Document:

Employment Offer Letter

 Exhibit 10.32 
 

 
 REVISED 
 December 5, 2006 
 Colin F. Flannery 
 1161-4 Sheridan Road 
 Atlanta, GA 30324 
 Dear Colin, 
 I am pleased to confirm our offer of employment with Sensus Metering Systems Inc. for the position of Vice President &
General Counsel located in Raleigh, NC. In this capacity, you will report directly to Dan Harness, Chief Executive Officer for Sensus Metering Systems. Your starting salary will be $20,833.34 per month (if annualized this equates to $250,000 per
year) and your starting date will be February 1, 2007 with the understanding that you will need several days to complete an assignment for your previous employer in February. Please note the annual base salary is reflective of salary survey
data supplied to us by our salary consultants Radford. According to the survey data for those company’s of similar size to Sensus the base salary we are offering is at the high end of salary range. In addition to base salary as a member of the
Executive Management team you will participate in the Management Incentive Plan at a target rate of 35% of your base earnings. You will also receive a share grant of 40,000 Class B Common shares. Additionally you will have the use of a Company
leased vehicle under the terms of the Sensus Metering Systems Executive Vehicle Policy. The renter’s relocation package is being offered to you to reimburse your moving expenses from your permanent home in Atlanta to a Raleigh apartment as per
the Sensus Metering Systems Relocation Policy. 
 Your benefits package includes health and dental insurance, life insurance, and 401(k) savings plan. The
Company provides you, at no cost, with 2X your annual base salary in term life insurance and 1X your base annual salary in Accidental Death Dismemberment (AD&D) coverage. We also provide reimbursement for educational and professional
certification expenses. All benefit programs will commence on the first of the month following your hire date however, you are eligible to participate in the Company 401(k) plan immediately. You will also be immediately eligible for fifteen
(15) days of vacation for the remainder of the calendar year in 2007 and twenty (20) days per year beginning on January 1, 2008. In addition you will participate in the Raleigh holiday schedule, which provides twelve paid holidays
annually. 
 As with all new hires, your employment is contingent upon satisfactory reference checks and your successful completion of our post employment
offer drug screening. We will coordinate this screening upon your written acceptance of our offer. We also require presentation of documentation verifying your identity and legal ability to work in the United States (I-9). Additionally, your
employment is contingent upon your not having entered into a signed agreement with a previous employer that contains a non-competition clause that might affect your ability to accept employment with Sensus Metering Systems. If you have entered into
such an agreement, you must forward a copy of it to me before further action can be taken on this offer of employment. 
 Colin, we are pleased that you are
considering joining our organization. If you have any questions, please do not hesitate to contact me directly or acknowledge your acceptance by signing this offer as indicated below. 
 Sincerely, 
  

	
	
	/s/ Mike DeCocco
	Mike DeCocco

  

					
	I acknowledge acceptance of this offer:	 	/s/ Colin
Flannery                                    	 	   on   12/6/2006        

		 	    Colin Flannery	 	     Date

	 Cc:        Dan Harness
	 		 	

 Mike DeCocco 
 Vice President Human Resources 
 8601 Six Forks Road, Suite 300, Raleigh, NC 27615 USA 
 Telephone: 919 845 4008 Facsimile: 919 845 3995 
 Email: mike.decocco@sensus.com    www.sensus.comAmendment No. 3 to Employment Agreement

 Exhibit 10.1 
 AMENDMENT NO. 3 
 to 
 EMPLOYMENT AGREEMENT 
 dated May 20, 2008 
 by and between 
 AXIS Specialty Limited (the “Company”) 
 and 
 John R. Charman (the
“Executive”) 
 WHEREAS, the Company and the Executive entered into an amended and restated employment agreement dated as of December 15, 2003
(the “Agreement”); 
 WHEREAS, the Company and the Executive entered into Amendment No. 1 to the Agreement as of October 23, 2007
(“Amendment No. 1”); 
 WHEREAS, the Company and the Executive entered into Amendment No. 2 to the Agreement as of February 19, 2008
(“Amendment No. 2”); 
 WHEREAS, the Compensation Committee of the Board of Directors of AXIS Capital Holdings Limited, the Company and the
Executive have determined that it is in the best interests of the Company and its shareholders to make certain revisions to the Agreement in order to provide for a 12-month notice period prior to voluntary termination of the Agreement by Executive
and to revise the noncompetition provisions therein; 
 NOW, THEREFORE, the Agreement is hereby amended, effective as of May 20, 2008 as follows: 

 

	 	1.	Section 8(e) of the Agreement is hereby modified by inserting the phrase “twelve (12) months” before the words “prior written notice” in the first
sentence thereof. 

  

	 	2.	Section 8(h) of the Agreement is hereby modified by inserting the phrase “twelve (12) months and” before the words “30 days” in the clause
(ii) thereof. 

  

	 	3.	Section 9(a) of the Agreement is hereby modified by deleting the words “or Bermuda” and inserting the phrase “, Bermuda or any other geographic region in which
the Company or its affiliates conduct business” in place thereof. 

  

	 	4.	 Section 9(a) and Section 9(b) of the Agreement are hereby modified by deleting the words “[f]or a period of 12 months after termination of his

	 	 
employment hereunder” and inserting the phrase “[f]or a period of 24 months after the date of the expiration of the notice period set forth in
Section 8(e) hereof” in place thereof. 

  

	 	5.	Except as set forth herein, all other terms and conditions of the Agreement (as previously amended) shall remain in full force and effect. 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above. 
  

			
	AXIS Specialty Limited
		
	By:	 	 /s/ Michael A. Butt

	Name:	 	Michael A. Butt
	Title:	 	Chairman
	
	Executive
	
	 /s/ John R. Charman

	John R. CharmanAward Letter to Timothy M. Larson, dated as of April 1, 2008

 Exhibit 10.44 
 Visant Holding Corp. 
 April 1, 2008 
 Timothy Larson 
 c/o Jostens, Inc. 
 3601 Minnesota Drive 
 Suite 400 
 Minneapolis, MN 55435 
 Dear Timothy: 
 Visant Holding Corp. (“VHC”) and its subsidiaries, including Jostens, Inc. (collectively, the “Company”) consider it essential to
continue to provide incentives for key personnel of the Company to remain employed with the Company and focused on achieving a high level of performance aligned with the interests of the stockholders of VHC. 
 On behalf of the Board of Directors of VHC (the “Board”), I am pleased to inform you that you have been selected to receive an Award, subject
in all instances to the terms and conditions of this Award Letter, and to your agreement to be bound by the covenants contained in Section 7 below. In consideration of the foregoing, you and the Company agree to the following:

 Section 1. Definitions. As used in this Award Letter, the following terms shall have the meanings set forth below: 
 “Account” means a notional account maintained by the Company for you for purposes of determining amounts that will be payable to
you, subject to the terms of this Award Letter. 
 “Affiliate” means with respect to any Person, any entity directly
or indirectly controlling, controlled by or under common control with such Person. 
 “Award” means any award of
shares of Phantom Stock made under Section 2. 
 “Cause” means, “Cause” as such term may be defined
in any employment agreement between you and VHC or any of its Subsidiaries or Affiliates (the “Employment Agreement”), or, if there is no such Employment Agreement, “Cause” shall mean (i) your willful and continued failure
to perform your material duties with respect to the Company which continues beyond ten (10) days after a written demand for substantial performance is delivered to you by the VHC (the “Cure Period”), (ii) the willful or
intentional engaging by you in conduct that causes material and demonstrable injury, monetarily or otherwise, to the Company, the Investors or their respective Affiliates, (iii) the commission by you of a crime constituting (A) a felony
under the laws of the United States or any state thereof or (B) a misdemeanor involving moral turpitude, or (iv) a material breach of by you of this Award Letter or other agreements with the Company, including, without limitation, engaging
in any action in breach of restrictive covenants, herein or therein, that continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment, such breach can be cured). 
 “Change in Control” means, (i) the sale (in one transaction or a series of transactions) of all or substantially all of the
assets of VHC to an Unaffiliated Person; (ii) a sale (in one transaction or a series of transactions) resulting in more than 50% of the voting stock of VHC being held by an Unaffiliated Person; (iii) a merger, consolidation,
recapitalization or reorganization of VHC with or into another Unaffiliated Person; if and only if any such event listed in clauses (i) through (iii) above results in the inability of the Investors, or any member or members of the
Investors, to designate or elect a majority of the Board (or the board of directors of the resulting entity or its parent company). For purposes of this 

 
definition, the term “Unaffiliated Person” means any Person or Group who is not (x) an Investor or any member of the Investors, (y) an
Affiliate of any Investor or any member of any Investor, or (z) an entity in which any Investor, or any member of any Investor holds, directly or indirectly, a majority of the economic interests in such entity. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 
 “Committee” means the Compensation Committee of the Board (or, if no such committee is appointed, the Board). 
 “Common Stock” or “Share” means the Class A common stock, par value $0.01 per share, of VHC, which may be
authorized but unissued, or issued and reacquired. 
 “EBITDA” means “EBITDA” as such term is defined in
this Award Letter. 
 “Employee” means a person, including an officer, in the regular employment of the Company or
any other Service Recipient who, in the opinion of the Committee, is, or is expected to have involvement in the management, growth or protection of some part or all of the business of the Company or any other Service Recipient. 
 “Fair Market Value” means the price per share equal as of the Vesting Event to (i) after a Public Offering but before a
Qualified Public Offering (a) the average of the last sale price of the Common Stock on the applicable date on each stock exchange on which the Common Stock may at the time be listed or, (b) if there shall have been no sales on any such
exchanges on the applicable date on any given day, the average of the closing bid and asked prices of the Common Stock on each such exchange on the applicable date or, (c) if there is no such bid and asked price on the applicable date, the
average of the closing bid and asked prices of the Common Stock on the next preceding date when such bid and asked price occurred or, (d) if the Common Stock shall not be so listed, the closing sales price of the Common Stock as reported by
NASDAQ on the applicable date in the over-the-counter market, (ii) following a Qualified Public Offering, the closing sale price of the Common Stock on the applicable date as reported on the primary exchange on which the Common Stock is traded
(or, if no such sale occurs on the applicable date, such closing sale price as was reported on the next preceding date when such closing sale price occurred) or (iii) if there has been no Public Offering, the fair market value of the Common
Stock as determined (x) in the good faith discretion of the Board after consultation with an independent investment banker or an internationally recognized accounting firm to determine the Fair Market Value and (y) without any premiums for
control or discounts for minority interests or restrictions on transfer. 
 “Good Reason” means “Good Reason” as such term is defined in the Employment Agreement, or if there is no such Employment Agreement, “Good Reason” shall mean (i) a reduction in your base salary or annual
incentive compensation opportunity (other than a general reduction in base salary or annual incentive compensation opportunity that affects all members of senior management in substantially the same proportions, provided that your base salary
is not reduced by more than 10%); (ii) a substantial reduction in your duties and responsibilities; or (iii) a transfer of your primary workplace by more than fifty miles from the current workplace, and provided, further,
that “Good Reason” shall cease to exist for any such event on the 60th day following the later of its occurrence or your knowledge
thereof, unless you have given the VHC written notice thereof prior to such date. 
 “Group” means,
“group” as such term is used for purposes of Sections 13(d) or 14(d) of the Exchange Act. 
 “Investors”
means Fusion Acquisition LLC, a Delaware limited liability company (“Fusion”), and DLJ Merchant Banking Partners III, L.P., DLJ Offshore Partners III-1, C.V., DLJ Offshore Partners III-2, C.V., DLJ Offshore Partners III, C.V., DLJ MB
Partners III GmbH & Co. KG, Millennium Partners II, L.P. MBP III Plan Investors, L.P (collectively, the “DLJMB Funds”). 
  

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 “Permanent Disability” means “Disability” as such term is defined in
the Employment Agreement, or if there is no such Employment Agreement, “Permanent Disability” shall mean you becoming physically or mentally 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 substantially all of the material elements of your duties with VHC or any Subsidiary or Affiliate thereof. Any question as to the existence of the
Permanent Disability of you as to which you (or your legal representative) and VHC cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to you (or your legal representative) and VHC. If you (or your
legal representative) and VHC 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 Permanent
Disability made in writing to VHC and you shall be final and conclusive for all purposes of this Agreement (such inability is hereinafter referred to as “Permanent Disability” or being “Permanently Disabled”). 
 “Person” means “person,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act.

 “Phantom Stock” means the right to receive a payment based on the value of Common Stock in accordance with
Section 5 hereto. 
 “Public Offering” means the sale of shares of Common Stock to the public subsequent to the
date hereof pursuant to a registration statement under the Securities Act of 1933, as amended, which has been declared effective by the Securities and Exchange Commission (other than a registration statement on Form S-4, S-8 or any other
similar form). 
 “Qualified Public Offering” means a Public Offering, which results in an active trading market of
25% or more of the Common Stock. 
 “Qualifying Termination” means the occurrence of a termination of your
employment by the Company without Cause, by you with Good Reason, or due to your Permanent Disability or death, in each case, within twelve months following a Change in Control and prior to the last day of the June 2010 Fiscal Quarter. 

“Service Recipient” means the Company, any Subsidiary of the Company, or any Affiliate of the Company that satisfies the
definition of “service recipient” within the meaning of Treasury Regulation Section 1.409A-1 (or any successor regulation), with respect to which the person is a “service provider” (within the meaning of Treasury Regulation
Section 1.409A-1(or any successor regulation). 
 “Subsidiary” means any corporation or other entity in an
unbroken chain of corporations or other entities beginning with the Company if each of the corporations or other entities, or group of commonly controlled corporations or other entities, other than the last corporation or other entity in the
unbroken chain then owns stock or other equity interests possessing 50% or more of the total combined voting power of all classes of stock or other equity interests in one of the other corporations or other entities in such chain. 
 Section 2. Award. 
 (a) The Company hereby
grants you a target number of shares of Phantom Stock, which equals the aggregate of 4,550 (the “Performance Vesting Target Award”) and 1,950 (the “Time Vesting Target Award”). The number of shares of Phantom Stock in respect of
which you will ultimately receive payment hereunder is based on the vesting of the Award as provided in Section 3, below subject to your continued employment with the Company through the Vesting Event (as defined below). 
  

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 (b) You shall not be vested in any Award by reason of having Phantom Stock credited to your Account
unless the vesting conditions as set forth in Section 3 of this Award Letter are deemed satisfied by the Committee. 
 Section 3. Vesting
of Award. You will become vested in (i) the Performance Vesting Target Award as set forth in Schedule I attached hereto based on the achievement level of EBITDA, so long as you remain employed with the Company through the last day of the
fiscal quarter ended closest to June 30, 2010 (the “June 2010 Fiscal Quarter”), and (ii) Time Vesting Target Award, on the last day of the June 2010 Fiscal Quarter, so long as you remain employed with the Company through such
date (without regard to the extent Jostens, Inc. achieves any specified EBITDA targets). Notwithstanding the foregoing, Awards shall vest as to one hundred percent (100%) of the Time Vesting Target Award and one hundred percent (100%) of
the Performance Vesting Target Award granted to you upon the occurrence of a Qualifying Termination, so long as you remain employed with the Company through the date of such event. Upon such occurrence, you will cease to be entitled to earn any
additional percentage of the Performance Vesting Target Award. 
 Section 4. Effect of non-Qualifying Termination of Employment. In the
event of a voluntary or involuntary termination of your employment with the Company that is not a Qualifying Termination at any time prior to the last day of the June 2010 Fiscal Quarter, the Phantom Stock shall be forfeited without payment
therefor. In the event of your voluntary or involuntary termination of employment with the Company for any reason and at any time after the last day of the June 2010 Fiscal Quarter, but prior to the payment date specified in Section 5(c)(i),
payment will be made to you, when payment would have been otherwise been paid if you had remained employed with the Company. 
 Section 5.
Calculation of Payment of Awards; Form of Payment. 
 (a) The amount that will be payable to you under this Award will be calculated,
and any amounts payable in respect of this Award will be paid, in accordance with this Section 5, subject to your agreement to be bound by the covenants contained in Section 7 of this Award Letter. As an exception to the foregoing, the
parties acknowledge and agree that an executive officer of VHC shall have the right, in his or her sole discretion, to reduce the scope of any covenant set forth in Section 7 of this Award Letter or any portion thereof, effective as to you
immediately upon receipt by you of written notice thereof from the Company. 
 (b) Any Award shall, as of a vesting event described in
Section 3 above (each such event, a “Vesting Event”), become payable to you in an amount equal to the product of (x) the number of shares of Phantom Stock credited to your Account under any given Award as of the date of the
occurrence of a Vesting Event and (y) the Fair Market Value of one share of Common Stock as of the date of such Vesting Event. For the avoidance of doubt, if applicable, the amount payable in respect of each Award granted to you shall be
calculated separately as provided herein, and then all such amounts shall be added together to determine the total amount payable under all Awards granted to you that have become vested and payable on the Vesting Event (the “Phantom Stock
Value”). 
 (c) You (or your estate or personal representative, as applicable)
shall be paid an amount, in cash, equal to your respective Phantom Stock Value in a lump sum, as soon as practicable after the occurrence of (i) a Vesting Event that is not a Qualifying Termination (and the completion of a financial statement
review or audit to confirm EBITDA), but no later than December 31, 2010, or (ii) a Qualifying Termination, but no later than March 14th of the calendar year following the calendar year in which the Qualifying Termination occurs (without regard to a review or audit of the financial statements or the achievement level of EBITDA). 
 Section 6. Adjustments. In the event of any change in the outstanding Common Stock by reason of a stock split, spin-off, stock combination,
reclassification, recapitalization, liquidation, dissolution, reorganization, merger, Change in Control, or other event affecting the capital stock of the Company, the Committee shall 

  

 4 

 
adjust appropriately (a) the number and kind of shares covered by Awards and (b) share prices related to outstanding Awards, and make such other
revisions to outstanding Awards as it deems, in good faith, are equitably required. Any such adjustment made by the Committee (or the Board) shall be final and binding upon you and the Company. 
 Section 7. Covenants Not to Disclose Confidential Information, Not to Solicit Company Customers and Not to Solicit or Offer Employment to Company
Employees. 
 (a) At any time during or after your employment with the Company, you will not disclose any Confidential Information
pertaining to the business of the Company, its subsidiaries, the Investors and their Rule 405 Affiliates (collectively, the “Restricted Group”), except when required to perform your duties to the Company or one of its subsidiaries, by law
or judicial process. For purposes of this Award Letter, “Confidential Information” means all non-public information concerning trade secret, know-how, software, developments, inventions, processes, technology, designs, the financial data,
strategic business plans or any proprietary or confidential information, documents or materials in any form or media, including any of the foregoing relating to research, operations, finances, current and proposed products and services, vendors,
customers, advertising and marketing, and other non-public, proprietary, and confidential information of the Restricted Group. If you are bound by any other agreement with the Company regarding the use or disclosure of Confidential Information, the
provisions of this Agreement shall be read in such a way as to further restrict and not permit any more extensive use or disclosure of Confidential Information. 
 (b) At any time during your employment with the Company and for a period of two (2) years thereafter, you will not, directly or indirectly (A) act as a proprietor, investor, director, officer, employee,
substantial stockholder, consultant, or partner 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, including
yearbooks, (2) memory books, (3) commercial printing and binding, (4) printing services to companies engaged in direct marketing, (5) fragrance, cosmetics and toiletries-related sampling or (6) single use packaging for
fragrances, cosmetics and toiletries, in North America in the case of clauses (1) through (4) and in North America and Europe in the case of clauses (5) and (6), or (B) solicit customers or clients of any member of the Restricted
Group to terminate their relationship with any such member of the Restricted Group or otherwise solicit such customers or clients to compete with any business of any member of the Restricted Group or (C) solicit or offer employment to any
person who is, or has been at any time during the twelve (12) months immediately preceding the termination of your employment, employed by the Company or any of its Affiliates. 
 (c) If at any time a court holds that the restrictions stated in clauses (a) or (b) are unreasonable or otherwise unenforceable under
circumstances then existing, the parties hereto agree that the maximum period, scope or geographic area determined to be reasonable under such circumstances by such court will be substituted for the stated period, scope or area. Because you have had
access to Confidential Information, you agree that money damages will be an inadequate remedy for any breach of this Section 7. In the event of a breach or threatened breach of this Section 7, the Company or its successors or assigns may,
in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive relief in order to enforce against you, or prevent any violations by you of, the provisions
hereof (without the posting of a bond or other security), and in the event of an actual breach of this Section 7, terminate this Award Letter without any payment hereunder or other consideration to you, or if payment shall have already been
made hereunder, you shall be required to pay to the Company any amounts actually paid to you in respect of the Phantom Stock. 
 (d) As an
exception to the foregoing, the parties acknowledge and agree that an executive officer of VHC shall have the right, in his or her sole discretion, to reduce the scope of any covenant set forth in this Award Letter or any portion thereof, effective
as to you immediately upon receipt by you of written notice thereof from the Company. 
  

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 Section 8. General Provisions. 
 (a) Amendment. The Committee or the Board shall have the authority to make such amendments to any terms and conditions applicable to outstanding
Awards as are consistent with this Award Letter; provided that no such action shall modify any Award in a manner materially adverse to you without your consent except as such modification is provided for or contemplated in the terms of the Award or
this Award Letter (except that any adjustment that is made pursuant to Section 6 shall be made by the Committee or the Board reasonably and in good faith). 
 (b) This Award and any payments in respect hereof will not be taken into account for purposes of determining any benefits under any benefit plan of the Company. 
 (c) Nontransferability. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by you otherwise than
by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation
of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (d) Transfers and
Leaves of Absence. Unless the Committee determines otherwise: (a) a transfer of your employment without an intervening period of separation among the Company and any other Service Recipient shall not be deemed a termination of employment,
and (b) if you are granted in writing a leave of absence or you are entitled to a statutory leave of absence, you shall be deemed to have remained in the employ of the Company (and other Service Recipient) during such leave of absence.

 (e) Withholding. The Company shall have the right to deduct from any payment made under the this Award Letter any federal, state or
local income or other taxes required by law to be withheld with respect to such payment. 
 (f) No Right to Employment. The grant of
an Award shall not be construed as giving you the right to be retained in the employ of, or in any consulting relationship to, the Company or any Affiliate. 
 (g) Section 409A of the Code. This Award Letter is intended to comply with Section 409A of the Code and will be interpreted in a manner intended to comply with Section 409A of the Code.
Notwithstanding anything herein to the contrary, if at the time of your termination of employment with any Service Recipient you are a “specified employee” as defined in Section 409A of the Code, and the deferral of the commencement
of any payments or benefits otherwise payable hereunder as a result of such termination of service is necessary in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will defer
the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to you) to the minimum extent necessary to satisfy Section 409A until the date that is
six months and one day following your termination of employment with all Service Recipients (or the earliest date as is permitted under Section 409A of the Code), if such payment or benefit is payable upon a termination of employment.

 (h) Governing Law. This Award Letter shall be governed by and construed in accordance with the laws of the State of New York
applicable therein. 
 (i) Severability. If any provision of this Award Letter is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of this Award Letter, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of this Award Letter and any
such Award shall remain in full force and effect. 
  

 6 

 (j) Binding upon Successors and Assigns. This Award Letter shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns, provided that any assignment, by operation of law or otherwise, by you shall require the prior written consent of VHC and any purported assignment or other transfer without
such consent shall be void and unenforceable. 
 (k) No Trust or Fund Created. Neither this Award Letter nor any Award shall create or
be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and you or any other Person. To the extent that you acquire a right to receive payments from the Company or any Affiliate
pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 
 (l)
Headings. Headings are given to the Sections and subsections of this Award Letter solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the
Plan or any provision thereof. 
 Section 9. Administration. 
 (a) The Committee shall have the power and authority to administer, construe and interpret this Award Letter, to make rules for carrying it out and to make changes in such rules. Any such interpretations, rules, and
administration shall be consistent with the basic purposes of this Award Letter. 
 (b) The Committee may delegate to the Chief Executive
Officer of VHC and to other senior officers of the Company its duties under this Award Letter subject to such conditions and limitations as the Committee shall prescribe. 
 (c) The Committee may employ counsel, consultants, accountants, appraisers, brokers or other persons. The Committee, the Company, and the officers and directors of the Company shall be entitled to rely upon the
advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding. No member of the Committee, nor employee or representative of the
Company shall be personally liable for any action, determination or interpretation made in good faith with respect to the Award, and all such members of the Committee, employees and representatives shall be fully protected and indemnified to the
greatest extent permitted by applicable law by the Company with respect to any such action, determination or interpretation. 
 Section 10.
Employment Agreement. This Award Letter amends the terms of Section 6 (Phantom Stock Award) of that certain Employment Agreement dated January 7, 2008 governing your employment with Jostens, Inc. 
  

 7 

 If you accept this Award on the terms and conditions contained in this Award Letter, please sign below
where indicated and return an executed copy of this Award Letter to Marie Hlavaty by no later than April 25, 2008. 
 This Award Letter
may be executed in counterparts. 
  

	
	Very truly yours,
	
	 /s/ MARC L. REISCH

	Marc L. Reisch
	Chief Executive Officer
	
	On behalf of Visant Holding Corp.

 Accepted and agreed this 22nd day of April, 2008, by 
  

	
	 /s/ TIMOTHY LARSON

	Timothy Larson

  

 8 

 Annex A 
 Definition of “EBITDA” 
 For purposes of the Award, “EBITDA” for any period shall mean the
consolidated net income of Jostens, Inc., a Delaware corporation and wholly owned Subsidiary of VHC (including its subsidiaries, “Jostens”), for such period, adjusted, as applicable, by the following items (without duplication, to
the extent deducted or added in calculating consolidated net income): 
  

	 	(a)	provision for income taxes (or income tax benefit); 

  

	 	(b)	net interest expense (including the cost of any surety bonds and net of any net gain or loss resulting from hedging obligations); 

  

	 	(c)	depreciation and amortization expense; 

  

	 	(d)	expenses or charges related to any equity or debt offering, recapitalization, acquisition, or disposition; 

  

	 	(e)	restructuring charges, including any one-time costs related to the closure and/or consolidation of facilities; 

  

	 	(f)	gain or loss on the disposal of fixed assets; 

  

	 	(g)	other non-cash and/or one-time charges (or credits), excluding any such charge or credit that represents an accrual or reserve (or reversal of an accrual or reserve) for a cash
expenditure for a future period; 

  

	 	(h)	expenses related to management, monitoring, consulting and advisory fees and related expenses paid to either Fusion and its Affiliates or the DLJMB Funds; 

 

	 	(i)	change in generally accepted accounting principles, rules or regulations after the date of this Award Letter; and 

  

	 	(j)	change in allocation of costs or cost savings after the date of this Award Letter. 

 The Board may adjust the calculation of EBITDA above to reflect acquisitions, divestitures, large capital expenditures or other occurrences or conditions which they in good faith determine require adjustment of EBITDA
in order to be consistent with the financial case used to establish the performance targets. In the event that the foregoing action is taken, such adjustment(s) shall be only the amount deemed reasonably necessary by the Board, in the exercise
of its good faith judgment, after consultation with the Company’s accountants, to accurately reflect the direct and measurable effect such occurrences or conditions have on such performance targets. The Board’s determination of such
necessary adjustment(s) shall be made within sixty (60) days following the conclusion of the audit (or if no audit is conducted, the review of the financials by the Company’s independent accountants) for the respective fiscal period, and
shall be based on the Company’s accounting as set forth in its books and records and on the financial case used to establish the performance targets. 
  

 9

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