On January 2, 2023, Christopher L. Thomas, Senior Vice President, Chief Revenue Officer (“CRO”) of Deluxe Corporation entered into a Separation Agreement with the Company providing for the transition out of the role of CRO and into the role of a Special Advisor to the Company's Chief Executive Officer, effective January 6, 2023. Mr. Thomas will serve as Special Advisor during a transition period until Mr. Thomas' separation from the Company on April 28, 2023 (the “Separation Date”). In accordance with the terms of the Separation Agreement, Mr. Thomas' compensation and benefits will continue during the transition period as in effect on December 1, 2022.

The Separation Agreement provides for the release of claims by Mr. Thomas as of the date of the Separation Agreement and a second release following the Separation Date (the “Second Release”).