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                                  Exhibit 10.1

                        WALLACE COMPUTER SERVICES, INC.
                              AMENDED AND RESTATED
                            EXECUTIVE INCENTIVE PLAN


SECTION 1.  Purpose of Plan.  The purpose of this Plan is to provide a means of
providing reward for performance and incentive for future performance, in
addition to salaries and other benefits to employees (including officers) of
WALLACE COMPUTER SERVICES, INC. and its subsidiaries ("Company") in managerial
and other important positions who contribute materially to the success of the
Company's business by their ability, ingenuity and industry, and demonstrated
by results shown in the consolidated financial statements in the Annual Reports
to Stockholders.  This Plan is designed to include only a select group of
management or highly compensated employees.

SECTION 2.  General Definitions.

(a)  The term "Committee" shall mean the Compensation Committee of the
     Company's Board of Directors, which shall consist of not fewer than two
     members of the Company's Board of Directors, each of whom shall be a
     "Non-Employee Director" within the meaning of Rule 16b-3 under the
     Securities Exchange Act of 1934, as amended.

(b)  The term "Common Stock" shall mean the common stock of the Company.

(c)  The term "Employee" shall mean persons employed by the Company or any
     subsidiary in which the Company owns directly or indirectly all or
     substantially all of the common stock and shall include employees who are
     also directors of the Company or any such subsidiary and may, in the
     discretion of the Committee, include persons who at the request of the
     Company accept employment with any company in which the Company has a
     substantial ownership interest.

(d)  The term "Fair Market Value" as it pertains to a share of Common Stock at
     any date will be either:

     (i)    the closing price of the Stock as reported in the New York
            Stock Exchange Composite Transaction Table in The Wall Street
            Journal, on that date; or

     (ii)   if such shares are not then listed on the New York Stock
            Exchange or so reported (or determined by the Committee to be
            improperly reported), then as established by the Committee.



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(e)  The term "Participant" as used in this Plan shall include the
     beneficiaries designated by a participant as provided in Section 6(b) or
     if no such designation of any beneficiary has been made, the Participant's
     legal representatives or other persons entitled to any payment or benefit
     with respect to the Participant pursuant to this Plan.

SECTION 3.  Administration of the Plan.

The Plan shall be administered by the Committee in a manner consistent with the
Bylaws of the Company.

SECTION 4.  Eligibility.

(a)  An Employee shall be eligible for consideration for an Award under this
     Plan based on such criteria as the Committee shall from year to year
     determine.  A person whose employment terminates during the year or who is
     granted a leave of absence during the year, and who at the time of such
     termination of employment or granting of leave is eligible for
     consideration of bonus, may, at the discretion of the Committee and under
     such rules as the Committee may from time to time approve, be awarded a
     bonus with respect to the period of his or her services during the year.

(b)  No bonus shall be awarded to a member of the Committee. Membership on any
     other committee of the Board of Directors shall not itself render an
     Employee ineligible for a bonus award.

(c)  Nothing in this Plan shall be construed as preventing the Company from
     establishing incentive or other variable compensation plans applicable to
     Employees.

SECTION 5.1 Awards to Participants.

(a)  An Award shall be made at the discretion of the Committee and the value
     of any such award at the date of award shall not exceed 66-2/3% (.6666) of
     any current cash bonus paid to any  Participant.  Unless otherwise
     determined by the Committee, Awards shall be denominated in shares of
     Common Stock ("Stock Award").  The number of shares of Common Stock
     awarded shall be determined by dividing the Award by the Fair Market Value
     of the Common Stock on the date that the Award is granted. A Stock Award
     may be settled in whole or fractional shares of Common Stock.

(b)  Awards under the Plan shall be made on a deferred payment basis.  The
     Award shall be credited to the Participant on the books of the Company,
     but, except as set forth in Section 5.2(e), will not otherwise be set
     aside from the Company's other funds.

(c)  No Participant shall have any right with respect to any Award until such
     award shall have been delivered to him.




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(d)  There shall be deducted from all payments or distributions of Awards
     under the Plan, any taxes required by law to be withheld.

SECTION 5.2  Conversion of Cash Awards to Stock.

(a)  At the sole discretion and consent of the Committee, a Participant may
     convert a cash denominated Award ("Cash Award") (either on a current basis
     from time to time, or with respect to Cash Awards previously granted) into
     actual shares of the Common Stock.

(b)  Certain Participants were previously entitled to elect to have Cash
     Awards converted into hypothetical Common Stock ("Stock Equivalent
     Award").  Any Stock Equivalent Awards credited to a Participant shall be
     converted into an equal number of actual shares of Common Stock and shall
     be treated as a Stock Award hereunder.

(c)  The Participant's Stock Award Account shall be credited with a dividend
     on any dividend payment date based on the number of shares of Common Stock
     credited to such Participant's Stock Award Account.  Dividends paid on
     stock beneficially owned pursuant to this Plan shall be converted to
     Common Stock on the last trading day of each calendar year.

(d)  For purposes of any conversion pursuant to clause (a) or (c), Stock shall
     be valued at the Fair Market Value of the Stock on the date of the
     conversion.

(e)  Common Stock credited to a Participant under this Plan shall be deposited
     into a Grantor Trust maintained by the Company for the benefit of the
     Participant, subject to the conditions of Section 6(c) of the Plan.
     Although the Stock will be held in trust, a Participant's rights in the
     Stock shall be that of a general creditor of the Company.


SECTION 6.  Payment of Awards.

(a)  Subject to the conditions set forth in Section 6(d) of the Plan, payment
     of Cash Award balances shall be made in 120 monthly installments
     commencing on the first day of the calendar quarter following the month in
     which the Participant's employment with the Company terminates
     ("Termination Date").  In lieu of installment payments, the Committee,
     after consultation with the Participant, may in its discretion pay any
     amount due in a lump sum.  Account balances of less than $5,000 shall be
     automatically paid in a lump sum.

(b)  Subject to the conditions set forth in Section 6(d) of the Plan, payment
     of Stock Award balances shall be made in 10 annual installments commencing
     on the first day of the year following the year in which the Participant's
     employment with the Company terminates ("Termination Date").  In lieu of
     installment payments, the Committee, after 



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     consultation with the Participant, may in its discretion transfer any
     Stock Award in a lump sum.

(c)  Any Award, or remaining unpaid portions thereof, which becomes payable
     after the death of a Participant, shall be paid in installments or in a
     lump sum to his or her beneficiaries.  Unless otherwise designated in a
     written form given to the Company, where permitted under the laws of the
     state in which the Participant resides, the written designation of a
     beneficiary filed by a Participant in connection with the Group Life
     Insurance Program of the Company or a Subsidiary, as the case may be,
     shall determine who is to receive any Award standing to the Participant's
     credit at any time under the Plan in the event of such Participant's death
     prior to delivery to him of such Award.

(d)  All Awards are contingently payable and shall be subject to the following
     conditions:

     1.     That the Participant continue to render services as an Employee
            of the Company until his or her Normal Retirement Date or Early
            Retirement Date, as defined in the Wallace Profit Sharing and
            Retirement Fund, which condition shall be waived in the event of
            death or disability of a Participant prior to termination of
            employment.

     2.     If a Participant at any time engages in any activity that the
            Committee determines, in its discretion, was or is harmful to the
            interests of the Company, the Committee may determine whether or
            not and, if so, the extent to which any unpaid contingent deferred
            installment credited to the Participant shall be forfeited.  This
            subparagraph shall apply: (i) to activities that may occur prior to
            and that do not result in termination of service but which do not
            become known to the Committee until after termination of service;
            (ii) to activities that occur prior to but result in termination of
            service; and (iii) to activities that occur following termination
            of service and during the period when the Participant would
            otherwise be entitled to receive payment of the contingent
            allotments credited to him.  The Committee shall have the
            authority, in its discretion, to determine what kinds of activities
            shall be deemed to be harmful for the purposes of this
            subparagraph.  A determination by the Committee under this
            subparagraph, including its determination as to the time at which
            harmful activities commenced, shall be conclusive.

(e)  Notwithstanding the provisions of paragraphs (a) through (c) of this
     Section 6, the Committee shall possess absolute discretion to accelerate
     the payment of all or part of any remaining unpaid installments to the
     extent that it deems equitable or desirable under the circumstances.

(f)  The Participant's Cash Award Account shall be credited with an assumed
     annual interest rate equal to the greater of (i) the rate paid by First
     Chicago NBD Bank as of 



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     the first day of the applicable calendar year on a $1,000,000 Certificate
     of Deposit with a one year maturity, and (ii) 5%.

(g)  The Committee shall provide a Participant, former Participant or
     Beneficiary (hereinafter referred to as "Claimant") who has been denied a
     claim for benefits, a written notice within ninety (90) days of such
     denial setting forth (1) the specific reason or reasons for the denial;
     (2) specific reference to pertinent Plan provisions upon which the denial
     is based; (3) if applicable, a description of any additional material or
     information necessary to perfect the claim, and (4) appropriate
     information as to the steps required by the Claimant to request a full
     review of the benefit denial. The Claimant (or his or her duly authorized
     representative) who has been denied a benefit may within sixty (60) days
     of such denial request a review of the denial upon written application to
     the Committee.  The Claimant must be able to review all pertinent
     documents and submit in writing any issues and comments upon which such
     request for review is based.  Within sixty (60) days of receiving such
     request, the Committee shall conduct a full and fair review of the claim
     and its denial and shall furnish the decision on review on the Claimant in
     writing.  Should this decision or review not be communicated to the
     Claimant within sixty (60) days the claim shall be deemed denied.

SECTION 7.  General Conditions.

(a)  The Board of Directors may from time to time amend, suspend or terminate
     in whole or in part, and if terminated, may reinstate any or all of the
     provisions of the Plan.

(b)  The validity, construction, interpretation, administration and effect of
     the Plan, and of its rules and regulations, and the rights of any and all
     persons having or claiming to have an interest therein or thereunder,
     shall be governed by, and determined exclusively and solely in accordance
     with, the law of the State of Delaware.

(c)  The selection of any Employee for participation in the Plan shall not
     give such Participant any right to be retained in the employ of the
     Company and the right and power of the Company to dismiss or discharge any
     Participant is specifically reserved. Nor shall any such Participant or
     any person claiming under or through him have any right or interest,
     whether vested or otherwise, in this Plan, or in any Award hereunder,
     unless and until all the terms, conditions and provisions of the Plan that
     affect such Participant have been complied with as specified herein.

(d)  Any decision or action taken or to be made by the Company, or the Board
     of Directors, or the Committee, arising out of or in connection with the
     construction, administration, interpretation, and effect of the Plan and
     of its rules and regulations shall lie within their absolute discretion
     and shall be conclusive and binding upon all Participants and any person
     claiming under or through any Participant.

(e)  The Board of Directors and the Committee may rely upon any information
     supplied to them by any officer of the Company in connection with the
     administration of the Plan.


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(f)  No member of the Board of Directors or of the Committee shall be liable
     for any act or action, whether of commission or omission, taken by any
     other member, or by any officer, agent, or employee.

(g)  The Committee shall conduct its business and hold meetings as determined
     by it from time to time and any action taken by the Committee at meetings
     duly called shall require the affirmative vote of at least a majority of
     its members then in office.

(h)  The expenses of administering this Plan shall be borne by the Company.

(i)  Every right of action by or on behalf of the Company or by any
     stockholders against any past, present or future member of the Board of
     Directors, officer or employee of the Company arising out of or in
     connection with this Plan shall, irrespective of the place where action
     may be brought and irrespective of the place of residence of any such
     director, officer or employee, cease and be barred by the expiration of
     three years from whichever is the later of (a) the date of the act or
     omission in respect of which such right of action arises or (b) the first
     date upon which there has been made generally available to stockholders an
     annual report of the Company and a proxy statement for the annual meeting
     of stockholders following the issuance of such annual report, which annual
     report and proxy statement alone or together set forth, for the related
     period, the amount of the credits to the reserve for the purposes of this
     Plan and the aggregate bonus awards; any and all right of action by any
     employee (past, present or future) against the Company arising out of or
     in connection with this Plan shall, irrespective of the place where action
     may be brought cease and be barred by the expiration of three years from
     the date of the act or omission in respect of which such right of action
     arises.

SECTION 8.  Indemnification of the Committee Members and Directors by the
            Company.

The Company hereby agrees to indemnify the Committee Members and Directors for
and to hold each of them harmless against any and all liabilities, losses,
costs or expenses (including legal fees and expenses) of whatsoever kind and
nature which may be imposed on, incurred by or asserted against them at any
time by reason of their actions under this Plan if they did not act dishonestly
or in willful or grossly negligent violation of the law or regulation under
which such liability, loss, cost or expense is not insured against or exceeds
any insurance recovery.

SECTION 9.  Effective Date.

This Plan, as amended and restated, shall be applicable for the fiscal year
beginning August 1,  1997 and subsequent fiscal years.

SECTION 10. Material Change Provisions.



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10.1  Application.  Notwithstanding any other provision of the Plan, the
      provisions of this Section 10 shall apply on and after the date that a
      Material Change (as defined in Section 10.4) occurs.

10.2  Vesting of Account Balances.  At all times after the Material Change
      occurs, the accounts of the Participants shall be fully vested and not
      subject to forfeiture for any reason.

10.3  Administration of Plan.  At all times after the Material Change occurs,
      the exercise of authority and responsibility in the administration of the
      Plan with respect to each individual who was a Participant in the Plan
      immediately prior to the date that the Material Change occurs (a
      "Protected Participant") or with respect to the beneficiary of a
      Protected Participant, shall be subject to a de novo standard of review
      by a court in any action brought by a Protected Participant.

10.4  Material Change Defined.  For purposes of this Section 10, a "Material
      Change" shall be deemed to have occurred if any of the following should
      occur:

      (a)  the acquisition (in one or more transactions) of beneficial
           ownership of thirty-five percent (35%) or more of the outstanding
           shares of Common Stock of the Company by any person or entity (or by
           any group of persons or entities acting in concert for the purpose
           of acquiring, voting, holding or disposing of shares of the
           Company's Common Stock);

      (b)  individuals who, as of September 6, 1995, constitute the
           Board of Directors of the Company (the "Incumbent Board") cease for
           any reason to constitute at least a majority of such Board;
           provided, however, that any individual who becomes a member of the
           Board of Directors of the Company subsequent to such date whose
           election, or nomination for election by the stockholders of the
           Company, was approved by a vote of at least a majority of the
           directors then comprising the Incumbent Board shall be deemed to be
           a member of the Incumbent Board; and provided further, that no
           individual whose election or initial assumption of office as a
           director of the Company occurs as a result of an actual or
           threatened election contest (as such terms are used in Rule 14a-11
           of Regulation 14A promulgated under the Securities Exchange Act of
           1934, as amended) with respect to the election or removal of
           directors, or any other actual or threatened solicitation of proxies
           or consents by or on behalf of any person other than the Board of
           Directors of the Company, shall be deemed to be a member of the
           Incumbent Board; or

      (c)  the occurrence of any other event or state of facts that the
           Board of Directors of the Company may determine (by the adoption of
           a resolution) has, does, or would constitute a Material Change for
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10.5  Related Company Defined.  The term "Related Company" means any
      corporation, trade, or business during any period that is, along with the
      Company, a member of a controlled group of corporations, a controlled
      group of trades or businesses, or an affiliated service group, as
      described in Sections 414(B), 414(C), or 414(m), respectively, of the
      Code.

10.6  Attorneys' Fees and Other Costs and Expenses.  Any Protected Participant  
      (or a Beneficiary of a Protected Participant) who brings any legal action
      after a Material Change to enforce the provisions of this Section 10 or
      any other provisions of the Plan shall be entitled to recover from the
      Company any and all attorneys' fees and other costs and expenses incurred
      in enforcing such provisions for his or her benefit or for the benefit of
      any or all Protected Participants (or Beneficiaries of Protected
      Participants).

10.7  Binding on Successors.  The provisions of the Plan shall be binding
      upon and shall inure to the benefit of the Company, any Related Company
      that adopts the Plan, the Participants, and their respective successors
      in interest and assigns, including, without limitation, the surviving
      corporation in any merger or consolidation with the Company or such
      Related Company and, to the extent provided in the Plan, the
      Beneficiaries of the Participants.  After a Material Change, except as
      may otherwise be determined by a resolution of the Board of Directors of
      the Company adopted prior to the occurrence of the Material Change, a
      successor in interest to the Company or a Related Company that adopts the
      Plan shall be deemed to have adopted the Plan and shall have all of the
      liabilities and obligations of the Company or that Related Company under
      the Plan.  Except as may otherwise be determined by a resolution of the
      Board of Directors of the Company adopted prior to the occurrence of a
      Material Change, the Company shall require any person or entity that
      becomes a successor in interest to the Company or a Related Company that
      adopts the Plan to expressly assume the Plan and agree to perform all of
      the obligations of the Company or that Related Company, as the case may
      be, under the Plan. For purposes of this Section 10.7, following a
      Material Change, a "successor in interest" to the Company or a Related
      Company that adopts the Plan shall include, without limitation, any
      person or entity (or group of related or affiliated persons or entities)
      that acquires (in a single transaction or a series of related
      transactions) any businesses or assets of the Company or such related
      Company representing twenty-five percent (25%) or more of the Company's
      or such Related Company's sales, operating profits, or operating assets.

10.8  Amendment of Section 10.  Notwithstanding any other provision of the
      Plan, except as may otherwise be provided in a resolution of the Board of
      Directors of the Company adopted prior to the occurrence of a Material
      Change, the provisions of this Section 10 may not be amended and shall
      continue to apply, without amendment, in any successor plan.




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IN WITNESS WHEREOF, Wallace Computer Services, Inc. has caused these presents
to be executed in its name by its proper officers and its duly attested
Corporate Seal to be hereunto affixed pursuant to the authority granted by its
Board of Directors.


                                        WALLACE COMPUTER SERVICES, INC.
                                                                       
                                                                       
                                        By:     /s/ Robert J. Cronin   
                                            ---------------------------
                                            Robert J. Cronin           
                                            President & CEO            

ATTEST:

 /s/ Steven L. Carson
---------------------------------
Steven L. Carson
Assistant Secretary


















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