Cotter Jeffrey Louis 4

What Happened
Jeffrey Louis Cotter, SVP, Chief Administrative Officer and General Counsel of Deluxe Corp (DLX), had 9,332 restricted stock units (RSUs vest) convert into 9,332 shares on 2026-02-19. Of those, 4,592 shares were withheld to satisfy tax withholding at $27.32 per share (tax withholding value $125,453). The gross value of the vested 9,332 shares at $27.32 was about $254,950; the net shares delivered to Cotter were 4,740 (9,332 vested minus 4,592 withheld).

Key Details

• Transaction date: 2026-02-19; Form filed 2026-02-20 (appears timely).
• Vesting/conversion: 9,332 RSUs converted one-for-one into shares (code M).
• Tax withholding: 4,592 shares withheld at $27.32/share to cover taxes (code F); withholding value $125,453.
• Net shares received: 4,740.
• Shares owned after transaction: not disclosed in this Form 4.
• Relevant footnotes: F1 = RSUs vested and converted one-for-one; F2 = shares withheld to satisfy tax liabilities; F3 = RSUs vest in equal one-third increments on the first three anniversaries of the grant, generally subject to continued employment.

Context
This was a routine RSU vesting event with shares withheld to pay taxes (a non-market sale), not an open-market sale or purchase. Transaction codes: M = exercise/conversion of derivative (here, RSU conversion), F = tax withholding. Such withholding is a common administrative step and does not necessarily indicate insider buying or selling sentiment.