CLARKE AMERICAN CHECKS, INC.

                   SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR
                             CHARLES L. KORBELL, JR.

SECTION 1.  DESIGNATION AND PURPOSE.

            Clarke American Checks, Inc. hereby establishes the SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN FOR CHARLES L. KORBELL, JR., effective as of January
1, 1998. The Plan is established for the purpose of providing Mr. Korbell with a
sufficient level of retirement income in recognition of his past and future
services to the Company. This Plan provides deferred compensation for a
selected, highly-compensated management employee and is unfunded for purposes of
the Employee Retirement Income Security Act of 1974, as amended.

SECTION 2.  RETIREMENT BENEFITS.

            2.1   Normal Retirement Benefits.

            In the event of termination of employment with the Company and each
Affiliate on or after attainment of Normal Retirement Date and completion of at
least 10 years of Service, Mr. Korbell shall receive for his life an annual
supplemental normal retirement benefit equal to 66 2/3% of his Final Base
Compensation less the sum of the following amounts calculated as of the date the
benefit commences: (i) the life annuity equivalent of the retirement benefit
payable to Mr. Korbell under the Deferred Compensation Agreement between Mr.
Korbell and the Company executed March 22,1990 (including any increased benefit
thereunder as provided by the Employment Agreement) and (ii) the life annuity
equivalent of 50% of his account balance under the Clarke American Profit
Sharing Retirement Trust and related Benefit Equalization Plan which is
attributable to Company contributions. The life annuity equivalent of the
Deferred Compensation Agreement, Clarke American Profit Sharing Retirement Trust
and related Benefit Equalization Plan shall be determined using an interest rate
equal to the yield of the 30-year U.S. Treasury Bond for the third month
preceding the month of retirement and the UP-94G Mortality Table (male).

            2.2   Early Retirement Benefits.

            In the event of termination of employment with the Company and each
Affiliate prior to attainment of Normal Retirement Date but after attainment of
Early Retirement Date and completion of at least 10 years of Service, Mr.
Korbell shall receive for his life an annual supplemental early retirement
benefit equal to 66 2/3% of his Final Base Compensation adjusted for early
commencement as follows:



            COMMENCEMENT AGE        PERCENTAGE OF 66 2/3% AMOUNT PAYABLE
            ----------------        ------------------------------------
                   64                               95%
                   63                               90%
                   62                               85%
                   61                               80%
                   60                               75%
                   59                               70%
                   58                               65%
                   57                               60%
                   56                               55%
                   55                               50%

                  (interpolated for fractional retirement ages)

and further reduced by the sum of the following amounts calculated as of the
date the benefit commences: (i) the life annuity equivalent of the retirement
benefit payable to Mr. Korbell under the Deferred Compensation Agreement between
Mr. Korbell and the Company executed March 22, 1990 (including any increased
benefit thereunder as provided by the Employment Agreement) and (ii) the life
annuity equivalent of 50% of his account balance under the Clarke American
Profit Sharing Retirement Trust and related Benefit Equalization Plan which is
attributable to Company contributions. The life annuity equivalent of the
Deferred Compensation Agreement, Clarke American Profit Sharing Retirement
Trust, and related Benefit Equalization Plan shall be determined using an
interest rate equal to the yield on the 30-year U.S. Treasury Bond for the third
month preceding the month of retirement and the UP-94G Mortality Table (male).

            2.3   Vested Benefits.

            In the event of the termination of employment with the Company and
each Affiliate prior to attainment by Mr. Korbell of Normal Retirement Date or
Early Retirement Date but after completion of at least 10 years of Service, Mr.
Korbell shall be entitled to payment of a supplemental vested benefit under the
Plan. The supplemental vested benefit shall be an annual benefit commencing at
age 55 and calculated as of the date the benefit commences as follows:

                  (a)   66 2/3% of Final Base Compensation, multiplied by

                  (b)   a fraction, the numerator of which is the number of
      years of Service Mr. Korbell has completed (up to a maximum of 30 years)
      and the denominator of which is 30 years of Service, further multiplied by

                  (c)   50% for the early commencement of benefits at age 55,
      reduced by

                  (d)   the sum of the following amounts calculated as of the
     date the benefit commences: (A) the life annuity equivalent of the
     retirement benefit payable to Mr. Korbell under the Deferred Compensation
     Agreement between Mr. Korbell and the Company executed March 22, 1990
     (including any increased benefit thereunder as provided by the Employment
     Agreement) and (B) the life annuity equivalent of 50% of the Participant's
     account balance under the Clarke American Profit Sharing Retirement Trust
     and related Benefit Equalization Plan which is attributable to Company
     contributions. The life annuity equivalent of the Deferred


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     Compensation Agreement, Clarke American Profit Sharing Retirement Trust,
     and related Benefit Equalization Plan shall be determined using an interest
     rate equal to the yield on the 30-year U.S. Treasury Bond for the third
     month preceding the month of retirement and the UP-94G Mortality Table
     (male).

SECTION 3.  FORM, COMMENCEMENT AND FREQUENCY OF PAYMENTS.

            3.1   Forms of Payment.

                  (a)   If Mr. Korbell is married at the time benefits commence
      under Section 2.1, 2.2 or 2.3, such benefits shall be paid in an
      Actuarially Equivalent reduced amount to Mr. Korbell for his life and,
      after Mr. Korbell's death, 50% of such reduced amount shall continue to be
      paid to his spouse, if the spouse survives him, for the life of such
      spouse.

                  (b)   If Mr. Korbell is not married at the time benefits
      commence under Section 2.1, 2.2 or 2.3, such benefits shall be paid for
      his life only.

            3.2   Commencement of Payments. Benefits under Sections 2.1 and 2.2
shall commence on the first day of the month following Mr. Korbell's termination
of employment with the Company and each Affiliate. Benefits under Section 2.3
shall commence on the first day of the month following his attainment of age 55.

            3.3   Frequency of Payments. All payments shall be made in monthly
installments on the first day of each month.

            3.4   Reemployment. In the event that Mr. Korbell commences
receiving benefits hereunder and is subsequently reemployed by the Company or
any of its Affiliates, payment of benefits described in Section 2.1, 2.2 or 2.3
shall be suspended during the period of such reemployment and shall recommence
on the date on which he or his surviving spouse again becomes eligible to
receive benefits hereunder.

SECTION 4.  DEATH BENEFITS.

            4.1   Death on or after Normal Retirement Date. In the event of the
death of Mr. Korbell on or after attainment of Normal Retirement Date and
completion of at least 10 years of Service but prior to commencement of
benefits, his surviving spouse, if any, shall be entitled to benefits for the
life of the spouse equal to 50% of the benefits he would have commenced
receiving under Section 2.1 if he had terminated employment with the Company and
each Affiliate on the date of his death. (This benefit shall not be reduced
because of an assumed joint and survivor annuity election.) The spouse's benefit
shall commence on the first day of the month following Mr. Korbell's death.

            4.2   Death on or after Early Retirement Date. In the event of the
death of Mr. Korbell on or after attainment of Early Retirement Date and
completion of at least 10 years of Service but prior to commencement of
benefits, the surviving spouse, if any, shall be entitled to benefits for the
life of the spouse equal to 50% of the benefits Mr. Korbell would have commenced
receiving under Section 2.2 if he had terminated employment with the Company and
each Affiliate on the date of his death. (This


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benefit shall not be reduced because of an assumed joint and survivor annuity
election.) The spouse's benefit shall commence on the first day of the month
following Mr. Korbell's death.

            4.3   Death after Qualifying for Vested Benefit. In the event of the
death of Mr. Korbell after completion of at least 10 years of Service but prior
to attainment of Early Retirement Date and commencement of benefits, his
surviving spouse, if any, shall be entitled to benefits for the life of the
spouse commencing on the first of the month following the date that he would
have attained age 55 if he had survived. The amount of benefit shall be equal to
50% of the reduced benefit he would have received under Section 2.3 if he had
terminated employment on the date of his death, survived to age 55, elected a
50% joint and survivor annuity with his spouse as contingent annuitant and died
immediately thereafter.

            4.4   No Other Death Benefits. There are no death benefits provided
under the Plan other than those specified in Section 3.1(a) and in this
Section 4.

SECTION 5.  ADMINISTRATOR.

            5.1   Plan Administrator.  The Company shall have the responsibility
for the administration of this Plan and shall be the Plan Administrator. This
responsibility shall be carried out by one or more officers of the Company other
than Mr. Korbell who are designated by the Board of Directors of the Company.

            5.2   Powers of Plan Administrator. The Plan Administrator shall
have such authority and powers as may be necessary to discharge its duties
hereunder, including, but not by way of limitation, the following:

                  (a)   to construe and interpret the Plan, decide all questions
      of eligibility for and determine the amount and time of payment of any
      benefits hereunder;

                  (b)   to prescribe procedures to be followed by Mr. Korbell
      and his surviving spouse, if any, in filing applications for benefits;

                  (c)   to prepare and distribute information explaining the
      Plan; and

                  (d)   to appoint or employ individuals to assist in the
      administration of the Plan and any other agents it deems advisable,
      including legal counsel (who may be counsel for the Company).

            5.3   Facility of Payment. Whenever, in the Plan Administrator's
determination, a person entitled to receive any payment of a benefit or
installment thereof hereunder is under a legal disability or is incapacitated in
any way so as to be unable to manage his financial affairs, the Plan
Administrator may cause payments to be made to another person for his benefit,
or the Plan Administrator may direct that payments be applied for the benefit of
such person in such manner as the Plan Administrator considers advisable. Any
payment of a benefit or installment thereof in accordance with the provisions of
this Section 5.3 shall be a complete discharge of any liability for the making
of such payment under the provisions of the Plan.


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            5.4   Nonassignability. The right of Mr. Korbell or his surviving
spouse to any benefit or payment under the Plan (i) shall not be subject to
voluntary or involuntary transfer, pledge, alienation or assignment, (ii) shall
not be considered an asset of Mr. Korbell or his surviving spouse in the event
of any divorce, insolvency or bankruptcy and (iii) to the fullest extent
permitted by law, shall not be subject to attachment, execution, garnishment,
sequestration or other legal or equitable process. In the event that Mr. Korbell
or his surviving spouse who is receiving or is entitled to receive benefits
under the Plan attempts to assign, transfer or dispose of such right, or if an
attempt is made to subject said right to such process, such assignment,
transfer, disposition or process shall be null and void.

SECTION 6.  CLAIMS PROCEDURE.

            6.1   Claims for Benefits. Any claim for benefits under the Plan
shall be made in writing to the Plan Administrator. If such claim for benefits
is wholly or partially denied, the Plan Administrator shall, within 30 days
after receipt of the claim, notify the claimant of the denial of the claim. Such
notice of denial (a) shall be in writing, (b) shall be written in a manner
calculated to be understood by the claimant, and (c) shall contain (i) the
specific reason or reasons for denial of the claim, (ii) a specific reference to
the pertinent Plan provisions upon which the denial is based, (iii) a
description of any additional material or information necessary to perfect the
claim, along with an explanation of why such material or information is
necessary, and (iv) an explanation of the claim review procedure.

            6.2   Request for Review of Denial of Claim. Within 60 days after
the receipt by the claimant of a written notice of denial of the claim, or such
later time as shall be deemed reasonable taking into account the nature of the
benefit subject to the claim and any other attendant circumstances, the claimant
may file a written request with the Plan Administrator that it conduct a full
and fair review of the denial of the claim for benefits.

            6.3   Decision on Review of Denial. The Plan Administrator shall
deliver to the claimant written decision on the claim within 30 days after
receipt of the aforesaid request for review, except that if there are special
circumstances (such as the need to hold a hearing) which require an extension of
time for processing, the aforesaid 30 day period shall be extended to 60 days.
Such decision shall (a) be written in a manner calculated to be understood by
the claimant, (b) include the specific reason or reasons for the decision, and
(c) contain a specific reference to the pertinent Plan provisions upon which the
decision is based.

SECTION 7.  FUNDING.

            Benefits under this Plan shall not initially be funded and the
rights of Mr. Korbell and his surviving spouse, if any, shall be solely those of
a general unsecured creditor of the Company. The Company, may, however,
segregate assets which are intended to be a source for payment of benefits
hereunder in a so called "rabbi trust".


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SECTION 8.  AMENDMENT AND TERMINATION.

            The Plan may be amended or terminated by resolution of the Board of
Directors of the Company at any time; provided, however, that no such amendment
or termination shall deprive Mr. Korbell (or his surviving spouse) of benefits
under Section 2, 3 or 4 to which such person would have been entitled if Mr.
Korbell had terminated employment with the Company and each Affiliate
immediately prior to such amendment or termination.

SECTION 9.  CHANGE OF CONTROL.

            In the event of a Change of Control (as defined in the Employment
Agreement) with Mr. Korbell being entitled to the benefits set forth in Section
15 of the Employment Agreement, the Company shall, as soon as possible but in no
event later than 30 days following the Change of Control, make an irrevocable
contribution to any "rabbi trust" established to provide a source of payment of
benefits hereunder in an amount that is sufficient to pay Mr. Korbell (or his
spouse) the benefits to which he would be entitled hereunder as of the date the
Change of Control occurs.

SECTION 10. DEFINITIONS.

            As used in this Plan, the following words shall have the following
meanings:

                  (a)   "Actuarially Equivalent" means a benefit of equivalent
      present value when computed in accordance with a 7% interest rate and the
      UP-94G Mortality Table for males for purposes of determining the assumed
      mortality of Mr. Korbell and the UP-94G Mortality Table for females for
      purposes of determining the assumed mortality of Mr. Korbell's spouse, if
      any.

                  (b)   "Affiliate" means, with respect to any company, another
      company controlling, controlled by, or under common control with, such
      company.

                  (c)   "Company" means Clarke American Checks, Inc.

                  (d)   "Early Retirement Date" means the date that a
      Participant attains age 55.

                  (e)   "Employment Agreement" means the employment agreement
      dated September 19, 1995 between Mr. Korbell and the Company as it may be
      amended from time to time.

                  (f)   "Final Base Compensation" means the average annual base
      salary for those 12 consecutive calendar months yielding the highest such
      amount during the last 120 consecutive calendar months of Mr. Korbell's
      employment.

                  (g)   "Normal Retirement Date" means the date that Mr. Korbell
      attains age 65.

                  (h)   "Plan" means this Supplemental Executive Retirement
      Plan for Charles L. Korbell, Jr. as it may be amended from time to time.

                  (i)   "Plan Administrator" means Clarke American Checks, Inc.
      or such person or persons as may be designated as the Plan Administrator
      pursuant to the procedure set forth in Section 5.

                  (j)   "Service" means the period of employment by Mr. Korbell
      with the Company or any Affiliate. Periods of Service need not be
      continuous.


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SECTION 11. MISCELLANEOUS.

            11.1  Titles are for Reference Only.  The titles in this Plan are
for reference only. In the event of a conflict between a title and the content
of a Section, the content of the Section shall control.

            11.2  Governing Law. The provisions of the Plan shall be
interpreted, construed and administered in accordance with the laws of the State
of New York.

            11.3  No Contract. This Plan shall not be deemed a contract of
employment with Mr. Korbell, nor shall any provision hereof affect the right of
the Company or any Affiliate to terminate Mr. Korbell's employment.

            11.4  Spouse's Rights. Whenever the rights of Mr. Korbell are
stated or limited to the Plan, the Participant's spouse and Beneficiary shall be
bound thereby.

IN WITNESS WHEREOF, the Company has caused the Plan to be duly executed.

                                                    CLARKE AMERICAN CHECKS, INC.

Attest:


           Bryan W. Hall                            By: /s/ Robert Leckie
-------------------------------------                   -----------------------
        Assistant Secretary                                  Robert Leckie
                                                             Vice President

Date:    June 15, 1999




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