Company: DLX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000027996-25-000051
Chunk: 126

Company: DELUXE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 126
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Outstanding at December 31, 20231,221 $23.34 Granted925 20.35 Vested(556)23.47 Forfeited(118)21.37 Outstanding at December 31, 20241,472 21.57 2.4The fair market value of RSUs that vested was $11,426 for 2024, $8,538 for 2023, and $13,602 for 2022. Performance share unit awards – Our PSU awards have a three-year vesting period. Shares are issued at the end of the vesting period if performance targets related to revenue and total shareholder return are met. If employment is terminated for any reason prior to the one year anniversary of the commencement of the performance period, the award is forfeited. On or after the one year anniversary of the commencement of the performance period, a pro-rata portion of the shares awarded at the end of the performance period is issued in the case of qualified retirement, death, disability, involuntary termination without cause, or resignation for good reason, as defined in the agreement.The following weighted-average assumptions were used in the Monte Carlo simulation model to determine the fair value of market-based PSUs granted:202420232022Risk-free interest rate4.4 %4.4 %1.8 %Dividend yield6.0 %6.1 %3.7 %Expected volatility38.5 %54.3 %54.9 %The risk-free interest rate for periods within the expected award life is derived from the U.S. Treasury yield curve in effect at the grant date. The dividend yield is estimated over the expected life of the award, based on historical dividends paid. Expected volatility is calculated using the historical volatility of our stock over the expected life of the award.Information regarding unvested PSUs was as follows:Performance share units(in thousands)Weighted-average grant date fair value per unitWeighted-average remaining contractual term(in years)Unvested at December 31, 2023524 $28.50 Granted(1)273 18.56 Vested(65)47.62 Forfeited(41)33.35 Unvested at December 31, 2024691 22.47 1.3(1) Reflects awards granted assuming achievement of performance goals at target.Employee stock purchase plan – During 2024, 159 thousand shares were issued under this