ST. PAUL, Minn.--(BUSINESS WIRE)--Deluxe Corporation (NYSE: DLX) today announced that Lee Schram, Chief Executive Officer of the Company, has established a personal stock trading plan, including a Rule 10b5-1 plan, as part of his personal financial planning strategy for asset diversification. The Company announced on April 26, 2018 that Mr. Schram will be retiring from his current role, but will continue to lead the company as CEO during the succession process to facilitate a smooth transition.
Mr. Schram’s diversification plans include the exercise of certain stock options this month and sale of stock acquired upon the exercise of the options and certain other shares held outright over a period of the next 6 months.
“In conjunction with the April 26, 2018 announcement of my planned retirement as CEO, and on the advice of my financial advisors for asset diversification purposes, I completed a net exercise of some aged stock option grants and sold the net shares. I also adopted a 10b5-1 plan to sell some additional shares. Following these transactions, I will maintain significant stock ownership at approximately 14 times my base salary, well in excess of my 5 times base salary ownership level requirement, which is driven by my continued belief in Deluxe, our strategy and business plans, and our succession plans,” said Mr. Schram.
The stock option exercise and sale transactions will be disclosed publicly through Form 4 filings as required by the SEC.
About Deluxe Corporation
Deluxe is a growth engine for small businesses and financial institutions. Nearly 4.4 million small business customers access Deluxe's wide range of products and services, including customized checks and forms, as well as website development and hosting, email marketing, social media, search engine optimization and logo design. For our approximately 4,900 financial institution customers, Deluxe offers industry-leading programs in checks, data analytics and customer acquisition and treasury management solutions including fraud prevention and profitability. Deluxe is also a leading provider of checks and accessories sold directly to consumers. For more information, visit us at www.deluxe.com, www.facebook.com/deluxecorp or www.twitter.com/deluxecorp.