<PAGE>

Exhibit 10.i
 
November 11, 1996


BUSINESS RESTRICTED
PERSONAL AND CONFIDENTIAL

Mr. John L. Jones
10632 Mt. Curve Road
Eden Prairie, MN  55347

RE:  Employment and Separation Agreement

Dear Jack:

This letter when signed by you will void and supersede any prior agreements
between you and Jostens, Inc. ("Jostens") relating to your employment and
possible separation from "Jostens" and it will confirm the mutual arrangements
we have made for your continued employment and your planned separation from
Jostens.

The terms of the Agreement are as follows:
 
1.  You will continue in an employment consulting capacity to Jostens through
    December 31, 1996. During that period of time you will assist as requested
    by me in the transition of Jostens Human Resources responsibilities and
    International business responsibilities to those individuals responsible for
    assuming those duties. For the period up through December 31, 1996 you will
    continue to receive all the benefits and perquisites that you are currently
    receiving on the same basis and terms. At all times during this consulting
    period with Jostens you, of course, will support, follow and implement the
    directions and strategies requested by me as the Chief Executive Officer of
    Jostens.

2.  You agree to terminate your active employment consulting duties with Jostens
    as of December 31, 1996 ("Discontinuance of Active Employment Date").

3.  Effective as of your Discontinuance of Active Employment Date, the terms set
    out below will govern the separation arrangement between you and Jostens.

<PAGE>
 
Page 2

     1.  You will receive a special mission bonus based on the successful
         execution of the joint venture arrangements in Chile and Colombia by no
         later than December 31, 1996. This bonus will be equal to two (2)
         months of your current base salary and will be paid to you in January,
         1997. You are not eligible to participate in any management bonus
         program relating to the six month stub period ending December 31, 1996.

     2.  Commencing as of January 1, 1997 you will receive the equivalent of
         twelve (12) months of your then current base salary payable over a
         period of the next twelve (12) months ("Salary Continuation Period").

     3.  Payment for four (4) weeks' of unused vacation will be paid to you in a
         lump sum within thirty (30) days of the Discontinuance of Active
         Employment Date. No vacation will be accrued during the Salary
         Continuation Period.

     4.  All of your current employee benefits and executive perquisites will
         continue in the same manner as that of a full-time, active senior
         executive of Jostens through your Salary Continuation Period, with the
         exception of your short and long-term disability and travel insurance,
         which will no longer be effective as of your Discontinuance of Active
         Employment Date.

         Through your Salary Continuation Period, you will continue to receive
         the following employee benefits and receive years of service credit as
         if you were still a full-time active employee of Jostens: health and
         dental coverage, life insurance, continued eligibility and
         participation in the Jostens 401(k) Retirement Savings Plan, Jostens
         Pension Plan "D" and supplemental pension program on the same terms and
         conditions as apply to other executive officers of Jostens.

     5.  For purposes of Jostens providing life, health and dental coverages,
         Jostens will consider your separation date from Jostens to be effective
         as of the last day of your Salary Continuation Period and your annual
         base salary to be the annual rate as of December 31, 1996. You will be
         eligible for normal COBRA benefits after December 31, 1997. In
         addition, pursuant to the terms of the Jostens 401(k) Retirement
         Savings Plan, you will continue to receive Jostens company matching
         contributions under the Plan for all contributions made through
         December 31, 1997.

     6.  Jostens will continue to provide you with a monthly vehicle allowance
         through the last day of your Salary Continuation Period on the same
         basis that you currently receive it.

<PAGE>
 
Page 3

     7.  To assist you in obtaining possible alternative employment, Jostens
         will reimburse you for up to $25,000 for employment assistance costs
         and services which you actually incur prior to December 31, 1998. This
         payment will be provided to you to cover re-employment assistance,
         outplacement services, search firms, employment agencies or firms,
         personal travel expenses and other costs you may incur as part of your
         efforts to seek other employment.

     8.  You will be eligible to continue your club dues, financial planning,
         executive medical reimbursement and executive physical benefits on the
         same basis as they have been provided to you in the past through the
         conclusion of your Salary Continuation Period.

     9.  If you sell your current home and relocate outside of the eligible
         relocation area prior to December 31, 1998 Jostens will reimburse you
         for up to a six percent (6%) of any realtor's fee you actually incur
         associated with the sale of your current home, and for up to $50,000 in
         actual costs you incur for the moving of your personal household goods
         to a new location outside of the eligible relocation area.

    10.  As of the Discontinuance of Active Employment Date you will no longer
         be considered an insider of Jostens for federal securities rules
         reporting purposes. Please note that the same reporting requirements
         you have been obligated to follow in the past will continue to apply
         for a period of six (6) months after the Discontinuance of Active
         Employment Date.

    11.  For purposes of vesting and the exercise of any stock option grants and
         restricted shares that you have been awarded in Jostens stock, you will
         be considered a full-time active employee of Jostens through the last
         day of your Salary Continuation Period, which date for purposes of
         these stock awards will be considered your effective retirement date
         from Jostens.

    12.  In consideration for what Jostens has agreed to provide you as
         identified above, you agree:

         1.  That from the date of this Agreement through the Salary
             Continuation Period, you will support and endorse the strategies,
             directions and goals of Jostens.

         2.  That you will not, during or subsequent to your employment with
             Jostens, divulge, furnish, or make accessible to anyone any
             confidential proprietary information of Jostens or any of its
             subsidiary or affiliated companies.

<PAGE>
 
Page 4

         3.  That, during the period up to and including December 31, 1998, you
             will not solicit or entice current Jostens employees or sales
             representatives to accept employment with you or any new employer
             with whom you may become associated.

         4.  Unless specifically approved in writing by the General Counsel of
             Jostens, you will not on or before December 31, 1998 serve as a
             director, officer, employee, consultant, partner, representative,
             agent, advisor or independent contractor of any company or
             establish your own business which is in direct or indirect
             competition with any of Jostens' current or currently planned
             business activities.

         5.  Should you breach any terms of this paragraph, Jostens will be
             entitled, in addition to any other legal rights it may have, to
             terminate any unpaid monies that may be due you under this
             Agreement and shall have the right to recover that portion of any
             payments made to you under the terms of this Agreement. In
             addition, you will forfeit any shares of restricted stock which
             have not fully vested. In the event of a breach by either party,
             the prevailing party in any subsequent litigation or arbitration
             shall be entitled to recover their reasonable attorney's fees.

         6.  To return all company property not otherwise provided for herein,
             including keys and credit cards on or before December 31, 1996. You
             will be allowed the continued use of your cellular phone and
             personal computer, which should be returned to the company at the
             end of the Salary Continuation Period.

         4.  Jostens, its officers, directors, agents, employees, and subsidiary
             companies, on one hand, and you, on the other hand, agree to
             release and forever discharge each other from and to waive all
             causes of action, damages, liability and claims of whatever nature
             relating to or arising out of your employment with Jostens and the
             cessation of that employment including, but not limited to, claims
             under federal, state, or local discrimination laws, and the Age
             Discrimination and Employment Act, provided however, that nothing
             herein shall release or discharge Jostens or you from obligations
             under this Agreement or which arise after the date you sign this
             Agreement. Also, nothing herein shall limit or restrict your right
             to indemnification, which right shall continue through the Salary
             Continuation Period on the same basis as it is offered to all other
             executive offices.

<PAGE>

Page 5 
         5.  At Jostens' request, you will continue to fully cooperate with
             Jostens in any current and future claims or lawsuits involving
             Jostens where you have knowledge of the underlying facts. In
             addition, you will not voluntarily aid, assist, or cooperate with
             any claimants or plaintiffs or their attorneys or agents in any
             claims or lawsuits commenced in the future against Jostens;
             provided, however, that nothing in this Agreement will be construed
             to prevent you from testifying at an administrative hearing, a
             deposition or in court in response to a lawful subpoena in any
             litigation or proceeding involving Jostens. Jostens further agrees
             to reimburse you for any requested out-of-pocket expenses you incur
             in cooperation with the rendering of any assistance to Jostens
             pursuant to this paragraph.

         6.  This Agreement shall be binding upon Jostens and any of its
             successors in interest and shall inure to the benefit of your heirs
             or successors. This Agreement contains the entire agreement and
             understanding of the parties and no representations have been made
             or relied upon by either party other than those that are expressly
             set forth herein. This Agreement may not be altered, modified or
             amended unless done in writing and signed by you and an officer of
             Jostens. In the event of your death, the salary continuation
             payments provided for in paragraph 2 (a) and (b) herein shall inure
             to the benefit of your heirs.

         7.  Jostens, upon specific request, will provide legally appropriate
             references. Should you wish to have any additional information
             released by Jostens, you should request such in writing and agree
             to hold Jostens harmless for any such information transmitted on
             your behalf pursuant to your request.

         You acknowledge that you have been given up to twenty-one (21) days to
         consider this Agreement and have been advised and have had the
         opportunity to consult legal counsel of your own choosing concerning
         this Agreement and that you have entered into it of your own free will
         and without compulsion.

         You have the right to rescind that portion of this waiver and release
         which deals with charges or claims brought pursuant to the Minnesota
         Human Rights Act or the Age Discrimination and Employment Act within
         fifteen (15) days from the date you sign this Agreement. To be
         effective, this rescission must be in writing and hand delivered or
         mailed to Jostens, Inc. to the attention of Orville E. Fisher, Jr.
         within the fifteen (15) day period. If mailed, the recision must be
         post marked within the fifteen (15) day period, and be properly
         addressed to Jostens, Inc., 5501 Norman Center Drive, Minneapolis,
         Minnesota 55437, Attention: Orville E. Fisher, Jr. and sent by
         certified return receipt requested. Rescission of the release will
         result in cessation of all payments and benefits provided by Jostens
         pursuant hereto.

<PAGE>
 
Page 6

     If this Agreement and the conditions contained herein are agreeable to you,
     please sign and return this letter to me within twenty-one (21) days or as
     soon as possible, thereby noting your knowing and voluntary agreement.

     Sincerely,


     /s/ Robert C. Buhrmaster
     --------------------------
     Robert C. Buhrmaster
     President and CEO



AGREED AND APPROVED:

/s/ John L. Jones
-------------------------
John L. Jones

Dated:  November 11, 1996
        -----------------