Document:

EX-10.23

 

Exhibit 10.23

LONG-TERM EQUITY
INCENTIVE AWARD AGREEMENT

LONG-TERM EQUITY
INCENTIVE AWARD AGREEMENT

pursuant to the

BOWNE & CO.,
INC.

AMENDED AND RESTATED 1999 INCENTIVE COMPENSATION PLAN

* * * * * * * 

Participant:               __________________________________

Date of Grant:           __________________________________

Number of Restricted
Stock Units granted:  ________________

This Long-Term Equity
Incentive Award Agreement (this “Agreement”) made as of the Date of Grant set
forth above by and between Bowne & Co., Inc., a Delaware corporation (the
“Company”), and the individual whose name is set forth above (“Participant”),
whose address is in care of Bowne & Co., Inc., pursuant to the Company’s
1999 Incentive Compensation Plan as Amended and Restated May 25, 2006 (the
“Plan”) is hereby amended as follows:

Paragraph 1. Grant of
Restricted Stock Units shall be
amended by adding except as specified in paragraph 10 of this Agreement to the
end of the following sentence. “The
Participant agrees and understands that nothing contained in this Agreement
provides, or is intended to provide, the Participant with any protection
against potential future dilution of the Participant’s interest in the Company
for any reason.”

Paragraph 7. Termination of Employment shall be amended as follows:

(c) Immediate
Vesting of All Rights. In the event
of a Change of Control of the company the Participants will be entitled to
receive all vested and non-vest portions of the Final Award immediately. The
number of shares of Common Stock to be delivered to the Participant will be
equal to the number of shares that would have comprised the Final Award had the
last day of the final year of the Participant’s employment been the last day of
the Performance Period and the Target Average ROIC was attained.

(d) Definitions. For purposes of
this Agreement, “Disability” shall have the same meaning set forth in
any employment agreement between the Company and Participant; in the absence of
such an agreement, “Disability” means disability as determined by the
Committee in accordance with the standards and procedures similar to those
under the Company’s long-term disability plan, if any. Subject to the first sentence of this
paragraph, at any time that the Company does not maintain a long-term
disability plan, “Disability” shall mean any physical or mental
disability which is determined to be total and permanent by a doctor selected
in good faith by the Committee.

- 1 -

 

LONG-TERM EQUITY
INCENTIVE AWARD AGREEMENT

For
purposes of this Agreement, “Involuntary Dismissal” shall mean the
termination of Participant’s employment with the Company (or any Subsidiary)
through and directly attributable to an action taken by the Board, the
Committee, or the Company, other than dismissal for Cause. For purposes of this Agreement, “Cause” shall
have the same meaning set forth in any employment agreement between the Company
(or any Subsidiary) and Participant; in the absence of such an agreement,
“Cause” shall mean the commission by the Participant of any of the Events
Triggering Forfeiture as identified in Section 10(b) of the Plan.

For
purposes of this Agreement, “Retirement” shall mean the Participant’s
termination of employment (other than for Cause) on a date which is after both
(i) the Participant’s 55th birthday and (ii) the completion of five
(5) years of service with the Company.

For
purposed of this Agreement, “Change of Control” shall have the same definition
as contained in the Termination Protection Agreements for certain key senior
executives.

IN WITNESS WHEREOF,
BOWNE & CO., INC. has caused this amendment to the Agreement to be executed
on its behalf by an officer of the Company thereunto duly authorized and
Participant has accepted the terms of this Agreement, both as of the date of
grant.

	PARTICIPANT
	BOWNE & CO., INC.
	By:
	By:

	 	 
	___________________	___________________
		David Shea

- 2 -EX-10.24

 

Exhibit 10.24

December 14, 2006

Re: Consulting Agreement

Dear Carl:

This letter agreement is in confirmation of your consulting agreement with Bowne & Co., Inc.
(together with its subsidiaries and affiliates “Bowne”). If the terms meet your approval please
sign and return a copy of this letter agreement to me.

	 	1.	 	Term: January 1, 2007 to December 31, 2008 (the “Consulting Term”).
	 
	 	2.	 	Compensation:

	 	a.	 	$ 255,000 annual consulting fee in lieu of Board of Director
retainers and fees and for services rendered. The fees are payable quarterly upon
invoice. We anticipate that you will provide 1 to 2 days of services per week
during the Consulting Term.
	 
	 	b.	 	Reimbursement of reasonable business related expenses.
	 
	 	c.	 	You will be indemnified in connection with your duties under this
Agreement and for your participation as a member of Bowne’s Board of Directors to
the same extent as Bowne’s executives and other board members.
	 
	 	d.	 	You will be an independent contractor, and thus will not be entitled
to continued active participation in Bowne’s employee benefit plans.

	 	3.	 	Duties:

	 	a.	 	Continue as a member of the Board of Directors of Bowne.
	 
	 	b.	 	Assist in securing of new customers and the retention of existing
customers by continuing relationships with key individuals.
	 
	 	c.	 	Provide coaching and mentoring to members of Bowne’s senior
management team.
	 
	 	d.	 	Participate in cross selling of Bowne’s new services.
	 
	 	e.	 	Assist in the analysis of potential acquisitions or divestitures and
the integration of organizations after an acquisition.
	 
	 	f.	 	Any other projects that are mutually agreed upon between you and
David Shea.

	 	4.	 	Reports: You will provide periodic status reports to David Shea.
	 
	 	5.	 	Confidential Information: You agree that you will not at any time, whether during or
after the Consulting Term, disclose to any person or entity any Bowne confidential
information or trade secrets without the prior written authorization of Bowne.
	 
	 	6.	 	Non-Compete and Non Solicitation of Employees:

 

 

page 2 of 3

	 	a.	 	You agree that during the Consulting Term and for a period of twelve
months thereafter, you will not, directly or indirectly:

	 	i.	 	disclose to any person information which, whether or
not Bowne confidential information, would be beneficial to a competitor of
Bowne;
	 
	 	ii.	 	make or hold investments in the aggregate of more
than one percent (1%) of the capital of a competing business either in the
form of a stock purchase, contribution to capital, loan or any other form,
or any combination of the foregoing;
	 
	 	iii.	 	render or give advice or assistance to a competing
business whether as an employee or consultant or otherwise;
	 
	 	iv.	 	become an officer or director of a corporation or
member of a partnership or trustee of a trust which conducts, by itself or
through one or more subsidiaries, a competing business or become an
employee of such corporation, partnership, trust, or business;
	 
	 	v.	 	on behalf of any other person or entity contact or
solicit any former or current client of Bowne for which you were directly
or indirectly responsible with the purpose of providing or offering to
provide any services which compete with services provided by Bowne;
	 
	 	vi.	 	on behalf of any other person or entity, solicit or
encourage any current employee to leave the employment of Bowne or hire a
former employee within six (6) months of their having left Bowne’s
employment.

	 	 	 	Clauses (ii) and (iv) of the foregoing non-competition provisions shall only apply
to lines of business in which Bowne is engaged as of the date hereof, and shall not
apply to new lines of business engaged in by Bowne subsequent to the date hereof.

 

 

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	 	b.	 	Bowne acknowledges that you may have an ownership interest in GSC
Partners (“GSCP”) and that you may in the future provide services to GSCP. Bowne
further acknowledges that GSCP is a substantial investor in Moore/Wallace (“MW”)
which has agreed to merge with R.R. Donnelly + Sons Company (“RRD”). Bowne and,
with respect to the SERP, the Administrative Committee thereof, agree that
provided you do not provide services of any kind, directly or indirectly, to
either MW, RRD or the entity created by the merger and its subsidiaries and
affiliates, the ownership interest in and the services provided to GSPC will not
be a breach of paragraph 6a. of this letter agreement or the Supplemental
Executive Retirement Plan (“SERP”).
	 
	 	c.	 	You acknowledge and agree that Bowne’s remedies for a breach or
threatened breach of any of the provisions of Section 5 or Section 6 of this
agreement would be inadequate and Bowne would suffer irreparable damages as a
result of such breach or threatened breach. In recognition of this fact, you agree
that, in the event of such a breach or threatened breach, in addition to any
remedies at law, Bowne, without posting any bond, shall be entitled to obtain
equitable relief in the form of specific performance.

You have been an integral part of Bowne for more than 30 years. During this time of transition, we
appreciate your willingness to consult and share your expertise.

Sincerely,

	 	 	 
	 

	 	Agreed and Accepted:
	 
	 	 
	 

	 	 
	 

	 	Carl J. Crosetto<PAGE>

                                                                    EXHIBIT 10.4

Monroe Bank & Trust Director Death Benefit Only Plan

The following agreement was entered into by the Bank and each of its ten
directors:

       1.   Peter H. Carlton
       2.   H. Douglas Chaffin
       3.   Joseph S. Daly
       4.   Thomas M. Huner
       5.   Rocque E. Lipford
       6.   William D. McIntyre, Jr.
       7.   Michael J. Miller
       8.   Debra J. Shah
       9.   Philip P. Swy
       10.  Karen M. Wilson

      Management of Monroe Bank has been working to restructure the current
Split Dollar Life Insurance Agreement ("SDLI"). The reason for this
restructuring is twofold. First, under the current SDLI Agreement, an
endorsement split dollar arrangement is utilized, which subjects the participant
to taxes on imputed income each year. In the later years, this cost can be
significant. Second, Monroe Bank has been purchasing Bank Owned Life Insurance
policies that are not properly aligned with the participant's benefit, making it
difficult to continue to purchase such coverage due to restrictions on how much
life insurance the bank may own.

      The new Death Benefit Only Plan addresses both of these issues. Under the
new Plan, participants will no longer be subject to being taxed on imputed
income. In addition, the bank will purchase new life insurance policies that
more closely align with participant benefits, and thus will be better able to
properly finance the benefits.

      Your benefits will not change. Monroe Bank values your contribution and
thus is pleased to provide its key executives with this continued benefit. This
communication packet will provide you with additional information on this new
plan. Included in the packet is an overview of the new plan, as well as a
Question & Answer section. Please read this material, then complete the
documents/forms listed below.

Steps to Implement the New DBO Plan

- Review the enclosed Plan Overview and Questions & Answers

- Complete the Consent to Insure form, providing information where indicated,
and sign.

- Sign the Participation Agreement, indicating your acknowledgement that the
current SDLI Agreement will be terminated and that the new DBO Plan will be
implemented.

- Place these forms in the pre-addressed envelope provided and return to Monroe
Bank.

If you should have any questions regarding the plan, please feel free to call.

Plan Overview
Split Dollar Life Insurance Agreement

The current Split Dollar Life Insurance Agreement ("SDLI") is provided through
an endorsement split dollar life insurance policy with the economic benefit of
the policy death benefit imputed as taxable income annually. The benefit
provided is a multiple of base salary, per the schedule below:

Years of Service            Amount
Less than three years       $  500,000
Three to six years          $  600,000
Six to ten years            $  750,000
Ten plus years              $1,000,000

The cost to the participant for this plan is the tax on the imputed income
assessed to the participant until the benefit is actually paid at the
participant's death.

Effective March 1, 2006, the SDLI Agreement will be terminated, and replaced
with a similar benefit.

                                       53

<PAGE>

New Death Benefit Only Plan

Participant Benefits

Participant benefits will be unchanged from the current plan. Under the new
Death Benefit Only ("DBO") Plan, participants will be provided a death benefit
per the following schedule:

Years of Service            Amount
Less than three years       $  500,000
Three to six years          $  600,000
Six to ten years            $  750,000
Ten plus years              $1,000,000

Implementation of the New SMLIP

The new DBO Plan will be implemented effective March 1, 2006. In order to
implement the new DBO Plan, participants must complete the necessary forms to be
insured under a new policy, and must sign a Participant Agreement.

Cost to the Participant

Under the new DBO Plan, participants will no longer have imputed income
calculated that is subject to income taxes. The new death benefit will be paid
to the participant's designated beneficiary, and will be fully subject to income
taxes. As a result, Monroe Bank will gross up the amount payable for the tax
cost on the benefit paid. As a result, the participant's beneficiary will
receive an after-tax benefit that is equal to the benefit under the current
plan.

Questions & Answers

1.    Q: Why is the current SDLI Agreement being replaced with a new DBO Plan?

      A: The current SDLI Agreement uses an endorsement split dollar approach.
The bank is the owner of a life insurance policy, with a portion of the death
benefit endorsed to the participant. Each year, the participant has an imputed
income from his/her portion of the death benefit. The participant is then
subject to income taxes on this imputed income. In the later years of the
participant's life, this imputed income can become very costly to the
participant, who must pay taxes on this amount. The new plan eliminates this
imputed income, and thus the related income taxes. In addition, the bank was
utilizing certain BOLI policies to finance the SDLI Agreement, making it
difficult to align the policy with the benefit being provided. Under the new
arrangement, the bank will purchase specially designed life insurance policies
that more closely align with the benefits being provided.

2.    Q: Will the new DBO Plan change my benefit?

      A: No. Your current benefit will not change as a result of the new DBO
Plan. Your designated beneficiary will still receive from Monroe Bank a benefit
based on the following schedule:

Years of Service            Amount
Less than three years       $  500,000
Three to six years          $  600,000
Six to ten years            $  750,000
Ten plus years              $1,000,000

3.    Q: How is the new DBO Plan structured?

      A: Monroe Bank will purchase a life insurance policy, of which
Monroe Bank will be the owner and beneficiary, and you will be the insured. The
death benefits will be payable to your designated beneficiary, and will be fully
taxable to the recipient. Monroe Bank will gross up the amount payable for the
tax cost on the benefit paid. As a result, the participant's beneficiary will
receive an after-tax benefit that is equal to the benefit under the current
plan.

4.    Q: Will I have any ownership rights to the policy that is owned by Monroe
      Bank?

      A: No. Monroe Bank will be the owner and beneficiary of the policies.
Participants will have a right to expect the benefit to be paid by Monroe Bank.
However, you will have no ownership rights to the life insurance policies.

5.    Q: What will be my cost in the new DBO Plan?

      A: The participant will incur no cost in the new Plan. At the end of 2006,
imputed income will be calculated based on the period from January 1, 2006 to
February 28, 2006, the date the SDLI Agreement will be terminated. Income taxes
will be due on the amount of the imputed income. As of March 1, 2006, imputed
income calculations will cease.

                                       54
<PAGE>

6.    Q: How am I involved in the restructuring of the SMLIP?

      A: You must complete a Participation Agreement authorizing the release of
your participation in the current split dollar agreement. In addition, you will
need to complete other insurance forms being provided to you.

7.    Q: Is a medical examination necessary to obtain these new policies?

      A: No. You will not be required to take a medical examination.

8.    Q: Will my health affect my benefit in the restructured DBO?

      A: No. Regardless of your health, Monroe Bank will provide the promised
benefit.

Participation Agreement
For Executives currently participating in the Split Dollar Life Agreement

I. I acknowledge that communication materials have been presented to me and I
understand the terms and conditions of the new Death Benefit Only ("DBO") plan.

II. I acknowledge that the Split Dollar Life Insurance Agreement set up for me
by Monroe Bank & Trust, will terminate, and a new DBO plan will be implemented.

III. I acknowledge that I will complete any and all insurance underwriting
requirements, including, but not necessarily limited to, written applications,
medical exams or verbal questionnaires.

IV. I acknowledge Monroe Bank will take any and all steps necessary to implement
the new DBO Plan by having a new Corporate Variable Universal Life insurance
policy issued by Sun Life Insurance Company. I understand that Monroe Bank will
be the sole owner and beneficiary of the policy.

V. I understand that my benefit is an obligation to pay by Monroe Bank and
whereby any assets purchased to finance this benefit are to be solely owned by
Monroe Bank.

VI. I understand that nothing in the new DBO Plan or this form shall be
considered to be a contract of employment between Monroe Bank and myself. I also
understand that nothing contained in the new DBO Plan or this form shall give me
the right to be retained as a employee of Monroe Bank or to interfere with the
right of Monroe Bank to release me or any other employee at any time, nor shall
it give Monroe Bank the right to require me or any employee to remain contracted
to it or to interfere with my or any employee's right to terminate employment
status at any time.

------------------------------------
Full Name of Participant

------------------------------------
Signature of Participant    Date

                                       55

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