<SEC-DOCUMENT>0001104659-22-086581.txt : 20220805
<SEC-HEADER>0001104659-22-086581.hdr.sgml : 20220805
<ACCEPTANCE-DATETIME>20220805131002
ACCESSION NUMBER:		0001104659-22-086581
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20220805
DATE AS OF CHANGE:		20220805
EFFECTIVENESS DATE:		20220805

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:		1933 Act
		SEC FILE NUMBER:	333-266572
		FILM NUMBER:		221139731

	BUSINESS ADDRESS:	
		STREET 1:		801 S. MARQUETTE AVE.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		6514837111

	MAIL ADDRESS:	
		STREET 1:		801 S. MARQUETTE AVE.
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELUXE CHECK PRINTERS INC
		DATE OF NAME CHANGE:	19880608
</SEC-HEADER>
<DOCUMENT>
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<FILENAME>tm2222380d1_s8.htm
<DESCRIPTION>FORM S-8
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on August&nbsp;5, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C.&nbsp;&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DELUXE CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minnesota</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>41-0216800</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>801 Marquette Avenue South</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Minneapolis, Minnesota 55402</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">including zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JAYAPRAKASAM INDUCEMENT AWARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jeffrey L. Cotter</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SVP, Chief Administrative Officer and General
Counsel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Deluxe Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>801 Marquette Avenue South</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Minneapolis, Minnesota 55402</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(651) 483-7111</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    Accelerated Filer</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    Filer</FONT></TD>
    <TD STYLE="width: 23%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    Filer</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    Reporting Company</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    Growth Company</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Registration Statement on Form&nbsp;S-8 is being filed to register
a total of 94,370 shares of common stock, $1.00 par value per share, of Deluxe Corporation (&ldquo;Deluxe&rdquo; or the &ldquo;Company&rdquo;),
that may be issued pursuant to an inducement award of (i)&nbsp;61,062 restricted stock units subject to time-based vesting and (ii)&nbsp;up
to 33,308 performance share units, which were granted by the Registrant to Yogaraj Jayaprakasam on May&nbsp;13, 2022, as inducement to
accept employment as the Chief Technology and Digital Officer of Deluxe (the&ldquo;Inducement Award&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The inducement award was approved by the compensation committee of
the Deluxe&rsquo;s board of directors as an inducement material to such employee&rsquo;s acceptance of employment with Deluxe in compliance
with and in reliance on Rule 303.08 of the New York Stock Exchange Listing Manual. The Inducement Award was granted outside of Deluxe&rsquo;s 2022 Stock Incentive
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(A)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information called for by Part&nbsp;I of Form&nbsp;S-8&nbsp;is
omitted from this Registration Statement in accordance with Rule&nbsp;428 of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), and the instructions to Form&nbsp;S-8.&nbsp;In accordance with the rules&nbsp;and regulations of the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) and the instructions to Form&nbsp;S-8,&nbsp;such documents are not being filed with the SEC either
as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
3.</B></FONT>&nbsp;&nbsp;<B>Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents have been filed with the SEC by the Company
and are incorporated by reference in this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/27996/000002799622000078/dlx-20211231.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp; <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/27996/000002799622000165/dlx-20220331.htm" STYLE="-sec-extract: exhibit">the Company's Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2022 and June&nbsp;30, 2022</A>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;the
Company's Current Reports on Form&nbsp;8-K filed on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/27996/000002799622000103/dlx-20220308.htm" STYLE="-sec-extract: exhibit">March&nbsp;9, 2022</A></FONT>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/27996/000002799622000116/dlx-20220316.htm" STYLE="-sec-extract: exhibit">March&nbsp;22, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/27996/000002799622000139/dlx-20220427.htm" STYLE="-sec-extract: exhibit">April&nbsp;27, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/27996/000110465922060325/tm2215248d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;13, 2022</A> and <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/27996/000110465922084283/tm2222110d1_8k.htm" STYLE="-sec-extract: exhibit">July&nbsp;29, 2022</A>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;the
description of the Company&rsquo;s common stock contained in <A HREF="http://www.sec.gov/Archives/edgar/data/27996/000002799620000022/exhibit4212-31x201910k.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.2 to the Company's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2019</A></FONT> and in any amendment, registration statement or report filed for the purpose of updating such
description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All documents filed by the Company pursuant to Sections 13(a), 13(c),
14 and 15(d)&nbsp;of the Exchange Act subsequent to the date hereof and prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all securities remaining unsold shall be deemed to be incorporated
by reference herein and to be a part hereof from the respective dates of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any statement contained in any document incorporated by reference
herein shall be deemed to be modified or superseded for the purposes of this registration statement to the extent that a statement contained
herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes
such statement. Any statement so modified or superseded shall not be deemed, except as modified or superseded, to constitute a part of
this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
4.</B></FONT>&nbsp;&nbsp;<B>Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
5.</B></FONT>&nbsp; <B>Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
6.</B></FONT>&nbsp;&nbsp;<B>Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;302A.521, subd. 2, of the Minnesota Business Corporation
Act (the &ldquo;MBCA&rdquo;) 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&rsquo; fees and disbursements, incurred by the person in connection with the proceeding (collectively, &ldquo;Losses&rdquo;)
if, with respect to the same acts or omissions, such person: (1)&nbsp;has not been indemnified by another organization or employee benefit
plan for the same Losses; (2)&nbsp;acted in good faith; (3)&nbsp;received no improper personal benefit, and statutory procedures have
been followed in the case of any conflict of interest by a director; (4)&nbsp;in the case of a criminal proceeding, had no reasonable
cause to believe the conduct was unlawful; and (5)&nbsp;in the case of acts or omissions occurring in the person&rsquo;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 a director&rsquo;s, officer&rsquo;s or employee&rsquo;s capacity
as a director, officer, partner, trustee, employee or agent of another organization or employee benefit plan, reasonably believed that
the conduct was not opposed to the best interests of the corporation. If the person's acts or omissions complained of in the proceeding
relate to conduct as a director, officer, trustee, employee, or agent of an employee benefit plan, the conduct is not considered to be
opposed to the best interests of the corporation if the person reasonably believed that the conduct was in the best interests of the
participants or beneficiaries of the employee benefit plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article&nbsp;XII of Deluxe&rsquo;s Amended and Restated 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&nbsp;XII does not, however, limit or eliminate the liability of a director
to the extent provided by applicable law for (i)&nbsp;any breach of the director&rsquo;s duty of loyalty to Deluxe or its shareholders,
(ii)&nbsp;acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii)&nbsp;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)&nbsp;any transaction from which the director derived an improper personal benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article&nbsp;V of the Bylaws of Deluxe provide that Deluxe shall indemnify
all officers and directors of Deluxe for such expenses and liabilities, in such manner, under such circumstances and to the fullest extent
as permitted by the MBCA. Unless otherwise approved by the board of directors, Deluxe shall not indemnify any officer or director of
Deluxe who is not otherwise entitled to indemnification pursuant to the prior sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deluxe maintains an insurance policy or policies to assist in funding
the indemnification of directors and officers for certain liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
7.</B></FONT>&nbsp;&nbsp;<B>Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
8.</B></FONT>&nbsp;&nbsp;<B>Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/27996/000114036110043000/ex3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 95%"><A HREF="http://www.sec.gov/Archives/edgar/data/27996/000114036110043000/ex3_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Articles of Incorporation (incorporated by reference to Exhibit&nbsp;3.1 to the Quarterly Report on Form&nbsp;10-Q for
    the quarter ended September&nbsp;30, 2010).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/27996/000002799619000096/exhibit3108272019.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/27996/000002799619000096/exhibit3108272019.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws, as amended on
    August&nbsp;21, 2019 (incorporated by reference to Exhibit&nbsp;3.1 to the Current Report on Form&nbsp;8-K filed on August&nbsp;27,
    2019).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/27996/000002799620000022/exhibit4212-31x201910k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/27996/000002799620000022/exhibit4212-31x201910k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Deluxe
    Corporation Common Stock Registered Under Section&nbsp;12 of the Exchange Act of 1934 (incorporated by reference to Exhibit&nbsp;4.2
    of the Company's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2019).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT>*</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Dorsey&nbsp;&amp;
    Whitney LLP.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT>*</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Stock Unit
    Agreement (Two-Year Ratable), dated May&nbsp;13, 2022, by and between Yogaraj Jayaprakasam and the Company</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Stock Unit
    Agreement (Four-Year Ratable), dated May&nbsp;13, 2022, by and between Yogaraj Jayaprakasam and the Company</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Share Unit
    Agreement (Total Revenue), </FONT>dated May&nbsp;13, 2022, by and between Yogaraj Jayaprakasam and the Company</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4*</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Share Unit
    Agreement (TSR), </FONT>dated May&nbsp;13, 2022, by and between Yogaraj Jayaprakasam and the Company</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT>*</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Dorsey&nbsp;&amp;
    Whitney LLP (included in Exhibit&nbsp;5.1).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT>*</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex23-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of PricewaterhouseCoopers
    LLP.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex24-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT>*</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex24-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2222380d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT>*</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm2222380d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;*Filed herewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9.</B></FONT>&nbsp;&nbsp;&nbsp;<B>Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value
of securities offered 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 SEC pursuant to Rule&nbsp;424(b)&nbsp;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 &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I></FONT>,&nbsp;<I>however,</I>&nbsp;that
paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;above do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act that are incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment 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&nbsp;<I>bona fide</I>&nbsp;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act 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&nbsp;<I>bona fide</I>&nbsp;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act 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 SEC such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&nbsp;&nbsp;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 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;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 Minneapolis, State of Minnesota, on August&nbsp;5, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DELUXE CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:/s/ Jeffrey
    L. Cotter</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey L. Cotter</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Administrative Officer and General Counsel</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed by the following persons in the capacities indicated on August&nbsp;5, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barry C. McCarthy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Chief Financial Officer </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott C. Bomar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Chief Accounting Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad P. Kurth</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Accounting Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William C. Cobb</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul R. Garcia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cheryl E. Mayberry McKissack</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Don J. McGrath</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas J. Reddin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Martyn R. Redgrave</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John L. Stauch</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ *</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telisa L. Yancy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*By: /s/ Jeffrey
    L. Cotter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey L. Cotter, attorney-in-fact</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2222380d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;5, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deluxe Corporation&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">801 Marquette Avenue South&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minneapolis, MN 55402</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Re: <U>Registration Statement on Form&nbsp;S-8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to
Deluxe Corporation, a Minnesota corporation (the &ldquo;Company&rdquo;), in connection with a Registration Statement on Form&nbsp;S-8
(the &ldquo;Registration Statement&rdquo;) filed by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the registration of 94,370 shares of the
Company&rsquo;s common stock, par value $1.00 per share (the &ldquo;Shares&rdquo;), that may be issued as an inducement award pursuant
to the Restricted Stock Unit Award Agreements and the Performance Share Unit Award Agreements dated May&nbsp;13, 2022, by and between
the Company and Yogaraj Jayaprakasam (the &ldquo;Inducement Award Agreements&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have examined such documents
and have reviewed such questions of law as we have considered necessary or appropriate for the purposes of our opinions set forth below.
In rendering our opinions 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. We have also assumed the legal
capacity for all purposes relevant hereto of all natural persons. As to questions of fact material to our opinions, we have relied upon
certificates or comparable documents of officers and other representatives of the Company and of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, we
are of the opinion that the Shares, when issued and delivered in accordance with the terms of the Inducement Award Agreements, will be
validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinions expressed above
are limited to the laws of the State of Minnesota.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dorsey&nbsp;&amp; Whitney LLP</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dorsey&nbsp;&amp; Whitney LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">50 South Sixth Street | Suite&nbsp;1500 | Minneapolis,
MN | 55402-1498 | <B>T&nbsp;</B>612.340.2600 | <B>F&nbsp;</B>612.340.2868 | dorsey.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>tm2222380d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.1</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; font: bold 10pt Times New Roman, Times, Serif">DELUXE</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 40%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">RESTRICTED STOCK UNIT</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">CORPORATION</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">AWARD AGREEMENT</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>(Inducement Grant) (US)</B></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">AWARDED TO</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">AWARD DATE</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">TOTAL NUMBER OF</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">RESTRICTED STOCK</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">UNITS</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: left">Yogaraj Jayaprakasam</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">May&nbsp;13, 2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">44,409</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: left"><B>The Award</B>. Deluxe Corporation, a Minnesota corporation (&#8220;Deluxe&#8220;),
                                            hereby grants to you as of the above Award Date the above number of restricted stock units
                                            (&#8220;Units&#8221;) on the terms and conditions contained in this Restricted Stock Unit
                                            Award Agreement (including the Addendum attached hereto, the &#8220;Agreement&#8221;). This
                                            grant is being made outside of Deluxe&#8217;s 2022 Stock Incentive Plan (the &#8220;Plan&#8221;)
                                            as an employment inducement award under Rule&nbsp;303.08 of the New York Stock Exchange Listing
                                            Manual. However, for convenience, the award and the shares issuable hereunder are hereby
                                            made subject generally to the same terms and conditions of the Plan by reference to the Plan
                                            throughout this Agreement, except that the underlying award shares are not being issued under
                                            the Plan and thus do not count against the Plan share reserve. Accordingly, any capitalized
                                            term used but not defined in this Agreement shall have the meaning given to the term in the
                                            Plan as it currently exists or may hereafter be amended. Furthermore, although the underlying
                                            award shares do not count against the Plan reserve, the terms of the award will otherwise
                                            be governed by both this Agreement and the terms of the Plan, including (but not limited
                                            to) the Plan&#8217;s provisions for administration, adjustment for corporate transactions
                                            and other permitted amendments. n. Deluxe hereby confirms the grant to you, as of the Award
                                            Date and subject to the terms and conditions in this Agreement and the Plan, of the number
                                            of Restricted Stock Units specified above (the &#8220;Units&#8221;). Each Unit represents
                                            the right to receive one share of Deluxe&#8217;s common stock par value $1.00 (&#8220;Common
                                            Stock&#8221;), when the restrictions applicable to each Unit expire or terminate as provided
                                            below. Prior to their settlement or forfeiture in accordance with the terms of this Agreement,
                                            the Units granted to you will be credited to an account in your name maintained by Deluxe.
                                            This account shall be unfunded and maintained for book-keeping purposes only, with the Units
                                            simply representing an unfunded and unsecured contingent obligation of Deluxe.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Restricted Period and Vesting</B>. The Units are subject to
                                            the restrictions contained in this Agreement and the Plan for the Restricted Period (as defined
                                            below). As used herein, &#8220;Restricted Period,&#8221; shall mean, with respect to each
                                            of the two equal segments of 50 percent of the Units each, a period commencing on the Award
                                            Date and, subject to Section&nbsp;4, ending with respect to each segment on its respective
                                            vesting date. Subject to Sections 4 and 5, with respect to the Units, the restrictions on
                                            a segment will lapse and the applicable segment will vest and become non-forfeitable on each
                                            of the first and second anniversary of the Award Date, so long as your service to Deluxe
                                            has not previously ended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: left"><B>Restrictions</B>. The Units shall
                                            be subject to the following restrictions during the Restricted Period:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Units shall be subject to forfeiture to Deluxe until they vest as provided in this Agreement and the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Units may not be sold, assigned, transferred or pledged during the Restricted Period. You may not transfer the right to receive the Units,
other than by will or the laws of descent and distribution, and any such attempted transfer shall be void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Shares
of Common Stock to be issued in settlement of vested Units will not be issued until the applicable time specified in Section&nbsp;6 or
8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
cash or non-cash dividends or distributions are declared and paid by Deluxe with respect to its Common Stock, then at the same time that
such dividends or distributions are paid to the shareholders you will have dividend equivalents credited to your account with respect
to your Units. All such dividend equivalents shall be held by Deluxe without interest accruing thereon until the end of the Restricted
Period, at which time Deluxe will pay you all such dividends and other distributions, less applicable income tax and social security
tax withholding. Any dividend equivalent payments paid with respect to any Units shall be paid when, and only to the extent that, the
underlying Units actually vest and are settled in shares of Common Stock. If the Units are forfeited, then all rights to such dividend
and distribution payments shall also be forfeited.</FONT>&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: left"><B>Acceleration of Vesting</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event your employment with Deluxe is terminated by reason of death, Disability (as defined in the Addendum), or Approved Retirement
(as defined in the Addendum) any time during the Restricted Period, all of the yet unvested Units will vest and the Units shall become
non-forfeitable as of the date of such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to Section&nbsp;4(c), in the event your employment is terminated during the Restricted Period after the first anniversary of the Award
Date by reason of involuntary termination without Cause, a pro rata portion of the next segment of Units scheduled to vest after the
termination date (based on the number of completed days between the termination date and the scheduled vesting date immediately prior
to the termination date (or the Award Date if there was no such scheduled vesting date) divided by 365) shall vest and become non-forfeitable
as of the date of such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
any provision contained in this Agreement that would result in Units vesting in full or in part at a later date, if, in connection with
any Change of Control, the acquiring Person, surviving or acquiring corporation or entity, or an Affiliate of such corporation or entity,
elects to assume the obligations of Deluxe under this Agreement and to replace the Shares issuable upon settlement of the Units with
other equity securities that are listed on a national securities exchange (including by use of American Depository Receipts or any similar
method) and are freely transferable under all applicable federal and state securities laws and regulations (&#8220;Replacement Equity
Securities&#8221;), the Units then subject to restriction shall continue to vest as set forth in Section&nbsp;2, provided, however, the
Units shall vest in full and become non-forfeitable if, within twelve months of the date of the Change of Control:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">Your employment with the Company is terminated
                                            by the Company without Cause,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">Your employment with the Company is
                                            terminated by you for Good Reason, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">Vesting would otherwise occur on any
                                            earlier date as provided under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">In the event of any such Change of
Control, the number of Replacement Equity Securities issuable under this Agreement shall be determined by the Committee in accordance
with Section&nbsp;4(c)&nbsp;of the Plan. In the event of any such Change of Control, all references herein to the Shares shall thereafter
be deemed to refer to the Replacement Equity Securities, references to Deluxe or the Company shall thereafter be deemed to refer to the
issuer of such Replacement Equity Securities, and all other terms of this Agreement shall continue in effect except as and to the extent
modified by this subparagraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Change of Control does not meet the continuation or replacement criteria specified in Section&nbsp;4(c)&nbsp;above, all Units then
subject to restriction shall vest in full immediately and become non-forfeitable upon the Change of Control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
provisions of this Section&nbsp;4 shall be subject to Sections 5(b)&nbsp;and 8.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Forfeiture.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Section&nbsp;4, in the event your employment is terminated during the Restricted Period, your rights to all of the
unvested Units shall be immediately and irrevocably forfeited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provisions of this Agreement, in the event you engage in a Forfeiture Activity (as defined below) during the Restricted Period,
your rights to all of the Units that have not yet been settled, whether or not vested, shall be immediately and irrevocably forfeited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
at any time within 12 months after the date any portion of this Award has vested and settled as provided in Sections 6 or 8, you engage
in any Forfeiture Activity (as defined below), then the value of the Shares (and the amount of any associated dividend equivalents) received
by you pursuant to such vesting and settlement must be paid to Deluxe within 30 days of demand by Deluxe. For purposes hereof, the value
of the Shares received by you in settlement of the vested Units shall be determined by utilizing the closing price on the New York Stock
Exchange of a share of Deluxe&#8217;s Common Stock on the vesting date (without regard to any subsequent increase or decrease in the
fair market value of such Shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
used herein, you shall be deemed to have engaged in a Forfeiture Activity if you (i)&nbsp;directly or indirectly, engage in any business
activity on your own behalf or as a partner, shareholder, director, trustee, principal, agent, employee, consultant or otherwise of any
person or entity which is in any respect in competition with or competitive with Deluxe or you solicit, entice or induce any employee
or representative of Deluxe to engage in any such activity, (ii)&nbsp;directly or indirectly solicit, entice or induce (or assist any
other person or entity in soliciting, enticing or inducing) any customer or potential customer (or agent, employee or consultant of any
customer or potential customer) with whom you had contact in the course of your employment with Deluxe to deal with a competitor of Deluxe,
(iii)&nbsp;fail to hold in a fiduciary capacity for the benefit of Deluxe all confidential information, knowledge and data, including
customer lists and information, business plans and business strategy (&#8220;Confidential Data&#8221;) relating in any way to the business
of Deluxe for so long as such Confidential Data remains confidential, or (iv)&nbsp;are terminated by Deluxe for Cause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
any court of competent jurisdiction shall determine that the foregoing forfeiture provisions are invalid in any respect, the court so
holding may limit such provisions in any manner which the court determines such that the provision shall be enforceable against you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">By
accepting this Agreement, you consent to a deduction from any amounts Deluxe owes you from time to time (including amounts owed to you
as wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to you by Deluxe), to the extent
of the amount you owe Deluxe under the foregoing provisions. Whether or not Deluxe elects to make any set-off in whole or in part, if
Deluxe does not recover by means of set-off the full amount you owe, calculated as set forth above, you agree to pay immediately the
unpaid balance to Deluxe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">You
will be released from the forfeiture provisions of Section&nbsp;5(d)(i)&nbsp;in the event your employment with Deluxe has been involuntarily
terminated without Cause. Otherwise, you may be released from the foregoing forfeiture provisions only if the Committee (or is duly appointed
agent) determines in its sole discretion that such action is in the best interests of Deluxe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Nothing
contained in this Section&nbsp;5 shall be construed to limit the provisions of the Plan or any recoupment policy dealing with recoupment
of awards, which are incorporated into this Agreement by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: left"><B>Settlement of Units and Delivery
                                            of Shares of Common Stock</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to Section&nbsp;5 and except as otherwise provided in Sections 6(b), 8, and 9, after any Units vest pursuant to Section&nbsp;2 or Section&nbsp;4,
as applicable, Deluxe shall, as soon as practicable (but no later than 74 days after the applicable vesting date) cause to be issued
and delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable)
one share of Common Stock in payment and settlement of each vested Unit along with any dividends or distributions referenced in Section&nbsp;3(d).
Delivery of shares of Common Stock shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock
register maintained by Deluxe&#8217;s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the
shares of Common Stock to a brokerage account for your benefit, and shall be subject to the tax withholding provisions of Section&nbsp;9
and compliance with all applicable legal requirements as provided in the Plan, and shall be in complete satisfaction and settlement of
such vested Units. If the Units that vest include a fractional Unit, Deluxe shall round the number of vested Units to the nearest whole
Unit prior to issuance of shares of Common Stock as provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, in the event your employment with Deluxe is terminated by reason of death, Disability or involuntary termination without
Cause any time during the Restricted Period, and if either (i)&nbsp;the aggregate number of vested Units under this Award is five (5)&nbsp;or
fewer, or (ii)&nbsp;the aggregate value of all of your vested Units under all awards then outstanding is less than five hundred dollars
($500), Deluxe may, in its sole discretion, deliver cash in lieu of shares of Common Stock. For purposes hereof, the cash payable in
settlement of the vested Units (prior to applicable withholding under Section&nbsp;9) shall be determined by utilizing the closing price
on the New York Stock Exchange of a share of Deluxe&#8217;s Common Stock on the settlement date under Section&nbsp;6(a)&nbsp;or Section&nbsp;8,
as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD STYLE="text-align: left"><B>Rights</B>. The Units subject to
                                            this award do not entitle you to any rights of a holder of Common Stock. You will not have
                                            any of the rights of a shareholder of Deluxe in connection with the grant of Units subject
                                            to this Agreement unless and until shares of Common Stock are issued to you upon settlement
                                            of the Units as provided in Section&nbsp;6 or 8.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD STYLE="text-align: left"><B>409A Compliance</B>. This Section&nbsp;8
                                            will apply only if the Award evidenced by this Agreement provides for the deferral of compensation
                                            within the meaning of Section&nbsp;409A of the Internal Revenue Code and the IRS regulations
                                            thereunder (&#8220;Section&nbsp;409A&#8221;). If your employment is terminated prior to the
                                            end of the Restricted Period, but the termination does not constitute a &#8220;separation
                                            from service&#8221; as defined in Section&nbsp;409A, then you will have the right to receive
                                            the applicable payment described in Section&nbsp;4, but such payment will be delayed until
                                            the earliest of the date on which you incur a separation from service as defined in Section&nbsp;409A,
                                            the end of the Restricted Period, or if Section&nbsp;4(d)&nbsp;is applicable, the date on
                                            which a change in control event occurs as defined in Section&nbsp;409A (as described in the
                                            Addendum). This could occur if, for example, your employment is terminated but you are retained
                                            as a consultant or independent contractor to provide services to Deluxe or an Affiliate at
                                            a rate which is at least 50% of the rate at which you were providing services as an employee.
                                            It is also possible that you may incur a separation from service as defined in Section&nbsp;409A
                                            even though your employment has not been terminated, for example if you become a part-time
                                            employee and are providing services at a rate that is less than 50% of the rate at which
                                            you provided services as a full-time employee. If this were to occur you would receive a
                                            payment as described in Section&nbsp;4(b)&nbsp;calculated as if your employment had been
                                            terminated by Deluxe without Cause. The provisions of this paragraph shall also apply to
                                            the issuance of Shares to which you are entitled upon your Approved Retirement as provided
                                            in Section&nbsp;4(a)&nbsp;if your Approved Retirement does not constitute a separation from
                                            service.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">If the Change of Control described in Section&nbsp;4(c)&nbsp;or Section&nbsp;4(d)&nbsp;does
not constitute a &#8220;change in control event&#8221; as defined in Section&nbsp;409A, then your Units will become fully vested as provided
therein, but settlement of the Units and issuance of the equity shall not occur until the earliest of the date on which you incur a separation
from service as defined in Section&nbsp;409A, the end of the Restricted Period, the date of your termination due to Disability or the
date on which a change in control event as defined in Section&nbsp;409A occurs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Notwithstanding any other provision of this Agreement,
if you are a &#8220;specified employee&#8221; as defined in Section&nbsp;409A at the time any amount would otherwise become payable to
you by reason of a separation from service as defined in Section&nbsp;409A (including any shares of Common Stock that become issuable
upon an Approved Retirement, or upon the occurrence of a Change of Control, but the issuance of which is deferred until a separation
from service because the Change of Control did not constitute a change in control event), such payment shall not occur until the first
business day that is more than six months following the date of such separation from service (or, if earlier, the date of your death).
In general, &#8220;specified employees&#8221; are the 50 most highly compensated officers and policy making personnel of Deluxe and its
Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD STYLE="text-align: left"><B>Income Taxes</B>. You are liable
                                            for any federal, state and local income taxes as well as payroll taxes applicable upon the
                                            vesting or settlement of the Units subject to this Agreement, and you acknowledge that you
                                            should consult with your own tax advisor regarding the applicable tax consequences.&nbsp;
                                            Upon the distribution of shares of Common Stock and payment of any associated dividend equivalents,
                                            you shall promptly pay to Deluxe the amount of all applicable taxes required by Deluxe to
                                            be withheld or collected upon the distribution of the shares of Common Stock in settlement
                                            of the vested Units and payment of any dividend equivalents, such amount to be paid in cash
                                            or in previously acquired shares of Common Stock having a fair market value equal to the
                                            tax withholding amount.&nbsp; In the alternative, you may direct Deluxe to withhold from
                                            shares of Common Stock otherwise to be distributed the number of Deluxe shares having a fair
                                            market value equal to the amount of all applicable taxes required by Deluxe to be withheld
                                            upon the distribution of the shares of Common Stock, and to withhold from any dividend equivalent
                                            payments an amount equal to the applicable taxes associated therewith, and to withhold from
                                            any dividend equivalent payments an amount equal to the applicable taxes associated therewith.
                                            You acknowledge that no shares of Common Stock will be distributed to you or dividend equivalent
                                            payments made unless and until you have satisfied any obligation for withholding taxes as
                                            provided in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10</B>.</TD><TD STYLE="text-align: left"><B>Terms and Conditions</B>. This
                                            Agreement and the award of Units and the issuance of shares of Common Stock hereunder are
                                            granted as an employee inducement award but are subject to the provisions of the Plan as
                                            described in Section&nbsp;1. In the event there are any inconsistencies between this Agreement
                                            and the Plan, the provisions of the Plan shall govern, as it may be amended or interpreted
                                            at Deluxe&#8217;s discretion, to meet any applicable requirements of Section&nbsp;409A of
                                            the Internal Revenue Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">By your acceptance of this restricted stock unit
award, you agree to all of the terms and conditions contained in this Agreement and in the Plan documents. You acknowledge that you have
received and reviewed these documents and that they set forth the entire agreement between you and Deluxe regarding the Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DELUXE CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><IMG SRC="tm2222380d1_ex10-3img01.jpg" ALT="" STYLE="width: 164px; height: 43px">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">ADDENDUM TO&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">RESTRICTED STOCK
UNIT AWARD AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the purposes hereof, the terms used herein
shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Approved Retirement&#8221; shall mean
any voluntary termination of employment that occurs on or after the date on which the sum of your age and years of employment with Deluxe
and/or its Affiliates equals at least seventy-five (75) and that is approved by the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8220;Beneficial Owner&#8221; shall have the
meaning defined in Rule&nbsp;13d-3 promulgated under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;Cause&quot; shall mean (i)&nbsp;you have breached your obligations
of confidentiality to Deluxe or its Affiliates; (ii)&nbsp;you have failed to perform your duties; (iii)&nbsp;you commit an act, or omit
to take action, in bad faith which results in material detriment to Deluxe or its Affiliates or their respective businesses; (iv)&nbsp;you
have had excessive absences unrelated to illness or vacation (&quot;excessive&quot; shall be defined in accordance with local employment
customs); (v)&nbsp;you have engaged in misconduct or have otherwise violated an employment policy; (vi)&nbsp;you commit fraud, misappropriation,
embezzlement or other act of dishonesty in connection with your job or otherwise against Deluxe, its Affiliates or their respective businesses;
(vii)&nbsp;you have been convicted or have pleaded guilty or nolo contendere to a felony or a gross misdemeanor, which gross misdemeanor
involves a breach of ethics, moral turpitude, or immoral or other conduct reflecting adversely upon the respective reputation, interests
or businesses of Deluxe or its Affiliates; (viii)&nbsp;your engage in unlawful conduct or gross misconduct that is or is reasonably likely
to be injurious to the respective business, finances, interests or reputation of Deluxe of its Affiliates; or (ix)&nbsp;you are in default
under any agreement between you and Deluxe or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A &#8220;Change of Control&#8221; shall be deemed
to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: left">any Person becomes the Beneficial Owner,
                                            directly or indirectly, of securities of Deluxe representing 30% or more of the combined
                                            voting power of Deluxe&#8217;s then outstanding securities, excluding, at the time of their
                                            original acquisition, from the calculation of securities beneficially owned by such Person
                                            any securities acquired directly from Deluxe or its Affiliates or in connection with a transaction
                                            described in paragraph (iii)&nbsp;below; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: left">the individuals who at the date of your
                                            award election hereunder constitute the Board and any new director (other than a director
                                            whose initial assumption of office occurs within a year of and is in connection with an actual
                                            or threatened election contest, including but not limited to a consent solicitation, relating
                                            to the election of directors of Deluxe) whose appointment or election by the Board or nomination
                                            for election by Deluxe&#8217;s shareholders was approved or recommended by a vote of a majority
                                            of the directors then still in office who either were directors at the date of your award
                                            election hereunder or whose appointment, election or nomination for election was previously
                                            so approved or recommended, cease for any reason to constitute a majority thereof; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: left">the shareholders of Deluxe approve a plan
                                            of complete liquidation of Deluxe or there is consummated (A)&nbsp;a merger, consolidation,
                                            share exchange or similar transaction involving Deluxe, regardless of whether Deluxe is the
                                            surviving corporation or (B)&nbsp;the sale or disposition by Deluxe of all or substantially
                                            all Deluxe&#8217;s assets, other than a sale or disposition by Deluxe of all or substantially
                                            all of Deluxe&#8217;s assets to an entity, unless, immediately following such corporate transaction,
                                            all or substantially all of the individuals and entities who were the beneficial owners of
                                            Deluxe&#8217;s voting securities immediately prior to such corporate transaction beneficially
                                            own, directly or indirectly, more than 50% of the combined voting power of the then outstanding
                                            voting securities of the surviving or acquiring entity resulting from such corporate transaction
                                            (including beneficial ownership through any Parent of such entity) in substantially the same
                                            proportions as their ownership, immediately prior to such corporate transaction, of Deluxe&#8217;s
                                            voting securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Notwithstanding the foregoing, a &#8220;Change
of Control&#8221; shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the record holders of Common Stock of Deluxe immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of Deluxe
immediately following such transaction or series of transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8220;Disability&#8221; shall mean that you
are suffering from a medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than twelve months, and that as a result of such impairment either: (i)&nbsp;you have received
disability benefits for a period of not less than three months under a long or short-term disability plan or policy (or both), and are
eligible for benefits under the long-term disability plan of Deluxe or any Affiliate of which you are employed at the time of such disability;
or (ii)&nbsp;in the event that your employer does not have a long-term disability plan in effect at such time, you are unable to engage
in any substantial gainful activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Good Reason&#8221; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>except with your written consent given in your discretion, (a)&nbsp;the
                                            assignment to you of any position and/or duties which represent or otherwise entail a material
                                            diminution in your position, authority, duties or responsibilities, or (b)&nbsp;any other
                                            action by the Company which results in a material diminution in your position (or positions)
                                            with the Company, excluding any diminution attributable to Deluxe&#8217;s bankruptcy or insolvency
                                            or to the fact that Deluxe is no longer a public company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>any material reduction in your aggregate compensation and incentive
                                            opportunities, or any material failure by the Company to comply with any other written agreement
                                            between you and the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the Company&#8217;s requiring you to be based at any location
                                            more than 50 miles from your then current location; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>any request or requirement by the Company that you take any action
                                            or omit to take any action that is inconsistent with or in violation of the Company&#8217;s
                                            ethical guidelines and policies as the same existed within the 120-day period prior to the
                                            termination date or any professional ethical guidelines or principles that may be applicable
                                            to you,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided, however, that such events shall constitute Good Reason only
if (A)&nbsp;within thirty (30) days following the occurrence of an event claimed to constitute Good Reason, you give Deluxe written notice
of such event, (B)&nbsp;Deluxe fails to cure such event within thirty (30) days after receipt of such written notice, and (C)&nbsp;the
effective date of your termination of employment is within 180 days following expiration of such cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8220;Person&#8221; shall have the meaning defined
in Section&nbsp;3(a)(9)&nbsp;and 13(d)&nbsp;of the Securities Exchange Act of 1934, as amended, except that such term shall not include
(i)&nbsp;Deluxe or any of its subsidiaries, (ii)&nbsp;a trustee or other fiduciary holding securities under an employee benefit plan
of Deluxe or any of its Affiliates, (iii)&nbsp;an underwriter temporarily holding securities pursuant to an offering of such securities,
or (iv)&nbsp;a corporation owned, directly or indirectly, by the shareholders of Deluxe in substantially the same proportions as their
ownership of Common Stock of Deluxe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For all purposes of this Award Agreement &#8220;separation
from service&#8221;, &#8220;specified employee&#8221;, and &#8220;change in control event&#8221; shall have the meanings set forth in
Treasury Regulations &sect;1.409A-1(h), &sect;1.409A-1(i), and &sect;1.409A-3(i)(5), respectively, without regard to any of the optional
provisions set forth in such regulations, except that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: left">for purposes of Treas. Reg. &sect;1.409A-1(h)(1)(ii),
                                            an employee shall be considered to have incurred a separation from service on the date on
                                            which it is reasonably anticipated that the level of bona fide services the employee will
                                            perform after such date (whether as an employee or as an independent contractor) will permanently
                                            decrease to less than 50 percent of the average level of bona fide services performed (whether
                                            as an employee or an independent contractor) over the immediately preceding 36-month period
                                            (or the full period of services to the employer if the employee has been providing services
                                            to the employer less than 36 months); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: left">for purposes of identifying specified
                                            employees the safe harbor definition of compensation contained in Treas. Reg. &sect;1.415(c)-2(d)(4)&nbsp;(compensation
                                            required to be reported on Form&nbsp;W-2 plus elective deferrals) shall be used, and compensation
                                            paid to a nonresident alien that is not effectively connected with the conduct of a trade
                                            or business within the United States shall be excluded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>tm2222380d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 60%"><FONT STYLE="font-size: 10pt"><B>DELUXE <BR>
CORPORATION </B></FONT></TD>
  <TD STYLE="text-align: left; width: 40%"><FONT STYLE="font-size: 10pt"><B>RESTRICTED STOCK <BR>
UNIT AWARD AGREEMENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
  <TD STYLE="text-align: left"><B>(Inducement Grant) (US)</B></TD></TR>
</TABLE>


<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">AWARDED TO</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">AWARD DATE</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">TOTAL NUMBER OF<BR> RESTRICTED STOCK<BR> UNITS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 53%; text-align: left; padding-bottom: 1pt">Yogaraj Jayaprakasam</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center; padding-bottom: 1pt">May&nbsp;13, 2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: right">16,653</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: left"><B>The Award</B>. Deluxe Corporation, a Minnesota corporation (&#8220;Deluxe&#8220;), hereby grants to
you as of the above Award Date the above number of restricted stock units (&#8220;Units&#8221;) on the terms and conditions contained
in this Restricted Stock Unit Award Agreement (including the Addendum attached hereto, the &#8220;Agreement&#8221;). This grant is being
made outside of Deluxe&#8217;s 2022 Stock Incentive Plan (the &#8220;Plan&#8221;) as an employment inducement award under Rule&nbsp;303.08
of the New York Stock Exchange Listing Manual. However, for convenience, the award and the shares issuable hereunder are hereby made subject
generally to the same terms and conditions of the Plan by reference to the Plan throughout this Agreement, except that the underlying
award shares are not being issued under the Plan and thus do not count against the Plan share reserve. Accordingly, any capitalized term
used but not defined in this Agreement shall have the meaning given to the term in the Plan as it currently exists or may hereafter be
amended. Furthermore, although the underlying award shares do not count against the Plan reserve, the terms of the award will otherwise
be governed by both this Agreement and the terms of the Plan, including (but not limited to) the Plan&#8217;s provisions for administration,
adjustment for corporate transactions and other permitted amendments. . Deluxe hereby confirms the grant to you, as of the Award Date
and subject to the terms and conditions in this Agreement and the Plan, of the number of Restricted Stock Units specified above (the &#8220;Units&#8221;).
Each Unit represents the right to receive one share of Deluxe&#8217;s common stock par value $1.00 (&#8220;Common Stock&#8221;), when
the restrictions applicable to each Unit expire or terminate as provided below. Prior to their settlement or forfeiture in accordance
with the terms of this Agreement, the Units granted to you will be credited to an account in your name maintained by Deluxe. This account
shall be unfunded and maintained for book-keeping purposes only, with the Units simply representing an unfunded and unsecured contingent
obligation of Deluxe.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: left"><B>Restricted Period and Vesting</B>. The Units are subject to the restrictions contained in this Agreement
and the Plan for the Restricted Period (as defined below). As used herein, &#8220;Restricted Period,&#8221; shall mean, with respect to
each of the four equal segments of 25 percent of the Units each, a period commencing on the Award Date and, subject to Section&nbsp;4,
ending with respect to each segment on its respective vesting date. Subject to Sections 4 and 5, with respect to the Units, the restrictions
on a segment will lapse and the applicable segment will vest and become non-forfeitable on each of the first, second, third and fourth
anniversary of the Award Date, so long as your service to Deluxe has not previously ended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: left"><B>Restrictions</B>. The Units shall be subject to the following restrictions during the Restricted Period:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Units shall be subject to forfeiture to Deluxe until they vest as provided in this Agreement and the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Units may not be sold, assigned, transferred or pledged during the Restricted Period. You may not transfer the right to receive the Units,
other than by will or the laws of descent and distribution, and any such attempted transfer shall be void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Shares
of Common Stock to be issued in settlement of vested Units will not be issued until the applicable time specified in Section&nbsp;6 or
8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
cash or non-cash dividends or distributions are declared and paid by Deluxe with respect to its Common Stock, then at the same time that
such dividends or distributions are paid to the shareholders you will have dividend equivalents credited to your account with respect
to your Units. All such dividend equivalents shall be held by Deluxe without interest accruing thereon until the end of the Restricted
Period, at which time Deluxe will pay you all such dividends and other distributions, less applicable income tax and social security tax
withholding. Any dividend equivalent payments paid with respect to any Units shall be paid when, and only to the extent that, the underlying
Units actually vest and are settled in shares of Common Stock. If the Units are forfeited, then all rights to such dividend and distribution
payments shall also be forfeited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: left"><B>Acceleration of Vesting</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event your employment with Deluxe is terminated by reason of death, Disability (as defined in the Addendum), or Approved Retirement
(as defined in the Addendum) any time during the Restricted Period, all of the yet unvested Units will vest and the Units shall become
non-forfeitable as of the date of such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to Section&nbsp;4(c), in the event your employment is terminated during the Restricted Period after the first anniversary of the Award
Date by reason of involuntary termination without Cause, a pro rata portion of the next segment of Units scheduled to vest after the termination
date (based on the number of completed days between the termination date and the scheduled vesting date immediately prior to the termination
date (or the Award Date if there was no such scheduled vesting date) divided by 365) shall vest and become non-forfeitable as of the date
of such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
any provision contained in this Agreement that would result in Units vesting in full or in part at a later date, if, in connection with
any Change of Control, the acquiring Person, surviving or acquiring corporation or entity, or an Affiliate of such corporation or entity,
elects to assume the obligations of Deluxe under this Agreement and to replace the Shares issuable upon settlement of the Units with other
equity securities that are listed on a national securities exchange (including by use of American Depository Receipts or any similar method)
and are freely transferable under all applicable federal and state securities laws and regulations (&#8220;Replacement Equity Securities&#8221;),
the Units then subject to restriction shall continue to vest as set forth in Section&nbsp;2, provided, however, the Units shall vest in
full and become non-forfeitable if, within twelve months of the date of the Change of Control:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">Your employment with the Company is terminated by the Company without Cause,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">Your employment with the Company is terminated by you for Good Reason, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">Vesting would otherwise occur on any earlier date as provided under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">In the event of any such Change of Control, the
number of Replacement Equity Securities issuable under this Agreement shall be determined by the Committee in accordance with Section&nbsp;4(c)&nbsp;of
the Plan. In the event of any such Change of Control, all references herein to the Shares shall thereafter be deemed to refer to the Replacement
Equity Securities, references to Deluxe or the Company shall thereafter be deemed to refer to the issuer of such Replacement Equity Securities,
and all other terms of this Agreement shall continue in effect except as and to the extent modified by this subparagraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Change of Control does not meet the continuation or replacement criteria specified in Section&nbsp;4(c)&nbsp;above, all Units then
subject to restriction shall vest in full immediately and become non-forfeitable upon the Change of Control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left"> (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section&nbsp;4 shall be subject to Sections 5(b)&nbsp;and 8.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Forfeiture.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the provisions of Section&nbsp;4, in the event your employment is terminated during the Restricted Period, your rights to all of the
unvested Units shall be immediately and irrevocably forfeited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provisions of this Agreement, in the event you engage in a Forfeiture Activity (as defined below) during the Restricted Period,
your rights to all of the Units that have not yet been settled, whether or not vested, shall be immediately and irrevocably forfeited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
at any time within 12 months after the date any portion of this Award has vested and settled as provided in Sections 6 or 8, you engage
in any Forfeiture Activity (as defined below), then the value of the Shares (and the amount of any associated dividend equivalents) received
by you pursuant to such vesting and settlement must be paid to Deluxe within 30 days of demand by Deluxe. For purposes hereof, the value
of the Shares received by you in settlement of the vested Units shall be determined by utilizing the closing price on the New York Stock
Exchange of a share of Deluxe&#8217;s Common Stock on the vesting date (without regard to any subsequent increase or decrease in the fair
market value of such Shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
used herein, you shall be deemed to have engaged in a Forfeiture Activity if you (i)&nbsp;directly or indirectly, engage in any business
activity on your own behalf or as a partner, shareholder, director, trustee, principal, agent, employee, consultant or otherwise of any
person or entity which is in any respect in competition with or competitive with Deluxe or you solicit, entice or induce any employee
or representative of Deluxe to engage in any such activity, (ii)&nbsp;directly or indirectly solicit, entice or induce (or assist any
other person or entity in soliciting, enticing or inducing) any customer or potential customer (or agent, employee or consultant of any
customer or potential customer) with whom you had contact in the course of your employment with Deluxe to deal with a competitor of Deluxe,
(iii)&nbsp;fail to hold in a fiduciary capacity for the benefit of Deluxe all confidential information, knowledge and data, including
customer lists and information, business plans and business strategy (&#8220;Confidential Data&#8221;) relating in any way to the business
of Deluxe for so long as such Confidential Data remains confidential, or (iv)&nbsp;are terminated by Deluxe for Cause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
any court of competent jurisdiction shall determine that the foregoing forfeiture provisions are invalid in any respect, the court so
holding may limit such provisions in any manner which the court determines such that the provision shall be enforceable against you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">By
accepting this Agreement, you consent to a deduction from any amounts Deluxe owes you from time to time (including amounts owed to you
as wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to you by Deluxe), to the extent of
the amount you owe Deluxe under the foregoing provisions. Whether or not Deluxe elects to make any set-off in whole or in part, if Deluxe
does not recover by means of set-off the full amount you owe, calculated as set forth above, you agree to pay immediately the unpaid balance
to Deluxe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">You
will be released from the forfeiture provisions of Section&nbsp;5(d)(i)&nbsp;in the event your employment with Deluxe has been involuntarily
terminated without Cause. Otherwise, you may be released from the foregoing forfeiture provisions only if the Committee (or is duly appointed
agent) determines in its sole discretion that such action is in the best interests of Deluxe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Nothing
contained in this Section&nbsp;5 shall be construed to limit the provisions of the Plan or any recoupment policy dealing with recoupment
of awards, which are incorporated into this Agreement by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD STYLE="text-align: left"><B>Settlement of Units and Delivery of Shares of Common Stock</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to Section&nbsp;5 and except as otherwise provided in Sections 6(b), 8, and 9, after any Units vest pursuant to Section&nbsp;2 or Section&nbsp;4,
as applicable, Deluxe shall, as soon as practicable (but no later than 74 days after the applicable vesting date) cause to be issued and
delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable)
one share of Common Stock in payment and settlement of each vested Unit along with any dividends or distributions referenced in Section&nbsp;3(d).
Delivery of shares of Common Stock shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock
register maintained by Deluxe&#8217;s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the shares
of Common Stock to a brokerage account for your benefit, and shall be subject to the tax withholding provisions of Section&nbsp;9 and
compliance with all applicable legal requirements as provided in the Plan, and shall be in complete satisfaction and settlement of such
vested Units. If the Units that vest include a fractional Unit, Deluxe shall round the number of vested Units to the nearest whole Unit
prior to issuance of shares of Common Stock as provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, in the event your employment with Deluxe is terminated by reason of death, Disability or involuntary termination without
Cause any time during the Restricted Period, and if either (i)&nbsp;the aggregate number of vested Units under this Award is five (5)&nbsp;or
fewer, or (ii)&nbsp;the aggregate value of all of your vested Units under all awards then outstanding is less than five hundred dollars
($500), Deluxe may, in its sole discretion, deliver cash in lieu of shares of Common Stock. For purposes hereof, the cash payable in settlement
of the vested Units (prior to applicable withholding under Section&nbsp;9) shall be determined by utilizing the closing price on the New
York Stock Exchange of a share of Deluxe&#8217;s Common Stock on the settlement date under Section&nbsp;6(a)&nbsp;or Section&nbsp;8, as
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD STYLE="text-align: left"><B>Rights</B>. The Units subject to this award do not entitle you to any rights of a holder of Common
Stock. You will not have any of the rights of a shareholder of Deluxe in connection with the grant of Units subject to this Agreement
unless and until shares of Common Stock are issued to you upon settlement of the Units as provided in Section&nbsp;6 or 8.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD STYLE="text-align: left"><FONT><B>409A Compliance</B>. This Section&nbsp;8 will apply only if the
Award evidenced by this Agreement provides for the deferral of compensation within the meaning of Section&nbsp;409A of the Internal Revenue
Code and the IRS regulations thereunder (&#8220;Section&nbsp;409A&#8221;). If your employment is terminated prior to the
end of the Restricted Period, but the termination does not constitute a &#8220;separation from service&#8221; as defined in Section&nbsp;409A,
then you will have the right to receive the applicable payment described in Section&nbsp;4, but such payment will be delayed until the
earliest of the date on which you incur a separation from service as defined in Section&nbsp;409A, the end of the Restricted Period, or
if Section&nbsp;4(d)&nbsp;is applicable, the date on which a change in control event occurs as defined in Section&nbsp;409A (as described
in the Addendum). This could occur if, for example, your employment is terminated but you are retained as a consultant or independent
contractor to provide services to Deluxe or an Affiliate at a rate which is at least 50% of the rate at which you were providing services
as an employee. It is also possible that you may incur a separation from service as defined in Section&nbsp;409A even though your employment
has not been terminated, for example if you become a part-time employee and are providing services at a rate that is less than 50% of
the rate at which you provided services as a full-time employee. If this were to occur you would receive a payment as described in Section&nbsp;4(b)&nbsp;calculated
as if your employment had been terminated by Deluxe without Cause. The provisions of this paragraph shall also apply to the issuance of
Shares to which you are entitled upon your Approved Retirement as provided in Section&nbsp;4(a)&nbsp;if your Approved Retirement does
not constitute a separation from service.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT>If the Change
of Control described in Section&nbsp;4(c)&nbsp;or Section&nbsp;4(d)&nbsp;does not constitute a &#8220;change in control event&#8221; as
defined in Section&nbsp;409A, then your Units will become fully vested as provided therein, but settlement of the Units and issuance of
the equity shall not occur until the earliest of the date on which you incur a separation from service as defined in Section&nbsp;409A,
the end of the Restricted Period, the date of your termination due to Disability or the date on which a change in control event as defined
in Section&nbsp;409A occurs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><FONT>Notwithstanding
any other provision of this Agreement, if you are a &#8220;specified employee&#8221; as defined in Section&nbsp;409A at the time any amount
would otherwise become payable to you by reason of a separation from service as defined in Section&nbsp;409A (including any shares of
Common Stock that become issuable upon an Approved Retirement, or upon the occurrence of a Change of Control, but the issuance of which
is deferred until a separation from service because the Change of Control did not constitute a change in control event), such payment
shall not occur until the first business day that is more than six months following the date of such separation from service (or, if earlier,
the date of your death). In general, &#8220;specified employees&#8221; are the 50 most highly compensated officers and policy making personnel
of Deluxe and its Affiliates</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD STYLE="text-align: left"><B>Income Taxes</B>. You are liable for any federal, state and local income taxes as well as payroll taxes
applicable upon the vesting or settlement of the Units subject to this Agreement, and you acknowledge that you should consult with your
own tax advisor regarding the applicable tax consequences.&nbsp; Upon the distribution of shares of Common Stock and payment of any associated
dividend equivalents, you shall promptly pay to Deluxe the amount of all applicable taxes required by Deluxe to be withheld or collected
upon the distribution of the shares of Common Stock in settlement of the vested Units and payment of any dividend equivalents, such amount
to be paid in cash or in previously acquired shares of Common Stock having a fair market value equal to the tax withholding amount.&nbsp;
In the alternative, you may direct Deluxe to withhold from shares of Common Stock otherwise to be distributed the number of Deluxe shares
having a fair market value equal to the amount of all applicable taxes required by Deluxe to be withheld upon the distribution of the
shares of Common Stock, and to withhold from any dividend equivalent payments an amount equal to the applicable taxes associated therewith,
and to withhold from any dividend equivalent payments an amount equal to the applicable taxes associated therewith. You acknowledge that
no shares of Common Stock will be distributed to you or dividend equivalent payments made unless and until you have satisfied any obligation
for withholding taxes as provided in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10</B>.</TD><TD STYLE="text-align: left"><B>Terms and Conditions</B>. This Agreement and the award of Units and the issuance of shares of Common
Stock hereunder are granted as an employee inducement award, but are subject to and governed by the provisions of the Plan as described
in Section&nbsp;1. In the event there are any inconsistencies between this Agreement and the Plan, the provisions of the Plan shall govern,
as it may be amended or interpreted at Deluxe&#8217;s discretion, to meet any applicable requirements of Section&nbsp;409A of the Internal
Revenue Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">By your acceptance of this restricted stock unit
award, you agree to all of the terms and conditions contained in this Agreement and in the Plan documents. You acknowledge that you have
received and reviewed these documents and that they set forth the entire agreement between you and Deluxe regarding the Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DELUXE CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><IMG SRC="tm2222380d1_ex10-3img01.jpg" ALT="" STYLE="width: 164px; height: 43px">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">ADDENDUM TO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">RESTRICTED STOCK
UNIT AWARD AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the purposes hereof, the terms used herein
shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8220;Approved Retirement&#8221; shall mean any
voluntary termination of employment that occurs on or after the date on which the sum of your age and years of employment with Deluxe
and/or its Affiliates equals at least seventy-five (75) and that is approved by the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8220;Beneficial Owner&#8221; shall have the
meaning defined in Rule&nbsp;13d-3 promulgated under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;Cause&quot; shall mean (i)&nbsp;you have breached your obligations
of confidentiality to Deluxe or its Affiliates; (ii)&nbsp;you have failed to perform your duties; (iii)&nbsp;you commit an act, or omit
to take action, in bad faith which results in material detriment to Deluxe or its Affiliates or their respective businesses; (iv)&nbsp;you
have had excessive absences unrelated to illness or vacation (&quot;excessive&quot; shall be defined in accordance with local employment
customs); (v)&nbsp;you have engaged in misconduct or have otherwise violated an employment policy; (vi)&nbsp;you commit fraud, misappropriation,
embezzlement or other act of dishonesty in connection with your job or otherwise against Deluxe, its Affiliates or their respective businesses;
(vii)&nbsp;you have been convicted or have pleaded guilty or nolo contendere to a felony or a gross misdemeanor, which gross misdemeanor
involves a breach of ethics, moral turpitude, or immoral or other conduct reflecting adversely upon the respective reputation, interests
or businesses of Deluxe or its Affiliates; (viii)&nbsp;your engage in unlawful conduct or gross misconduct that is or is reasonably likely
to be injurious to the respective business, finances, interests or reputation of Deluxe of its Affiliates; or (ix)&nbsp;you are in default
under any agreement between you and Deluxe or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A &#8220;Change of Control&#8221; shall be deemed
to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: left">any Person becomes the Beneficial Owner, directly or indirectly, of securities of Deluxe representing
30% or more of the combined voting power of Deluxe&#8217;s then outstanding securities, excluding, at the time of their original acquisition,
from the calculation of securities beneficially owned by such Person any securities acquired directly from Deluxe or its Affiliates or
in connection with a transaction described in paragraph (iii)&nbsp;below; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: left">the individuals who at the date of your award election hereunder constitute the Board and any new director
(other than a director whose initial assumption of office occurs within a year of and is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of directors of Deluxe) whose appointment or election
by the Board or nomination for election by Deluxe&#8217;s shareholders was approved or recommended by a vote of a majority of the directors
then still in office who either were directors at the date of your award election hereunder or whose appointment, election or nomination
for election was previously so approved or recommended, cease for any reason to constitute a majority thereof; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: left">the shareholders of Deluxe approve a plan of complete liquidation of Deluxe or there is consummated (A)&nbsp;a
merger, consolidation, share exchange or similar transaction involving Deluxe, regardless of whether Deluxe is the surviving corporation
or (B)&nbsp;the sale or disposition by Deluxe of all or substantially all Deluxe&#8217;s assets, other than a sale or disposition by Deluxe
of all or substantially all of Deluxe&#8217;s assets to an entity, unless, immediately following such corporate transaction, all or substantially
all of the individuals and entities who were the beneficial owners of Deluxe&#8217;s voting securities immediately prior to such corporate
transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities
of the surviving or acquiring entity resulting from such corporate transaction (including beneficial ownership through any Parent of such
entity) in substantially the same proportions as their ownership, immediately prior to such corporate transaction, of Deluxe&#8217;s voting
securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Notwithstanding the foregoing, a &#8220;Change
of Control&#8221; shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the record holders of Common Stock of Deluxe immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of Deluxe
immediately following such transaction or series of transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8220;Disability&#8221; <FONT>shall
mean that you are suffering from a medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of not less than twelve months, and that as a result of such impairment either: (i)&nbsp;you
have received disability benefits for a period of not less than three months under a long or short-term disability plan or policy (or
both), and are eligible for benefits under</FONT> the long-term disability plan of Deluxe or any Affiliate of which you are employed at
the time of such disability; <FONT>or (ii)&nbsp;in the event that your employer does not have a long-term
disability plan in effect at such time, you are unable to engage in any substantial gainful activity</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Good Reason&#8221; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>except with your written consent given in your discretion, (a)&nbsp;the assignment to you of any position and/or duties which represent
or otherwise entail a material diminution in your position, authority, duties or responsibilities, or (b)&nbsp;any other action by the
Company which results in a material diminution in your position (or positions) with the Company, excluding any diminution attributable
to Deluxe&#8217;s bankruptcy or insolvency or to the fact that Deluxe is no longer a public company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>any material reduction in your aggregate compensation and incentive opportunities, or any material failure by the Company to comply
with any other written agreement between you and the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the Company&#8217;s requiring you to be based at any location more than 50 miles from your then current location; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>any request or requirement by the Company that you take any action or omit to take any action that is inconsistent with or in violation
of the Company&#8217;s ethical guidelines and policies as the same existed within the 120-day period prior to the termination date or
any professional ethical guidelines or principles that may be applicable to you,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided, however, that such events shall constitute Good Reason only
if (A)&nbsp;within thirty (30) days following the occurrence of an event claimed to constitute Good Reason, you give Deluxe written notice
of such event, (B)&nbsp;Deluxe fails to cure such event within thirty (30) days after receipt of such written notice, and (C)&nbsp;the
effective date of your termination of employment is within 180 days following expiration of such cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8220;Person&#8221; shall have the meaning defined
in Section&nbsp;3(a)(9)&nbsp;and 13(d)&nbsp;of the Securities Exchange Act of 1934, as amended, except that such term shall not include
(i)&nbsp;Deluxe or any of its subsidiaries, (ii)&nbsp;a trustee or other fiduciary holding securities under an employee benefit plan of
Deluxe or any of its Affiliates, (iii)&nbsp;an underwriter temporarily holding securities pursuant to an offering of such securities,
or (iv)&nbsp;a corporation owned, directly or indirectly, by the shareholders of Deluxe in substantially the same proportions as their
ownership of Common Stock of Deluxe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For all purposes of this Award Agreement &#8220;separation
from service&#8221;, &#8220;specified employee&#8221;, and &#8220;change in control event&#8221; shall have the meanings set forth in
Treasury Regulations &sect;1.409A-1(h), &sect;1.409A-1(i), and &sect;1.409A-3(i)(5), respectively, without regard to any of the optional
provisions set forth in such regulations, except that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: left">for purposes of Treas. Reg. &sect;1.409A-1(h)(1)(ii), an employee shall be considered to have incurred
a separation from service on the date on which it is reasonably anticipated that the level of bona fide services the employee will perform
after such date (whether as an employee or as an independent contractor) will permanently decrease to less than 50 percent of the average
level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period
(or the full period of services to the employer if the employee has been providing services to the employer less than 36 months); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: left">for purposes of identifying specified employees the safe harbor definition of compensation contained in
Treas. Reg. &sect;1.415(c)-2(d)(4)&nbsp;(compensation required to be reported on Form&nbsp;W-2 plus elective deferrals) shall be used,
and compensation paid to a nonresident alien that is not effectively connected with the conduct of a trade or business within the United
States shall be excluded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-10.3
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<FILENAME>tm2222380d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right"><B>Exhibit&nbsp;10.3</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1"><FONT STYLE="font-size: 10pt"><B>DELUXE</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>PERFORMANCE SHARE UNIT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1"><FONT STYLE="font-size: 10pt"><B>CORPORATION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>AWARD AGREEMENT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>(Inducement Grant) (Total Revenue) (US)</B></FONT>&nbsp;&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">AWARDED TO</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">AWARD DATE</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">TARGET NUMBER <BR> OF SHARES</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Yogaraj Jayaprakasam</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center">May&nbsp;13, 2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">8,327</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>The Award</B>. Deluxe Corporation, a Minnesota corporation (&#8220;Deluxe&#8220;),
                                            hereby grants to you as of the above Award Date the right to receive shares of Deluxe common
                                            stock, par value $1.00 per share (the &#8220;Shares&#8221;), in an amount initially equal
                                            to the Target Number of Shares specified above (the &#8220;Target Award&#8221;) on the terms
                                            and conditions contained in this Performance Share Unit Award Agreement (including the Addendum
                                            and Schedules attached hereto, this &#8220;Agreement&#8221;). This grant is being made outside
                                            of Deluxe&#8217;s 2022 Stock Incentive Plan (the &#8220;Plan&#8221;) as an employment inducement
                                            award under Rule&nbsp;303.08 of the New York Stock Exchange Listing Manual. However, for
                                            convenience, the award and the shares issuable hereunder are hereby made subject generally
                                            to the same terms and conditions of the Plan by reference to the Plan throughout this Agreement,
                                            except that the underlying award shares are not being issued under the Plan and thus do not
                                            count against the Plan share reserve. Accordingly, any capitalized term used but not defined
                                            in this Agreement shall have the meaning given to the term in the Plan as it currently exists
                                            or may hereafter be amended. Furthermore, although the underlying award shares do not count
                                            against the Plan reserve, the terms of the award will otherwise be governed by both this
                                            Agreement and the terms of the Plan, including (but not limited to) the Plan&#8217;s provisions
                                            for administration, adjustment for corporate transactions and other permitted amendments.
                                            The number of Shares that may actually be earned and become eligible to vest pursuant to
                                            this Agreement can be between 0% and 200% of the Target Number of Shares, but may not exceed
                                            200% of the Target Number of Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left"><B>Performance Period</B>. The performance period
                                            for purposes of determining whether and to what extent Shares will be issued under a Performance
                                            Award (as defined below) shall be the three-year period commencing on January&nbsp;1 of the
                                            year in which this Award was granted (the &#8220;Performance Period&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Performance Goals.</B> The performance goals for purposes of determining
                                            whether and to what extent Shares will be issued under a Performance Award are set forth
                                            in the attached Performance Goals Schedule.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Vesting</B>. Vesting of the Target Award shall occur if and to the
                                            extent that performance goals are achieved, as set forth in the attached Performance Goals
                                            Schedule and as determined and certified by the Committee in accordance with the Plan after
                                            the end of the Performance Period. The number of Shares that vest, if any, may be adjusted
                                            by the Committee to the extent permitted by this Agreement and the Plan. The final vested
                                            award certified by the Committee is referred to as the &#8220;Performance Award.&#8221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD><B>Distribution</B>. Any Shares to be distributed under this Agreement
                                            shall be distributed as soon as administratively practicable after certification of a Performance
                                            Award by the Compensation Committee, but no later than two and one-half months following
                                            the end of the Performance Period for which such certification occurred. The Committee may,
                                            in its sole discretion, elect to pay you the value of all or any portion of the Performance
                                            Award in cash, based upon the closing price of a Share on the business day immediately prior
                                            to the date of vesting. The Shares distributed to you under this Section, Section&nbsp;7
                                            or Section&nbsp;8 are referred to, collectively, as the &#8220;Distributed Shares.&#8221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD><B>Restrictions</B>. Your rights in any Shares covered by this Agreement
                                            shall be subject to the following restrictions during and after the Performance Period:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
Distributed Shares shall be subject to forfeiture to Deluxe as provided in this Agreement and the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Until
any Shares are distributed to you under Section&nbsp;5, neither you nor anyone claiming through you shall have any rights as a shareholder
under this Agreement, including the right to vote or to receive dividends, stock dividends or other non-cash distributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">You
may not transfer, sell, assign, or pledge the right to receive the Shares, other than by will or the laws of descent and distribution,
or as otherwise permitted by the Committee pursuant to the Plan, and any such attempted transfer shall be void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: left"><B>Termination of Employment. </B>Except as described
                                            in this Section&nbsp;or in Section&nbsp;8, in the event your employment is terminated prior
                                            to the payment of the Performance Award, this Agreement and your rights to receive the Performance
                                            Award shall be immediately and irrevocably forfeited, unless your termination occurs on or
                                            after the one year anniversary of commencement of the Performance Period and is by reason
                                            of (a)&nbsp;involuntary termination without Cause, (b)&nbsp;resignation for Good Reason within
                                            12 months of the consummation of a Change of Control, (c)&nbsp;death, (d)&nbsp;Disability,
                                            or (e)&nbsp;Approved Retirement (as those capitalized terms are defined in the Addendum to
                                            this Agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0e0e0e"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In the event your employment is terminated on or after
the one year anniversary of commencement of the Performance Period and prior to the end of the Performance Period for any of the reasons
(a)&nbsp;through (e)&nbsp;in the first paragraph of this Section, you or your estate shall be entitled to receive a pro-rata distribution
(calculated based on the days elapsed in the Performance Period prior to the employment termination date divided by the total days in
the Performance Period) of the Performance Award determined by the Committee, in its sole discretion, upon completion of the Performance
Period to be paid based on the attached Performance Goals Schedule. In the event your employment is terminated for any of the reasons
(a)&nbsp;through (e)&nbsp;in the first paragraph of this Section&nbsp;after completion of the Performance Period but prior to certification
and distribution of the Performance Award, you or your estate shall be entitled to receive the Performance Award determined by the Committee
upon completion of the Performance Period to be distributed, in its sole discretion, based on the attached Performance Goals Schedule.
Such distribution will be made at the same time that distributions are made to active employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: left"><B>Change of Control. </B>If, in connection with
                                            any Change of Control, the acquiring Person, surviving or acquiring corporation or entity,
                                            or any Affiliate of such corporation or entity, elects to assume or continue the obligations
                                            of Deluxe under this Agreement and to replace the Shares issuable under it with Equivalent
                                            Replacement Securities, then all references herein to Shares shall thereafter be deemed to
                                            refer to the Equivalent Replacement Securities issuable upon attainment of Performance Goals,
                                            references to Deluxe shall thereafter be deemed to refer to the issuer of such Equivalent
                                            Replacement Securities, and all other terms of this Agreement shall continue in effect except
                                            as to the extent modified by this Section&nbsp;8.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">If the Change of Control does not meet the assumption,
continuation or replacement criteria specified in this Section&nbsp;8, then the value of the Target Award shall be calculated based upon
the value of a Share as of the closing price on the business day immediately prior to the effective date of the Change of Control and
that amount shall become due and payable in cash, immediately upon the Change of Control. Nothing contained herein shall limit the authority
of the Committee under Section&nbsp;4(c)&nbsp;of the Plan to make adjustments to the Shares subject to this Agreement in the case of
a transaction described in Section&nbsp;4(c)&nbsp;of the Plan that does not constitute a Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD><B>Income Taxes</B>. You are liable for any federal and state income or
                                            other taxes applicable upon the distribution to you of any Shares or other payments under
                                            this Agreement, and you acknowledge that you should consult with your own tax advisor regarding
                                            the applicable tax consequences. Upon the distribution of Shares, you shall promptly pay
                                            to Deluxe in cash, or in previously acquired shares of Deluxe common stock having a fair
                                            market value equal to the amount of all applicable taxes required by Deluxe to be withheld
                                            or collected upon the distribution of the Shares. In the alternative, prior to the end of
                                            the Performance Period, you may direct Deluxe to withhold from Shares otherwise to be distributed
                                            the number of Shares having a fair market value equal to the amount of all applicable taxes
                                            required by Deluxe to be withheld upon the distribution of the Shares. You acknowledge that
                                            no Shares will be distributed to you, notwithstanding any Performance Award, unless and until
                                            you have satisfied any obligation for withholding taxes as provided in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD><B>Forfeiture of Award and Award Gain Resulting from Certain Activities.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If,
at any time during the period commencing on the first day of the Performance Period and ending 12 months after the date that you have
received a Performance Award, you engage in any Forfeiture Activity (as defined below) then, in addition to any other rights Deluxe or
its Affiliates may have against you, (i)&nbsp;your rights under this Agreement shall immediately terminate effective as of the date any
such activity first occurred, and (ii)&nbsp;the value of any Distributed Shares or cash paid to you pursuant to this Agreement must be
paid to Deluxe within 30 days of demand by Deluxe. For purposes hereof, any such value shall be determined by multiplying the number
of Distributed Shares by the higher of the closing price of a Share on the business day prior to the date of vesting or the closing price
on the business day prior to the date of repayment or, to the extent the Performance Award was paid to you in cash, including any payment
pursuant to the penultimate paragraph of Section&nbsp;8, the amount of cash paid to you or on your behalf. The amount repaid shall not
be reduced by any tax withholding, whether paid in Shares or cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
used herein, you shall be deemed to have engaged in a Forfeiture Activity if, in violation of any Company policy or other term or condition
of your employment, you (i)&nbsp;directly or indirectly engage in any business activity on your own behalf or as a partner, stockholder,
director, trustee, officer, consultant or otherwise of any person or entity which is directly in competition with or competitive with
any current business of the Company or you solicit, entice or induce any employee or representative of the Company to engage in any such
activity, (ii)&nbsp;directly or indirectly solicit, entice or induce (or assist any other person or entity in soliciting, enticing or
inducing) any customer (or agent, employee or consultant of any customer) with whom you had contact in the course of your employment
with the Company to deal with a competitor of the Company, (iii)&nbsp;fail to hold in a fiduciary capacity for the benefit of the Company
all confidential information, knowledge and data, including without limitation customer lists and information, business plans and business
strategy (&#8220;Confidential Data&#8221;) relating in any way to the business of the Company , or (iv)&nbsp;are terminated by the Company
(or any successor) for Cause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
any court of competent jurisdiction shall determine that the foregoing forfeiture provisions are invalid in any respect, the court so
holding may limit such provisions in any manner which the court determines, such that the provisions, as so limited, shall be enforceable
against you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">By
accepting this Agreement, you consent to a deduction from any amounts the Company owes you from time to time (including amounts owed
to you as wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to you by the Company), to
the extent of the amounts you owe the Company under the foregoing provisions. Whether or not the Company elects to make any set-off in
whole or in part, if the Company does not recover by means of set-off the full amount you owe, calculated as set forth above, you agree
to pay immediately the unpaid balance to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">You
will be released from the forfeiture provisions of subparagraph (b)(i)&nbsp;in the event your employment with the Company has been involuntarily
terminated without Cause or you voluntarily terminate your employment with the Company for Good Reason. Otherwise, you may be released
from the foregoing forfeiture provisions only if the Committee (or its duly appointed agent) determines in its sole discretion that such
action is in the best interests of Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Nothing
contained in this Section&nbsp;shall be construed to limit the provisions of the Plan or any recoupment policy dealing with recoupment
of awards, which are incorporated into this Agreement by this reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD><B>Terms and Conditions</B>. This Agreement does not guarantee your continued
                                            employment or alter the right of Deluxe or its Affiliates to terminate your employment at
                                            any time. This Award is granted as an employee inducement award, but is subject to the terms
                                            of the Plan as described in Section&nbsp;1. In the event of any conflict between the provisions
                                            of this Agreement and the Plan, the provisions of the Plan shall govern.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By your acceptance of this performance share award,
you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received
and reviewed these documents and that they set forth the entire agreement between you and Deluxe regarding your right to the Shares pursuant
to this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DELUXE CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><IMG SRC="tm2222380d1_ex10-3img01.jpg" ALT="" STYLE="width: 164px; height: 43px">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">ADDENDUM
TO</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">PERFORMANCE
SHARE AWARD AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes hereof the terms used herein shall have the following
meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Approved Retirement&#8221; shall mean any voluntary termination
of employment that occurs on or after the date on which the sum of your age and years of employment with Deluxe and/or its Affiliates
equals at least seventy-five (75) and that is approved by the Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Board&#8221; means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;Cause&quot; shall mean (i)&nbsp;you have breached your obligations
of confidentiality to Deluxe or its Affiliates; (ii)&nbsp;you have failed to perform your duties; (iii)&nbsp;you commit an act, or omit
to take action, in bad faith which results in material detriment to Deluxe or its Affiliates or their respective businesses; (iv)&nbsp;you
have had excessive absences unrelated to illness or vacation (&quot;excessive&quot; shall be defined in accordance with local employment
customs); (v)&nbsp;you have engaged in misconduct or have otherwise violated an employment policy; (vi)&nbsp;you commit fraud, misappropriation,
embezzlement or other act of dishonesty in connection with your job or otherwise against Deluxe, its Affiliates or their respective businesses;
(vii)&nbsp;you have been convicted or have pleaded guilty or nolo contendere to a felony or a gross misdemeanor, which gross misdemeanor
involves a breach of ethics, moral turpitude, or immoral or other conduct reflecting adversely upon the respective reputation, interests
or businesses of Deluxe or its Affiliates; (viii)&nbsp;your engage in unlawful conduct or gross misconduct that is or is reasonably likely
to be injurious to the respective business, finances, interests or reputation of Deluxe of its Affiliates; or (ix)&nbsp;you are in default
under any agreement between you and Deluxe or any of its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &#8220;Change of Control&#8221; shall be deemed
to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: left">any Person becomes the Beneficial Owner, directly
                                            or indirectly, of securities of Deluxe representing 30% or more of the combined voting power
                                            of Deluxe&#8217;s then outstanding securities, excluding, at the time of their original acquisition,
                                            from the calculation of securities beneficially owned by such Person any securities acquired
                                            directly from Deluxe or its Affiliates or in connection with a transaction described in paragraph
                                            (iii)&nbsp;below; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: left">the individuals who at the date of your award
                                            election hereunder constitute the Board and any new director (other than a director whose
                                            initial assumption of office occurs within a year of and is in connection with an actual
                                            or threatened election contest, including but not limited to a consent solicitation, relating
                                            to the election of directors of Deluxe) whose appointment or election by the Board or nomination
                                            for election by Deluxe&#8217;s shareholders was approved or recommended by a vote of a majority
                                            of the directors then still in office who either were directors at the date of your award
                                            election hereunder or whose appointment, election or nomination for election was previously
                                            so approved or recommended, cease for any reason to constitute a majority thereof; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: left">the shareholders of Deluxe approve a plan
                                            of complete liquidation of Deluxe or there is consummated (A)&nbsp;a merger, consolidation,
                                            share exchange or similar transaction involving Deluxe, regardless of whether Deluxe is the
                                            surviving corporation or (B)&nbsp;the sale or disposition by Deluxe of all or substantially
                                            all Deluxe&#8217;s assets, other than a sale or disposition by Deluxe of all or substantially
                                            all of Deluxe&#8217;s assets to an entity, unless, immediately following such corporate transaction,
                                            all or substantially all of the individuals and entities who were the beneficial owners of
                                            Deluxe&#8217;s voting securities immediately prior to such corporate transaction beneficially
                                            own, directly or indirectly, more than 50% of the combined voting power of the then outstanding
                                            voting securities of the surviving or acquiring entity resulting from such corporate transaction
                                            (including beneficial ownership through any parent of such entity) in substantially the same
                                            proportions as their ownership, immediately prior to such corporate transaction, of Deluxe&#8217;s
                                            voting securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Notwithstanding the foregoing, a &#8220;Change of
Control&#8221; shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the record holders of Common Stock of Deluxe immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of Deluxe
immediately following such transaction or series of transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Company&#8221; shall mean Deluxe (including any successor corporation)
and its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Disability&#8221; shall mean that you are
suffering from a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than twelve months, and that as a result of such impairment either: (i)&nbsp;you have received disability
benefits for a period of not less than three months under a long or short-term disability plan or policy (or both), and are eligible
for benefits under the long-term disability plan of Deluxe or any Affiliate of which you are employed at the time of such disability;
or (ii)&nbsp;in the event that your employer does not have a long-term disability plan in effect at such time, you are unable to engage
in any substantial gainful activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Equivalent Replacement Securities&#8221; shall mean other equity
securities that are listed on a national securities exchange (including by use of American Depository Receipts or any similar method)
and are freely transferable under all applicable federal and state securities laws and regulations, the quantity of which shall be determined
by the Committee in accordance with Section&nbsp;4(c)&nbsp;of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;Good Reason&#8221; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: left">except with your written consent given
                                            in your discretion, (a)&nbsp;the assignment to you of any position and/or duties which represent
                                            or otherwise entail a material diminution in your position, authority, duties or responsibilities,
                                            or (b)&nbsp;any other action by the Company which results in a material diminution in your
                                            position (or positions) with the Company, excluding any diminution attributable to Deluxe&#8217;s
                                            bankruptcy or insolvency or to the fact that Deluxe is no longer a public company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: left">any material reduction in your aggregate
                                            compensation and incentive opportunities, or any material failure by the Company to comply
                                            with any other written agreement between you and the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the Company&#8217;s requiring you to be based at any location
                                            more than 50 miles from your then current location; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>any request or requirement by the Company that you take any action
                                            or omit to take any action that is inconsistent with or in violation of the Company&#8217;s
                                            ethical guidelines and policies as the same existed within the 120-day period prior to the
                                            termination date or any professional ethical guidelines or principles that may be applicable
                                            to you,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided, however, that such events shall constitute Good Reason only
if (A)&nbsp;within thirty (30) days following the occurrence of an event claimed to constitute Good Reason, you give Deluxe written notice
of such event, (B)&nbsp;Deluxe fails to cure such event within thirty (30) days after receipt of such written notice, and (C)&nbsp;the
effective date of your termination of employment is within 180 days following expiration of such cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;Person&quot; shall have the meaning defined in Sections 3(a)(9)&nbsp;and
13(d)&nbsp;of the Securities Exchange Act of 1934, as amended, except that such term shall not include (i)&nbsp;Deluxe or any of its
Affiliates, (ii)&nbsp;a trustee or other fiduciary holding securities under an employee benefit plan of Deluxe or any of its Affiliates,
(iii)&nbsp;an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv)&nbsp;a corporation owned,
directly or indirectly, by the shareholders of Deluxe in substantially the same proportions as their ownership of stock of Deluxe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>tm2222380d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
10.4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-size: 10pt"><B>PERFORMANCE SHARE UNIT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt"><B>DELUXE</B></FONT></TD>
  <TD STYLE="text-align: right"><B>AWARD AGREEMENT</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-size: 10pt"><B>CORPORATION</B></FONT></TD>
  <TD STYLE="padding-right: 0.3in; text-align: right"><B>(Inducement Grant) (Total Shareholder Return) (US)</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">AWARDED TO</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">AWARD DATE</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">TARGET NUMBER <BR> OF SHARES</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left; padding-bottom: 1pt">Yogaraj Jayaprakasam</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">May&nbsp;13, 2022</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">8,327</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>The Award</B>. Deluxe Corporation, a
                                            Minnesota corporation (&#8220;Deluxe&#8220;), hereby grants to you as of the above Award
                                            Date the right to receive shares of Deluxe common stock, par value $1.00 per share (the &#8220;Shares&#8221;),
                                            in an amount initially equal to the Target Number of Shares specified above (the &#8220;Target
                                            Award&#8221;) on the terms and conditions contained in this Performance Share Award Units
                                            Agreement (including the Addendum and Schedules attached hereto, this &#8220;Agreement&#8221;).
                                            This grant is being made outside of Deluxe&#8217;s 2022 Stock Incentive Plan (the &#8220;Plan&#8221;)
                                            as an employment inducement award under Rule&nbsp;303.08 of the New York Stock Exchange Listing
                                            Manual. However, for convenience, the award and the shares issuable hereunder are hereby
                                            made subject generally to the same terms and conditions of the Plan by reference to the Plan
                                            throughout this Agreement, except that the underlying award shares are not being issued under
                                            the Plan and thus do not count against the Plan share reserve. Accordingly, any capitalized
                                            term used but not defined in this Agreement shall have the meaning given to the term in the
                                            Plan as it currently exists or may hereafter be amended. Furthermore, although the underlying
                                            award shares do not count against the Plan reserve, the terms of the award will otherwise
                                            be governed by both this Agreement and the terms of the Plan, including (but not limited
                                            to) the Plan&#8217;s provisions for administration, adjustment for corporate transactions
                                            and other permitted amendments. The number of Shares that may actually be earned and become
                                            eligible to vest pursuant to this Agreement can be between 0% and 200% of the Target Number
                                            of Shares, but may not exceed 200% of the Target Number of Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Performance Period</B>. The performance
                                            period for purposes of determining whether and to what extent Shares will be issued under
                                            a Performance Award (as defined below) shall be the three-year period commencing on January&nbsp;1
                                            of the year in which this Award was granted (the &#8220;Performance Period&#8221;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Performance Goals.</B> The performance
                                            goals for purposes of determining whether and to what extent Shares will be issued under
                                            a Performance Award are set forth in the attached Performance Goals Schedule.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Vesting</B>. Vesting of the Target Award
                                            shall occur if and to the extent that performance goals are achieved, as set forth in the
                                            attached Performance Goals Schedule and as determined and certified by the Committee in accordance
                                            with the Plan after the end of the Performance Period. The number of Shares that vest, if
                                            any, may be adjusted by the Committee to the extent permitted by this Agreement and the Plan.
                                            The final vested award certified by the Committee is referred to as the &#8220;Performance
                                            Award.&#8221;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Distribution</B>. Any Shares to be distributed
                                            under this Agreement shall be distributed as soon as administratively practicable after certification
                                            of a Performance Award by the Compensation Committee, but no later than two and one-half
                                            months following the end of the Performance Period for which such certification occurred.
                                            The Committee may, in its sole discretion, elect to pay you the value of all or any portion
                                            of the Performance Award in cash, based upon the closing price of a Share on the business
                                            day immediately prior to the date of vesting. The Shares distributed to you under this Section,
                                            Section&nbsp;7 or Section&nbsp;8 are referred to, collectively, as the &#8220;Distributed
                                            Shares.&#8221;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Restrictions</B>. Your rights in any
                                            Shares covered by this Agreement shall be subject to the following restrictions during and
                                            after the Performance Period:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Distributed Shares shall be subject to forfeiture to Deluxe as provided in this Agreement and the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
any Shares are distributed to you under Section&nbsp;5, neither you nor anyone claiming through you shall have any rights as a shareholder
under this Agreement, including the right to vote or to receive dividends, stock dividends or other non-cash distributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may not transfer, sell, assign, or pledge the right to receive the Shares, other than by will or the laws of descent and distribution,
or as otherwise permitted by the Committee pursuant to the Plan, and any such attempted transfer shall be void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Termination of Employment. </B>Except
                                            as described in this Section&nbsp;or in Section&nbsp;8, in the event your employment is terminated
                                            prior to the payment of the Performance Award, this Agreement and your rights to receive
                                            the Performance Award shall be immediately and irrevocably forfeited, unless your termination
                                            occurs on or after the one year anniversary of commencement of the Performance Period and
                                            is by reason of (a)&nbsp;involuntary termination without Cause, (b)&nbsp;resignation for
                                            Good Reason within 12 months of the consummation of a Change of Control, (c)&nbsp;death,
                                            (d)&nbsp;Disability, or (e)&nbsp;Approved Retirement (as those capitalized terms are defined
                                            in the Addendum to this Agreement).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">In the event your employment
is terminated on or after the one year anniversary of commencement of the Performance Period and prior to the end of the Performance
Period for any of the reasons (a)&nbsp;through (e)&nbsp;in the first paragraph of this Section, you or your estate shall be entitled
to receive a pro-rata distribution (calculated based on the days elapsed in the Performance Period prior to the employment termination
date divided by the total days in the Performance Period) of the Performance Award determined by the Committee, in its sole discretion,
upon completion of the Performance Period to be paid based on the attached Performance Goals Schedule. In the event your employment is
terminated for any of the reasons (a)&nbsp;through (e)&nbsp;in the first paragraph of this Section&nbsp;after completion of the Performance
Period but prior to certification and distribution of the Performance Award, you or your estate shall be entitled to receive the Performance
Award determined by the Committee upon completion of the Performance Period to be distributed, in its sole discretion, based on the attached
Performance Goals Schedule. Such distribution will be made at the same time that distributions are made to active employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Change of Control. </B>If, in connection
                                            with any Change of Control, the acquiring Person, surviving or acquiring corporation or entity,
                                            or any Affiliate of such corporation or entity, elects to assume or continue the obligations
                                            of Deluxe under this Agreement and to replace the Shares issuable under it with Equivalent
                                            Replacement Securities, then all references herein to Shares shall thereafter be deemed to
                                            refer to the Equivalent Replacement Securities issuable upon attainment of Performance Goals,
                                            references to Deluxe shall thereafter be deemed to refer to the issuer of such Equivalent
                                            Replacement Securities, and all other terms of this Agreement shall continue in effect except
                                            as to the extent modified by this Section&nbsp;8.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">If the Change of Control
does not meet the assumption, continuation or replacement criteria specified in this Section&nbsp;8, then the value of the Target Award
shall be calculated based upon the value of a Share as of the closing price on the business day immediately prior to the effective date
of the Change of Control and that amount shall become due and payable in cash, immediately upon the Change of Control. Nothing contained
herein shall limit the authority of the Committee under Section&nbsp;4(c)&nbsp;of the Plan to make adjustments to the Shares subject
to this Agreement in the case of a transaction described in Section&nbsp;4(c)&nbsp;of the Plan that does not constitute a Change of Control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Income Taxes</B>. You are liable for
                                            any federal and state income or other taxes applicable upon the distribution to you of any
                                            Shares or other payments under this Agreement, and you acknowledge that you should consult
                                            with your own tax advisor regarding the applicable tax consequences. Upon the distribution
                                            of Shares, you shall promptly pay to Deluxe in cash, or in previously acquired shares of
                                            Deluxe common stock having a fair market value equal to the amount of all applicable taxes
                                            required by Deluxe to be withheld or collected upon the distribution of the Shares. In the
                                            alternative, prior to the end of the Performance Period, you may direct Deluxe to withhold
                                            from Shares otherwise to be distributed the number of Shares having a fair market value equal
                                            to the amount of all applicable taxes required by Deluxe to be withheld upon the distribution
                                            of the Shares. You acknowledge that no Shares will be distributed to you, notwithstanding
                                            any Performance Award, unless and until you have satisfied any obligation for withholding
                                            taxes as provided in this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">10.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Forfeiture of Award and Award Gain Resulting
                                            from Certain Activities.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time during the period commencing on the first day of the Performance Period and ending 12 months after the date that you have
received a Performance Award, you engage in any Forfeiture Activity (as defined below) then, in addition to any other rights Deluxe or
its Affiliates may have against you, (i)&nbsp;your rights under this Agreement shall immediately terminate effective as of the date any
such activity first occurred, and (ii)&nbsp;the value of any Distributed Shares or cash paid to you pursuant to this Agreement must be
paid to Deluxe within 30 days of demand by Deluxe. For purposes hereof, any such value shall be determined by multiplying the number
of Distributed Shares by the higher of the closing price of a Share on the business day prior to the date of vesting or the closing price
on the business day prior to the date of repayment or, to the extent the Performance Award was paid to you in cash, including any payment
pursuant to the penultimate paragraph of Section&nbsp;8, the amount of cash paid to you or on your behalf. The amount repaid shall not
be reduced by any tax withholding, whether paid in Shares or cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used herein, you shall be deemed to have engaged in a Forfeiture Activity if, in violation of any Company policy or other term or condition
of your employment, you (i)&nbsp;directly or indirectly engage in any business activity on your own behalf or as a partner, stockholder,
director, trustee, officer, consultant or otherwise of any person or entity which is directly in competition with or competitive with
any current business of the Company or you solicit, entice or induce any employee or representative of the Company to engage in any such
activity, (ii)&nbsp;directly or indirectly solicit, entice or induce (or assist any other person or entity in soliciting, enticing or
inducing) any customer (or agent, employee or consultant of any customer) with whom you had contact in the course of your employment
with the Company to deal with a competitor of the Company, (iii)&nbsp;fail to hold in a fiduciary capacity for the benefit of the Company
all confidential information, knowledge and data, including without limitation customer lists and information, business plans and business
strategy (&#8220;Confidential Data&#8221;) relating in any way to the business of the Company , or (iv)&nbsp;are terminated by the Company
(or any successor) for Cause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any court of competent jurisdiction shall determine that the foregoing forfeiture provisions are invalid in any respect, the court so
holding may limit such provisions in any manner which the court determines, such that the provisions, as so limited, shall be enforceable
against you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
accepting this Agreement, you consent to a deduction from any amounts the Company owes you from time to time (including amounts owed
to you as wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to you by the Company), to
the extent of the amounts you owe the Company under the foregoing provisions. Whether or not the Company elects to make any set-off in
whole or in part, if the Company does not recover by means of set-off the full amount you owe, calculated as set forth above, you agree
to pay immediately the unpaid balance to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will be released from the forfeiture provisions of subparagraph (b)(i)&nbsp;in the event your employment with the Company has been involuntarily
terminated without Cause or you voluntarily terminate your employment with the Company for Good Reason. Otherwise, you may be released
from the foregoing forfeiture provisions only if the Committee (or its duly appointed agent) determines in its sole discretion that such
action is in the best interests of Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Section&nbsp;shall be construed to limit the provisions of the Plan or any recoupment policy dealing with recoupment
of awards, which are incorporated into this Agreement by this reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Terms and Conditions</B>. This Agreement
                                            does not guarantee your continued employment or alter the right of Deluxe or its Affiliates
                                            to terminate your employment at any time. This Award is granted as an employee inducement
                                            award but is subject to the terms of the Plan as described in Section&nbsp;1. In the event
                                            of any conflict between the provisions of this Agreement and the Plan, the provisions of
                                            the Plan shall govern<B>.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By your acceptance of this performance
share award, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that
you have received and reviewed these documents and that they set forth the entire agreement between you and Deluxe regarding your right
to the Shares pursuant to this Award Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DELUXE CORPORATION</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 47%"> <FONT STYLE="font-size: 10pt"><IMG SRC="tm2222380d1_ex23-2img001.jpg" ALT=""></FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">ADDENDUM
TO</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">PERFORMANCE SHARE
AWARD AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For the purposes hereof the terms used
herein shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8220;Approved Retirement&#8221; shall
mean any voluntary termination of employment that occurs on or after the date on which the sum of your age and years of employment with
Deluxe and/or its Affiliates equals at least seventy-five (75) and that is approved by the Compensation Committee of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8220;Board&#8221; means the Board
of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&quot;Cause&quot; shall mean
(i)&nbsp;you have breached your obligations of confidentiality to Deluxe or its Affiliates; (ii)&nbsp;you have failed to perform
your duties; (iii)&nbsp;you commit an act, or omit to take action, in bad faith which results in material detriment to Deluxe or its
Affiliates or their respective businesses; (iv)&nbsp;you have had excessive absences unrelated to illness or vacation
(&quot;excessive&quot; shall be defined in accordance with local employment customs); (v)&nbsp;you have engaged in misconduct or
have otherwise violated an employment policy; (vi)&nbsp;you commit fraud, misappropriation, embezzlement or other act of dishonesty
in connection with your job or otherwise against Deluxe, its Affiliates or their respective businesses; (vii)&nbsp;you have been
convicted or have pleaded guilty or nolo contendere to a felony or a gross misdemeanor, which gross misdemeanor involves a breach of
ethics, moral turpitude, or immoral or other conduct reflecting adversely upon the respective reputation, interests or businesses of
Deluxe or its Affiliates; (viii)&nbsp;your engage in unlawful conduct or gross misconduct that is or is reasonably likely to be
injurious to the respective business, finances, interests or reputation of Deluxe of its Affiliates; or (ix)&nbsp;you are in default
under any agreement between you and Deluxe or any of its Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A &#8220;Change
of Control&#8221; shall be deemed to have occurred if the conditions set forth in any one of the following paragraphs shall have been
satisfied:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"></TD><TD STYLE="font-size: 10pt; width: 27pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">any Person
                                            becomes the Beneficial Owner, directly or indirectly, of securities of Deluxe representing
                                            30% or more of the combined voting power of Deluxe&#8217;s then outstanding securities, excluding,
                                            at the time of their original acquisition, from the calculation of securities beneficially
                                            owned by such Person any securities acquired directly from Deluxe or its Affiliates or in
                                            connection with a transaction described in paragraph (iii)&nbsp;below; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"></TD><TD STYLE="font-size: 10pt; width: 27pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">the individuals
                                            who at the date of your award election hereunder constitute the Board and any new director
                                            (other than a director whose initial assumption of office occurs within a year of and is
                                            in connection with an actual or threatened election contest, including but not limited to
                                            a consent solicitation, relating to the election of directors of Deluxe) whose appointment
                                            or election by the Board or nomination for election by Deluxe&#8217;s shareholders was approved
                                            or recommended by a vote of a majority of the directors then still in office who either were
                                            directors at the date of your award election hereunder or whose appointment, election or
                                            nomination for election was previously so approved or recommended, cease for any reason to
                                            constitute a majority thereof; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"></TD><TD STYLE="font-size: 10pt; width: 27pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">the shareholders
                                            of Deluxe approve a plan of complete liquidation of Deluxe or there is consummated (A)&nbsp;a
                                            merger, consolidation, share exchange or similar transaction involving Deluxe, regardless
                                            of whether Deluxe is the surviving corporation or (B)&nbsp;the sale or disposition by Deluxe
                                            of all or substantially all Deluxe&#8217;s assets, other than a sale or disposition by Deluxe
                                            of all or substantially all of Deluxe&#8217;s assets to an entity, unless, immediately following
                                            such corporate transaction, all or substantially all of the individuals and entities who
                                            were the beneficial owners of Deluxe&#8217;s voting securities immediately prior to such
                                            corporate transaction beneficially own, directly or indirectly, more than 50% of the combined
                                            voting power of the then outstanding voting securities of the surviving or acquiring entity
                                            resulting from such corporate transaction (including beneficial ownership through any parent
                                            of such entity) in substantially the same proportions as their ownership, immediately prior
                                            to such corporate transaction, of Deluxe&#8217;s voting securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, a &#8220;Change of Control&#8221; shall not be deemed to have occurred by virtue of the consummation of any transaction
or series of integrated transactions immediately following which the record holders of Common Stock of Deluxe immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or
substantially all of the assets of Deluxe immediately following such transaction or series of transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8220;Company&#8221; shall mean Deluxe
(including any successor corporation) and its Affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8220;Disability&#8221; <FONT>shall
mean that you are suffering from a medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of not less than twelve months, and that as a result of such impairment either: (i)&nbsp;you
have received disability benefits for a period of not less than three months under a long or short-term disability plan or policy (or
both), and are eligible for benefits under</FONT> the long-term disability plan of Deluxe or any Affiliate of which you are employed
at the time of such disability; <FONT>or (ii)&nbsp;in the event that your employer does not have a long-term
disability plan in effect at such time, you are unable to engage in any substantial gainful activity.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8220;Equivalent Replacement Securities&#8221;
shall mean other equity securities that are listed on a national securities exchange (including by use of American Depository Receipts
or any similar method) and are freely transferable under all applicable federal and state securities laws and regulations, the quantity
of which shall be determined by the Committee in accordance with Section&nbsp;4(c)&nbsp;of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8220;Good Reason&#8221; shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">except with your written consent given
                                            in your discretion, (a)&nbsp;the assignment to you of any position and/or duties which represent
                                            or otherwise entail a material diminution in your position, authority, duties or responsibilities,
                                            or (b)&nbsp;any other action by the Company which results in a material diminution in your
                                            position (or positions) with the Company, excluding any diminution attributable to Deluxe&#8217;s
                                            bankruptcy or insolvency or to the fact that Deluxe is no longer a public company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">any material reduction in your aggregate
                                            compensation and incentive opportunities, or any material failure by the Company to comply
                                            with any other written agreement between you and the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">the Company&#8217;s requiring you
                                            to be based at any location more than 50 miles from your then current location; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">any request or requirement by the
                                            Company that you take any action or omit to take any action that is inconsistent with or
                                            in violation of the Company&#8217;s ethical guidelines and policies as the same existed within
                                            the 120-day period prior to the termination date or any professional ethical guidelines or
                                            principles that may be applicable to you,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">provided, however, that such events
shall constitute Good Reason only if (A)&nbsp;within thirty (30) days following the occurrence of an event claimed to constitute Good
Reason, you give Deluxe written notice of such event, (B)&nbsp;Deluxe fails to cure such event within thirty (30) days after receipt
of such written notice, and (C)&nbsp;the effective date of your termination of employment is within 180 days following expiration of
such cure period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&quot;Person&quot; shall have the meaning
defined in Sections 3(a)(9)&nbsp;and 13(d)&nbsp;of the Securities Exchange Act of 1934, as amended, except that such term shall not include
(i)&nbsp;Deluxe or any of its Affiliates, (ii)&nbsp;a trustee or other fiduciary holding securities under an employee benefit plan of
Deluxe or any of its Affiliates, (iii)&nbsp;an underwriter temporarily holding securities pursuant to an offering of such securities,
or (iv)&nbsp;a corporation owned, directly or indirectly, by the shareholders of Deluxe in substantially the same proportions as their
ownership of stock of Deluxe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>tm2222380d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We hereby consent to the incorporation by reference
in this Registration Statement on Form&nbsp;S&#45;8 of Deluxe Corporation of our report dated February&nbsp;28, 2022 relating to the financial
statements and the effectiveness of internal control over financial reporting, which appears in Deluxe Corporation&rsquo;s Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minneapolis, Minnesota</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;5, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>8
<FILENAME>tm2222380d1_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
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<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;24.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Power of Attorney</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below hereby constitutes and appoints Barry C. McCarthy, Scott C. Bomar and Jeffrey L. Cotter, and each
of them, the undersigned&rsquo;s true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for
the undersigned and in the undersigned&rsquo;s name, place and stead, in any and all capacities, to sign a Registration Statement on Form&nbsp;S-8,
and any and all amendments (including post-effective amendments) thereto, relating to the registration of 94,370 shares of the common
stock, par value $1.00 per share, of Deluxe Corporation (the &ldquo;Shares&rdquo;), that may be issued as an inducement award pursuant
to the Restricted Stock Unit Award Agreements and the Performance Share Unit Award Agreements dated May&nbsp;13, 2022, by and between
the Company and Yogaraj Jayaprakasam, and to file the same, with all exhibits thereto and other documents in connection therewith, with
the Securities and Exchange Commission, and with such state commissions and other agencies as necessary, granting unto said 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 or about the premises, as fully to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, this Power of Attorney has been signed as of August&nbsp;5,
2022, by the following persons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 52%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Barry C. McCarthy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barry C. McCarthy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott C. Bomar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Chief Financial Officer </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott C. Bomar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Chad P. Kurth</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Chief Accounting Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad P. Kurth</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Accounting Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ William C. Cobb</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William C. Cobb</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paul R. Garcia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul R. Garcia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Cheryl E. Mayberry McKissack</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cheryl E. Mayberry McKissack</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Don J. McGrath</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Don J. McGrath</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas J. Reddin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas J. Reddin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Martyn R. Redgrave</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Martyn R. Redgrave</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John L. Stauch</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John L. Stauch</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Telisa L. Yancy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telisa L. Yancy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>9
<FILENAME>tm2222380d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Deluxe Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Newly Registered Securities </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Security
    <BR> Type</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Security<BR>
    Class Title</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fee
    <BR> Calculation<BR> Rule</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount<BR>
    Registered</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Proposed<BR>
    Maximum<BR> Offering<BR> Price<BR> Per Unit</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maximum<BR>
    Aggregate<BR> Offering<BR> Price</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fee
    Rate</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount
    of<BR> Registration <BR> Fee</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Equity</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Common Stock, par value $1.00 per share</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Rules 457(c) and 457(h)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">61,602 Shares<SUP>(1)</SUP>&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">25.02</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP>&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,541,282</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0000927</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">142.88</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Equity</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Common Stock, par value $1.00 per share</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">Rules 457(c) and 457(h)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">33,308 Shares<SUP>(3)</SUP>&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">25.02</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP>&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">833,366</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0000927</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">77.25</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total Offering Amounts</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,374,648</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">220.13</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Total Fee Offsets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Net Fee Due</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">220.13</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Represents shares of Deluxe Corporation&#8217;s
(the &#8220;Registrant&#8217;s&#8221;) common stock issuable under an inducement award of restricted stock units granted to Yogaraj Jayaprakasam
on May 13, 2022, in accordance with Rule 303.08 of the New York Stock Exchange Listing Manual. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;), this registration statement also covers an indeterminate number of securities as may become issuable
pursuant to the provisions of the inducement award agreement by reason of any stock dividend, stock split, recapitalization or any other
similar transaction effected without the Registrant&#8217;s receipt of consideration which results in an increase in the number of outstanding
shares of common stock.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Estimated solely for the purpose of calculating
the registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act. The amount of the registration fee is based on
a price of $25.02 per share, which is the average of the high and low prices of the registrant&#8217;s Common Stock as reported by the
New York Stock Exchange on August 1, 2022.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) Represents shares of the Registrant&#8217;s
common stock issuable under an inducement award of performance share units granted to Yogaraj Jayaprakasam on May 13, 2022, in accordance
with Rule 303.08 of the New York Stock Exchange Listing Manual. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
this registration statement also covers an indeterminate number of securites as may become issuable pursuant to the provisions of the
inducement award agreement by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without
the Registrant&#8217;s receipt of consideration which results in an increase in the number of outstanding shares of common stock.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






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