Document:

Exxhibit 10.7 to Deluxe Corporation Form 10-K dated December 31, 2005

Exhibit 10.7 

THIRD AMENDMENT 

OF 

DELUXE CORPORATION 

DEFERRED COMPENSATION PLAN 

(2001 Restatement) 

        The “Deluxe Corporation
Deferred Compensation Plan” adopted by Deluxe Corporation, a Minnesota corporation, effective November 15, 1983, and which is
presently maintained under a document entitled “DELUXE CORPORATION DEFERRED COMPENSATION PLAN (2001 Restatement) (hereinafter
referred to as the “Plan”), is here by amended in the following respects: 

1.    409A TRANSITION
RULE.   Effective as of January 1, 2005, Section 4 of the Plan is amended by adding thereto a new Section 4.4 to
read in full as follows: 

4.4.  409A Transition Rule.   Pursuant to Notice
2005-1, Q&A #20(a) and (c) and for the purpose of taking advantage of the transition relief afforded thereunder, each
Participant may revoke in their entirety his or her election or elections to defer payment of (i) Base Salary earned in 2005 that
would otherwise been paid during 2005, (ii) Incentive Compensation earned in 2004 that would have otherwise been paid during 2005,
and (iii) Incentive Compensation earned in 2005 whether paid in 2005 or 2006. Such election revocation shall be made in writing
and filed with the Chief Executive Officer of the Company on or before December 1, 2005. 

2.    SAVINGS CLAUSE.   Save and
except as hereinbefore amended the Plan shall continue in full force and effect. 

	October 26, 2005 	DELUXE CORPORATION 
	 
	  	By    	/s/   Anthony C. Scarfone 

	  	Its    	Senior Vice PresidentExxhibit 10.13 to Deluxe Corporation Form 10-K dated December 31, 2005

Exhibit 10.13 

DESCRIPTION OF NON-EMPLOYEE DIRECTOR

COMPENSATION ARRANGEMENTS

(Updated as of November 17, 2005) 

Directors who are employees of Deluxe do not receive compensation for their
service on the Board other than their compensation as employees. Each non-employee director of Deluxe currently receives a $50,000
annual Board retainer, payable quarterly. The Board’s non-executive chairman currently receives an incremental annual
retainer of $75,000, also payable quarterly. 

In order to fairly compensate non-employee directors for their service on
Board committees, the elements and responsibilities of which will fluctuate from time to time, committee members are paid fees for
each committee meeting attended, with the chair of each committee also receiving an annual retainer for serving as the chair. The
committee fee structure currently is as follows: 

		Audit Committee 
		Other Standing Committees 

	Chair Retainer	 	$15,000	 	$5,000	 
	In-person Meeting Attendance	 	$  2,000	 	$1,500	 
	Telephonic Meeting Attendance	 	$  1,000	 	$   750	 

Non-employee directors also receive $1,500 for each approved site visit and
director education program attended, up to a maximum of five per year, and may receive additional compensation for the performance
of duties assigned by the Board or its committees that are considered beyond the scope of the ordinary responsibilities of
directors or committee members. 

Deluxe maintains a Non-Employee Director Stock and Deferral Plan (the
“Director Plan”), which was approved by shareholders as part of Deluxe’s 2000 Stock Incentive Plan, as amended (the
“Stock Incentive Plan”). The purpose of the Director Plan is to provide an opportunity for non-employee directors to
increase their ownership of Deluxe’s common stock and thereby align their interest in the long-term success of Deluxe with
that of the other shareholders. Under the Director Plan, each non-employee director must irrevocably elect to receive, in lieu of
cash, shares of common stock having a fair market value equal to at least 50% of his or her annual cash retainer and meeting fees.
The shares of common stock receivable pursuant to the Director Plan are issued quarterly or, at the option of the director,
credited to the director in the form of deferred restricted stock units. These restricted stock units vest and are converted into
shares of common stock on the earlier of the tenth anniversary of February 1st of the year following the year in which
the non-employee director ceases to serve on the Board or such other date as is elected by the director in his or her deferral
election (for example, upon termination of service as a director). Each restricted stock unit entitles the holder to receive
dividend equivalent payments equal to the dividend payment on one share of common stock. Any restricted stock units issued
pursuant to the Director Plan will vest and be converted into shares of common stock in connection with certain defined changes of
control of Deluxe. All shares of common stock issued pursuant to the Director Plan 

are issued under Deluxe’s Stock Incentive Plan and must be held by the
non-employee director for a minimum period of six months from the date of issuance. 

Each new non-employee director elected to the Board receives a one-time grant
of 1,000 shares of restricted stock under the Stock Incentive Plan as of the date of his or her initial election to the Board. The
restricted stock vests in equal installments on the dates of Deluxe’s annual shareholder meetings in each of the three years
following the date of grant, provided that the director remains in the office immediately following the annual meeting. Restricted
stock awards also vest immediately upon a non-employee director’s retirement from the Board in accordance with Deluxe’s
policy with respect to mandatory retirement. 

Under the terms of the Stock Incentive Plan, non-employee directors also are
eligible to receive non-qualified options to purchase shares of Deluxe’s common stock and other grants to further assist them
in achieving and maintaining their established share ownership targets. All non-employee directors were granted 1,000 options in
2005, but the amount and form of future grants will be at the discretion of the Compensation Committee (in consultation with the
Corporate Governance Committee). All options granted to non-employee directors must, however, have an exercise price at least
equal to the fair market value of Deluxe’s common stock on the date of grant, and may not exceed 5,000 options to any
director in any one year. 

Non-employee directors who were elected to the Board prior to October 1997
also are eligible for certain retirement payments under the terms of a Board retirement plan that has since been replaced by the
Director Plan. Under this predecessor plan, non-employee directors with at least five years of Board service who retire, resign or
otherwise are not nominated for reelection are entitled to receive an annual payment equal to the annual Board retainer in effect
on July 1, 1997 ($30,000 per year) for the number of years during which he or she served on the Board prior to October 31, 1997.
In calculating a Director’s eligibility for benefits under this plan, partial years of service are rounded up to the nearest
whole number. Retirement payments do not extend beyond the lifetime of the retiree and are contingent upon the retiree’s
remaining available for consultation with management and refraining from engaging in any activity in competition with Deluxe.EXHIBIT 10.1

                                                               EXECUTION VERSION

                  FIRST AMENDMENT, dated as of February 23, 2006 (this
"AMENDMENT"), to the Credit Agreement dated as of December 29, 2005 (as further
amended, supplemented or otherwise modified from time to time, the "CREDIT
AGREEMENT"), among DLI HOLDING II CORP., a Delaware corporation ("HOLDINGS"),
DEL LABORATORIES, INC., a Delaware corporation (the "BORROWER"), the several
banks and other financial institutions or entities from time to time parties to
the Credit Agreement (the "LENDERS"), J.P. MORGAN SECURITIES, INC. as sole lead
arranger and sole bookrunner (in such capacity, the "ARRANGER") and JPMORGAN
CHASE BANK, N.A., as administrative agent (in such capacity, the "ADMINISTRATIVE
AGENT").

                  The parties hereto hereby agree as follows:

                  1.       DEFINED TERMS. Unless otherwise defined herein,
                           capitalized terms which are defined in the Credit
                           Agreement are used herein as therein defined.

                  2.       AMENDMENTS. The Credit Agreement shall be, and hereby
                           is, amended as follows:

                  (a)      Section 1.1 of the Credit Agreement is hereby amended
                           by inserting the following definition in appropriate
                           alphabetical order:

                           "INVENTORY": as defined in Article 9 of the UCC.

                  (b)      Section 9.7 of the Credit Agreement is hereby amended
                           by inserting the parenthetical "(other than the
                           Arranger)" immediately after the words "each Agent"
                           in the first sentence thereof.

                  (c)      Section 10.1 of the Credit Agreement is hereby
                           amended:

                           (i) by deleting the language "of more than 80% of the
                           Lenders" at the end of clause b(iv) of the first
                           paragraph and inserting the language "of the holders
                           of more than 80% of the Revolving Commitments then in
                           effect or, if the Revolving Commitments have been
                           terminated, the Revolving Extensions of Credit then
                           outstanding" in place thereof;

                           (ii) by inserting immediately after clause (b)(iv) of
                           the first paragraph the following new clause
                           (b)(iv-A):

"(iv-A) (a) increase any advance rate set forth in the definition of "Borrowing
Base" or (b) amend or modify Section 2.15(a) to increase the amount of
Protective Advances permitted beyond the amount of Protective Advances that
would have been permitted under Section 2.15(a) as in effect on the Closing
Date, in each case, without the written consent of the holders of more than
66-2/3 of the Revolving Commitments then in effect or, if the Revolving
Commitments have been terminated, the Revolving Extensions of Credit then
outstanding"

<PAGE>

                           ; and

                           (iii) by deleting the last paragraph of Section 10.1
in its entirety.

                  3. EFFECTIVENESS. This Amendment shall become effective on the
date on which the Administrative Agent has received (a) this Amendment, executed
and delivered by the Administrative Agent, Holdings, the Borrower and the
Required Lenders and (b) the Consent (attached hereto), executed and delivered
by the Subsidiary Guarantors. The Borrower confirms it is obligated for the
Administrative Agent's expenses associated with this Amendment as provided in
Section 10.5 of the Credit Agreement.

                  4. REPRESENTATION AND WARRANTIES. Each of Holdings and the
Borrower hereby represents and warrants that, after giving effect to the
provisions of this Amendment, (a) each of the representations and warranties
made by any Loan Party in or pursuant to the Loan Documents are true and correct
in all material respects on and as of the date hereof as if made on and as of
such date, except to the extent that such representations and warranties refer
to an earlier date, in which case they are true and correct in all material
respects as of such earlier date, and (b) no Default or Event of Default has
occurred and is continuing.

                  5. CONTINUING EFFECT OF THE CREDIT AGREEMENT. This Amendment
shall not constitute an amendment of any provision of the Credit Agreement not
expressly referred to herein and shall not be construed as a waiver or consent
to any Default, Event of Default or future action on the part of any Loan Party
that would require the consent of the Lenders or the Administrative Agent. As
expressly amended hereby, the provisions of the Credit Agreement are and shall
remain in full force and effect.

                  6. COUNTERPARTS. This Amendment may be executed by the parties
hereto in any number of separate counterparts (including facsimiled
counterparts), each of which shall be deemed to be an original, and all of which
taken together shall be deemed to constitute one and the same instrument.

                  7. EXPENSES. The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation and execution of this
Amendment, including, without limitation, the reasonable fees and disbursements
of counsel to the Administrative Agent.

                  8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

<PAGE>

                 IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

                                               DLI HOLDING II CORP.

                                       By:
                                                    Name:
                                                    Title:

                                               DEL LABORATORIES, INC

                                       By:
                                                    Name:
                                                    Title:

                                               JP MORGAN CHASE BANK, N.A.,
                                               as Administrative Agent and as
                                     Lender

                                       By:
                                                    Name:
                                                    Title:

<PAGE>

                                     CONSENT

                          DATED AS OF FEBRUARY 23, 2006

                  The undersigned, as Subsidiary Guarantors under the Guarantee
and Collateral Agreement and, as applicable, as parties to the other Security
Documents hereby consent and agree to the foregoing First Amendment and hereby
confirm and agree that (i) each of the Guarantee and Collateral Agreement and
the other Security Documents is, and shall continue to be, in full force and
effect and is hereby ratified and confirmed in all respects except that, upon
the effectiveness of, and on and after the date of, said First Amendment, each
reference therein to the "Credit Agreement", "thereunder", "thereof" and words
of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as amended by said First Amendment and (ii) each of the
Guarantee and Collateral Agreement and the other Security Documents and the
Collateral described therein does, and shall continue to, secure the payment and
performance of all of the Obligations as defined in the Guarantee and Collateral
Agreement, after giving effect to said First Amendment.

                           DEL PHARMACEUTICALS, INC.

                           By:
                              --------------------------------------------------
                                    Name:
                                    Title:

                           DEL PROFESSIONAL PRODUCTS, INC.

                           By:
                              --------------------------------------------------
                                    Name:
                                    Title:

                           ROYCE & RADER, INC.

                           By:
                              --------------------------------------------------
                                    Name:
                                    Title:

                           565 BROAD HOLLOW REALTY CORP.

                           By:
                              --------------------------------------------------
                                    Name:
                                    Title:

                           PARFUMS SCHIAPARELLI, INC.

                           By:
                              --------------------------------------------------
                                    Name:
                                    Title:

<PAGE>

                                Signature page to the First
                                Amendment, dated as of February
                                23, 2006, to the DEL LABORATORIES,

                               INC. Credit Agreement

                                        Wachovia Bank, N.A.

                                       By:
                                          Name:
                                          Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]