EX 10I DEFERRED COMPENSATION AGREEMENT

Exhibit 10 I

DELUXE CORPORATION

DEFERRED COMPENSATION AGREEMENT

This Agreement is made as of March 15, 1993, between DELUXE CORPORATION (Deluxe)
and Vernon W. Yates (Employee):

WITNESSETH:

WHEREAS an employment relationship has been established between Deluxe
(Employer) and Employee to the mutual benefit and profit of both parties, and

WHEREAS the parties wish to continue this relationship and to provide for
certain contingencies,

NOW, THEREFORE, in consideration of the mutual promises of the parties and the
benefits intended to be secured by the performance of such promises, the parties
agree as follows:

1. Employer agrees to continue in the full-time employment of Employer
or any company under common ownership with Deluxe under such terms and
conditions of employment as may be determined by Deluxe Corporation from
time to time.

2. Deluxe agrees that if Employee continues in the full-time employment
of Employer or other company under common ownership with Deluxe
continuously until March 15, 1998, Deluxe will, commencing within thirty
(30) days after Employee's termination of employment on such date or
subsequently, pay to Employee, as additional compensation, monthly
payments for a ten (10) year period of time, with the amount of each
such payment to be equal to the amount that would be payable on such
dates under a conventional single premium retirement annuity policy
(10-year payout option) issued by a reputable insurance company, if such
policy were purchased on March 15, 1993, with premium in the amount of
$45,000.00. If Employee dies after completion of the period of
employment provided in the preceding sentence, but before all monthly
payments have been paid to him, such payments, or the balance of any
such payments, shall be paid to any beneficiary[ies] designated by
Employee in connection with this Agreement.

3. If Employee dies or retires from the full-time employment of
Employer or other company under common ownership with Deluxe on account
of total or permanent disability before March 15, 1998, Deluxe agrees
that it will, commencing within thirty (30) days after such death or
retirement, pay to



Employee (or, in the case of death, to any beneficiary[ies] designated
by Employee), as additional compensation, monthly payments for a ten
(10) year period of time, with the amount of such payment to be equal to
the amount that would be payable on such dates under an annuity policy
as described in paragraph 2.

4. This Agreement shall be binding upon the parties, their heirs,
executors, administrators, successors, and assigns. In the event of a
merger, consolidation, or reorganization involving Deluxe, this
Agreement shall continue in force and become an obligation of Deluxe's
successor or successors.

5. If Deluxe elects to purchase an annuity contract to provide it with
funds to make payments under this Agreement, Deluxe Corporation shall at
all times be the sole owner and beneficiary of such contract, and
neither employee nor any beneficiary shall have any right, title or
interest in any such contract.

6. This Agreement shall not restrict the right of Employer to discharge
Employee at any time, provided such discharge is deemed to be in the
best interest of Employer.

7. This Agreement shall be governed by the laws of the State of
Minnesota.

IN WITNESS WHEREOF, the parties have entered into this Agreement as of this
15th day of March, 1993.


DELUXE CORPORATION



/s/ J. K. Twogood /s/ Vernon W. Yates
- ---------------------------------------- ---------------------------------
J. K. Twogood Vernon W. Yates
Executive Vice President
and Chief Operating Officer



March 15, 1993