Deluxe Announces Inducement Grants for Newly Hired CTO

Rhea-AI Summary

Deluxe (NYSE: DLX) recently announced the issuance of restricted stock unit (RSU) awards to Yogaraj Jayaprakasam, its new Chief Technology and Digital Officer, to incentivize his joining. He received two awards on May 13, totaling 61,062 RSUs, with vesting contingent on continued employment. The RSUs vest over different timelines: half after two years and the remainder quarterly over four years. Deluxe supports a vast range of businesses, processing around $3 trillion in annual payment volume.

Positive

• New Chief Technology and Digital Officer appointed, highlighting company growth.
• Issuance of RSUs can enhance executive retention and align interests with shareholders.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, announced today that Yogaraj Jayaprakasam, newly hired Chief Technology and Digital Officer, has been issued two restricted stock unit (RSU) awards as part of his inducement to join the company.

Jayaprakasam joined the company on May 2, 2022, and on May 13 was awarded 44,409 RSUs which vest in equal one-half increments on each of the first and second anniversaries of the grant date. On the same date, he was also awarded 16,653 RSUs, which vest in equal one-quarter increments on the first four anniversaries of the grant date. In each case, upon vesting, each RSU will convert into a share of the company’s common stock. Subject to certain exceptions, vesting is contingent upon continued employment. The shares were awarded on the same date as other new hire stock awards, consistent with business practice.

About Deluxe Corporation
Deluxe, a Trusted Payments and Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay and get paid, accelerate growth and operate more efficiently. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing approximately $3 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com, www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or www.twitter.com/deluxe.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518006122/en/

Tom Morabito, VP, Investor Relations

470-607-5567

tom.morabito@deluxe.com

Cam Potts, VP, Communications

651-233-7735

cameron.potts@deluxe.com

Source: Deluxe Corporation

FAQ

What are the details of the RSU awards issued to Yogaraj Jayaprakasam by Deluxe (DLX)?

Yogaraj Jayaprakasam was awarded 44,409 RSUs vesting over two years and 16,653 RSUs vesting quarterly over four years.

When did Yogaraj Jayaprakasam join Deluxe Corporation?

Yogaraj Jayaprakasam joined Deluxe on May 2, 2022.

How many total RSUs were awarded to Jayaprakasam as part of his inducement?

A total of 61,062 RSUs were awarded to Jayaprakasam.

What is the significance of RSUs for Deluxe Corporation (DLX)?

RSUs align executive incentives with shareholder interests and help retain talent.