Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective February 1, 2014 , the Board of Directors (the "Board") of Deluxe Corporation (the "Company") elected Thomas J. Reddin to the Board. Mr. Reddin also was appointed to serve on the Board's Audit Committee and Finance Committee . Mr. Reddin currently is the managing partner of Red Dog Ventures , a venture capital and advisory firm for early stage digital companies, and he is not a party to any related party transactions with the Company. All directors of the Company are subject to annual election by the Company's shareholders, and it is expected that Mr. Reddin , along with all incumbent directors, will be a nominee for election at the 2014 annual meeting of shareholders. Mr. Reddin will receive the standard compensation provided to all of the Company's non-employee directors, which currently consists of an annualized cash retainer fee of $60,000 for Board service, annualized cash retainers of $13,000 and $7,000 for service on the Audit and Finance Committees, respectively, and eligibility to receive an annual equity grant, which typically is awarded at the time of each director's election by the Company's shareholders at the annual meeting. Upon his February 1 election to the Board, Mr. Reddin was awarded 644 shares of restricted stock, representing a pro-rated annual grant value to compensate Mr. Reddin for services to be rendered through the date of the 2014 annual meeting, and the terms of which are governed by the Form of Non-Employee Director Restricted Stock Award Agreement filed as Exhibit 10.17 to the Company's Form 10-K for the fiscal year ended December 31, 2012 . A copy of the Company's press release announcing the election of Mr. Reddin is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release, dated February 3, 2014 , announcing the appointment of a new director to the Deluxe Corporation board of directors 2 --------------------------------------------------------------------------------
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Vybz Kartel Convicted of Murder
- Stocks Close Lower Ahead of Crimea Vote
- FDIC Sues Big Banks Over Rate Manipulation
- Ulta Shares Look Good on Strong Q4
- Jittery Investors Dumping Russian Stocks
- U.S. Consumer Sentiment Falls in Early March
- JLo Turns the Tables in New Vid: 'I Luh Ya Papi'