Moyer Kelly 4

What Happened

• Moyer Kelly, Chief Accounting Officer of Deluxe Corp (DLX), had 4,666 restricted stock units (RSUs convert/ exercised as derivatives) vest and convert into 4,666 shares on 2026-02-19. To cover tax withholding, 1,626 of those shares were surrendered at an effective price of $27.32 for a tax withholding value of $44,422, leaving a net 3,040 shares delivered to Kelly.
• This was not an open-market purchase or an intentional sale for investment reasons — it was the routine vesting/conversion of equity awards and share withholding to satisfy taxes.

Key Details

• Transaction date: 2026-02-19; Form 4 filed 2026-02-20 (timely).
• Conversion/Exercise (code M): 4,666 RSUs converted into 4,666 common shares at $0.00 per share (footnote: RSUs convert one-for-one on vesting).
• Tax withholding (code F): 1,626 shares withheld at $27.32 each, total value $44,422, to satisfy tax liability on vesting.
• Derivative disposition (code M): a corresponding derivative entry for 4,666 units was reported as disposed — reflects cancellation/conversion of the RSUs into common shares.
• Shares owned after transaction: not disclosed in the filing.
• Relevant footnotes: F1/F4 explain these were restricted stock units that vest and convert one-for-one (vesting schedule noted in plan); F2 explains the share withholding to satisfy tax liabilities.

Context

• This is a routine equity award vesting with share withholding for taxes (often called a “sell to cover” or withholding), not an open-market sale or a new purchase signal. For derivative conversions like RSUs, the derivative is typically cancelled when converted to common shares, which is why both acquisition and disposition entries appear.