Document:

EXHIBIT 10.17

 

AMENDMENT
TO LEASE

 

THIS AMENDMENT to Lease
(“Amendment”) is made and entered into as of June 25, 2003, between Stan Koch
& Sons Trucking, Inc. (“Lessor”) and Winmark Corporation (“Tenant”).

 

WHEREAS,
Tenant and Lessor entered into a Lease dated July 10, 2000, for the premises
located at 4200 Dahlberg Drive, Golden Valley, Minnesota 55422 (the “Lease”);
and

 

WHEREAS,
Tenant and Lessor desire to amend certain terms and conditions of the Lease
including (without limitation) changing the term of the Lease and increasing
the square footage of the Leased Premises to include the Original Space
(“Original Space”) and Phase I (“Phase I”) as of September 1, 2003 and the
Original Space, Phase I,  Phase II
(“Phase II”) as of March 1, 2005.  Each
the Original Space, Phase I, Phase II are delineated on Exhibit A, attached
hereto and incorporated herein by reference; 
and

 

WHEREAS, the
terms and conditions of this Amendment supersede any and all conflicting terms
and conditions of the Lease.

 

NOW,
THEREFORE, for one dollar and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

 

1.                                       VARIABLE
TERMS:

 

a.                                       Section
2(a).

 

(i)                                     Effective September 1, 2003 through
February 28, 2005, Section 2(a) of the Lease is amended and restated in its
entirety as follows:

 

“Leased Premises:
30,903 usable square feet located in the building at 4200 Dahlberg Drive,
Golden Valley, Minnesota 55422 (the “Building”), labeled as the Original Space
and Phase I, as set forth in revised Exhibit A, attached hereto and
incorporated herein by reference.  The
Building shall include the office building, appurtenances, parking lot and
land.  Tenant and its invitees shall be
entitled to but not use more than 90 parking spaces.”

 

(ii)                                  Effective
March 1, 2005 through August 31, 2009, Section 2(a) of the Lease is amended and
restated in its entirety as follows:

 

“Leased Premises:
33,703 usable square feet located in the building at 4200 Dahlberg Drive,
Golden Valley, Minnesota 55422 (the “Building”), labeled as the Original Space,
Phase I and Phase II, as set forth in revised Exhibit A, attached hereto and
incorporated herein by reference (the “Building”).  The Building shall include the office building, appurtenances, parking
lot and land.  Tenant and its invitees
shall be entitled to but not use more than 110 parking spaces.”

 

 

b.                                      Section
2(b).  Effective the date hereof,
Section 2(b) of the Lease is amended and restated in its entirety as follows:

 

“Lease Term:  July 10, 2000 through August 31, 2009,
unless earlier terminated as hereinafter provided.”

 

c.                                       Section
2(c).  Effective the date hereof,
Section 2(c) of the Lease is amended and restated in its entirety as follows:

 

“Annual Base Rent:
$218,979.60 per annum, payable in equal monthly installments of $18,248.30 on
the first day of each month during the Lease Term provided, however, that if
the term of this Lease shall commence on a day other than the first day of the
month, or shall be terminated on a day other than the last day of the month, or
both, the rent payable during such first or last month, or both, shall be
adjusted on a pro rata basis.”

 

2.                                       ADDITIONAL
RENT:  Section 3(b).

 

a.                                       Phase
I Expansion.   Effective September
1, 2003 through February 28, 2005, Section 3(b) of the Lease is amended and
restated in its entirety as follows:

 

“It is agreed by
Tenant and Lessor, for purposes of calculating Tenant’s pro rata share, that
the usable area in the Building is 47,328 square feet and that the proposed
usable area of the Leased Premises is 30,903 square feet (which includes the
Original Space and Phase I as indicated on Exhibit A), and is subject to
adjustment if (i) the actual useable square feet of the Leased Premises is
different than the anticipated square feet of the Leased Premises after
Lessor’s improvements set forth in Section 3 hereof; or (ii) the useable square
footage in the building should change during the lease term.  It is also agreed that for the period of
September 1, 2003 through October 31, 2003, Tenant shall not pay Additional
Rent to Lessor for the Phase I expansion. 
Additional Rent shall only be paid on the Original Space.  Additional Rent shall commence on both the
Original Space and Phase I expansion on November 1, 2003, and shall be paid
pursuant to this Section  3.”

 

b.                                      Phase
II Expansion.  Effective March 1,
2005 through August 31, 2009, Section 3(b) of the Lease is amended and restated
in its entirety as follows:

 

“It is agreed by
Tenant and Lessor, for purposes of calculating Tenant’s pro rata share, that
the usable area in the Building is 47,328 square feet and that the proposed
usable area of the Leased Premises is 33,703 square feet (which includes the
Original Space, Phase I and Phase II as indicated on Exhibit A), and is subject
to adjustment if (i) the actual usable square feet of the Leased Premises is
different than the anticipated square feet of the Lease Premises after Lessor’s
improvements set forth in Section 3 hereof; or (ii) the usable square footage
in the building should change during the lease term.”

 

 

3.                                       LEASEHOLD
IMPROVEMENTS:  Section 7.

 

The last
sentence of Section 7 is amended and restated in its entirety as follows:

 

“In consideration of Tenant’s Phase
I expansion, Lessor agrees to construct, tape and paint a new demising wall(s)
as depicted in the attached floor plan, retrofit electrical switches and
outlets, ensure proper HVAC, add necessary sprinkler heads and create proper
access to the space, all at Lessor’s expense. 
In addition, Lessor shall, at Lessor’s expense, insert a door into the
wall currently separating the Original Space (26,069 square feet) from Phase
I.   Lessor agrees to make all
improvements in compliance with applicable law.  Lessor shall consult Tenant on construction issues including but
not limited to location of switches and outlets, paint color, door location and
type, HVAC coverage and cube location. 
Further, Lessor agrees that all Phase I expansion improvements shall be
completed on or before September 1, 2003. 
Tenant will be responsible for Tenant’s telephone and data lines,
connections and any special electrical requirements.

 

In consideration of Tenant’s Phase II expansion,
Lessor agrees to construct, tape and paint a new demising wall(s) as depicted
in the attached floor plan, retrofit electrical switches and outlets, ensure
proper HVAC, add necessary sprinkler heads and create proper access to the
space, all at Lessor’s expense.  In
addition, Lessor shall, at Lessor’s expense, remove the current demising wall
which separates Phase I from Phase II. 
Lessor agrees to make all improvements in compliance with applicable
law.  Lessor shall consult Tenant on
construction issues including but not limited to location of switches and
outlets, paint color, HVAC coverage and cube location.  Further, Lessor agrees that all Phase II
expansion improvements shall be completed on or before March 1, 2005.  Tenant will be responsible for Tenant’s
telephone and data lines, connections and any special electrical requirements.”

 

4.                                       FURNITURE
AND CUBE FIXTURES:

 

a.                                       Phase I Expansion.  As further consideration of the Phase I
expansion, Lessor agrees to allow Tenant free use of all cube furniture
clusters within the Phase I expansion area on May 31, 2003, including
electrical hookups to the cubes.  Lessor
will retain ownership of the furniture, although Tenant may purchase the
furniture at fair market value at any time during the lease period.

 

a.                                       Phase II Expansion.  As further consideration of the Phase II
expansion, Lessor agrees to allow Tenant free use of all cube furniture
clusters within the Phase II expansion area on May 31, 2003, including
electrical hookups to the cubes.  Lessor
will retain ownership of the furniture, although Tenant may purchase the
furniture at fair market value at any time during the lease period.

 

5.                                       OPTION
FOR FURTHER EXPANSION:

 

During the term of the Lease, Tenant shall have the option to lease the
remaining unleased spaced in the Building (an additional 13,625 square feet)
upon 9 months written notice to Lessor. 
Tenant shall pay base rent on the additional 13,625 square feet at the
rate of $8.40 per square foot for the remainder of the term of the Lease
beginning the date of occupancy.

 

 

6.                                       EFFECT
OF AMENDMENT:

 

Except as set forth above, the Lease shall remain in full force and
effect to the extent of its original terms.

 

IN WITNESS
WHEREOF, the parties hereof have caused this Amendment to be signed the day and
year first written above.

 

	
  “TENANT”

  	
  “LESSOR”

  
	
   

  	
   

  
	
  WINMARK
  CORPORATION

  	
  STAN KOCH
  & SONS TRUCKING, INC.

  
	
   

  	
   

  
	
  By

  	
  /s/ John L. Morgan

  	
   

  	
  By

  	
  /s/ Randy Koch

  	
   

  
	
   

  	
  Its

  	
  Chief
  Executive Officer

  	
   

  	
   

  	
  Its

  	
  PresidentExhibit 10.4

 

RESTATED AND AMENDED

EMPLOYMENT AGREEMENT

 

THIS RESTATED AND AMENDED
EMPLOYMENT AGREEMENT (“Agreement”) is made as of April 28, 2003, by and
between PERRY-JUDD’S INCORPORATED, a Delaware corporation (the “Corporation”),
and CRAIG A. HUTCHISON, an individual (the “Executive”).

 

RECITALS

 

WHEREAS, the Corporation
is engaged in business as a magazine and catalog full service printer
throughout the United States (the “Business”);

 

WHEREAS, the Corporation
desires to continue to employ the Executive as the president and chief
executive officer of the Corporation, to serve as the executive manager of the
Business with such authority and obligations as set forth herein, and the
Executive desires to continue to provide such management services to the Corporation,
on the terms and conditions set forth herein; and

 

NOW, THEREFORE, in
consideration of the mutual covenants set forth in this Agreement and other
good and valuable consideration, the receipt of which is hereby acknowledged,
the Corporation and the Executive hereby agree as follows:

 

1.             Term of Employment.  The Corporation hereby employs the Executive
for an initial term of one (1) year, commencing on the date first above set
forth and ending on the first anniversary thereof (the “Initial Term”), and
continuing thereafter for successive one (1) year periods (each, a “Term
Extension”); provided, however, that the Executive may terminate this Agreement
as of the end of the Initial Term or any Term Extension by providing written
notice thereof to the Corporation not less than three (3) months prior to
the end of such Initial Term or Term Extension (an “Executive
Non-Extension”).  The Initial Term
together with any and all Term Extensions is referred to herein as the
“Term.”  Notwithstanding the foregoing,
this Agreement may be sooner terminated as provided herein.

 

2.             Duties and
Obligations of the Executive.

 

a.             Duties.  During the Term, the Executive shall hold
the title of “President and Chief Executive Officer” of the Corporation, shall
serve as the executive manager of the Business, and as such shall have
responsibility for and authority over the day-to-day operations and management
of the Business (subject to the supervision, control and direction of the board
of directors of the Corporation (the “Board of Directors”)).  The duties assigned to the Executive
hereunder shall be consistent with the duties which would be expected of the
chief executive officer of companies of like size and scope.

 

 

b.             Method of
Performing Duties.  The Executive
shall devote his full time, attention and efforts exclusively to the Business
and shall faithfully, industriously, and to the best of his ability, experience
and talents render the services required of him hereunder.  The Executive shall render such services at
the principal office of the Corporation located at Waterloo, Wisconsin, or at
such other location as determined by the Board of Directors; provided, however,
that the Executive shall travel outside of the State of Wisconsin from time to
time as may be reasonably necessary for the performance of his services
hereunder.

 

3.             Compensation.

 

a.             Salary; Severance
Pay.  In consideration of the
Executive’s services to the Corporation hereunder, the Corporation shall pay to
the Executive a salary at an annual rate of Three Hundred Seventy-Six Thousand
Dollars ($376,000) (“Salary”).  The
Salary shall be payable semi-monthly in accordance with the standard policies
of the Corporation in existence from time to time, subject to federal, state
and local wage deductions and any other deductions required by law.  The Salary shall be subject to annual upward
adjustments in the sole discretion of the Board of Directors.

 

Except as specifically
provided in this Section 3(a), the Executive shall not be entitled to any
severance payment or other benefits in the event of the termination of this
Agreement.  In the event that this
Agreement is terminated pursuant to Section 4(a)(3) or 4(c) below, the
Executive shall be entitled to severance pay (“Severance Pay”) equal to the
aggregate Salary which would have been payable to the Executive during the
period commencing on the effective date of termination and ending one (1) year
thereafter, notwithstanding the expiration of the applicable Term Extension.  Any Severance Pay payable to the Executive
by the Corporation pursuant to this Section 3(a) shall be payable in
accordance with the provisions set forth above with respect to the payment of
Salary by the Corporation, and shall be subject to federal, state and local
wage deductions and any other deductions required by law.  The Executive shall not be entitled to any
Severance Pay or other benefits following termination of this Agreement
pursuant to an Executive Non-Extension.

 

b.             Incentive
Compensation.  As additional
consideration for the Executive’s services hereunder, the Executive shall be
entitled to participate in the Corporation’s Executive Incentive Plan (as may
be adopted and in effect from time to time).

 

c.             Benefits.                 In addition to
the other compensation payable to the Executive pursuant to this
Section 3, the Executive shall be entitled to:  (1) all employee benefits provided by the Corporation to other
senior management personnel of the Corporation; and (2) payment of monthly
membership dues incurred by the Executive in connection with the Executive’s
membership at country clubs of his choice; provided, however, that the
aggregate amount of such dues shall not exceed $10,000 in any twelve (12) month
period.

 

2

 

d.             Reimbursement of
Expenses.  The Executive shall be
reimbursed by the Corporation for all travel and out-of-pocket expenses
reasonably incurred by him for the purpose of and in connection with the
performance of his services hereunder. 
Such reimbursement shall be made upon presentation of vouchers or other
statements itemizing such expenses in reasonable detail consistent with the
Corporation’s policies.

 

e.             Vacation. The
Executive shall be entitled to four (4) weeks of paid vacation each year during
the Term.

 

4.             Termination.

 

a.             Termination Not
for Cause.  This Agreement shall
terminate and the obligations and covenants of the parties hereunder shall be
of no further force and effect, except those obligations which shall survive
the termination of this Agreement as set forth in Section 16 below, upon
the occurrence of any of the following events:

 

(1)        Thirty (30) days after
written notice is delivered to the Executive in the event of the permanent
disability of the Executive (as defined hereinafter);

 

(2)        The death of the
Executive;

 

(3)        Thirty (30) days after
written notice of termination is delivered by the Corporation to the Executive
for any reason whatsoever, other than pursuant to Section 4(b) below or
clauses (1) and (2) of this Section 4(a); or

 

(4)        Upon the expiration of the
final Term pursuant to an Executive Non-Extension.

 

b.             Termination for
Cause.  This Agreement shall
terminate and the obligations and covenants of the parties hereunder shall be
of no further force and effect, except those obligations which shall survive
this Agreement as set forth in Section 16 below, immediately upon delivery
by the Corporation to the Executive of written notice specifying the basis for
termination in the event of the occurrence of any basis for termination for
cause, as hereinafter defined.

 

c.             Termination by the
Executive for Good Cause.  Subject
to the provisions of Section 16 below, the Executive shall have the right
to terminate this Agreement for good cause, as hereinafter defined.

 

d.             Good Cause.  “Good cause” means (1) the material breach
of this Agreement by the Corporation, if such breach is not cured by the
Corporation within thirty (30) days after the Executive has provided written
notice thereof to the

 

3

 

Corporation specifying
the nature of such breach; (2) the relocation of the Executive’s place of
employment to a state other than Illinois, Indiana, Iowa, Michigan, Minnesota,
Ohio or Wisconsin, provided such relocation is effected without the Executive’s
consent; or (3) at any time during the Term, the Executive shall fail to
be a member of the Board of Directors or the board of directors of Perry-Judd’s
Holdings, Inc., a Delaware corporation (“Holdings”).

 

e.             Permanent
Disability.  “Permanent disability”
means the inability of the Executive to fulfill substantially all of his normal
duties and responsibilities hereunder for an aggregate of one hundred eighty
(180) days during any period of two hundred and forty (240) consecutive days,
or an aggregate of two hundred seventy (270) days during any period of three
hundred sixty-five (365) consecutive days, by reason of any physical or mental
disability as determined by a medical doctor acceptable to the Board of
Directors and confirmed in writing by such doctor, which confirmation shall be
submitted to the Board of Directors.

 

f.              Termination for
Cause.  “Termination for cause”
means termination of the Executive’s employment as a result of:

 

(1)        the Executive’s willful
breach or habitual neglect of the Executive’s material duties hereunder;

 

(2)        the Executive’s chronic
alcoholism or addiction to narcotics (whether lawful or otherwise);

 

(3)        the Executive’s criminal
conviction for fraud, embezzlement, misappropriation of assets, malicious
mischief, any act of moral turpitude or any felony; or

 

(4)        any other material breach
of this Agreement by the Executive, which breach is described in a written
notice from the Board of Directors specifying the nature of such breach.

 

5.             Confidential and
Proprietary Information.

 

a.             Definition of
Confidential and Proprietary Information. 
The Executive hereby acknowledges that during the Term, the Executive
shall or may make use of, acquire, create, develop or add to certain
confidential and/or proprietary information regarding the Corporation and/or
the Business (whether in existence prior to, as of or after the Effective Date,
collectively, “Proprietary Information”), which Proprietary Information shall
include, without limitation, all of the following materials and information
(whether or not reduced to writing and whether or not patentable or protected
by copyright):  inventions, processes,
formulae, programs, technical data, “know-how,” procedures, manuals,
confidential reports and communications, marketing methods, product sales or
cost information, new product ideas or improvements, research

 

4

 

and development programs,
identities or lists of suppliers, vendors or customers, financial information
of the Corporation of any nature whatsoever, or any other confidential or
proprietary information relating to the Corporation and/or the Business.  The parties hereto agree that the failure of
any Proprietary Information to be marked or otherwise labelled as confidential
or proprietary information shall not affect its status as Proprietary
Information.

 

b.             Use.  The Executive shall not, directly or
indirectly, disclose, divulge, reveal, report, publish, transfer or otherwise
communicate, or use for his own benefit or the benefit of any other person,
partnership, firm, corporation or other entity, or use to the detriment of the
Corporation, or misuse in any way, any Proprietary Information.  The Executive and the Corporation each
hereby stipulate that, as between them, all Proprietary Information acquired or
made, developed or conceived of in whole or in part by the Executive
constitutes important, material and confidential and/or proprietary information
of the Corporation, constitutes unique and valuable information, and affects
the successful conduct of the business of the Corporation and its goodwill, and
that the Corporation shall be entitled to recover its damages, in addition to
any injunctive remedy available under Section 9 below, for any breach of
this Section 5.

 

c.             Ownership.

 

(1)        In General.  The Executive hereby acknowledges and agrees
that all right, title and interest in and to any Proprietary Information shall
be and shall remain the exclusive property of the Corporation, and that any
Proprietary Information which the Executive acquires from the Corporation was
received in confidence and as a fiduciary of the Corporation.  Without limiting the foregoing, the
Executive hereby assigns to the Corporation any and all right, title and
interest which the Executive may have in all Proprietary Information (including
without limitation all inventions, trade secrets, patents, copyrights and all
other rights in connection therewith) made, developed or conceived of in whole
or in part by the Executive during the Term. 
The Executive further agrees to execute and deliver any and all
instruments, and to do all other things reasonably requested by the
Corporation, both during and after the Term, in order to vest more fully in the
Corporation all ownership rights in such Proprietary Information.  All equipment, notebooks, documents,
memoranda, reports, files, samples, books, correspondence, lists, other written
and graphic records, and the like, in any way relating to any Proprietary
Information or the business of the Corporation or its activities, which the
Executive shall prepare, use, construct, observe, process, or control
(collectively, “Materials”) shall be and shall remain the Corporation’s
exclusive property, and the Executive hereby agrees to deliver all Materials,
together with any and all copies thereof, promptly to the Corporation upon the
termination of this Agreement for any reason.

 

(2)        Work Made for Hire.  Without limiting any other provision set
forth in this Agreement, if any Proprietary Information or Materials are

 

5

 

protected by copyright
and are deemed in any way to fall within the definition of “work made for
hire,” as such term is defined in 17 U.S.C. §101, or any successor provision
thereof, such work shall be considered a “work made for hire,” the copyright of
which shall be owned solely, completely and exclusively by the
Corporation.  Without limiting any other
provision set forth in this Agreement, if any Proprietary Information or
Materials are protected by copyright and are not considered to be included in
the categories of works covered by the “work made for hire” definition
contained in 17 U.S.C. §101, or any successor provision thereof, such items
shall be deemed to be assigned and transferred completely and exclusively to
the Corporation by virtue of the Executive’s execution of this Agreement.

 

6.             Non-competition.

 

a.             Restrictions.  In consideration of the retention of the
Executive as an employee of the Corporation and the benefits to be provided
hereunder, and in recognition of the Executive’s overall responsibility for,
and operation of, the Business throughout the United States, the Executive
shall not, directly or indirectly, engage in any business activity (as a
principal, agent, employee, shareholder (except that the Executive may own up
to five percent (5%) of the outstanding shares of a public company whose shares
are traded on a national securities exchange or listed on the NASDAQ National
Market or NASDAQ Small Cap Market), officer, director, partner, security
holder, creditor, consultant or otherwise) competitive with the Business
(“Competitive Activity”) as follows: (i) from the date hereof until the
date of termination of this Agreement, the Executive shall not engage in
Competitive Activity anywhere in the United States; and
(ii) (A) during the one (1) year period after the date of termination
of this Agreement pursuant to Section 1 or 4(b) above or (B) for so long
as the Severance Pay as described in Section 3 above shall be payable
after termination of this Agreement, the Executive shall not engage in
Competitive Activity in any of the following states and jurisdictions in which
the Corporation is then engaged in business, except as previously approved by
the Board of Directors in writing: California, Colorado, District of Columbia,
Illinois, Indiana, Iowa, Massachusetts, Michigan, Minnesota, New York, Ohio,
Texas and Wisconsin.  During the Term
and the periods described in clause (ii) above, the Executive shall not,
directly or indirectly, or by action in concert with others, induce or
influence, or seek to induce or influence, any person who is engaged by the
Corporation (as an agent, employee, consultant, or otherwise) to terminate such
engagement with the Corporation; provided, however, that nothing contained in this
Agreement shall be deemed to limit the authority of the Executive to terminate
employees of the Corporation in connection with the exercise of the Executive’s
duties under this Agreement. 
Notwithstanding any provision to the contrary set forth in this Agreement,
the Corporation hereby acknowledges and agrees that the restrictions set forth
in this Section 6 shall not apply in the event that this Agreement is
terminated by the Executive for good cause in accordance with the terms set
forth in Section 4(c) above.

 

6

 

b.             Interpretation of
Covenants.  Nothing contained in
this Section 6 shall be deemed a waiver of the Executive’s obligations
under Section 5, and in the event of any conflict or inconsistency between
the provisions of this Section 6 and Section 5 above, the provisions
of Section 5 shall control.

 

7.             Reasonableness of
Restrictions.  THE EXECUTIVE HAS
CAREFULLY READ AND CONSIDERED THE PROVISIONS OF SECTIONS 5 AND 6 HEREOF AND,
HAVING DONE SO, HEREBY AGREES THAT THE RESTRICTIONS SET FORTH IN SUCH SECTIONS
ARE FAIR AND REASONABLE AND ARE REASONABLY REQUIRED FOR THE PROTECTION OF THE
INTERESTS OF THE CORPORATION AND ITS BUSINESS.

 

8.             Indemnification.  The Corporation shall indemnify, defend and
hold harmless the Executive from and against all losses, liabilities, damages,
costs and expenses of any nature whatsoever (including, without limitation,
reasonable attorneys’ fees and costs related thereto) which the Executive may
suffer or incur in any threatened, pending or completed action, suit or
proceeding by reason of the performance of his services under this Agreement or
as a member of the Board of Directors if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, had no
reason to believe his conduct was unlawful; except that no indemnification
shall be made in respect of any claim, issue or matter as to which the
Executive shall have been adjudged to be liable to the Corporation unless and
only to the extent that a court of applicable jurisdiction shall have
determined that despite the adjudication of liability but in view of all of the
circumstances of the case, the Executive is fairly and reasonably entitled to
indemnity for such expenses which such court shall determine to be proper.

 

9.             Injunctive Relief.

 

a.             Regarding
Employment Duties in General.  The
parties hereby acknowledge and agree that the services to be performed under
the terms of this Agreement are of a special, unique, unusual, extraordinary
and intellectual character that gives them a peculiar value, the loss of which
cannot be reasonably or adequately compensated in damages in an action at law.  The parties therefore expressly agree that
the Corporation, in addition to any other rights or remedies that the
Corporation may possess, shall be entitled to injunctive and other equitable
relief (other than an injunction to compel the Executive to perform for the Corporation
the services required under this Agreement) to prevent or remedy a breach of
this Agreement by the Executive.

 

b.             Regarding
Confidentiality and Non-competition. 
The Executive acknowledges and agrees that the Corporation shall suffer
irreparable harm in the event that the Executive breaches any of his
obligations under Sections 5 and 6 hereof, and that monetary damages shall be
inadequate to compensate the Corporation for any such breach.  Accordingly, the Executive agrees that in
the event of any breach or threatened breach by the Executive of any of the
provisions of Sections 5 and 6 hereof,

 

7

 

the Corporation shall be
entitled to a temporary restraining order, preliminary injunction and permanent
injunction in order to prevent or restrain any such breach or threatened breach
by the Executive, or by any or all of the Executive’s agents, representatives
or other persons directly or indirectly acting for, on behalf of or with the
Executive.

 

c.             No Limitation of
Remedies.  Notwithstanding the
provisions set forth in Sections 9(a) and 9(b) above or any other provision
contained in this Agreement, the parties hereby agree that no remedy conferred
by any of the specific provisions of this Agreement, including, without
limitation, this Section 9, is intended to be exclusive of any other
remedy, and each and every remedy shall be cumulative and shall be in addition
to every other remedy given hereunder or now or hereafter existing at law or in
equity or by statute or otherwise.

 

10.           Successors and
Assigns.  This Agreement shall be
binding on and inure to the benefit of the parties hereto and their respective
successors, assigns, heirs and legal representatives.  Notwithstanding the foregoing, neither party shall assign this
Agreement without the prior written consent of the other party.

 

11.           Governing Law.  This Agreement shall be construed under and
in accordance with, and governed in all respects by, the laws of the State of
Wisconsin (without giving effect to principles of conflicts of law).

 

12.           Waiver.  The failure of any party to insist on strict
compliance with any of the terms, covenants, or conditions of this Agreement by
any other party shall not be deemed a waiver of that term, covenant or
condition, nor shall any waiver or relinquishment of any right or power at any
one time or times be deemed a waiver or relinquishment of that right or power
for all or any other times.

 

13.           Notices.  Any notice or other communication required
or permitted hereunder shall be in writing, and shall be deemed to have been
given five (5) days after it is placed in the United States mail, registered or
certified, postage prepaid, return receipt requested, or upon receipt if
personally delivered, or the next business day if transmitted by telefacsimile
(which telefacsimile shall be followed by a copy thereof placed in the United
States mail, registered or certified, postage prepaid, return receipt
requested, no later than the next business day after transmission thereof), addressed
to the parties as follows:

 

	
  To the Executive:

  
	
   

  
	
  Craig A. Hutchison

  
	
  18 Chautauqua Trail

  
	
  Madison, Wisconsin
  53719

  
	
   

  
	
  To the Corporation:

  

 

8

 

	
  Perry-Judd’s
  Incorporated

  
	
  575 West Madison

  
	
  P.O. Box 97

  
	
  Waterloo, Wisconsin
  53594-0097

  
	
  Attention: Chairman of
  the Board

  
	
   

  
	
  With a copy to:

  
	
   

  
	
  Robert E. Milhous

  
	
  791 Park of Commerce
  Drive

  
	
  Boca Raton, Florida
  33487

  

 

Any party may change its
above address for notices upon written notice to the other party in accordance
with this Section.

 

14.           Integration.  This Agreement constitutes the entire
agreement of the parties hereto with respect to the retention of the Executive
by the Corporation, and supersedes any and all prior and contemporaneous
agreements, whether oral or in writing, between the parties hereto with respect
to the subject matter hereof.

 

15.           Amendments.  This Agreement may not be amended, modified,
altered or supplemented except by written agreement of the parties hereto.

 

16.           Survival of Certain
Rights and Obligations.  The rights
and obligations of the parties hereto pursuant to Sections 3, 5, 6, 8 and 9
hereof, including the obligation of the Corporation to pay any and all
compensation described under Section 3 above earned, or to reimburse the Executive
for expenses described in Section 3(d), as of the effective date of
termination of this Agreement, shall survive the termination of this Agreement.

 

17.           Severability.  If any provision of this Agreement is held
by a court of competent jurisdiction to be invalid, void or unenforceable, the
remaining provisions shall nevertheless continue in full force without being
impaired or invalidated in any way.  If
any court of competent jurisdiction holds any provision of this Agreement to be
invalid, void or unenforceable with respect to any state, region or locality,
such provision shall nevertheless continue in full force and effect in all
other states, regions and localities to which such provision applies.

 

18.           Headings.  The section headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

 

19.           Counterparts.  This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

9

 

20.           Attorneys’ Fees.  If any action at law or in equity is
necessary to enforce the terms of this Agreement, the prevailing party shall be
entitled to recover all reasonable attorneys’ fees, costs and necessary
disbursements, in addition to any other relief to which such party may be
entitled.

 

IN WITNESS WHEREOF, each
of the parties hereto has duly executed this Agreement as of the date first
above written.

 

	
   

  	
  PERRY-JUDD’S
  INCORPORATED

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	 

	
   

  	
   

  	
  Title:

  	 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CRAIG A. HUTCHISON

  
					

 

10

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