DELUXE CORPORATION AGREEMENT AS TO AWARD OF RESTRICTED COMMON STOCK
Exhibit 10.20
| DELUXE CORPORATION | AGREEMENT AS TO AWARD OF RESTRICTED COMMON STOCK |
| AWARDED TO | AWARD DATE |
NUMBER OF RESTRICTED STOCK SHARES |
COST OF AWARD |
SOCIAL SECURITY # |
|---|---|---|---|---|
AWARD
Deluxe Corporation hereby awards to you the above stated number of restricted shares of its
common stock, $1.00 par value per share.
RESTRICTIONS
This Award will be revoked, and the restricted shares subject hereto will be forfeited to
Deluxe, if you cease to serve as a Director of Deluxe for any reason other than your
mandatory retirement prior to the lapse of the restrictions applicable to your shares. In
the event of your mandatory retirement as a Director, all of the shares of restricted
stock awarded hereunder shall immediately vest in full. The restricted shares subject to
this Award may not be sold, assigned, pledged or otherwise transferred prior to the lapse
of the restrictions thereon.
LAPSE OF RESTRICTIONS
The restrictions on your shares will lapse in installments of 33-1/3 percent following each of
the next three annual meetings of the shareholders of Deluxe succeeding the Award Date,
provided that you continue as a Director of Deluxe following each such meeting.
ISSUANCE OF STATEMENTS
Upon the lapse of restrictions hereunder, shares of unrestricted common stock shall be credited
to a book entry account maintained by Deluxe Corporation’s transfer agent on your
behalf. A statement reflecting your ownership of such unrestricted shares will be issued
to you. If you prefer to receive certificates representing unrestricted shares, such
certificates will be issued upon written request to Deluxe Corporate Treasury.
TERMS AND CONDITIONS
You will receive dividends on your restricted shares during the period that the restrictions
imposed by this Agreement are in effect and you will have the right to vote the shares
subject hereto. This Award is issued pursuant to the Deluxe Corporation 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 Award Agreement, the provisions of
the Plan shall prevail.
| DELUXE CORPORATION By —————————————— Xxxxxxxx X. Xxxxxx Chairman and Chief Executive Officer |
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