Document:

Exhibit 10.24

Rev. 4/24/00

                               DELUXE CORPORATION
                      EXECUTIVE DEFERRED COMPENSATION PLAN
                                       FOR
               EMPLOYEE RETENTION AND OTHER ELIGIBLE ARRANGEMENTS

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                               DELUXE CORPORATION
                      EXECUTIVE DEFERRED COMPENSATION PLAN
                                       FOR
               EMPLOYEE RETENTION AND OTHER ELIGIBLE ARRANGEMENTS

1.       PURPOSE

         The purpose of the Deluxe Corporation Executive Deferred Compensation
         Plan for Employee Retention and Other Eligible Arrangements is to
         provide a means whereby the Company may afford select officers and
         executives with an opportunity to accumulate additional financial
         security, by providing a vehicle to defer compensation amounts payable
         pursuant to a Participant's Executive Retention Agreement and other
         Eligible Arrangements.

         Compensation reductions made pursuant to the Plan will be credited with
         investment gains or losses, in accordance with the Plan, and benefits
         will be paid to the Participant (or his or her Beneficiary) as
         described herein.

2.       DEFINITIONS

2.1      "Agreement" means the Deluxe Corporation Executive Deferred
         Compensation Plan Participation Agreement, executed between a
         Participant and the Company whereby a Participant agrees to defer a
         portion of his or her Compensation pursuant to the provisions of the
         Plan, and the Company agrees to make benefit payments in accordance
         with the provisions of the Plan.

2.2      "Beneficiary" means the person, persons or trust who under the Plan,
         becomes entitled to receive a Participant's interest in the event of
         the Participant's death.

2.3      "Board of Directors" means the Board of Directors of the Company or any
         committee acting within the scope of its authority.

2.4      "Change of Control" shall have the same meaning and shall be determined
         in the same manner as in the Executive Retention Agreement.

2.5      "Committee" means the management committee appointed to manage and
         administer the Plan.

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2.6      "Company" means Deluxe Corporation, a Minnesota Corporation, and its
         successors and assigns.

2.7      "Compensation" means all amounts due the Participant that would
         otherwise be payable in cash pursuant to the Participant's Executive
         Retention Agreement or any other Eligible Arrangement.

2.8      "Deferred Compensation Account" means the account(s) maintained by the
         Company for each Participant, pursuant to Article 3.

2.9      "Determination Date" means the last day of each calendar month and the
         date of the commencement of distributions under the Plan with respect
         to each Participant.

2.10     "Disability" shall have the same meaning and shall be determined in the
         same manner as in the Company's long-term disability plan.

2.11     "Eligible Arrangement" means each Executive Retention Agreement and
         each other plan, agreement or arrangement designated as such by the
         Committee for purposes of this Plan.

2.12     "ERISA Funded" means that the Plan is prevented from satisfying the
         "unfunded" criterion of the exceptions to the application of Parts 2
         through 4 of Subtitle B of Title I of the Employee Retirement Income
         Security Act of 1974 (ERISA).

2.13     "Executive Deferred Compensation Plan Trust" and "Trust" mean the
         Deluxe Corporation Executive Deferred Compensation Plan Trust for
         Employee Retention Agreements and Other Eligible Arrangements, an
         irrevocable grantor trust or trusts established by the Company in
         accordance with Section 8.10.

2.14     "Executive Retention Agreement" means the employment agreement entered
         into between the Company and various of its employees, as amended.

2.15     "Fixed Hypothetical Rate" means interest at the rate of eight percent
         (8%) per annum compounded daily.

2.16     "Fixed Hypothetical Rate Investment" means the portion of a
         Participant's Deferred Compensation Account that a Participant elects
         under Section 3.8 to earn interest at the Fixed Hypothetical Rate.

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2.17     "Participant" means an employee of the Company who is eligible to
         participate in the Plan pursuant to Section 3.1, and who enters into an
         Agreement.

2.18     "Plan" means the Deluxe Corporation Executive Deferred Compensation
         Plan for Employee Retention Agreements and Other Eligible Arrangements,
         as amended from time to time.

2.19     "Plan Effective Date" means April 28, 2000.

2.20     "Variable Hypothetical Rate Investments" means the portion of a
         Participant's Deferred Compensation Account that a Participant elects
         under Section 3.8 to be credited or charged with hypothetical
         investment earnings, gains and/or losses pursuant to Section 3.7 and
         Section 3.10.

3.       ELIGIBILITY; PARTICIPATION; DEFERRALS AND INVESTMENT ELECTIONS.

3.1      Eligibility to Participate. Participation in the Plan shall be limited
         to officers and/or executives of the Company approved to participate by
         the Committee. It is the intention of the Company that all Participants
         satisfy the term a "select group of management or highly compensated
         employees" as provided in Sections 201(2), 301(a)(3), 401(a)(1) and
         4021(b)(6) of ERISA.

3.2      Acknowledgment of Eligibility and Election to Participate. Each
         eligible employee shall acknowledge his or her eligibility to
         participate in the Plan at such time and in such form as the Committee
         may require or permit. An eligible employee may elect to become a
         Participant by filing a properly completed Agreement with the Committee
         no later than thirty (30) days following notification by the Committee
         of his or her eligibility to participate in the Plan. An eligible
         employee shall become a Participant upon acceptance of his or her
         Agreement by the Committee. Except as otherwise expressly provided
         herein, an Agreement, once accepted by the Committee, shall be
         irrevocable.

3.3      Deferral of Compensation. A Participant may elect to defer between zero
         percent (0%) and one hundred percent (100%) of his or her Compensation
         in ten percent (10%) increments. Except as otherwise expressly provided
         herein, any election made by a Participant shall be irrevocable.

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3.4      Suspension of Agreement to Defer Compensation. A Participant's
         Agreement to defer Compensation shall be terminated with respect to
         deferrals of future Compensation in the event that the Committee, in
         its sole discretion, reasonably determines that a Participant ceases to
         meet the eligibility requirements of the Plan.

3.5      Timing of Deferral Credits. The amount of Compensation paid to a
         Participant shall be reduced by the amount the Participant elects to
         defer hereunder pursuant to his or her Agreement. The amount so
         deferred shall be credited to the Participant's Deferred Compensation
         Account as of the date such Compensation would otherwise have been paid
         to the Participant.

3.6      Vesting. A Participant shall at all times be one hundred percent (100%)
         vested in all amounts credited to his or her Deferred Compensation
         Account.

3.7      Determination of Account. The amount credited to a Participant's
         Deferred Compensation Account as of any Determination Date shall be
         equal to the amount so credited as of the immediately preceding
         Determination Date:

         *        increased by the amount of deferrals since such preceding
                  Determination Date pursuant to Section 3.3,

         *        reduced by the amount of distributions to the Participant
                  since such preceding Determination Date;

         *        reduced by the amount of any expenses pursuant to Section 3.10
                  since such preceding Determination Date;

         *        adjusted as appropriate for hypothetical investment earnings
                  and gains and/or losses on Variable Hypothetical Rate
                  Investments pursuant to Section 3.10 since such Determination
                  Date; and/or

         *        increased as appropriate by the Fixed Hypothetical Rate
                  applied to the Fixed Hypothetical Rate Investment portion of a
                  Participant's Deferred Compensation Account in accordance with
                  Section 3.10 for the period from the preceding Determination
                  Date to such Determination Date.

3.8      Investment Elections. At the time a Participant initially elects to
         participate in the Plan (and only at that time) he or she shall have
         the election to allocate all or a portion, in ten percent increments,
         of his or her deferrals into a sub-account consisting of a Fixed
         Hypothetical Rate Investment and/or Variable

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         Hypothetical Rate Investments, provided that after making such
         election, the Participant may not thereafter reallocate any portion of
         his or her Deferred Compensation Account consisting of a Fixed
         Hypothetical Rate Investment into Variable Hypothetical Rate
         Investments and, provided further that after making such election, the
         Participant may not reallocate any portion of his or her Deferred
         Compensation Account consisting of Variable Hypothetical Rate
         Investments into a Fixed Hypothetical Rate Investment.

3.9      Variable Hypothetical Rate Investment Options. The Committee shall
         designate from time to time one or more hypothetical investment options
         in which that portion of a Participant's Deferred Compensation Account
         consisting of Variable Hypothetical Rate Investments may be deemed
         invested. Subject to the provisions of Section 3.8 hereof, a
         Participant or Beneficiary shall allocate the Variable Hypothetical
         Rate Investments in his or her Deferred Compensation Account among the
         hypothetical investment options by filing with the Committee a Deferral
         Allocation Election Form. A Participant may elect to allocate the
         Variable Hypothetical Rate Investments in his or her Deferred
         Compensation Account in ten percent (10%) increments among as many of
         the Variable Hypothetical Rate Investment options which are offered by
         the Committee. Beginning April 28, 2000, and until changed by the
         Committee as hereinafter provided, the Variable Rate Hypothetical
         Investment options shall be:

         *        Active Large-Cap Value Equity Fund

         *        All-Cap Diversified Growth Fund

         *        Emerging Markets Fund

         *        Fixed Rate Investment Fund

         *        Intermediate Bond Fund

         *        Intermediate Equity Fund

         *        International Equity Fund

         *        Money Market Fund

         *        S&P 500 Index Fund

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         Any such investment allocation election shall be made initially on the
         Deferral Allocation Election Form and shall be subject to such rules as
         the Committee may prescribe, including, without limitation, rules
         concerning the manner of making deferral allocation elections and, the
         frequency and timing of changing such deferral allocation elections.

         Excepting the Fixed Hypothetical Rate Investment, for good reason, the
         Committee may change or eliminate the hypothetical investment options
         provided hereunder from time to time, provided that the Committee shall
         take commercially reasonable steps to continue to offer hypothetical
         options for Variable Rate Hypothetical Investments as similar as
         possible to those provided in this Plan so as to offer Participants
         attractive and diversified investment choices. For each hypothetical
         investment option for Variable Hypothetical Rate Investments, the
         Committee shall, in its sole discretion, select a mutual fund, or an
         investment index, or shall create a phantom portfolio as it deems
         appropriate, to constitute such hypothetical investment option.

3.10     Earnings and Charges. The Company may, but is under no obligation to,
         acquire any investment or otherwise set aside assets for the deemed
         investment of Deferred Compensation Accounts hereunder. As of each
         Determination Date, the Committee shall allocate to each Participant's
         Deferred Compensation Account the amount of earnings (including
         interest on the Fixed Hypothetical Rate Investment at the Fixed
         Hypothetical Rate), investment gains and losses and expenses that would
         have been earned by or charged to such Participant's Deferred
         Compensation Account if such Deferred Compensation Account had actually
         been invested in the investments represented by the hypothetical
         investment options elected by such Participant.

3.11     Change of Investment Election. A Participant may elect, by a written
         notice delivered to the Committee no later than ten (10 days) before
         the first day of the next calendar month, to change the manner in which
         the Variable Hypothetical Rate Investment portion of his or her current
         Deferred Compensation Account and the portion of his or her future
         deferrals that the Participant has designated be treated as Variable
         Hypothetical Rate Investments shall be deemed invested among the
         then-available Variable Hypothetical Rate Investment options.

4.       DISTRIBUTIONS

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4.1      Distribution Upon Attainment of Specified Date. Subject to Section 4.2,
         Distribution of the Participant's Deferred Compensation Account shall
         commence at the time specified by the Participant on a form supplied by
         the Committee for such purpose (a "Payout Election Form"), and shall be
         made in such form and manner as the Participant shall specify therein.

4.2      Method of Timing of Distribution.

         (a)      Election in Agreement. Distribution of the Participant's
                  Deferred Compensation Account shall be made in a single lump
                  sum or in monthly installments over a period of two (2) to
                  fifteen (15) years, all as elected by the Participant in his
                  or her Payout Election Form. Such distributions shall be made
                  or commenced to be made on such date or upon the occurrence of
                  such event as the Participant shall designate in his or her
                  Payout Election Form. The amount of each monthly installment
                  shall be determined annually and shall be equal to the
                  quotient obtained by dividing the balance of the Participant's
                  Deferred Compensation Account being distributed in
                  installments on the most recent Determination Date by the
                  number of installments remaining to be paid (including the
                  installments for the year with respect to which the
                  calculation is being made), provided that nothing herein shall
                  require a distribution at any time of more than the remaining
                  balance of the Participant's Deferred Compensation Account

         (b)      Election to Change Method of Distribution. A Participant may,
                  by written request filed with the Committee at least thirteen
                  (13) months prior to the distribution or commencement of
                  distribution of the portion of the Participant's Deferred
                  Compensation Account with respect to which such change is
                  being made, change the method and/or timing of distribution
                  with respect to his or her Deferred Compensation Account to
                  any other method permitted under Section 4.2(a).

         (c)      Minimum Account Balances. Notwithstanding any payment method
                  elected by a Participant or Beneficiary, the Company may, in
                  its sole discretion, elect to pay in a lump sum any Deferred
                  Compensation Account whose balance is less than $5,000.

         (d)      Compliance with Section 162(m). Notwithstanding any other
                  provisions of this Plan to the contrary, in the event that any
                  portion of the payments due a Participant hereunder would not
                  be deductible by

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                  the Company pursuant to Section 162(m) of the Internal Revenue
                  Code, the Company, in its discretion, may postpone payment of
                  such amounts to the Participant until such time that the
                  payments would be deductible by the Company.

4.3      Distribution on Death. Notwithstanding anything in the Plan to the
         contrary, upon the death of a Participant prior to the complete
         distribution of such Participant's Deferred Compensation Account,
         distribution of the unpaid balance of such Participant's Deferred
         Compensation Account shall be made or commence to the Beneficiary as
         soon as practicable and in any event within ninety (90) days following
         the Participant's death, in accordance with a method of distribution
         described in Section 4.2 and designated by the Participant in his or
         her Payout Election Form. After a Participant's death, the
         Participant's Beneficiary may, by written request filed with the
         Committee at least thirteen (13) months prior to the distribution or
         commencement of distribution of the portion of the Participant's
         Deferred Compensation Account with respect to which such change is
         being made, change the method and/or timing of distribution with
         respect to such Deferred Compensation Account to any other method
         permitted under Section 4.2(a).

4.4      Disability Benefit. Notwithstanding anything in the Plan to the
         contrary, in the event a Participant incurs a Disability prior to
         complete distribution of such Participant's Deferred Compensation
         Account, distribution of the unpaid balance of such Participant's
         Deferred Compensation Account shall be made or commence as soon as
         practicable after the Participant incurs the Disability and in any
         event within ninety (90) days following receipt of notice by the
         Committee of the Participant's Disability, in accordance with a method
         of distribution described in Section 4.2 and designated by the
         Participant in his or her Payout Election Form. Such distributions
         shall cease on the earliest to occur of the following events: (i) the
         payment of all amounts credited to the Participant's Deferred
         Compensation Account; (ii) the Participant ceasing to be Disabled; or
         (iii) the Participant's death. In the event the Participant ceases to
         be Disabled, the Participant's Payout Election Form in effect
         immediately prior Participant's Disability shall thereupon control the
         distribution of the remaining balance of the Participant's Deferred
         Compensation Account. In the event of Participant's death, the
         distribution of the remaining balance of Participant's Deferred
         Compensation Account shall thereupon be subject to the provisions of
         section 4.3.

         Upon the occurrence of a Disability any Agreement then in effect with
         respect to such Participant shall be automatically and irrevocably
         cancelled

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         with respect to any Compensation not yet credited to the Participant's
         Deferred Compensation Account pursuant to Section 3.7 and Section 3.10.

4.5      Hardship Distributions; Waiver of Deferral. In the event that the
         Committee, upon written petition of the Participant or his or her
         Beneficiary, determines in its sole discretion, that the Participant or
         his or her Beneficiary has suffered an unforeseeable financial
         emergency, the Company may pay to the Participant or his or her
         Beneficiary as soon as reasonably practicable following such
         determination, an amount, not in excess of the Participant's Deferred
         Compensation Account, necessary to satisfy the emergency. For purposes
         of this Plan, an unforeseeable financial emergency is an unanticipated
         emergency that is caused by an event beyond the control of the
         Participant or Beneficiary and that would result in severe financial
         hardship to the individual if the emergency distribution were not
         permitted, as may result from illness, casualty loss or sudden
         financial reversal. Financial needs arising from foreseeable events,
         such as the purchase of a residence or education expenses for children,
         shall not be considered a financial emergency. The Agreement, if any,
         then in effect with respect to a Participant who receives a hardship
         distribution pursuant to this Section 4.5, shall be automatically
         terminated with respect to any Compensation not yet credited to the
         Participant's Deferred Compensation Account pursuant to Section 3.7 and
         Section 3.10 and the Participant may not enter any other Agreement
         until the expiration of one year from the time of such hardship
         withdrawal.

4.6      Withholding; Employment Taxes. The Company shall withhold any taxes
         required to be withheld by the federal, or by any state or local,
         government.

4.7      Commencement of Payments. Unless otherwise provided, payments under
         this Plan shall commence as soon as practicable following the
         Participant's eligibility for payment, but in no event later than
         ninety (90) days following receipt of notice by the Committee of an
         event which entitles a Participant or a Beneficiary to payments under
         this Plan, or at such other date as may be determined by the Committee
         in its sole discretion.

4.8      Lump-sum Settlement Option. Notwithstanding any other provision of this
         Plan to the contrary, any Participant or Beneficiary may, at any time
         elect to receive an immediate lump-sum payment of the entire balance of
         his or her Deferred Compensation Account, reduced by a penalty equal to
         ten percent (10%) of the value of the Participant's Deferred
         Compensation Account. The ten percent (10%) penalty amount shall be
         permanently forfeited and shall

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         not be paid to, or in respect of, the Participant or his or her
         Beneficiary. Distribution shall be made as soon as practicable and in
         any event within 30 days following the election by the Participant or
         Beneficiary. For purposes of this Section 4.8, a Participant's Deferred
         Compensation Account shall be valued as of the Determination Date
         immediately following the date on which the Participant's or
         Beneficiary's request is received by the Committee. Any Participant who
         elects to receive an immediate lump-sum payment pursuant to this
         Section 4.8, shall forego further participation in the Plan.

4.9      Recipients of Payments: Designation of Beneficiary. All payments to be
         made by the Company under the Plan shall be made to the Participant
         during his or her lifetime, provided that if the Participant dies prior
         to the commencement or completion of such payments, then all subsequent
         payments under the Plan shall be made by the Company to the Beneficiary
         determined in accordance with this Section 4.9. The Participant may
         designate a Beneficiary by filing a written notice of such designation
         with the Committee and in such form as the Committee requires and may
         include a contingent Beneficiary. The Participant may from time-to-time
         change the designated Beneficiary by filing a new designation in
         writing with the Committee. If no designation is in effect at the time
         any benefits payable under this Plan become due, the Beneficiary shall
         be the Participant's estate.

4.10     Distributions in Cash. All distributions hereunder shall be paid in
         cash in United States dollars.

4.11     Special Distributions. If it shall be determined by a final
         administrative decision of the Internal Revenue Service (which, if the
         tax has been paid, has not timely been appealed by the Participant) or
         by a final decision of a court of competent jurisdiction (which, if the
         tax has been paid, has not timely appealed been by the Participant)
         that the value of all or any part of such Participant's Deferred
         Compensation Account is includible in the income of such Participant
         prior to the actual receipt thereof, the Company shall make a special
         payment to such Participant in an amount equal to such Participant's
         estimated federal, state and local income tax liabilities (including
         any interest, penalties and other additions to tax) related to such
         inclusion and to the inclusion in income of such special payment. The
         Participant shall have no obligation to appeal any determination made
         by the Internal Revenue Service or the decision of any such court. The
         Participant's remaining Deferred Compensation Account shall be paid at
         the time and in the manner prescribed in Article 4.

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5.       CLAIM FOR BENEFITS PROCEDURE

5.1      Claim for Benefits. Any claim for benefits under the Plan shall be made
         in writing to the Committee. If such claim for benefits is wholly or
         partially denied by the Committee, the Committee shall, within a
         reasonable period of time, but not later than sixty (60) days after
         receipt of the claim, notify the claimant of the denial of the claim.
         Such notice of denial shall be in writing and shall contain:

         (a)      the specific reason or reasons for the denial of the claim;

         (b)      a reference to the relevant Plan provisions upon which the
                  denial is based;

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

         (d)      an explanation of the Plan's claim review procedure.

5.2      Request for Review of a Denial of a Claim for Benefits. Upon the
         receipt by the claimant of written notice of the denial of a claim, the
         claimant may file a written request within sixty (60) days to the
         Committee requesting a review of the denial of the claim, which review
         shall include a hearing if deemed necessary by the Committee. In
         connection with the claimant's appeal of the denial of his or her
         claim, he or she may review relevant documents and may submit issues
         and comments in writing. To provide for fair review and a full record,
         the claimant must submit in writing all facts, reasons and arguments in
         support of his or her position within the time allowed for filing a
         written request for review. All issues and matters not raised for
         review will be deemed waived by the claimant.

5.3      Decision Upon Review of a Denial of a Claim for Benefits. The Committee
         shall render a decision on the claim review promptly, but no more than
         sixty (60) days after the receipt of the claimant's request for review,
         unless special circumstances (such as the need to hold a hearing)
         require an extension of time, in which case the sixty (60) day period
         shall be extended to one hundred-twenty (120) days. Such decision
         shall:

         (a)      include the specific reasons for the decision;

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         (b)      be written in a manner calculated to be understood by the
                  claimant; and

         (c)      contain specific references to the relevant Plan provisions
                  upon which the decision is based.

         No litigation may be commenced by or on behalf of a claimant with
         respect to this Plan until after the claim and review process described
         in this Article 5 has been exhausted.

6.       ADMINISTRATION

6.1      Plan Administration. The Plan shall be administered by the Committee.
         The Committee may assign duties to an officer or other employees of the
         Company, and may delegate such duties as it sees fit. An employee of
         the Company or a Committee member who is also a Participant in the Plan
         shall not be involved in the decisions of the Company or Committee
         regarding any determination of any specific claim for benefit with
         respect to himself or herself.

6.2      General Rights, Powers and Duties of the Committee. The Committee shall
         be responsible for the management, operation and administration of the
         Plan. In addition to any powers, rights and duties set forth elsewhere
         in the Plan, it shall have complete discretion to exercise the
         following powers and duties.

         (a)      Adopt such rules and regulations consistent with the
                  provisions of the Plan as it deems necessary for the proper
                  and efficient administration of the Plan.

         (b)      Administer the Plan in accordance with its terms and any rules
                  and regulations it establishes.

         (c)      Maintain records concerning the Plan sufficient to prepare
                  reports, returns, and other information required by the Plan
                  or by law.

         (d)      Construe and interpret the Plan, and to resolve all questions
                  arising under the Plan.

         (e)      Authorize benefits under the Plan, and to give such other
                  directions and instructions as may be necessary for the proper
                  administration of the Plan.

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         (f)      Employ or retain agents, attorneys, actuaries, accountants or
                  other persons, who may also be Participants in the Plan or be
                  employed by or represent the Company, as it deems necessary
                  for the effective exercise of its duties, and may delegate to
                  such persons any power and duties, both ministerial and
                  discretionary, as it may deem necessary and appropriate, and
                  the Committee shall be responsible for the prudent monitoring
                  of their performance.

         (g)      Be responsible for the preparation, filing, and disclosure on
                  behalf of the Plan of such documents and reports as are
                  required by any applicable federal or state law;

         provided, that nothing herein shall be construed to supercede, modify
         or limit the provisions of or the Participant's rights under Article 5.

6.3      Information to be Furnished. The records of the Company shall be
         determinative of each Participant's period of employment, Disability,
         leave of absence, reemployment, personal data, and Compensation.
         Participants and their Beneficiaries shall furnish to the Committee
         such evidence, data or information, and execute such documents as the
         Committee reasonably requests.

6.4      Indemnification. No employee of the Company or member of the Committee
         shall be liable to any person for any action taken or omitted in
         connection with the administration of this Plan unless attributable to
         his or her own fraud or willful misconduct. The Company shall not be
         liable to any person for any such action unless attributable to fraud
         or willful misconduct on the part of a director, officer or employee of
         the Company. This indemnification shall not duplicate, but may
         supplement, any coverage available under any applicable insurance
         coverage.

7.       AMENDMENT AND TERMINATION

7.1      Amendment. The Plan may be amended in whole or in part by a written
         instrument adopted by the Company at any time, provided however that no
         amendment shall, without the applicable Participant's consent, affect
         in any manner a Participant's Deferred Compensation Account with
         respect to Compensation credited thereto prior to the date of such
         amendment, the amounts to be credited thereto pursuant to Section 3.7
         and Section 3.10

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         following such amendment or, except as otherwise expressly provided in
         this Plan, Participant's investment or distribution elections made in
         accordance with this Plan, without in any such case Participant's prior
         written consent.

7.2      Company's Right to Terminate. The Company reserves the sole right to
         terminate the Plan and/or the Agreement pertaining to a Participant at
         any time following the complete distribution of all amounts credited to
         Deferred Compensation Accounts hereunder.

7.3      Special Termination. Any other provision of the Plan to the contrary
         notwithstanding, the Plan shall terminate if:

         The Plan is held to be ERISA Funded by a federal court, and appeals
         from that holding are no longer timely or have been exhausted, or the
         Company reasonably determines, that either judicial authority or the
         opinion of the U.S. Department of Labor (as expressed in proposed or
         final regulations, advisory opinions or rulings, or similar
         administrative announcements) creates a significant risk that the Plan
         will be held to be ERISA Funded, and failure to so terminate the Plan
         could subject the Company or the Participants to material penalties.
         Upon any such termination, the Company may:

         (a)      Transfer the rights and obligations of the Company and some or
                  all Participants as determined by the Company in its
                  discretion, to a new plan established by the Company, which is
                  not deemed to be ERISA Funded, but which is substantially
                  similar in all other respect to this Plan, if the Company
                  determines that it is possible or desirable to establish such
                  a Plan; or

         (b)      If the Company, in its sole discretion, determines that it is
                  not possible or desirable to establish the Plan in (a) above,
                  for some or all Participants, such Participants shall be paid
                  a lump sum equal to the value of his or her Deferred
                  Compensation Account.

8.       MISCELLANEOUS

8.1      Separation of Plan: No Implied Rights. Neither the establishment of the
         Plan nor any amendment thereof shall be construed as giving any
         Participant, Beneficiary, or any other person any legal or equitable
         right unless such right shall be specifically provided for in the Plan
         or conferred by specific action of the Company in accordance with the
         terms and provisions of the Plan.

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         Except as expressly provided in this Plan, the Company shall not be
         required or be liable to make any payment under this Plan.

8.2      No Right to Company Assets. Neither the Participant nor any other
         person shall acquire by reason of the Plan any right in or title to any
         assets, funds or property of the Company whatsoever, including, without
         limiting the generality of the foregoing, any specific funds, assets or
         other property which the Company, in its sole discretion, may set aside
         in anticipation of a liability hereunder. Any benefits which become
         payable hereunder shall be paid from the general assets of the Company.
         The Participant and his or her Beneficiary shall have only a
         contractual right to the amounts, if any, payable hereunder, unsecured
         by any asset of the Company. Nothing contained in the Plan constitutes
         a guarantee by the Company that the assets of the Company shall be
         sufficient to pay any benefits to any person.

8.3      No Employment Rights. Nothing herein shall constitute a contract of
         employment with the Company or in any way obligate the Company to
         continue the employment of any Participant. Nothing herein shall be
         construed as fixing or regulating the Compensation payable to the
         Participant.

8.4      No Mitigation. The amount of any payment or benefit provided for in
         this Plan shall not be reduced by any compensation earned by the
         Executive as the result of employment by another employer, by
         retirement benefits, by offset against any amount claimed to be owed by
         the Participant to the Company, or otherwise.

8.5      Legal Fees. The Company shall pay to each Participant all legal fees
         and expenses incurred by the Participant in seeking in good faith to
         obtain or enforce any benefit or right provided by this Plan. Such
         payments shall be made within five (5) business days after delivery of
         the Participant's written requests for payment accompanied with such
         evidence of fees and expenses incurred as the Company reasonably may
         require.

8.6      Non-assignability. Neither the Participant nor any other person shall
         have any voluntary or involuntary right to commute, sell, assign,
         pledge, anticipate, mortgage or otherwise encumber, transfer,
         hypothecate, or convey in advance of actual receipt the amounts, if
         any, payable hereunder, or any part thereof, which are expressly
         declared to be unassignable and non-transferable. No part of the
         amounts payable shall be, prior to actual payment, subject to seizure
         or sequestration for the payment of any debts, judgments, alimony or
         separate maintenance owed by the Participant or any other person,

                                       15
<PAGE>

         or be transferable by operation of law in the event of the
         Participant's or any other person's bankruptcy or insolvency.

8.7      Gender and Number. Wherever appropriate herein, the masculine shall
         mean the feminine and the singular shall mean the plural, or vice
         versa.

8.8      Notice. Any notice required or permitted to be given under the Plan
         shall be sufficient if in writing and hand delivered, or sent by
         registered or certified mail, and if given to the Company, delivered to
         the principal office of the Company, directed to the attention of the
         Committee. Such notice shall be deemed given as of the date of
         delivery, or, if delivery is made by mail, as of the date shown on the
         postmark or the receipt for registration or certification.

8.9      Governing Laws. The Plan shall be construed and administered according
         to the laws of the State of Minnesota to the extent not pre-empted by
         federal law.

8.10     Executive Deferred Compensation Plan Trust. The Company may establish a
         Trust with (an) independent trustee(s), and shall comply with the terms
         of the Trust. The Company may transfer to the trustee(s) an amount of
         cash, marketable securities, or other property acceptable to the
         trustee(s) ("Trust Property") equal in value to all or a portion of the
         amount necessary, calculated in accordance with the terms of the Trust,
         to pay the Company's obligations under the Plan (the "Funding Amount"),
         and may make additional transfers to the trustee(s) as may be necessary
         in order to maintain the Funding Amount. Trust Property so transferred
         shall be held, managed, and disbursed by the trustee(s) in accordance
         with the terms of the Trust. To the extent that Trust Property is used
         to pay the Company's obligations under the Plan, such payments shall
         discharge such obligations of the Company; however, the Company shall
         continue to be liable for amounts not paid by the Trust. Trust Property
         will nevertheless be subject to claims of the Company's creditors in
         the event of bankruptcy or insolvency of the Company, and the
         Participant's rights under the Plan and Trust shall at all times be
         subject to the provisions of Section 8.2. Notwithstanding the
         foregoing, a Participant's Deferred Compensation Account shall not
         constitute or be treated as a trust fund or escrow arrangement of any
         kind.

                                       16
<PAGE>

         IN WITNESS WHEREOF, the Company has adopted the Deluxe Corporation
Executive Deferred Compensation Plan effective April 28, 2000.

                                            DELUXE CORPORATION

                                            By: /s/ John A. Blanchard, III
                                                --------------------------
                                            Its: CEO
                                                 -------------------------Exhibit 10.25

                               Deluxe Corporation
                          Executive Severance Agreement

AGREEMENT by and between Deluxe Corporation, a Minnesota corporation (the
"Company") and Lois M. Martin (the "Executive") dated as of the 12th day of May,
2000.

I.       Retention Payment.

The Company has fulfilled its obligation as detailed in the Retention Agreement
dated 8/2/99 by issuing a one-time payment in the gross amount of $335,000.00

II.      Annual Base Salary.

Effective March 1, 2000, the Executive shall receive an annual base salary of
$300,000 which shall be paid not less often than monthly.

III.     Annual Incentive.

In addition to Annual Base Salary, the Executive shall have a target bonus (paid
ratably apportioned in the case of any fiscal year is less than a complete 12
month performance period) equal to 50% of Annual Base Salary.

IV.      Stock Options.

A nonqualified stock option grant equal to 35,000 shares vesting in 1/3rds from
the date of grant, has been issued to the Executive.

V.       Severance.

On the earlier of the date at which eFunds is established as a separate entity (
the "Distribution Date") or December 31, 2000, the Executive will receive the
following severance benefits:

         A.       Twelve (12) months of severance pay at the Executives
                  then-current level of Annual Base Salary in accordance with
                  the Company's regular payroll practice; plus

         B.       For a period of six (6) months commencing on the first
                  anniversary of the initial payment in clause A, a monthly
                  payment during each month in such six (6) month period equal
                  to the

                                       1
<PAGE>

                  amount, if any, that the Executive's current monthly base
                  compensation at the time of separation exceeds the monthly
                  compensation during that month in such six (6) month period.
                  In order to be eligible to receive any compensation, the
                  Executive agrees to provide the Company a copy of
                  documentation concerning the Executive's monthly compensation,
                  such as the Executive's payroll statement or, if applicable, a
                  written statement that the Executive is not employed, and
                  within thirty (30) days thereafter, the Company will make such
                  differential payment to the Executive.

         C.       The Executive will be reimbursed by the Company, for a period
                  not to exceed twelve (12) months commencing on the first
                  anniversary of the initial payment in clause A, for expenses
                  resulting from a complete executive physical at a clinic of
                  the Executive's choice.

         D.       Deluxe Corporation agrees to pay up to $4,650 for Financial
                  Planning Services through December 31, 2001.

         E.       Executive will receive any unused paid time off as a cash
                  payment in accordance with the Company's regular payroll
                  practice.

VI.      Stock Incentive Plans and other Fringe Benefits.

Upon severance from the Company, any and all other stock options, benefits, or
other forms of compensation shall be governed by the rules as detailed in the
individual Plan Documents in effect at the time of the Executive's separation
from the Company.

VII.     Other Agreements.

This Agreement is intended to supercede and replace the Deluxe Corporation
Management Retention Plan dated August 2, 1999 and any other prior agreements
between the parties, which, as of April 1, 2000, will be null and void and of no
further force and effect with the exception of the Executive Retention Agreement
dated January 9, 1998.

These terms are subject to the following conditions:

                                       2
<PAGE>

1.       You exhibit professionalism in support of the Company's goals among
         your fellow employees, your customers, and your acquaintances.

2.       You maintain expected conditions of employment as the Chief Financial
         Officer for the Company and satisfactory job performance as evaluated
         by your manager.

3.       You keep the terms of this Agreement confidential.

We need and appreciate the leadership you can provide during this transition
period. Thank you for your professionalism as we move forward.

VIII.    Agreement to Release Claims.

Executive agrees that he/she is receiving a substantial amount of money paid by
Deluxe. Executive agrees to give up all Executive's Claims against Deluxe in
exchange for those payments. Executive will not bring any lawsuits, file any
charges, complaints, or notices, or make any other demands against Deluxe based
on Executive's Claims. Executive agrees that the money Executive is receiving is
a full and fair payment for the release of all Executive's Claims. Executive
agrees that Deluxe does not owe Executive anything in addition to what Executive
will be receiving.

Executive understands that he/she may rescind (that is, cancel) this Release
within seven (7) calendar days of signing it to reinstate federal claims and
within fifteen (15) days to reinstate state claims. To be effective, Executive's
rescission must be in writing and delivered to Deluxe Corporation in care of
Sonia St. Charles, Senior Vice President, Deluxe Corporation, 3680 Victoria
Street North, St. Paul, Minnesota 55126, either by hand or by mail within the
relevant period. If sent by mail, the rescission must be postmarked within the
relevant period, properly addressed to Deluxe Corporation, and sent by certified
mail, return receipt requested.

Deluxe agrees to give up any claim against Executive that Deluxe may have now or
hereafter arising from Executive's employment with Deluxe, except as may arise
under the Agreement to which this Release applies.

We have acknowledged that we have read this Release carefully and understand all
its terms. In agreeing to sign this Release, we have not relied on any
statements or explanations made by either of us.

We agree that this Release shall be effective as of the last date set out below.
Deluxe and Executive understand and agree that this Release, the Agreement and
the Deluxe employee benefit plans in which Executive is a participant, contain
all of the agreements between Deluxe and Executive. We have no other written or
oral agreements.

                                       3
<PAGE>

                                            EXECUTIVE

Dated:  May 19, 2000                        /s/ Lois M. Martin
        -------------------                 ------------------

Witnesses:                                  Lois M. Martin

/s/ Cheryl Y. Yursi
---------------------------

                                            DELUXE CORPORATION

Dated: May 19, 2000                         By: /s/ John A. Blanchard III
       --------------------                     -------------------------

                                            John A. Blanchard, III
Witnesses:                                  President & CEO
                                            Deluxe Corporation
/s/ Lorraine L. Houle
---------------------------

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

May 19, 2000

                                       4

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