Document:

EXHIBIT 10.1

 

JOSTENS HOLDING CORP.

JOSTENS, INC.

5501 American Boulevard West

Minneapolis, Minnesota  55437

July 14, 2004

 

 

PERSONAL AND CONFIDENTIAL

Mr. Robert C. Buhrmaster

4808 Rolling Green Parkway

Edina, Minnesota  55346

 

Re:          Agreement
Regarding Terms of Resignation from Employment And Release

 

Dear Mr.
Buhrmaster:

 

This Agreement and
attached Release describe the terms of your separation from employment.

 

1.             In
consideration of the terms hereof, your employment with each of Jostens Holding
Corp. (“JHC”) and Jostens, Inc. (“Jostens” and, together with
JHC, the “Company”) shall end pursuant to your resignation, which shall
be effective as of the earlier of (i) the execution by the Company of a
definitive agreement with respect to the Proposed Transaction (as defined
below) or (ii) the close of business on July 20, 2004 (the “Termination Date”).

 

2.             In
addition to any unpaid wages (salary) you have earned through the Termination
Date and whatever vested rights you may have under Jostens, Inc. Pension Plan D
(“Pension Plan D”) and the Jostens, Inc. 401(k) Retirement Savings Plan
(the “401(k) Plan”), you shall receive the payments and benefits listed
in paragraphs (a) – (g) below (provided that you execute and do not rescind or
attempt to rescind the Release attached hereto as Exhibit A), less any
applicable payroll deductions required by law and subject to the limitations on
such payments and benefits set forth in Section 4.5 of the 

 

 

Jostens, Inc. Executive Severance Pay Plan (the “Severance Plan”);
provided, however, that there will be no reduction pursuant to
Section 4.5(b).  These payments and
benefits will be in lieu of any other payments, severance compensation or
benefits to which you otherwise might be entitled and you and the Company agree
to amend the employee benefit plans described below as necessary in order to
provide the benefits described in this Paragraph 2.

 

(a)                                  In
lieu of a cash payment benefit made pursuant to Section 4.2(a)(i) of the
Severance Plan, you will be entitled to a cash payment benefit in an amount
equal to your monthly “Base Salary” (as defined in the Severance Plan)
determined as of the Termination Date multiplied by thirty-six (36), payable in
periodic payments in accordance with Section 4.2(b) of the Severance Plan over
a thirty-six (36) month period following the Termination Date (the “Continuation
Period”).

 

(b)                                 You
will be entitled to two-thirds of your annual incentive award, in the amount of
$303,333, which shall be paid on the date on which the annual incentive award would
have been paid had you remained employed by the Company.

 

(c)                                  You
will be entitled to receive reimbursement of a portion of the premiums you pay
for COBRA continuation coverage under the Company’s group medical, dental,
vision and life insurance plans pursuant to Section 4.3(a) of the Severance
Plan.  The Company will take commercially
reasonable efforts to provide comparable 

 

2

 

medical, dental, vision and life insurance coverage
(which may include coverage under individual insurance policies) for the period
between the last day of your COBRA continuation coverage (or earlier, if
mutually agreed to by the Company and you) and the end of the Continuation
Period.

 

(d)                                 During
the Continuation Period, the Company shall provide you with the perquisites set
forth on Schedule I attached hereto, each on an annual basis, which
shall in any event be limited to those perquisites you were entitled to receive
immediately prior to the Termination Date and which shall be reimbursed, as
applicable, in accordance with past practice.

 

(e)                                  You
will be entitled to a benefit under the Jostens, Inc. Executive Supplemental
Retirement Agreement, dated December 31, 1996 and as amended December 2, 1999,
between you and Jostens, as if you had remained in Full-time Employment (as
defined under the Jostens, Inc. Executive Supplemental Retirement Agreement)
through August 31, 2007 for purposes of determining your “Time of Service” (as
defined under the Jostens, Inc. Executive Supplemental Retirement Agreement) as
of your Termination Date.

 

(f)                                    You
will be entitled to a benefit under the Jostens, Inc. Supplemental Pension Plan
as provided therein, provided that your benefit will be increased in an amount
equal to the actuarial 

 

3

 

equivalent of a single life annuity commencing at age
65, in the monthly benefit amount of $19,925, which is the estimated benefit
which you would have received under Pension Plan D and the Supplemental Pension
Plan if you had continued participation in Pension Plan D and the Supplemental
Pension Plan until August 31, 2007 at your level of compensation as of the
Termination Date.

 

(g)           You
will be entitled to benefits under the Jostens Retiree Medical Plan as provided
therein to the extent such benefits are vested as of the date hereof.

 

3.             In
connection with a proposed transaction between Kohlberg Kravis Roberts &
Co. (“KKR”) and JHC (the “Proposed Transaction”), you shall be
entitled to sell all or any portion of the 3,125 shares of Class A Voting
Common Stock and 16,875 shares of Class B Non-Voting Common Stock of JHC
(collectively, the “Common Stock”) owned by you to DLJ Merchant Banking
III, Inc. (“DLJMB III”), or such other entity as DLJMB III may
designate, including JHC, on the closing date of the Proposed Transaction for
the same per-share cash consideration as is paid by KKR in the Proposed
Transaction.  JHC and you each hereby
consent to the foregoing as a modification of JHC’s repurchase rights under that
certain Stockholders’ Agreement by and among JHC, yourself and the other
stockholders party thereto (the “Stockholders Agreement”).

 

4.             With
respect to the 23,467 time-vesting options (“Standard Options”) and
46,933 performance-vesting options (“Special Options”) granted to you
pursuant to separate option grant letters from the Company dated January 20,
2004 

 

4

 

(collectively, the “Grant Letters”), of which you are currently
vested in 4,693 Special Options:

 

(a)           You
shall vest in an additional 9,386 Standard Options and 18,772 Special Options
upon the execution of this Agreement, thus totaling 32,851 vested options.

 

(b)           Provided
that there has not been an initial public offering of the Company or a sale of majority
control of the Company (other than the Proposed Transaction), you shall have,
during the thirty (30) day period commencing on July 29, 2008, an option to
sell, and if such option is exercised, the Company shall purchase (i) the
Common Stock owned by you on the date hereof (if not previously sold pursuant
to paragraph 3 above) at a price equal to the “Fair Market Value” (as defined
in the Stockholders Agreement) of such Common Stock and (ii) any Standard
Options or Special Options held by you on the date hereof that are vested as of
the Expiration Date at a price equal to the “Fair Market Value” (as defined in
the Stockholders Agreement) of the Common Stock underlying such options, less
the aggregate amount of the per share exercise price of such options.  Any unexercised Standard Options or Special
Options shall terminate at the end of such 30-day period.

 

5.             The
Company agrees that it shall not terminate that certain Time-Sharing Agreement,
dated as of March 15, 2004, by and between Jostens and yourself 

 

5

 

regarding use of the Company’s aircraft prior to the third anniversary
of the Termination Date.

 

6.             You
will not earn or be eligible for any additional benefits under any employee
benefit plan sponsored by the Company as of the Termination Date, including
your dependent(s)’ coverage under any benefit plan, except as otherwise
specifically provided in this Agreement or as required by law.

 

7.             You affirmatively represent that
you have not filed nor caused to be filed any charges, claims, complaints, or
actions against the Company before any federal, state, or local administrative
agency, court, arbitration facilitator, or other forum.

 

8.             In
consideration of the terms hereof, you have agreed to and do waive any actual
or potential claims in any way related to or arising from your employment with
or separation from the Company or any of its subsidiaries.  You agree that you will not seek employment
or reemployment with the Company in the future. 
You agree to release and forever discharge the Company, its subsidiaries
and affiliates and their respective past and present officers, directors,
shareholders, employees and agents from any and all claims and causes of
action, known or unknown, arising out of or relating to your employment by or
with the Company or any of its subsidiaries or the termination thereof.  You agree that you must and will execute and
not rescind the Release attached hereto as Exhibit A, as a condition of
your eligibility to receive the consideration described in this Agreement.  Such Release does not include your right to
enforce the terms of this Agreement, and does not waive or release any right to
indemnification you may have as a director, officer or employee pursuant to
applicable 

 

6

 

law and/or the Company’s certificate of incorporation or articles of
incorporation, as the case may be, and bylaws.

 

9.             Concurrently
with your execution of this Agreement, you agree to, and do hereby, resign from
all directorships and officerships held by you with the Company and any of its
subsidiaries or affiliates (including any position as a trustee or board member
of any Company retirement plan) and, if requested, you shall execute and
deliver one or more letters in form and substance satisfactory to the Company
further evidencing such resignations. 
You acknowledge that, effective as of the Termination Date, you are no
longer the Chief Executive Officer of the Company and are no longer the
Chairman of the Board of the Company.

 

10.           You
represent and warrant that you have returned to the Company all proprietary
documents and other property material to the business of the Company which are
in your possession or control and you further represent and warrant that you
have not retained copies of any such proprietary documents, excluding publicly
available documents and documents relating directly to your own compensation
and employee benefits.

 

11.           You
acknowledge that in the course of your employment with the Company and its
subsidiaries you have acquired information relating to the business or affairs of the
Company or any subsidiary corporation or parent corporation of the Company,
including, but not limited to, information relating to financial statements,
customer identities, potential customers, employees, sales representatives,
suppliers, servicing methods, equipment programs, strategies and information,
analyses, profit margins or other proprietary information used by the Company
or any subsidiary 

 

7

 

corporation or parent corporation of the Company (“Confidential
Information”).  You agree that you
will keep such Confidential Information confidential pursuant to your duty to
protect the Company’s trade secrets and confidential information and the terms
of (i) Section 4.5 of the Severance Plan, (ii) Section 6.01 of the
Stockholders’ Agreement and (iii) Section 10 of the Grant Letters.  You acknowledge and agree that, for a period
of two years after the Termination Date, you remain subject to certain
non-competition provisions contained in Section 6.02(a) of the Stockholders
Agreement and Section 10(b) of the Grant Letters.  You also agree that you will be entitled to receive
the payments and benefits set forth in paragraphs 2(a) - (g) above if, and only
if, you do not breach the confidentiality and non-competition provisions of
Section 4.5 of the Severance Plan.

 

12.                                 (a)           The parties intend that this
Agreement be and is confidential.  You
warrant that you have not and agree that you will not in the future disclose
the terms of this Agreement, or the terms of compensation to be paid by the
Company to you as part of this Agreement, to any person other than your
attorney, spouse, tax advisor, investment banker, banker or representatives of
the E.E.O.C., any Department of Human or Civil Rights, any fair employment
practices agency, who shall be bound by the same prohibitions against
disclosure as bind you, and you shall be responsible for advising these
individuals of this confidentiality provision and obtaining their commitment to
maintain such confidentiality.  You shall
not provide or allow to be provided to any person this Agreement, or any copies
thereof nor shall you 

 

8

 

now or in the future disclose in any way any
information concerning any of your purported claims, charges and causes of
action against the Company to any person, with the sole exception of
communications with your spouse, investment banker, banker, attorney and tax
advisor, unless otherwise ordered to do so by a court or agency of competent
jurisdiction.

 

(b)           The
Company similarly agrees not to disclose the terms of this Agreement or the
compensation paid to you, to any person other than officers, directors, and
other persons as the Company deems as having a need to know, accountants and
auditors, attorneys, tax advisors, Board Members, representatives of the
E.E.O.C., the Minnesota Department of Human Rights, or any fair employment
practices agency, and such other disclosures as may be required by law, court,
arbitrator, or agency of competent jurisdiction, or as may be necessary to
enforce the terms of this Agreement.

 

13.           The
confidentiality and non-disparagement provisions of this Agreement have substantially
induced the parties to enter into this Agreement.  Any violation by one party to this Agreement
of the confidentiality and/or non-disparagement provisions of this Agreement
shall entitle the other party to bring a legal action for appropriate equitable
relief as well as damages, including reasonable attorneys’ fees. In addition to
any other rights or remedies available at law, in equity, or by statute, the
parties consent to the specific enforcement of the confidentiality and
non-disparagement 

 

9

 

provisions of this Agreement through an injunction or restraining order
issued by an appropriate court.

 

14.           Neither by
offering to make nor by making this Agreement does any party admit any failure
of performance, wrongdoing, or violation of law.

 

15.           The
parties shall issue a press release announcing your resignation, substantially
in the form annexed hereto as Exhibit B, or containing other language to
which the parties hereto shall mutually agree. 
The parties agree that they will not make a public statement
inconsistent with such press release.

 

16.           You agree
that after the date hereof (i) you will not make any negative or unfavorable
statements or communications or in any way denigrate, defame or disparage the
Company or any of its affiliates, directors, officers, employees, consultants,
lenders or stockholders or DLJMB III or its affiliates and (ii) you will use
all reasonable efforts to prevent any of your affiliates, including any family
member and all other persons or entities over which you can be reasonably
expected to exert significant influence from engaging in any such
activity.  You agree that any breach of
this paragraph 16 will cause such persons described above substantial and
irrevocable damage and therefore in the event of any such breach, in addition
to all other remedies which may be available, the Company shall have the right
to seek specific performance and injunctive relief or any other equitable
remedy which may then be available.

 

The Company agrees that after the
date hereof (i) it will not make any negative or unfavorable statements or
communications or in any way denigrate, defame or disparage you and (ii) the
Company will use all reasonable efforts to prevent any of its affiliates,
directors, officers, employees and all other persons or entities over 

 

10

 

which it can be reasonably expected to exert
significant influence from engaging in any such activity.  The Company agrees that any breach of this
paragraph 16 will cause you substantial and irrevocable damage and therefore in
the event of any such breach, in addition to all other remedies which may be
available, you shall have the right to seek specific performance and injunctive
relief or any other equitable remedy which may then be available.

 

17.           You agree to fully cooperate with the
Company in any and all circumstances in which the Company may require your
assistance, advice and expertise, including but not limited to, providing
information or advice on the Company’s operations, policies and procedure and
assisting in defense against claims against the Company, provided that no such
assistance, advice and expertise will require a substantial amount of your
time.  The parties agree that they will
comply with present and future Company policies and procedures, as well as
applicable local, state, federal, and any applicable foreign laws.

 

18.           The Company agrees that any
modification of agreements or benefit plans shall not treat you in a manner
inconsistent with similarly situated employees of the Company.

 

19.           This Agreement shall be governed by
Minnesota law, and the courts of Minnesota shall be the exclusive venue for any
disputes arising out of this Agreement.

 

20.           This
Agreement and attached Release set forth the entire understanding of the
parties and supersedes any and all prior agreements, oral or written, relating
to your employment by or with the Company and its subsidiaries or the 

 

11

 

termination thereof and any payments, severance compensation or other
benefits due or payable to you upon termination of employment.  This Agreement may not be modified except by
a writing, signed by you and by a duly authorized officer of the Company.  This Agreement shall be binding upon your
heirs and personal representatives, and the successors and assigns of the
Company.  This Agreement shall be
governed by and construed in accordance with the laws of the State of
Minnesota.

 

21.           Whenever
possible, each provision of this Agreement and Release will be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement or Release is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement and Release
will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

 

22.           This
Agreement and Release may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and
the same Agreement.

 

23.           Notwithstanding
anything in this Agreement to the contrary, this Agreement will be of no force
or effect until you duly execute and deliver to the Company the Release.

 

24.           You
acknowledge that before entering into this Agreement and attached Release, you
have had the opportunity to consult with any attorney or other advisor of your
choice, and you have been advised to do so if you choose.  You further 

 

12

 

acknowledge that you have entered into this Agreement of your own free
will, and that no promises or representations have been made to you by any
person to induce you to enter into this Agreement and Release other than the
express terms set forth herein.  You
further acknowledge that you have read this Agreement and understand all of it
and the Attached Release.

 

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

13

 

25.           If
the foregoing is acceptable to you, please sign and date a copy of this
Agreement where indicated below and return it to David Burgstahler.  Please sign and date the attached Release
after your employment with the Company has ended.

 

	
   

  	
   

  	
   

  	
  Very truly yours,

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  JOSTENS HOLDING CORP.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Michael L. Bailey

  
	
   

  	
   

  	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  JOSTENS, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Michael L. Bailey

  
	
   

  	
   

  	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Robert C. Buhrmaster

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date Signed

  	
   

  	
   

  	
   

  	
   

  	
   

  
								

 

14

 

SCHEDULE I

 

CONTINUING PERQUISITES

 

1.               Annual stipend of
up to $30,470 for use of an automobile.

 

2.               Annual stipend of
up to $15,000 for financial planning.

 

3.               Annual medical
reimbursement of up to $2,500.

 

4.               Annual executive
physical at Mayo Clinic through the clinic’s Executive Physical Program.

 

5.               Annual stipend of
up to $28,571.28 for usage of the Company aircraft.

 

6.               Annual stipend of
up to $6,548.40 for membership dues at a country club of your choice.

 

15

 

EXHIBIT A

 

FORM OF RELEASE

 

RELEASE

 

I.                                         Definitions.  I intend all words used in this Release to
have their plain meanings in ordinary English. 
Technical legal words are not needed to describe what I mean.  Specific terms I use in this Release have the
following meanings:

 

A.            “I,”
“me,” and “my” include both me, Robert C. Buhrmaster, and anyone
who has or obtains any legal rights or claims through me.

 

B.            “Company,”
as used in this Release, shall at all times mean Jostens Holding Corp., Jostens
IH Corp., Jostens, Inc. and their respective parent and/or subsidiary
corporations, affiliates, successors, predecessors, shareholders, present
and/or former officers, directors, agents, employees, and attorneys, whether in
their individual or official capacities, benefit plans and plan administrators,
and insurers.

 

C.            “My
Claims” mean any and all of the actual or potential claims of any kind
whatsoever I may have had, or currently may have against Company, regardless of
whether I now know about those claims, that are in any way related to my
employment with or separation (resignation from employment) from the Company,
including, but not limited to any claims for benefits, claims for invasion of privacy;
breach of written or oral, express or implied, contract; fraud or
misrepresentation; violation of the Federal Fair Labor Standards Act (“FLSA”),
29 U.S.C. § 203(s), the Age Discrimination in Employment Act of 1967 (“ADEA”),
29 U.S.C. § 626, as amended, the Older Workers Benefit Protection Act of 1990 (“OWBPA”),
29 U.S.C. 626(f), Title VII of the Civil Rights Act of 1964 (“Title VII”),
42 U.S.C. § 2000e, et  seq., the Americans with
Disabilities Act (“ADA”), 29 U.S.C. § 2101, et  seq.,
the Family and Medical Leave Act (“FMLA”), 29 U.S.C. § 2601 et  seq.,
the Employee Retirement Income Security Act of 1978 (“ERISA”), as
amended, 29 U.S.C. §§ 1001, et seq., Equal
Pay Act (“EPA”), 29 U.S.C. § 206(d), the Worker Adjustment and
Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et  seq.,
the Minnesota Human Rights Act, Minn. Stat. § 363.01, et  seq.,
Minnesota Statutes § 181 et  seq., any other federal, state, local
or foreign statute, law, rule, regulation, ordinance or order.  This includes, but is not limited to, claims
for violation of any civil rights laws based on protected class status; claims
for assault, battery, defamation, intentional or negligent infliction of
emotional distress, breach of the covenant of good faith and fair dealing,
promissory estoppel, negligence, negligent hiring, retention or supervision,
retaliation, constructive discharge, violation of whistleblower protection
laws, unjust enrichment, violation of public policy, and all other claims for
unlawful employment practices, and all other common law or statutory claims.

 

16

 

II.            Agreement
to Release My Claims.  Except as
stated in Paragraph IV, I agree to give up all My Claims, waive any rights
thereunder, and withdraw any and all of my charges and lawsuits against
Company.  In exchange for my agreement to
release My Claims, I am receiving satisfactory consideration (compensation)
from Company to which I am not otherwise entitled by law, contract, or under
any Company policy.  The consideration I
am receiving is a full and fair payment for the release of all My Claims.  Company does not owe me anything in addition
to what I will be receiving.

 

III.           Older
Workers Benefit Protection Act.  I
understand and have been advised that the above release of My Claims is subject
to the terms of the OWBPA.  The OWBPA
provides that an individual cannot waive a right or claim under the ADEA unless
the waiver is knowing and voluntary.  I
have been advised of this law, and I agree that I am signing this Release
voluntarily, and with full knowledge of its consequences.  I understand that the Company is giving me at
least twenty-one (21) days from the date I received a copy of this Release
to decide whether I want to sign it.  I
acknowledge that I have been advised to use this time to consult with an
attorney about the effect of this Release. 
If I sign this Release before the end of the
twenty-one (21) day period it will be my personal, voluntary decision to do so,
and will be done with full knowledge of my legal rights.  I agree that material and/or immaterial
changes to this Release will not restart the running of this consideration
period.

 

IV.           Exclusions
from Release.  My Claims do not
include my rights, if any, to claim the following:  Compensation and benefits as defined in my
Separation Agreement with the Company; Re-employment Insurance benefits; claims
for my vested post-termination benefits under the Jostens, Inc. 401(k)
Retirement Savings Plan and Jostens, Inc. Pension Plan D; my COBRA rights; my
rights to enforce the terms of this Release; or my rights to assert claims that
are based on events occurring after this Release becomes effective.

 

A.            Nothing
in this Release interferes with my right to file a charge with the Equal
Employment Opportunity Commission (“EEOC”), or participate in any manner
in an EEOC investigation or proceeding under Title VII, the ADA, the ADEA, or
the EPA.  I, however, understand that I
am waiving my right to recover individual relief including, but not limited to,
back pay, front pay, reinstatement, attorneys’ fees, and/or punitive damages,
in any administrative or legal action whether brought by the EEOC, You, or any
other party.

 

B.            Nothing
in this Release interferes with my right to challenge the knowing and voluntary
nature of this Release under the ADEA and/or OWBPA.

 

C.            I
agree that Company reserves any and all defenses, which it has or might have
against any claims brought by me.  This
includes, but is not limited to, Company’s right to seek available costs and
attorneys’ fees, and to have any monetary award granted 

 

17

 

to me, if any, reduced by the amount of money that I received in
consideration for this Release.

 

V.                                     Right
to Rescind and/or Revoke.  I
understand that insofar as this Release relates to my rights under the ADEA, it
shall not become effective or enforceable until seven (7) days after I sign
it.  I have the right to rescind this
Release only insofar as it extends to potential claims under the ADEA by
written notice to Company within seven (7) calendar days following my signing
this Release, and within fifteen (15) calendar days as to waiver of claims
under the Minnesota Human Rights Act. 
Any such rescission must be in writing and hand-delivered to Company or,
if sent by mail, postmarked within the applicable time period, sent by
certified mail, return receipt requested, and addressed as follows:

 

A.                                   post-marked
within the seven (7) or fifteen (15) day period;

 

B.                                     properly
addressed to David Burgstahler, DLJ Merchant Banking III, Inc., Eleven Madison
Avenue, 16th Floor, New York, New York 10010, and

 

C.                                     sent
by certified mail, return receipt requested.

 

I understand that the payment I am receiving for
settling and releasing My Claims is contingent upon my agreement to be bound by
the terms of this Release.  Accordingly,
if I decide to revoke this Release, I understand that I am not entitled to the
payments offered in the Agreement.  I further
understand that if I attempt to revoke my release of any claim, I must
immediately return to Company’s Counsel any consideration I have received.

 

18

 

VI.           I
Understand the Terms of this Release. 
I have had the opportunity to read this Release carefully and understand
all its terms.  I have reviewed this
Release with my own attorney.  In
agreeing to sign this Release, I have not relied on any statements or
explanations made by Company or their attorneys.  I understand and agree that this Release and
the attached Agreement contain all the agreements between Company and me except
for those plans and agreements specifically referenced herein.  We have no other written or oral agreements.

 

 

	
  Dated:
                  ,
  2004

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Robert C. Buhrmaster

  
	
  Subscribed and sworn to before me

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  this           
  day of                            ,
  2004.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
                                                                       

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Notary Public

  	
   

  	
   

  	
   

  

 

19

 

EXHIBIT B

 

PRESS RELEASE

 

20EXHIBIT 10.2

 

JOSTENS,
INC.

SEPARATION AGREEMENT AND RELEASE OF CLAIMS

 

This Separation Agreement including a General and
Special Release of Claims (this “Agreement”) is made as of the 17th day of
September, 2004, by and among JOSTENS HOLDING CORP., a Delaware corporation (“Parent”),
JOSTENS, INC., a Minnesota corporation (the “Company”) and Steven A. Tighe (the
“Executive”).

 

W
I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Executive is Vice President, Human
Resources, of the Company; and

 

WHEREAS, the Executive wishes to resign from his
position to pursue other interests; and

 

WHEREAS, the parties wish to set forth their agreement
as to the timing and circumstances of the Executive’s resignation and the
undertakings of the parties in connection therewith;

 

NOW, THEREFORE, in consideration of the mutual
covenants, conditions and obligations set forth herein, and other good and
valuable consideration, the receipt and sufficiency of which are acknowledged,
the parties hereby agree as follows:

 

1.             Resignation.

The Executive hereby
resigns from his position as Vice President, Human Resources of the Company and
terminates his employment with the Company effective as of September 17, 2004
(the “Separation Date”).  The Executive
also resigns as an officer of Parent, Company and all subsidiaries and
affiliates of the Company, effective as of the Separation Date.

 

2.             Payments
And Benefits Following Resignation.

Subject to the Executive’s
compliance with all of his obligations under this Agreement, and in
consideration of the Executive, among other things, agreeing to maintain
confidential information and not to compete with the Company during the
18-month period September 17, 2004 to March 17, 2006 (the “Not to Compete
Period”), as provided in Sections 4 and 5 below and executing the waivers and
releases set forth in Section 6 below, the Company shall provide the Executive
with the payments and other benefits provided for under this Agreement, as
follows:

 

(a)                                  Severance
Benefits.  The Company shall pay the
Executive in a lump sum on the fifteenth (15th ) day following the
Separation Date a severance benefit of $578,852  less applicable withholding taxes, representing the 

 

 

aggregate of all amounts
payable to the Executive upon his termination of service, including salary,
medical insurance, and perquisites under the Executive Severance Pay Plan, and
Executive Supplemental Retirement Agreement benefits, but excluding bonus and
option amounts, all as further detailed in Schedule I attached hereto.  A bonus amount of 45% of Executive’s base
salary, pro-rated through July, 2004, and determined in accordance with plan
performance, but crediting executive with full on-plan performance for
individual Key Business Initiatives (“KBIs”), will be paid to Executive in the
normal course of business in 2005.

 

(b)                                 Options.  All vested Non-Qualified Stock Options
granted to Executive under the Jostens Holding Corp. 2003 Stock Incentive Plan
(the “Plan”) will be repurchased by the Company pursuant to the terms of the
Option Agreements, specifically Section 8. Repurchase Rights and Other
Restrictions, as soon as practicable following the closing of the proposed
transaction between Jostens Holding Corp. and Fusion Acquisition LLC.  In the event that the transaction does not
close, Executive shall be able to exercise his vested options pursuant to the
terms of the Plan.

 

(c)                                  Non-disparagement.  The Executive, the Company and the Parent
agree, respectively, that before and after his termination of employment with
the Company, none of them will make any statement or communication of
information by whatever means relating to his employment with the Company that
may be reasonably interpreted to be critical of or derogatory to the other
parties to this Agreement, including, in the case of the Parent and the Company,
their respective officers, directors and employees; provided, however, that
nothing in this paragraph is intended to keep either party from testifying
truthfully under subpoena or other legal process before any court or
administrative agency of competent jurisdiction.

 

3.             Exclusive
Separation Payments And Benefits.

 

The Executive, the Parent
and the Company acknowledge and agree that this Agreement is intended to be the
exclusive separation arrangement between the Company and the Executive.  Accordingly, except for the payments and
other benefits provided to the Executive pursuant to, or referred to in, this
Agreement or unless otherwise agreed to in writing signed by the Executive, the
Parent and the Company, the Executive, the Parent and the Company agree that
the Executive shall not be entitled to any remuneration, payments or other
benefits under any other severance or separation plan or arrangement of the
Company.  The payments and other benefits
provided by or referred to in this Agreement include any severance or
termination benefits that may be required by applicable law.

 

2

 

4.             Confidential
Information.

 

The Executive shall not,
at any time or for any reason, disclose or divulge, directly or indirectly, to
any person, corporation or entity, or use for his own benefit, any Confidential
or Proprietary Information.  For the
purposes of this Agreement, “Confidential or Proprietary Information” shall
mean information relating to the business or affairs of the Company or any of
its Affiliates, including, but not limited to, information relating to
financial statements, customer identities, potential customers, employees,
sales representatives, suppliers, servicing methods, equipment, programs,
strategies and information, analyses, profit margins or other proprietary
information used by the Company or any of its Affiliates; provided, however,
that Confidential Information does not include any information which is in the
public domain or becomes known in the industry through no wrongful act on the
part of the Executive; provided that Confidential Information shall not include
information that (i) is or becomes generally known to the public other than as
a result of a disclosure by Executive in violation of this Agreement, (ii) is
or was available to the Executive on a non-confidential basis prior to its
disclosure to Executive, or (iii) was or becomes available to Executive on a
non-confidential basis from a source other than the Company, which source is or
was (at the time of  receipt of the
relevant information) not, to Executive’s best knowledge, bound by a
confidentiality agreement with the Company or another person.

 

In the event the
Executive shall be requested, by subpoena or otherwise, in a judicial, administrative
or government proceeding to make disclosures of Confidential or Proprietary
Information which are otherwise prohibited by this Agreement (whether by way of
oral questions, interrogatories, requests for information or documents,
subpoenas or similar process), the Executive shall notify the Company in
writing of such request (and shall provide a copy of such request to the
Company) within two (2) business days of the Executive’s receipt thereof and
before providing any information in response to such request.  The Company shall provide counsel to
represent the Executive at the Company’s expense in connection with responding
to any such subpoena or request for information.

 

The Executive shall
return to the Company immediately upon separation with the Company all of the
Company’s property and Confidential or Proprietary Information which is in
tangible form (including, but not limited to, all correspondence, memoranda,
files, manuals, books, lists, records, equipment, computer disks, magnetic
tape, and electronic or other media and equipment) and all copies thereof in
the Executive’s possession, custody or control.

 

5.             Covenant
Not to Compete.

 

During the term of
the Not to Compete Period, Executive shall not, directly or indirectly, alone
or as a partner, officer, director, shareholder, sole proprietor, employee or
consultant of any other firm or entity (A) engage or intend to engage 

 

3

 

in any commercial
activity with companies that compete with Jostens, including, but not limited
to, LifeTouch, American Achievement, Herff Jones, Walsworth, Friesens, or
Intergold; or (B)(i) cause, solicit, induce or encourage any employees,
independent sales representatives, Company sales representatives, consultants or
contractors of the Company or its Subsidiaries or Affiliates to leave such
employment or service, or hire, employ or otherwise engage any such individual;
or (ii) cause, induce or encourage any actual or prospective client, customer,
supplier, or licensor of the Company or its Subsidiaries or Affiliates, or
other Person who has a material business relationship with the Company or its
Subsidiaries or Affiliates to terminate or modify any such actual or
prospective relationship.

 

(a)                                  The
Executive agrees that the restrictions imposed upon him by the provisions of
this Section 5 are fair and reasonable considering the nature of the Company’s
business, and are reasonably required for the protection of the Company.  The Executive further agrees that the
provisions of Sections 2 and 5 relating to areas of restriction and time
periods of restriction were specifically discussed in good faith and are
acceptable to the Executive. 
Nevertheless, to the extent that these restrictions exceed the maximum
areas of restriction, limitations or periods of time which a court of competent
jurisdiction would enforce, the areas of restriction, limitations or time
periods shall be modified by such court to be the maximum areas of restriction,
limitations or time periods which such court would enforce in any state in
which such court shall be convened.  If
any other part of this Section 5 is held to be invalid or unenforceable, the
remaining parts shall nevertheless continue to be valid and enforceable as
though the unenforceable portions were absent.

 

(b)                                 The
Executive acknowledges that a breach of any of the provisions of this
Section 5 may result in continuing and irreparable damages to the Company
for which there may be no adequate remedy at law and that the Company, in
addition to all other relief available to it, shall be entitled to the issuance
of a temporary restraining order, preliminary injunction and permanent
injunction restraining the Executive from committing or continuing to commit
any breach of the provisions of Section 4 above or this Section 5 pending
further legal proceedings and for appropriate periods in the future.

 

6.             Release
and Waiver of Claims Against the Company.

 

(a)                                  The
Executive, on behalf of himself, his agents, heirs, successors, assigns,
executors and administrators, in consideration for the payments and other
consideration provided for under this Agreement, hereby forever releases and
discharges the Company and its successors, their affiliated entities and
controlling persons, and their past and present directors, employees, agents,
attorneys, accountants, representatives, plan fiduciaries, successors and
assigns from any and all known and unknown causes of action, 

 

4

 

actions, judgments,
liens, indebtedness, damages, losses, claims, liabilities, and demands of
whatsoever kind and character in any manner whatsoever arising on or prior to
the date of this Agreement, including but not limited to (i) any claim for
breach of contract, breach of implied covenant, breach of oral or written
promise, wrongful termination, intentional infliction of emotional distress,
defamation, interference with contract relations or prospective economic
advantage, negligence, misrepresentation or employment discrimination, and including
without limitation alleged violations of Title VII of the Civil Rights Act of
1964, as amended, prohibiting discrimination based on race, color, religion,
sex or national origin; the Family and Medical Leave Act; the Americans With
Disabilities Act prohibiting discrimination based on disability; the Age
Discrimination in Employment Act prohibiting discrimination based on age over
40; the Minnesota Human Rights Act, Minn. Stat. Ch. 363, other federal, state
and local laws, ordinances and regulations, and any unemployment or workers’
compensation law; (ii) any and all liability that was or may have been alleged
against or imputed to the Company by the Executive or by anyone acting on his
behalf; (iii) all claims for wages, monetary or equitable relief, employment or
reemployment with the Company in any position, and any punitive, compensatory
or liquidated damages; and (iv) all rights to and claims for attorneys’ fees
and costs except as otherwise provided herein; provided, however, that this
release shall not extend to the obligations of the Company that are
specifically recited or referred to in this Agreement.  The Executive expressly waives any and all
rights granted by any federal, state or local laws or ordinances or regulations
that are intended to protect the Executive from waiving unknown claims.

 

(b)                                 The
Executive shall not file or cause to be filed any action, suit, claim, charge
or proceeding with any federal, state or local court or agency relating to any
claim within the scope of this Section 6. 
The Executive represents and warrants that he has not assigned any claim
released herein, or authorized any other person to assert any claim on his
behalf.

 

(c)                                  In
the event any action, suit, claim, charge or proceeding within the scope of
this Section 6 is brought by any government agency, putative class
representative or other third party to vindicate any alleged rights of the
Executive, (i) the Executive shall, except to the extent required or compelled
by law, legal process or subpoena, refrain from participating, testifying or
producing documents therein, and (ii) all damages, inclusive of attorneys’
fees, if any, required to be paid to the Executive by the Company as a
consequence of such action, suit, claim, charge or proceeding shall be repaid to
the Company by the Executive within ten (10) days of his receipt thereof.

 

(d)                                 Notwithstanding
anything in this Agreement to the contrary, in the event of a violation of this
Section 6 by the Executive, the Company’s 

 

5

 

obligations pursuant to
this Agreement shall cease as of the date of such violation and the Executive
shall be liable to the Company for all amounts paid to Executive under this
Separation Agreement and any actual damages the Company suffers as a result of
such violation, including costs, expenses and all attorneys’ fees and expenses.

 

7.             Release
and Waiver of Claims Against the Executive.

 

The Company hereby
forever releases and discharges the Executive from any and all actions, causes
of action, claims or demands in general, special or punitive damages, attorneys’
fees and costs, expenses or other compensation which in any way relate to or
arise out of the Company’s employment of the Executive or the termination of
such employment or otherwise, which the Company may now or hereafter have under
any federal, state or local law, regulation or ordinance.  The release and waiver contained in this
Section 7 of this Agreement shall not apply to any act of fraud or criminal
conduct by the Executive of which the Company is not aware as of the date of
this Agreement, nor to any act of non-compliance with the terms of this
Agreement by the Executive.

 

8.                No
Admission of Wrongdoing.

 

The release and waiver of
claims by the Company in Section 7 of this Agreement, and the payment by the
Company of that portion of the amounts and other benefits set forth in this
Agreement to which the Executive would not otherwise be entitled, are being
given to the Executive in return for the Executive’s agreements and covenants
contained in this Agreement.  Nothing
contained in this Agreement shall be construed as an admission of liability or
wrongdoing by either the Executive or the Company.

 

9.             Voluntary
Execution of Agreement.

 

BY HIS SIGNATURE BELOW, THE EXECUTIVE ACKNOWLEDGES
THAT:

 

(A)          I
HAVE RECEIVED A COPY OF THIS AGREEMENT AND WAS OFFERED A PERIOD OF TWENTY-ONE
(21) DAYS TO REVIEW AND CONSIDER IT;

 

(B)           IF
I SIGN THIS AGREEMENT PRIOR TO THE EXPIRATION OF TWENTY-ONE DAYS, I KNOWINGLY
AND VOLUNTARILY WAIVE AND GIVE UP THIS RIGHT OF REVIEW;

 

(C)           I
HAVE THE RIGHT TO REVOKE THIS AGREEMENT FOR A PERIOD OF FIFTEEN DAYS AFTER I
SIGN IT BY MAILING OR DELIVERING A WRITTEN NOTICE OF REVOCATION TO THE GENERAL
COUNSEL OF THE COMPANY, NO LATER THAN THE CLOSE OF BUSINESS ON THE FIFTEENTH
DAY AFTER THE DAY ON WHICH I SIGNED THIS AGREEMENT;

 

6

 

(D)          THIS
AGREEMENT SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE FIFTEEN-DAY
REVOCATION PERIOD HAS EXPIRED WITHOUT THE AGREEMENT HAVING BEEN REVOKED;

 

(E)           THIS
AGREEMENT WILL BE FINAL AND BINDING AFTER THE EXPIRATION OF THE REVOCATION
PERIOD REFERRED TO IN (C).  I AGREE NOT
TO CHALLENGE ITS ENFORCEABILITY;

 

(F)           I
AM AWARE OF MY RIGHT TO CONSULT AN ATTORNEY, HAVE CONSULTED WITH AN ATTORNEY,
PRIOR TO SIGNING THIS AGREEMENT;

 

(G)           NO
PROMISE OR INDUCEMENT FOR THIS AGREEMENT HAS BEEN MADE EXCEPT AS SET FORTH IN
THIS AGREEMENT;

 

(H)          I
AM LEGALLY COMPETENT TO EXECUTE THIS AGREEMENT AND ACCEPT FULL RESPONSIBILITY
FOR IT; AND

 

(I)            I
HAVE CAREFULLY READ THIS AGREEMENT INCLUDING THE RELEASE SET FORTH IN SECTION
6, ACKNOWLEDGE THAT I HAVE NOT RELIED ON ANY REPRESENTATION OR STATEMENT,
WRITTEN OR ORAL, NOT SET FORTH IN THIS DOCUMENT OR THE WRITTEN MATERIALS
PRESENTED TO ME WITH THIS AGREEMENT, AND WARRANT AND REPRESENT THAT I AM
SIGNING THIS AGREEMENT KNOWINGLY AND VOLUNTARILY.

 

10.           Notices.

 

All notices, requests,
demands and other communications required or permitted hereunder shall be in
writing, shall be deemed properly given if delivered personally or sent by
certified or registered mail, postage prepaid, return receipt requested, or
sent by telegram, telex, telecopy or similar form of telecommunication, and
shall be deemed to have been given when received.  Any such notice, request, demand or
communication shall be addressed:  (a) if
to the Company, to the General Counsel of the Company, 5501 American Boulevard
West, Minneapolis, Minnesota 55437; (b) if to the Executive, to his last known
home address on file with the Company; or (c) to such other address as the
parties shall have furnished to one another in writing.

 

11.           Termination
and Amendments; Miscellaneous.

 

(a)           This
Agreement may only be terminated, or the provisions of this Agreement amended
or waived, prior to the expiration of the Company’s and the Executive’s
obligations under this Agreement, by a writing signed by the Parent, the
Company and the Executive.

 

7

 

(b)           The
Company may withhold from any amounts payable under this Agreement such
federal, state or local taxes as shall be required to be withheld pursuant to
any applicable law or regulation.

 

(c)           The
failure to insist upon strict compliance with any provision hereof, or the
failure to assert any right hereunder, shall not be deemed to be a waiver of
such provision or right or of any other provision or right under this
Agreement.  In the event that any term,
provision or release of claims or rights contained in this Agreement is found
or determined to be illegal or otherwise invalid and unenforceable, whether in
whole or in part, such invalidity shall not affect the enforceability of the
remaining terms, provisions and releases of claims or rights.

 

(d)           Except
for payments to be made from the trust under the Company’s  401(k) Retirement Savings Plan, all payments
to be made hereunder shall be paid from the Company’s general funds and no
special or separate fund shall be established and no segregation of assets
shall be made to assure the payment of such amounts.  Nothing contained in this Agreement shall
create or be construed to create a trust of any kind, or a fiduciary
relationship between the Company and the Executive or any other person with
respect to amounts to be paid hereunder; provided, however, that this Agreement
does not affect the existing fiduciary duties of the Company under its 401(k)
Retirement Savings Plan.

 

(e)           Nothing
in this Agreement shall confer upon the Executive any right to continue in the
employ of the Company or its affiliates.

 

(f)            This
Agreement sets forth the entire agreement and understanding between the parties
as to the subject matter hereof and supersedes all prior oral and written and
all contemporaneous oral discussions, agreements and understandings of any kind
or nature.  This Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective
permitted successors and assigns.

 

(g)           Any
reference within this Agreement to an action, judgment, conclusion, or
determination by the Company shall mean an action, judgment, conclusion, or
determination of the Board of Directors of the Company or its authorized
representative(s).

 

(h)           
The headings preceding the text of the sections hereof are inserted solely for
convenience of reference, and shall not constitute a part of this Agreement, nor
shall they affect its meaning, construction or effect.

 

(i)            This
Agreement shall be governed by, and construed and enforced in accordance with
the laws of the State of Minnesota.

 

8

 

(j)                                     This
Agreement may be executed in two or more counterparts, all of which shall have
the same force and effect as if all parties thereto had executed a single copy.

 

IN WITNESS WHEREOF, the Company and the Executive have
acknowledged and executed this Agreement effective as of the fifteenth day
following the Separation Date first set forth above, unless revoked by the
Executive in the manner set forth in Section 9 above.

 

	
  EXECUTIVE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  JOSTENS HOLDING
  CORP.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
  Steven A. Tighe

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  JOSTENS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  
											

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]