Company: DLX
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000027996-25-000107
Chunk: 27

Company: DELUXE CORP
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 27
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 adjusted revenue was $2.111 billion, which included $384.0 million for our Merchant Services division, $287.9 million for our B2B Payments division, $234.0 million for our Data Solutions division, and $1.205 billion for our Print division. In FY 2024, we reported comparable adjusted EBITDA of $406.5 million and comparable adjusted EPS of $3.26. Comparable adjusted revenue, enterprise comparable adjusted EBITDA, and comparable adjusted EPS are non-GAAP financial measures. See Annex A for a reconciliation of adjusted amounts to the most directly comparable GAAP amounts.

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#### CEO Realizable Pay Versus Target Pay 2022–2024
In keeping with our pay for performance philosophy, the Committee designed our compensation program to ensure that the realized value our executives receive is closely aligned with company performance. Since 2022, our executives successfully transformed our business, rationalizing the portfolio and investing to stabilize and secure our technology infrastructure. Leadership has driven robust execution against the North Star program, creating strong operating leverage across the business as both earnings and cash flow growth have outpaced revenue trajectories. At the same time, the actual pay our executives realized has been less than target. For example, the PSU payouts for each of the performance cycles ending in 2022, 2023, and 2024 were below target (i.e., 0%, 77%, and 83%, respectively). As a result, our CEO’s realizable pay was below the target pay opportunity, as described in the following charts:

The following assumptions and calculations were used for purposes of the charts above:

• Cumulative target pay for 2022 – 2024 includes base salary paid during each of the three years, target AIP pay for each year, and the grant date fair values of long-term equity incentives awarded. Equity-based awards are valued as determined under ASC Topic 718.

• Cumulative realizable pay for 2022 – 2024 includes base salary paid during each of the three years, actual AIP pay received for each year, the market value of shares released for long-term equity incentive awards, and the intrinsic value of long-term equity award shares outstanding as of December 31, 2024. This calculation uses the $22.59 per share closing stock price as of December 31, 2024, and assumes that unvested PSUs are earned at target.

• The market capitalization for Deluxe at the beginning of