Document:

Prepared by R.R. Donnelley Financial -- Amended and Restated Employee Stock Purchase Plan

 EXHIBIT 10.18 
  
 DELUXE
CORPORATION 
 2000 
 EMPLOYEE STOCK PURCHASE PLAN 
 (Amended and Restated) 
  
 Section 1.    Purpose. 
  
 1.01  The Plan is designed to encourage employee stock ownership in Deluxe Corporation (the “Company”) by providing Employees of the
Company and Participating Subsidiaries with an opportunity to purchase Company Common Stock through voluntary payroll deductions. It is the purpose and policy of the Plan to foster ownership interest among employees, thus aligning the interests of
employees with the interests of shareholders. The Company intends that the Plan qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the
provisions of the Plan shall be administered, interpreted and construed in a manner consistent with the requirements of that section of the Code. 
  
 Section 2.    Certain Definitions. 
  
 2.01.  Business
Day.    The term “Business Day” shall mean a day on which the New York Stock Exchange is open for trading. 
  
 2.02.  Company.    The term “Company” shall mean Deluxe Corporation, a Minnesota corporation. 
  
 2.03.  Current Compensation.    The term “Current Compensation” shall mean all regular wage, salary, and commission payments (including
periodic sales commission bonuses) paid by the Company to a Participant in accordance with the terms of his or her employment, including payments made to him or her under the short term disability or paid time off plan of the Company or
Participating Subsidiary of which the Participant is an employee in effect at the applicable time, but excluding all overtime earnings, bonus and other incentive payments and awards, and all other forms of extra compensation. 

 
 2.04.  Eligible Employee.    The term “Eligible Employee” shall mean all employees of the
Company and its Participating Subsidiaries (including officers and directors who are also employees of the Company) whose regularly scheduled work week consists of at least twenty (20) hours and who have completed twelve (12) consecutive months of
employment with the Company or its Participating Subsidiaries, provided that an approved leave of absence shall not be deemed to terminate an employee’s continuous employment. Eligible Employees do not include seasonal or temporary employees or
independent contractors. 
  
 2.05.  Excluded Subsidiary.    The term “Excluded
Subsidiary” shall mean those subsidiaries of the Company that are designated as such by the Plan Administrator. 
  
 2.06.  Offering and Purchase Dates.    The first day of each Offering Period is the “Offering Date” for that Offering Period and the last day of each Offering Period is the “Purchase
Date” for that Offering Period. In the event an Offering Date or Purchase Date does not fall on a Business Day, the next succeeding Business Day shall be deemed the Offering Date or Purchase Date, as applicable. 
  
 2.07.  Offering Periods.    The Plan shall have six-month offering periods to purchase Shares (the “Offering
Periods”), with a new Offering Period commencing on February 1 and August 1 of each year beginning with February 1, 2002. Each Offering Period commencing on February 1 of any year shall end 
 

  
 on July 31 of that year, and each Offering Period commencing on August 1 of any year shall end on January 31 of the
following year. 
  
 2.08.  Participant.    The term “Participant” shall mean an
Eligible Employee of the Company or of its Participating Subsidiaries, who has elected to participate in the manner set forth in the Plan. 
  
 2.09.  Participating Subsidiaries.    The term “Participating Subsidiaries” shall mean each subsidiary of the Company that is not an Excluded Subsidiary. 

 
 2.10.  Plan.    The term “Plan” shall mean the Employee Stock Purchase Plan, the terms and
provisions of which are set forth herein. 
  
 2.11.  Plan Administrator.    The term
“Plan Administrator” shall mean the board of directors of the Company or any committee appointed by such board. 
  
 2.12.  Shares.    The term “Shares” shall mean the $1 par value Common Shares of the Company. 
  
 2.13.  Stock Purchase Account.    The term “Stock Purchase Account” means a current bookkeeping record maintained by the Company of cumulative payroll deductions made
from the Current Compensation of each Participant in the Plan as reduced by amounts applied toward the purchase of Shares under the Plan. 
  
 Section 3.    Election to Participate. 
  
 3.01.  An Eligible Employee may elect to
participate in the Plan by completing the form prescribed by the Plan Administrator or enrolling online to authorize regular payroll deduction from the employee’s Current Compensation, beginning with the first payroll period ending after an
Offering Date, provided such authorization is received by the Company’s Human Resources Department in such time in advance of such Offering Date as may be prescribed by the Plan Administrator. Payroll deductions shall continue until the
employee withdraws or ceases to be eligible to participate in the Plan. 
  
 3.02.  Notwithstanding the provisions of
Section 3.01, no Eligible Employee shall be granted any right to purchase Shares hereunder to the extent that: 
  
 (i)  such employee, immediately after such a right to purchase is granted, would own, directly or indirectly, within the meaning of Section 423(b)(3) and Section 424(d) of the Internal Revenue Code of 1986, as amended, Shares
possessing five percent (5%) or more of the total combined voting power or value of all the classes of the capital stock of the Company or of all of its affiliates or, 
  
 (ii)  such employee’s rights to purchase stock under all employee stock purchase plans (within the meaning of Section 423 of the Code) of the Company and
its Subsidiaries accrues at a rate that exceeds $25,000 worth of stock (determined at the fair market value of the shares at the time such rights are granted) for each calendar year during which the rights to purchase such stock are outstanding at
any time. 
  
 3.03.  Employees of an Excluded Subsidiary shall not be eligible to participate in the Plan unless and
until they transfer employment to the Company or a Participating Subsidiary or the Plan Administrator should re-designate the Excluded Subsidiary as a Participating Subsidiary. In any such event, the period during which an employee was employed by
the Excluded Subsidiary shall be treated as employment by the 
 

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 Company or a Participating Subsidiary for purposes of determining the employee’s eligibility under Section 2.04 to
participate in the Plan following such transfer or re-designation. 
  
 Section 4.    Payroll Deductions and Stock Purchase Account.

  
 4.01.  A Participant may elect payroll deductions of any multiple of one percent (1%) not less than three percent
(3%) nor more than ten percent (10%) of his or her Current Compensation. A Participant may, at any time, but only once in any twelve-month period, increase or reduce the percentage of his or her payroll deduction within the foregoing limitations by
filing such form(s) as may be prescribed by the Plan Administrator indicating the change, such change to become effective with the first payroll period commencing on or after the receipt of the form(s) by the Company’s Human Resources
Department. 
  
 4.02.  Payroll deductions shall be credited currently to the Participant’s Stock Purchase Account. A
Participant may not make any separate cash payment into his or her Stock Purchase Account. 
  
 4.03.  No interest will be
paid upon payroll deductions or upon any amount credited to, or on deposit in, an employee’s Stock Purchase Account. 
  
 Section
5.    Purchase of Shares. 
  
 5.01.  On each Purchase Date, each Participant shall automatically
have purchased for him or her that number of whole Shares, not less than one, as can be purchased with the amount in his or her Stock Purchase Account on such Purchase Date. 
  
 5.02.  Beginning with the first Purchase Date in 2002, the per-Share purchase price of Shares purchased shall be the lower of eighty-five percent (85%) of the fair market value
on the Offering Date of such Offering Period or eighty-five percent (85%) of the fair market value on the Purchase Date of such Offering Period, rounded up to the next higher full cent. The fair market value on any day means the closing price of the
Shares on that day, as reported in the Wall Street Journal, Midwest Edition. 
  
 Section 6.    Stock Purchase Account Balance.

  
 6.01.  Any funds remaining in a Participant’s Stock Purchase Account after the purchase of Shares on a
Purchase Date, not to exceed an amount less than purchase price of one Share on the Purchase Date, shall remain in his or her Stock Purchase Account and be applied toward the purchase of Shares on the next Purchase Date, unless the Participant
withdraws from the Plan. 
  
 Section 7.    Withdrawal from the Plan. 
  
 7.01.  A Participant may, at any time, by completing the form(s) prescribed by the Plan Administrator, withdraw from the Plan and cease making any further payroll deductions.
In such event, the Company shall refund, within thirty (30) days, the entire balance, if any, in the employee’s Stock Purchase Account. Once an employee withdraws from the Plan, or his or her employment is terminated, the employee shall not be
eligible to re-enter the Plan for a period of six (6) months. For purposes of the foregoing sentence, a transfer of an employee to an Excluded Subsidiary or a designation of such employee’s employer as an Excluded Subsidiary shall not be deemed
a termination of employment requiring the employee to accrue an additional year of service time in the event the employee thereafter transfers to a Participating Subsidiary or the designation of such employee’s employer is subsequently changed
to a Participating Subsidiary. 
  
 7.02.  Participation in the Plan shall cease upon the date of a Participant’s
termination of employment, death, transfer to status other than an Eligible Employee, transfer to an Excluded Subsidiary or a change in the designation of a Participant’s employer to an Excluded Subsidiary, and any amounts theretofore credited
to the individual’s Stock Purchase Account shall be refunded within thirty (30) days to the former 
 

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 Participant or to his or her estate. An approved leave of absence shall not be deemed a termination of employment for
purposes of this section 7.02. 
  
 Section 8.    Transferability. 
  
 8.01.  Stock purchase benefits granted hereunder may not be assigned, transferred, pledged or hypothecated (whether by operation of law or otherwise), and shall not be subject
to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition or levy of attachment or similar process upon the stock purchase benefits shall be null and void and without effect.

  
 8.02.  The funds accumulated in a Stock Purchase Account may not be assigned, transferred, pledged or hypothecated in
any way, and any attempted assignment, transfer, pledge, hypothecation or other disposition of the funds accumulated in the Stock Purchase Account shall be null and void and without effect. 
  
 8.03.  The Plan Administrator may, from time to time, establish or modify minimum required holding periods for Shares purchased by all Participants under the Plan and, in
connection therewith, may establish such rules and regulations as it determines to be necessary or appropriate for the administration of such minimum holding periods. Without limiting the generality of the authority herein, the Plan Administrator
may require that the Shares issued under the Plan be restricted or bear a legend against transfer or by requiring periodic certifications by Participants concerning compliance with such minimum required holding periods. The establishment of or any
change to any minimum required holding period shall be made effective on an Offering Date, and notice thereof shall be given to all Participants at least thirty (30) days prior to such Offering Date by such means as the Plan Administrator determines
to be appropriate in the circumstances. The failure of a Participant to receive any such notice shall not affect the establishment of any such minimum holding period or any change thereto with respect to that or any other
Participant.             
  
 Section 9.    Share Certificates.

  
 9.01.  Shares purchased under the Plan may be originally issued in certificated or uncertificated form, as
determined by the Plan Administrator. Shares issued under the Plan may contain restrictions against transfer (including applicable legends to that effect) as provided in Section 8.03. 
  
 9.02.  The Company shall not be required to issue or deliver any Shares purchased unless such issuance and delivery comply with all applicable provisions of law, domestic or
foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities and Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, applicable state securities laws and the requirements of any stock
exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. The Company will use its best efforts to accomplish such registration, if and to the extent
required or determined desirable, not later than a reasonable time following a Purchase Date, and issuance of Shares may be deferred until such registration is accomplished. 
  
 9.03.  An employee shall have no interest in the Shares purchased until a Share certificate representing the same is issued or an appropriate book-entry is made with the
transfer agent for the Shares reflecting such purchase 
  
 9.04.  The Share certificates or book-entries representing
Shares purchased under the Plan shall be registered in the name of the Participant or jointly in the name of the Participant and another person, as the Participant may direct. 
 

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 Section 10.    Effective Date and Amendment or Termination of Plan. 
  
 10.01.  The Plan shall become effective on the date fixed by the board of directors of the Company, and shall be submitted to the shareholders
of the Company for approval in compliance with Section 423 of the Code at the next annual meeting of shareholders of the Company thereafter. If the Plan is not so approved, then the Plan shall continue to operate under such terms and conditions as
the Plan Administrator may thereafter authorize, including without limitation, with a discount to fair market value of less than or greater than eighty-five percent (85%). 
  
 10.02.  The board of directors of the Company may at any time terminate the Plan or amend the Plan in any respect; provided, however, that, if the Plan receives the requisite
approval of shareholders under Section 423 of the Code, the Plan may not be amended in any way that will cause rights issued under the Plan to fail to meet the requirements for employee stock purchase plans as defined in Section 423 of the Code or
any successor thereto, including, without limitation, shareholder approval if required. 
  
 Section 11.    Plan Administrator.

  
 11.01.  In administering the Plan, it will be necessary to follow various laws and regulations. It may be
necessary from time to time to change or waive requirements of the Plan to conform with law, to meet special circumstances not anticipated or covered in the Plan, or to carry on successful operations of the Plan. Therefore, the Company reserves the
right, exercisable by the Plan Administrator, to make variations in the provisions of the Plan for such purposes and to determine any questions which may arise regarding interpretation and application of the provisions of the Plan. The determination
of the Plan Administrator as to the interpretation and operation of the Plan shall be final and conclusive, provided that any such determination by a committee appointed by the board of directors of the Company shall be subject to review by such
board. 
  
 Section 12.     Stock Dividend or Reclassification, Merger, or Consolidation. 
  
 12.01.  Upon the payment of any stock dividend, or the occurrence of a stock split, reverse stock split or reclassification by way of split-up
in the number of Shares of the Company, the total number of Shares authorized by Section 13.01 to be sold under the Plan shall be adjusted accordingly. 
  
 12.02.  If the Company is merged into or consolidated with one or more corporations during the Plan, appropriate adjustments shall be made to give effect thereto on a equitable basis in terms of issuance of
Shares of the corporation surviving the merger or of the consolidated corporation, as the case may be. 
  
 Section 13.    Shares to
be Sold. 
  
 13.01.  Subject to the terms of Section 12.01, the number of Shares authorized to be sold under the Plan
during the period commencing on February 1, 2000, shall not exceed 5 million. 
  
 Section 14.    Notices. 

 
 14.01.  Notices to the Company pertaining to the Plan may be addressed as follows: 
  
 Deluxe Corporation 
 Attention:
Human Resource Department 
 Post Office Box 64235 
 St. Paul, MN 55164-0235 
 

 5Prepared by R.R. Donnelley Financial -- 1st Amend. to Supplemental Benefit Plan

  
 EXHIBIT 10.19 
  
 CERTIFICATION 
  
 I, Anthony C. Scarfone, do hereby certify that I am the Secretary of
DELUXE CORPORATION, a Minnesota corporation, and that by action of the Board of Directors of said corporation taken on October 26, 2001, the “FIRST AMENDMENT OF DELUXE CORPORATION SUPPLEMENTAL BENEFIT PLAN (2001 Restatement)” was approved
and adopted. I further certify that the document hereto attached is a true and correct copy of said amendment. 
  
 October 31, 2001              
 

  
 FIRST AMENDMENT 
 OF

 DELUXE CORPORATION 
  
 SUPPLEMENTAL BENEFIT PLAN

 (2001 Restatement) 
  
 The “Deluxe
Corporation Supplemental Benefit Plan” adopted by Deluxe Corporation, a Minnesota corporation, effective November 8, 1984, and which is presently maintained under a document entitled “DELUXE CORPORATION SUPPLEMENTAL BENEFIT PLAN (2001
Restatement”) (hereinafter referred to the “Plan Statement”), is hereby amended in the following respects: 
  
 1.  CHANGE IN CONTROL.    Effective for any change in control occurring on or after January 1, 2002, Section 14 of the Plan Statement shall be amended to read in full as follows: 
  
 SECTION 14 
  
 MERGER, CONSOLIDATION OR
ACQUISITION 
  
 Notwithstanding any other provision of this Plan, a Participant or Beneficiary will receive a distribution of
his or her entire Supplemental Account if a Change in Control occurs. Distribution of the entire Supplemental Account shall be made on the date of the Change in Control. Such distribution shall be made in a single lump sum payment. A “Change in
Control” shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have occurred: 
  
 (a)  any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’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 the Company or its Affiliates or in connection with a transaction described
in clause (i) of paragraph (c) below; or 
  
 (b)  the following individuals cease for any reason to
constitute a majority of the number of directors then serving: individuals who, on January 1, 2002, constitute the Board and any new director (other than a director whose initial assumption of office 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 the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or
recommended by a vote of at 
 

  
 least two-thirds ( 2/3) of the directors then still in office who either were directors on January 1, 2002, or whose appointment, election or nomination for election was previously so approved or recommended; or

  
 (c)  there is consummated a merger or consolidation of the Company or any Affiliate with any
other entity, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Affiliate, at least 65% of
the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding
securities; or 
  
 (d)  the shareholders of the Company approve a plan of complete liquidation of the
Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s
assets to an entity, at least 65% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

  
 Notwithstanding the foregoing, a “Change in Control” 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 the common stock of the Company 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 the Company immediately following such transaction or series of transactions. Solely for purposes of this Section 14, the following words and phrases
shall have the following meanings: 
  
 14.1.  Affiliate—means a company controlled directly or indirectly by
the Company, where “control” shall mean the right, either directly or indirectly, to elect a majority of the directors thereof without the consent or acquiescence of any third party. 
 

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 14.2.  Beneficial Owner—a “beneficial owner” within the meaning
of Rule 13d-3 under the Exchange Act. 
  
 14.3.  Exchange Act—the Securities Exchange Act of 1934, as amended
from time to time. 
  
 14.4.  Person—a “person” within the meaning of Section 3(a)(9) of the
Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same
proportions as their ownership of stock of the Company. 
  
 2.   FUNDING OF THE PLAN.    Effective
October 26, 2001, Section 5.5 of the Plan Statement shall be amended to read in full as follows: 
  
 5.5.  Unsecured Interest.    The obligation of the Company to make payments under this Plan constitutes only the unsecured (but legally enforceable) promise of the Company to make such payments. The
Participant shall have no lien, prior claim or other security interest in any property of the Company. The Company is not required to establish or maintain any fund, trust or account (other than a bookkeeping account or reserve) for the purpose of
funding or paying the benefits promised under this Plan. If any such fund, trust (including any rabbi trust) or account is established, no Participant shall have any lien, prior claim, security interest or beneficial interest in any property
therein. The Company will pay the cost of this Plan out of its general assets. All references to accounts, accruals, gains, losses, income, expenses, payments, custodial funds and the like are included merely for the purpose of measuring the
Employers’ obligation to Participants in this Plan and shall not be construed to impose on the Employers the obligation to create any separate fund for purposes of this Plan. 
  
 3.   SAVINGS CLAUSE.    Save and except as hereinabove expressly amended, the Plan Statement shall continue in full force and effect. 

 
             , 2001 
 
	 DELUXE CORPORATION 
 
	 
	 By:
 	 	 

	     Its
 	 	 

 
 

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