Document:

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EXHIBIT 10.24

                                 JOSTENS, INC.
                              STOCK INCENTIVE PLAN

          l.   Establishment and Purpose of the Plan.  This Management Stock
               -------------------------------------
Incentive Plan (the "Plan") is established by Jostens, Inc., a Minnesota
corporation (the "Company"), as of May 10, 2000.  The Plan is designed to enable
the Company to attract, retain and motivate directors, members of the management
and certain other officers and key employees of the Company, and its
subsidiaries, by providing for or increasing their proprietary interest in the
Company.  The Plan provides for the grant of options ("Options") that qualify as
incentive stock options ("Incentive Stock Options") under Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that
do not so qualify ("Non-Qualified Options"), for the grant of stock appreciation
rights ("Stock Appreciation Rights") and for the sale or grant of restricted
stock ("Restricted Stock").

          2.   Stock Subject to Plan.  The number of shares of stock that may be
               ---------------------
subject to Options or Stock Appreciation Rights granted hereunder plus the
number of shares of stock that may be granted or sold as Restricted Stock
hereunder shall not in the aggregate exceed 676,907 shares of the Company's
Class A Common Stock (the "Shares"), subject to adjustment under Section 13
hereof; provided further that the number of Shares that a Participant (as
hereinafter defined) may receive pursuant to the Plan shall in no event exceed
300,000 in any year.  The Shares that may be subject to Options granted and
Restricted Stock sold or granted under the Plan may be authorized and unissued
Shares or Shares reacquired by the Company and held as treasury stock.

          Shares that are subject to the unexercised portions of any Options
that expire, terminate or are canceled, and Shares that are subject to any Stock
Appreciation Rights that expire, terminate or are canceled, and Shares of
Restricted Stock that are reacquired by the Company pursuant to the restrictions
thereon, shall again be available for the grant of Options or Stock Appreciation
Rights and the sale or grant of Restricted Stock under the Plan.  If a Stock
Appreciation Right is exercised, any Option or portion thereof that is
surrendered in connection with such exercise shall terminate and the Shares
theretofore subject to the Option or portion thereof shall not be available for
further use under the Plan.

          3.   Shares Subject to Articles of Incorporation.  All Shares issuable
               -------------------------------------------
under Options or Stock Appreciation Rights and all Shares of Restricted Stock
sold or granted pursuant to this Plan shall be subject to the terms and
restrictions contained in the Articles of Incorporation of the Company.  A copy
of the Articles of Incorporation shall be delivered to the recipient of an
Option, Stock Appreciation Right or Restricted Stock at the time of grant or
issuance.

          4.   Administration of the Plan.  The Plan shall be administered by a
               --------------------------
committee (the "Committee") appointed by the Board of Directors (the "Board") of
the Company.  If no persons are designated by the Board to serve on the
Committee, the Plan shall be administered by the Board and all references herein
to the Committee shall refer to the Board.  The Board shall have the discretion
to add, remove or replace members of the Committee, and shall have the sole
authority to fill vacancies on the Committee.

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          All actions of the Committee shall be authorized by a majority vote
thereof at a duly called meeting.  The Committee shall have the sole authority,
in its absolute discretion, to adopt, amend, and rescind such rules and
regulations as, in its opinion, may be advisable in the administration of the
Plan, to construe and interpret the Plan, the rules and regulations, and the
agreements and other instruments evidencing Options and Stock Appreciation
Rights granted and Restricted Stock sold or granted under the Plan, and to make
all other determinations deemed necessary or advisable for the administration of
the Plan.  All decisions, determinations, and interpretations of the Committee
shall be final and conclusive upon the Participants, as hereinafter defined.
Notwithstanding the foregoing, any dispute arising under any Agreement (as
defined below) shall be resolved pursuant to the dispute resolution mechanism
set forth in such Agreement.

          Subject to the express provisions of the Plan, the Committee shall
determine the number of Shares subject to grants or sales and the terms thereof,
including the provisions relating to the exercisability of Options and Stock
Appreciation Rights, lapse and non-lapse restrictions upon the Shares obtained
or obtainable under the Plan and the termination and/or forfeiture of Options
and Stock Appreciation Rights and Restricted Stock under the Plan.  The terms
upon which Options and Stock Appreciation Rights are granted and Restricted
Stock is sold or granted shall be evidenced by a written agreement, executed by
the Company and the Participant (each, an "Agreement"), containing such terms
and conditions as may be approved by the Committee; provided that such terms and
conditions are not inconsistent with the express conditions of the Plan.

          5.   Eligibility.  Persons who shall be eligible for grants of Options
               -----------
or Stock Appreciation Rights or sales or grants of Restricted Stock hereunder
shall be those directors, officers and employees of the Company or a subsidiary
of the Company who are members of a select group of directors, management and
other key employees that the Committee may from time to time designate to
participate under the Plan ("Participants") through grants of Non-Qualified
Options, Incentive Stock Options and, if applicable, Stock Appreciation Rights,
and/or through sales or grants of Restricted Stock.

          6.   Terms and Conditions of Options.  No Incentive Stock Option shall
               -------------------------------
be granted for a term of more than ten years and no Non-Qualified Option shall
be granted for a term of more than ten (10) years and thirty (30) days.  Options
may, in the discretion of the Committee, be granted with associated Stock
Appreciation Rights or be amended so as to provide for associated Stock
Appreciation Rights.  The Agreement may contain such other terms, provisions,
and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan.  The Committee
shall designate as such those Options intended to be eligible to qualify and be
treated as Incentive Stock Options and, correspondingly, those Options not
intended to be eligible to qualify and be treated as Incentive Stock Options.

          7.   Exercise Price of Options.  The exercise price for each Non-
               -------------------------
Qualified Option granted hereunder shall be set forth in the Agreement.  For so
long as required under Section 422 of the Code and the regulations promulgated
thereunder (or any successor statute or rules), the exercise price of any Option
intended to be eligible to qualify and be treated as an Incentive Stock Option
shall not be less than the fair market value of the Shares on the date such
Incentive

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Stock Option is granted, except that if such Incentive Stock Option is granted
to a Participant who on the date of grant is treated under Section 424(d) of the
Code as owning stock (not including stock purchasable under outstanding options)
possessing more than ten percent of the total combined voting power of all
classes of the Company's stock, the exercise price shall not be less than one
hundred ten percent (110%) of the fair market value of the Shares on the date
such Incentive Stock Option is granted.

          The fair market value of Shares for the purposes of this Plan shall be
determined by the Board, whose valuation shall be binding upon each Optionee.

          Payment for Shares purchased upon exercise of any Option granted
hereunder shall be in cash at the time of exercise, except that, if either the
Agreement so provides or the Committee so permits, and if the Company is not
then prohibited from doing so, such payment may be made in whole or in part with
surrendered or withheld shares of stock of the same class as the stock then
subject to the Option.  The Committee also may on an individual basis permit
payment or agree to permit payment by such other alternative means as may be
lawful, including by delivery of an executed exercise notice together with
irrevocable instructions to a broker promptly to deliver to the Company the
amount of sale or loan proceeds required to pay the exercise price.

          8.   Non-transferability.  Unless provided otherwise in the Agreement,
               -------------------
any Option granted under this Plan shall by its terms be nontransferable by the
Participant other than by will or the laws of descent and distribution (in which
case such descendant or beneficiary shall be subject to all terms of the Plan
applicable to Participants) and is exercisable during the Participant's lifetime
only by the Participant or by the Participant's guardian or legal
representative.

          9.   Incentive Stock Options.  The provisions of the Plan are intended
               -----------------------
to satisfy the requirements set forth in Section 422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value
limits set forth in Section 422(d) of the Code) with respect to Incentive Stock
Options granted under the Plan.  For so long as required under Section 422 of
the Code and the regulations promulgated thereunder (or any successor statute or
rules), during the term of the Plan, the aggregate fair market value of the
Shares with respect to which Incentive Stock Options are first exercisable by a
Participant during any calendar year shall not exceed $100,000.  For the purpose
of this Section 9, the fair market value of the Shares shall be determined at
the time the Incentive Stock Option is granted.

          10.  Stock Appreciation Rights.  The Committee may, under such terms
               -------------------------
and conditions as it deems appropriate, grant to any Participant selected by the
Committee Stock Appreciation Rights, which may or may not be associated with
Options.  Upon exercise of a Stock Appreciation Right, the Participant shall be
entitled to receive payment of an amount equal to the excess of the fair market
value, as defined by the Committee, of the underlying Shares on the date of
exercise over the Stock Appreciation Right's exercise price.  Such payment may
be made in additional Shares valued at their fair market value on the date of
exercise or in cash, or partly in Shares and partly in cash, as the Committee
may designate.  The Committee may require that any Stock Appreciation Right
shall be subject to the condition that the Committee may at any time in its
absolute discretion not allow the exercise of such Stock Appreciation Right.

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          11.  Restricted Stock.  The Committee may sell or grant Restricted
               ----------------
Stock under the Plan (either independently or in connection with the exercise of
Options or Stock Appreciation Rights under the Plan) to Participants selected by
the Committee.  The Committee shall in each case determine the number of Shares
of Restricted Stock to be sold or granted, the price at which such Shares are
sold, if applicable, and the terms and duration of the restrictions to be
imposed upon those Shares.

          12.  Investment Representation.  Each Agreement may contain an
               -------------------------
agreement that, upon demand by the Committee for such a representation, the
optionee shall deliver to the Committee at the time of any exercise of an Option
a written representation that the Shares to be acquired upon such exercise are
to be acquired for investment and not for resale or with a view to the
distribution thereof.  Upon such demand, delivery of such representation prior
to the delivery of any Shares issued upon exercise of an Option and prior to the
expiration of the option period shall be a condition precedent to the right of
the optionee or such other person to purchase any Shares.

          13.  Adjustments; Acceleration.  In the event of any one or more
               -------------------------
reorganizations, recapitalizations, stock splits, reverse stock splits, stock
dividends, extraordinary dividends, or distributions, or similar events, an
appropriate adjustment shall be made in the number, exercise or sale price
and/or type of shares or securities for which Options or Stock Appreciation
Rights may thereafter be granted and Restricted Stock may thereafter be sold or
granted under the Plan.  The Committee also shall designate the appropriate
changes that shall be made in Options or Stock Appreciation Rights, or rights to
purchase Restricted Stock under the Plan, so as to preserve the value of any
such Options, Stock Appreciation Rights or Restricted Stock.  Any such
adjustment in outstanding Options shall be made without changing the aggregate
exercise price applicable to the unexercised portions of such Options.  Any such
adjustments in outstanding rights to purchase Restricted Stock shall be made
without changing the aggregate purchase price of such Restricted Stock.  The
Board or the Committee may at any time accelerate all or any portion of
unexercisable Options granted to any holder or holders under the Plan without
the consent of the affected holder or holders of such Options.

          14.  Duration of Plan.  Options may not be granted and Restricted
               ----------------
Stock may not be sold or granted under the Plan after May 10, 2010.

          15.  Amendment and Termination of the Plan. The Board may at any time
               -------------------------------------
amend, suspend or terminate the Plan.  The Committee may amend the Plan or any
Agreement issued hereunder to the extent necessary for any Option or Stock
Appreciation Right granted or Restricted Stock sold or granted under the Plan to
comply with applicable tax or securities laws.  If the Board determines that the
approval of such action by the stockholders of the Company is advisable or
necessary for compliance with applicable securities law, tax law, stock exchange
requirement or other applicable federal or state law, no such action of the
Board or the Committee shall be permitted unless taken with or ratified by such
approval.

          No Option or Stock Appreciation Right may be granted or Restricted
Stock sold or granted during any suspension of the Plan or after the termination
of the Plan.  No amendment, suspension or termination of the Plan or of any
Agreement issued hereunder shall, without the consent of the affected holder of
such Option or Stock Appreciation Right or Restricted Stock,

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adversely alter or otherwise impair any rights or obligations in any Option or
Stock Appreciation Right or Restricted Stock theretofore granted or sold to such
holder under the Plan.

          16.  Nature of Plan.  This Plan is intended to qualify as a
               --------------
compensatory benefit plan within the meaning of Rule 701 under the Securities
Act of 1933, as amended.  This Plan is intended to constitute an unfunded
arrangement for a select group of directors, management and other key employees.

          17.  Cancellation of Options.  Any Option granted under the Plan may
               -----------------------
be canceled at any time with the consent of the holder and a new Option may be
granted to such holder in lieu thereof.

          18.  Withholding Taxes.  Whenever Shares are to be issued with respect
               -----------------
to the exercise of Options or amounts are to be paid or income earned with
respect to Stock Appreciation Rights or Restricted Stock under the Plan, the
Committee in its discretion may require the Participant to remit to the Company,
prior to the delivery of any certificate or certificates for such Shares or the
payment of any such amounts, all or any part of the amount determined in the
Committee's discretion to be sufficient to satisfy federal, state and local
withholding tax obligations (the "Withholding Obligation") that the Company or
its counsel determines may arise with respect to such exercise, issuance or
payment.  Pursuant to a procedure established by the Committee or as set forth
in the Agreement, the Participant may (i) request the Company to withhold
delivery of a sufficient number of Shares or a sufficient amount of the
Participant's compensation or (ii) deliver a sufficient number of previously-
issued Shares, to satisfy the Withholding Obligation, which Shares have been
owned by the Optionee for at least six (6) months with an aggregate Fair Market
Value equal to the minimum statutory amount of the federal, state, local and
other taxes required to be withheld.

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Exhibit 10.25

                                 JOSTENS, INC.
                             2000 STOCK LOAN PLAN
                             --------------------

     1.   Purpose.  The Jostens, Inc. Stock Loan Plan (the "Plan") has been
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established by Jostens, Inc. (the "Company") to secure for the Company and its
shareholders the benefits arising from capital ownership, and thereby
entrepreneurial risk, by certain senior employees of the Company and its direct
and indirect Subsidiaries (each a "Subsidiary" and, collectively, the
"Subsidiaries") who are and will be responsible for the future growth and
continued success of the Company or its Subsidiaries. The Plan will provide a
means whereby such individuals, pursuant to loans made under the Plan, may
finance the purchase of shares (the "Purchased Shares") of the Company's Class A
common stock, par value $0.33? per share ("Class A Stock") or refinance the
purchase of shares (the "Retained Shares") of the Company's common stock which
will be retained by such individuals in connection with the merger (the
"Merger") of Saturn Acquisition Corporation with and into the Company.

     2.   Administration.  The authority to manage and control the operation and
          --------------
administration of the Plan shall be vested in a Committee (the "Committee")
consisting of two or more non-employee members of the Board of Directors of the
Company (the "Board") who are appointed by, and may be removed by, the Board.
Any interpretation of the Plan by the Committee and any decision made by the
Committee on any matter within its discretion is final and binding on all
persons. No member of the Committee shall be liable for any action or
determination made with respect to the Plan. If the Board does not appoint a
Committee, the operation and administration of the Plan (and any other rights,
duties or obligations of the Committee described herein) shall be vested in the
Board.

     3.   Participation.  The Committee shall determine and designate the
          -------------
employees who will participate in the Plan ("Participants") from among members
of management (including employees who are also directors) (a) who borrowed
funds pursuant to the Facility and Guaranty Agreement between the Company and
The First National Bank of Chicago (the "Prior Loan Program") in order to
purchase Retained Shares or (b) who desire to acquire Purchased Shares in
connection with the Merger or in the future as determined by the Committee. The
initial Participants and the amount of each Loan (as defined below) are set
forth in Schedule A attached hereto.
         ----------

     4.   Purchase Loans.  The Company may make a loan (a "Loan") to a
          --------------
Participant in an amount that shall not exceed (a) in the case of a Loan for
Retained Shares, one hundred percent (100%) of the difference between the
Participant's after-tax proceeds received in the Merger and the amount of
outstanding indebtedness of such Participant under the Prior Loan Program or (b)
in the case of a Loan for Purchased Shares, the purchase price of the Purchased
Shares, subject to the following:

          (a)  Each Loan shall be evidenced by a promissory note in such form as
     the Committee shall approve; provided, that the note shall (i) provide full
     recourse to the Participant, (ii) provide for interest at a rate for each
     calendar year or part thereof equal to the lesser of (A) the interest
     accrued under the Company's revolving credit facility during such period
     divided by the average indebtedness outstanding under the Company's
     revolving credit facility during such period (based on the daily balances
     of such facility)
<PAGE>

     and (B) the highest rate permitted by law, (iii) be secured by a Loan and
     Pledge Agreement (described in subsection 5.1), and (iv) comply with all
     applicable laws, regulations and rules of the Board of Governors of the
     Federal Reserve System and any other governmental agency having
     jurisdiction.

          (b)  Subject to the prepayment provisions of subsection 5.2, the
     acceleration provisions set forth in paragraphs (c) and (d) below and the
     extension provision set forth below, each Loan shall mature on May 10, 2005
     (the "Maturity Date"), at which time all unpaid principal and interest
     shall be payable. In the event that, prior to the Maturity Date, the Lender
     has not completed an "Initial Public Offering" or an "Approved Sale" (as
     such terms are defined in Borrower's Stock Option Agreement pursuant to
     Lender's Stock Incentive Plan), and if at least 90% of the cumulative
     EBITDA target for 2003 set forth on Exhibit 2 to Borrower's Stock Option
     Agreement has been achieved, Borrower shall be entitled to extend the term
     of the Loan until May 10, 2007, and such extension shall be effective upon
     written notice to Lender.

          (c)  The principal and interest outstanding under a Loan of a
     Participant who retires on or after age 65 or whose employment with the
     Company and its affiliates terminates by reason of his death or Permanent
     Disability (as defined below) or is terminated for a reason other than
     Cause (as defined below), or who terminates his employment with the Company
     for Good Reason (as defined below) will not become due and payable until
     the Maturity Date of the Loan. All principal and interest outstanding under
     a Loan with respect to any other Participant will automatically become due
     and payable on the date the Participant's employment with the Company and
     its affiliates terminates. "Permanent Disability" means the failure by the
     Participant to render full-time employment services to the Company for an
     aggregate of sixty (60) business days in any continuous period of six (6)
     months on account of physical or mental disability.

               (i)  "Cause," when used in connection with the termination of
     employment of the Participant, means (A) the Participant's gross
     misconduct; (B) the Participant's willful and continued failure to perform
     substantially his or her duties with the Company (other than any such
     failure relating to changes in the Participant's duties that constitute
     Good Reason (as defined below) after a demand for substantial performance
     is delivered to the Participant by the Board which specifically identifies
     the manner in which the Board believes that the Participant has not
     substantially performed his or her duties and provides for a reasonable
     period of time within which the Participant may take corrective measures,
     or (C) the Participant's conviction (including a plea of nolo contendere)
                                                              ---- ----------
     of willfully engaging in illegal conduct constituting a felony or gross
     misdemeanor under federal or state law which is materially and demonstrably
     injurious to the Company or which impairs the Participant's ability to
     perform substantially his or her duties with the Company.

               (ii) "Good Reason" means, unless the Participant shall have
     consented in writing thereto, any of the following: (A) a change in the
     Participant's title(s), status, position(s), authority, duties or
     responsibilities as an executive of the Company as in effect at the
     effective time of the Merger (other than any change directly attributable
     to the fact that the Company is no longer publicly owned); provided,
     however, that Good

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     Reason does not include a change in the Participant's title(s), status,
     position(s), authority, duties or responsibilities caused by an
     insubstantial and inadvertent action that is remedied by the Company
     promptly after receipt of notice of such change given by Participant, (B) a
     reduction by the Company in the Participant's base pay, or an adverse
     change in the form or timing of the payment thereof, as in effect at the
     effective time of the Merger or as thereafter increased or by a reduction
     in the Participant's target annual incentive award as in effect at the
     effective time of the Merger or as thereafter increased, (C) the failure by
     the Company to cover the Participant under benefit plans that, in the
     aggregate, provide substantially similar benefits to the Participant and/or
     his or her family and dependents as a substantially similar total cost to
     the Participant (e.g., premiums, deductibles, co-pays, out-of-pocket
     maximums, required contributions, taxes and the like) relative to the
     benefits and total costs under the benefit plans in which the Participant
     (and/or his or her family or dependents) is participating at any time
     during the 90-day period immediately preceding the effective time of the
     Merger, (D) the Company's requiring the Participant to be based more than
     30 miles from where his or her office is located immediately prior to the
     effective time of the Merger, except for required travel on the Company's
     business, and then only to the extent substantially consistent with the
     business travel obligations which the Participant undertook on behalf of
     the Company during the 180-day period immediately preceding the effective
     time of the Merger, (E) any purported termination by the Company of the
     Participant's employment which is not properly effected pursuant to the
     terms of the Company's Executive Change in Control Severance Pay Plan or
     (F) any refusal by the Company to continue to allow the Participant to
     attend to matters or engage in activities not directly related to the
     business of the Company which, at any time prior to the effective time of
     the Merger, the Participant was not expressly prohibited by the Company
     from attending to or engaging in.

          (d)  The Company has the right to accelerate the principal and
     interest due under the Loan if any of the following events occurs: (i) the
     Participant defaults in the payment of any amount due under the Loan and
     the default remains uncured for a period of ten (10) business days after
     the date the Company gives the Participant notice of the default, (ii) the
     Participant defaults under or breaches any other covenant, representation
     or warranty under the Note, the Loan and Pledge Agreement or any other
     agreement under the Plan and the default or breach remains uncured for a
     period of thirty (30) days after the date the Company gives the Participant
     notice of his default or breach, (iii) the Participant applies for or
     consents to the appointment of a receiver, trustee, custodian or liquidator
     of any of his property, admits in writing his inability to pay his debts as
     they mature, makes a general assignment as a bankrupt or insolvent or is
     the subject of an order for relief under Chapter 7 or Chapter 13 of the
     United States Bankruptcy Code or files a voluntary petition in bankruptcy
     or a petition or answer seeking an arrangement with creditors to take
     advantage of any bankruptcy, insolvency, readjustment or debt or
     liquidation law or statute, or an answer admitting the material allegations
     of a petition filed against him in any proceeding under any such law, or
     (iv) any court of competent jurisdiction enters an order, judgment or
     decree, without the application, approval or consent of the Participant,
     approving a petition appointing a receiver, trustee, custodian or
     liquidator of all or a substantial part of the assets of the Participant,
     and such order, judgment or decree continues unstayed and in effect for a
     period of thirty (30) days.

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          (e)  If a Participant fails to make any payment required under his
     Loan when due, the Company may foreclose on the Pledged Property (as
     defined in subsection 5.1) and may otherwise enforce its rights under the
     Plan and any Note or other agreement entered into under the Plan.

          (f)  Interest shall be compounded quarterly during the term of a Note;
     provided however, that a Participant shall be entitled instead to pay such
     quarterly interest in cash to the Company.

     5.   Pledge of Shares.
          ----------------

          5.1  Loan and Pledge Agreement.  Each Participant shall enter into an
               -------------------------
     agreement with the Company in such form as the Committee shall approve (the
     "Loan and Pledge Agreement") to pledge to the Company all of the Retained
     Shares or Purchased Shares, as applicable (the "Pledged Shares"), any non-
     cash dividends or distributions payable with respect to such shares and any
     securities or other property (other than cash) payable in respect of or in
     exchange for such shares pursuant to any merger, reorganization,
     consolidation, recapitalization, exchange offer or other similar corporate
     transaction ("Related Property") and all proceeds thereof (collectively,
     the "Pledged Property") to secure repayment of the Loan. Notwithstanding
     the foregoing, in the event that the Committee determines that a
     Participant would recognize a net increase in taxable income from the
     receipt of any such dividends or distributions, the Committee may in its
     discretion permit the Participant to retain a portion of the dividends or
     distributions so as to be able to pay all or part of his related increase
     in taxes.

          (a)  Certificates representing shares of stock that consist of Pledged
     Property shall bear the following legend in addition to any other legends
     that the Company may deem appropriate:

          THIS CERTIFICATE AND THE SHARES OF STOCK AND ALL
          RIGHTS HEREBY REPRESENTED ARE SUBJECT TO THE
          TERMS, CONDITIONS AND RESTRICTIONS SET FORTH IN
          THE JOSTENS, INC. 2000 STOCK LOAN PLAN AND ANY
          AGREEMENT UNDER THAT PLAN AND THE LOAN AND PLEDGE
          AGREEMENT BETWEEN THE OWNER OF SUCH SHARES AND
          JOSTENS, INC. AND MAY NOT BE SOLD OR TRANSFERRED
          EXCEPT IN ACCORDANCE WITH THE TERMS AND CONDITIONS
          OF SUCH PLAN AND AGREEMENTS, COPIES OF WHICH ARE
          ON FILE AT THE OFFICES OF JOSTENS, INC.

          (b)  Any cash received upon an exchange or conversion of Pledged
     Property shall be applied to reduce the outstanding Loan balance (with
     accrued but unpaid interest being reduced first). Any cash in excess of
     that applied against the outstanding Loan balance shall be paid to the
     Participant.

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<PAGE>

     5.2. Prepayments of Loan and Releases from Pledge.
          --------------------------------------------

          (a)  A Participant may make voluntary prepayments on the Loan at any
     time without penalty in such minimum amounts as the Committee may
     determine, which shall be applied first to accrued but unpaid interest, and
     then to principal.

          (b)  In the event that any cash dividend or distribution is paid by
     the Company with respect to any Pledged Property relating to the Loan, the
     Participant shall make a mandatory prepayment with respect to the Loan
     equal to the amount of such dividend or distribution, which shall be
     applied first to accrued but unpaid interest under the Loan, then to
     principal. Notwithstanding the foregoing, in the event that the Committee
     determines that a Participant would recognize a net increase in taxable
     income from the receipt of any such dividends or distributions after giving
     effect to any deduction for the related payment under the Loan, the
     Committee may in its discretion permit the Participant to retain a portion
     of the dividends or distributions so as to be able to pay all or part of
     his related increase in taxes.

          (c)  In the event that the Participant at any time desires to obtain a
     release of all or part of any Pledged Property securing the Loan, whether
     for the purpose of selling such Pledged Property or otherwise, as a
     condition to the release, the Participant shall make arrangements
     satisfactory to the Company for the prepayment by the Participant of an
     amount equal to the higher of (i) a percentage of the outstanding Loan
     balance as of the date of the release equal to the percentage in value of
     the Pledged Property sought to be released and (ii) a sufficient portion of
     the outstanding Loan balance so that the amount of the outstanding Loan
     balance remaining unpaid after giving effect to such payment does not
     exceed one hundred percent (100%) of the fair market value of the Pledged
     Property determined in good faith by the Committee that will remain subject
     to the Loan and Pledge Agreement after giving effect to the release, which
     shall be applied first to accrued but unpaid interest under the Loan, then
     to principal.

          (d)  In the event of any prepayment of principal under the Loan, the
     Company will release from the pledge under the Loan and Pledge Agreement a
     portion of the Pledged Property equal to the percentage of the outstanding
     principal balance so paid, provided, that (i) the Company will retain
     Pledged Property with an aggregate fair market value determined in good
     faith by the Committee equal to at least 100% of the outstanding Loan
     balance as of the date of the prepayment (after giving effect to the
     prepayment) and (ii) to the extent any of the released Pledged Property is
     subject to restriction under section 6, the Company will retain custody of
     the property until the end of the Restricted Period (as defined below).

     6.   Restrictions on Shares.  From the date of the purchase of the
          ----------------------
Purchased Shares, and, with respect to the Retained Shares, from the date of the
Merger, until the principal of the Loan and all unpaid interest thereon is
repaid in full (the "Restricted Period"):

          (a)  Retained Shares and Purchased Shares may not be sold, assigned,
     transferred, pledged or otherwise encumbered;

                                       5
<PAGE>

          (b)  the certificate representing such shares shall be registered in
     the name of the Participant and shall be deposited with the Company,
     together with a stock power (in such form as the Company may determine);
     and

          (c)  the Participant shall be treated as a stockholder with respect to
     the Retained Shares and Purchased Shares, including the right to vote such
     shares.

     7.   Transfers at Termination of Restricted Period.  At the end of the
          ---------------------------------------------
Restricted Period, the certificate representing such shares shall be transferred
to the Participant (or the Participant's legal representative or heir) free of
all restrictions under this Agreement.

     8.   General.
          -------

          8.1. Effective Date and Duration.  The Plan will become effective
               ---------------------------
immediately prior to the closing of the Merger (the "Effective Date").

          8.2. Agreements Evidencing Participation.  At the time of his
               -----------------------------------
designation as a Participant, the Committee may require a Participant to enter
into one or more agreements with the Company in a form specified by the
Committee agreeing to the terms and conditions of the Plan and to such
additional terms and conditions, not inconsistent with the Plan, as the
Committee may in its discretion prescribe.

          8.3. Nontransferability.  No right provided under the Plan to any
               ------------------
Participant may be transferred pledged or assigned by the Participant (except,
in the event of the Participant's death, by will or the laws of descent and
distribution), and the Company shall not be required to recognize any attempted
assignment of such rights by any Participant. During a Participant's lifetime,
purchases may be made only by him or by his guardian or legal representative.

          8.4. Compliance with Applicable Law and Withholding.  The Company
               ----------------------------------------------
shall have the right to require a Participant to pay to the Company the amount
of any taxes that are required to be withheld with respect to a Participant's
participation in the Plan, including any such taxes required to be withheld in
connection with (i) the purchase by the Participant of any Purchased Shares,
(ii) any dividend or distribution in respect of Retained Shares or Purchased
Shares or any Related Property, (iii) any repayment of a Loan, (iv) the lapse of
the Restricted Period, (v) any release of Pledged Property or (vi) any sale of
Retained Shares or Purchased Shares or any Related Property. To the extent
permitted by the Committee, a Participant may elect to have any distribution
otherwise required to be made under the Plan to be withheld to fulfill any tax
withholding obligation.

          8.5. No Employment Rights.  The Plan does not constitute a contract of
               --------------------
employment, and participation in the Plan will not give any Participant the
right to be retained in the employ of the Company or an affiliate or the right
to continue as an officer or director of the Company or any right or claim to
any benefit under the Plan unless such right or claim has specifically accrued
under the terms of the Plan or the terms of any award under the Plan.

                                       6
<PAGE>

          8.6. Governing Law.  The Plan and all determinations made and actions
               -------------
taken thereunder, to the extent not otherwise governed by the laws of the United
States, shall be governed by the internal laws of the State of Minnesota and
construed accordingly.

                                       7
<PAGE>

                                  SCHEDULE A

Initial Participants       Loan Amount
--------------------       -----------

Robert C. Buhrmaster       $ 1,010,025

William Priesmeyer           $ 368,499

Carl Blowers                 $ 250,000

Michael Bailey               $ 291,158

Gregory Lea                  $ 105,318

                                       8
<PAGE>

                JOSTENS, INC. MANAGEMENT SHAREHOLDER BONUS PLAN

     This Management Shareholder Bonus Plan is established by Jostens, Inc., a
Minnesota corporation (the "Company"), as of May 10, 2000.  This plan is
designed to motivate certain members of the management of the Company (each, an
"Executive") by providing incentives for the achievement of Company performance
targets.

     At the end of each of the three fiscal years beginning with the fiscal year
ending December 31, 2000, each Executive will be entitled to an annual
performance-based cash bonus equal to such Executive's Standard Bonus (set forth
in Exhibit 1 hereto) multiplied by the Applicable Corporate Performance
Percentage (set forth below).

     The Applicable Corporate Performance Percentage shall be determined by the
Percent of Target EBITDA Achieved per the following:

          ------------------------------------------------------------------
               Percent of Target                     Applicable Corporate
                EBITDA Achieved                     Performance Percentage
          ------------------------------------------------------------------

          Less than 85%                                          0%
          -------------------------------------------------------------------
          85% or above, but below 90%                           25%
          -------------------------------------------------------------------
          90% or above, but below 95%                           50%
          -------------------------------------------------------------------
          95% or above, but below 100%                          75%
          -------------------------------------------------------------------
          100% or above, but below 105%                        100%
          -------------------------------------------------------------------
          105% or above, but below 110%                        125%
          -------------------------------------------------------------------
          110% or above, but below 115%                        150%
          -------------------------------------------------------------------
          115% or above, but below 120%                        175%
          -------------------------------------------------------------------
          120% or above                                        200%
          -------------------------------------------------------------------

EBITDA defined in Schedule A attached.
EBITDA Targets per Schedule B attached.
<PAGE>

                                  SCHEDULE A
                                  ----------

     Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
for a particular period is defined as consolidated net income (loss) of the
Company and its subsidiaries as shown on the consolidated statement of income
(loss) for such period prepared in accordance with U.S. GAAP consistently
applied plus (minus) the following amounts, to the extent such amounts are
        ----
otherwise taken into account in determining such consolidated net income (loss)
(prior to adjustment):

     1.   Any provision (benefit) for taxes, including franchise taxes, deducted
(added) in calculating such consolidated net income (loss);

     2.   Any interest expense (net of interest income), deducted in calculating
such consolidated net income (loss);

     3.   Amortization expenses deducted in calculating such consolidated net
income (loss);

     4.   Depreciation expense deducted in calculating such consolidated net
income (loss);

     5.   Management fees paid to Investcorp to the extent recorded as an
expense in calculating such consolidated net income (loss);

     6.   Any unusual losses (gains) deducted (added) in calculating such
consolidated net income (loss).  This adjustment is intended to exclude, in the
calculation of EBITDA, the effects, if any, of any transactions outside of the
Company's ordinary course of business as and to the extent determined to be
appropriate in good faith by the Board

     The Board reserves the right to make other adjustments to EBITDA or the
EBITDA targets as the Board determines in good faith are appropriate to take
into account the effect of material transactions or events during the period,
including without limitation acquisitions, divestitures, equity issuances and
significant changes to capital expenditure plans.

     In determining whether and to what extent EBITDA targets have been met for
a period, the aggregate amount of compensation payable to employees as a result
of meeting such targets will be deducted from EBITDA to the extent not otherwise
included in the calculation of consolidated net income (loss) for such period.
<PAGE>

                                  SCHEDULE B
                                  ----------

                                EBITDA Targets

                                                       EBITDA Target
           Year Ending December 31,                    -------------
           ------------------------               (In Millions of Dollars)

                    2000                          $150.85

                    2001                          *

                    2002                          *

* to be determined by the Board of Directors in accordance with the Company's
annual budget
<PAGE>

                                   EXHIBIT A
                                   ---------

Executive                     Standard Bonus
---------                     --------------

Robert Buhrmaster             60% of base salary

William Priesmeyer            **

Michael Bailey                **

Carl Blowers                  **

Gregory Lea                   **

**  To be determined by the Board of Directors of the Company based upon the
recommendation of the Chief Executive Officer of the Company and subject to
approval by Investcorp Bank, E.C. and its affiliates

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