8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 2, 2021

DELUXE CORPORATION

(Exact name of registrant as specified in its charter)

(651) 483-7111

Registrant's telephone number, including area code

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange

Act. ☐

Section 5 - Corporate Governance and Management

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

On June 2, 2021, Deluxe Corporation (the “Company”) announced that, effective June 14, 2021, Scott C. Bomar will succeed Keith A. Bush as the Company’s Senior Vice President and Chief Financial Officer. Since 2006, Mr. Bomar, age 49, has held positions of increasing responsibility with The Home Depot, Inc. From 2018 to 2021, Mr. Bomar was Home Depot’s Senior Vice President, Home Services. From 2016 to 2018, Mr. Bomar was Home Depot’s Vice President and Treasurer, and from 2013 to 2016, Mr. Bomar was Home Depot’s Vice President, Financial Planning and Analysis. Among other positions held with Home Depot, Mr. Bomar also served as its Director, Strategic Business Development, and, in China, as President, China Retail.

Mr. Bomar will receive a base salary of $525,000 and a starting bonus of $500,000, which he must reimburse if he were to leave the Company under certain circumstances prior to the first anniversary of his hire. To replace the value of equity he is forfeiting from his former employer, Mr. Bomar will receive stock options with a grant date fair value of $250,000 and restricted stock units with a grant date fair value of $2,500,000, both of which will vest in equal increments over four years beginning on the first anniversary of the date of grant. The stock options will have a ten-year term. The remaining terms of the restricted stock units and options will be governed by the Company’s standard forms of award agreement and the related plan. Mr. Bomar will participate in the Company’s executive compensation program, including its annual and long-term incentive plans.

As previously disclosed, Mr. Bush will remain employed by the Company through a transition period ending September 7, 2021.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure.

A copy of the Company’s press release announcing the the appointment of Mr. Bomar is furnished herewith as Exhibit 99.1.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 2, 2021

4

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

Deluxe Names Scott Bomar Chief Financial Officer

SHOREVIEW, Minn. — June 2, 2021 — Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, today named Scott Bomar Senior Vice President and Chief Financial Officer (CFO). Bomar officially joins the company on June 14.

Bomar joins Deluxe from the Home Depot, Inc., where he held senior executive finance and operating leadership roles of increasing responsibility for 15 years. Most recently, he served as Senior Vice President Home Services, a $5 Billion business unit with a team of approximately 5,000 team members. Previously, he served as Vice President, Payments and Treasurer, with responsibility for the company’s then $25 Billion debt portfolio, $5 Billion share repurchase program and $2 Billion commercial paper program as well as the company’s credit card acceptance strategy and private label credit card program. In a previous assignment he led the company’s corporate financial planning and analysis function and served as President of the China Retail division.

“Scott’s impressive finance and operating background with deeply relevant payments experience will help us accelerate our transformation in payments, data and business technology,” said Barry C. McCarthy, President and CEO of Deluxe. “With Scott’s leadership and background, we will be even better positioned to help businesses pay, get paid, optimize and grow their business. Scott brings the skills and financial discipline he developed at one of the country’s most highly regarded `financial academy’ companies to help Deluxe succeed.”

Deluxe began a national search in March to replace CFO Keith Bush, who announced his intention to depart the company later this year.

“Scott’s background in a company known for developing stellar financial talent, make him the right fit for our One Deluxe strategy,” said Jane Elliott, Chief Communications and Human Resources Officer for Deluxe. “Having responsibility for one of the largest private label credit card portfolios in the country, and credit card acceptance at a Fortune 50 company, Scott will bring valuable experience to our entire business portfolio, particularly to our Payments business, which grew double digits in 2020.”

Bomar will be based in the company’s Atlanta office. Bomar started his career at SEI Investments Company and Deloitte Consulting. He is an engineering graduate of the Georgia Institute of Technology and earned an MBA from Duke University.

About Deluxe Corporation

Deluxe, a Trusted Payments and Business Technology™ company, helps businesses pay, get paid, optimize and grow. For more than 100 years, Deluxe has championed businesses so communities thrive at all stages of their lifecycle, from start-up to maturity. Our powerful solutions support millions of small businesses, thousands of financial institutions and hundreds of the world’s most valuable brands. The company operates at significant scale, processing more than $2.8 trillion in annual payment volume. To learn how we can help your business, visit us at www.deluxe.com, www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or www.twitter.com/deluxe.