Document:

Deluxe Corporation Exhibit 10.1 to Form 8-K, Dated: February 14, 2006

EXHIBIT 10.1 

	DELUXE
CORPORATION  	  	
NON-QUALIFIED STOCK OPTION AGREEMENT 

	    GRANTED TO	GRANT
DATE 	# OF DELUXE CORP
COMMON SHARES	OPTION PRICE
PER SHARE
	 	 

___________________
EXPIRATION DATE

	 	 

GRANT

Deluxe Corporation
(“Deluxe”) hereby grants to you the right to purchase the above stated number of
shares of its common stock, par value $1.00 per share, at the price stated above. 

DURATION AND
EXERCISABILITY
You may not exercise any portion of
this Option prior to one year from the date of grant set forth above (the “Grant
Date”), and the Option expires seven years after the Grant Date (the “Expiration
Date”). Commencing one year after the Grant Date you may exercise this Option in
cumulative installments of 33-1/3 percent on and after the first, second, and third
anniversaries of the Grant Date. This entire Option will vest earlier and become
exercisable upon your Qualified Retirement, Disability or Death, your termination without
Cause or, subject to the limitations provided herein, upon a Change of Control.
“Qualified Retirement,” “Disability,” “Cause” and
“Change of Control” are hereinafter defined.  

RETIREMENT, DISABILITY,
DEATH OR TERMINATION
Upon your Qualified Retirement, you
will have three years from the date of your retirement to exercise this Option. If you die
while employed, the representative of your estate or your heirs will have one year from
the date of your death to exercise this Option. If your employment terminates due to
Disability, you will have one year from the date of your termination to exercise this
Option. If your employment is terminated without Cause by Deluxe or an Affiliate (as
hereinafter defined), you will have three months from the date of your termination to
exercise this Option. If you resign or otherwise voluntarily terminate your employment
with Deluxe or an Affiliate, you will have three months from the date of your termination
to exercise this Option, to the extent the Option had vested as of your termination date.
In no case, however, may this Option be exercised after the Expiration Date. If your
employment with Deluxe or its Affiliates is terminated for Cause, the entire unexercised
portion of this Option will be canceled as of your last date of employment.  

TERMS AND CONDITIONS

This Option Agreement does not
guarantee your continued employment or, subject to the provisions of any other written
agreement between you and Deluxe or its Affiliates, alter the right of Deluxe or its
Affiliates to terminate your employment at any time. You have no rights in the shares
subject to this Option until such shares are received upon exercise of this Option. This
Option is issued pursuant to the Deluxe Corporation 2000 Stock Incentive Plan, as amended
(the “Plan”), and is subject to its terms. In the event of any conflict between
the provisions of the Plan and this Option Agreement, the provisions of the Plan shall
prevail. Please refer to additional terms and conditions on the attachment to this Option
Agreement.  

By your acceptance of this option
award, you acknowledge receipt of a copy of the Prospectus for the Plan and your agreement
to the terms and conditions of the Plan and this Option Agreement. 

		DELUXE CORPORATION
	 
	 
		By

RETAIN THIS DOCUMENT
FOR YOUR RECORDS 

	NQSO 2000-06 	  	 Ver. 2/06 

ATTACHMENT TO
NON-QUALIFIED STOCK
OPTION AGREEMENT 

For the purposes hereof the terms
used herein shall have the following meanings: 

“Qualified Retirement”
shall mean any termination of employment that the Compensation Committee of Deluxe’s
Board of Directors approves as a qualified retirement. 

“Disability” shall mean
your permanent disability as defined by the provisions of the long term disability plan of
Deluxe or any Affiliate by which you are employed at the time of such disability. In the
event that any such Affiliate does not have a long term disability plan in effect at such
time, you shall be deemed disabled for the purposes hereof if you would have qualified for
long term disability payments under Deluxe’s long term disability plan had you then
been an employee of Deluxe. 

“Cause” shall
mean: 

               	 	(i) 	
                    You have breached your obligations of confidentiality to Deluxe or any of its
                    Affiliates; 

                    

               	 	(ii) 	
                    You have otherwise failed to perform your employment duties and do not cure such
                    failure within thirty (30) days after receipt of written notice thereof; 

                    

               	 	(iii) 	
                    You commit an act, or omit to take action, in bad faith which results in
                    material detriment to Deluxe or any of its Affiliates; 

                    

               	 	(iv) 	
                    You have had excessive absences unrelated to illness or vacation
                    (“excessive” shall be defined in accordance with local employment
                    customs); 

                    

               	 	(v) 	
                    You have committed fraud, misappropriation, embezzlement or other act of
                    dishonesty in connection with Deluxe or any of its Affiliates or its or their
                    businesses; 

                    

               	 	(vi)	
                    You have been convicted or have pleaded guilty or nolo contendere to criminal
                    misconduct constituting 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 reputation or interest of Deluxe or its
                    Affiliates; 

                    

               	 	(vii) 	
                    Your use of narcotics, liquor or illicit drugs has had a detrimental effect on
                    your performance of employment responsibilities; or 

                    

               	 	(viii) 	
                    You are in material default under any agreement between you and Deluxe or any of
                    its Affiliates following any applicable notice and cure period. 

                    

A “Change of Control” shall
be deemed to have occurred if the conditions set forth in any one of the following
paragraphs shall have been satisfied: 

          		(I)  	
               any Person is or becomes the Beneficial Owner, directly or indirectly, of
               securities of Deluxe representing 20% or more of the combined voting power of
               Deluxe’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 clause (a) of paragraph III below;
               or 

               

	Page 1
of 2 	  	 Ver. 2/06 

ATTACHMENT TO
NON-QUALIFIED STOCK OPTION AGREEMENT

          		(II)  	
               individuals who at the Grant Date 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 Deluxe) whose appointment
               or election by the Board or nomination for election by Deluxe’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 at the Grant
               Date or whose appointment, election or nomination for election was previously so
               approved or recommended, cease for any reason to constitute a majority thereof;
               or 

               

          	 	(III) 	
               there is consummated a merger or consolidation of Deluxe or any Affiliate with
               any other company, other than (a) a merger or consolidation which would result
               in the voting securities of Deluxe outstanding immediately prior thereto
               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 Deluxe or any Affiliate, at least
               65% of the combined voting power of the voting securities of Deluxe or such
               surviving entity or parent thereof outstanding immediately after such merger or
               consolidation, or (b) a merger or consolidation effected to implement a
               recapitalization of Deluxe (or similar transaction) in which no Person is or
               becomes the Beneficial Owner, directly or indirectly of securities of Deluxe
               representing 20% or more of the combined voting power of Deluxe’s then
               outstanding securities; or 

               

          		(IV)  	
               the shareholders of Deluxe approve a plan of complete liquidation of Deluxe or
               there is consummated an agreement for the sale or disposition by Deluxe of all
               or substantially all Deluxe’s assets, other than a sale or disposition by
               Deluxe of all or substantially all of Deluxe’s assets to an entity, at
               least 65% of the combined voting power of the voting securities of which are
               owned by shareholders of Deluxe in substantially the same proportions as their
               ownership of Deluxe 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 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. 

“Person” shall have the
meaning defined in Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934, as
amended, except that such term shall not include (i) Deluxe or any of its subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit plan of
Deluxe 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 Deluxe in substantially the same proportions as their
ownership of stock of Deluxe. 

“Beneficial Owner” shall
have the meaning defined in Rule 13d-3 promulgated under the Securities Exchange Act of
1934, as amended. 

“Affiliate” shall mean a
company controlled directly or indirectly by Deluxe, 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. 

In the event that Deluxe is a party
to a transaction which is otherwise intended to qualify for “pooling of
interests” accounting treatment then (i) the Change of Control provisions contained
in this Option Agreement shall, to the extent practicable, be interpreted so as to permit
such accounting treatment, and (ii) to the extent that the application of clause (i) of
this paragraph does not preserve the availability of such accounting treatment, then,
Deluxe may modify or limit the effect of the provisions of this Option Agreement relating
to Change of Control to the extent necessary to qualify the transaction as a “pooling
transaction” and provide you with benefits as nearly equivalent as possible to those
you would have received absent such modification or limitation, provided, however, to the
extent that any of the Change of Control provisions of this Option Agreement would
disqualify the transaction as a “pooling” transaction and cannot otherwise be
modified or limited, such provisions shall be null and void as of the date hereof. All
determinations under this paragraph shall be made by the accounting firm whose opinion
with respect to “pooling of interests” is required as a condition to the
consummation of such transaction. 

Page 2 of 2Deluxe Corporation Exhibit 10.2 to Form 8-K, Dated: February 14, 2006

EXHIBIT 10.2 

	DELUXE
CORPORATION  	  	
PERFORMANCE ACCELERATED
RESTRICTED STOCK AWARD AGREEMENT 

	    AWARDED TO	AWARD DATE	NUMBER OF SHARES OF 
RESTRICTED STOCK	MARKET PRICE ON
DATE OF AWARD
	 	 

	 	 

     	1. 	
          The Award.  Deluxe Corporation, a Minnesota corporation
          (“Deluxe”), hereby grants to you as of the above Award Date the above
          number of restricted shares of Deluxe common stock, par value $1.00 per share
          (the “Shares”) on the terms and conditions contained in this
          Restricted Stock Award Agreement (this “Agreement”) and the Deluxe
          Corporation 2000 Stock Incentive Plan, as amended (the “Plan”). 

          

     	2. 	
          Restricted Period.  The Shares are subject to the restrictions
          contained in this Agreement and the Plan for a period (the “Restricted
          Period”) commencing on the Award Date and ending on the third anniversary
          of the Award Date, subject to the provisions of Section 4 below. 

          

     	3. 	
          Restrictions.  The Shares shall be subject to the following restrictions
          during the Restricted Period: 

          

               	(a) 	  	
                    The Shares shall be subject to forfeiture to Deluxe as provided in this
                    Agreement and the Plan. 

               	(b) 	  	
                    The Shares may not be sold, assigned, transferred or pledged during the
                    Restricted Period. You may not transfer the right to receive the Shares, other
                    than by will or the laws of descent and distribution, and any such attempted
                    transfer shall be void. 

               	(c) 	  	
                    The Shares will be issued in your name, either by book-entry registration or
                    issuance of a stock certificate, which certificate will be held by Deluxe. If
                    any certificate is issued, the certificate will bear an appropriate legend
                    referring to the restrictions applicable to the Shares. 

               	(d) 	  	
                    Any stock dividends or other non-cash distributions paid on the Shares during
                    the Restricted Period shall be held by Deluxe until the end of the Restricted
                    Period, at which time Deluxe will pay you all such dividends and other
                    distributions, less any applicable tax withholding amounts. If the Shares are
                    forfeited as described in Section 4 of this Agreement, then all rights to such
                    payments shall also be forfeited. 

                    

	4. 	Forfeiture/Acceleration 

               	(a) 	  	
                    The restrictions with respect to fifty percent (50%) of the Shares will lapse,
                    and such Shares shall thereupon become non-forfeitable and transferable, as of
                    the first anniversary of the Award Date, provided (i) you are an employee of the
                    Company on such anniversary date and (ii) the Company has achieved the
                    Performance Threshold set forth in the Addendum to this Agreement, as determined
                    by the Compensation Committee of Deluxe’s Board of Directors. 

               	(b) 	  	
                    In the event your employment with the Company is terminated prior to the third
                    anniversary of the Award Date, your rights to all of the Shares then subject to
                    restrictions shall be immediately and irrevocably forfeited, unless your
                    termination is by reason of (i) involuntary termination without Cause, (ii)
                    death, (iii) Disability, or (iv) Qualified Retirement (as those capitalized
                    terms are defined in the Addendum to this Agreement). 

               	(c) 	  	
                    In the event your employment with the Company is terminated by reason of death,
                    Disability or Qualified Retirement prior to the third anniversary of the Award
                    Date, the restrictions with respect to all of the Shares shall lapse and the
                    Shares shall become non- forfeitable and transferable as of the date of such
                    termination. In the event your employment is terminated during the Restricted
                    Period by reason of involuntary termination without Cause, a pro-rata portion of
                    the Shares then subject to restrictions shall vest and become non-forfeitable
                    and transferable as of the date of such termination. In the event of a Change in
                    Control (as defined in the Addendum to this Agreement) during the Restricted
                    Period, a pro-rata portion of the Shares then subject to restrictions shall vest
                    and become non-forfeitable and transferable as of the date of the Change in
                    Control. 

     	5. 	
          Rights.  Upon issuance of the Shares, you shall, subject to the
          restrictions of this Agreement and the Plan, have all of the rights of a
          shareholder with respect to the Shares, including the right to vote the Shares
          and receive any cash dividends and any other distributions thereon, unless and
          until the Shares are forfeited. Cash dividends will be paid to you at the time
          such dividends are paid on shares of Deluxe common stock, less any applicable
          tax withholding amounts, and may, at Deluxe’s discretion, be paid through
          its normal payroll process. 

          

     	6. 	
          Income Taxes.  You are liable for any federal and state income or
          other taxes applicable upon the grant of the Restricted Stock if you make an
          election under Section 83(b) of the Internal Revenue Code of 1986, as amended,
          within 30 days of the date of grant, or upon the lapse of the restrictions on
          the Shares, and the subsequent disposition of the Shares, and you acknowledge
          that you should consult with your own tax advisor regarding the applicable tax
          consequences. Upon the lapse of the restrictions on the 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 lapse of the
          restrictions on the Shares. In the alternative, prior to the end of the
          Restricted Period, you may direct Deluxe to withhold from the Shares 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 lapse of the restrictions on the
          Shares. 

          

     	7. 	
          Terms and Conditions.  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 pursuant to the
          Plan and is subject to its terms. In the event of any conflict between the
          provisions of this Agreement and the Plan, the provisions of the Plan shall
          govern. 

          

		DELUXE
CORPORATION
	 
		By: 	 

	RS 2000-08	  	Ver.
2/06 

ADDENDUM TO
RESTRICTED
STOCK AWARD AGREEMENT 

For the purposes hereof the terms
used herein shall have the following meanings: 

“Company” shall mean Deluxe
and its Affiliates, as herein defined. 

The “Performance Threshold” for
purposes of section 4(a) of this Agreement shall be as follows: net cash provided by
operating activities of continuing operations equal to or exceeding $267 million for the
Company’s 2006 fiscal year, as derived from the Company’s Consolidated Statement
of Cash Flows for the year ended December 31, 2006. 

“Qualified Retirement”
shall mean any termination of employment that the Compensation Committee of Deluxe’s
Board of Directors approves as a qualified retirement. 

“Disability” shall mean
your permanent disability as defined by the provisions of the long term disability plan of
Deluxe or any Affiliate by which you are employed at the time of such disability. In the
event that any such Affiliate does not have a long term disability plan in effect at such
time, you shall be deemed disabled for the purposes hereof if you would have qualified for
long term disability payments under Deluxe’s long term disability plan had you then
been an employee of Deluxe. 

“Cause” shall
mean: 

          	 	(i) 	
               You have breached your obligations of confidentiality to Deluxe or any of its
               Affiliates; 

               

          	 	(ii) 	
               You have otherwise failed to perform your employment duties and do not cure such
               failure within thirty (30) days after receipt of written notice thereof; 

               

          	 	(iii) 	
               You commit an act, or omit to take action, in bad faith which results in
               material detriment to Deluxe or any of its Affiliates; 

               

          	 	(iv) 	
               You have had excessive absences unrelated to illness or vacation
               (“excessive” shall be defined in accordance with local employment
               customs); 

               

          	 	(v) 	
               You have committed fraud, misappropriation, embezzlement or other act of
               dishonesty in connection with Deluxe or any of its Affiliates or its or their
               businesses; 

               

          	 	(vi) 	
               You have been convicted or have pleaded guilty or nolo contendere to criminal
               misconduct constituting 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 reputation or interest of Deluxe or its
               Affiliates; 

               

          		(vii)  	
               Your use of narcotics, liquor or illicit drugs has had a detrimental effect on
               your performance of employment responsibilities; or 

               

          	 	(viii) 	
               You are in material default under any agreement between you and Deluxe or any of
               its Affiliates following any applicable notice and cure period. 

               

A “Change of Control” shall
be deemed to have occurred if the conditions set forth in any one of the following
paragraphs shall have been satisfied: 

     	 	(I) 	
          any Person is or becomes the Beneficial Owner, directly or indirectly, of
          securities of Deluxe representing 20% or more of the combined voting power of
          Deluxe’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 clause (a) of paragraph III below;
          or 

          

	Page 1
of 2 	  	Ver.
2/06 

ADDENDUM TO
RESTRICTED
STOCK AWARD AGREEMENT 

     	 	(II) 	
          there is consummated a merger or consolidation of Deluxe or any Affiliate with
          any other company, other than (a) a merger or consolidation which would result
          in the voting securities of Deluxe outstanding immediately prior thereto
          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 Deluxe or any Affiliate, at least
          65% of the combined voting power of the voting securities of Deluxe or such
          surviving entity or parent thereof outstanding immediately after such merger or
          consolidation, or (b) a merger or consolidation effected to implement a
          recapitalization of Deluxe (or similar transaction) in which no Person is or
          becomes the Beneficial Owner, directly or indirectly of securities of Deluxe
          representing 20% or more of the combined voting power of Deluxe’s then
          outstanding securities; or 

          

     	 	(III) 	
          individuals who at the Grant Date 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 Deluxe) whose appointment
          or election by the Board or nomination for election by Deluxe’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 at the Grant
          Date or whose appointment, election or nomination for election was previously so
          approved or recommended, cease for any reason to constitute a majority thereof;
          or 

          

     	 	(IV) 	
          the shareholders of Deluxe approve a plan of complete liquidation of Deluxe or
          there is consummated an agreement for the sale or disposition by Deluxe of all
          or substantially all Deluxe’s assets, other than a sale or disposition by
          Deluxe of all or substantially all of Deluxe’s assets to an entity, at
          least 65% of the combined voting power of the voting securities of which are
          owned by shareholders of Deluxe in substantially the same proportions as their
          ownership of Deluxe 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 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. 

“Person” shall have the
meaning defined in Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934, as
amended, except that such term shall not include (i) Deluxe or any of its subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit plan of
Deluxe 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 Deluxe in substantially the same proportions as their
ownership of stock of Deluxe. 

“Beneficial Owner” shall
have the meaning defined in Rule 13d-3 promulgated under the Securities Exchange Act of
1934, as amended. 

“Affiliate” shall mean a
company controlled directly or indirectly by Deluxe, 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. 

Page 2 of 2

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