and Regulations
                10.3.  Method of Executing Instruments
                10.4.  Claims Procedure
                       10.4.1.  Original Claim
                       10.4.2.  Claims Review Procedure
                       10.4.3.  General Rules
                10.5.  Information Furnished by Participants

SECTION 11     ADMINISTRATION................................................14

                11.1.  Company
                       11.1.1.  Chief Executive Officer
                       11.1.2.  Committee
                       11.1.3.  Management Committee
                11.2.  Conflict of Interest
                11.3.  Dual Capacity
                11.4.  Administrator
                11.5.  Named Fiduciaries
                11.6.  Service of Process
                11.7.  Administrative Expenses

SECTION 12     AMENDMENT AND TERMINATION.....................................17

SECTION 13     LIFE INSURANCE CONTRACT.......................................17

SECTION 14     MERGER, CONSOLIDATION OR ACQUISITION..........................17

SECTION 15     NO VESTED RIGHTS..............................................18

SECTION 16     APPLICABLE LAW................................................18


                                      -ii-
<PAGE>


                               DELUXE CORPORATION
                           DEFERRED COMPENSATION PLAN
                               (2000 RESTATEMENT)


                                    SECTION 1

                             RESTATEMENT AND PURPOSE

1.1. RESTATEMENT. Deluxe Corporation, a Minnesota corporation (hereinafter
called the "Company"), established, effective as of November 15, 1983, a
deferred compensation plan known as the "DELUXE CORPORATION DEFERRED
COMPENSATION PLAN" (hereinafter called the "Plan"). The Plan was subsequently
restated effective as of January 1, 1996, and amended effective January 1, 1997.
The Plan is now again restated effective October 26, 2000 except as otherwise
indicated (the "Effective Date").

1.2. PURPOSE. The purpose of the Plan is to provide a means whereby amounts
payable by the Company to Participants (as hereinafter defined) may be deferred
to some future period. It is also the purpose of the Plan to attract and retain
as employees persons whose abilities, experience and judgment will contribute to
the growth and profitability of the Company.


                                    SECTION 2

                                   DEFINITIONS

2.1. DEFINITIONS. Whenever used in this Plan, the following terms shall have the
meanings set forth below:

        (a.)    "Affiliate" means a business entity which is affiliated in
                ownership with the Company and is recognized as an Affiliate by
                the Management Committee for the purposes of this Plan.

        (b.)    "Base Salary" means the base salary scheduled to be paid to a
                Participant during a Plan Year without regard to any Incentive
                Compensation, or any portion deferred under this Plan.

        (c.)    "Committee" means the Compensation Committee of the Board of
                Directors of the Company.

        (d.)    "Deferral Account" means the separate bookkeeping account
                representing the unfunded and unsecured general obligation of
                Company established with respect to each Participant to which is
                credited the dollar amounts specified in

<PAGE>


                Section 5 and from which are subtracted payments made pursuant
                to Sections 6 and 8.

        (e.)    "Disability" means, as to a Participant who is an employee of
                the Company, a determination of disability under Company's Long
                Term Disability Plan. If the Participant is an employee of an
                Affiliate, "Disability" means as to such Participant, a
                determination of disability under the Long Term Disability Plan
                of such Affiliate, or, if no such Plan exists, then under the
                Long Term Disability Plan of the Company as if such Participant
                were a participant in such plan. If the Company discontinues its
                Long Term Disability Plan, then "Disability" shall mean long
                term disability as defined in any other Plan of the Company
                which generally defines long term disability for purposes of
                such other plan. In no event, however, shall a Participant be
                considered to have a Disability for purposes of this Plan until
                such time as such Participant is entitled to begin (or would be
                entitled to begin, if such Participant were a participant in the
                relevant plan) receipt of benefits under such long term
                disability or other relevant plan.

        (f.)    "Eligible Employee" means an employee of the Company or its
                Affiliates who (i) is an officer or assistant officer, or (ii)
                has significant management or professional responsibilities, and
                (iii) who is highly compensated. Subject to the limitations
                contained in Section 3, the Management Committee from time to
                time may (i) establish rules governing the eligibility of
                employees of the Company and its Affiliates to participate in
                the Plan and, such rules, if adopted, shall be deemed to further
                define or amend, as the case may be, the definition of"Eligible
                Employee" herein, and (ii) permit certain employees of the
                Company and its Affiliates, who would not otherwise be eligible
                to participate in the Plan, to participate in the Plan.

        (g.)    "Event of Maturity" means any of the occurrences described in
                Section 6.1 by reason of which a Participant or Beneficiary may
                become entitled to a distribution from the Plan.

        (h.)    "Incentive Compensation" means the incentive, bonus, and similar
                compensation which is paid to a Participant based on performance
                or other factors during a Plan Year without regard to any
                portion deferred under this Plan.

        (i.)    "Installment Amount" means a Deferral Account (expressed in
                dollars) that is to be paid during a period (having common
                initial and final installment dates) designated pursuant to
                Section 6.2.1 by the Participant in writing at the time of his
                or her enrollment or otherwise made in accordance with this
                Plan.

        (j.)    "Management Committee" means the Management Committee formed by
                the Chief Executive Officer pursuant to Section 12 of the Plan.
                "Participant"


                                      -2-
<PAGE>


                means any Eligible Employee who is affirmatively selected by the
                Management Committee and who elects to participate in the Plan.

        (k.)    "Plan Year" means the twelve-month period coinciding with the
                Company's fiscal year and ending on each December 31.

        (l.)    "Selected Distribution Date" shall mean the date that is
                designated in accordance with this Plan by the Participant in
                writing at the time of his or her enrollment as the date for the
                payment or commencement of payments of his or her Deferral
                Account. In the absence of an effective election of any other
                date, a Participant's Selected Distribution Date shall be the
                date of his or her Termination of Employment.

        (m.)    "Termination of Employment" means a complete severance of a
                Participant's employment relationship with the Company and all
                Affiliates. A transfer from employment with the Company to
                employment with an Affiliate of the Company or other transfer
                between Affiliates or from an Affiliate to the Company shall not
                constitute a Termination of Employment. If an Affiliate ceases
                to be an Affiliate because of a sale or other disposition of
                substantially all its stock or assets, then Participants who are
                employed by that Affiliate shall be deemed to have had a
                Termination of Employment for the purposes of this Plan as of
                the effective date of such sale.

2.2. TRANSITION RULE. Subject to rules and deadlines established by the
Management Committee, Participants with Deferral Accounts as of October 26, 2000
who have not commenced receiving payments under Section 5 shall have an
opportunity to change the deferral election(s) for their Deferral Accounts and
elect a new designation of a time and form of payment pursuant to Section 6.2.4.
Such new designation must, however, apply to the entire Deferral Account such
that after the new designation, the Participant shall have one Selected
Distribution Date and one form of payment under Section 6 for his or her entire
Deferral Account. Participants failing to make an effective new designation or
not eligible for a new designation pursuant to this transition rule shall
receive their distribution by giving effect to the prior effective election(s)
under the Plan.


                                    SECTION 3

                          ELIGIBILITY FOR PARTICIPATION

Each Eligible Employee of the Company and its Affiliates shall be eligible to
participate in the Plan and shall become a Participant upon selection by the
Management Committee. In the event a Participant ceases to be an Eligible
Employee, he or she shall become an inactive Participant, retaining all the
rights described under the Plan, except the right to elect any further
deferrals. Notwithstanding anything apparently to the contrary in this Plan or
in any written communication, summary, resolution or document or oral
communication, no individual shall be a Participant in this Plan, develop
benefits under this Plan or be entitled to receive benefits under this Plan
(either for himself or herself or his or her survivors) unless such individual
is a member of a select group of


                                      -3-
<PAGE>


management or highly compensated employees (as that expression is used in
ERISA). If a court of competent jurisdiction, any representative of the U.S.
Department of Labor or any other governmental, regulatory or similar body makes
any direct or indirect, formal or informal, determination that an individual is
not a member of a select group of management or highly compensated employees (as
that expression is used in ERISA), such individual shall not be (and shall not
have ever been) a Participant in this Plan at any time. If any person not so
defined has been erroneously treated as a Participant in this Plan, upon
discovery of such error such person's erroneous participation shall immediately
terminate AB INITIO and the Company shall distribute the individual's Deferral
Account immediately.


                                    SECTION 4

                            ENROLLMENT AND ELECTIONS

4.1. INITIAL ENROLLMENT. Prior to the first Plan Year that an employee selected
for participation becomes a Participant, such employee shall complete such forms
and make such elections as required by the Company for effective administration
of the Plan. Such initial enrollment:

        (a.)    Shall specify the form in which distribution of the Deferral
                Account attributable to that enrollment shall be made under
                Section 6 (and if such designation is not clearly made to the
                contrary, shall be deemed to have been an election of a single
                lump sum distribution).

        (b.)    Shall specify the time at which distribution shall be made which
                shall, subject to Section 6 hereof, be the later of such
                Participant's Selected Distribution Date or such Participant's
                Termination of Employment.

        (c.)    Shall be made upon forms furnished by the Company, shall be made
                at such time as the Company shall determine and shall conform to
                such other procedural and substantive rules as the Company shall
                prescribe from time to time.

        (d.)    Shall be irrevocable once it has been accepted by the Chief
                Executive Officer of the Company, except to the extent that a
                new designation is made effective in accordance with Section
                6.2.4.

        (e.)    Shall contain a deferral election made in accordance with
                Section 4.2.

4.2. ELECTION TO DEFER. Prior to the first day of any Plan Year, a Participant
may make a deferral election for that Plan Year. A separate election shall be
made for each Plan Year. Each such deferral election:

        (a.)    Shall be irrevocable for the Plan Year with respect to which it
                is made once it has been accepted by the Chief Executive Officer
                of the Company.


                                      -4-
<PAGE>


        (b.)    Shall designate the amount or portion of the Participant's
                Incentive Compensation which is earned during that Plan Year
                (without regard to whether it would be paid during that or a
                subsequent Plan Year) which shall not be paid to the Participant
                but instead shall be accumulated in this Plan under Section 5
                and distributed from this Plan under Section 6. Such designation
                shall be in a minimum amount of $1,000. If expressed as a
                percentage, such percentage shall not exceed fifty percent (50%)
                of such Participant's targeted Incentive Compensation. If
                expressed as a dollar amount, such dollar amount shall not
                exceed the dollar amount equivalent of fifty percent (50%) of
                such Participant's targeted Incentive Compensation. If a dollar
                amount is elected, such election shall be reduced dollar for
                dollar if the Incentive Compensation declared is less than the
                election.

        (c.)    Shall designate the amount or portion of the Participant's Base
                Salary which is earned during that Plan Year (without regard to
                whether it would be paid during that or a subsequent Plan Year)
                which shall not be paid to the Participant but instead shall be
                accumulated in this Plan under Section 5 and distributed from
                this Plan under Section 6. Such designation shall be in a
                minimum amount of $1,000, and may be up to 100 percent (100%) of
                such Participant's Base Salary, less all FICA, federal, state
                and/or local income tax liabilities, and shall be automatically
                revoked if the Base Salary of the Participant is reduced during
                the Plan Year for which such election is made.

        (d.)    Shall be made upon forms furnished by the Company, shall be made
                at such time as the Company shall determine, shall be made
                before the beginning of the Plan Year with respect to which it
                is made and shall conform to such other procedural and
                substantive rules as the Company shall prescribe from time to
                time.

4.3. SPECIAL RULE FOR NEW HIRES. Notwithstanding anything to the contrary in
this Plan, the Management Committee may designate an employee of the Company or
its Affiliates as an Eligible Employee in the employee's year of hire if the new
hire satisfies the eligibility requirements of Section 3. In such cases, the new
hire may, prior to commencement of employment, make a deferral election for the
current Plan Year as provided in Sections 4.1 and 4.2, except for the
requirement that the election be made prior to the first day of the Plan Year.
Such newly hired Participants, however, may defer Base Salary only and may not
defer Incentive Compensation. Such new hires may also defer any hiring bonus
provided by Company. In addition to Base Salary and hiring bonuses, a new hire
may be allowed to defer other compensation as approved by the Management
Committee. The newly hired Participant shall make deferral elections according
to Sections 4.1 and 4.2 for Plan Years after the year of hire, as long as the
employee continues to be an Eligible Employee.


                                      -5-
<PAGE>


                                    SECTION 5

                                DEFERRAL ACCOUNTS
                           (EFFECTIVE JANUARY 1, 2000)

5.1. PARTICIPANT DEFERRAL ACCOUNTS. The Company shall establish and maintain a
bookkeeping Deferral Account for each Participant. The Company shall, from time
to time, provide each Participant with a statement indicating the balance of
such Participant's Deferral Account. At its discretion the Company may obtain
life insurance on the life of any or all Participants to provide all or a
substantial portion of the money needed to pay the amounts deferred under the
Plan. Each Participant's Deferral Account shall be credited, as appropriate,
with one or more of the following:

        (a.)    Base Salary deferrals and Incentive Compensation deferrals made
                pursuant to Section 4 above;

        (b.)    Employee Benefit Plan Equivalents as provided by Section 5.2
                below; and

        (c.)    Gains or losses on deemed investment options as provided by
                Section 5.3 below.

5.2. EMPLOYEE BENEFIT PLAN EQUIVALENT. To the extent the Company's contributions
under its compensation-based benefit plans (including the Deluxe Corporation
Supplemental Benefit Plan) are reduced as a result of the Participant's deferral
of compensation under the Plan, the amount of such reduction shall be credited
to the Participant's Deferral Account. Any amount credited under this procedure
shall be credited as of the last day of the Plan Year during which such
compensation was earned without regard to whether it is paid in a subsequent
year. Any amount credited to a Deferral Account of a Participant under this Plan
shall not be duplicated, directly or indirectly, under any other plan of the
Company.

5.3. INVESTMENT OPTIONS. The Management Committee shall permit a Participant to
allocate the Participant's Deferral Account among one or more investment options
for purposes of measuring the value of the benefit. That portion of the Deferral
Account allocated to an investment option shall be deemed to be invested in such
investment option and shall be valued as if so invested, reflecting all
earnings, losses and other distributions or charges and changes in value which
would have been incurred through such an investment. The determination of which
investment options to make available, and the continued availability of selected
investment options rests in the Management Committee's sole discretion. A
Participant's request to allocate or reallocate among investment options must
comply with any procedures established by the Management Committee and must be
in such increments as the Management Committee may require. The Participant may
not reallocate among investment options more frequently than once a quarter. All
requests for allocation or reallocation are subject to acceptance by the
Management Committee, at its discretion. If accepted by the Management
Committee, an allocation request will be effective as soon as reasonably
administratively practicable.


                                      -6-
<PAGE>


5.4. CHARGES AGAINST DEFERRAL ACCOUNTS. There shall be charged against each
Participant's account any payments made to the Participant or his or her
Beneficiary in accordance with Sections 6 or 7 of the Plan.

5.5. CONTRACTUAL OBLIGATION. It is intended that the Company is under a
contractual obligation to make payments to a Participant when due. Such payments
shall be made out of the general funds of the Company.

5.6. UNSECURED INTEREST. No Participant or Beneficiary shall have any interest
whatsoever in any specific asset of the Company. To the extent any person
acquires a right to receive payments under the Plan, such right shall be no
greater than the right of any unsecured general creditor of the Company.


                                    SECTION 6

                           PAYMENT OF DEFERRED AMOUNTS

6.1. EVENT OF MATURITY. A Participant's Deferral Account shall mature and shall
become distributable in accordance with Section 6.2 and 6.3 upon the earliest
occurrence of any of the following events:

        (a.)    The Participant's death;

        (b.)    The Participant's Disability; or

        (c.)    The occurrence of the Selected Distribution Date (except that if
                the Selected Distribution Date occurs prior to Termination of
                Employment, the Event of Maturity shall be Termination of
                Employment).

6.2. FORM OF DISTRIBUTION. Upon the occurrence of an Event of Maturity specified
in Section 6.1 effective as to a Participant, the Company shall commence payment
of such Participant's Deferral Account (reduced by the amount of any applicable
payroll, withholding and other taxes) in the form designated by the Participant
in his or her enrollment subject to the rules of this Section 6. A Participant
shall not be required to make application to receive payment. Distribution shall
not be made to any Beneficiary, however, until such Beneficiary shall have filed
a written application for benefits and such other information as may be
requested by the Company and such application shall have been approved by the
Company.

        6.2.1. FORM OF PAYMENT. Payment shall be made in whichever of the
following forms as the Participant shall have designated in writing at the time
of his or her initial enrollment or subsequent effective new designation under
Section 6.2.4 (to the extent that such election is consistent with the rules of
this Plan):

        (a.)    TERM CERTAIN INSTALLMENTS TO PARTICIPANT. Subject to Section
                6.2.1(d), below, if the distributee is a Participant and the
                Deferral Account as of the applicable Event of Maturity (without
                giving effect to any gains or losses under Section 5.1(c) after
                such date) is at least Fifty Thousand Dollars


                                      -7-
<PAGE>


                ($50,000), in a series of monthly installments payable over a
                period not less than two (2) years and not more than ten (10)
                years. The amount of the monthly installments shall be
                approximately equal and shall include a reasonable gain or loss
                assumption as determined by the Company in its discretion from
                time to time.

        (b.)    CONTINUED TERM CERTAIN INSTALLMENTS TO BENEFICIARY. If the
                distributee is a Beneficiary of a deceased Participant and
                payment had commenced to the deceased Participant before his or
                her death over a period as specified in paragraph (a) above, in
                a series of annual installments payable over the remainder of
                such period.

        (c.)    LUMP SUM. If the distributee is either a Participant or
                Beneficiary (except as provided in Section 6.2.1(b)), in a
                single lump sum payment pursuant to Section 6.2.1(d), below.

        (d.)    LUMP SUM DISTRIBUTION NOTWITHSTANDING DESIGNATION. If a
                Participant's total Deferral Account is less than Fifty Thousand
                Dollars ($50,000) at the earlier to occur of Termination of
                Employment or an Event of Maturity, then, even if the Selected
                Distribution Date occurs after the Termination of Employment and
                regardless of whether the Participant elected to have his or her
                Deferral Account paid in installments pursuant to Section
                6.2.1(a), such Participant's Deferral Account shall be paid in a
                single lump sum pursuant to the provisions of Section 6.2.2(a)
                below. If a Participant elected and is receiving installment
                distributions pursuant to Section 6.2.1(a) above (or if a
                Beneficiary is receiving installments pursuant to Section
                6.2.1(b)) and if, during the period of installment
                distributions, the undistributed portion of such total Deferral
                Account becomes less than Five Thousand Dollars ($5,000), then
                the remaining Deferral Account shall be paid in a single lump
                sum.

        (e.)    LUMP SUM DISTRIBUTION UPON DISPOSITION OF AFFILIATE.
                Notwithstanding the foregoing provisions of this Section 6.2.1
                or any enrollment of a Participant to the contrary, if a
                Termination of Employment is deemed to occur on account of a
                sale or other disposition of stock or assets of an Affiliate,
                the Deferral Accounts of Participants employed by such Affiliate
                who are deemed to have had such a Termination of Employment
                shall be distributed in a single lump sum.

        6.2.2. TIME OF PAYMENT. Payment shall be made or commenced to a
Participant in accordance with the following rules:

        (a.)    TERMINATION OF EMPLOYMENT. If the payment is to be made or
                commenced on account of the Participant's Termination of
                Employment, payment shall be made within sixty (60) days of such
                Termination of Employment.


                                      -8-
<PAGE>


        (b.)    DEATH -- INSTALLMENTS TO BENEFICIARY. If installments are
                recommenced pursuant to Section 6.2.1(b) on account of the
                Participant's death, the recommencement of such installment
                payments shall begin within sixty (60) days after the later date
                of such Participant's death or approval by the Management
                Committee of such Beneficiary's application for recommencement
                of installments.

        (c.)    DEATH -- LUMP SUM TO BENEFICIARY. If a single lump sum payment
                is to be made pursuant Section 6.2.1(c) to the Participants's
                Beneficiary, payment shall be made within the later of sixty
                (60) days after the Participant's death or the approval by the
                Management Committee of such Beneficiary's application for
                payment.

        (d.)    DISABILITY. If the payment is made on account of the
                Participant's Disability, payment shall be made in a single lump
                sum as if the Participant had a Termination of Employment as
                provided in paragraph (a) above, within sixty (60) days of the
                determination of the existence of such Disability.

        (e.)    SELECTED DISTRIBUTION DATE. Subject to the provisions of Section
                6.2.1(d), if payment is to be made or commenced on a Selected
                Distribution Date, payment will be made or commenced within
                sixty (60) days of such Selected Distribution Date. If the
                Selected Distribution Date is Termination of Employment, either
                because so designated by the Participant as the Selected
                Distribution Date or by default under Section 2.1(m), payment
                will be made or commenced within sixty (60) days of such
                Termination of Employment.

        (f.)    DISPOSITION OF AFFILIATE. If the payment is to be made on
                account of the Participant's Termination of Employment on
                account of a disposition of an Affiliate, payment shall be made
                within sixty (60) days of such disposition.

        6.2.3. DEFAULT. If for any reason a Participant shall have failed to
make a timely written designation of the form of distribution or of a Selected
Distribution Date for payment (including reasons entirely beyond the control of
the Participant), the payment shall be made in a single lump sum within sixty
(60) days of the Participant's Termination of Employment. No spouse, former
spouse, Beneficiary or other person shall have any right to participate in the
Participant's selection of a form of benefit.

        6.2.4. NEW DESIGNATION. At any time and from time to time, each
Participant may file with the Chief Executive Officer of the Company (or as
otherwise directed by the Management Committee) a new designation of a time and
form of payment. Each subsequent designation shall supercede all prior
designations and shall be effective as to the Participant's entire Deferral
Account (including the portions of the Deferral Account attributable to periods
before the new designation is filed) as if the new designation had been made in
writing at the time of the Participant's initial enrollment. Notwithstanding the
foregoing, any new designation shall be disregarded as if it had never been
filed (and the prior effective designation shall be given effect) unless the
designation was filed with the Chief Executive Officer of the Company (or as
otherwise directed by the Management


                                      -9-
<PAGE>


Committee) at least thirteen (13) months before payment is to be made or
commenced under either the prior effective designation or the new designation.

        6.2.5. CODE SECTION 162(m) DELAY. If the Company determines that
delaying the time when the initial payments are made or commenced would increase
the probability that such payments would be fully deductible by the Company for
federal or state income tax purposes, the Company may unilaterally delay the
time of the making or commencement of such payments for up to twelve (12) months
after the date such payments would otherwise be made.

6.3. SPECIAL RULE FOR eFUNDS PARTICIPANTS. Notwithstanding anything to the
contrary in this Plan, the following provisions shall apply to all Participants
who as of the spin off of eFunds Corporation ("eFunds") from the Company are
employed by eFunds or a subsidiary or affiliated corporation of eFunds ("eFunds
Participant"):

        (a.)    The spin off of eFunds shall not constitute a Termination of
                Employment for purposes of this Plan and payment shall not be
                made or commenced to eFunds Participants based on the occurrence
                of the spin off.

        (b.)    Unless eligible for distribution before the spin off, eFunds
                Participants shall not be eligible for payments of Deferral
                Accounts from the Plan until they have an Event of Maturity
                occurring after the spin off. Termination of Employment by
                eFunds (including all of its affiliates, defined as any business
                entity which is affiliated in ownership with eFunds and is
                recognized as an affiliate of eFunds by the Management Committee
                for purposes of this Plan) shall constitute a Termination of
                Employment for purposes of this Plan with respect to eFunds
                Participants.

        (c.)    The deferral elections of eFunds Participants shall immediately
                and automatically terminate upon occurrence of the spin off and
                there shall be no further deferrals of compensation for such
                eFunds Participants into this Plan. There shall also be no
                further Employee Benefit Plan Equivalents credited to the eFunds
                Participants' Deferral Accounts after the spin off, except any
                credits reflecting deferrals occurring before the spin off.
                Deferrals related to Incentive Compensation earned before the
                spin off (even if paid after the spin off) will be credited to
                the eFunds Participants' accounts in accordance with the terms
                of their deferral elections for the 2000 Plan Year.

        (d.)    All other provisions of the Plan shall remain in effect as to
                the eFunds Participants who shall become inactive Participants,
                including but not limited to the ability to allocate Deferral
                Accounts among Investment Options as provided at Section 5.3 and
                the crediting or debiting of such Deferral Accounts to reflect
                such Investment Options as provided at Section 5.1(c).


                                      -10-
<PAGE>


                                    SECTION 7

                               FINANCIAL EMERGENCY

The Management Committee may alter the manner or timing of payment of a Deferral
Account under Section 6 in the event that the Participant establishes, to the
satisfaction of the Management Committee, severe financial hardship. In such
event, the Management Committee may:

        (a.)    Provide that all or a portion of the Deferral Account shall be
                paid immediately in a lump sum payment,

        (b.)    Provide that all or a portion of the installments payable over a
                period of time shall be paid immediately in a lump sum, or

        (c.)    Provide for such other installment payment schedules as it deems
                appropriate under the circumstances,

as long as the accelerated distribution shall not be in excess of that amount
which is necessary for the Participant to meet the financial hardship.

Severe financial hardship shall be deemed to have occurred in the event of the
Participant's impending bankruptcy, a Participant's or dependent's long and
serious illness, or other events of similar magnitude. The Management
Committee's determination as to the occurrence of a severe financial hardship of
the Participant and the manner in which, if at all, the payment of deferred
amounts shall be altered or modified, shall be final.


                                    SECTION 8

                                   BENEFICIARY

A Participant may designate a Beneficiary or Beneficiaries who, upon his or her
death, shall receive the distributions that otherwise would have been paid to
the Participant. All designations shall be in writing and shall be effective
only if and when delivered to the Chief Executive Officer of the Company during
the lifetime of the Participant. If a Participant designates a Beneficiary
without providing in the designation that the Beneficiary must be living at the
time of such distribution, the designation shall vest in the Beneficiary all of
the distributions, whether payable before or after the Beneficiary's death, and
any distributions remaining upon the Beneficiary's death shall be paid to the
Beneficiary's estate.

A Participant may, from time to time, change the Beneficiary or Beneficiaries by
a written instrument delivered to the Chief Executive Officer of the Company. In
the event a Participant shall not designate a Beneficiary or Beneficiaries
pursuant to this Section, or if for any reason such designation shall be
ineffective, in whole or in part, the distributions that otherwise would have
been


                                      -11-
<PAGE>


paid to such Participant shall be paid to the first class of the following
classes of automatic Beneficiaries with a member surviving the Participant and
(except in the case of the Participant's surviving issue) in equal shares if
there is more than one member in such class surviving the Participant:

        Participant's surviving spouse
        Participant's surviving issue per stirpes and not per capita
        Participant's surviving parents
        Participant's surviving brothers and sisters
        Representative of Participant's estate.


                                    SECTION 9

                               NONTRANSFERABILITY

In no event shall the Company make any payment under the Plan to any assignee or
creditor of a Participant or a Beneficiary. Prior to the time of payment
hereunder, a Participant or Beneficiary shall have no rights by way of
anticipation or otherwise to assign or otherwise dispose of any interest under
the Plan nor shall such rights be assigned or transferred by operation of law.


                                   SECTION 10

                     DETERMINATIONS -- RULES AND REGULATIONS

10.1. DETERMINATIONS. The Management Committee shall make such determinations as
may be required from time to time in the administration of the Plan. The
Management Committee shall have the discretionary authority and responsibility
to interpret and construe the Plan and to determine all factual and legal
questions under the Plan, including but not limited to the entitlement of
Participants and Beneficiaries, and the amounts of their respective interests.
Each interested party may act and rely upon all information reported to them
hereunder and need not inquire into the accuracy thereof, nor be charged with
any notice to the contrary.

10.2. RULES AND REGULATIONS. Any rule not in conflict or at variance with the
provisions hereof may be adopted by the Management Committee.

10.3. METHOD OF EXECUTING INSTRUMENTS. Information to be supplied or written
notices to be made or consents to be given by the Management Committee pursuant
to any provision of this Plan may be signed in the name of the Management
Committee by any person who has been authorized to make such certification or to
give such notices or consents.

10.4. CLAIMS PROCEDURE. The claims procedure set forth in this Section 12.4
shall be the exclusive procedure for the disposition of claims for benefits
arising under the Plan.


                                      -12-
<PAGE>


        10.4.1. ORIGINAL CLAIM. Any Participant, former Participant or
Beneficiary of such Participant or former Participant may, if he or she so
desires, file with the Management Committee a written claim for benefits under
the Plan. Within ninety (90) days after the filing of such a claim, the
Management Committee shall notify the claimant in writing whether the claim is
upheld or denied in whole or in part or shall furnish the claimant a written
notice describing specific special circumstances requiring a specified amount of
additional time (but not more than one hundred eighty (180) days from the date
the claim was fled) to reach a decision on the claim. If the claim is denied in
whole or in part, the Company shall state in writing:

        (a.)    The specific reasons for the denial;

        (b.)    The specific references to the pertinent provisions of this Plan
                on which the denial is based;

        (c.)    A description of any additional material or information
                necessary for the claimant to perfect the claim and an
                explanation of why such material or information is necessary;
                and

        (d.) An explanation of the claims review procedure set forth in this
section.

        10.4.2. CLAIMS REVIEW PROCEDURE. Within sixty (60) days after receipt of
notice that the claim has been denied in whole or in part, the claimant may file
with the Management Committee a written request for a review and may, in
conjunction therewith, submit written issues and comments. Within sixty (60)
days after the filing of such a request for review, the Management Committee
shall notify the claimant in writing whether, upon review, the claim was upheld
or denied in whole or in part or shall furnish the claimant a written notice
describing specific special circumstances requiring a specified amount of
additional time (but not more than one hundred twenty (120) days from the date
the request for review was filed) to reach a decision on the request for review.

        10.4.3. GENERAL RULES.

        (a.)    No inquiry or question shall be deemed to be a claim or a
                request for a review of a denied claim unless made in accordance
                with the claims procedure. The Management Committee may require
                that any claim for benefits and any request for a review of a
                denied claim be filed on forms to be furnished by the Management
                Committee upon request.

        (b.)    All decisions on claims and on requests for a review of denied
                claims shall be made by the Management Committee.

        (c.)    The Management Committee may, in its discretion, hold one or
                more hearings on a claim or a request for a review of a denied
                claim.

        (d.)    A claimant may be represented by a lawyer or other
                representative (at the claimant's own expense), but the
                Management Committee reserves the right


                                      -13-
<PAGE>


                to require the claimant to furnish written authorization. A
                claimant's representative shall be entitled to copies of all
                notices given to the claimant.

        (e.)    The decision of the Management Committee on a claim and on a
                request for a review of a denied claim shall be served on the
                claimant in writing. If a decision or notice is not received by
                a claimant within the time specified, the claim or request for a
                review of a denied claim shall be deemed to have been denied.

        (f.)    Prior to filing a claim or a request for a review of a denied
                claim, the claimant or his or her representative shall have a
                reasonable opportunity to review a copy of this Plan and all
                other pertinent documents in the possession of the Management
                Committee.

10.5. INFORMATION FURNISHED BY PARTICIPANTS. The Company and its Affiliates
shall not be liable or responsible for any error in the computation of the
Deferral Account of a Participant resulting from any misstatement of fact made
by the Participant, directly or indirectly, to the Company, and used by it in
determining the Participant's Deferral Account. The Company shall not be
obligated or required to increase the Deferral Account of such Participant
which, on discovery of the misstatement, is found to be understated as a result
of such misstatement of the Participant. However, the Deferral Account of any
Participant which are overstated by reason of any such misstatement shall be
reduced to the amount appropriate in view of the truth.


                                   SECTION 11

                                 ADMINISTRATION

11.1. COMPANY. Functions generally assigned in this Plan to the Company are
delegated to the Committee, Chief Executive Officer and the Management Committee
as follows:

        11.1.1. CHIEF EXECUTIVE OFFICER. Except as otherwise provided by the
Plan and as set forth in Section 11.1.2, below, the Chief Executive Officer of
the Company shall delegate to a Management Committee all matters regarding the
administration of the Plan.

        11.1.2. COMMITTEE. Notwithstanding the foregoing general delegations to
the Chief Executive Officer and the Management Committee, the Committee shall
have the exclusive authority, which may not be delegated, to act for the
Company:

        (a.)    to amend or to terminate this Plan; and

        (b.)    to consent to the adoption of the Plan by other business
                entities; to establish conditions and limitations upon such
                adoption of the Plan by other business entities.

        11.1.3. MANAGEMENT COMMITTEE.


                                      -14-
<PAGE>


        (a.)    APPOINTMENT AND REMOVAL. The Management Committee, subject to
                the direction of the Committee and the Chief Executive Officer,
                shall have all of the functions and authorities generally
                assigned in this Plan to the Company. The Management Committee
                shall consist of one or members as may be determined and
                appointed from time to time by the Chief Executive Officer of
                the Company and they shall serve at the pleasure of such Chief
                Executive Officer and the Committee.

        (b.)    AUTOMATIC REMOVAL. If any individual who is a member of the
                Management Committee is a director, officer or employee when
                appointed as a member of the Management Committee, then such
                individual shall be automatically removed as a member of the
                Management Committee at the earliest time such individual ceases
                to be a director, officer or employee. This removal shall occur
                automatically and without any requirement for action by the
                Chief Executive Officer of the Company or any notice to the
                individual so removed.

        (c.)    AUTHORITY. The Management Committee may elect such officers as
                the Management Committee may decide upon. In addition to the
                other authorities delegated elsewhere in this Plan to the
                Management Committee, the Management Committee shall:

                (i.)    establish rules for the functioning of the Management
                        Committee, including the times and places for holding
                        meetings, the notices to be given in respect of such
                        meetings and the number of members who shall constitute
                        a quorum for the transaction of business,

                (ii.)   organize and delegate to such of its members as it shall
                        select authority to execute or authenticate rules,
                        advisory opinions or instructions, and other instruments
                        adopted or authorized by the Management Committee; adopt
                        such bylaws or regulations as it deems desirable for the
                        conduct of its affairs; appoint a secretary, who need
                        not be a member of the Management Committee, to keep its
                        records and otherwise assist the Management Committee in
                        the performance of its duties; keep a record of all its
                        proceedings and acts and keep all books of account,
                        records and other data as may be necessary for the
                        proper administration of the Plan,

                (iii.)  determine from the records of the Company and its
                        Affiliates the compensation, service records, status and
                        other facts regarding Participants and other employees,

                (iv.)   cause to be compiled at least annually, from the records
                        of the Management Committee and the reports and
                        accountings of the Company and its Affiliates, a report
                        or accounting of the status of the Plan and the Deferral
                        Accounts of the Participants, and make it available to
                        each Participant who shall have the right to examine
                        that


                                      -15-
<PAGE>


                        part of such report or accounting (or a true and correct
                        copy of such part) which sets forth the Participant's
                        benefits,

                (v.)    prescribe forms to be used for applications for
                        participation, benefits, notifications, etc., as may be
                        required in the administration of the Plan,

                (vi.)   set up such rules as are deemed necessary to carry out
                        the terms of this Plan,

                (vii.)  resolve all questions of administration of the Plan not
                        specifically referred to in this Section,

                (viii.) delegate or redelegate to one or more persons, jointly
                        or severally, and whether or not such persons are
                        members of the Management Committee or employees of the
                        Company, such functions assigned to the Management
                        Committee hereunder as it may from time to time deem
                        advisable, and

                (ix.)   perform all other acts reasonably necessary for
                        administering the Plan and carrying out the provisions
                        of this Plan and performing the duties imposed by the
                        Plan on it.

        (d.)    MAJORITY DECISIONS. If there shall at any time be three (3) or
                more members of the Management Committee serving hereunder who
                are qualified to perform a particular act, the same may be
                performed, on behalf of all, by a majority of those qualified,
                with or without the concurrence of the minority. No person who
                failed to join or concur in such act shall be held liable for
                the consequences thereof, except to the extent that liability is
                imposed under ERISA.

11.2. CONFLICT OF INTEREST. If any officer or employee of the Company or an
Affiliate, any member of the Committee, or any member of the Management
Committee to whom authority has been delegated or redelegated hereunder shall
also be a Participant or Beneficiary in the Plan, the individual shall have no
authority as such officer, employee, Committee or Management Committee member
with respect to any matter specially affecting his or her individual interest
hereunder (as distinguished from the interests of all Participants and
Beneficiaries or a broad class of Participants and Beneficiaries), all such
authority being reserved exclusively to the other officers, employees, Committee
or Management Committee members as the case may be, to the exclusion of such
Participant or Beneficiary, and such Participant or Beneficiary shall act only
in his or her individual capacity in connection with any such matter.

11.3. DUAL CAPACITY. Individuals, firms, corporations or partnerships identified
herein or delegated or allocated authority or responsibility hereunder may serve
in more than one fiduciary capacity.


                                      -16-
<PAGE>


11.4. ADMINISTRATOR. The Company shall be the administrator for purposes of
section 3(16)(A) of ERISA.

11.5. NAMED FIDUCIARIES. The Chief Executive Officer, the Committee and the
Management Committee shall be named fiduciaries for the purpose of section
402(a) of ERISA.

11.6. SERVICE OF PROCESS. In the absence of any designation to the contrary by
the Company, the Secretary of the Company is designated as the appropriate and
exclusive agent for the receipt of service of process directed to the Plan in
any legal proceeding, including arbitration, involving the Plan.

11.7. ADMINISTRATIVE EXPENSES. The reasonable expenses of administering the Plan
shall be payable by the Company.


                                   SECTION 12

                            AMENDMENT AND TERMINATION

The Company expects the Plan to be permanent but since future conditions
affecting the Company cannot be anticipated or foreseen, the Company reserves
the right to amend, modify or terminate the Plan at any time by action of the
Committee.


                                   SECTION 13

                             LIFE INSURANCE CONTRACT

If the Company elects to purchase one or more life insurance contracts to
provide it with funds to make payments under the Plan, the Company shall at all
times be the sole and complete owner and Beneficiary of such contract(s), and
shall have the unrestricted right to use all amounts and exercise all options
and privileges under such contract(s) without the knowledge or consent of any
Participant or Beneficiary or any other person; neither Participant, Beneficiary
nor any other person shall have any right, title or interest whatsoever in or to
any such contract(s).


                                   SECTION 14

                      MERGER, CONSOLIDATION OR ACQUISITION

In the event of a merger, consolidation or acquisition in which the Company is
not the surviving corporation, unless the successor or acquiring corporation
shall elect to continue and carry on this Plan, all Deferral Accounts shall
become immediately payable in full, notwithstanding any other provision of this
Plan to the contrary.


                                      -17-
<PAGE>


                                   SECTION 15

                                NO VESTED RIGHTS

The Plan and the elections exercisable hereunder shall not be deemed or
construed to be a written contract of employment between any Participant and the
Company or any of its Affiliates, nor shall any provision of the Plan restrict
the right of the Company or any of its Affiliates to discharge any Participant,
nor shall any provision of the Plan in any way whatsoever grant to any
Participant the right to receive any scheduled compensation, bonus, or other
payment of any nature whatsoever.


                                   SECTION 16

                                 APPLICABLE LAW

This Plan shall be construed and this Plan shall be administered to create an
unfunded plan providing deferred compensation to a select group of management or
highly compensated employees so that it is exempt from the requirements of Parts
2, 3 and 4 of Title I of ERISA and qualifies for a form of simplified,
alternative compliance with the reporting and disclosure requirements of Part 1
of Title I of ERISA. Any reference in this Plan to a statute or regulation shall
be considered also to mean and refer to any subsequent amendment or replacement
of that statute or regulation. This Plan has been executed and delivered in the
State of Minnesota and has been drawn in conformity to the laws of that State
and shall be construed and enforced in accordance with the laws of the State of
Minnesota.


                                      -18-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>OPINION RE: LEGALITY
<TEXT>


                                                                     EXHIBIT 5.1


                      [Letterhead of Dorsey & Whitney LLP]

                               December 21, 2000

Deluxe Corporation
3680 Victoria St. N.
Shoreview, Minnesota 55126-2966

        Re:     Registration Statement on Form S-8
                Deluxe Corporation Deferred Compensation Plan

Ladies and Gentlemen:

        We have acted as counsel to Deluxe Corporation, a Minnesota corporation
(the "Company"), and have advised the Company in connection with the
registration under the Securities Act of 1933, as amended, on Form S-8 relating
to $3,000,000 of deferred compensation obligations ("Deferred Compensation
Obligations") of the Company under the Company's Deferred Compensation Plan (the
"Plan").

        We have examined such documents and have reviewed such questions of law
as we have considered necessary and appropriate for the purposes of our opinion
set forth below.

        In rendering our opinion set forth below, we have assumed the
authenticity of all documents submitted to us as originals, the genuineness of
all signatures and the conformity to authentic originals of all documents
submitted to us as copies. As to questions of fact material to our opinion, we
have relied upon certificates or representations of officers or employees of the
Company and of public officials.

        Based upon the foregoing, we are of the opinion that the Deferred
Compensation Obligations have been duly authorized and, when created in
accordance with the terms of the Plan, will be valid and binding obligations of
the Company enforceable in accordance with their terms, except as enforcement
thereof may be limited by bankruptcy, insolvency or other laws of general
application relating to or affecting enforcement of creditors' remedies or by
general principles of equity.

        Our opinion expressed above is limited to the laws of the State of
Minnesota and the federal laws of the United States.

        We hereby consent to the filing of this opinion as an exhibit to the
registration statement on Form S-8 of the Company relating to the Deferred
Compensation Obligations.


                                       Very truly yours,

                                       /s/ Dorsey & Whitney LLP

RAR

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>INDEPENDENT AUDITORS' CONSENT
<TEXT>


                                                                    EXHIBIT 23.1



                         INDEPENDENT AUDITORS' CONSENT


The Board of Directors
Deluxe Corporation

        We consent to the incorporation by reference in this Registration
Statement of Deluxe Corporation on Form S-8 of our report dated January 26,
2000, appearing in the Annual Report on Form 10-K of Deluxe Corporation for the
fiscal year ended December 31, 1999.

                                       /s/ Deloitte & Touche LLP

                                       Deloitte & Touche LLP

Minneapolis, Minnesota
December 18, 2000

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>5
<FILENAME>0005.txt
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>


                                                                    EXHIBIT 24.1


                               POWER OF ATTORNEY

        KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints John A. Blanchard III, Lois M.
Martin and Anthony C. Scarfone, and each of them, his or her true and lawful
attorneys-in-fact and agents, each acting alone, with full powers of
substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign a Registration Statement on Form
S-8, and any and all amendments (including post-effective amendments) thereto,
relating to the Deluxe Corporation Deferred Compensation Plan (the "Plan"), and
the deferred compensation obligations under the Plan, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto such attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and
every act and thing requisite or necessary to be done in and about the premises,
as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that such attorneys-in-fact and agents or
any of them, or their substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

Dated: December 8, 2000


Signature                      Title
- ---------                      -----

/s/ John A. Blanchard III      Chairman of the Board and Chief Executive Officer
- --------------------------     (principal executive officer)
John A. Blanchard III


/s/ Lois M. Martin             Senior Vice President and Chief Financial Officer
- --------------------------     (principal financial and accounting officer)
Lois M. Martin


/s/ Lawrence J. Mosner         Director
- --------------------------
Lawrence J. Mosner


/s/ Calvin W. Aurand, Jr.      Director
- --------------------------
Calvin W. Aurand, Jr.


/s/ Ronald E. Eilers           Director
- --------------------------
Ronald E. Eilers


/s/ Daniel D. Granger          Director
- --------------------------
Daniel D. Granger

<PAGE>


/s/ Barbara B. Grogan          Director
- --------------------------
Barbara B. Grogan


/s/ Charles A. Haggerty        Director
- --------------------------
Charles A. Haggerty


/s/ Donald R. Hollis           Director
- --------------------------
Donald R. Hollis


/s/ Cheryl E. Mayberry         Director
- --------------------------
Cheryl E. Mayberry


/s/ Stephen P. Nachtsheim      Director
- --------------------------
Stephen P. Nachtsheim


/s/ Robert C. Salipante        Director
- --------------------------
Robert C. Salipante

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
