Summary of DELUXE CORP - Yahoo! Finance

Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statem

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) Effective October 31, 2009, Richard S. Greene resigned from Deluxe Corporation (the "Company"). Mr. Greene had been serving as the Company's Chief Financial Officer.

(c) Effective November 1, 2009, Terry D. Peterson was appointed Senior Vice President and Chief Financial Officer for the Company. Mr. Peterson has served as the Company's Chief Accounting Officer since March 2005, and will continue to serve as the Company's principal accounting officer in addition to his new role as principal financial officer. Mr. Peterson joined the Company in September 2004 as Director of Internal Audit. In addition to assuming the principal accounting officer role in March 2005, he also has served as the Company's Vice President of Investor Relations since October 2006, and served as the Company's Chief Financial Officer on an interim basis from May to September 2006.

In connection with this promotion, Mr. Peterson's new annual base salary is $335,000. He also will become party to the Company's standard form of Executive Retention Agreement for senior vice presidents. As an executive officer, Mr. Peterson currently is party to the Company's standard Executive Retention Agreement for vice presidents designated as executive officers, which will be replaced by the new agreement. These agreements provide protection to executive officers in the event their employment is terminated or otherwise adversely affected following a "Change of Control," as that term is defined in the agreements. The terms of the two versions of these agreements are identical in all material respects, except that the multiple applied to the cash severance benefits afforded under the agreements is two times for senior vice presidents and one time for vice presidents. The terms of these agreements are addressed more fully in the Company's most recent proxy statement, and complete copies of both forms of Executive Retention Agreement previously have been filed as Exhibits 10.16 and 10.17 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

Mr. Peterson has no family relationships with any director or other executive officer of the Company.

A copy of the Company's press release announcing Mr. Peterson's appointment as the Company's principal financial officer is attached as Exhibit 99.1 to this report.

(e) The Company and Mr. Greene entered into a Separation Agreement and Release (collectively, the "Separation Agreement") dated October 30, 2009, which provides for Mr. Greene's resignation as the Company's Chief Financial Officer, and from all other positions with the Company and its affiliates, effective October 31, 2009. Under the Separation Agreement, Mr. Greene will receive severance benefits as follows: (i) $274,500, representing nine months' base salary, to be paid over a nine-month period; and (ii) for a period of up to six months after the expiration of the severance period referred to in clause (i), payments equal to the amount, if any, by which Mr. Greene's base salary with the Company at the time of his separation exceeds his compensation from other sources of employment. Mr. Greene also will receive outplacement counseling and support services for a period of up to 12-months, and payment for certain other benefits accrued through the date of his separation. The Separation Agreement also contains standard provisions for a general release of claims against the Company as a condition to the receipt of the benefits described above, as well as mutual confidentiality obligations.