Document:

Amended and Restated Employment Agreement

 Exhibit 10.16 
 EXECUTION COPY 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 Marc Reisch 
 This AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (the “Agreement”) is dated as of December 19, 2008 by and between Visant Holding Corp. (fka Jostens Holding Corp.) (the “Company”) and Marc Reisch, and amends and restates the Employment Agreement
entered into as of October 4, 2004 (the “Effective Date”) by and between the Company and Marc Reisch (the “Executive”). 
 WHEREAS, as of the Effective Date, the Company desires to employ Executive and to enter into an agreement embodying the terms of such employment and Executive desires to accept such employment and enter into such an
agreement. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the
parties agree as follows: 
 1. Term of Employment. Subject to the provisions of Section 8 of this Agreement, Executive shall be
employed by the Company, and any of its subsidiaries that the Board of Directors of the Company (the “Board”) shall designate (collectively, the “Employer”) for a period commencing on the Effective Date and ending
on December 31, 2009 (the “Initial Term”), on the terms and subject to the conditions set forth in this Agreement. Following the Initial Term, the term of Executive’s employment hereunder shall
automatically be renewed on the terms and conditions hereunder for additional one year periods commencing on each anniversary of the last day of the Initial Term (the Initial Term and any annual extensions of the term of this Agreement, subject to
the provisions of Section 8 hereof, together, the “Employment Term”), unless either party gives written notice of non-renewal at least sixty (60) days prior to such anniversary. Any such written notice by the Company of
non-renewal shall be deemed to constitute a termination by the Employer Without Cause under Section 8(c) of this Agreement. 
 2.
Position. 
 a. During the Employment Term, Executive shall serve as the Chief Executive Officer of the Company and its subsidiaries.
In such position, Executive shall have such duties and authority as determined by the Board and commensurate with the position of chief executive officer of a company of similar size and nature to that of the Employer. During the Employment Term,
the Executive shall report solely to the Board and shall serve as the Chairman of the Board; provided, however, that upon the completion of a Public Offering (as such term is defined in that certain Management Stockholder’s
Agreement entered into by and between the Company and Executive as of the Effective Date (the “Management Stockholders Agreement”)), the Company may appoint another individual as the non-executive Chairman of the Board. 

b. During the Employment Term, Executive will devote Executive’s full business time and reasonable best efforts to the performance of
Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise 

 
which would conflict or interfere in any material respect with the rendition of such services either directly or indirectly, without the prior written
consent of the Board; provided that nothing herein shall preclude Executive, subject to the prior approval of the Board, from accepting appointment to or continuing to serve on any board of directors or trustees of any business corporation or
any charitable organization; provided in each case in the aggregate, that such activities do not conflict or interfere with the performance of Executive’s duties hereunder or conflict with Section 10 and
provided, further, that in any event Executive shall be permitted to continue to serve on the boards of directors of the business corporations set forth on Schedule I attached hereto. 
 3. Base Salary. During the Employment Term, the Company shall pay Executive a base salary at the annual rate of $850,000, payable in substantially
equal periodic payments in accordance with the Company’s practices for other executive employees, as such practices may be determined from time to time. Executive shall be entitled to such increases in Executive’s base salary, if any, as
may be determined from time to time in the sole discretion of the Board, which shall at least annually review Executive’s rate of base salary to determine if any such increase shall be made. Executive’s annual base salary, as in effect
from time to time hereunder, is hereinafter referred to as the “Base Salary.” 
 4. Annual Bonus. During the Employment Term, Executive shall be eligible to earn an annual bonus award in respect of each fiscal year of the Company (an “Annual Bonus”), in a target amount
equal to 100% of Executive’s Base Salary (the “Target Bonus”) (with a maximum opportunity equal to 150% (increasing in a linear progression for performance above 100% and up to 150%) of Executive’s Base Salary, based upon
achievement of certain “stretch” targets to be established by the Board annually in consultation with the Executive), payable upon the Company’s achievement of certain performance targets (of which no less than 67% shall be weighted
based on EBITDA (as such term is defined in the Equity Documents) targets for each fiscal year of the Company (each, a “Fiscal Year”), with the balance of such targets to be based on other metrics (which may include EBITDA-Cap Ex
targets) established by the Board after consultation with Executive, pursuant to the terms of an incentive compensation plan to be established by the Board promptly after the Effective Date (the “Incentive Plan”). Notwithstanding
the foregoing, for fiscal year 2004, Executive’s Annual Bonus shall be equal to 50% of Executive’s Base Salary, payable in the first quarter of fiscal year 2005, upon the achievement of the 2004 EBITDA target set forth in the KKR/Reisch
Financial Plan (adjusted for certain non-recurring, non-operating or other transaction-related items) attached hereto as Exhibit A. All other Annual Bonuses shall be payable under the Incentive Plan at such time(s) as annual bonuses are
otherwise payable thereunder and, in any event, within 2 1/2 months following the end of the fiscal year in respect of which such
bonus is earned. 
 5. Signing Bonus. On the Effective Date, the Company paid to the Executive a cash signing bonus of
$600,000, which bonus Executive (net after the payment or provision for applicable taxes and other amounts required by law to be withheld) reinvested in Class A Common Stock as part of the Executive’s Equity Participation as set forth in
Section 7 below. 
  

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 6. Employee Benefits; Business Expenses. 
 a. Employee Benefits. During the Employment Term, Executive and his dependents shall be entitled to participate in the Company’s welfare
benefit plans, fringe benefit plans and qualified and nonqualified retirement plans (the “Company Plans”) as in effect from time to time as determined by the Board (collectively, the “Employee Benefits”), on the
same basis as those benefits are made available to the other senior executives of the Company, at the level made available to the chief executive officer position of the Company in accordance with the Company’s policies as in effect from time
to time. 
 b. Perquisites. During the Employment Term, Executive shall be entitled to receive such perquisites as are made available
to the chief executive officer position of the Company in accordance with the Company’s policies in effect as of the date hereof. Executive shall be entitled to not less than four weeks of paid vacation per annum, which shall be subject to the
Company’s vacation policy applicable to the other senior executives of the Company, at the level made available to the chief executive officer position of the Company in accordance with the Company’s policies as in effect from time to
time. 
 c. Life Insurance. The Company shall pay all premiums on a life insurance policy having a death benefit equal to $10 million
that will be payable to such beneficiaries as may be designated by Executive, which life insurance policy shall, to the extent attainable by the Company using its commercially reasonable efforts, contain a provision allowing for Executive, upon any
termination of his employment, to assume such policy at the same premium costs paid by the Company prior to such termination (subject to such increases as may be made in the ordinary course by the insurance company providing the policy), such that
the Executive may continue to receive coverage under such life insurance policy thereafter at his own expense (such policy, the “Life Insurance Policy”). 
 d. Business Expenses. During the Employment Term, reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with
the Company’s policies applicable to senior executive officers of the Company. 
 7. Equity Participation. 
 a. Executive (i) invested $3,500,000 in cash to purchase shares of Class A Common Stock and (ii) was granted an option to purchase 3.5
shares of Class A Common Stock for every one share of the first $3,500,000 of Class A Common stock the Executive initially purchases, pursuant to the terms of the Equity Documents (as such term is defined in Section 7(c) below). In
each case described in clauses (i) and (ii) above, the per share purchase price was equal to, effectively (after taking into account any recapitalization or other corporate restructuring that results in or effects the per share price), the
same price per share paid by Fusion Acquisition LLC (the “KKR Investor”) for its shares of Class A Common Stock purchased as of the Effective Date. 
 b. In addition to the foregoing and pursuant to the Equity Documents, upon the Effective Date, Executive received a one-time grant of Class A Common Stock having 

  

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an aggregate value, as of the Effective Date, equal to $1,000,000 (the “Grant Shares”), which Class A Common Stock is 100% vested and
nonforfeitable by the Executive, but subject to the restrictions set forth in the Equity Documents. Executive paid the Company the par value in respect of the Grant Shares. 
 c. Executive’s equity participation in the Company has been documented pursuant to the 2004 Stock Purchase and Option Plan for Key Employees of the
Company and its Subsidiaries (the “Stock Option Plan”) and in a Management Stockholders’ Agreement, Stock Option Agreement, Restricted Stock Award Agreement and Sale Participation Agreement, each as executed by the Executive,
the Company, and its shareholders, as applicable in such forms as are attached hereto (such documents, collectively, the “Equity Documents”). The Company and Executive each acknowledges that the terms and conditions of the
aforementioned documents govern Executive’s acquisition, holding, sale or other disposition of Executive’s equity in the Company, and all of Executive’s and the Company’s rights with respect thereto. 
 8. Termination. Executive’s employment hereunder may be terminated by either party at any time and for any reason; provided that
Executive will be required to give the Employer at least 60 days advance written notice of any resignation of Executive’s employment without Good Reason (other than due to Executive’s death or Disability). In the event that the Company
terminates Executive’s employment in accordance with the foregoing sentence the Company may, in its sole discretion, prohibit Executive from entering the premises of the Company for all or any portion of the period after giving him notice of
such termination. Notwithstanding any other provision of this Agreement, the provisions of this Section 8 shall exclusively govern Executive’s rights upon termination of employment with the Employer; provided, however, that nothing
contained in this Section 8 shall diminish Executive’s rights with respect to the Equity Documents, which shall continue to govern Executive’s equity holdings following any termination in accordance therewith. 
 a. By the Employer For Cause or By Executive Without Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Employer for Cause (as defined below) and shall terminate automatically upon Executive’s resignation without Good Reason
(other than due to Executive’s death or Disability); provided that Executive will be required to give the Employer at least 60 days advance written notice of such resignation. 
 (ii) For purposes of this Agreement, “Cause” shall mean (A) Executive’s willful and continued failure to perform his material
duties with respect to the Employer or its subsidiaries as provided hereunder which continues beyond 10 days after a written demand for substantial performance is delivered to Executive by the Company; (B) the willful or intentional engaging by
Executive in conduct that causes material and demonstrable injury, monetarily or otherwise, to the Company or the Investors (as defined in the Management Stockholders’ Agreement) or their respective Affiliates (as defined in the Option Plan) ;
(C) the commission of a crime constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor involving moral turpitude; or (D) a material breach of this Agreement or any of the Equity
Documents by Executive, including, without limitation, engaging in any action in breach of the restrictive covenants set forth in Section 10 and 11 of this Agreement, which continues 

  

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beyond 10 days after a written demand to cure such breach is delivered to Executive by the Company (to the extent that, in the Board’s reasonable
judgment, such breach can be cured); provided that any termination under clauses (A) through (D) above for Cause shall require the affirmative vote of two-thirds of the members of the Board (or such higher percentage or procedures
required under the Stockholders Agreement, dated the Effective Date, among the Company and the Investors (the “Stockholders Agreement”)). 
 (iii) If Executive’s employment is terminated by the Employer for Cause, or if Executive resigns without Good Reason (as defined in Section 8(c)), Executive shall be entitled to receive: 
 (A) a lump sum payment of the Base Salary that is earned by Executive but unpaid as of the Date of Termination (as such term is defined in
Section 8(d) below), paid within ten (10) business days after the Date of Termination; 
 (B) a lump sum payment of
any Annual Bonus that is earned by Executive but unpaid as of the Date of Termination for any previously completed Fiscal Year, paid within ten (10) business days after the Date of Termination; 
 (C) a lump sum payment equal to all vacation pay that is accrued in respect of Executive’s unused vacation days as of the Date of
Termination, paid within ten (10) business days after the Date of Termination; 
 (D) reimbursement for any unreimbursed
business expenses incurred by Executive in accordance with Company policy referenced in Section 6(d) above prior to the Date of Termination (with such reimbursements to be paid promptly after Executive provides the Company with the necessary
documentation of such expenses to the extent required by such policy); 
 (E) if applicable, payment of the Retirement Benefit
(as such term is defined in Section 9 below) in accordance with the provisions of Section 9 below; 
 (F) if
applicable, the transfer of the Life Insurance Policy pursuant to Section 6(c) above; and 
 (G) such Employee Benefits,
if any, as to which Executive may be entitled under the applicable Company Plans upon termination of employment hereunder, (the payments and benefits described clauses (A) through (G) hereof being referred to, collectively, as the
“Accrued Rights). 
 Following such termination of Executive’s employment by the Employer for Cause or resignation by Executive, except as
set forth in this Section 8(a)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 b. Disability or Death. 
 (i) Executive’s employment hereunder shall terminate upon Executive’s death and may be
terminated by the Employer if Executive becomes physically or mentally 

  

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incapacitated and is therefore unable for a period of six (6) consecutive months or for an aggregate of nine (9) months in any eighteen
(18) consecutive month period to perform Executive’s duties (such incapacity is hereinafter referred to as “Disability”). Any question as to the existence of the Disability of Executive as to which Executive and the
Employer cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and the Employer. If Executive and the Employer cannot agree as to a qualified independent physician, each shall appoint such
a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability hereunder shall be made in a writing that is promptly provided to the Employer and Executive shall be final and
conclusive for all purposes of the Agreement. 
 (ii) Upon termination of Executive’s employment hereunder for either Disability or
death, Executive or Executive’s estate (as the case may be) shall be entitled to receive: 
 (A) the Accrued Rights; and

 (B) a lump sum payment of the pro rata portion (based upon the number of days in the applicable Fiscal Year during which
Executive was employed with the Company through the Date of Termination, relative to the number of days in the applicable Fiscal Year) of the Annual Bonus, if any, that Executive would have been entitled to receive pursuant to the Incentive Plan in
respect of the Fiscal Year in which the Date of Termination occurs, paid within fifteen (15) days after the Date of Termination. 
 Following
Executive’s termination of employment due to Executive’s death or Disability, except as set forth in this Section 8(b)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 c. By the Employer Without Cause or by Executive for Good Reason. 
 (i) Executive’s employment hereunder may be terminated (A) by the Employer without Cause (which shall not include Executive’s termination
of employment due to his death or Disability) or (B) by Executive for Good Reason (as defined below). 
 (ii) For purposes of this
Agreement, “Good Reason” shall mean (A) a reduction in Executive’s rate of Base Salary or annual incentive compensation opportunity (other than a general reduction in base salary or annual incentive compensation
opportunities that affects all members of senior management of the Company equally, which general reduction shall only be implemented by the Board after consultation with Executive); (B) a material reduction in Executive’s duties and
responsibilities as set forth in Section 2 above, an adverse change in Executive’s titles as set forth in Section 2 above or the assignment to Executive of duties or responsibilities materially inconsistent with such titles;
provided, however, in no event shall any of the foregoing be deemed to occur by virtue of the removal of Executive from the position of Chairman of the Board following the completion of a Public Offering; or (C) a transfer of the
Executive’s primary workplace by more than fifty miles outside of Armonk, New York; provided, however, that “Good Reason” shall not be deemed to exist unless Executive 

  

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provides the Company with written notice setting forth the event or circumstance giving rise to “Good Reason” and the Company fails to cure such
event or circumstance within 30 days following the date of such notice. 
 (iii) If Executive’s employment is terminated by the Employer
without Cause (including by virtue of the Company’s failure to renew the Employment Term at any time, but excluding by reason of Executive’s death or Disability) or by Executive for Good Reason, Executive shall be entitled to receive:

 (A) the Accrued Rights; 
 (B) subject to Executive’s continued compliance with the provisions of Sections 10 and 11, (1) a lump sum payment equal to the pro-rated portion (based upon the number of days in the applicable Fiscal Year
during which Executive was employed with the Company through the Date of Termination, relative to the number of days in the applicable Fiscal Year) of the Annual Bonus that Executive would otherwise have been entitled to receive if he had remained
employed through the end of the Fiscal Year in which the Date of Termination occurs, paid at such time as such Annual Bonus would otherwise have been paid and (2) two times the sum of (x) the Base Salary at the rate in effect immediately
prior to the Date of Termination and (y) the Target Bonus for the year in which the Date of Termination occurs, payable in equal monthly installments over the twenty-four (24) month period commencing on the Date of Termination (the
“Severance Period”); provided, however, that the aggregate amount described in this subsection (B) shall be reduced by any amounts owed by Executive to the Company and any amounts for any loans, or funds advanced,
to, Executive in a manner consistent with Section 17; and 
 (C) (1) continuation of welfare benefits (pursuant to the
same benefit plans as in effect for active employees of the Company) until the earlier to occur of the end of the Severance Period and the date on which Executive commences to be eligible for coverage under comparable welfare benefit plans from any
subsequent employer, or (2) cash in an amount that allows Executive to purchase equivalent welfare benefit plan coverage for the Severance Period. 
 Following Executive’s termination of employment by the Employer without Cause (including by virtue of the Company’s failure to renew the Employment Term at any time, but excluding by reason of Executive’s death or Disability)
or Executive for Good Reason, except as set forth in this Section 8(c)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement or under any other severance or termination benefit plan
maintained by the Company or its Affiliates. 
 d. Notice of Termination. Any purported termination of employment by the Employer or
by Executive (other than due to Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 15(h)) hereof. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of

  

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employment under the provision so indicated. For purposes of this Agreement, the “Date of Termination” shall mean the date the Notice of
Termination is given to the respective party; provided, however, that (i) with respect to a termination for Cause by the Company, the Date of Termination shall not occur prior to the expiration of any applicable Cure Period and (ii) upon a
nonrenewal of the Employment Term by either party, the date the Employment Term expires, and not the date of the notice itself, shall constitute the applicable Date of Termination. 
 e. Board/Committee Resignation. Upon termination of Executive’s employment for any reason, Executive agrees to resign, as of the date of such
termination and to the extent applicable, from the Board (and any committees thereof) and the board of directors (and any committees thereof) of any of the Company’s Affiliates. 
 9. Retirement Benefit. 
 a. If
Executive’s employment with the Employer terminates for any reason after December 31, 2009 (such period of employment, the “Service Period”), Executive shall be eligible to receive payment of an annual retirement benefit
from the Company, payable to Executive for his lifetime and commencing on the later to occur of (i) the date on which Executive achieves age 60 or (ii) such later date as Executive’s employment with the Employer terminates for any
reason (the “Retirement Benefit”). The Retirement Benefit shall equal: (x) 10% of the average of the sums of each of Executive’s Base Salary plus cash Annual Bonus (excluding any transaction, signing or other non-recurring
special bonuses) paid or payable to Executive in respect of the last five full fiscal years ended prior to the Date of Termination (with any such sums paid or payable in respect of any partial fiscal years being annualized for such full fiscal
years) (such five-year average, the “Average Compensation”), plus (y) (I) 2.0% of the Average Compensation (the “Additional Percentage”) for each additional full fiscal year occurring after the
Service Period during which Executive remains employed with the Employer and (II) a prorated portion of the Additional Percentage for any such period of employment occurring after the Service Period that is less than twelve months (with such
prorated portion determined based on the number of days in such period of employment relative to the number of days in such twelve-month period), minus (z) the annual aggregate amount of any benefit(s) payable to Executive under any
Company retirement plans (qualified and non-qualified) (the “Retirement Plans”). In the event the Executive becomes vested in the Retirement Benefit prior to the completion of the Service Period (as provided in Section 9(b)),
(A) the “Average Compensation” shall, notwithstanding the definition used above, be calculated using the average of the sums of each of Executive’s Base Salary plus cash Annual Bonus (excluding any transaction, signing or other
non-recurring special bonuses) paid or payable to Executive in respect of the number of full fiscal years occurring from the Effective Date through the Date of Termination (or Change in Control (as defined in Section 9(d) below), as applicable)
(with any such sums paid or payable in respect of any partial fiscal years being annualized for such applicable fiscal years), and (B) the percentage that will be applied to the Average Compensation shall be 2%, multiplied by the number of full
twelve-month periods occurring between the Effective Date and the Date of Termination (or Change in Control, as applicable). 
 b.
Notwithstanding Section 9(a), prior to the completion of the Service Period, Executive shall vest in the Retirement Benefit upon the earliest to occur of the following events: (a) a Change in Control; (b) a termination of
Executive’s employment on account of 

  

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Executive’s death or Disability; and (c) after the third anniversary of the Effective Date, a termination of Executive’s employment for Good
Reason by Executive or other than for Cause by the Company (including by virtue of the Company’s failure to renew the Employment Term at any time). 
 c. At such time as Executive vests in the Retirement Benefit as provided in Section 9(b) above, immediately following Executive’s termination of employment, Executive and his dependents shall be provided
with medical benefits, on the same terms as would have applied had Executive continued to be employed with the Company hereunder pursuant to Section 6(a) above (the “Post-Termination Medical Benefits”), until the earlier to
occur of (i) the date on which Executive attains age 65 or (ii) Executive becomes eligible to receive medical benefits under the terms and conditions of another employer’s medical benefits plan; provided, however, that
in the event Executive vests in the Retirement Benefit on account of his death, his then-spouse shall be entitled to receive the Post-Retirement Medical Benefits until the date on which Executive would, but for his death, have attained age 65.

 d. For purposes of this Agreement, “Change of Control” shall mean (i) the sale (in one transaction or a series of
transactions) of all or substantially all of the assets of the Company to a “person” (as defined below) who is not an Investor or an Affiliate of any of the Investors; (ii) a sale (in one transaction or a series of transactions) by
the Investors or any of their respective Affiliates resulting in more than 50% of the voting stock of the Company being held by a “person” or “group” (as such terms are used in the Securities Exchange Act of 1934, as amended)
that does not include either of the Investors or any of their respective Affiliates; or (iii) a merger or consolidation of the Company into another person which is not an Affiliate of either of the Investors; if and only if any such
event listed in clauses (i) through (iii) above results in the inability of any of the Investors to elect a majority of the Board or the board of directors of the resulting entity. 
 10. Non-Competition. 
 a. Executive
acknowledges and recognizes the highly competitive nature of the businesses of the Employer and its Affiliates and accordingly agrees as follows: 
 (i) During the Employment Term and, for a period of two years following the date Executive ceases to be employed by the Employer (the “Restricted Period”), Executive will not, whether on Executive’s own behalf or on
behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly solicit or assist in
soliciting in engaging in a Competitive Business (as such term is defined below) any customer or prospective customer: 
 (A)
with whom Executive had personal contact or dealings on behalf of the Employer during the one-year period preceding Executive’s termination of employment; or 
 (B) with whom employees directly reporting to Executive have had personal contact or dealings on behalf of the Employer of which Executive
is aware during the one year immediately preceding Executive’s termination of employment. 
  

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 (ii) During the Restricted Period, Executive will not directly or indirectly: 
 (A) engage in any business that directly or indirectly competes with the business of the Company in (1) school photography services
or school-related clothing, affinity products and services, (2) commercial printing and binding, (3) printing services to companies engaged in direct marketing, (4) fragrance, cosmetics and toiletries-related sampling or
(5) single use packaging for fragrances, cosmetics and toiletries, in North America in the case of clauses (1) through (3) and in North America and Europe in the case of clauses (4) and (5) (any of the foregoing activities
described in this Clause A, a “Competitive Business”); 
 (B) enter the employ of, or render any services to,
any Person (or any division or controlled or controlling Affiliate of any Person) who or which engages in a Competitive Business, provided that the foregoing shall not prevent Executive from being employed by such a competing entity so long
as (1) neither Executive nor his employer competes with the Company or the Investors and (2) Executive does not help or have authority over any of the related entities that are Competitive Businesses; 
 (C) acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an
individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 
 (D) knowingly interfere
with, or knowingly attempt to interfere with, business relationships (whether formed before, on or after the Effective Date) between the Employer or any of its Affiliates and customers, clients, suppliers, partners, members or investors of the
Employer or its Affiliates. 
 (E) Notwithstanding anything to the contrary in this Agreement, Executive may, directly or
indirectly own, solely as an investment, securities of any Person engaged in a Competitive Business which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (x) is not a controlling
person of, or a member of a group which controls, such person and (y) does not, directly or indirectly, own 2% or more of any class of securities of such Person. 
 (iii) During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 
 (A) solicit or encourage any employee of the Employer or its Affiliates to leave the employment of the Employer or its Affiliates; or

 (B) hire any such employee who was employed by the Employer or its Affiliates as of the date of Executive’s
termination of employment with the Employer or who left the employment of the Employer or its Affiliates coincident with, or within one year prior to or after, the termination of Executive’s employment with the Employer. 
  

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 (iv) During the Restricted Period, Executive will not, directly or indirectly, solicit or encourage to
cease to work with the Employer or its Affiliates any consultant then under contract with the Employer or its Affiliates. 
 (v) This
Section 10 shall not apply with respect to the KKR Investor or the DLJMB Funds (as defined in the Management Stockholders’ Agreement) or any of their respective Affiliates that is not engaged, directly or indirectly, in a Competitive
Business. 
 b. It is expressly understood and agreed that although Executive and the Employer consider the restrictions contained in this
Section 10 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the
provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any
court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other
restrictions contained herein. 
 11. Confidentiality. 
 a. Executive will not at any time (whether during or after Executive’s employment with the Employer), except when required to perform his or her duties to the Company or one of its Subsidiaries, (x) retain
or use for the benefit, purposes or account of Executive or any other Person; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Employer (other than its professional advisers who are
bound by confidentiality obligations), any non-public, proprietary or confidential information—including without limitation rates, trade secrets, know-how, research and development, software, databases, inventions, processes, formulae,
technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training,
advertising, sales, marketing, promotions, government and regulatory activities and approvals—concerning the past, current or future business, activities and operations of the Employer, its subsidiaries or Affiliates and/or any third party that
has disclosed or provided any of same to the Employer on a confidential basis (“Confidential Information”) without the prior written authorization of the Board. 
 b. “Confidential Information” shall not include any information that is (a) generally known to the industry or the public other
than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties; (b) made legitimately available to Executive by a third party without breach of any confidentiality obligation; or
(c) required by law or judicial process to be disclosed; provided that Executive shall give prompt written notice to the Employer of such requirement and cooperate with any attempts by the Employer to obtain a protective order or similar
treatment. 
 c. Except as required by law or judicial process, Executive will not disclose to anyone, other than Executive’s immediate
family, legal and/or financial advisors, the 

  

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existence or contents of this Agreement; provided that Executive may disclose to any prospective future employer the provisions of Sections 10 and 11
of this Agreement. 
 d. Upon termination of Executive’s employment with the Employer for any reason, Executive shall (x) cease and
not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned by the
Employer, its subsidiaries or Affiliates; (y) immediately destroy, delete, or return to the Employer, at the Employer’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files,
letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Employer property) that contain Confidential Information
or otherwise relate to any material aspects of the business of the Employer, its Affiliates or subsidiaries (and which the retention or use thereof would reasonably be expected to result in a demonstrable injury to the Employer), except that
Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify and fully cooperate with the Employer regarding the delivery or destruction of any other
Confidential Information of which Executive is or becomes aware. 
 e. Executive shall not improperly use for the benefit of, bring to any
premises of, divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Employer any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party
without the prior written permission of such third party. Executive hereby indemnifies, holds harmless and agrees to defend the Employer and its officers, directors, partners, employees, agents and representatives from any breach of the foregoing
covenant. During the Employment Term, Executive shall comply with all relevant written policies and guidelines of the Employer which have been made available or disclosed to him, including regarding the protection of Confidential Information and
intellectual property and potential conflicts of interest. Executive acknowledges that the Employer may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current version; provided,
however, that Executive shall not be bound by any such amendments unless and until Executive receives in writing notice of such amendments and copies thereof are made available or disclosed to him. 
 12. Equity Purchase Rights. Executive shall have the right to purchase his Pro Rata Portion (as defined in the Stockholders Agreement) of Equity
Purchase Shares (as defined in the Stockholders’ Agreement) under Sections 4.1(a) and (b) of the Stockholders’ Agreement. Any Equity Purchase Shares purchased by Executive shall be governed by the terms and conditions of the Equity
Documents. 
 13. Specific Performance. Executive acknowledges and agrees that the Employer’s remedies at law for a breach or
threatened breach of any of the provisions of Section 10 or Section 11 would be inadequate and the Employer would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees
that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Employer, without posting any bond, shall be entitled to cease making any payments or 

  

 12 

 
providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order,
temporary or permanent injunction or any other equitable remedy which may then be available. 
 14. Arbitration. Except as provided in
Section 13, any other dispute arising out of or asserting breach of this Agreement, or any statutory or common law claim by Executive relating to his employment under this Agreement or the termination thereof (including any tort or
discrimination claim), shall be exclusively resolved by binding statutory arbitration in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association. Such arbitration process shall take place in New York, New
York. A court of competent jurisdiction may enter judgment upon the arbitrator’s award. Each party shall pay the costs and expenses of arbitration (including fees and disbursements of counsel) incurred by such party in connection with any
dispute arising out of or asserting breach of this Agreement. 
 15. Miscellaneous. 
 a. Legal Fees. The Company shall pay or reimburse Executive for the reasonable legal fees and expenses of Latham & Watkins LLP that
Executive incurs that relate to the negotiation, drafting and review of that certain Summary of Principal Terms of Compensation and Equity Arrangements executed by Executive on July 20, 2004, this Agreement and the Equity Documents prior to the
execution thereof (including the establishment of a limited family partnership); provided, however, that the maximum amount of such payment or reimbursement by the Company shall be $35,000 in the aggregate. 
 b. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to
conflicts of laws principles thereof. 
 c. Entire Agreement/Amendments. This Agreement contains the entire understanding of the
parties with respect to the employment of Executive by the Employer. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set
forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 
 d. No
Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict
adherence to that term or any other term of this Agreement. 
 e. Severability. In the event that any one or more of the provisions of
this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
 f. Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by Executive;
provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance 

  

 13 

 
with the terms of this Agreement to Executive’ s devisee, legatee or other designee or, if there be no such devisee, legatee or designee, to
Executive’s estate. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Employer to a person or entity which
is an Affiliate, and shall be assigned to any successor in interest to substantially all of the business operations of the Employer. Upon such assignment, the rights and obligations of the Employer hereunder shall become the rights and obligations
of such Affiliate or successor person or entity. Further, the Company will require any successor (whether, direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the Company
to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall
mean the Company and any successor to its business and/or assets which is required by this Section 15(f) to assume and agree to perform this Agreement or which otherwise assumes and agrees to perform this Agreement; provided,
however, in the event that any successor, as described above, agrees to assume this Agreement in accordance with the preceding sentence, as of the date such successor so assumes this Agreement, the Company shall cease to be liable for any of
the obligations contained in this Agreement. 
 g. Set Off; Mitigation. The Employer’s obligation to pay Executive the amounts
provided and to make the arrangements provided hereunder shall not be subject to set-off, counterclaim or recoupment, other than amounts loaned or advanced to Executive by the Company or its Affiliates or otherwise as provided in Section 8(c)
hereof. Executive shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or otherwise and the amount of any payment provided for pursuant to this Agreement shall not be reduced
by any compensation earned as a result of Executive’s other employment or otherwise. 
 h. Notice. For the purpose of this
Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except
that notice of change of address shall be effective only upon receipt. 
 If to the Employer: 
 Visant Holding Corp. 
 357 Main Street 
 Armonk, New York 10504 
 Attention: General Counsel 
 With a copy to: 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
  

 14 

 New York, New York 10017 
 Attention: Alvin H. Brown, Esq. 
 and 
 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 
 New York, New York 10153 
 Attention: Douglas P. Warner, Esq. 
 If to Executive: 
 To the most recent address of Executive set forth in the personnel records of the Employer. 
 i. Executive Representation.
Executive hereby represents to the Employer that the execution and delivery of this Agreement by Executive and the Employer and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound. 
 j.
Prior Agreements. This Agreement supercedes all prior agreements and understandings (including verbal agreements) between Executive and the Employer and/or its Affiliates regarding the terms and conditions of Executive’s employment with
the Employer and/or its Affiliates; provided, however, that the Equity Documents shall govern the terms and conditions of Executive’s equity holdings in the Company. 
 k. Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from
any action or proceeding) which relates to events occurring during Executive’s employment hereunder, but only to the extent the Company requests such cooperation with reasonable advance notice to Executive and in respect of such periods of time
as shall not unreasonably interfere with Executive’s ability to perform his duties with any subsequent employer; provided, however, that the Employer shall pay any reasonable travel, lodging and related expenses that Executive may
incur in connection with providing all such cooperation, to the extent approved by the Company prior to incurring such expenses. 
 l.
Withholding Taxes. The Employer may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 m. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. 
  

 15 

 16. Excise Taxes. 
 a. In the event it shall be determined that any payment, benefit or distribution (or combination thereof) by the Employer, any of its Affiliates, one or more trusts established by the Employer for the benefit of its
employees, or any other person or entity, to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement, or otherwise pursuant to or by reason of any other agreement, policy,
plan, program or arrangement, including without limitation any stock option, restricted stock, or the lapse or termination of any restriction on the vesting or exercisability of any of the foregoing) (a “Payment”) would be subject
to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) by reason of being “contingent on a change in ownership or control” of the Employer, within Section 280G of
the Code (or any successor provision thereto) or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, hereinafter collectively referred to as the
“Excise Tax”), then Executive shall be entitled to receive an additional payment or payments (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or penalties
imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and the Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up
Payment equal to the Excise Tax imposed upon the Payments. 
 b. Subject to the provisions of Section 16(a) hereof, all determinations
required to be made under this Section 16, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally
recognized certified public accounting firm as may be designated by the Employer, and reasonably satisfactory to Executive (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Employer and
Executive within fifteen (15) business days of Termination Date, or such earlier time as is requested by the Employer; provided that for purposes of determining the amount of any Gross-Up Payment, Executive shall be deemed to pay federal
income tax at the highest marginal rates applicable to individuals in the calendar year in which any such Gross-Up Payment is to be made and deemed to pay state and local income taxes at the highest effective rates applicable to individuals in the
state or locality of Executive’s residence or place of employment in the calendar year in which any such Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes that can be obtained from deduction of such state and
local taxes, taking into account limitations applicable to individuals subject to federal income tax at the highest marginal rates. All fees and expenses of the Accounting Firm shall be borne solely by the Employer. Any Gross-Up Payment, as
determined pursuant to this Section 16, shall be paid by the Employer to Executive (or to the appropriate taxing authority on Executive’s behalf) when due immediately prior to the date Executive is required to make payment of any Excise
Tax or other taxes. If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall so indicate to Executive in writing, with an opinion that Executive has substantial authority not to report any Excise Tax on his/her federal
state, local income or other tax return. Any determination by the Accounting Firm shall be binding upon the Employer and the Executive absent a contrary determination by the Internal Revenue Service or a court of competent jurisdiction;
provided, however, that no such determination shall eliminate 

  

 16 

 
or reduce the Employer’s obligation to provide any Gross-Up Payment that shall be due as a result of such contrary determination. As a result of the
uncertainty in the application of Section 4999 of the Code (or any successor provision thereto) and the possibility of similar uncertainty regarding state or local tax law at the time of any determination by the Accounting Firm hereunder, it is
possible that the amount of the Gross-Up Payment determined by the Accounting Firm to be due to (or on behalf of) Executive was lower than the amount actually due (the “Underpayment”). In the event that the Employer exhausts its
remedies pursuant to Section 16(c) below, and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred as promptly as possible and notify the
Employer and Executive of such calculations, and any such Underpayment (including the Gross-Up Payment to Executive) shall be promptly paid by the Employer to or for the benefit of Executive within five (5) business days after receipt of such
determination and calculations. 
 c. Executive shall notify the Employer in writing of any claim by the Internal Revenue Service that, if
successful, would require the payment by the Employer of any Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after Executive is informed in writing of such claim and shall
apprise the Employer of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the thirty (30) day period following the date on which he gives such
notice to the Employer (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Employer notifies Executive in writing prior to the expiration of such period that it desires to contest such
claim, Executive shall (w) give the Employer any information which is in Executive’s possession reasonably requested by the Employer relating to such claim, (x) take such action in connection with contesting such claim as the Employer
shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Employer, (y) cooperate with the Employer in good faith in
order to effectively contest such claim, and (z) permit the Employer to participate in any proceedings relating to such claim; provided, however, that the Employer shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a
result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 16, the Employer shall control all proceedings taken in connection with such contest and, at its sole option, may
pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest
the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Employer shall determine;
provided, further, that if the Employer directs Executive to pay such claim and sue for a refund, the Employer shall pay the amount of such payment to Executive, and Executive shall use such amount received to pay such claim, and the
Employer shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such payment or with respect to any imputed income with
respect to such payment (including the applicable Gross-Up Payment); 

  

 17 

 
provided, further, that if Executive is required to extend the statute of limitations to enable the Employer to contest such claim, Executive may limit this
extension solely to such contested amount. The Employer’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case
may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
 d. If, after the receipt by Executive of an
amount paid or advanced by the Employer pursuant to this Section 16, Executive becomes entitled to receive any refund with respect to a Gross-Up Payment, Executive shall (subject to the Employer’s complying with the requirements of
Section 16(c)) promptly pay to the Employer the amount of such refund received (together with any interest paid or credited thereon after taxes applicable thereto) (or, to the extent such payment would be deemed prohibited by applicable law,
shall be treated as a prepayment by the Employer of any amounts owed to Executive). If, after the receipt by Executive of an amount advanced by the Employer pursuant to Section 16(c), a determination is made that Executive shall not be entitled
to any refund with respect to such claim and the Employer does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be
forgiven and shall not be required to be repaid and the amount of such payment made to Executive thereunder shall offset, to the extent thereof, the amount of the Gross-Up Payment required to be paid. 
 e. Any payments that the Company is required to pay to or on behalf of Executive pursuant to this Section 16 shall be paid to Executive within the
time periods specified under Section 16(a)–(d) above; provided, however, that in no event shall such payments be made later than the end of the calendar year following the calendar year during which Executive remits the corresponding
Excise Tax payments to any taxing authority or incurs the corresponding expenses. 
 17. Section 409A. 
 In the event that it is reasonably determined by the Company that, as a result of Section 409A of the Code (and any related regulations or other
pronouncements thereunder) (“Section 409A”), any of the payments that Executive is entitled to under the terms of this Agreement or any nonqualified deferred compensation plan (as defined under Section 409A) may not be made at
the time contemplated by the terms hereof or thereof, as the case may be, without causing Executive to incur additional taxes, penalties or interest under Section 409A, the Company will make such payment on the first day that would not result
in Executive incurring any tax liability under Section 409A, which day, if Executive is a “specified employee” within the meaning of Section 409A, shall be the first day following the six-month period beginning on the date of
Executive’s termination of employment. For purposes of Section 409A, each payment made under this Agreement shall be designated as a “separate payment” within the meaning of the Section 409A, and references herein to
Executive’s “termination of employment” shall refer to Executive’s separation from service with the Company within the meaning of Section 409A. To the extent any reimbursements or in-kind benefits due under this Agreement
constitute “deferred compensation” under Section 409A, any such reimbursements or in-kind benefits shall be paid to Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). 
 [Signatures on next page.] 
  

 18 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

							
	VISANT HOLDING CORP.:	 		 	EXECUTIVE:
				
	By:	 	 /s/ Paul B. Carousso	 		 	/s/ Marc L. Reisch
		 	 Name: Paul B. Carousso
 Title: Vice President, Finance

	 		 	Marc L. ReischForm of Amended and Restated Agreement

 Exhibit 10.32 
 FORM OF 
 EXECUTIVE SUPPLEMENTAL RETIREMENT AGREEMENT 
 THIS AGREEMENT is effective as of this          day of
             ,              (the “Effective Date”) by and between
            , a              corporation (“[Employer]”), and
             (hereinafter “Employee”). 
 WHEREAS, Employee was
employed by and appointed an Executive Officer of effective as of the          day of             ,
            , and the Employee continues to be employed by             ; 
 WHEREAS,              desired to encourage the Employee to continue his or her employment
with the Employer, and continues to encourage the Employee to continue his or her employment; and 
 WHEREAS,
             and Employee intend that this Agreement comply with the requirements of section 409A of the Code. 
 NOW, THEREFORE, it was agreed and continues to be agreed as follows: 
 1. Definitions. For all
purposes of this Agreement, except as otherwise expressly provided, or unless the context otherwise requires, the terms defined in this section have the meanings assigned to them and include the plural as well as the singular. Certain terms defining
the parties hereto are defined in the first paragraph of this instrument. 
 A. “Employer” means
             and all of its direct or indirect subsidiaries in which it directly or indirectly has at least an eighty percent (80%) ownership interest, and any other trade or business
with whom which              would be considered a single employer under Code section 414(b) or 414(c). 
 B. “Executive Officer” means all corporate officers approved by the board of directors of
            . 
 C. “Supplemental Retirement Benefit”
means the benefit to be paid as described and pursuant to the calculations set out in Section 2 herein. 
 D.
“Full-time Employment” means a year during which the Employee has actively worked for the Employer for at least one thousand (1,000) hours as an Executive Officer. A year shall be defined as a period of one year beginning on the first
day of employment, or the effective date of this Agreement if later, and on each anniversary of that date. 
 E. “Time
of Service” means the number of years spent by the Employee in Full-Time Employment beginning on or after the Effective Date of this Agreement; provided that no credit will be allowed for Full-Time Employment or service which occurred prior to
Employee’s attainment of the age of thirty (30). The occurrence of a Change of Control does not affect the Time of Service that is credited to the Employee. 

 F. “Base Salary” means the Employee’s base salary from
            , exclusive of any and all other compensation paid or to be paid by an Employer including, but not limited to, bonuses, performance awards, vehicle allowances and financial
services, and without regard to any elective deferral thereof pursuant to any benefit plan maintained by an Employer. In the event of a Change of Control, Base Salary shall be the greater of the Employee’s Base Salary from
             immediately prior to the Change of Control or the Employee’s Base Salary paid by              or any successor
in interest to              at the time in question. 
 G.
“Named Beneficiary” means the beneficiary or beneficiaries specifically named and identified on the Employee’s group life insurance policies with             . In the event
of multiple life insurance policies, the beneficiary designation(s) on the policy with the greatest dollar value will govern. 
 H. “Early Vested Retirement Benefit” means that benefit specifically defined in Section 6 (B) herein. 
 I. “Total Disability” means total disability as determined under             ’s Long-Term Disability Insurance Program, provided the Employee is “disabled”
within the meaning of Code section 409A(a)(2)(C). 
 J. “Change of Control” 
 (a) “Change of Control” is the occurrence of any of the following on or after
            : 
  

	 	(i)	the sale, lease, exchange or other transfer, directly or indirectly, of all or substantially all of the assets of
            , in one transaction or in a series of related transactions, to any Person; 

  

	 	(ii)	the approval by the stockholders of              of any plan or proposal for the liquidation or dissolution of
            ; 

  

	 	(iii)	any Person, other than a “bona fide underwriter,” is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of (1) 20 percent or more, but not more than 50 percent, of the combined voting power of             ’s outstanding securities ordinarily having the right to vote at elections of
directors, unless the transaction resulting in such ownership has been approved in advance by the “continuity directors,” as defined at Subsection (b), or (2) more than 50 percent of the combined voting power of
            ’s outstanding securities ordinarily having the right to vote at elections of directors (regardless of any approval by the continuity directors); 

 

	 	(iv)	 a merger or consolidation to which              is a party if the stockholders of
             immediately prior to the effective date of such merger or consolidation have, solely on account of ownership 

  

 2 

	 	 
of securities of              at such time, “beneficial ownership” (as defined in Rule
13d-3 under the Exchange Act) immediately following the effective date of such merger or consolidation of securities of the surviving corporation representing (1) 50 percent or more, but not more than 80 percent, of the combined voting power of
the surviving corporation’s then outstanding securities ordinarily having the right to vote at elections of directors, unless such merger or consolidation has been approved in advance by the continuity directors, or (2) less than 50
percent of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right to vote at elections of directors (regardless of any approval by the continuity directors); or

  

	 	(v)	the Continuity directors cease for any reason to constitute at least a majority of the Board. 

  

	 	(vi)	For purposes of this section- 

  

	 	(1)	“Continuity director” means any individual who was a member of the Board on             ,
            , while he or she is a member of the Board, and any individual who subsequently becomes a member of the Board whose election, or nomination for election by
            ’s stockholders, was approved by a vote of at least a majority of the directors who are Continuity directors (either by a specific vote or by approval of the proxy
statement of              in which such individual is named as a nominee for director without objection to such nomination). For example: 

  

	 	(A)	If a majority of the nine individuals constituting the Board of              on
            ,             , approved a proxy statement in which two different individuals were nominated to replace two of the
individuals who were members of the Board on             ,             , the two newly elected directors would join the seven
remaining directors who were members of the Board on             ,             , as Continuity directors.

  

	 	(B)	If a majority of the directors in clause (A) above approved a proxy statement in which three different individuals were nominated to replace three other directors who were
members of the Board on             ,             , the three newly elected directors would also become, along with the other six
directors, Continuity directors. Individuals subsequently joining the Board could become Continuity directors under the principles reflected in this example. 

  

 3 

	 	(2)	“Bona fide underwriter” means a Person engaged in business as an underwriter of securities that acquires securities of from
             through such Person’s participation in good faith in a firm commitment underwriting until the expiration of 40 days after the date of such acquisition.

  

	 	(3)	“Exchange Act” is the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of the Exchange Act or to any rule or regulation thereunder
includes a reference to such provision as it may be amended from time to time to any successor provision. 

  

	 	(4)	“Person” includes any individual, corporation, partnership, group, association or other “person,” as such term is used in Section 13(d) or
Section 14(d) of the Exchange Act, other than , any affiliate or any benefit plan sponsored by              or an affiliate. For this purpose an affiliate is (A) any corporation
at least a majority of whose outstanding securities ordinarily having the right to vote at elections of directors is owned directly or indirectly by              or (B) any other form
of business entity in which             , by virtue of a direct or indirect ownership interest, has the right to elect a majority of the members of such entity’s governing body.

 K. “Code” means the Internal Revenue Code of 1986, as amended (including, when the context
requires, all regulations, interpretations and rulings issued thereunder). 
 L. “Termination of Employment” means
a severance of an Employee’s employment relationship with all Employers for any reason, other than on account of death, provided such termination constitutes a “separation from service” within the meaning of Code section 409A, and any
change in employment that is deemed to constitute a “separation from service” under Code section 409A. 
 2. Supplemental
Retirement Benefit. If the Employee continues in Full-Time Employment without interruption until he or she attains the age of sixty (60) years and has at least seven (7) years of service as an Executive Officer upon his or her
Termination of Employment then, commencing as of the first day of the second calendar month immediately following the Termination of Employment,              shall pay a Supplemental
Retirement Benefit, in equal monthly installments, to the Employee during his or her remaining lifetime. A monthly payment shall be due to the Employee only if he or she is living on the payment date. The Supplemental Retirement Benefit to be paid
hereunder shall be equal to one percent (1%) of the Employee’s Base Salary at the annual rate in effect when he or she turned age sixty (60), multiplied by the Employee’s Time of Service with the Employer, not to exceed thirty
(30) years. The result of this calculation shall be divided by twelve (12) to arrive at the monthly benefit payment. 
  

 4 

 3. Survivor Benefit. If, at the time of the Employee’s death, the Employee has satisfied the
age and service requirements for receiving a benefit under Section 2, Section 5 or Section 6(B), whether or not the benefit had commenced, and the Employee had a Termination of Employment before the Employee’s death,
             shall pay to the Employee’s surviving spouse, if any, monthly payments equal to fifty percent (50%) of the monthly benefit that the Employee was receiving or would
have received had the Employee’s benefit pursuant to the applicable Section commenced prior to the Employee’s death. The first payment shall be due as of the later of (a) the month during which the Employee died and (b) the date
as of which payments would have commenced to the Employee if the Employee had experienced a Termination of Employment immediately prior to the Employee’s death and survived until benefits commenced pursuant to Section 2, 5, or 6(B).
Payments to the Employee’s surviving spouse shall cease in the month during which the Employee, if living, would have attained age 80 or the month in which the spouse dies, whichever comes earlier. 
 For purposes of the survivor benefit to be paid under this Section 3, the only person eligible for this benefit shall be the then living current
spouse of the Employee. No survivor benefit payments shall be paid under this Section 3 to any other heirs or beneficiaries of the Employee or to any heirs or beneficiaries of the Employee’s spouse upon the spouse’s death. 

If payments are being paid under this Section 3, no payments are owed by Employer under any other Section of this Agreement, specifically
including but not limited to Section 4. 
 4. Pre-retirement Death Benefit. If the Employee dies prior to: 
  

	 	1)	his or her Total Disability (and has not recovered from such Total Disability), or 

  

	 	2)	Termination of Employment, 

 and dies at any time before he or she has
satisfied the age and service requirements for receiving a benefit pursuant to Section 2, Section 5, or Section 6(B),              shall pay a pre-retirement death benefit to
the Employee’s Named Beneficiary in a single lump sum amount equal to twice the Employee’s Base Salary at the annual rate in effect at the time of his or her death or twice the Employee’s Base Salary at the annual rate in effect at
the termination of his or her Termination of Employment due to Total Disability. Such payment shall be made as soon as administratively practical after              receives written notice
of the Employee’s death. 
 If payments are being paid under this Section 4, then no payments are owed by the Employer under any
other Section of this Agreement, specifically including but not limited to Section 3. 
 5. Disability. If, prior to a
Termination of Employment, the Employee has completed seven (7) years of service as an Executive Officer and experiences a Total Disability prior to his or her attaining age fifty-five (55), the period of the Employee’s Total Disability
will count as Time of Service until he or she attains the age of fifty-five (55) provided he or she has not recovered from such Total Disability. 
  

 5 

 If the Employee’s Total Disability occurs before he or she has completed at least seven
(7) years of service as an Executive Officer, the period of his or her Total Disability will count as both Time of Service and service as an Executive Officer until he or she has been credited with seven (7) years of service as an
Executive Officer. 
 Notwithstanding the benefit calculations set out for the Early Vested Retirement Benefit under Section 6(B), the
monthly benefit payable to an Employee who experiences a Total Disability prior to a Termination of Employment shall commence at the later of age fifty-five (55) or the date which is seven (7) years after
            ,              (which is required to achieve at least seven (7) years of service as an Executive Officer
pursuant to this Section 5), and shall be equal to one percent (1%) of the Employee’s Base Salary at the annual rate in effect at the time of commencement of Total Disability, multiplied by the Employee’s Time of Service,
including those years granted pursuant to the above accrual provisions, divided by twelve (12). 
 6. Termination of Employment.

 A. If the Employee’s Termination of Employment occurs prior to the Employee’s death or Total Disability and
before the Employee has attained age fifty-five (55) and completed at least seven (7) years as an Executive Officer, no benefits whatsoever shall be due Employee under the terms of this Agreement. 
 B. If the Employee’s Termination of Employment occurs prior to the Employee’s death or Total Disability and after the Employee
has attained the age of fifty-five (55) years and completed at least seven (7) years of service as an Executive Officer but before the Employee has attained the age of sixty (60) years, then, commencing as of the first day of the
second calendar month immediately following the Termination of Employment,              shall pay an Early Vested Retirement benefit in equal monthly installments to the Employee during his
or her remaining lifetime. A monthly payment shall be due to the Employee only if he or she is living on the payment date. The monthly payment under the Early Vested Retirement Benefit shall be one percent (1%) of the Employee’s Base
Salary at the annual rate in effect at the time of Termination of Employment, multiplied by his or her Time of Service with the Employer accrued through the date of Termination of Employment (not to exceed thirty (30) years), divided by twelve
(12). 
 C. If the Employer determines that the Employee is a “key employee” of a publicly traded corporation
within the meaning of Code section 409A(a)(2)(B)(i), then any distributions to the Employee arising on account of the Employee’s Termination of Employment (other than on account of death) shall be suspended for six months following such
Termination of Employment. Any payments that were otherwise payable during the six-month suspension period referred to in the preceding sentence, will be paid as soon as administratively practicable, but not more than 90 days, after the end of such
six-month suspension period. 
 7. Small Benefit. If, at the time benefit payments are scheduled to commence under this Agreement to
the Employee or the Employee’s surviving spouse, the lump sum present value of such benefit is less than $100,000, then such benefit will be paid in a single lump sum. 

  

 6 

 
The present value of such benefit will be determined using a reasonable life expectancy table used under the
             Pension Plan D (or any such successor or replacement plan) and a discount equal to the prime rate in use by the Wells Fargo Bank, Minneapolis, Minnesota, or any successor
organization, at the time of the Employee’s termination or death. A payment pursuant to this Section 7 shall be in lieu of all other benefits otherwise due or payable under this Agreement. 
 8. No Acceleration. Except as provided in Section 7, neither the time nor schedule of any benefit payment under this Agreement may be
accelerated, except as follows: 
 A. The payment of a small benefit under Section 7. 
 B. To the extent the Employer determines it necessary to withhold for the payment of FICA taxes imposed under Code section 3101, 3121(a)
or 3121(v)(2) and to pay the additional federal income tax under Code section 3401 or the corresponding withholding provisions of applicable state, local or foreign tax laws as a result of the payment of the FICA taxes, as permitted under Code
section 409A. 
 C. Upon a termination of this Agreement, if and only to the extent and at the time permitted under Code
section 409A and only if the Employer agrees to comply with the requirements of such termination imposed by Code section 409A 
 9.
Continuation of Employment. If the Employee continues in the employ of the Employer after attaining the age of sixty (60) years, any Supplemental Retirement Benefits otherwise payable hereunder shall be deferred to the time of
Termination of Employment. In such event, there shall be no increases in any benefits hereunder on account of any Time of Service or increases to Base Salary after the age of sixty (60) years. Service as an Executive Officer after age sixty
(60) shall be recognized for purposes of vesting for an Employee’s Supplement Retirement Benefit or Early Vested Retirement Benefit. 
 10. Life Insurance Contract. Employer has the right to elect to purchase a life insurance contract or contracts on the life of the Employee, for the purpose of providing Employer with cash funds to meet and discharge the payments to
be made by it under this Agreement. In such event, Employer shall at all times be the sole and absolute owner of any such life insurance contract or contracts and the sole beneficiary thereof, and shall have the full and unrestricted right to use or
exercise all values, privileges and options available thereunder as it may desire, without the knowledge or consent of any other person or persons. It is expressly understood and agreed that notwithstanding any of the terms, provisions or conditions
of this Agreement, neither the Employee nor his or her beneficiary, his or her estate, or any other person, persons, or their executors or administrators shall have any right, title or interest whatsoever in or to any such life insurance contract or
contracts. 
 11. Discharge for Cause. Notwithstanding any other provisions of this Agreement to the contrary, in the event the
Employee’s employment is terminated for cause, he or she shall forfeit all amounts otherwise due or payable to him or her hereunder. For purposes of this Agreement, “terminated for cause” shall mean a Termination of Employment on
account of the Employee’s poor or unsatisfactory performance or misconduct, which has or may result in 

  

 7 

 
significant injury to the Employer, its business reputation or financial structure. 
 12. Noncompete. In consideration for the benefits to be paid to the Employee hereunder, the Employee agrees that from the date of his or her
Termination of Employment and during the entire term he or she is receiving any payments under this Agreement he or she will refrain from performing services of any kind, as an employee or otherwise, whether directly or indirectly, to or for the
benefit of any person, firm or corporation whose business the board of directors of             shall in good faith determine to be competitive with any of the businesses that the Employer
was involved in at the time of the Employee’s retirement. Notice of such determination shall be mailed to the Employee at his or her last known mailing address; in the event that the Employee fails to discontinue such activities, all amounts
then remaining unpaid under this Agreement shall be automatically forfeited, and the Employee agrees that the Employer shall have no past or future liability to him or her or to any other person hereunder. 
 13. Change of Control. In the event there is a Change of Control of             , the
Employee shall, at all times on and after the date of the Change of Control, be deemed to have completed at least seven (7) years of service as an Executive Officer. If the Employee’s Termination of Employment occurs prior to
Employee’s Total Disability or death and on or after the date of the Change of Control but before the Employee attains age fifty-five (55), the Employee will nevertheless be entitled to receive a benefit pursuant to Section 6(B) upon
attaining age fifty-five (55), provided, first, that the Employee’s actual Time of Service shall be used in calculating such benefit; and, second, that if the Employee dies before attaining age fifty-five (55), the Employee’s Named
Beneficiary shall receive a death benefit pursuant to Sections 3 or 4 herein. 
 14. Employment at Will. The Employee hereby
acknowledges that he or she is an Employee at will and that nothing contained herein constitutes any obligation or commitment by the Employer to continue the Employee in the Employer’s employment. 
 15. Release. As a condition to qualifying for any of the benefit payments provided for hereunder, the Employee at his or her Termination of
Employment and prior to receiving any payments under this Agreement, agrees he or she must execute and not revoke a general release agreement releasing the Employer and its directors, officers, employees and agents from any and all claims or actions
of any kind he or she may have against it and them arising out of the Employee’s employment with the Employer. Employee must execute and return the release to the Employer by the date specified in the release following his Termination of
Employment and not revoke his signature within the seven (7) days thereafter. 
 16. Additional Considerations. 
 A. Neither the Employee, his or her beneficiary, nor any other person claiming through or under him or her shall have any right to
commute, encumber, or dispose of the right to receive payments hereunder, all of which payments and the right thereto are expressly declared to be nonassignable. In the event of any attempted assignment or other disposition, all benefits hereunder
are forfeited and Employer shall have no further liability to Employee hereunder. This paragraph shall not, however, restrict a beneficiary’s exercise of a power of appointment conferred upon such 

  

 8 

 
beneficiary by the Employee’s beneficiary designation. 
 B. This Agreement shall be binding upon and inure to the benefit of any successor of             , including, but not limited to, any person, firm,
corporation or other business entity which at any time, whether by merger, purchase, or otherwise acquires all or substantially all of the assets or business of             , and upon the
Employee and any other person claiming through or under the Employee. 
 C. shall have the discretionary authority and power
to make all determinations as to the rights to benefits under this Agreement. Any decision by denying a claim by the Employee and any other person claiming through or under the Employee for benefits under this Agreement shall be stated in writing
and delivered or mailed to the Employee or such other person. Such decision shall set forth the specific reasons for the denial, written to the best of             ’s ability in a
manner that may be understood without legal or actuarial counsel. In addition,              shall afford a reasonable opportunity to the Employee or such other person for a full and fair
review of the decision denying such claim. 
 D. This Agreement may not be amended, altered or modified, except by a written
instrument signed by the parties hereto, or their respective successors or assigns, and may not be otherwise terminated except as provided herein. 
 E. The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with section 409A of the Code and Department of Treasury Regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of this Agreement to the contrary, in the event that
             determines that any amounts payable hereunder will be immediately taxable to the Executive under section 409A of the Code and related Department of Treasury guidance,
             may (a) adopt such amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that
             determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement and/or (b) take such other actions as
             determines necessary or appropriate to comply with the requirements of section 409A of the Code and related Department of Treasury guidance, including such Department of
Treasury guidance and other interpretive materials as may be issued after the Effective Date. 
 IN WITNESS WHEREOF, the parties have
executed this Agreement in             ,             , in duplicate, to be effective on the date first written above. 

 

							
				
	 	 		 	By	 	 
				
		 		 	Its	 	 

  

 9

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