EXHIBIT 10.40  RESTRICTED STOCK AGREEMENT  VERTIS HOLDINGS, INC. 1999 EQUITY AWARD PLAN  GRANTEE: HERB MOLONEY  NO. OF SHARES: 19,896  This
Agreement (the Agreement),
approved by Thomas H. Lee Equity Fund IV, L.P. (the Sponsor), evidences
the award of 19,896 restricted shares (each, an Award Share, and collectively, the Award Shares) of the
Common Stock of Vertis Holdings, Inc., a Delaware corporation (the Company), granted to
you, Herb Moloney, effective as of May 20, 2004 (the Grant Date), pursuant
to the Vertis Holdings, Inc. 1999 Equity Award Plan (the Plan) and
conditioned upon your agreement to the terms described below.  All of the provisions of the Plan are
expressly incorporated into this Agreement.  You must return to Jennifer M. Bass
an executed copy of this Agreement within 10 Business Days after the date
indicated below the name of the officer who signed this Agreement on behalf of
the Company.  If you fail to do so, the
Award Shares will be forfeited without consideration and this Agreement will be
null and void.  1.Terminology.  The Glossary at the end of
this Agreement contains definitions of all words that appear in this Agreement
with an initial capital letter that are not defined elsewhere in this
Agreement.  2.Vesting.  All of the Award Shares are
nonvested and forfeitable as of the Grant Date. 
So long as your Service with the Company is continuous from the Grant
Date through the applicable date upon which vesting occurs, the Award Shares
will vest and become nonforfeitable immediately prior to the first to occur of
the following:  (a)a Liquidity Event; (b)your death; or (c)the date upon which you suffer a Disability.  Except
as provided above, unless otherwise determined by the Administrator, none of
the Award Shares will become vested and nonforfeitable after your Service with
the Company ceases.  3.Termination of Employment or Service.  3.1Unvested Award Shares.  If
your Service with the Company ceases for any reason other than your death or
Disability, all Award Shares that are not then vested and nonforfeitable will
be immediately forfeited to the Company upon such cessation for no
consideration.  3.2Vested Award Shares.  If
your Service with the Company ceases for any reason, all Award Shares that are
then vested and nonforfeitable will not be affected by such cessation but will
remain subject to the provisions of this Agreement, including the restrictions
on transfer set forth under Section 4 of this Agreement.


4.Restrictions on Transfer.  4.1Except as otherwise provided under Sections
4.3 or 7 of this Agreement or in accordance with your will or the laws of
descent and distribution upon your death, until an Award Share becomes vested
and nonforfeitable and a Liquidity Event has occurred, the Award Share
may not be assigned, transferred, pledged, hypothecated or disposed of in any
way (whether by operation of law or otherwise) and shall not be subject to
execution, attachment or similar process.  4.2You hereby represent and
warrant to the Company as follows:  (a)You will hold the Award
Shares for your own account for investment only and not with a view to, or for
resale in connection with, any distribution of the Award Shares within the
meaning of the Securities Act.  (b)You understand that the
Award Shares have not been registered under the Securities Act by reason of a
specific exemption and that the Award Shares must be held indefinitely, unless
they are subsequently registered under the Securities Act or you obtain an
opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required.  You further acknowledge and understand that
the Company is under no obligation to register the Award Shares.  (c)You understand that the
Company may, in its discretion, impose restrictions on the sale, pledge or
other transfer of the Award Shares (including the placement of appropriate
legends on stock certificates) if, in the judgment of the Company, such
restrictions are necessary or desirable to comply with the Securities Act, the
securities laws of any State or any other law.  (d)You are aware that your
investment in the Company is a speculative investment that has limited
liquidity and is subject to the risk of complete loss.  4.3The provisions of Sections 4.1 and 4.2(b)
shall not apply to the following transfers; provided, however,
that no transfer of Award Shares pursuant to this Section 4.3 (other than a
transfer to the Company) shall be given effect on the books of the Company
unless and until the Permitted Transferee (as defined below) executes an
agreement in writing with the parties hereto pursuant to which he, she, or it
agrees to be bound by all of the terms and conditions of this Agreement to the
same extent as the parties hereto; provided, further, that no
transfer will be permitted if the Company determines that, in its sole
discretion, such transfer is, or is reasonably likely to be, in violation of
applicable federal or state securities laws:  (a)a transfer of vested Award Shares made to an
Affiliate of the Company or an Affiliate of any subsidiary of the Company;  (b)a transfer of vested Award Shares upon your
death to your executors, administrators, testamentary trustees, legatees or
beneficiaries;  (c)a transfer of vested Award Shares to a trust,
the beneficiaries of which include only you and your spouse, siblings, or
direct lineal ancestors or descendants;  (d)a transfer of vested Award Shares made as a
gift to your spouse or lineal descendants; or  (e)a transfer of vested Award Shares made pursuant
to a court order in connection with a divorce proceeding.  The
transferee in each of the subclauses (a) through (e) above is referred to
herein as a Permitted
Transferee. 
Notwithstanding anything to the contrary in this Agreement, no transfer
made to the Company, any  2


subsidiary of the Company, or the Sponsor
shall be subject to any restriction on transfer contained herein, so long as
any such transfer is made in accordance with all applicable federal and state
securities laws and does not violate any contractual agreement in effect at the
time of such transfer.  4.4The Company shall not be
required to (a) transfer on its books any Award Shares that have been sold
or transferred in contravention of this Agreement or (b) treat as the
owner of Award Shares, or otherwise accord voting, dividend or liquidation
rights to, any transferee to whom Award Shares have been transferred in
contravention of this Agreement.  5.Stock Certificates.  You
will be reflected as the owner of record of the Award Shares as of the Grant
Date on the Companys books.  The Company
will hold the share certificates for safekeeping, or otherwise retain the Award
Shares in uncertificated book entry form, until the Award Shares become vested
and nonforfeitable and until they may be transferred freely without restriction
under this Agreement.  Until the Award
Shares become vested and nonforfeitable, any share certificates representing
such shares will include a legend in substantially the following form, in
addition to any other legends that may be required under federal or state
securities laws.  THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR THE APPLICABLE SECURITIES ACT OF ANY STATE BUT HAVE
BEEN ISSUED IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION CONTAINED IN SAID
ACTS.  NO SALE, OFFER TO SELL OR OTHER
TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE UNLESS A
REGISTRATION STATEMENT UNDER SAID ACTS IS IN EFFECT WITH RESPECT TO THE
SECURITIES, OR AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF SUCH ACTS IS
THEN APPLICABLE.  THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER AND THE OTHER TERMS AND CONDITIONS SET FORTH IN A CERTAIN RESTRICTED
STOCK AGREEMENT DATED MAY 20, 2004, AS AMENDED FROM TIME TO TIME, BETWEEN
THE COMPANY AND THE REGISTERED OWNER OF THIS CERTIFICATE (OR HIS PREDECESSOR IN
INTEREST), AND SUCH AGREEMENT IS AVAILABLE FOR INSPECTION WITHOUT CHARGE AT THE
OFFICE OF THE SECRETARY OF THE COMPANY.  All
regular cash dividends and other distributions on the Award Shares held by the
Company will be paid directly to you, but any stock dividends will be treated
in the manner set forth in Section 9 of this Agreement.  6.Market Stand-Off Agreement.  You
agree that following the effective date of a registration statement of the
Company filed under the Securities Act, to the extent requested by the Company
and an underwriter of Common Stock or other securities of the Company, you will
not offer, sell, contract to sell, pledge or otherwise dispose of, directly or
indirectly, any equity securities of the Company, or any securities convertible
into or exchangeable or exercisable for such securities, enter into a transaction
which would have the same effect, or enter into any swap, hedge or other
arrangement that transfers, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction is
to be settled by delivery of such securities or other securities, in cash or
otherwise, or publicly disclose the intention to make any such offer, sale,
pledge or disposition, or to enter into any such transaction, swap, hedge or
other arrangement, in each case during the seven days prior to and the one
hundred and eighty (180) days after the effectiveness of any underwritten
offering of the Companys equity securities (or such longer or shorter period
as may be requested in writing by the managing underwriter and agreed to in writing
by the Company) (the Market
Stand-Off Period), except as part of such underwritten
registration if otherwise permitted.  In
addition, you agree to execute any further letters, agreements and/or other
documents requested by the Company or its underwriters which are consistent
with the terms of this Section 6. 
The Company may impose stop-transfer instructions with respect to
securities subject to the foregoing restrictions until the end of such Market
Stand-Off Period.  3


7.Tag-Along and Drag-Along Rights.  7.1.Tag-Along Rights. 
(a)  If the Sponsor proposes to
transfer all or a portion of the shares of Common Stock beneficially owned by
it to a Third Party which would not be an Affiliate of the Sponsor immediately
upon consummation of such transfer, and the Sponsor does not exercise its Drag-Along
Rights in accordance with Section 7.4 (a Tag-Along Sale), the Sponsor shall cause you
and your Permitted Transferees to have the option to exercise your rights under
this Section 7.1, provided, however, that you and your Permitted
Transferees, if any, shall have no rights under this Section 7.1 if the shares
of Common Stock to be transferred in such transaction and any shares of Common
Stock which have been transferred to any Third Party within a 90-day period
preceding the date of such transfer have, in the aggregate, a Fair Market Value
less than ten million dollars ($10,000,000) (a Small Transfer), and provided, further,
that when the cumulative Fair Market Value of all such Small Transfers, the
value to be calculated at the time of each such transfer, exceeds fifty million
dollars ($50,000,000), the restrictions provided for in the first proviso of
this Section 7.1(a) shall no longer be in effect.  Moreover, you and your Permitted Transferees,
if any, shall have no rights under this Section 7.1 with respect to any
transfer by the Sponsor of any shares of Common Stock beneficially owned by it
to any limited partner of the Sponsor.  (b)In the event of a proposed Tag-Along Sale:  (i)the Sponsor shall provide you written notice
of the terms and conditions of such proposed Tag-Along Sale, as described in
Section 7.1(c) (Tag-Along
Notice), at least 10 Business Days prior to the consummation of
such proposed Tag-Along Sale and offer you and your Permitted Transferees the
opportunity to participate in such Tag-Along Sale on the terms and conditions
set forth in this Section 7.1; and  (ii)subject to Section 7.1(c), you and your
Permitted Transferees shall be entitled to sell up to a Pro Rata Portion (as
defined below) of your Award Shares (the Tag Shares) at the same price and on the
same terms as the shares of Common Stock proposed to be sold by the Sponsor in
such Tag-Along Sale in accordance with the terms set forth in this Section 7.1.  The
Pro-Rata Portion
of your Tag Shares shall mean an amount of such Tag Shares equal to the product
of:  (A)(x) a fraction, the numerator of which is the number of shares of
Common Stock proposed to be transferred by the Sponsor and its Affiliates in
such Tag-Along Sale and the denominator of which is the total number of shares
of Common Stock beneficially owned by the Sponsor and its Affiliates
collectively, immediately prior to transferring such shares of Common Stock; or,
(y) for the first transfer after the restrictions set forth in the first
proviso of Section 7.1(a) are no longer in effect, a fraction, the numerator of
which is the number of shares of Common Stock proposed to be transferred by the
Sponsor and its Affiliates in such Tag-Along Sale plus the cumulative number of
shares of Common Stock transferred by the Sponsor and its Affiliates in all
Small Transfers, and the denominator of which is the total number of shares of
Common Stock beneficially owned by the Sponsor and its Affiliates collectively,
immediately prior to transferring such shares of Common Stock plus the
cumulative number of shares of Common Stock transferred by the Sponsor and its
Affiliates in all Small Transfers; and  (B)the total amount of Tag Shares beneficially owned by such Executive at
the time of the Tag-Along Sale.  (c)The Tag-Along Notice shall identify the
proposed transferee, the number of shares of Common Stock to be sold by the
Sponsor in the Tag-Along Sale, the Pro Rata Portion of your Tag Shares which
you shall be entitled to transfer in such Tag-Along Sale, the price at which
the transfer of shares of Common Stock is proposed to be made, and all other
material terms and conditions of the proposed Tag-Along Sale.  From the date of the Tag-Along Notice, you
and your Permitted Transferees shall have the right (a Tag-Along Right),
exercisable  4


by written notice (Tag-Along Response Notice)
given by you to the Sponsor within seven Business Days from the date of the
Tag-Along Notice (the Tag-Along
Response Notice Period), to request that the Sponsor includes
in the proposed transfer the number of Tag Shares held by you and your
Permitted Transferees (up to their Pro Rata Portion) as is specified in such
Tag-Along Response Notice at the same price and on the same terms and
conditions set forth in the Tag Along Notice; provided, however,
that if the aggregate number of shares of Common Stock proposed to be sold by
(i) the Sponsor, (ii) you and your Permitted Transferees, (iii) Other Award
Share Grantees and their permitted transferees giving tag-along notices similar
to the Tag-Along Notice during such period prescribed in Other Award Share
Grantees Agreements and (iv) any other persons entitled to give (and giving on
a timely basis) tag-along notices similar to the Tag-Along Notice pursuant to
agreements substantially similar to this Agreement, including those certain
Option Transfer Agreements, those certain Amended and Restated Management
Subscription Agreements, and those certain Retained Share Agreements, each
between the Company, the Sponsor and you or Other Key People, as amended, (the
persons identified in subclauses (i), (ii), (iii) and (iv) of this subsection,
collectively, the Participants),
in such Tag-Along Sale exceeds the number of shares of Common Stock which can
be sold on the terms and conditions set forth in the Tag-Along Notice, then
only the Tag-Along Portion of shares of Common Stock beneficially owned by you
shall be sold pursuant to the Tag-Along Sale. 
Tag-Along
Portion means, with respect to you and your Permitted
Transferees, the number of shares of Common Stock beneficially owned by you and
your Permitted Transferees on the date of the Tag-Along Notice multiplied by a
fraction, the numerator of which is the maximum number of shares of Common
Stock which can be sold in the Tag-Along Sale and the denominator of which is
the aggregate number of shares of Common Stock beneficially owned by the
Participants, collectively.  (d)Delivery of a Tag-Along Response Notice by
you to the Sponsor pursuant to Section 7.1(c) shall constitute an irrevocable
election by you and your Permitted Transferees, if any, to sell the number of
Tag Shares beneficially owned by it or them as is specified in such Tag-Along
Response Notice in such Tag-Along Sale. 
If, at the end of a 90-day period after such delivery, the Tag-Along
Sale has not been consummated on substantially the same terms and conditions
set forth in the Tag-Along Notice, all restrictions on transfers of Tag Shares
contained in this Agreement or otherwise applicable at such time with respect
to Tag Shares owned by you and your Permitted Transferees shall again be in
effect.  (e)If at the termination of the Tag-Along Response
Notice Period you and your Permitted Transferees, if any, shall not have
exercised its or their Tag-Along Right by providing the Sponsor with a
Tag-Along Response Notice, such Executive and such Executives Permitted
Transferees shall be deemed to have waived its or their Tag-Along Right with
respect to transferring its or their Tag Shares pursuant to such Tag-Along
Sale.  (f)The Sponsor may sell, on behalf of you and
your Permitted Transferees, if you and your Permitted Transferees, if any,
exercise your or their Tag-Along Right pursuant to this Section 7.1, the shares
of Common Stock entitled to be transferred in the Tag-Along Sale on the terms
and conditions set forth in the Tag-Along Notice within 90 days of the date on
which Tag-Along Rights shall have been waived or exercised.  7.2.Limitation of Rights Following Termination of
Employment.  Notwithstanding any other provision of this
Agreement, upon the termination of your employment with the Company or any of
its subsidiaries for Cause, or if you terminate your employment with the
Company or any of its subsidiaries without Good Reason (as such term is defined
in your employment agreement with the Company, if any), you and your Permitted
Transferees shall have no rights under Section 7.1.  In the case of any other termination of your
employment, you and your Permitted Transferees shall continue to have the
rights specified in Section 7.1.  7.3.Termination of Tag-Along Rights. 
Notwithstanding anything to the contrary, the provisions of Section 7.1
shall not be applicable if the Common Stock is publicly traded on an Exchange
and there exists a Minimum Public Float.  7.4.Drag-Along Rights. 
(a)  If the Sponsor and its
Affiliates propose to transfer all or any portion of the shares of Common Stock
beneficially owned by them to a Third Party (a Drag-Along Sale), you and your
Permitted Transferees shall, at the Sponsors option and in the Sponsors sole
discretion, upon your receipt of written notice from the Sponsor, sell the
Drag-Along Portion of your Award Shares to such Third Party for the  5


same consideration and otherwise on the same
terms and conditions on which the Sponsor and its Affiliates sell their shares
of Common Stock in such Drag-Along Sale (the Drag-Along Rights).  The
Drag-Along Portion
of your Award Shares means, at any time, the number of Award Shares
beneficially owned by you and your Permitted Transferees, multiplied by a
fraction, the numerator of which is the number of shares of Common Stock
proposed to be sold on behalf of the Sponsor in such Drag-Along Sale and the
denominator of which is the total number of shares of Common Stock then
beneficially owned by the Sponsor.  (b)The Sponsor shall provide written notice of
such Drag-Along Sale to you (a Drag-Along Notice) not less than 20 days prior to the
consummation of such proposed Drag-Along Sale which notice shall state that the
Sponsor proposes to effect a transfer of a certain number of shares of Common
Stock, the number of shares of Common Stock proposed to be transferred, the
purchase price, the proposed transferee, the number of Award Shares which you
are required to transfer in such Drag-Along Sale (based on the methodology set
forth in Section 7.4(a)), and all other material terms and conditions of the
Drag-Along Sale.  Subject to Section
7.4(c), you shall be required to participate in the Drag-Along Sale on the
terms and conditions set forth in the Drag-Along Notice.  Not later than the tenth day following the
date of the Drag-Along Notice (the Drag-Along Notice Period), you shall deliver
to a representative of the Sponsor designated in the Drag-Along Notice
certificates representing all the Award Shares beneficially owned and held by
you, duly endorsed, together with all other documents required to be executed
in connection with such Drag-Along Sale, or, if such delivery is not permitted
by applicable law, an unconditional agreement to deliver such Award Shares
pursuant to this Section 7.4 at the closing for such Drag-Along Sale against
delivery to you of the consideration therefor. 
If you should fail to deliver such certificates to the Sponsor in a
Drag-Along Sale pursuant to this Section 7.4, the Company shall cause the books
and records of the Company to show that such shares of Common Stock are bound
by the provisions of this Section 7.4 and that such shares of Common Stock
shall be transferred to the purchaser of the shares of the Common Stock
immediately upon surrender for transfer by the holder thereof.  (c)The Sponsor
shall have a period of 90 days from the date of the Drag-Along Notice to
consummate the Drag-Along Sale on the terms and conditions set forth in such
Drag-Along Sale Notice.  If the
Drag-Along Sale shall not have been consummated during such period, the Sponsor
shall return to you all certificates representing Award Shares that you
delivered for transfer pursuant hereto, together with any documents in the
possession of the Sponsor executed by you in connection with such proposed
transfer, and the Drag-Along
Notice shall be deemed to be cancelled and this Agreement will remain in full
force and effect in accordance with its terms.  7.5.Other Responsibilities.  The
delivery of any notices to, and the obtaining of any consents from, any
Permitted Transferee with respect to any provision of this Agreement,
including, but not limited to, Sections 7.1 and 7.4, shall be your sole
responsibility, unless otherwise agreed to in writing between such Permitted
Transferee and the Sponsor.  Neither the
Company nor the Sponsor shall be liable to any Permitted Transferee for your
failure to deliver a notice to, or obtain a consent from, any Permitted
Transferee with respect to any provision of this Agreement, including, but not
limited to, Sections 7.1 and 7.4.  7.6.Sales to Principal Beneficial Owners.  The
Sponsor and its Affiliates shall not transfer all or any portion of the shares
of Common Stock beneficially owned by them to a Principal Beneficial Owner,
other than an Affiliate of the Sponsor, unless such Principal Beneficial Owner
agrees to be bound by this Section 7 as if it were the Sponsor.  To the extent that the Sponsor and its
Affiliates transfer any shares of Common Stock to a Principal Beneficial Owner
other than an Affiliate of the Sponsor, you and your Permitted Transferees
agree that such Principal Beneficial Owner shall receive the benefits set forth
in Sections 7.4 and 7.5 hereof as if such Principal Beneficial Owner were the
Sponsor.  8.Tax Withholding and Tax Election.  8.1Tax Withholding.  The Company
shall have the right to deduct from any compensation or any other payment of
any kind (including, upon approval of the Board of Directors of the Company,
withholding the delivery of shares of Common Stock) due you the amount of any
federal, state, local or foreign taxes required by law to be withheld which
arise in connection with the Award Shares; provided, however,
that the value of the shares  6


of Common Stock withheld may not exceed the
statutory minimum withholding amount required by law.  In lieu of such deduction, the Company may
require you to make a cash payment to the Company equal to the amount required
to be withheld.  If you do not make such
payment when requested, the Company may refuse to issue any Common Stock
certificate under this Agreement until arrangements satisfactory to the
Administrator for such payment have been made.  8.2Tax Election.  You
hereby acknowledge that you have been advised by the Company to seek
independent tax advice from your own advisors regarding the availability and
advisability of making an election under Section 83(b) of the Code, and
that any such election, if made, must be made within 30 days of the Grant
Date.  You expressly acknowledge that you
are solely responsible for filing any such Section 83(b) election with the
appropriate governmental authorities, irrespective of the fact that such
election is also delivered to the Company. 
You may not rely on the Company or any of its officers, directors or
employees for tax or legal advice regarding this award.  You acknowledge that you have sought tax and
legal advice from your own advisors regarding this award or have voluntarily
and knowingly foregone such consultation. 
You must pay over to the Company by check the amount of any and all
applicable withholding taxes at the time that you make a Section 83(b)
election.  9.Adjustments for Corporate Transactions and
Other Events.  9.1Stock Dividend, Stock Split and Reverse Stock
Split.Upon
a stock dividend of, or stock split, reverse stock split, or similar event
affecting, the Common Stock, the number of Award Shares and the number of such
Award Shares that are nonvested and forfeitable shall, without further action
of the Administrator, be adjusted to reflect such event.  The Administrator may make adjustments, in
its discretion, to address the treatment of fractional shares with respect to
the Award Shares as a result of the stock dividend, stock split, reverse stock
split, or similar event.  Adjustments
under this Section 9 will be made by the Administrator, whose
determination as to what adjustments, if any, will be made and the extent
thereof will be final, binding and conclusive. 
No fractional Award Shares will result from any such adjustments.  9.2Binding Nature of Agreement.  The
terms and conditions of this Agreement shall apply with equal force to any
additional and/or substitute securities received by you in exchange for, or by
virtue of your ownership of, the Award Shares, whether as a result of any
spin-off, stock split-up, stock dividend, stock distribution, other
reclassification of the Common Stock of the Company, or similar event, except
as otherwise determined by the Administrator. 
If the Award Shares are converted into or exchanged for, or stockholders
of the Company receive by reason of any distribution in total or partial
liquidation or pursuant to any merger of the Company or acquisition of its
assets, securities of another entity, or other property (including cash), then
the rights of the Company under this Agreement shall inure to the benefit of
the Companys successor, and this Agreement shall apply to the securities or
other property received upon such conversion, exchange or distribution in the
same manner and to the same extent as the Award Shares.  10.Non-Guarantee of Employment or Service
Relationship.  Nothing in the Plan or this Agreement shall
alter your at-will or other employment status or other service relationship
with the Company, nor be construed as a contract of employment or service
relationship between the Company and you, or as a contractual right of you to
continue in the employ of, or in a service relationship with, the Company for
any period of time, or as a limitation of the right of the Company to discharge
you at any time with or without cause or notice and whether or not such
discharge results in the forfeiture of any Award Shares or any other adverse
effect on your interests under the Plan.  11.Rights as Stockholder. 
Except as otherwise provided in this Agreement with respect to the
nonvested and forfeitable Award Shares, you are entitled to all rights of a
stockholder of the Company, including the right to vote the Award Shares and
receive dividends and/or other distributions declared on the Award Shares.  12.The Companys Rights. 
Except as provided under Section 7.6 of this Agreement, the existence of
the Award Shares shall not affect in any way the right or power of the Company
or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Companys capital
structure or its business, or any merger or consolidation of the Company, or
any issue of bonds, debentures, preferred or other stocks with preference ahead
of or convertible into, or otherwise affecting the Common Stock or  7


the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of the
Companys assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise.  13.Notices.  All notices and other
communications made or given pursuant to this Agreement shall be in writing and
shall be sufficiently made or given if hand delivered or mailed by certified mail,
addressed to you at the address contained in the records of the Company, or
addressed to the Administrator, care of the Company for the attention of its
Corporate Secretary at its principal executive office or, if the receiving
party consents in advance, transmitted and received via telecopy or via such
other electronic transmission mechanism as may be available to the parties.  14.Entire Agreement.  This
Agreement contains the entire agreement between the parties with respect to the
Award Shares granted hereunder.  Any oral
or written agreements, representations, warranties, written inducements, or
other communications made prior to the execution of this Agreement with respect
to the Award Shares granted hereunder shall be void and ineffective for all purposes.  15.Amendment.  This Agreement may be amended
from time to time only be a written instrument duly executed by the Company,
the Sponsor, and you.  16.Conformity with Plan.  This
Agreement is intended to conform in all respects with, and is subject to all
applicable provisions of, the Plan. 
Inconsistencies between this Agreement and the Plan shall be resolved in
accordance with the terms of the Plan. 
In the event of any ambiguity in this Agreement or any matters as to
which this Agreement is silent, the Plan shall govern.  A copy of the Plan isavailable upon
request.  Please contact the Company by
email at dselby@vertisinc.com or at 250 W. Pratt Street, 18th Floor,
Baltimore, Maryland 21201, Attention: Dolores D. Selby (telephone:
410-361-8394), to receive a copy of the Plan.  17.Governing Law. The validity, construction and effect of
this Agreement, and of any determinations or decisions made by the
Administrator relating to this Agreement, and the rights of any and all persons
having or claiming to have any interest under this Agreement, shall be
determined exclusively in accordance with the laws of the State of Delaware,
without regard to its provisions concerning the applicability of laws of other
jurisdictions.  Any suit with respect
hereto will be brought in the federal or state courts in the districts which
include New York, New York, and you hereby agree and submit to the personal
jurisdiction and venue thereof.  18.Headings.  The headings in this Agreement
are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.  19.Notices.  All notices and other
communications provided for herein shall be dated and in writing and shall be
deemed to have been duly given when delivered, if delivered personally or sent
by registered or certified mail, return receipt requested, postage prepaid and
when received if delivered otherwise, to the party to whom it is directed:  (a)If to the Company, to it at the following
address:  250 W. Pratt Street, 18th Floor Baltimore, Maryland 
21201 Attention: General Counsel Fax No.: (410) 528-9287  with
a copy to the Sponsor, at the address set forth below:  (b)If to you, at the address set forth in the
Companys records;  (c)If to the Sponsor, to it at the following
address:  Thomas H. Lee Equity Fund IV, L.P. c/o Thomas H. Lee Company 75 State Street, Suite 2600  8


Boston, Massachusetts  02109 Attention: Anthony J. DiNovi Fax No.: (617) 227-3514  or
at such other address as the parties hereto shall have specified by notice in
writing to the other parties (provided, that such notice of change of
address shall be deemed to have been duly given only when actually received).  20.Limitation of Liability.  None
of the Affiliates of the Sponsor shall have any liability to the you or any of
your Permitted Transferees or the Company or any of its subsidiaries under any
provision of this Agreement.  In the
event of an alleged breach of this Agreement by the Sponsor, the parties hereto
acknowledge and agree that the sole remedy which may be sought against the
Sponsor shall be specific performance, provided, however, that if
the remedy of specific performance is not available, you, your Permitted
Transferees, if any, and the Company will only seek to recover direct damages
for any breach of this Agreement.  You,
your Permitted Transferees, if any, and the Company agree to waive any other
remedy against the Sponsor to which they might be entitled at law, including,
but not limited to, compensatory damages, consequential damages, continuing
damages, future damages, incidental damages, punitive damages and nominal
damages.  The Company shall indemnify,
defend, save and hold harmless Sponsor from and against any and all liabilities
arising under, pursuant to or in connection with this Agreement.  21.Severability.  The
invalidity, illegality or unenforceability of one or more of the provisions of
this Agreement in any jurisdiction shall not affect the validity, legality or
enforceability of the remainder of this Agreement in such jurisdiction or the
validity, legality or enforceability of this Agreement, including any such
provision, in any other jurisdiction, it being intended that all rights and
obligations of the parties hereunder shall be enforceable to the fullest extent
permitted by law.  22.Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which shall constitute one and the same instrument, and it
shall not be necessary in making proof of this Agreement to produce or account
for more than one such counterpart.  9


GLOSSARY  (a)Administrator means the Committee as
determined under Section 2.7 of the Plan.  (b)Affiliate has the meaning given to such term
in the Plan.  (c)Business Day means any day other than a
Saturday, Sunday, or other day during which the Companys principal executive
office is not open for business.  (d)Cause generally means your insubordination,
dishonesty, incompetence, moral turpitude, other misconduct of any kind or the
refusal to perform your duties or responsibilities for any reason other than
illness or incapacity, in each case as determined by the Board in good faith.  However, if you have an employment agreement,
consulting agreement, change of control agreement or similar agreement in
effect with the Company at the time in question that defines cause (or words
of like import), then cause has the meaning ascribed to it under such
agreement, as such agreement shall provide at the time in question; provided
that with respect to any agreement that conditions cause on the occurrence of
a change of control, such definition of cause shall not apply until a change
of control actually takes place and then only with regard to a termination
thereafter.  (e)Common Stock means the common stock, $.01
par value, of Vertis Holdings, Inc..  (f)Company means Vertis Holdings, Inc. and its
Affiliates, except where the context otherwise requires.  For purposes of determining whether a
Liquidity Event has occurred, Company shall mean only Vertis Holdings, Inc.  (g)Disability means your inability to perform
substantially your duties and responsibilities to the Company by reason of a
physical or mental disability or infirmity for a continuous period of three
months.  The date of such disability
shall be the earlier of (1) the last day of such three-month period or (2) the
day on which you submit, or cause to be submitted, to the Board any medical
evidence of such disability reasonably satisfactory to the Board.  (h)Exchange means the principal stock exchange,
including The Nasdaq Stock Market, on which the Common Stock is listed or
approved for listing, if any.  (i)Liquidity Event means (1) a public offering
of the Common Stock registered pursuant to the Securities Act where there is a
Minimum Public Float immediately following such offering, (2) a merger or other
business combination or recapitalization whereby the Common Stock is exchanged
for cash and/or publicly traded equity or debt securities in another entity or
a combination of cash and other non-publicly traded equity or debt securities
where cash constitutes at least a majority of the consideration to be received
in such merger, business combination or recapitalization or (3) a sale or other
disposition of all or substantially all of the Companys assets to another
entity, for cash and/or publicly traded equity or debt securities of another
entity or a combination of cash and other non-publicly traded equity or debt
securities where cash constitutes at least a majority of the proceeds of such
sale or disposition, in each case, other than to the Company, any subsidiary of
the Company, or any entity controlled by the ultimate control persons of the
Company.  (j)Minimum Public Float means the circumstances
existing when (i) the consummation of one or more public offerings registered
pursuant to the Securities Act of shares of Common Stock if, upon such
consummation, the aggregate number of shares of Common Stock held by the
public, not including Affiliates of the Company, represents at least 20% of the
total number of outstanding shares of Common Stock at the time of such public
offering and (ii) the Common Stock is listed on an Exchange.  (k)Other Award Share Grantees means other
persons receiving Award Shares pursuant to a restricted stock agreement having
terms substantially identical to those contained in this Agreement.  10


(l)Other Key People means the officers, members
of management, key employees of the Company and its Affiliates.  (m)Principal Beneficial Owner means any of the
Sponsor, CLI/THLEF IV Vertis LLC, Evercore Capital Partners L.P., CLI
Associates LLC, J.P. Morgan Partners (BHCA), L.P., Wachovia Capital Partners,
LLC (formerly First Union Capital Partners, LLC), and Cadogan Capital, LLC and
their respective Affiliates and successors.  (n)Securities Act means the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder.  (o)Service means your employment or other
service relationship with the Company and its Affiliates.  Service will be considered to have ceased
with the Company if, after a sale, merger or other corporate transaction, the
trade, business or entity with which you are employed is no longer an Affiliate
of Vertis Holdings, Inc.  (p)Third Party means any person or entity
excluding each of the following:  (a) the
Company and its employees, officers, directors and (b) the Principal Beneficial
Owners.  (q)You; Your. 
You means the recipient of the Award Shares as reflected in the first
paragraph of this Agreement.  Whenever
the word you or your is used in any provision of this Agreement under
circumstances where the provision should logically be construed, as determined
by the Administrator, to apply to the estate, personal representative, or
beneficiary to whom the Award Shares may be transferred by will or by the laws
of descent and distribution, the words you and your shall be deemed to
include such person.  11


IN
WITNESS WHEREOF, the Company and the Sponsor have caused this Agreement to be
executed by their duly authorized officers.   VERTIS
  HOLDINGS, INC.By:
  /S/
  John V. HowardSenior
  Vice President, General Counsel and SecretaryDate:
  May 20, 2004THOMAS
  H. LEE EQUITY FUND IV, L.P.By:
  /S/
  Anthony DiNoviDate:   The
undersigned hereby acknowledges that he/she has carefully read this Agreement
and agrees to be bound by all of the provisions set forth herein.  WITNESS:
  
  GRANTEE[Witness]
  
  /S/
  Herbert W. MoloneyDate:  Enclosure:  Vertis Holdings, Inc. 1999 Equity Award Plan  12