Document:

BANTA CORPORATION
                              EQUITY INCENTIVE PLAN
                                   As Amended

Section 1. Purpose

     The purpose of the Banta Corporation Equity Incentive Plan, as amended (the
"Plan"), is to promote the best interests of Banta Corporation (together with
any successor thereto, the "Company") and its shareholders by providing key
employees of the Company and its Affiliates (as defined below) and members of
the Company's Board of Directors who are not employees of the Company or its
Affiliates with an opportunity to acquire a proprietary interest in the Company.
It is intended that the Plan will promote continuity of management and increased
incentive and personal interest in the welfare of the Company by those key
employees who are primarily responsible for shaping and carrying out the
long-range plans of the Company and securing the Company's continued growth and
financial success. In addition, by encouraging stock ownership by directors who
are not employees of the Company or its Affiliates, the Company seeks to attract
and retain on its Board of Directors persons of exceptional competence and to
provide a further incentive to serve as a director of the Company.

Section 2. Definitions

     As used in the Plan, the following terms shall have the respective meanings
set forth below:

     (a) "Affiliate" shall mean any entity that, directly or through one or more
intermediaries, is controlled by, controls, or is under common control with, the
Company.

     (b) "Award" shall mean any Option, Stock Appreciation Right, Restricted
Stock or Performance Share granted under the Plan.

     (c) "Award Agreement" shall mean any written agreement, contract, or other
instrument or document evidencing any Award granted under the Plan.

     (d) "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

     (e) "Commission" shall mean the United States Securities and Exchange
Commission or any successor agency.

     (f) "Committee" shall mean a committee of the Board of Directors of the
Company designated by such Board to administer the Plan and composed of not less
than two directors, each of whom is a "non-employee director for purposes of
Section 16" within the meaning of Rule 16b-3 and each of whom is an "outside
director" within the meaning of Section 162(m)(4)(C) of the Code (or any
successor provision thereto).

     (g) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time.

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     (h) "Excluded Items" shall mean any items which the Committee determines
shall be excluded in fixing Performance Goals, such as any gains or losses from
discontinued operations, any extraordinary gains or losses and the effects of
accounting changes.

     (i) "Fair Market Value" shall mean, with respect to any property
(including, without limitation, any Shares or other securities), the fair market
value of such property determined by such methods or procedures as shall be
established from time to time by the Committee.

     (j) "Incentive Stock Option" shall mean an option granted under Section
6(a) of the Plan that is intended to meet the requirements of Section 422 of the
Code (or any successor provision thereto).

     (k) "Key Employee" shall mean any officer or other key employee of the
Company or of any Affiliate who is responsible for or contributes to the
management, growth or profitability of the business of the Company or any
Affiliate as determined by the Committee.

     (l) "Non-Employee Director" shall mean any member of the Company's Board of
Directors who is not an employee of the Company or of any Affiliate.

     (m) "Non-Qualified Stock Option" shall mean an option granted under Section
6(a) of the Plan that is not intended to be an Incentive Stock Option and shall
mean any option granted to a Non-Employee Director under Section 6(b) of the
Plan.

     (n) "Option" shall mean an Incentive Stock Option or a Non-Qualified Stock
Option.

     (o) "Participating Key Employee" shall mean a Key Employee designated to be
granted an Award under the Plan.

     (p) "Performance Goals" shall mean the following (in all cases after
excluding the impact of applicable Excluded Items):

         (i)    Return on equity for the Performance Period for the Company on a
     consolidated basis.

         (ii)   Return on investment for the Performance Period (aa) for the
     Company on a consolidated basis, (bb) for any one or more Affiliates or
     divisions of the Company and/or (cc) for any other business unit or units
     of the Company as defined by the Committee at the time of selection.

         (iii)  Return on net assets for the Performance Period (aa) for the
     Company on a consolidated basis, (bb) for any one or more Affiliates or
     divisions of the Company and/or (cc) for any other business unit or units
     of the Company as defined by the Committee at the time of selection.

         (iv)   Economic value added (as defined by the Committee at the time of
     selection) for the Performance Period (aa) for the Company on a
     consolidated basis, (bb)

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     for any one or more Affiliates or divisions of the Company and/or (cc) for
     any other business unit or units of the Company as defined by the Committee
     at the time of selection.

         (v)    Earnings from operations for the Performance Period (aa) for the
     Company on a consolidated basis, (bb) for any one or more Affiliates or
     divisions of the Company and/or (cc) for any other business unit or units
     of the Company as defined by the Committee at the time of selection.

         (vi)   Pre-tax profits for the Performance Period (aa) for the Company
     on a consolidated basis, (bb) for any one or more Affiliates or divisions
     of the Company and/or (cc) for any other business unit or units of the
     Company as defined by the Committee at the time of selection.

         (vii)  Net earnings for the Performance Period (aa) for the Company on
     a consolidated basis, (bb) for any one or more Affiliates or divisions of
     the Company and/or (cc) for any other business unit or units of the Company
     as defined by the Committee at the time of selection.

         (viii) Net earnings per Share for the Performance Period for the
     Company on a consolidated basis.

         (ix)   Working capital as a percent of net sales for the Performance
     Period (aa) for the Company on a consolidated basis, (bb) for any one or
     more Affiliates or divisions of the Company and/or (cc) for any other
     business unit or units of the Company as defined by the Committee at the
     time of selection.

         (x)    Net cash provided by operating activities for the Performance
     Period (aa) for the Company on a consolidated basis, (bb) for any one or
     more Affiliates or divisions of the Company and/or (cc) for any other
     business unit or units of the Company as defined by the Committee at the
     time of selection.

         (xi)   Market price per Share for the Performance Period.

         (xii)  Total shareholder return for the Performance Period for the
     Company on a consolidated basis.

     (q) "Performance Period" shall mean, in relation to Performance Shares, any
period for which a Performance Goal or Goals have been established; provided,
however, that such period shall not be less than one year.

     (r) "Performance Share" shall mean any right granted under Section 6(e) of
the Plan that will be paid out as a Share (which, in specified circumstances,
may be a Share of Restricted Stock).

     (s) "Person" shall mean any individual, corporation, partnership,
association, joint-stock company, trust, unincorporated organization, or
government or political subdivision thereof.

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     (t) "Released Securities" shall mean Shares of Restricted Stock with
respect to which all applicable restrictions have expired, lapsed, or been
waived.

     (u) "Restricted Securities" shall mean Awards of Restricted Stock or other
Awards under which issued and outstanding Shares are held subject to certain
restrictions.

     (v) "Restricted Stock" shall mean any Share granted under Section 6(d) of
the Plan or, in specified circumstances, a Share paid in connection with a
Performance Share under Section 6(e) of the Plan.

     (w) "Rule 16b-3" shall mean Rule 16b-3 as promulgated by the Commission
under the Exchange Act, or any successor rule or regulation thereto.

     (x) "Shares" shall mean shares of common stock of the Company, $.10 par
value, and such other securities or property as may become subject to Awards
pursuant to an adjustment made under Section 4(b) of the Plan.

     (y) "Stock Appreciation Right" shall mean any right granted under Section
6(c) of the Plan.

Section 3. Administration

     The Plan shall be administered by the Committee; provided, however, that if
at any time the Committee shall not be in existence, the functions of the
Committee as specified in the Plan shall be exercised by a committee consisting
of those members of the Board of Directors of the Company who qualify as
"non-employee directors for purposes of Section 16" under Rule 16b-3 and as
"outside directors" under Section 162(m)(4)(C) of the Code (or any successor
provision thereto). To the extent permitted by applicable law, the Committee may
delegate to one or more executive officers of the Company any or all of the
authority and responsibility of the Committee with respect to the Plan, other
than with respect to Persons who are subject to Section 16 of the Exchange Act.
To the extent the Committee has so delegated to one or more executive officers
the authority and responsibility of the Committee, all references to the
Committee herein shall include such officer or officers. Subject to the terms of
the Plan and without limitation by reason of enumeration, the Committee shall
have full power and authority to: (i) designate Participating Key Employees;
(ii) determine the type or types of Awards to be granted to each Participating
Key Employee under the Plan; (iii) determine the number of Shares to be covered
by (or with respect to which payments, rights, or other matters are to be
calculated in connection with) Awards granted to Participating Key Employees;
(iv) determine the terms and conditions of any Award granted to a Participating
Key Employee; (v) determine whether, to what extent, and under what
circumstances Awards granted to Participating Key Employees may be settled or
exercised in cash, Shares, other securities, other Awards, or other property,
and the method or methods by which Awards may be settled, exercised, cancelled,
forfeited, or suspended; (vi) determine whether, to what extent, and under what
circumstances cash, Shares, other Awards, and other amounts payable with respect
to an Award granted to Participating Key Employees under the Plan shall be
deferred either automatically or at the election of the holder thereof or of the
Committee; (vii) interpret and administer the Plan and any instrument or
agreement relating to, or Award made under, the Plan (including, without
limitation, any Award Agreement); (viii) establish, amend, suspend, or waive

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such rules and regulations and appoint such agents as it shall deem appropriate
for the proper administration of the Plan; and (ix) make any other determination
and take any other action that the Committee deems necessary or desirable for
the administration of the Plan. Unless otherwise expressly provided in the Plan,
all designations, determinations, interpretations, and other decisions under or
with respect to the Plan or any Award shall be within the sole discretion of the
Committee, may be made at any time, and shall be final, conclusive, and binding
upon all Persons, including the Company, any Affiliate, any Participating Key
Employee, any Non-Employee Director, any holder or beneficiary of any Award, any
shareholder, and any employee of the Company or of any Affiliate.
Notwithstanding the foregoing, Awards to Non-Employee Directors under the Plan
shall be automatic and the amount and terms of such Awards shall be determined
as provided in Section 6(b) of the Plan.

Section 4. Shares Available for Award

     (a) Shares Available. Subject to adjustment as provided in Section 4(b):

         (i)   Number of Shares Available. The number of Shares with respect to
     which Awards may be granted under the Plan shall be 5,000,000. If, after
     the effective date of the Plan, any Shares covered by an Award granted
     under the Plan, or to which any Award relates, are forfeited or if an Award
     otherwise terminates, expires or is cancelled prior to the delivery of all
     of the Shares or of other consideration issuable or payable pursuant to
     such Award, then the number of Shares counted against the number of Shares
     available under the Plan in connection with the grant of such Award, to the
     extent of any such forfeiture, termination, expiration or cancellation,
     shall again be available for granting of additional Awards under the Plan.

         (ii)  Limitations on Awards to Individual Participants. No
     Participating Key Employee shall be granted, during any calendar year,
     Options for more than 300,000 Shares, Stock Appreciation Rights with
     respect to more than 50,000 Shares, more than 50,000 Shares of Restricted
     Stock and/or more than 50,000 Performance Shares under the Plan. Such
     number of Shares as specified in the preceding sentence shall be subject to
     adjustment in accordance with the terms of Section 4(b) hereof. In all
     cases, determinations under this Section 4(a)(ii) shall be made in a manner
     that is consistent with the exemption for performance-based compensation
     provided by Section 162(m) of the Code (or any successor provision thereto)
     and any regulations promulgated thereunder.

         (iii) Accounting for Awards. The number of Shares covered by an Award
     under the Plan, or to which such Award relates, shall be counted on the
     date of grant of such Award against the number of Shares available for
     granting Awards under the Plan.

         (iv)  Sources of Shares Deliverable Under Awards. Any Shares delivered
     pursuant to an Award may consist, in whole or in part, of authorized and
     unissued Shares or of treasury Shares.

     (b) Adjustments. In the event that the Committee shall determine that any
dividend or other distribution (whether in the form of cash, Shares, other
securities, or other

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property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase, or exchange
of Shares or other securities of the Company, issuance of warrants or other
rights to purchase Shares or other securities of the Company, or other similar
corporate transaction or event affects the Shares such that an adjustment is
determined by the Committee to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan, then the Committee may, in such manner as it may deem equitable,
adjust any or all of (i) the number and type of Shares subject to the Plan and
which thereafter may be made the subject of Awards under the Plan, (ii) the
number and type of Shares subject to outstanding Awards, and (iii) the grant,
purchase, or exercise price with respect to any Award, or, if deemed
appropriate, make provision for a cash payment to the holder of an outstanding
Award; provided, however, in each case, that with respect to Awards of Incentive
Stock Options no such adjustment shall be authorized to the extent that such
authority would cause the Plan to violate Section 422(b) of the Code (or any
successor provision thereto); and provided further that the number of Shares
subject to any Award payable or denominated in Shares shall always be a whole
number. Notwithstanding the foregoing, Non-Qualified Stock Options subject to
grant or previously granted to Non-Employee Directors under Section 6(b) of the
Plan at the time of any event described in the preceding sentence shall be
subject to only such adjustments as shall be necessary to maintain the relative
proportionate interest represented thereby immediately prior to any such event
and to preserve, without exceeding, the value of such Options.

Section 5. Eligibility

     Any Key Employee, including any executive officer or employee-director of
the Company or of any Affiliate, shall be eligible to be designated a
Participating Key Employee. All Non-Employee Directors shall receive Awards of
Non-Qualified Stock Options as provided in Section 6(b).

Section 6. Awards

     (a) Option Awards to Key Employees. The Committee is hereby authorized to
grant Options to Key Employees with the terms and conditions as set forth below
and with such additional terms and conditions, in either case not inconsistent
with the provisions of the Plan, as the Committee shall determine.

         (i)   Exercise Price. The exercise price per Share of an Option granted
     pursuant to this Section 6(a) shall be determined by the Committee;
     provided, however, that such exercise price shall not be less than 100% of
     the Fair Market Value of a Share on the date of grant of such Option.

         (ii)  Option Term. The term of each Option shall be fixed by the
     Committee; provided, however, that in no event shall the term of any
     Incentive Stock Option exceed a period of ten years from the date of its
     grant.

         (iii) Exercisability and Method of Exercise. An Option shall become
     exercisable in such manner and within such period or periods and in such
     installments or otherwise as shall be determined by the Committee. The
     Committee also shall determine

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     the method or methods by which, and the form or forms, including, without
     limitation, cash, Shares, other securities, other Awards, or other
     property, or any combination thereof, having a Fair Market Value on the
     exercise date equal to the relevant exercise price, in which payment of the
     exercise price with respect to any Option may be made or deemed to have
     been made.

         (iv)  Incentive Stock Options. The terms of any Incentive Stock Option
     granted under the Plan shall comply in all respects with the provisions of
     Section 422 of the Code (or any successor provision thereto) and any
     regulations promulgated thereunder. Notwithstanding any provision in the
     Plan to the contrary, no Incentive Stock Option may be granted hereunder
     after December 6, 2004.

     (b) Non-Qualified Stock Option Awards to Non-Employee Directors.

         (i)   Eligibility. Each Non-Employee Director shall automatically be
     granted Non-Qualified Stock Options under the Plan in the manner set forth
     in this Section 6(b). A Non-Employee Director may hold more than one
     Non-Qualified Stock Option, but only on the terms and subject to any
     restrictions set forth herein.

         (ii)  Grant of Options to Newly-Elected Non-Employee Directors. Any
     Person who is first elected as a Non-Employee Director after the effective
     date of the Plan shall, on the date of such election, automatically be
     granted a Non-Qualified Stock Option to purchase 6,000 Shares (which number
     of Shares shall be subject to adjustment in the manner provided in Section
     4(b) hereof).

         (iii) Annual Option Grants to Non-Employee Directors. Each
     Non-Employee Director (if he or she continues to serve in such capacity)
     shall, on the day following the annual meeting of shareholders in each year
     during the time the Plan is in effect, automatically be granted a
     Non-Qualified Stock Option to purchase 3,000 Shares (which number of Shares
     shall be subject to adjustment in the manner provided in Section 4(b)
     hereof); provided, however, that a Person who is first elected as a
     Non-Employee Director on the date of an annual meeting of shareholders and
     who receives on that date a Non-Qualified Stock Option pursuant to Section
     6(b)(ii) hereof shall not be eligible to begin to receive grants pursuant
     to this Section 6(b)(iii) until the day following the next succeeding
     annual meeting of shareholders.

         (iv)  Grant Limitation. Notwithstanding the provisions of Sections
     6(b)(ii) and 6(b)(iii) hereof, Non-Qualified Stock Options shall be
     automatically granted to Non-Employee Directors under the Plan only for so
     long as the Plan remains in effect and a sufficient number of Shares are
     available hereunder for the granting of such Options.

         (v)   Exercise Price. The exercise price per Share for a Non-Qualified
     Stock Option granted to a Non-Employee Director under the Plan shall be
     equal to 100% of the "market value" of a Share on the date of grant of such
     Option. The "market value" of a Share on the date of grant to the
     Non-Employee Director shall be the closing price per Share for the Shares
     on the New York Stock Exchange on the trading date next preceding the date
     of grant, or if no trading occurred on the trading date next preceding the
     date on

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     which the Non-Qualified Stock Option is granted, then the "market value"
     per Share shall be determined with reference to the next preceding date on
     which the Shares were traded.

         (vi)  Exercisability and Termination of Options. Non-Qualified Stock
     Options granted to Non-Employee Directors under the Plan shall become
     exercisable six months following the date of grant; provided, however, that
     if a Non-Employee Director ceases to be a director of the Company by reason
     of death, disability or retirement within six months after the date of
     grant, the Option shall become immediately exercisable in full.
     Non-Qualified Stock Options granted to Non-Employee Directors shall
     terminate on the earlier of:

               (A) ten years after the date of grant; or

               (B) twelve months after the Non-Employee Director ceases to be a
         director of the Company for any reason, including as a result of the
         Non-Employee Director's death, disability or retirement.

         (vii) Exercise of Options. A Non-Qualified Stock Option granted to a
     Non-Employee Director may be exercised, subject to its terms and conditions
     and the terms and conditions of the Plan, in full at any time or in part
     from time to time by delivery to the Secretary of the Company at the
     Company's principal office in Menasha, Wisconsin, of a written notice of
     exercise specifying the number of shares with respect to which the Option
     is being exercised. Any notice of exercise shall be accompanied by full
     payment of the exercise price of the Shares being purchased (x) in cash or
     its equivalent; (y) by tendering previously acquired Shares (valued at
     their "market value" [as determined in accordance with Section 6(b)(v)] as
     of the date of exercise); or (z) by any combination of the means of payment
     set forth in subparagraphs (x) and (y). For purposes of subparagraphs (y)
     and (z) above, the term "previously acquired Shares" shall only include
     Shares owned by the Non-Employee Director prior to the exercise of the
     Option for which payment is being made and shall not include Shares which
     are being acquired pursuant to the exercise of said Option. No shares will
     be issued until full payment therefor has been made.

     (c) Stock Appreciation Rights. The Committee is hereby authorized to grant
Stock Appreciation Rights to Key Employees. Non-Employee Directors are not
eligible to be granted Stock Appreciation Rights under the Plan. Subject to the
terms of the Plan and any applicable Award Agreement, a Stock Appreciation Right
granted under the Plan shall confer on the holder thereof a right to receive,
upon exercise thereof, the excess of (i) the Fair Market Value of one Share on
the date of exercise over (ii) the grant price of the Stock Appreciation Right
as specified by the Committee, which shall not be less than 100% of the Fair
Market Value of one Share on the date of grant of the Stock Appreciation Right.
Subject to the terms of the Plan, the grant price, term, methods of exercise,
methods of settlement (including whether the Participating Key Employee will be
paid in cash, Shares, other securities, other Awards, or other property, or any
combination thereof), and any other terms and conditions of any Stock
Appreciation Right shall be as determined by the Committee. The Committee may
impose such conditions or restrictions on the exercise of any Stock Appreciation
Right as it may deem appropriate.

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     (d) Restricted Stock Awards.

         (i)   Issuance. The Committee is hereby authorized to grant Awards of
     Restricted Stock to Key Employees; provided, however, that the aggregate
     number of Shares of Restricted Stock granted under the Plan to all
     Participating Key Employees as a group shall not exceed 225,000 (such
     number of Shares subject to adjustment in accordance with the terms of
     Section 4(b) hereof). Non-Employee Directors are not eligible to be granted
     Restricted Stock under the Plan.

         (ii)  Restrictions. Shares of Restricted Stock granted to Participating
     Key Employees shall be subject to such restrictions as the Committee may
     impose (including, without limitation, any limitation on the right to vote
     a Share of Restricted Stock or the right to receive any dividend or other
     right or property), which restrictions may lapse separately or in
     combination at such time or times, in such installments or otherwise, as
     the Committee may deem appropriate.

         (iii) Registration. Any Restricted Stock granted under the Plan to a
     Participating Key Employee may be evidenced in such manner as the Committee
     may deem appropriate, including, without limitation, book-entry
     registration or issuance of a stock certificate or certificates. In the
     event any stock certificate is issued in respect of Shares of Restricted
     Stock granted under the Plan to a Participating Key Employee, such
     certificate shall be registered in the name of the Participating Key
     Employee and shall bear an appropriate legend (as determined by the
     Committee) referring to the terms, conditions, and restrictions applicable
     to such Restricted Stock.

         (iv)  Payment of Restricted Stock. At the end of the applicable
     restriction period relating to Restricted Stock granted to a Participating
     Key Employee, one or more stock certificates for the appropriate number of
     Shares, free of restrictions imposed under the Plan, shall be delivered to
     the Participating Key Employee, or, if the Participating Key Employee
     received stock certificates representing the Restricted Stock at the time
     of grant, the legends placed on such certificates shall be removed.

         (v)   Forfeiture. Except as otherwise determined by the Committee, upon
     termination of employment of a Participating Key Employee (as determined
     under criteria established by the Committee) for any reason during the
     applicable restriction period, all Shares of Restricted Stock still subject
     to restriction shall be forfeited by the Participating Key Employee;
     provided, however, that the Committee may, when it finds that a waiver
     would be in the best interests of the Company, waive in whole or in part
     any or all remaining restrictions with respect to Shares of Restricted
     Stock held by a Participating Key Employee.

     (e) Performance Shares.

         (i)   Issuance. The Committee is hereby authorized to grant Awards of
     Performance Shares to Participating Key Employees; provided, however, that
     the aggregate number of Performance Shares granted under the Plan to all
     Participating Key Employees as a group shall not exceed 750,000 (such
     number of Shares subject to adjustment in

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     accordance with the terms of Section 4(b) hereof). Non-Employee Directors
     are not eligible to be granted Performance Shares under the Plan.

         (ii)  Performance Goals and Other Terms. The Committee shall determine
     the Performance Period, the Performance Goal or Goals (and the performance
     level or levels related thereto) to be achieved during any Performance
     Period, the proportion of payments, if any, to be made for performance
     between the minimum and full performance levels for any Performance Goal
     and, if applicable, the relative percentage weighting given to each of the
     selected Performance Goals, the restrictions applicable to Shares of
     Restricted Stock received upon payment of Performance Shares if Performance
     Shares are paid in such manner, and any other terms, conditions and rights
     relating to a grant of Performance Shares. The Committee shall have sole
     discretion to alter the selected Performance Goals set forth in Section
     2(p), subject to shareholder approval, to the extent required to qualify
     the Award for the performance-based exemption provided by Section 162(m) of
     the Code (or any successor provision thereto). Notwithstanding the
     foregoing, in the event the Committee determines it is advisable to grant
     Performance Shares which do not qualify for the performance-based exemption
     under Section 162(m) of the Code (or any successor provision thereto), the
     Committee may make such grants without satisfying the requirements thereof.

         (iii) Rights and Benefits During the Performance Period. The Committee
     may provide that, during a Performance Period, a Participating Key Employee
     shall be paid cash amounts, with respect to each Performance Share held by
     such Participating Key Employee, in the same manner, at the same time, and
     in the same amount paid, as a cash dividend on a Share. Participating Key
     Employees shall have no voting rights with respect to Performance Shares
     held by them.

         (iv)  Payment of Performance Shares. As soon as is reasonably
     practicable following the end of the applicable Performance Period, and
     subject to the Committee certifying in writing as to the satisfaction of
     the requisite Performance Goal or Goals if such certification is required
     in order to qualify the Award for the performance-based exemption provided
     by Section 162(m) of the Code (or any successor provision thereto), one or
     more certificates representing the number of Shares equal to the number of
     Performance Shares payable shall be registered in the name of and delivered
     to the Participating Key Employee; provided, however, that any Shares of
     Restricted Stock payable in connection with Performance Shares shall,
     pending the expiration, lapse, or waiver of the applicable restrictions, be
     evidenced in the manner as set forth in Section 6(d)(iii) hereof.

     (f) General.

         (i)   No Consideration for Awards. Awards shall be granted to
     Participating Key Employees for no cash consideration unless otherwise
     determined by the Committee. Awards of Non-Qualified Stock Options granted
     to Non-Employee Directors under Section 6(b) of the Plan shall be granted
     for no cash consideration unless otherwise required by law.

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         (ii)  Award Agreements. Each Award granted under the Plan shall be
     evidenced by an Award Agreement in such form (consistent with the terms of
     the Plan) as shall have been approved by the Committee.

         (iii) Awards May Be Granted Separately or Together. Awards to
     Participating Key Employees under the Plan may be granted either alone or
     in addition to, in tandem with, or in substitution for any other Award or
     any award granted under any other plan of the Company or any Affiliate.
     Awards granted in addition to or in tandem with other Awards, or in
     addition to or in tandem with awards granted under any other plan of the
     Company or any Affiliate, may be granted either at the same time as or at a
     different time from the grant of such other Awards or awards.

         (iv)  Forms of Payment Under Awards. Subject to the terms of the Plan
     and of any applicable Award Agreement, payments or transfers to be made by
     the Company or an Affiliate upon the grant, exercise, or payment of an
     Award to a Participating Key Employee may be made in such form or forms as
     the Committee shall determine, and may be made in a single payment or
     transfer, in installments, or on a deferred basis, in each case in
     accordance with rules and procedures established by the Committee. Such
     rules and procedures may include, without limitation, provisions for the
     payment or crediting of interest on installment or deferred payments.

         (v)   Limits on Transfer of Awards. No Award (other than Released
     Securities), and no right under any such Award, shall be assignable,
     alienable, saleable, or transferable by a Participating Key Employee or a
     Non-Employee Director otherwise than by will or by the laws of descent and
     distribution (or, in the case of an Award of Restricted Securities, to the
     Company); provided, however, that a Participating Key Employee at the
     discretion of the Committee may, and a Non-Employee Director shall, be
     entitled, in the manner established by the Committee, to designate a
     beneficiary or beneficiaries to exercise his or her rights, and to receive
     any property distributable, with respect to any Award upon the death of the
     Participating Key Employee or the Non-Employee Director, as the case may
     be. Each Award, and each right under any Award, shall be exercisable,
     during the lifetime of the Participating Key Employee or the Non-Employee
     Director, only by such individual or, if permissible under applicable law,
     by such individual's guardian or legal representative. No Award (other than
     Released Securities), and no right under any such Award, may be pledged,
     alienated, attached, or otherwise encumbered, and any purported pledge,
     alienation, attachment, or encumbrance thereof shall be void and
     unenforceable against the Company or any Affiliate.

         (vi)  Term of Awards. Except as otherwise provided in the Plan, the
     term of each Award shall be for such period as may be determined by the
     Committee.

         (vii) Share Certificates; Representation. In addition to the
     restrictions imposed pursuant to Section 6(d) and Section 6(e) hereof, all
     certificates for Shares delivered under the Plan pursuant to any Award or
     the exercise thereof shall be subject to such stop transfer orders and
     other restrictions as the Committee may deem advisable under the Plan or
     the rules, regulations, and other requirements of the Commission, any stock
     exchange or other market upon which such Shares are then listed or traded,
     and any

                                       11
<PAGE>

     applicable federal or state securities laws, and the Committee may cause a
     legend or legends to be put on any such certificates to make appropriate
     reference to such restrictions. The Committee may require each
     Participating Key Employee, Non-Employee Director or other Person who
     acquires Shares under the Plan by means of an Award originally made to a
     Participating Key Employee or a Non-Employee Director to represent to the
     Company in writing that such Participating Key Employee, Non-Employee
     Director or other Person is acquiring the Shares without a view to the
     distribution thereof.

Section 7. Amendment and Termination of the Plan; Correction of Defects and
Omissions

     (a) Amendments to and Termination of the Plan. The Board of Directors of
the Company may at any time amend, alter, suspend, discontinue, or terminate the
Plan; provided, however, that the provisions of Section 6(b) of the Plan shall
not be amended more than once every six months, other than to comport with
changes in the Code, the Employee Retirement Income Security Act of 1974, as
amended, or the rules promulgated thereunder; and provided further that
shareholder approval of any amendment of the Plan shall also be obtained (i) if
such amendment (A) increases the number of Shares with respect to which Awards
may be granted under the Plan (other than increases related to adjustments made
as provided in Section 4(b) hereof), (B) expands the class of persons eligible
to participate under the Plan or (C) otherwise increases in any material respect
the benefits payable under the Plan; or (ii) if otherwise required by: (A) the
Code or any rules promulgated thereunder (in order to allow for Incentive Stock
Options to be granted under the Plan), or (B) the listing requirements of the
New York Stock Exchange or any principal securities exchange or market on which
the Shares are then traded (in order to maintain the listing of the Shares
thereon). Termination of the Plan shall not affect the rights of Participating
Key Employees or Non-Employee Directors with respect to Awards previously
granted to them, and all unexpired Awards shall continue in force and effect
after termination of the Plan except as they may lapse or be terminated by their
own terms and conditions.

     (b) Correction of Defects, Omissions and Inconsistencies. The Committee may
correct any defect, supply any omission, or reconcile any inconsistency in any
Award or Award Agreement in the manner and to the extent it shall deem desirable
to carry the Plan into effect.

Section 8. General Provisions

     (a) No Rights to Awards. No Key Employee, Participating Key Employee or
other Person (other than a Non-Employee Director to the extent provided in
Section 6(b) of the Plan) shall have any claim to be granted any Award under the
Plan, and there is no obligation for uniformity of treatment of Key Employees,
Participating Key Employees, or holders or beneficiaries of Awards under the
Plan. The terms and conditions of Awards need not be the same with respect to
each Participating Key Employee.

     (b) Withholding. No later than the date as of which an amount first becomes
includable in the gross income of a Participating Key Employee for federal
income tax purposes with respect to any Award under the Plan, the Participating
Key Employee shall pay to the Company, or make arrangements satisfactory to the
Company regarding the payment of, any federal, state, local or foreign taxes of
any kind required by law to be withheld with respect to such

                                       12
<PAGE>

amount. Unless otherwise determined by the Committee, withholding obligations
arising with respect to Awards to Participating Key Employees under the Plan may
be settled with Shares (other than Restricted Securities), including Shares that
are part of, or are received upon exercise of, the Award that gives rise to the
withholding requirement. The obligations of the Company under the Plan shall be
conditional on such payment or arrangements, and the Company and any Affiliate
shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment otherwise due to the Participating Key Employee. The Committee
may establish such procedures as it deems appropriate for the settling of
withholding obligations with Shares, including, without limitation, the
establishment of such procedures as may be necessary to satisfy the requirements
of Rule 16b-3.

     (c) No Limit on Other Compensation Arrangements. Nothing contained in the
Plan shall prevent the Company or any Affiliate from adopting or continuing in
effect other or additional compensation arrangements, and such arrangements may
be either generally applicable or applicable only in specific cases.

     (d) Rights and Status of Recipients of Awards. The grant of an Award shall
not be construed as giving a Participating Key Employee the right to be retained
in the employ of the Company or any Affiliate. Further, the Company or any
Affiliate may at any time dismiss a Participating Key Employee from employment,
free from any liability, or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award Agreement. The grant of an Award to a
Non-Employee Director pursuant to Section 6(b) of the Plan shall confer no right
on such Non-Employee Director to continue as a director of the Company. Except
for rights accorded under the Plan and under any applicable Award Agreement,
Participating Key Employees and Non-Employee Directors shall have no rights as
holders of Shares as a result of the granting of Awards hereunder.

     (e) Unfunded Status of the Plan. Unless otherwise determined by the
Committee, the Plan shall be unfunded and shall not create (or be construed to
create) a trust or a separate fund or funds. The Plan shall not establish any
fiduciary relationship between the Company and any Participating Key Employee,
any Non-Employee Director or other Person. To the extent any Person holds any
right by virtue of a grant under the Plan, such right (unless otherwise
determined by the Committee) shall be no greater than the right of an unsecured
general creditor of the Company.

     (f) Governing Law. The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in accordance
with the laws of the State of Wisconsin and applicable federal law.

     (g) Severability. If any provision of the Plan or any Award Agreement or
any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in
any jurisdiction, or as to any Person or Award, or would disqualify the Plan,
any Award Agreement or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to
applicable laws, or if it cannot be so construed or deemed amended without, in
the determination of the Committee, materially altering the intent of the Plan,
any Award Agreement or the Award, such provision shall be stricken as to such
jurisdiction, Person, or

                                       13
<PAGE>

Award, and the remainder of the Plan, any such Award Agreement and any such
Award shall remain in full force and effect.

     (h) No Fractional Shares. No fractional Shares or other securities shall be
issued or delivered pursuant to the Plan, any Award Agreement or any Award, and
the Committee shall determine (except as otherwise provided in the Plan) whether
cash, other securities, or other property shall be paid or transferred in lieu
of any fractional Shares or other securities, or whether such fractional Shares
or other securities or any rights thereto shall be canceled, terminated, or
otherwise eliminated.

     (i) Headings. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
the Plan or any provision thereof.

Section 9. Effective Date of the Plan

     The Plan originally became effective on April 26, 1995.

                                       14BANTA CORPORATION

                    EXECUTIVE DEFERRED COMPENSATION PLAN "B"

                            Effective August 1, 2001

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

Section 1.      Purpose:.......................................................1

Section 2.      Definitions:...................................................1
        2.1     "Accrued Benefit"..............................................1
        2.2     "Active Participant"...........................................1
        2.3     "Beneficiary"..................................................1
        2.4     "Board"........................................................2
        2.5     "CEO"..........................................................2
        2.6     "College Education Account"....................................2
        2.7     "Committee"....................................................2
        2.8     "Compensation".................................................2
        2.9     "Deferred Compensation Account"................................2
        2.10    "Dependent Subaccount".........................................2
        2.11    "Employee".....................................................3
        2.12    "Employer".....................................................3
        2.13    "Participant"..................................................3
        2.14    "Participating Employer".......................................3
        2.15    "Plan".........................................................4
        2.16    "Plan Year"....................................................4
        2.17    "Qualifying Distribution Event"................................4
        2.18    "Salary Deferral Agreement"....................................4
        2.19    "Salary Deferral Credits"......................................4
        2.20    "Service"......................................................4

Section 3.      Salary Deferral Credits:.......................................4
        3.1     Election:......................................................4
        3.2     Timing of Credit:..............................................5
        3.3     Manner of Election:............................................5
        3.4     Changes in Election:...........................................5
        3.5     Additional Rules:..............................................6

Section 4.      Qualifying Distribution Events:................................6
        4.1     Death of a Participant:........................................6
        4.2     Termination of Service:........................................6

Section 5.      In-Service Withdrawals:........................................6
        5.1     College Education Withdrawals:.................................6

Section 6.      Qualifying Distribution Events Payment Options:................7
        6.1     Payment Options:...............................................7
        6.2     Changes in Election:...........................................8

<PAGE>

Section 7.      Vesting:.......................................................8

Section 8.      Account; Deemed Investment; Adjustment of Accounts:............9
        8.1     Account:.......................................................9
        8.2     Deemed Investments:............................................9
        8.3     Adjustments to Deferred Compensation Accounts:.................9

Section 9.      Administration by Committee:..................................10
        9.1     Membership of Committee:......................................10
        9.2     Committee officers; Subcommittee:.............................10
        9.3     Committee meetings:...........................................10
        9.4     Transaction of business:......................................10
        9.5     Committee records:............................................11
        9.6     Establishment of rules:.......................................11
        9.7     Conflicts of interest:........................................11
        9.8     Correction of errors:.........................................11
        9.9     Authority to interpret Plan:..................................11
        9.10    Third party advisors:.........................................12
        9.11    Compensation of members:......................................12
        9.12    Expense reimbursement:........................................12
        9.13    Indemnification:..............................................12

Section 10.     Contractual Liability:........................................13
        10.1    Contractual Liability:........................................13

Section 11.     Allocation of Responsibilities:...............................13
        11.1    Board:........................................................13
        11.2    Committee:....................................................14

Section 12.     Benefits Not Assignable; Facility of Payments:................14
        12.1    Benefits not assignable:......................................14
        12.2    Payments to minors and others:................................14

Section 13.     Beneficiary:..................................................15

Section 14.     Amendment and Termination of Plan:............................15

Section 15.     Communication to Participants:................................16

Section 16.     Claims Procedure:.............................................16
        16.1    Filing of a claim for benefits:...............................16
        16.2    Notification to claimant of decision:.........................16
        16.3    Procedure for review:.........................................17
        16.4    Decision on review:...........................................17
        16.5    Action by authorized representative of claimant:..............18

<PAGE>

Section 17.     Miscellaneous Provisions:.....................................18
        17.1    Set off:......................................................18
        17.2    Notices:......................................................18
        17.3    Lost distributees:............................................18
        17.4    Reliance on data:.............................................19
        17.5    Receipt and release for payments:.............................19
        17.6    Headings:.....................................................19
        17.7    Continuation of employment:...................................19
        17.8    Merger or consolidation:......................................20
        17.9    Construction:.................................................20

<PAGE>

                                BANTA CORPORATION
                    EXECUTIVE DEFERRED COMPENSATION PLAN "B"

     Section 1. Purpose:
     ---------  -------

     The Employer has adopted the Plan set forth herein to provide a means by
which certain management employees may elect to defer receipt of current
compensation in order to provide retirement on behalf of such employees. The
Plan is not intended to be a tax-qualified retirement plan under Section 401(a)
of the Internal Revenue Code. The Plan is intended to be an unfunded plan
maintained primarily for the purpose of providing deferred compensation benefits
for a select group of management or highly compensated employees under Sections
201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act
of 1974.

     Section 2. Definitions:
     ---------  -----------

     As used in the Plan, including this Section 2, references to one gender
shall include the other and, unless otherwise indicated by the context:

     2.1  "Accrued Benefit" shall mean, with respect to each Participant, the
balance credited to his Deferred Compensation Account and his College Education
Account.

     2.2  "Active Participant" shall mean, with respect to any day or date, a
Participant who is in Service on such day or date; provided, that a Participant
who is in Service shall cease to be an Active Participant immediately upon a
determination by the Committee that the Participant has ceased to be an
Employee.

     2.3  "Beneficiary" shall mean the person, persons, entity or entities
designated or determined pursuant to the provisions of Section 13 of the Plan.

<PAGE>

     2.4  "Board" shall mean the Compensation Committee of the Board of
Directors of Banta Corporation.

     2.5  "CEO" shall mean the Chief Executive Officer of Banta Corporation.

     2.6  "College Education Account" shall mean the separate account to be kept
for each Participant and to be divided into one or more Dependent Subaccounts,
as described in Section 5.1.

     2.7  "Committee" shall mean the administrative committee provided for in
Section 9.

     2.8  "Compensation" shall mean all of a Participant's compensation received
as an Employee reportable in box 1, Wages, Tips and other Compensation, on Form
W-2 which is derived from base salary and any short-term incentive payments
under the Banta Corporation Economic Profit (EP) Incentive Compensation Plan.
Notwithstanding the foregoing, Compensation shall include Salary Deferral
Credits under this Plan and amounts contributed by the Participant pursuant to a
Salary Deferral Agreement to another employee benefit plan of the Employer which
are not includible in the gross income of the Employee under Section 125, 132(f)
or 402(e)(3) of the Internal Revenue Code.

     2.9  "Deferred Compensation Account" shall mean the separate account to be
kept for each Participant, as described in Sections 3 and 8 and credited with
Salary Deferral Credits.

     2.10 "Dependent Subaccount" shall mean each separate subaccount, if any, to
be kept for each Participant as part of his College Education Account, as
described in Section 5.1 and credited with Salary Deferral Credits.

                                       2
<PAGE>

     2.11 "Employee" shall mean an individual in the Service of the Employer if
the relationship between the individual and the Employer is the legal
relationship of employer and employee and if the individual is a highly
compensated or management employee of the Employer. An individual shall cease to
be an Employee upon the first to occur of the following: (i) the Employee's
termination of Service; or (ii) a determination by the Committee that the
Employee no longer meets the eligibility requirements for participation in the
Plan.

     2.12 "Employer" shall mean Banta Corporation and any Participating
Employer. All references herein to the Employer shall be applied separately to
each such Employer as if the Plan were solely the Plan of that Employer.

     2.13 "Participant" shall mean with respect to any Plan Year an Employee who
has been designated by the CEO as a Participant and who has entered the Plan or
who has an Accrued Benefit under the Plan. An Employee designated by the CEO as
a Participant who has not otherwise entered the Plan shall enter the Plan and
become a Participant as of the date determined by the CEO. A Participant who
separates from Service with the Employer and who later returns to Service will
not be eligible to defer Compensation under the Plan except upon satisfaction of
such terms and conditions as the CEO shall establish upon the Participant's
return to Service, whether or not the Participant shall have an Accrued Benefit
remaining under the Plan on the date of his return to Service.

     2.14 "Participating Employer" shall mean any trade or business (whether or
not incorporated) affiliated with Banta Corporation which employs a Participant
as designated by the CEO.

                                       3
<PAGE>

     2.15 "Plan" shall mean the Banta Corporation Executive Deferred
Compensation Plan "B", as herein set out or as duly amended.

     2.16 "Plan Year" shall mean the twelve-month period ending on the last day
of December and each anniversary thereof.

     2.17 "Qualifying Distribution Event" shall mean the Participant's
termination of Service for any reason.

     2.18 "Salary Deferral Agreement" shall mean a written agreement entered
into between a Participant and the Employer pursuant to the provisions of
Section 3.

     2.19 "Salary Deferral Credits" shall mean the amounts credited to the
Participant's Deferred Compensation Account by the Employer pursuant to the
provisions of Section 3.

     2.20 "Service" shall mean employment by the Employer.

     Section 3. Salary Deferral Credits:
     ---------  -----------------------

     3.1  Election: Each Active Participant may elect, by entering into a Salary
Deferral Agreement, to reduce his Compensation as specified in the Salary
Deferral Agreement. The Active Participant may elect to defer base salary and/or
annual short-term incentive bonus to be earned for such year, but in no event
more than an aggregate of 35% of the combination of such base salary and
short-term incentive bonus. In the event that the Participant is also deferring
pay during the Plan Year pursuant to the Banta Corporation 1988 Deferred
Compensation Plan for Key Employees, such deferrals shall reduce the applicable
limit hereunder for such Plan Year. The amount of the Participant's Salary
Deferral Credit shall be credited by the Employer to the Deferred Compensation
Account maintained for the Participant pursuant to Section 8.

                                       4
<PAGE>

     3.2  Timing of Credit: On each payroll date, the Employer shall credit to
the Participant's Deferred Compensation Account an amount equal to the total
Salary Deferral Credit for such period.

     3.3  Manner of Election: An election pursuant to Section 3.1 shall be made
by the Participant by executing and delivering a Salary Deferral Agreement to
the Committee. The Salary Deferral Agreement shall become effective with respect
to such Participant as of the first full payroll period commencing on or
immediately following the January 1 which occurs after the date such Salary
Deferral Agreement is received by the Committee; provided, that a Participant
who first becomes a Participant in the Plan during a Plan Year may enter into a
Salary Deferral Agreement with respect to base salary to be effective as of the
first payroll period next following the date he enters the Plan. A Participant's
election shall continue in effect, unless earlier modified by the Participant,
until the Service of the Participant is terminated, or, if earlier, until the
Participant ceases to be an Active Participant under the Plan.

     3.4  Changes in Election: A Participant may unilaterally modify a Salary
Deferral Agreement (either to increase or decrease the portion of his future
Compensation which is subject to salary deferral within the percentage limits
set forth in Section 3.1) by providing a written modification of the Salary
Deferral Agreement to the Employer. The modification shall become effective as
of the first full payroll period commencing on or immediately following the
January 1 which occurs after the date such written modification is received by
the Committee. The Participant may terminate the Salary Deferral Agreement

                                       5
<PAGE>

with respect to base salary as of the first full payroll period after the date
written notice of the termination is received by the Committee.

     3.5  Additional Rules: The Committee may from time to time establish
policies or rules governing the manner in which Salary Deferral Credits may be
made.

     Section 4. Qualifying Distribution Events:
     ---------  ------------------------------

     4.1  Death of a Participant: If a Participant dies while in Service, the
Employer shall pay the Accrued Benefit to the Participant's Beneficiary. Payment
of such benefit shall be made by the Employer pursuant to Section 6. If a
Participant dies following his termination of Service for any reason and before
all payments to him under the Plan have been made, the payment of the balance of
the Participant's Accrued Benefit shall be continued in accordance with Section
6, but to the Participant's Beneficiary rather than to the Participant.

     4.2  Termination of Service: If the Service of a Participant with the
Employer shall be terminated for any reason other than death, his Accrued
Benefit shall be paid to him by the Employer as provided in Section 6.

     Section 5. In-Service Withdrawals:
     ---------  ----------------------

     5.1  College Education Withdrawals: A Participant may elect in the Salary
Deferral Agreement for a designated percentage or dollar amount of the Salary
Deferral Credits to be credited to a College Education Account to be used to
fund the college education of the Participant's Eligible Dependent or Eligible
Dependents. For purposes of this section, "Eligible Dependent" shall mean any
child (including any legally adopted child) of a Participant who has not
attained age 18 and whom the Participant designates as an Eligible Dependent in
his Salary Deferral Agreement; provided, however, that the Committee in its
discretion may approve the designation of an individual other than the child of
a Participant

                                       6
<PAGE>

as an Eligible Dependent. The College Education Account shall be divided into
Dependent Subaccounts for each of the Participant's Eligible Dependents, and the
Participant may designate in the Salary Deferral Agreement the percentage or
dollar amount of each Salary Deferral Credit to be credited to each Dependent
Subaccount. In the absence of a clear designation, all credits made to the
College Education Subaccount shall be equally allocated to each Dependent
Subaccount. As soon as practicable after an Eligible Dependent of the
Participant attains age 18, the Employer shall pay to the Participant the
balance in the Dependent Subaccount with respect to such Eligible Dependent in
annual installments over a period of four years. The following special
provisions shall apply with respect to the Dependent Subaccounts:

          5.1.1 The Dependent Subaccounts shall be established, adjusted for
     payments, credited with Salary Deferral Credits and credited or debited for
     deemed investment gains or losses in the same manner and at the same time
     as such adjustments are made to the Deferred Compensation Account under
     Section 8 and in accordance with the rules and elections in effect under
     Section 8.

          5.1.2 Notwithstanding any provision in this Section 5 to the contrary,
     if Participant incurs a Qualifying Distribution Event prior to the date on
     which the entire balance of his College Education Account has been
     distributed to him, then the balance in the College Education Account on
     the date of the Qualifying Distribution Event shall be combined with the
     Participant's Deferred Compensation Account and distributed to him in the
     same manner and at the same time as his Deferred Compensation Account is
     distributed to him under Section 6 and in accordance with the rules and
     elections in effect under Section 6.

     Section 6. Qualifying Distribution Events Payment Options:
     ---------  ----------------------------------------------

     6.1  Payment Options: Any benefit payable under the Plan may be made to the
Participant or his Beneficiary (as applicable) in any of the following payment
forms, as selected by the Participant:

                                       7
<PAGE>

          (i) A lump sum in cash as soon as practicable following the date
     Participant's Service terminates for any reason; or

          (ii) Approximately equal annual installments over a term certain as
     elected by the Participant not to exceed ten years. Payment of the benefit
     shall commence as of the first business day of the calendar quarter
     following the date Participant's Service terminates for any reason.

The payment of each subsequent annual installment shall be made on the
anniversary of the commencement date of the installment payments in this
subsection (ii). The amount of the annual installment shall be determined by
dividing the balance in the Deferred Compensation Account on each such date
(following adjustment on such date pursuant to Section 8.3 of the Plan) by the
number of annual installments remaining to be paid hereunder; provided that the
last annual installment due under the Plan shall be the entire amount credited
to the Participant's account on the date of payment.

     6.2  Changes in Election: Upon a Participant's entry into the Plan, the
Participant shall elect among the payment options the method under which his
Accrued Benefit will be distributed; provided, however, that the Participant may
change the method of payment by filing a written election with the Committee at
least two years prior to the date the Participant's Service terminates. Any
election to change the payment method which is filed less than two years prior
to the date the Participant's Service terminates shall be invalid and the prior
valid election shall apply.

     Section 7. Vesting:
     ---------  -------

     A Participant shall be fully vested (that is, nonforfeitable) in his
Deferred Compensation Account.

                                       8
<PAGE>

     Section 8. Account; Deemed Investment; Adjustment of Accounts:
     ---------  --------------------------------------------------

     8.1  Account: The Committee shall establish a book reserve account,
entitled the "Deferred Compensation Account," on behalf of each Participant.
Such account shall be adjusted pursuant to the provisions of Section 8.3.

     8.2  Deemed Investments: The Deferred Compensation Account of a Participant
shall be credited with an investment return determined as if the account were
invested in one or more investment funds made available by the Committee. The
Participant shall elect the investment funds in which his Deferred Compensation
Account shall be deemed to be invested. Such election shall be made in the
manner prescribed by the Committee and shall take effect upon the entry of the
Participant into the Plan. The investment election of the Participant shall
remain in effect until a new election is made by the Participant. In the event
the Participant fails for any reason to make an effective election of the
investment return to be credited to his account, the investment return shall be
determined by the Committee.

     8.3  Adjustments to Deferred Compensation Accounts: With respect to each
Participant who has a Deferred Compensation Account under the Plan, the amount
credited to such account shall be adjusted by the following debits and credits,
at the times and in the order stated:

          8.3.1 The Deferred Compensation Account shall be debited each business
     day with the total amount of any payments made from such account since the
     last preceding business day to him or for his benefit.

          8.3.2 The Deferred Compensation Account shall be credited on each
     payroll date with any Salary Deferral Credits to such account for such
     date.

          8.3.3 The Deferred Compensation Account shall be credited or debited
     on each day securities are traded on a national stock exchange with the
     amount of deemed investment gain or loss resulting from the performance of
     the investment funds elected by the Participant in accordance with Section
     8.2.

                                       9
<PAGE>

     The amount of such deemed investment gain or loss shall be determined by
     the Committee and such determination shall be final and conclusive upon all
     concerned.

     Section 9. Administration by Committee:
     ---------  ---------------------------

     9.1  Membership of Committee: The Committee shall consist of at least four
individuals who shall be appointed by the Board to serve at the pleasure of the
Board. Any member of the Committee may resign, and his successor, if any, shall
be appointed by the Board. The Committee shall be responsible for the general
administration and interpretation of the Plan and for carrying out its
provisions, except to the extent all or any of such obligations are specifically
imposed on the Board.

     9.2  Committee officers; Subcommittee: The members of the Committee shall
elect a Chairman and may elect an acting Chairman. They shall also elect a
Secretary and may elect an acting Secretary, either of whom may be but need not
be a member of the Committee. The Committee may appoint from its membership such
subcommittees with such powers as the Committee shall determine, and may
authorize one or more of its members or any agent to execute or deliver any
instruments or to make any payment on behalf of the Committee.

     9.3  Committee meetings: The Committee shall hold such meetings upon such
notice, at such places and at such intervals as it may from time to time
determine. Notice of meetings shall not be required if notice is waived in
writing by all the members of the Committee at the time in office, or if all
such members are present at the meeting.

     9.4  Transaction of business: A majority of the members of the Committee at
the time in office shall constitute a quorum for the transaction of business.
All resolutions or other actions taken by the Committee at any meeting shall be
by vote of a majority of those

                                       10
<PAGE>

present at any such meeting and entitled to vote. Resolutions may be adopted or
other action taken without a meeting upon written consent thereto signed by all
of the members of the Committee.

     9.5  Committee records: The Committee shall maintain full and complete
records of its deliberations and decisions. The minutes of its proceedings shall
be conclusive proof of the facts of the operation of the Plan.

     9.6  Establishment of rules: Subject to the limitations of the Plan, the
Committee may from time to time establish rules or by-laws for the
administration of the Plan and the transaction of its business.

     9.7  Conflicts of interest: No individual member of the Committee shall
have any right to vote or decide upon any matter relating solely to himself or
to any of his rights or benefits under the Plan (except that such member may
sign unanimous written consent to resolutions adopted or other action taken
without a meeting), except relating to the terms of his Salary Deferral
Agreement.

     9.8  Correction of errors: The Committee may correct errors and, so far as
practicable, may adjust any benefit or credit or payment accordingly. The
Committee may in its discretion waive any notice requirements in the Plan;
provided, that a waiver of notice in one or more cases shall not be deemed to
constitute a waiver of notice in any other case. With respect to any power or
authority which the Committee has discretion to exercise under the Plan, such
discretion shall be exercised in a nondiscriminatory manner.

     9.9  Authority to interpret Plan: Subject to the claims procedure set forth
in Section 16, the Committee shall have the duty and discretionary authority to
interpret and

                                       11
<PAGE>

construe the provisions of the Plan and to decide any dispute which may arise
regarding the rights of Participants hereunder, including the discretionary
authority to construe the Plan and to make determinations as to eligibility and
benefits under the Plan. Determinations by the Committee shall apply uniformly
to all persons similarly situated and shall be binding and conclusive upon all
interested persons.

     9.10 Third party advisors: The Committee may engage an attorney,
accountant, actuary or any other technical advisor on matters regarding the
operation of the Plan and to perform such other duties as shall be required in
connection therewith, and may employ such clerical and related personnel as the
Committee shall deem requisite or desirable in carrying out the provisions of
the Plan. The Committee shall from time to time, but no less frequently than
annually, review the financial condition of the Plan and determine the financial
and liquidity needs of the Plan. The Committee shall communicate such needs to
the Employer so that its policies may be appropriately coordinated to meet such
needs.

     9.11 Compensation of members: No fee or compensation shall be paid to any
member of the Committee for his Service as such.

     9.12 Expense reimbursement: The Committee shall be entitled to
reimbursement by the Employer for its reasonable expenses properly and actually
incurred in the performance of its duties in the administration of the Plan.

     9.13 Indemnification: No member of the Committee shall be personally liable
by reason of any contract or other instrument executed by him or on his behalf
as a member of the Committee nor for any mistake of judgment made in good faith,
and the Employer shall indemnify and hold harmless, directly from its own assets
(including the

                                       12
<PAGE>

proceeds of any insurance policy the premiums for which are paid from the
Employer's own assets), each member of the Committee and each other officer,
employee, or director of the Employer to whom any duty or power relating to the
administration or interpretation of the Plan may be delegated or allocated,
against any unreimbursed or uninsured cost or expense (including any sum paid in
settlement of a claim with the prior written approval of the Board) arising out
of any act or omission to act in connection with the Plan unless arising out of
such person's own fraud, bad faith, willful misconduct or gross negligence.

     Section 10. Contractual Liability:
     ----------  ---------------------

     10.1 Contractual Liability: The obligation of the Employer to make payments
hereunder shall constitute a contractual liability of the Employer to the
Participant. Such payments shall be made from the general funds of the Employer,
and the Employer shall not be required to establish or maintain any special or
separate fund, or otherwise to segregate assets to assure that such payments
shall be made, and the Participant shall not have any interest in any particular
assets of the Employer by reason of its obligations hereunder. To the extent
that any person acquires a right to receive payment from the Employer, such
right shall be no greater than the right of an unsecured creditor of the
Employer.

     Section 11. Allocation of Responsibilities:
     ----------  ------------------------------

     The persons responsible for the Plan and the duties and responsibilities
allocated to each are as follows:

     11.1 Board:

          (i) To amend the Plan;

          (ii) To appoint and remove members of the Committee; and

          (iii) To terminate the Plan.

                                       13
<PAGE>

     11.2 Committee:

          (i)   To designate Participants;

          (ii)  To interpret the provisions of the Plan and to determine the
     rights of the Participants under the Plan, except to the extent otherwise
     provided in Section 16 relating to claims procedure;

          (iii) To administer the Plan in accordance with its terms, except to
     the extent powers to administer the Plan are specifically delegated to
     another person or persons as provided in the Plan;

          (iv)  To account for the Accrued Benefits of Participants;

          (v)   To direct the Employer in the payment of benefits;

          (vi)  To file such reports as may be required with the United States
     Department of Labor, the Internal Revenue Service and any other government
     agency to which reports may be required to be submitted from time to time;
     and

          (vii) To administer the claims procedure to the extent provided in
     Section 16.

     Section 12. Benefits Not Assignable; Facility of Payments:
     ----------  ---------------------------------------------

     12.1 Benefits not assignable: No portion of any benefit credited or paid
under the Plan with respect to any Participant shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or
charge, and any attempt so to anticipate, alienate, sell, transfer, assign,
pledge, encumber or charge the same shall be void, nor shall any portion of such
benefit be in any manner payable to any assignee, receiver or any one trustee,
or be liable for his debts, contracts, liabilities, engagements or torts.

     12.2 Payments to minors and others: If any individual entitled to receive a
payment under the Plan shall be physically, mentally or legally incapable of
receiving or acknowledging receipt of such payment, the Committee, upon the
receipt of satisfactory evidence of his incapacity and satisfactory evidence
that another person or institution is maintaining him and that no guardian or
committee has been appointed for him, may cause any

                                       14
<PAGE>

payment otherwise payable to him to be made to such person or institution so
maintaining him. Payment to such person or institution shall be in full
satisfaction of all claims by or through the Participant to the extent of the
amount thereof.

     Section 13. Beneficiary:
     ----------  -----------

     The Participant's beneficiary shall be the person or persons designated by
the Participant on the beneficiary designation form provided by and filed with
the Committee or its designee. If the Participant does not designate a
beneficiary, the beneficiary shall be his surviving spouse. If the Participant
does not designate a beneficiary and has no surviving spouse, the beneficiary
shall be the Participant's estate. The designation of a beneficiary may be
changed or revoked only by filing a new beneficiary designation form with the
Committee or its designee. If a beneficiary (the "primary beneficiary") is
receiving or is entitled to receive payments under the Plan and dies before
receiving all of the payments due him, the balance to which he is entitled shall
be paid to the contingent beneficiary, if any, named in the Participant's
current beneficiary designation form. If there is no contingent beneficiary, the
balance shall be paid to the estate of the primary beneficiary. Any beneficiary
may disclaim all or any part of any benefit to which such beneficiary shall be
entitled hereunder by filing a written disclaimer with the Committee before
payment of such benefit is to be made. Such a disclaimer shall be made in a form
satisfactory to the Committee and shall be irrevocable when filed. Any benefit
disclaimed shall be payable from the Plan in the same manner as if the
beneficiary who filed the disclaimer had died prior to the Participant.

     Section 14. Amendment and Termination of Plan:
     ----------  ---------------------------------

     The Board may amend any provision of the Plan or terminate the Plan at any
time; provided, that in no event shall such amendment or termination reduce any
Participant's

                                       15
<PAGE>

Accrued Benefit as of the date of such amendment or termination, nor shall any
such amendment affect the terms of the Plan relating to the payment of such
Accrued Benefit. In the event of termination of the Plan, any remaining Accrued
Benefits shall be paid in a lump sum.

     Section 15. Communication to Participants:
     ----------  -----------------------------

     The Employer shall make a copy of the Plan available for inspection by
Participants and their beneficiaries during reasonable hours at the principal
office of the Employer.

     Section 16. Claims Procedure:
     ----------  ----------------

     The following claims procedure shall apply with respect to the Plan:

     16.1 Filing of a claim for benefits: If a Participant or beneficiary (the
"claimant") believes that he is entitled to benefits under the Plan which are
not being paid to him or which are not being accrued for his benefit, he shall
file a written claim therefor with the Committee.

     16.2 Notification to claimant of decision: Within 90 days after receipt of
a claim by the Committee (or within 180 days if special circumstances require an
extension of time), the Committee shall notify the claimant of his decision with
regard to the claim. In the event of such special circumstances requiring an
extension of time, there shall be furnished to the claimant prior to expiration
of the initial 90-day period written notice of the extension, which notice shall
set forth the special circumstances and the date by which the decision shall be
furnished. If such claim shall be wholly or partially denied, notice thereof
shall be in writing and worded in a manner calculated to be understood by the
claimant, and shall set forth: (i) the specific reason or reasons for the
denial; (ii) specific reference to pertinent

                                       16
<PAGE>

provisions of the Plan on which the denial is based; (iii) a description of any
additional material or information necessary for the claimant to perfect the
claim and an explanation of why such material or information is necessary; and
(iv) an explanation of the procedure for review of the denial. If the Committee
fails to notify the claimant of the decision in timely manner, the claim shall
be deemed denied as of the close of the initial 90-day period (or the close of
the extension period, if applicable).

     16.3 Procedure for review: Within 60 days following receipt by the claimant
of notice denying his claim, in whole or in part, or, if such notice shall not
be given, within 60 days following the latest date on which such notice could
have been timely given, the claimant shall appeal denial of the claim by filing
a written application for review with the Committee. Following such request for
review, the Committee shall fully and fairly review the decision denying the
claim. Prior to the decision of the Committee, the claimant shall be given an
opportunity to review pertinent documents and to submit issues and comments in
writing.

     16.4 Decision on review: The decision on review of a claim denied in whole
or in part by the Committee shall be made in the following manner:

          16.4.1 Within 60 days following receipt by the Committee of the
     request for review (or within 120 days if special circumstances require an
     extension of time), the Committee shall notify the claimant in writing of
     its decision with regard to the claim. In the event of such special
     circumstances requiring an extension of time, written notice of the
     extension shall be furnished to the claimant prior to the commencement of
     the extension. If the decision on review is not furnished in a timely
     manner, the claim shall be deemed denied as of the close of the initial
     60-day period (or the close of the extension period, if applicable).

          16.4.2 With respect to a claim that is denied in whole or in part, the
     decision on review shall set forth specific reasons for the decision, shall
     be written in a manner calculated to be understood by the claimant, and
     shall cite specific references to the pertinent Plan provisions on which
     the decision is based.

                                       17
<PAGE>

          16.4.3 The decision of the Committee shall be final and conclusive.

     16.5 Action by authorized representative of claimant: All actions set forth
in this Section 16 to be taken by the claimant may likewise be taken by a
representative of the claimant duly authorized by him to act in his behalf on
such matters. The Committee may require such evidence as either may reasonably
deem necessary or advisable of the authority to act of any such representative.

     Section 17. Miscellaneous Provisions:
     ----------  ------------------------

     17.1 Set off: Notwithstanding any other provision of this Plan, the
Employer may reduce the amount of any payment otherwise payable to or on behalf
of a Participant hereunder by the amount of any loan, cash advance, extension of
credit or other obligation of the Participant to the Employer that is then due
and payable, and the Participant shall be deemed to have consented to such
reduction.

     17.2 Notices: Each Participant who is not in Service and each beneficiary
shall be responsible for furnishing the Committee or its designee with his
current address for the mailing of notices and benefit payments. Any notice
required or permitted to be given to such Participant or beneficiary shall be
deemed given if directed to such address and mailed by regular United States
mail, first class, postage prepaid. If any check mailed to such address is
returned as undeliverable to the addressee, mailing of checks will be suspended
until the Participant or beneficiary furnishes the proper address. This
provision shall not be construed as requiring the mailing of any notice or
notification otherwise permitted to be given by posting or by other publication.

     17.3 Lost distributees: A benefit shall be deemed forfeited if the
Committee is unable to locate the Participant or beneficiary to whom payment is
due on or before the fifth

                                       18
<PAGE>

anniversary of the date payment is to be made or commence; provided, that the
deemed investment rate of return pursuant to Section 8.2 shall cease to be
applied to the Participant's account following the first anniversary of such
date; provided further, however, that such benefit shall be reinstated, without
interim interest, if a valid claim is made by or on behalf of the Participant or
beneficiary for all or part of the forfeited benefit.

     17.4 Reliance on data: The Employer and the Committee shall have the right
to rely on any data provided by the Participant or by any beneficiary.
Representations of such data shall be binding upon any party seeking to claim a
benefit through a Participant, and the Employer and the Committee shall have no
obligation to inquire into the accuracy of any representation made at any time
by a Participant or beneficiary.

     17.5 Receipt and release for payments: Subject to the provisions of Section
17.1, any payment made from the Plan to or with respect to any Participant or
beneficiary, or pursuant to a disclaimer by a beneficiary, shall, to the extent
thereof, be in full satisfaction of all claims hereunder against the Plan and
the Employer with respect to the Plan. The recipient of any payment from the
Plan may be required by the Committee, as a condition precedent to such payment,
to execute a receipt and release with respect thereto in such form as shall be
acceptable to the Committee.

     17.6 Headings: The headings and subheadings of the Plan have been inserted
for convenience of reference and are to be ignored in any construction of the
provisions hereof.

     17.7 Continuation of employment: The establishment of the Plan shall not be
construed as conferring any legal or other rights upon any Employee or any
persons for

                                       19
<PAGE>

continuation of employment, nor shall it interfere with the right of the
Employer to discharge any Employee or to deal with him without regard to the
effect thereof under the Plan.

     17.8 Merger or consolidation: No employer-party to the Plan shall
consolidate or merge into or with another corporation or entity, or transfer all
or substantially all of its assets to another corporation, partnership, trust or
other entity (a "Successor Entity") unless such Successor Entity shall assume
the rights, obligations and liabilities of the employer-party under the Plan and
upon such assumption, the Successor Entity shall become obligated to perform the
terms and conditions of the Plan.

     17.9 Construction: The provisions of the Plan shall be construed and
enforced according to the laws of the State of Wisconsin, except to the extent
that such laws are superseded by the Employee Retirement Income Security Act of
1974.

                                       20

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