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Exhibit 10.j
 
February  3, 1997
 

BUSINESS RESTRICTED
PERSONAL AND CONFIDENTIAL

Mr. Charles W. Schmid
2364 W. Lake of the Isles Parkway
Minneapolis, MN  55405

RE:  Separation Agreement

Dear Chuck:

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

The terms of the Agreement are as follows:

1.  Commencing immediately you will continue as an Executive Vice President of
    Jostens and shall continue in this role through April 15, 1997. At all times
    during your employment with Jostens you, of course, will support, follow,
    and use your best efforts to implement the directions and strategies
    requested by myself as the Chief Executive Officer of Jostens.

    You hereby agree to resign as an officer and active employee of Jostens as
    of April 15, 1997 ("Date of Resignation"). It is agreed that as long as this
    letter is in effect your employment with Jostens may not be terminated
    except pursuant to the terms of this letter.

2.  As a result of your resignation as an officer and active employee pursuant
    hereto, the terms set out herein will govern the separation arrangement
    between you and Jostens.

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1.  You will resign as an officer of Jostens effective as of the Date of
    Resignation.

2.  Commencing as of the Date of Resignation you will receive the equivalent of
    twelve (12) months of your then current base salary payable over a period of
    twenty-four (24) months ("Salary Continuation Period").

3.  You will continue to be eligible to receive a payout (if any is earned)
    pursuant to the calendar year 1997 annual management bonus plan. This bonus
    payment will be made at the same time as bonus payments are paid to other
    Jostens executives pursuant to the 1997 annual management bonus plan. The
    amount of the bonus (if any is earned based upon the full year's target
    objectives) will be paid to you prorated for the first three month period
    ended March 31, 1997.

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

5.  All of your existing employee benefits and executive perquisites, as they
    may be modified from time to time by Jostens during your Salary Continuation
    Period, will continue in the same manner as that of a full-time, active
    senior executive of Jostens with the exception of your short and long-term
    disability and travel insurance coverage, which will no longer be effective
    as of your Date of Resignation. Specifically, the following benefits and
    perquisites available to you during this period will be treated as follows:

    1.  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. You will be
        eligible for normal COBRA benefits after the end of your Salary
        Continuation Period. In this regard, you will be eligible to participate
        either in the Jostens Retiree Medical Program or such separate
        replacement programs as Jostens may offer to you. You agree to pay 100%
        of the premium costs for you to participate in such programs. In
        addition, pursuant to the terms of the Jostens 401(k) Retirement Savings
        Plan, you will continue to be eligible to receive vesting and Jostens
        company matching contributions under the Plan for all contributions made
        through April 30, 1999.

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    2.  Jostens will continue to provide you with the lease of a company vehicle
        and continue to reimburse you for costs of operating that vehicle, or
        alternatively, you will be provided a monthly vehicle allowance on the
        same basis as other top level executives of Jostens.

    3.  You will be eligible to continue the use of Jostens' personal computer
        and the financial planning, executive medical reimbursement and
        executive physical benefits on the same basis as they have been provided
        to you in the past.

    4.  The employee benefits and perquisites referred to in Section 2.e.i., ii.
        and iii. will be provided only during the Salary Continuation Period or
        until such benefits or perquisites are replaced as a result of you
        obtaining other full-time employment, whichever occurs first.

    6.  Through the Salary Continuation Period, you will continue to receive
        years of service credit and eligibility as if you were still a full-time
        active employee of Jostens in the Jostens Pension Plan "D" and
        supplemental Pension Plan on the same terms and conditions as apply to
        other executive officers of Jostens. However, your vesting and
        eligibility in the Jostens Executive Supplemental Retirement Plan will
        cease as of your Date of Resignation.

    7.  To assist you in obtaining alternative employment, Jostens will
        reimburse you for up to $25,000 for employment assistance services. This
        payment will only be available through the Salary Continuation Period
        and will be made to organizations providing re-employment assistance,
        outplacement services, search firms, employment agencies or firms which
        might be providing services related to your seeking other employment or
        for actual travel and other expenses related to seeking other
        employment.

3.  For purposes of vesting and exercise of the 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
    option awards will be considered your fully qualified effective retirement
    date from Jostens. Specifically, this agreement shall amend your Stock
    Option Agreement dated April 21, 1994 to provide for five (5) years of
    service instead of ten (10) years of service in order to qualify for
    retirement treatment under the terms of the 1987 Stock Option Plan.

4.  As of the Date of Resignation you will no longer be considered an officer of
    Jostens for federal securities 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 your Date of
    Resignation.
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5.  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 publicly support and positively 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.

    3.  That, during the period up to and including April 30, 1999 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, which approval will not be unreasonably withheld, you will not
        on or before April 30, 1999 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. Any request by you for confirmation that an
        activity is not competitive or request for consent shall be responded to
        within thirty (30) days of such request.

    5.  Should you breach any terms of this paragraph, and such breach remains
        uncured after providing you with ten (10) days prior written notice of
        such breach, 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.

    6.  To return all company property not otherwise provided for herein,
        including keys and credit cards on or before your Date of Resignation.

    7.  To notify Jostens in writing immediately when the benefits and
        perquisites identified in Section 2.e.i., ii. and iii. are replaced as a
        result of your commencement of other full-time employment.
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    6.  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 on
        the same basis as it is offered to all other executive officers of
        Jostens.

    7.  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 reasonable out-of-pocket
        expenses you incur in cooperation with the rendering of any assistance
        to Jostens pursuant to this paragraph.

    8.  This Agreement shall be binding upon Jostens and any of its successors
        in interest. This Agreement and the benefits and perquisites provided
        for herein (including the salary continuation payments provided for in
        paragraph 2.b.) shall inure to the benefit of your heirs or successors,
        subject in the case of benefits provided pursuant to employee benefit
        plans to the terms of any such plans incorporating such benefits, and
        specifically in the case of your death subject to termination of the
        perquisites in paragraph 2.e.ii. and iii. and 2.g. 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.

    9.  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. We also understand that you may contact individuals within
        Jostens for personal references outside of our normal Human Resource
        procedures. In this situation, we expect your requests to be in writing
        and such company employees will be providing their own personal opinions
        and not those of Jostens. In these situations, you agree not to make any
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        claims and shall hold Jostens harmless for any information provided by
        your personal requests.

   10.  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.

   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.

   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/ Charles W. Schmid
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Charles W. Schmid

Dated:  February 4, 1997
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