<PAGE>
 
                                  Exhibit 10.8

                                  JOSTENS, INC.

                 EXECUTIVE CHANGE IN CONTROL SEVERANCE PAY PLAN

                                            As Adopted Effective January 1, 1999
<PAGE>
 
                                  JOSTENS, INC.

                 EXECUTIVE CHANGE IN CONTROL SEVERANCE PAY PLAN

                                Table of Contents

                                                                          Page

ARTICLE 1. INTRODUCTION.....................................................1

   1.1.  PLAN NAME..........................................................1
   1.2.  PLAN TYPE..........................................................1
   1.3.  PLAN PURPOSE.......................................................1

ARTICLE 2. DEFINITIONS, CONSTRUCTION AND INTERPRETATIONS....................1

   2.1.  AFFILIATE..........................................................1
   2.2.  BASE PAY...........................................................1
   2.3.  BENEFIT PLAN.......................................................1
   2.4.  BOARD..............................................................2
   2.5.  CAUSE..............................................................2
   2.6.  CHANGE IN CONTROL..................................................3
   2.7.  CODE...............................................................4
   2.8.  COMPANY............................................................4
   2.9.  CONTINUATION PERIOD................................................4
   2.10. DATE OF TERMINATION................................................4
   2.11. ELIGIBLE PARTICIPANT...............................................5
   2.12. ERISA..............................................................5
   2.13. EXCHANGE ACT.......................................................5
   2.14. GOOD REASON........................................................6
   2.15. GOVERNING LAW......................................................7
   2.16. HEADINGS...........................................................7
   2.17. NOTICE OF TERMINATION..............................................7
   2.18. NUMBER AND GENDER..................................................7
   2.19. OTHER ARRANGEMENT..................................................7
   2.20. PARENT CORPORATION.................................................7
   2.21. PARTICIPANT........................................................7
   2.22. PLAN...............................................................8
   2.23. PERSON.............................................................8
   2.24. QUALIFIED EMPLOYEE.................................................8
   2.25. SUCCESSOR..........................................................8
   2.26. TRUST..............................................................8
   2.27. TRUSTEE............................................................8

ARTICLE PARTICIPATION AND ELIGIBILITY FOR BENEFITS..........................9

   3.1.  COMMENCEMENT OF PARTICIPATION......................................9
   3.2.  CEASING TO BE A QUALIFIED EMPLOYEE.................................9
   3.3.  ELIGIBILITY FOR BENEFITS...........................................9

ARTICLE BENEFITS...........................................................10

   4.1.  COMPENSATION AND BENEFITS BEFORE DATE OF TERMINATION..............10
   4.2.  CASH PAYMENT......................................................10
   4.3.  CONTINUATION OF CERTAIN WELFARE BENEFITS..........................11
   4.4.  CONTINUATION OF PERQUISITES.......................................12
   4.5.  EXCESS PARACHUTE PAYMENTS.........................................12
   4.6.  INDEMNIFICATION...................................................13

ARTICLE ADMINISTRATION AND ENFORCEMENT OF RIGHTS...........................13

   5.1.  PLAN ADMINISTRATION...............................................13
   5.2.  AMENDMENT AND TERMINATION.........................................13

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   5.3.  BENEFIT CLAIMS....................................................14
   5.4.  DISPUTES..........................................................14
   5.5.  FUNDING AND PAYMENT...............................................15

ARTICLE MISCELLANEOUS......................................................15

   6.1.  SUCCESSORS........................................................15
   6.2.  BINDING PLAN......................................................16
   6.3.  VALIDITY..........................................................16
   6.4.  NO MITIGATION.....................................................16
   6.5.  NO SET-OFF........................................................16
   6.6.  TAXES.............................................................16
   6.7.  NOTICES...........................................................16
   6.8.  EFFECT OF PLAN BENEFITS ON OTHER SEVERANCE PLANS..................16
   6.9.  RELATED PLANS.....................................................16
   6.10. NO EMPLOYMENT OR SERVICE CONTRACT.................................17
   6.11. SURVIVAL..........................................................17
   6.12. EFFECT ON OTHER PLANS.............................................17
   6.13. PROHIBITION OF ALIENATION.........................................17
   6.14. NOTICE OF REEMPLOYMENT............................................17

                                       ii
<PAGE>
 
                                  JOSTENS, INC.

                 EXECUTIVE CHANGE IN CONTROL SEVERANCE PAY PLAN

                                     ARTICLE
                                       1.
                                  INTRODUCTION

1.1.   Plan Name.

       The name of the Plan is the "Jostens, Inc. Executive Change in Control
Severance Pay Plan."

1.2.   Plan Type.

       The Plan is an unfunded plan maintained by the Company primarily for the
purpose of providing benefits for a select group of management or highly
compensated employees and, as such, is intended to be exempt from the provisions
of Parts 2, 3 and 4 of Subtitle B of Title I of ERISA, to the extent such
provisions would otherwise be applicable, by operation of Sections 201(2),
301(a)(3) and 401(a)(1) thereof, respectively. The Plan is also intended to be
unfunded for tax purposes. The Plan will be construed in a manner that gives
effect to such intent.

1.3.   Plan Purpose.

       The purpose of the Plan is to provide benefits to Qualified Employees
whose employment is terminated in connection with a Change in Control.

                                     ARTICLE
                                       2.
                  DEFINITIONS, CONSTRUCTION AND INTERPRETATIONS

       The definitions and rules of construction and interpretation set forth in
this Article 2 apply in construing the Plan unless the context otherwise
indicates.

2.1.   Affiliate.

       An "Affiliate" is:

       (a)    any corporation at least a majority of whose outstanding
              securities ordinarily having the right to vote at elections of
              directors is owned directly or indirectly by the Parent
              Corporation; or

       (b)    any other form of business entity in which the Parent Corporation,
              by virtue of a direct or indirect ownership interest, has the
              right to elect a majority of the members of such entity's
              governing body.

2.2.   Base Pay.

       The "Base Pay" of a Participant is his or her annual base salary from the
Company at the rate in effect immediately prior to the Change in Control or at
the time Notice of Termination is given, whichever is greater. Base Pay includes
only regular cash salary and is determined before any reduction or deduction of
any kind.

2.3.   Benefit Plan.

       A "Benefit Plan" is any

       (a)    employee benefit plan as defined in ERISA Section 3(3),
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       (b)    cafeteria plan described in Code Section 125,

       (c)    plan, policy or practice providing for paid vacation, other paid
              time off or short- or long-term profit sharing, bonus or incentive
              payments or perquisites or

       (d)    stock option, stock purchase, restricted stock, phantom stock,
              stock appreciation right or other equity-based compensation plan

       that is sponsored, maintained or contributed to by the Company for the
       benefit of employees (and/or their families and dependents) generally or
       a Participant (and/or a Participant's family and dependents) in
       particular.

2.4.   Board.

       The "Board" is the board of directors of the Parent Corporation duly
qualified and acting at the time in question. On and after the date of a Change
in Control, any duty of the Board in connection with the Plan is nondelegable
and any attempt by the Board to delegate any such duty is ineffective.

2.5.   Cause.

       (a)    Subject to Subsection (b), "Cause" with respect to a particular
              Participant is any of the following:

              (i)    the Participant's gross misconduct;

              (ii)   the Participant's willful and continued failure to perform
                     substantially his or her duties with the Company (other
                     than any such failure relating to changes in the
                     Participant's duties after a Change in Control that
                     constitute Good Reason) after a demand for substantial
                     performance is delivered to the Participant by the Chair of
                     the Board which specifically identifies the manner in which
                     the Board believes that the Participant has not
                     substantially performed his or her duties and provides for
                     a reasonable period of time within which the Participant
                     may take corrective measures; or

              (iii)  the Participant's conviction (including a plea of nolo
                     contendere) of willfully engaging in illegal conduct
                     constituting a felony or gross misdemeanor under federal or
                     state law which is materially and demonstrably injurious to
                     the Company or which impairs the Participant's ability to
                     perform substantially his or her duties with the Company.

              An act or failure to act will be considered "gross" or "willful"
              for this purpose only if done, or omitted to be done, by the
              Participant in bad faith and without reasonable belief that it was
              in, or not opposed to, the best interests of the Company. Any act,
              or failure to act, based upon authority given pursuant to a
              resolution duly adopted by the Board (or a committee thereof) or
              based upon the advice of counsel for the Company will be
              conclusively presumed to be taken or not taken by the Participant
              in good faith and in the best interests of the Company. In
              addition, the Participant's attention to matters not directly
              related to the business of the Company will not provide a basis
              for termination for Cause so long as the Board did not expressly
              disapprove in writing to the Participant's engagement in such
              activities either before or within a reasonable time after the
              Board knew or reasonably should have known that the Participant
              engaged in the activities.

       (b)    Notwithstanding Subsection (a), a Participant may not be
              terminated for Cause unless and until there has been delivered to
              the Participant a copy of a resolution duly adopted by the
              affirmative vote of not less than a majority of the entire
              membership of the Board at a meeting of the Board called and held
              for such purpose (after reasonable notice to such Participant and
              an opportunity for the Participant, together with his or her
              counsel, to be heard before the Board), finding that in the

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              good faith opinion of the Board the Participant was guilty of the
              conduct set forth in clause (i), (ii) or (iii) of Subsection (a)
              and specifying the particulars thereof in detail.

2.6.   Change in Control.

       (a)    "Change in Control" is the occurrence of any of the following on
              or after January 1, 1999:

              (i)    the sale, lease, exchange or other transfer, directly or
                     indirectly, of all or substantially all of the assets of
                     the Parent Corporation, in one transaction or in a series
                     of related transactions, to any Person;

              (ii)   the approval by the stockholders of the Parent Corporation
                     of any plan or proposal for the liquidation or dissolution
                     of the Parent Corporation;

              (iii)  any Person, other than a "bona fide underwriter," is or
                     becomes the "beneficial owner" (as defined in Rule 13d-3
                     under the Exchange Act), directly or indirectly, of (1) 20
                     percent or more, but not more than 50 percent, of the
                     combined voting power of the Parent Corporation's
                     outstanding securities ordinarily having the right to vote
                     at elections of directors, unless the transaction resulting
                     in such ownership has been approved in advance by the
                     "continuity directors," as defined at Subsection (b) or (2)
                     more than 50 percent of the combined voting power of the
                     Parent Corporation's outstanding securities ordinarily
                     having the right to vote at elections of directors
                     (regardless of any approval by the continuity directors);

              (iv)   a merger or consolidation to which the Parent Corporation
                     is a party if the stockholders of the Parent Corporation
                     immediately prior to the effective date of such merger or
                     consolidation have, solely on account of ownership of
                     securities of the Parent Corporation at such time,
                     "beneficial ownership" (as defined in Rule 13d-3 under the
                     Exchange Act) immediately following the effective date of
                     such merger or consolidation of securities of the surviving
                     corporation representing (1) 50 percent or more, but not
                     more than 80 percent, of the combined voting power of the
                     surviving corporation's then outstanding securities
                     ordinarily having the right to vote at elections of
                     directors, unless such merger or consolidation has been
                     approved in advance by the continuity directors, or (2)
                     less than 50 percent of the combined voting power of the
                     surviving corporation's then outstanding securities
                     ordinarily having the right to vote at elections of
                     directors (regardless of any approval by the continuity
                     directors); or

              (v)    the continuity directors cease for any reason to constitute
                     at least a majority the Board.

       (b)    For purposes of this section-

              (i)    "Continuity director" means any individual who was a member
                     of the Board on April 24, 1998, while he or she is a member
                     of the Board, and any individual who subsequently becomes a
                     member of the Board whose election, or nomination for
                     election by the Parent Corporation's stockholders, was
                     approved by a vote of at least a majority of the directors
                     who are continuity directors (either by a specific vote or
                     by approval of the proxy statement of the Parent
                     Corporation in which such individual is named as a nominee
                     for director without objection to such nomination). For
                     example, if a majority of the seven individuals
                     constituting the Board on April 24, 1998, approved a proxy
                     statement in which two different individuals were nominated
                     to replace two of the individuals who were members of the
                     Board on April 24, 1998, the two newly elected directors
                     would join the five remaining directors who were members of
                     the Board on April 24, 1998 as continuity directors.
                     Similarly, if a majority of those seven directors approved
                     a proxy statement in which three different individuals were
                     nominated to replace three other directors who were members
                     of the Board on April 24, 1998, the 

                                       3

<PAGE>
 
                     three newly elected directors would also become, along with
                     the other four directors, continuity directors. Individuals
                     subsequently joining the Board could become continuity
                     directors under the principles reflected in this example.

              (ii)   "Bona fide underwriter" means a Person engaged in business
                     as an underwriter of securities that acquires securities of
                     the Parent Corporation from the Parent Corporation through
                     such Person's participation in good faith in a firm
                     commitment underwriting until the expiration of 40 days
                     after the date of such acquisition.

2.7.   Code.

       The "Code" is the Internal Revenue Code of 1986, as amended. Any
reference to a specific provision of the Code includes a reference to such
provision as it may be amended from time to time and to any successor provision.

2.8.   Company.

       The "Company" is the Parent Corporation, any Successor and any Affiliate.

2.9.   Continuation Period.

       The "Continuation Period" with respect to an Eligible Participant is the
period that begins on the Eligible Participant's Date of Termination and ends on
the last day of the

       (a)    thirty-sixth month that begins after the Eligible Participant's
              Date of Termination if, immediately prior to the date of the
              Change in Control (or, if earlier, immediately prior to the
              Eligible Participant's Date of Termination), the Eligible
              Participant was the Chief Executive Officer of the Parent
              Corporation, or

       (b)    twenty-fourth month that begins after the Eligible Participant's
              Date of Termination if, immediately prior to the date of the
              Change in Control (or, if earlier, immediately prior to the
              Eligible Participant's Date of Termination), the Eligible
              Participant was the President of the Parent Corporation (unless
              the Chief Executive Officer of the Parent Corporation is also the
              President of the Parent Corporation, in which case the
              Continuation Period will be the period specified in clause (a)),
              an Executive Vice President of the Parent Corporation or a Senior
              Vice President of the Parent Corporation, or

       (c)    eighteenth month that begins after the Eligible Participant's Date
              of Termination if, immediately prior to the date of the Change in
              Control (or, if earlier, immediately prior to the Eligible
              Participant's Date of Termination), the Eligible Participant was a
              Vice President of the Parent Corporation elected by the Board
              other than an Executive Vice President or Senior Vice President,
              or

       (d)    fifteenth month that begins after the Eligible Participant's Date
              of Termination in the case of any other Eligible Participant.

                                       4
<PAGE>
 
2.10.  Date of Termination.

       The "Date of Termination" with respect to a Participant following a
Change in Control (or prior to a Change in Control if the Participant's
termination was either a condition of the Change in Control or was at the
request or insistence of any Person related to the Change in Control) means:

       (a)    if the Participant's employment is to be terminated by the
              Participant for Good Reason, the date specified in the Notice of
              Termination which in no event may be a date more than 15 days
              after the date on which Notice of Termination is given unless the
              Company expressly agrees in writing to a later date;

       (b)    if the Participant's employment is to be terminated by the Company
              for Cause, the date specified in the Notice of Termination;

       (c)    if the Participant's employment is terminated by reason of his or
              her death, the date of his or her death; or

       (d)    if the Participant's employment is to be terminated by the Company
              for any reason other than Cause or his or her death, the date
              specified in the Notice of Termination, which in no event may be a
              date earlier than 15 days after the date on which a Notice of
              Termination is given, unless the Participant expressly agrees in
              writing to an earlier date.

If the Company terminates a Participant's employment for Cause following a
Change in Control (or prior to a Change in Control if the Participant's
termination was either a condition of the Change in Control or was at the
request or insistence of any Person related to the Change in Control) and the
Participant has not previously expressly agreed in writing to the termination,
then within the 30-day period after the Participant's receipt of the Notice of
Termination, the Participant may notify the Company that a dispute exists
concerning the termination, in which event the Date of Termination will be the
date set either by mutual written agreement of the parties or by the arbitrators
or a court in a proceeding as provided in Section 5.4. During the pendency of
any such dispute, the Participant will continue to make himself or herself
available to provide services to the Company and the Company will continue to
pay the Participant his or her full compensation and benefits in effect
immediately prior to the date on which the Notice of Termination is given
(without regard to any changes to such compensation or benefits which constitute
Good Reason) and until the dispute is resolved in accordance with Section 5.4.
The Participant will be entitled to retain the full amount of any such
compensation and benefits without regard to the resolution of the dispute unless
the arbitrators or judge decide(s) that the Participant's claim of a dispute was
frivolous or advanced by the Participant in bad faith.

2.11.  Eligible Participant.

       An "Eligible Participant" is a Participant who has become eligible to
receive benefits pursuant to Section 3.3.

2.12.  ERISA.

       "ERISA" is the Employee Retirement Income Security Act of 1974, as
amended. Any reference to a specific provision of ERISA includes a reference to
such provision as it may be amended from time to time and to any successor
provision.

                                       5

<PAGE>
 
2.13.  Exchange Act.

       The "Exchange Act" is the Securities Exchange Act of 1934, as amended.
Any reference to a specific provision of the Exchange Act or to any rule or
regulation thereunder includes a reference to such provision as it may be
amended from time to time and to any successor provision.

2.14.  Good Reason.

       (a)    Subject to Subsection (a), "Good Reason" with respect to a
              Participant is any of the following:

              (i)    a change in the Participant's title(s), status,
                     position(s), authority, duties or responsibilities as an
                     executive of the Company as in effect at any time during
                     the 90-day period ending on the date of the Change in
                     Control which, in the Participant's reasonable judgment, is
                     adverse (other than, if applicable, any such change
                     directly attributable to the fact that the Parent
                     Corporation is no longer publicly owned); provided,
                     however, that Good Reason does not include a change in a
                     Participant's title(s), status, position(s), authority,
                     duties or responsibilities caused by an insubstantial and
                     inadvertent action that is remedied by the Company promptly
                     after receipt of notice of such change is given by the
                     Participant;

              (ii)   a reduction by the Company in the Participant's Base Pay,
                     or an adverse change in the form or timing of the payment
                     thereof, as in effect immediately prior to the Change in
                     Control or as thereafter increased or by a reduction in the
                     Participant's target annual incentive award as in effect
                     immediately prior to the Change in Control or as thereafter
                     increased;

              (iii)  the failure by the Company to cover the Participant under
                     Benefit Plans that, in the aggregate, provide substantially
                     similar benefits to the Participant and/or his or her
                     family and dependents at a substantially similar total cost
                     to the Participant (e.g., premiums, deductibles, co-pays,
                     out of pocket maximums, required contributions, taxes and
                     the like) relative to the benefits and total costs under
                     the Benefit Plans in which the Participant (and/or his or
                     her family or dependents) is participating at any time
                     during the 90-day period immediately preceding the Change
                     in Control;

              (iv)   the Company's requiring a Participant to be based more than
                     30 miles from where his or her office is located
                     immediately prior to the Change in Control, except for
                     required travel on the Company's business, and then only to
                     the extent substantially consistent with the business
                     travel obligations which the Participant undertook on
                     behalf of the Company during the 180-day period ending on
                     the date of the Change in Control (without regard to travel
                     related to or in anticipation of the Change in Control);

              (v)    the failure of the Parent Corporation to obtain from any
                     Successor the assent to this Plan contemplated by Section
                     6.1;

              (vi)   any purported termination by the Company of a Participant's
                     employment which is not properly effected pursuant to a
                     Notice of Termination and pursuant to any other
                     requirements of this Plan, and for purposes of this Plan,
                     no such purported termination will be effective; or

              (vii)  any refusal by the Company to continue to allow a
                     Participant to attend to matters or engage in activities
                     not directly related to the business of the Company which,
                     at any time

                                       6
<PAGE>
 
                     prior to the Change in Control, the Participant was not
                     expressly prohibited by the Company from attending to or
                     engaging in.

       (b)    A Participant's continued employment does not constitute consent
              to, or waiver of any rights arising in connection with, any
              circumstance constituting Good Reason. Termination by a
              Participant of his or her employment for Good Reason as defined in
              this section will constitute Good Reason for all purposes of this
              Plan, notwithstanding that the Participant may also thereby be
              deemed to have "retired" under any applicable retirement programs
              of the Company.

2.15.  Governing Law.

       To the extent that state law is not preempted by provisions of ERISA or
any other laws of the United States, all questions pertaining to the
construction, validity, effect and enforcement of this Plan will be determined
in accordance with the internal, substantive laws of the State of Minnesota,
without regard to the conflict of laws principles of the State of Minnesota or
of any other jurisdiction.

2.16.  Headings.

       The headings of articles and sections are included solely for
convenience. If there is a conflict between the headings and the text of the
Plan, the text will control.

2.17.  Notice of Termination.

       A "Notice of Termination" is a written notice given on or after the date
of a Change in Control (unless the termination before the date of the Change in
Control was either a condition of the Change in Control or was at the request or
insistence of any Person related to the Change in Control in which case the
written notice may be given before the date of the Change in Control) which
indicates the specific termination provision in this Plan pursuant to which the
notice is given. Any purported termination by the Company or by a Participant
for Good Reason on or after the date of a Change in Control (or before the date
of the Change in Control if the termination was either a condition of the Change
in Control or was at the request or insistence of any Person related to the
Change in Control) must be communicated by written Notice of Termination to be
effective; provided, that a Participant's failure to provide Notice of
Termination will not limit any of his or her rights under the Plan except to the
extent the Company demonstrates that it suffered material actual damages by
reason of such failure.

2.18.  Number and Gender.

       Wherever appropriate, the singular number may be read as the plural, the
plural number may be read as the singular and a reference to one gender may be
read as a reference to the other.

2.19.  Other Arrangement.

       An "Other Arrangement" is any Benefit Plan or other plan, policy or
practice of the Company or any other agreement between the Participant and the
Company, other than the Plan.

2.20.  Parent Corporation.

       The "Parent Corporation" is Jostens, Inc. and any Successor.

2.21.  Participant.

       A "Participant" is a Qualified Employee who is participating in the Plan
pursuant to Article 3.

                                       7
<PAGE>
 
2.22.  Plan.

       The "Plan" is that set forth in this instrument as it may be amended from
time to time.

2.23.  Person.

       A "Person" includes any individual, corporation, partnership, group,
association or other "person," as such term is used in Section 13 (d) or Section
14(d) of the Exchange Act, other than the Parent Corporation, any Affiliate or
any benefit plan sponsored by the Parent Corporation or an Affiliate.

2.24.  Qualified Employee.

       (a)    A "Qualified Employee" is an individual who (i) is either (1)
              employed by the Parent Corporation as an executive officer of the
              Parent Corporation elected by the Board or (2) employed by the
              Company as a management or highly compensated employee, as
              determined by the Chief Executive Officer of the Parent
              Corporation, and selected as a Qualified Employee by the Chief
              Executive Officer of the Parent Corporation and (ii) is not a
              party to a separate written agreement with the Company which by
              its express terms specifically provides that the individual is not
              eligible to participate in the Plan.

       (b)    An individual who, during the 90-day period ending on the date of
              a Change in Control, ceases to be an executive officer of the
              Parent Corporation elected by the Board, will nevertheless remain
              a Qualified Employee until his or her Date of Termination.

       (c)    In the case of an individual who is selected as a Qualified
              Employee pursuant to Subsection (a)(i)(2), the Chief Executive
              Officer of the Parent Corporation may at any time prior to a
              Change in Control, but not thereafter, determine that the
              individual is no longer a Qualified Employee but as to that
              individual, the Chief Executive Officer's determination will be
              deemed to be an amendment to the Plan subject to the provisions of
              Section 5.2(a).

2.25.  Successor.

       A "Successor" is any Person that succeeds to, or has the practical
ability to control (either immediately or solely with the passage of time), the
Parent Corporation's business directly, by merger, consolidation or other form
of business combination, or indirectly, by purchase of the Parent Corporation's
outstanding securities ordinarily having the right to vote at the election of
directors, all or substantially all of its assets or otherwise.

2.26.  Trust.

       "Trust" means the trust or trusts, if any, established by the Company
pursuant to Section 5.5.

2.27.  Trustee.

       "Trustee" means the one or more banks or trust companies which at the
relevant time has or have been appointed by the Company to act as Trustee of the
Trust.

                                       8
<PAGE>
 
                                     ARTICLE
                                       3.
                   PARTICIPATION AND ELIGIBILITY FOR BENEFITS

3.1.   Commencement of Participation.

       (a)    An individual who is employed by the Parent Corporation as an
              executive officer of the Parent Corporation elected by the Board
              will commence participation in the Plan on the first day on which
              he or she performs services for the Parent Corporation as an
              executive officer of the Parent Corporation elected by the Board.

       (b)    An individual who is selected by the Chief Executive Officer of
              the Parent Corporation as a Qualified Employee pursuant to Section
              2.24(a)(i)(2) will commence participation in the Plan as of the
              date specified by the Chief Executive Officer of the Parent
              Corporation in a notice to the individual regarding his or her
              selection.

       (c)    Notwithstanding any other provision of the Plan to the contrary,
              no individual will commence participation in the Plan on or after
              the date of a Change in Control.

3.2.   Ceasing to be a Qualified Employee.

       (a)    A Participant who ceases for any reason to be a Qualified Employee
              will, except with respect to any current or future benefit to
              which he or she is then entitled, thereupon cease his or her
              participation in the Plan.

       (b)    Notwithstanding any other provision of the Plan to the contrary, a
              Participant will cease to be a Qualified Employee if, prior to the
              date of a Change in Control: (i) an Affiliate is sold, merged,
              transferred or in any other manner or for any other reason ceases
              to be an Affiliate or all or any portion of the business or assets
              of an Affiliate are sold, transferred or otherwise disposed of and
              no Change in Control occurs in connection therewith; (ii) the
              Participant's primary employment duties are with the Affiliate at
              the time of the occurrence of such event; and (iii) such
              Participant does not, in conjunction therewith, transfer
              employment directly to the Parent Corporation or another Affiliate
              as a Qualified Employee.

3.3.   Eligibility for Benefits.

       (a)    A Participant will become eligible for the benefits provided in
              Article 4 if and only if (i) (1) the Company terminates his or her
              employment for any reason other than his or her death or Cause or
              (2) the Participant terminates employment with the Company for
              Good Reason and (ii) the termination occurs within the period
              beginning on the date of a Change in Control and ending on the
              last day of the twenty-fourth month that begins after the month in
              which the Change in Control occurs or prior to a Change in Control
              if the termination was either a condition of the Change in Control
              or at the request or insistence of a Person related to the Change
              in Control.

       (b)    If, on or after the date of a Change in Control, an Affiliate is
              sold, merged, transferred or in any other manner or for any other
              reason ceases to be an Affiliate or all or any portion of the
              business or assets of an Affiliate is or are sold, transferred or
              otherwise disposed of and the acquiror is not the Parent
              Corporation or an Affiliate (a "Disposition"), any individual who
              was a Qualified Employee immediately prior to the Disposition and
              who remains or becomes employed by the acquiror or any Person
              that, directly or indirectly, through one or more intermediaries,
              controls or is controlled by, or is under common control with, the
              acquiror (an "Acquiror Affiliate") in connection with the
              Disposition will be deemed to have terminated employment on the
              effective

                                       9
<PAGE>
 
              date of the Disposition for purposes of Subsection (a) unless (i)
              the acquiror and the Acquiror Affiliates jointly and severally
              expressly assume and agree, in a manner that is enforceable by the
              individual, to perform the obligations of this Plan to the same
              extent that the Company would be required to perform if the
              Disposition had not occurred and (ii) the Successor guarantees, in
              a manner that is enforceable by the individual, payment and
              performance by the acquiror.

                                     ARTICLE
                                       4.
                                    BENEFITS

4.1.   Compensation and Benefits Before Date of Termination.

       During the period beginning on the date a Participant or the Company, as
the case may be, receives Notice of Termination and ending on the Date of
Termination, the Company will continue to pay the Participant his or her Base
Pay and cause his or her continued participation in all Benefit Plans in
accordance with the terms of such Benefit Plans.

4.2.   Cash Payment.

       (a)    The Company will make a cash payment to an Eligible Participant in
              an amount equal to the product of the applicable amount determined
              under clause (i) multiplied by the applicable factor determined
              under clause (ii).

              (i)    The applicable amount with respect to an Eligible
                     Participant is the sum of the Eligible Participant's Base
                     Pay plus the greater of

                     (1)    the amount of the Eligible Participant's target
                            annual incentive award for the fiscal year of the
                            Company during which the Date of Termination occurs
                            and

                     (2)    the average amount of the Eligible Participant's
                            actual annual incentive award for the three
                            consecutive fiscal years of the Company ending
                            immediately prior to the date of the Change in
                            Control (or if the Eligible Participant was not an
                            employee of the Company for such three-year period,
                            the average amount of his or her actual annual
                            incentive award for any prior full fiscal years of
                            the Company).

              (ii)   The applicable factor with respect to an Eligible
                     Participant is

                     (1)    three if, immediately prior to the date of the
                            Change in Control (or, if earlier, immediately prior
                            to the Eligible Participant's Date of Termination),
                            the Eligible Participant was the Chief Executive
                            Officer of the Parent Corporation, or

                     (2)    two if, immediately prior to the date of the Change
                            in Control (or, if earlier, immediately prior to the
                            Eligible Participant's Date of Termination), the
                            Eligible Participant was the President of the Parent
                            Corporation (unless the Chief Executive Officer of
                            the Parent Corporation is also the President of the
                            Parent Corporation, in which case the applicable
                            factor is the factor specified in item (1)), an
                            Executive Vice President of the Parent Corporation
                            or a Senior Vice President of the Parent
                            Corporation, or

                     (3)    one and one-half if, immediately prior to the date
                            of the Change in Control (or, if earlier,
                            immediately prior to the Eligible Participant's Date
                            of Termination), the Eligible Participant was a Vice
                            President of the Parent Corporation elected by the
                            Board other than an Executive Vice President or
                            Senior Vice President, or

                                      10
<PAGE>
 
                     (4)    one and one-quarter in the case of any other
                            Eligible Participant.

              The payment pursuant to this subsection is in lieu of any other
              cash bonus payment to which the Eligible Participant may otherwise
              be entitled under any annual bonus plan for the period that
              includes the Participant's Date of Termination.

       (b)    The Company will make a lump sum cash payment to an Eligible
              Participant in an amount equal to the amount by which the
              actuarially equivalent lump sum value of the benefit he or she
              would have received under the Company Pension Plans had he or she
              remained employed with the Company until the end of his or her
              Continuation Period and had his or her benefit under all such
              Company Pension Plans been fully vested exceeds the actuarially
              equivalent lump sum value of the benefit which he or she is
              actually entitled to receive under the Company Pension Plans. For
              purposes of applying the foregoing sentence:

              (i)    Company Pension Plan means each qualified or nonqualified
                     defined benefit pension plan, arrangement or agreement
                     maintained by the Company and covering the Eligible
                     Participant, or to which the Company and the Eligible
                     Participant are parties, as in effect immediately prior to
                     the Eligible Participant's Date of Termination (without
                     regard to any changes to such plans, arrangements or
                     agreements that constitute Good Reason);

              (ii)   An Eligible Participant will be deemed to have continued
                     employment during the Continuation Period in the same
                     position and on the same schedule as in effect immediately
                     prior to his or her Date of Termination (without regard to
                     any change that constitutes Good Reason) and will be deemed
                     to have received compensation equal to the amount of the
                     cash payment pursuant to Subsection (a) but paid ratably
                     over the Continuation Period;

              (iii)  The Participant will be deemed to commence his or her
                     benefit under each Company Pension Plan as of his or her
                     normal retirement date under the Company Pension Plan (of
                     if later as of the first day of the month first following
                     the Participant's Date of Termination) in the normal form
                     of payment under the Company Pension Plan; and

              (iv)   Actuarial equivalence will be determined based on the
                     assumptions used as of the date of the payment pursuant to
                     this section to determine the value of a lump sum payment
                     of $5000 or less under the Jostens Pension Plan D (or any
                     successor plan) or if that plan has been terminated without
                     the establishment of a successor plan, based on the
                     assumptions used to determine the value of lump sum
                     payments of $5000 or less in connection with the
                     termination.

       (c)    The amounts determined under Subsections (a) and (b) will be paid
              in a single lump sum within ten days after the Eligible
              Participant's Date of Termination or, if later, within ten
              business days following the date of the Change in Control.

                                      11
<PAGE>
 
4.3.   Continuation of Certain Welfare Benefits.

       (a)    Through the end of an Eligible Participant's Continuation Period
              or, if earlier, through the last day of the first month after the
              Eligible Participant's Date of Termination during which the
              Eligible Participant commences full-time employment, the Company
              will provide, or arrange to provide, medical, dental, vision and
              life insurance benefits (excluding premium conversion or flexible
              spending accounts under any cafeteria plan) to each Eligible
              Participant (and his or her family members and dependents who were
              eligible to be covered at any time during the 90-day period ending
              on the date of a Change in Control for the period after the Change
              in Control in which such family members and dependents would
              otherwise continue to be covered under the terms of the applicable
              Benefit Plan in effect immediately prior to the Change in Control)
              under the same terms and at the same cost to the Eligible
              Participant and his or her family members and dependents as
              similarly situated executives who continue to be employed by the
              Company (without regard to any reduction in such benefits that
              constitutes Good Reason).

       (b)    To the extent an Eligible Participant incurs a tax liability
              (including federal, state and local taxes and any interest and
              penalties with respect thereto) in connection with a benefit
              provided pursuant to Subsection (a) which he or she would not have
              incurred had he or she been an active employee of the Company
              participating in the Company's Benefit Plan, the Company will make
              a payment to the Eligible Participant in an amount equal to such
              tax liability plus an additional amount sufficient to permit the
              Eligible Participant to retain a net amount after all taxes
              (including penalties and interest) equal the initial tax liability
              in connection with the benefit. For purposes of applying the
              foregoing, an Eligible Participant's tax rate will be deemed to be
              the highest statutory marginal state and federal tax rate (on a
              combined basis) then in effect. The payment pursuant to this
              subsection will be made within ten days after the Eligible
              Participant's remittal of a written request therefor accompanied
              by a statement indicating the basis for and amount of the
              liability.

4.4.   Continuation of Perquisites.

       Through the end of an Eligible Participant's Continuation Period or, if
earlier, through the last day of the first month after the Eligible
Participant's Date of Termination during which the Eligible Participant
commences full-time employment, the Company will provide the Eligible
Participant with the same perquisites he or she was entitled to receive
immediately prior to his or her Date of Termination (without regard to any
reduction in perquisites that constitutes Good Reason).

4.5.   Excess Parachute Payments.

       (a)    In the case of an Eligible Participant who, immediately prior to
              the date of a Change in Control, was the Chief Executive Officer
              of the Parent Corporation, an Executive Vice President of the
              Parent Corporation or a Senior Vice President of the Parent
              Corporation, following the Change in Control, the Company will
              cause its independent auditors promptly to review, at the
              Company's sole expense, the applicability of Code Section 4999 to
              any payment or distribution of any type by the Company to such
              Participant or for his or her benefit, whether paid or payable or
              distributed or distributable pursuant to the terms of this Plan,
              any other Benefit Plan or otherwise (the "Total Payments"). If the
              auditor determines that the Total Payments result in an excise tax
              imposed by Code Section 4999 or any comparable state or local law
              or any interest or penalties with respect to such excise tax (such
              excise tax, together with any such interest and penalties, are
              collectively referred to as the "Excise Tax"), the Company will
              make an additional cash payment (a "Gross-Up Payment") to the
              Participant within 10 days after such determination equal to an
              amount such that after payment by the Participant of all taxes
              (including any interest or penalties imposed with respect to such
              taxes), including any Excise Tax, imposed upon the Gross-Up
              Payment, the Participant would retain an amount of the Gross-Up
              Payment equal to the Excise Tax imposed upon the Total Payments.
              For purposes of the foregoing determination, the Participant's tax
              rate will be deemed to be the highest statutory marginal state and
              federal tax 

                                      12

<PAGE>
 
              rate (on a combined basis) then in effect. If no determination by
              the Company's auditors is made prior to the time the Participant
              is required to file a tax return reflecting the Total Payments,
              the Participant will be entitled to receive from the Company a
              Gross-Up Payment calculated on the basis of the Excise Tax the
              Participant reported in such tax return, within 10 days after the
              later of the date on which the Participant files such tax return
              or the date on which the Participant provides a copy thereof to
              the Company. In all events, if any tax authority determines that a
              greater Excise Tax should be imposed upon the Total Payments than
              is determined by the Company's independent auditors or reflected
              in the Participant's tax return pursuant to this Section 4.5, the
              Participant will be entitled to receive from the Company the full
              Gross-Up Payment calculated on the basis of the amount of Excise
              Tax determined to be payable by such tax authority within 10 days
              after the Participant notifies the Company of such determination.
              If any Other Arrangement specifically provides that benefits
              thereunder will be reduced or limited so that such benefits or the
              Total Payments will not result in the imposition of an excise tax
              pursuant to Code Section 4999, the reduction or limitation will
              apply, to the extent provided in the Other Arrangement, solely to
              the benefits provided pursuant to the Other Arrangement as if the
              benefits under the Other Arrangement constituted the entire Total
              Payments, and such reduction or limitation will not otherwise
              reduce or limit the actual Total Payments.

       (b)    In the case of any Eligible Participant not described in
              Subsection (a), notwithstanding anything in this Plan to the
              contrary, if any payments or benefits to be made or provided by
              the Company to or for the benefit of the Participant constitute an
              "excess parachute payment" (as defined in Code Section 280G(b)),
              the payments or benefits to be made or provided in connection with
              this Plan will be reduced to the extent necessary to prevent any
              portion of such payments or benefits from becoming subject to the
              excise tax imposed under Code Section 4999. The determination as
              to whether any such decrease in the payments or benefits to be
              made or provided in connection with this Plan is necessary must be
              made in good faith by legal counsel or a certified public
              accountant selected by the Company, and such determination will be
              conclusive and binding. In the event that such a reduction is
              necessary, the Participant will have the right to designate the
              particular payments or benefits that are to be reduced or
              eliminated so that no portion of the payments or benefits to be
              made or provided in connection with this Plan will be excess
              parachute payments subject to the excise tax under Code Section
              4999.

4.6.   Indemnification.

       Following a Change in Control, the Company will indemnify and advance
expenses to an Eligible Participant to the full extent permitted by law for
damages, costs and expenses (including, without limitation, judgments, fines,
penalties, settlements and reasonable fees and expenses of the Participant's
counsel) incurred in connection with all matters, events and transactions
relating to such Eligible Participant's service to or status with the Company or
any other corporation, employee benefit plan or other entity with whom the
Eligible Participant served at the request of the Company.

                                     ARTICLE
                                       5.
                    ADMINISTRATION AND ENFORCEMENT OF RIGHTS

5.1.   Plan Administration.

       The Board has the power and authority to construe, interpret and
administer the Plan. Prior to the date of a Change in Control, the Board may
delegate such power and authority to any committee or individual but such
delegation will automatically cease to be effective on the date of a Change in
Control. Prior to (but not after) the date of a Change in Control, the power and
authority of the Board and any individual or committee to whom such power and
authority is in whole or in part delegated is discretionary as to all matters.

5.2.   Amendment and Termination.

                                      13
<PAGE>
 
       (a)    Prior to the date of a Change in Control, the Board may amend the
              Plan from time to time in such respects as the Board may deem
              advisable; provided, that the effective date of any amendment that
              adversely affects a Qualified Employee may not be less than one
              year after the date on which the amendment is approved by the
              Board and, if a Change in Control occurs prior to the date on
              which the amendment would otherwise be effective, the amendment
              automatically will be null and void. On and after the date of a
              Change in Control, the Plan may be amended only if each
              Participant and Eligible Participant is provided with written
              notice of the amendment (which must include a complete and
              accurate description of the amendment and its intended and
              potential impact on Participants and Eligible Participants and a
              copy of the proposed amendment) at least 90 days before the
              adoption of the amendment and the amendment is approved by the
              affirmative vote of not less than 80 percent of all Participants
              and Eligible Participants.

       (b)    The Board may terminate the Plan at any time; provided, first,
              that prior to the date of a Change in Control, the effective date
              of the termination may not be less than one year after the date on
              which the termination is approved by the Board; and, second, that
              the Plan cannot be terminated, and no termination will become
              effective, within the period beginning on the date of a Change in
              Control and ending on the last day of the thirty-sixth month that
              begins after the month in which the Change in Control occurs.

       (c)    Any amendment or termination of the Plan must be set forth in a
              written instrument approved by the Board and signed by at least
              two officers of the Parent Corporation.

5.3.   Benefit Claims.

       A person whose employment relationship with the Company has terminated
and who has not been awarded benefits under the Plan or who objects to the
amount of the benefits so awarded may file a written request for benefits with
the Board. The Board will review such request and will notify the claimant of
its decision within 60 days after such request is filed. If the Board denies the
claim for benefits, the notice of the denial will contain

       (a)    the specific reason for the denial,

       (b)    a specific reference to the provision of the Plan on which denial
              is based,

       (c)    a description of any additional information or material necessary
              for the person to perfect his or her claim (and an explanation of
              why such information is material or necessary), and

       (d)    an explanation of the Plan's claim review procedure.

       If the Board determines that a claimant is not eligible for benefits, or
       if the claimant believes that he or she is entitled to greater or
       different benefits, the claimant may file a petition for review with the
       Board within 60 days after the claimant receives the notice issued by the
       Board. Within 60 days after the Board receives the petition, the Board
       will give the claimant (and his or her counsel, if any) an opportunity to
       present his or her position to the Board orally or in writing, and the
       claimant (or his or her counsel) will have the right to review the
       pertinent documents. Within 60 days after the hearing (or the date of
       receipt of the petition if the claimant presents his or her position in
       writing) the Board will notify the claimant of its decision in writing,
       stating the decision and the specific provisions of the Plan on which the
       decision is based.

5.4.   Disputes.

       (a)    If a Participant so elects, any dispute, controversy or claim
              arising under or in connection with this Plan will be settled
              exclusively by binding arbitration in Minneapolis, Minnesota in
              accordance with the Employee Benefit Plan Claims Arbitration Rules
              of the American Arbitration Association, incorporated by
              referenced herein; provided, that a Participant may seek

                                      14
<PAGE>
 
              specific performance of his or her right to receive benefits until
              the Date of Termination during the pendency of any dispute or
              controversy arising under or in connection with the Plan. Judgment
              may be entered on the arbitrator's award in any court having
              jurisdiction. If any dispute, controversy or claim for damages
              arising under or in connection with this Plan is settled by
              arbitration, the Company will pay, or if elected by the
              Participant, reimburse, all fees, costs and expenses incurred by a
              Participant related to such arbitration unless the arbitrator
              decides that the claim was frivolous or advanced by the
              Participant in bad faith.

       (b)    If a Participant does not elect arbitration, he or she may pursue
              all available legal remedies. The Company will pay, or if elected
              by the Participant, reimburse each Participant for, all fees,
              costs and expenses incurred by such Participant in connection with
              any actual, threatened or contemplated litigation relating to this
              Plan to which the Participant is or reasonably expects to become a
              party, whether or not initiated by the Participant, if the
              Participant is successful in recovering any benefit under this
              Plan as a result of such action.

       (c)    In any dispute or controversy with any Participant arising under
              or in connection with this Plan, the Company will not assert the
              Participant's failure to exhaust administrative remedies.

5.5.   Funding and Payment.

       (a)    The Company may establish a Trust with an independent corporate
              trustee. The Trust must (i) be a grantor trust with respect to
              which the Company is treated as grantor for purposes of Code
              Section 677, (ii) not cause the Plan to be funded for purposes of
              Title I of ERISA and (iii) provide that Trust assets will, upon
              the insolvency of the Company, be used to satisfy claims of the
              Company's general creditors. The Company may from time to time
              transfer to the Trust cash, marketable securities or other
              property acceptable to the Trustee.

       (b)    The Trustee will make distributions to Participants and
              Beneficiaries from the Trust in satisfaction of the Company's
              obligations under the Plan in accordance with the terms of the
              Trust. The Company is responsible for paying any benefits that are
              not paid from the Trust.

       (c)    Nothing contained in the Plan or Trust is to be construed as
              providing for assets to be held for the benefit of any Participant
              or any other person or persons to whom benefits are to be paid
              pursuant to the terms of this Plan, the Participant's or other
              person's only interest under the Plan being the right to receive
              the benefits set forth herein. The Trust is established only for
              the convenience of the Company and no Participant has any interest
              in the assets of the Trust. To the extent the Participant or any
              other person acquires a right to receive benefits under this Plan
              or the Trust, such right is no greater than the right of any
              unsecured general creditor of the Company.

                                     ARTICLE
                                       6.
                                  MISCELLANEOUS

6.1.   Successors.

       The Parent Corporation will require any Successor to expressly assume and
agree to perform the obligations of this Plan in the same manner and to the same
extent that the Parent Corporation would be required to perform if no such
succession had taken place. Failure of the Parent Corporation to obtain such
assumption and agreement at least three business days prior to the time a Person
becomes a Successor (or where the Parent Corporation does not have at least
three business days' advance notice that a Person may become a Successor, within
one business day after having notice that such Person may become or has become a
Successor) will constitute Good Reason for termination of a Participant's
employment. The date on which any such succession becomes effective will be
deemed the Date of Termination and Notice of Termination will be deemed to have
been given on such date. A Successor has no rights, authority or power with
respect to the Plan prior to a Change in Control.

                                      15
<PAGE>
 
6.2.   Binding Plan.

       This Plan is for the benefit of, and is enforceable by, each Participant,
each Participant's personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees, but a
Participant may not otherwise assign any of his or her rights or delegate any of
his or her obligations under this Plan. If a Participant dies after becoming
entitled to, but before receiving, any amounts payable under this Plan, all such
amounts, unless otherwise provided in this Plan, will be paid in accordance with
the terms of this Plan to such Participant's devisee, legatee or other designee
or, if there be no such designee, to such Participant's estate. 

6.3.   Validity.

       The invalidity or unenforceability of any provision of the Plan does not
affect the validity or enforceability of any other provision of the Plan, which
will remain in full force and effect.

6.4.   No Mitigation.

       No Eligible Participant will be required to mitigate the amount of any
benefits the Company becomes obligated to provide in connection with this Plan
by seeking other employment or otherwise and the benefits to be provided in
connection with this Plan may not be reduced, offset or subject to recovery by
the Company by any benefits an Eligible Participant may receive from other
sources.

6.5.   No Set-off.

       The Company has no right to set-off benefits owed under this Plan against
amounts owed or claimed to be owed by an Eligible Participant to the Company
under this Plan or otherwise.

6.6.   Taxes.

       All benefits to be provided to each Eligible Participant in connection
with this Plan will be subject to required withholding of federal, state and
local income, excise and employment-related taxes.

6.7.   Notices.

       For the purposes of this Plan, notices and all other communications
provided for in, or required under, this Plan must be in writing and will be
deemed to have been duly given when personally delivered or when mailed by
United States registered or certified mail, return receipt requested, postage
prepaid and addressed to each Participant's or the Company's (as the case may
be) respective address (provided that all notices to the Company must be
directed to the attention of the chair of the Board). For purposes of any such
notice requirement, the Company will use the Participant's most current address
on file in the Company's personnel records. Any notice of a Participant's change
of address will be effective only upon receipt by the Company.

6.8.   Effect of Plan Benefits on Other Severance Plans.

       A Participant who receives any payment under the terms of this Plan will
not be eligible to receive benefits under any other severance pay plan sponsored
or maintained by the Company.

                                      16
<PAGE>
 
6.9.   Related Plans.

       To the extent that any provision of any Other Arrangement limits,
qualifies or is inconsistent with any provision of this Plan, then for purposes
of this Plan, while such Other Arrangement remains in force, the provision of
this Plan will control and such provision of such Other Arrangement will be
deemed to have been superseded, and to be of no force or effect, as if such
Other Arrangement had been formally amended to the extent necessary to
accomplish such purpose. Nothing in this Plan prevents or limits a Participant's
continuing or future participation in any Other Arrangement, and nothing in this
Plan limits or otherwise affects the rights Participants may have under any
Other Arrangement. Amounts which are vested benefits or which Participants are
otherwise entitled to receive under any Other Arrangement at or subsequent to
the Date of Termination will be payable in accordance with such Other
Arrangement.

6.10.  No Employment or Service Contract.

       Nothing in this Plan is intended to provide any Participant with any
right to continue in the employ of the Company for any period of specific
duration or interfere with or otherwise restrict in any way Participants' rights
or the rights of the Company, which rights are hereby expressly reserved, to
terminate a Participant's employment at any time for any reason or no reason
whatsoever, with or without cause.

6.11.  Survival.

       The respective obligations of, and benefits afforded to, the Company and
the Participants which by their express terms or clear intent survive
termination of a Participant's employment with the Company or termination of
this Plan, as the case may be, will remain in full force and effect according to
their terms notwithstanding the termination of a Participant's employment with
the Company or termination of this Plan, as the case may be.

6.12.  Effect on Other Plans.

       Unless otherwise expressly provided therein, benefits paid or payable
under the Plan will not be deemed to be salary or compensation for purposes of
determining the benefits to which a Participant may be entitled under any other
Benefit Plan sponsored, maintained or contributed to by the Company.

6.13.  Prohibition of Alienation.

       No Participant will have the right to alienate, assign, encumber,
hypothecate or pledge his or her interest in any benefit provided under the
Plan, voluntarily or involuntarily, and any attempt to so dispose of any
interest will be void.

6.14.  Notice of Reemployment.

       If an Eligible Participant commences full-time employment during his or
her Continuation Period, he or she must notify the Company not later than five
business days after he or she commences full-time employment.

                                      17