BANTA CORPORATION

                              ECONOMIC PROFIT (EP)

                      LONG-TERM INCENTIVE COMPENSATION PLAN

               (As Amended and Restated Effective January 1, 2002)

                                   ARTICLE I

                              Statement of Purpose

1.1    The purpose of the Banta Corporation (the "Company") Economic Profit
       ("EP") Long-Term Incentive Compensation Plan (the "Plan") is to provide
       an incentive compensation system which promotes and rewards the
       maximization of shareholder value over the long term. The Plan is
       designed to create a focus for all participants to achieve the key
       financial and strategic objectives which drive shareholder value
       creation. The Plan aims to provide a fair and meaningful reward for
       achieving or surpassing shareholder value creation goals by directly
       linking incentive compensation to EP and, thereby, reward management for
       creating value.

1.2    There are two different performance measures of value creation, EPS and
       EP. EPS is the fully diluted earnings per average share of common stock
       of the Company for the applicable year. EP is the performance measure of
       value creation. EP reflects the benefits and costs of capital employment.
       Managers create value when they employ capital in an endeavor that
       generates a return that exceeds the cost of the capital employed. By
       imputing the cost of capital upon the operating profits generated by the
       Company, EP measures the total value created by management.

             EP = (Net Operating Profit After Tax - Capital Charge)

1.3    Each Plan Participant has a prescribed Target Bonus which is composed of
       two components, an amount based on the Company's EP results and an amount
       based on the Company's EPS results. Each bonus will be paid out one-third
       annually over a three year period subject to the payout rules contained
       in Section 5.4.

1.4    The Plan will be administered on a fiscal year basis under the direction
       and control of the Compensation Committee of the Banta Corporation Board
       of Directors (the "Committee"). At a meeting of the Committee during the
       first quarter of each year the Committee will review and approve the list
       of Plan Participants for such year, along with the Company's Cost of
       Capital and the applicable targets and factors for EP and EPS.

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                                   ARTICLE II

                    Definition of EP and the Components of EP
                    -----------------------------------------

2.1    "Capital" means the net investment employed in the operations of the
       Company. The components of Capital are as follows:

                     Shareholders Equity
          Plus:      Advances from (to) Corporate
          Plus:      Collected cash overdrafts (balances)
          Plus:      Long-term debt (including current portion) and
                     short-term debt
          Plus:      Deferred taxes (net of future tax benefit)
          Plus:      Accrued (prepaid) income taxes
          Plus:      LIFO Reserve
          Plus:      Cumulative goodwill and non-compete amortization
          Plus:      Acquisition earnouts paid
          Plus:      Capitalized leases
          Plus:      Non-cash accruals
          Plus:      Negative EP on acquisitions and/or major R&D projects
                     approved by the Chief Executive Officer
          Plus/Less: Other capital items as determined by management and
                     approved by the Committee
          Less:      Non-operating Cash
          ----       ------------------
          Equals:    Capital

       Each component of Capital will be measured by computing an average
       balance based on the ending period balance for each period the Company
       closes its books within the year.

2.2    "Cost of Capital" will be estimated at the beginning of each year based
       on the weighted average of the after-tax cost of debt and equity for the
       year in question for the entire Company. Calculations will be carried to
       one decimal point.

2.3    "Capital Charge" means the deemed opportunity cost of employing Capital
       in the Company. The Capital Charge is computed as follows:

                  Capital Charge = Capital x Cost of Capital

2.4    "Net Operating Profit After Tax" or "NOPAT"


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       "NOPAT" means the after-tax earnings attributable to the capital employed
       in the Company for the year in question. The components of NOPAT are as
       follows:

                     Operating Earnings Before Income Taxes
          Plus:      Miscellaneous income (excluding interest income)
          Plus:      Current LIFO expense
          Plus:      Change in non-cash accruals
          Plus:      Capitalized lease adjustment
          Plus:      Non-compete amortization
          Plus:      Goodwill amortization
          Plus:      Acquisition earnouts expensed
          Plus:      R&D expense
          Plus:      R&D amortization
          Plus/Less: Other items as determined by management and approved by
                     the Committee
          Less:      Income Taxes
          ----       ------------
          Equals:    Net Operating Profit After Tax

       Gains and losses on the sale of assets, gains and losses on the
       disposition of businesses and/or business segments, restructuring charges
       and other large non-recurring gains and losses will be excluded from
       NOPAT unless the Committee determines that a specific item should be
       included.

2.5    "Economic Profit" or "EP" means the NOPAT that remains after subtracting
       the Capital Charge, expressed as follows:

                     NOPAT
          Less:      Capital Charge
          ----       --------------
          Equals:    EP

       EP may be positive or negative.

2.6    Operations acquired will be excluded from the EP computations for the
       first 12 months after acquisition, unless the Committee approves earlier,
       or later, inclusion based on the facts related to a specific acquisition.

                                  ARTICLE III

                   Definition and Computation of Target Bonus
                   ------------------------------------------

3.1    "Actual EP" means the EP as calculated for the Company for the year in
       question.

3.2    "Target EP" means the level of EP that is expected in order for a
       Participant of the Company to receive one hundred percent (100%) of the
       Target Bonus attributable to the EP component as determined for the year
       by the Committee.

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3.3    "Target Bonus" means the "Target Bonus Percentage" times a Participant's
       Base Pay actually paid for the year (see article VII for calculations
       related to a change in a Participant's employment status).

3.4    "Target Bonus Percentage" is 25% for each Participant.

3.5    "Base Pay" means the Participant's base rate of salary excluding bonuses
       and other benefits or forms of compensation.

3.6    "Actual EPS Bonus" means the bonus earned by a Participant based on EPS
       results for the applicable year and the schedule of positive and negative
       percentages of the Target Bonus attributable to the EPS results as
       determined by the Committee.

                                   ARTICLE IV

                   Definition and Computation of Actual Bonus
                   ------------------------------------------

4.1    Each Participant shall have his/her Target Bonus subdivided into two
       component targets, a target based on total Company EP results and a
       target based on EPS. Unless otherwise specifically provided by the
       Committee, the Target Bonus will be split fifty-fifty between the two
       components.

4.2    "Actual EP Bonus" means the bonus earned by a Participant based on total
       Company EP results and is calculated by multiplying the Target Bonus by a
       percentage which is determined as follows:

                         [Actual EP - Target EP] + 1
                         -----------------------
                         [Bonus Table Generator]

4.3    "Bonus Table Generator" is the negative (positive) deviation from Target
       EP necessary before a zero (two times Target) bonus is earned, annually
       determined by the Committee.

4.4    "Combined Bonus" is the sum of the Actual EP Bonus and Actual EPS Bonus.
       The Combined Bonus will be capped at three hundred percent (300%) of
       Target Bonus for each Participant such that any amounts above three
       hundred percent (300%) of a Participant's Target Bonus will be ignored
       for any calculation and other purpose of this Plan. The minimum Combined
       Bonus for each Participant will be zero such that any negative amount
       will be ignored for any calculation and other purpose of this Plan.

                                   ARTICLE V

                           Description of Bonus Banks
                           --------------------------

5.1    Establishment of a Bonus Bank. To encourage a long-term commitment by
       Participants to the Company, all Combined Bonus amounts shall be credited
       to "at risk" accounts


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       (Bonus Banks), with the level of future payout contingent on continued
       employment as provided herein.

5.2    "Bonus Bank" means, with respect to each Participant, a bookkeeping
       record of an account to which amounts are credited from time to time
       under the Plan and from which bonus payments to such Participants are
       debited.

5.3    "Bank Balance" means, with respect to each Participant, a bookkeeping
       record of the net balance of the amounts credited to such Participant's
       Bonus Bank. A Participant's Bank Balance shall initially be equal to
       zero.

5.4    Payout Rules:

       (A)    If there is no balance in the Bonus Bank carried over from the
              prior year:
              (1)    Pay out 1/3 of the Combined Bonus, if any.
              (2)    Add the remaining Combined Bonus to the Bonus Bank. The
                     banked amount will be paid out in two equal installments
                     beginning with a payment at the time that bonuses would be
                     paid for the subsequent year.
              (3)    Carry forward any Bonus Bank amounts.

       (B)    If there is a Bonus Bank balance carried over from the prior year:
              (1)    Pay out 1/3 of the Combined Bonus earned for the current
                     year, if any.
              (2)    Add the remaining Combined Bonus to the Bonus Bank. The
                     banked amount will be paid out in two equal installments
                     beginning with a payment at the time that bonuses would be
                     paid for the subsequent year
              (3)    Pay out any scheduled installments from prior years
                     applicable to the current year.
              (4)    Carry forward any Bonus Bank balances.

5.5    Payment of Awards. All amounts payable to Participants shall be paid in
       cash within 30 days following approval of the calculations by the
       Committee.

                                   ARTICLE VI

                                Deferred Payment

6.1    Deferrals. A Participant may elect in advance to defer payment of all or
       any portion of the payments he/she would otherwise receive pursuant to
       Sections 5.4 and 5.5. No bonus amount otherwise payable in a year shall
       be deferred for any year unless the Company shall have received a written
       notice from the Participant not later than December 31 of the second
       preceding year specifying the portion of the award which is to be
       deferred. By way of example, an election to defer any 1998 awards (which
       would otherwise be paid in early 1999) must be received by December
       31,1997. Any such deferral election shall be irrevocable.

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6.2    Deferral Accounts. All amounts so deferred will be credited, as of the
       dates otherwise payable, to an account created on the Company's books for
       the Participant. Amounts standing to a Participant's credit in the
       account shall be paid to the Participant or his designated beneficiary or
       estate: (1) over a period of not more than fifteen years following
       termination of the Participant's employment by reason of death,
       disability or normal or early retirement as permitted by the Company's
       Retirement Plan; and (2) over a period of not more than three years
       following termination of a Participant's employment for any other reason,
       in either case at such times and in such installments as shall be
       determined in the sole discretion of the Committee.

6.3    Interest. Until such time as all amounts in the account are paid in full,
       a credit in lieu of interest shall be made to the account on December 31
       of each year (or on the date of the final installment payment from the
       account, as the case may be) in an amount equal to interest on the
       balance from time to time outstanding in the account during the year at a
       rate equal to the average prime rate of interest less one percentage
       point. For purposes of this section the "average prime rate of interest"
       in effect during the applicable period shall be computed by multiplying
       each prime rate of interest in effect at the Firstar Bank of Milwaukee
       during such period by the number of days each such rate was so m effect,
       and by dividing the total number so obtained by the total number of days
       in such period.

                                  ARTICLE VII

                 Plan Participation, Transfers and Terminations

7.1    Participant. "Participant" shall mean an employee employed on a regular
       full-time or part-time basis by the Company and who has been recommended
       by the Chief Executive Officer to be eligible to participate in the Plan
       and approved by the Committee. In order to be eligible for an Actual EP
       Bonus for a year, the Participant must be designated as such pursuant to
       Section 1.4. A person shall remain a Participant for other purposes of
       the Plan as long as he/she has a Bonus Bank balance or a deferred
       balance.

7.2    New Participants. The percentage (%) of award to which a Participant is
       entitled in the first year of his/her participation in the Plan is
       prorated at a rate of 1/12 for each complete month from date of
       participation.

7.3    Retirement. Disability. Involuntary Termination Without Cause or Death. A
       Participant who retires under the terms of the Company's Retirement Plan,
       or suffers a "disability", as such term is defined in the Company's
       long-term disability benefits program and is not reasonably expected by
       management to return to work, or is involuntarily terminated without
       cause or who dies shall be eligible to receive the balance of his/her
       Bonus Bank as of the end of the year pursuant to Section 5.5 after taking
       into account the actual bonus value for the said year. The actual bonus
       value for the said year shall be equal to zero dollars ($0) if the
       Participant has not completed six full months of employment with the
       Company during the year. Otherwise, the percentage of award for the said
       year to which


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       a Participant is entitled shall be prorated at a rate of 1/12 for each
       complete month of employment during the year.

7.4    Voluntary Termination. In the event that a Participant voluntarily
       terminates employment with the Company on or before the end of the
       applicable fiscal year, the right of the Participant to his/her Bank
       Balance and/or any potential current year payout shall be forfeited.

7.5    Termination for Cause. "Cause" shall mean:

       (1)    misappropriation by the Participant of funds of the Company or any
              of its subsidiaries;
       (2)    the Participant personally and secretly obtaining profits from
              dealings with the Company or any of its subsidiaries;
       (3)    the Participant's unreasonable neglect of, or refusal to perform,
              his/her duties or responsibilities; and
       (4)    conviction of a serious crime involving moral turpitude.

7.6    Payment and Breach of Agreement. Notwithstanding any other provision of
       the Plan or any other agreement, in the event that a Participant shall
       breach any noncompetition agreement with the Company or breach any
       agreement with respect to the postemployment conduct of such Participant,
       any remaining payment otherwise due to the Participant hereunder shall be
       forfeited.

7.7    No Guarantee. Selection as a Participant is no guarantee that benefits
       under the Plan will be earned or that selection as a Participant will be
       made in any subsequent year.

                                  ARTICLE VIII

                               General Provisions

8.1    Withholding of Taxes. The Company shall have the right to withhold the
       amount of taxes, which in the determination of the Company, are required
       to be withheld under law with respect to any amount due or paid under the
       Plan.

8.2    Expenses. All expenses and costs in connection with the adoption and
       administration of the Plan shall be borne by the Company.

8.3    No Prior Right or Offer. Except and until expressly granted pursuant to
       the Plan, nothing in the Plan shall be deemed to give any employee any
       contractual or other right to participate in the benefits of the Plan.

8.4    Rights Personal to Employee. Any rights provided to a Participant under
       the Plan shall be personal to such Participant, shall not be transferable
       (except by will or pursuant to the


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       laws of descent or distribution), and shall be exercisable, during
       his/her lifetime, only by such Participant.

8.5    Distribution of Bank Balances Upon Termination of the Plan. Upon
       termination of the Plan, the Bank Balance of each Participant shall be
       distributed as soon as practicable but in no event later than 90 days
       from such event.

                                   ARTICLE IX

                                   Limitation

9.1    No Continued Employment. Nothing contained herein shall provide any
       Participant with any right to continued employment or in any way abridge
       the rights of the Company to determine the terms and conditions of
       employment and whether to terminate employment of any Participant.

9.2    No Vested Rights. Except as otherwise provided herein, no employee or
       other person shall have any claim of right (legal, equitable, or
       otherwise) to any award, allocation, or distribution or any right, title,
       or vested interest in any amounts in his/her Bonus Bank and no officer or
       employee of the Company or any other person shall have any authority to
       make representations or agreements to the contrary. No interest conferred
       herein to a Participant shall be assignable or subject to claim by a
       Participant's creditors. The right of the Participant to receive a
       distribution hereunder shall be an unsecured claim against the general
       assets of the Company and the Participant shall have no rights in or
       against any specific assets of the Company as the result of participation
       hereunder.

                                   ARTICLE X

                                    Authority

10.1   Committee Authority. Except as otherwise expressly provided herein, full
       power and authority to interpret and administer this Plan shall be vested
       in the Committee. The Committee may from time to time make such decisions
       and adopt such rules and regulations for implementing the Plan as it
       deems appropriate for any Participant under the Plan. Any decision taken
       by the Committee arising out of or in connection with the construction,
       administration, interpretation and effect of the Plan shall be final,
       conclusive and binding upon all participants and any person claiming
       under or through them.

10.2   Board of Directors Authority. The Board shall be ultimately responsible
       for administration of the Plan. The Board or the Committee, as
       appropriate, shall work with the Chief Executive Officer of the Company
       in all aspects of the administration of the Plan.


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                                   ARTICLE XI

                                     Notice

11.1   Any notice to be given pursuant to the provisions of the Plan shall be in
       writing and directed to the appropriate recipient thereof at his/her
       business address or office location.

                                  ARTICLE XII

                                 Effective Date

12.1   This Plan was originally effective as of January 1, 1998. The effective
       date of this restatement is January 1, 2002.

12.2   The Plan is intended to remain in force indefinitely beginning on the
       first day of each fiscal year after the effective date hereof, unless the
       Board of Directors, in its discretion, terminates it by resolution and
       notifies the Participants.

                                  ARTICLE XIII

                                   Amendments

13.1   Amendment. This Plan may be amended or terminated at any time at the sole
       discretion of the Board upon the recommendation of the Committee. The
       annual activities of the Committee pursuant to the Plan are not Plan
       amendments, including but not limited to the determinations pursuant to
       Section 1.4.

13.2   Protected Benefits. Notwithstanding the foregoing, after the last day of
       an applicable fiscal year, the Plan may not be amended or the
       Participants revised such that the Participant receives less than the
       amount payable by the Plan nor may an amendment reduce or eliminate any
       previously banked amount under Article V prior to such amendment or
       revision.

13.3   Notice. Notice of any amendment or termination shall be given promptly to
       each Participant.

                                  ARTICLE XIV

                                 Applicable Law

14.1   This Plan shall be construed in accordance with the provisions of the
       laws of the State of Wisconsin to the extent not preempted by Federal
       law.


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