[BANTA LETTERHEAD] 



October 31, 2006 



Confidential 



Ms. Sara
Armbruster
4916 N Waterford Drive
Appleton, WI 54913 



Dear Sara: 



In the event that Banta
should incur a “Change in Control of the Company” as defined in the Company’s
standard KEESA agreement as filed with the SEC as Exhibit 10(e) to the Company’s
Form 10-K for the year ended January 1, 2000, you will be entitled to the following:  



A.    During your
continued employment after such change in control, you would                     receive
a compensation package that would be at least comparable in all material
                    respects to the package in effect immediately prior to the change in
control.                     During such period, the services to be performed by you
would be of the same job                     content and scope as your position
immediately prior to the change in control,                     rendered in the same
metropolitan area in which you were principally employed                     during the
6-month period prior to the change in control, and you would not be
                    required to be absent from such metropolitan area for any number of
days in any                     fiscal year of the Company exceeding the average number
of days per year you                     were absent from such metropolitan area during
the two fiscal years prior to the                     change in control.  



B.    In the event that the
Company terminates your employment within the 24-month                     period
following the change in control other than for “disability” or
                    “cause” (as defined in the standard KEESA agreement
referenced above)                     or in the event that, after reasonable notice and
opportunity to cure, you                     terminate your employment during such
24-month period because of the                     Company’s breach of its
obligations in A above, you would be entitled to                     the following:  



1.    Separation Pay:
You would receive
promptly after your separation date the cash separation payment described in C below. The
separation payment would be subject to federal tax at the supplemental rate in effect at
the time of such payment.  



2.    Pro-Rated
You would be eligible to
receive a pro-rated STIP at target payment for the current year in which the termination
of employment occurs. The payment would be made promptly after the separation date.  



3.     Medical
and Dental Insurance Coverage:
You would be eligible for
the Company’s standard medical and dental insurance coverage in which you were
enrolled on the separation date, until the earliest of your eligibility for coverage by
another employer, your coverage under your spouse’s employer, or through the end of
the month in which occurred the one-year anniversary of your separation date. During such
period, your cost would be limited to that applicable to then-active employees with
similar coverage. You would have to elect COBRA to receive
this benefit. Each month of benefits provided to you under this provision
would be deducted from the total benefit continuation provided under COBRA, subject to
the COBRA notification letter provided to you.  



4.    Outplacement:
You would be eligible for
outplacement services in an amount up to $16,000.  















5.    Company Automobile:    
You would continue to
have the use of your company-leased vehicle for 3-months following the separation date.  



6.    Accrued
Benefits:
You would receive your
vested accrued benefits under the Company’s various benefit plans, including, but
not by way of limitation, your 401(k) and pension benefits and your accrued but unused
vacation pay (at a minimum pursuant to the company policy in effect prior to the change
in control).  



C.    The separation
payment that you would receive pursuant to B 1 above would be                     the sum
of (i) and (ii): 




        (i).                      Your
annual base salary (i.e., 12 times the highest monthly base salary for the
               12-month period preceding the change in control, plus any upward
adjustments                from time to time thereafter); and  




        (ii).                      Your
highest annual bonus award paid to (or deferred by) you in any one fiscal
               year with respect to the three fiscal years of the Company preceding the
               separation date.  




You shall not be required
to mitigate the amount of the separation payment by securing other employment or
otherwise, nor will such payment be reduced by reason of your securing other employment
or for any other reason. Notwithstanding the foregoing, if any portion of the separation
payment or any other payment under this Agreement or under any other agreement with or
plan of the Company (in the aggregate, “Total Payments”), would constitute an
“excess parachute payment” (as defined in Section 280G of the Code) then the
Total Payments to be made to you would be reduced such that the value of the aggregate
Total Payments that you would be entitled to receive would be One Dollar ($1.00) less
than the maximum amount which you could receive without becoming subject to the tax
imposed by Section 4999 of the Code or which the Company may pay without loss of
deduction under Section 280G(a) of the Code.  



Sincerely, 



/s/ Stephanie A. Streeter 



Stephanie A.
Streeter
Chairman, President and CEO