Document:

EXECUTION COPY

                              TAX SHARING AGREEMENT

          This Tax Sharing Agreement (the "Agreement"), dated as of December 15,
2005, is entered into by and among M&F WORLDWIDE CORP., a Delaware corporation
("Parent"), CLARKE AMERICAN CORP., a Delaware corporation ("Clarke"), and PCT
INTERNATIONAL HOLDINGS INC., a Delaware corporation, ("PCT").

                                    RECITALS

          WHEREAS, Parent is the common parent corporation of an affiliated
group of corporations within the meaning of Section 1504(a) of the Internal
Revenue Code of 1986, as amended (the "Code"), that has elected to file
consolidated federal income tax returns and PCT is a member of such group.

          WHEREAS, Parent, Clarke and PCT desire, to the extent permitted by the
Code, and the regulations promulgated thereunder (the "Treasury Regulations"),
that the PCT Group and the Clarke Group (each as defined below) be included in
the Parent Consolidated Group as defined below;

          WHEREAS, Parent, Clarke and PCT desire, to the extent permitted by
applicable foreign, state and local law, that members of the Parent Consolidated
Group shall be included in the filing of consolidated, combined or unitary tax
returns for state tax purposes if so requested by Parent;

          WHEREAS, Parent, Clarke and PCT wish to allocate and settle among
themselves in an equitable manner (i) the consolidated federal income tax
liability, (ii) any applicable consolidated, combined or unitary tax liability
for foreign, state and/or

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local tax purposes, and (iii) certain other tax matters, for Agreement Years (as
defined herein); and

          WHEREAS, Clarke and PCT desire to be indemnified by Parent with
respect to certain tax liabilities, and Parent is willing to so indemnify such
parties.

          NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the parties agree as follows:

          1. Definitions.

          For purposes of this Agreement, the following terms shall be defined
as follows:

               (a) "Agreement Year" for each Subgroup shall mean, (i) with
respect to federal income taxes, any taxable year or portion thereof beginning
on or after the date hereof with respect to which a consolidated federal income
tax return is properly filed by Parent on behalf of the Parent Consolidated
Group which includes the PCT Subgroup or the Clarke Subgroup, as applicable, and
(ii) with respect to foreign, state or local income or franchise taxes, any
taxable year or portion thereof beginning on or after the date hereof with
respect to which a Combined Return is properly filed.

               (b) "Clarke Subgroup" shall mean the affiliated group of
corporations (including any predecessors and successors thereto) within the
meaning of Section 1504(a) of the Code, of which Clarke would be the common
parent if it were not included in the Parent Consolidated Group.

               (c) "Combined Return" shall mean any consolidated, combined or
unitary tax return filed for foreign, state or local income or franchise tax
purposes which includes (x) one or more members of the PCT Subgroup and one or
more

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other members of the Parent Consolidated Group (without reference to the PCT
Subgroup) or (y) one or more members of the Clarke Subgroup and one or more
other members of the Parent Consolidated Group (without reference to the Clarke
Subgroup).

               (d) "Estimated Tax Payments" for any Agreement Year shall mean,
with respect to each of the Clarke Subgroup and the PCT Subgroup, the aggregate
payments by each of Clarke and PCT, respectively, to Parent for such Agreement
Year pursuant to Section 3 hereof.

               (e) "Final Determination" shall mean a closing agreement with the
Internal Revenue Service or the relevant state or local taxing authorities, an
agreement contained on Internal Revenue Service Form 870-AD or other comparable
form, an agreement that constitutes a determination under Section 1313(a)(4) of
the Code, a claim for refund which has been allowed, a deficiency notice with
respect to which the period for filing a petition with the Tax Court or the
relevant state or local tribunal has expired or a decision of any court of
competent jurisdiction that is not subject to appeal or as to which the time for
appeal has expired.

               (f) "Other Tax" shall mean any consolidated, combined or unitary
foreign, state or local income or franchise taxes.

               (g) "Parent Consolidated Group" shall mean the affiliated group
of corporations (including any predecessors and successors thereto) within the
meaning of Section 1504(a) of the Code electing to file consolidated federal
income tax returns and of which Parent is the common Parent.

               (h) "PCT Subgroup" shall mean the affiliated group of
corporations (including any predecessors and successors thereto) within the
meaning of

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Section 1504(a) of the Code, of which PCT would be the common parent if it were
not included in the Parent Consolidated Group.

(i) "Pro Forma Federal Tax Liability" for each respective Subgroup shall mean,
with respect to each Agreement Year, the consolidated federal taxable income
liability or, if applicable, the consolidated federal alternative minimum tax
liability that such Subgroup would have incurred if it had not been included in
the Parent Consolidated Group for such Agreement Year, but had instead filed its
own consolidated return for such Agreement Year and all prior Agreement Years;
provided, that in computing such tax liability for any Agreement Year, such
Subgroup shall not take into account any amounts paid or payable by such
Subgroup to Parent under Sections 2, 3 or 5 hereof or by Parent to the Subgroup
under Sections 2, 3, 5 or 7 hereof. In computing the Pro Forma Federal Tax
Liability of a Subgroup, the Subgroup shall be entitled to take into account
deductions and/or credits attributable to the carryover or carryback of any
losses and/or credits of any member of such Subgroup, after taking into account
any limitations on the use of such losses and credits imposed pursuant to
Sections 172, 382, 383, 384, 904 or 1212 of the Code or by Treasury Regulations
Sections 1.1502-15, 1.1502-20, 1.1502-21, 1.1502-22, 1.1502-91, 1.1502-92,
1.1502-93 or 1.1502-94, provided, further, that any Code Section 199 tax benefit
shall be determined by Parent for the entire Parent Consolidated Group and
allocated to each of its Subsidiaries in accordance with the methodology of the
Treasury Regulations and IRS guidance under Section 199 of the Code. If the
computation of Pro Forma Federal Tax Liability of a Subgroup does not result in
a positive number, such Pro Forma Federal Tax Liability shall be deemed to be
zero.

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               (j) "Pro Forma Other Tax Liability" for each respective Subgroup
shall mean, with respect to each Agreement Year, the aggregate Other Tax,
computed in a manner consistent with the computation of the Pro Forma Federal
Tax Liability as defined above, that the Subgroup or any of the members of such
Subgroup would have incurred with respect to each relevant foreign, state and
local taxing jurisdiction for any Agreement Year if such Subgroup or any member
thereof had filed with such jurisdiction either a separate return (in a case
where only one member of such Subgroup joins in the filing of the applicable
Combined Return) or a combined return (in a case where more than one member of
such Subgroup joins in the filing of the applicable Combined Return).

               (k) "Subgroup" shall mean each of the Clarke Subgroup and the PCT
Subgroup.

               (l) "Subsidiary" as to any entity (the parent corporation) shall
mean a corporation that would be an includible corporation that is a member of
an affiliated group of corporations of which the parent corporation would be the
common parent, all within the meaning attributable to such terms in Section 1504
of the Code and Treasury Regulations thereunder.

          2. Tax Payments.

               (a) For each Agreement Year, each of Clarke and PCT,
respectively, shall pay to Parent an amount equal to the excess, if any, of the
Clarke Subgroup's Pro Forma Federal Tax Liability or the PCT Subgroup's Federal
Tax Liability, as applicable, for such Agreement Year over the aggregate amount
of the Estimated Tax Payments actually made by Clarke or PCT, as applicable, to
Parent

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pursuant to Section 3(a) hereof for such Agreement Year. If the aggregate
amount of the Estimated Tax Payments actually made to Parent by each of Clarke
and/or PCT pursuant to Section 3(a) hereof for such Agreement Year exceeds the
Clarke Subgroup's Pro Forma Federal Tax Liability or the PCT Subgroup's Pro
Forma Federal Tax Liability, as applicable, for such Agreement Year, Parent
shall pay to Clarke and/or PCT, as applicable, an amount equal to such excess.

               (b) For each Agreement Year, each of Clarke and PCT,
respectively, shall pay to Parent an amount equal to the excess, if any, of the
Clarke Subgroup's Pro Forma Other Tax Liability or the PCT Subgroup's Other Tax
Liability, as applicable, for such Agreement Year over the aggregate amount of
the Estimated Tax Payments actually made by Clarke or PCT, as applicable, to
Parent pursuant to Section 3(b) hereof for such Agreement Year. If the aggregate
amount of the Estimated Tax Payments actually made to Parent by each of Clarke
and/or PCT pursuant to Section 3(b) hereof for such Agreement Year exceeds the
Clarke Subgroup's Pro Forma Other Tax Liability or the PCT Subgroup's Pro Forma
Other Tax Liability, as applicable, for such Agreement Year, Parent shall pay to
Clarke and/or PCT, as applicable, an amount equal to such excess.

          3. Estimated Tax Payments.

               (a) During each Agreement Year, each of Clarke and PCT shall pay
to Parent, no later than the tenth day of each of the third, sixth, ninth and
twelfth months of such Agreement Year, the amount of estimated federal income
taxes that each of the Clarke Subgroup and the PCT Subgroup, as applicable,
would have been required to pay on or before the fifteenth day of each such
month if such Subgroup were filing its

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own consolidated federal income tax return for such Agreement Year and was not
part of the Parent Consolidated Group. Such estimated federal income tax
liability shall be determined in a manner consistent with the calculation of the
Pro Forma Federal Tax Liability the applicable Subgroup and shall reflect the
estimated taxable income of such Subgroup projected for three, six, nine and
twelve months, respectively.

               (b) During each Agreement Year, each of Clarke and PCT shall pay
to Parent, no later than the fifth day prior to the date an estimated foreign,
state or local payment is due, the amount of estimated taxes that each of the
Clarke Subgroup and the PCT Subgroup, as applicable, would have been required to
pay if such Subgroup (or any member thereof) had filed for such period either a
separate return (in the case where only one member of such Subgroup joins in the
filing of the applicable Combined Return) or a combined return (in a case where
more than one member of such Subgroup joins in the filing of the applicable
Combined Return). The estimated foreign, state or local income or franchise tax
liability of the Clarke Subgroup and the PCT Subgroup shall be determined in a
manner consistent with the calculation of the Pro Forma Other Tax Liability of
such Subgroup.

          4. Time and Form of Payment.

               (a) Payments to be made by each of Clarke and PCT pursuant to
Section 2 hereof shall be made no later than the fifth day prior to the due date
of the Parent Consolidated Group's consolidated federal income tax return or any
relevant Combined Return for the period with respect to which such a payment is
due. If the due date for any such return is extended, any amounts due at the
time of filing a request for extension of time to file shall be paid on an
estimated basis. No later than five (5) days

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prior to the extended due date for such return for such Agreement Year, the
payment due from each of Clarke and PCT shall be recalculated, and any
difference between (i) the Pro Forma Federal Tax Liability and the Pro Forma
Other Tax Liability of each respective Subgroup for such Agreement Year and (ii)
all prior Estimated Tax Payments by Clarke or PCT, as applicable, with respect
to such Agreement Year shall be paid by such fifth day to the party entitled
thereto, with interest from the original due date at the relevant statutory
rate.

               (b) The parties agree to cause each Subsidiary of Clarke and PCT
to pay to Clarke or PCT, as applicable, its share of each of the items of the
applicable Subgroup's Pro Forma Federal Tax Liability and Pro Forma Other Tax
Liability as well as such Subsidiary's allocable share of Estimated Tax
Payments, each such share to be determined in accordance with the principles of
Sections 1(i), 1(j), 3(a) and 3(b) hereof, no later than one (1) business day
prior to the date upon which the relevant payment by Clarke or PCT, as
applicable, is required to be made under the terms hereof. Each of Clarke and
PCT agrees to pay its respective Subsidiaries, such Subsidiary's share of any
payment received by such party from Parent pursuant to this Agreement, each such
share to be determined in accordance with the principles of Sections 1(i), 1(j),
3(a) and 3(b) hereof, as promptly as practicable following the receipt of any
such payment and the determination of such share.

          5. Adjustments.

               (a) Redeterminations of Tax Liability. In the event of any
redetermination of the consolidated federal income tax liability of the Parent
Consolidated Group for any Agreement Year (or of the consolidated, combined or
unitary

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foreign, state or local income or franchise tax liability for any Agreement
Year) as the result of an audit by the Internal Revenue Service (or the relevant
foreign, state or local taxing authorities), a claim for refund or otherwise,
the Pro Forma Federal Tax Liability and/or the Pro Forma Other Tax Liability, as
applicable, of each Subgroup shall be recomputed for such Agreement Year and any
prior and subsequent Agreement Years to take into account such redetermination,
and payments due pursuant to Section 2 hereof shall be appropriately adjusted.
Any payment pursuant to Section 2 hereof that is required pursuant to this
Section 5(a) as a result of such adjustment shall be paid within seven (7) days
after the date of a Final Determination with respect to such redetermination or
as soon as such adjustment can practicably be calculated, if later, together
with interest for the period at the rate provided for in the relevant statute.

               (b) Refund of Tax Sharing Payment. In the event that the
calculation of the taxable income of each of the Subgroups (determined in
accordance with the principles of Sections 1(i) and 1(j) hereof) for any
Agreement Year results in a loss, such loss may be carried back and deducted in
calculating such Subgroup's Pro Forma Federal Tax Liability or Pro Forma Other
Tax Liability, as applicable, for prior Agreement Years in the same manner as it
would have been carried back and deducted had it constituted a net operating
loss deduction under Section 172 of the Code or a net capital loss deduction
under Section 1212 of the Code (or in the case of foreign, state or local tax,
under applicable foreign, state or local provisions), as such provisions would
have been applied if such Subgroup had not been included in the Parent
Consolidated Group (or joined in the filing of the applicable Combined Return)
for such Agreement Year, but had instead filed its own consolidated return (or
its own separate return or

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combined return, as applicable) for such Agreement Year and all prior Agreement
Years, but in each case after taking into account any limitation on the use of
such loss imposed pursuant to Section 382, 383, 384 or 904 of the Code or
Treasury Regulations Sections 1.1502-15, 1.1502-20, 1.1502-21, 1.1502-22,
1.1502-91, 1.1502-92, 1.1502-93 or 1.1502-94 (or with respect to foreign, state
and local tax, applicable foreign, state or local provisions). In such case, the
applicable Subgroup's Pro Forma Federal Tax Liability and/or Pro Forma Other Tax
Liability shall be recomputed for the Agreement Year or Years to which such loss
is carried and for any subsequent Agreement Years to take into account the
deduction of such loss, and payments made pursuant to Section 2 hereof shall be
appropriately adjusted. Any payment pursuant to Section 2 hereof that is
required pursuant to this Section 5(b) as a result of any such adjustment shall
be paid within seven (7) days after the date of filing the consolidated federal
income tax return of the Parent Consolidated Group (or the applicable Combined
Return) for the year in which such loss arises. Excess credits for any Agreement
Year shall be carried back and otherwise treated in a manner consistent with the
provisions of this Section 5.

          6. Interest on Unpaid Amounts.

          In the event that any party fails to pay any amount owed pursuant to
this Agreement within ten (10) days after the date when due, interest shall
accrue on any unpaid amount at the "designated rate" from the due date until
such amounts are fully paid. For purposes of this Agreement, the "designated
rate" shall mean ten percent (10%).

          7. Indemnification.

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          Parent shall indemnify each member of the Clarke Subgroup and the PCT
Subgroup, respectively, on an after-tax basis (taking into account, when
realized, any tax detriment or tax benefit to such Subgroup of (x) a payment
hereunder or (y) the liability to the Internal Revenue Service or any applicable
foreign, state or local taxing authority giving rise to such a payment), with
respect to and in the amount of:

               (a) any liability to the Internal Revenue Service for federal
     income tax incurred by such Subgroup for any Agreement Year with respect to
     which such Subgroup is included in the Parent Consolidated Group for
     purposes of filing a consolidated federal income tax return;

               (b) any liability for Other Taxes to a foreign, state or local
     taxing authority incurred by such Subgroup with respect to any such
     jurisdiction for any Agreement Year with respect to which the Subgroup or
     any member thereof participates in the filing of a Combined Return;

               (c) any liability for federal income tax to the Internal Revenue
     Service or any Other Tax to any applicable foreign, state or local taxing
     authority, as the case may be, incurred by any member of such Subgroup to
     the extent attributable to any member of the Parent Consolidated Group
     (determined without reference to other members of such Subgroup) and for
     which the Subgroup or any member thereof is liable as a result of being
     included in the Parent Consolidated Group or as a result of participating
     in the filing of a Combined Return; and

               (d) interest, penalties and additions to tax, and costs and
     expenses in connection with any liabilities described in Sections 7(a), (b)
     and (c) above.

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     Parent shall pay to Clarke and/or PCT, as applicable, any amount due under
     Sections 7(a), (b) and (c) and Section 7(d) (to the extent such amounts are
     related to amounts under Sections 7(a), (b) and (c)) no later than seven
     (7) days after the date of a Final Determination with respect thereto.

          8. Filing of Returns, Payment of Tax.

               (a) Appointment of Parent as Agent. Each of Clarke and PCT hereby
appoint (and hereby appoint on behalf of each of their respective Subsidiaries)
Parent as their agent, so long as Clarke and PCT, as applicable, are members of
the Parent Consolidated Group for the purpose of (i) filing consolidated federal
income tax returns and, (ii) for making any election or application or taking
any action in connection therewith on behalf of any member of the Clarke
Subgroup or the PCT Subgroup, as applicable, consistent with the terms of this
Agreement. Each of Clarke and PCT hereby appoint (and hereby appoint on behalf
of each of their respective Subsidiaries) Parent as their agent, so long as any
member of the Clarke Subgroup or the PCT Subgroup, as applicable, is eligible to
join in the filing of any Combined Return, for the purpose of (i) filing any
such Combined Return that Parent may elect to file, and (ii) for making any
election or application or taking any action in connection therewith on behalf
of any member of the Clarke Subgroup or the PCT Subgroup, as applicable,
consistent with the terms of this Agreement. Each of Clarke and PCT hereby
consent (and hereby consent on behalf of their respective Subsidiaries) to the
filing of such returns, and to the making of such elections and applications.
Parent agrees that to the extent that the filing of any Combined Return would
reduce the Other Tax liability of any Subgroup (or any member thereof) without
causing an increase in Other Tax liability of any other member of the

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Parent Consolidated Group (determined without reference to such Subgroup) in
such period, Parent will file or cause to be filed for such taxable period a
Combined Return; provided, however, that such filing is permitted by applicable
state or local law. Except as provided in this Paragraph 8, nothing herein shall
be construed as requiring Parent or any Subsidiary of Parent to file any
Combined Return for any Agreement Year.

               (b) Cooperation. Each of Clarke and PCT shall cooperate, and
shall cause their respective Subsidiaries to cooperate, with Parent in the
filing, to the extent permitted by law, of a consolidated federal income tax
return and such Combined Returns as Parent elects to file or cause to be filed,
by maintaining such books and records and providing such information as may be
necessary or useful in the filing of such returns and executing any documents
and taking any actions which Parent may reasonably request in connection
therewith. Clarke, PCT and the Parent shall provide one another with such
information concerning such returns and the application of payments made under
this Agreement as Parent, Clarke or PCT may reasonably request of one another.

               (c) Payment of Tax. For each Agreement Year, Parent shall timely
pay or discharge, or cause to be timely paid or discharged, the consolidated
federal income tax liability of the Parent Consolidated Group for such Agreement
Year and the Other Tax liability shown on any Combined Return that Parent elects
or is required to file.

          9. Resolution of Disputes.

          Any dispute concerning the calculation or basis of determination of
any payment provided for hereunder shall be resolved by the independent
certified public

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accountants for Parent, whose judgment shall be conclusive and binding upon the
parties, in the absence of manifest error.

          10. Adjudications.

          In any audit, conference, or other proceeding with the Internal
Revenue Service or the relevant foreign, state or local authorities, or in any
judicial proceedings concerning the determination of (i) the federal income tax
liabilities of the Parent Consolidated Group, (ii) any tax item of any member of
either Subgroup, or (iii) the Other Tax liability with respect to any Combined
Return, the parties shall be represented by persons selected by Parent. Parent
shall undertake any settlement or other action that it is permitted to take
pursuant to this Section 10 affecting (x) the federal income tax or Other Tax
liability of any member of a Subgroup or (y) any amount payable by or receivable
to either Clarke or PCT pursuant to this Agreement, with the same diligence and
care as if such action pertained to an income tax liability of Parent and as if
any amount that might be so payable by or receivable to such party were payable
by or receivable to Parent. Each of Clarke and PCT hereby appoint (and hereby
appoint on behalf of their respective Subsidiaries) Parent as their agent for
the purpose of proposing and concluding any such settlement.

          11. Binding Effect; Successors and Assigns.

          This Agreement shall be binding upon Parent, Clarke, PCT and each of
their respective present and future Subsidiaries, and any predecessor or
successor to any of the foregoing. This Agreement shall inure to the benefit of,
and be binding upon, any successors or assigns of the persons described in the
preceding sentence. Parent, Clarke

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and PCT may assign their right to receive payments under this Agreement but may
not assign or delegate their obligations hereunder.

          12. Interpretation.

          This Agreement is intended to calculate and allocate certain federal,
foreign, state and local income and franchise tax liabilities of members of
Parent, the Clarke Subgroup and the PCT Subgroup, and any situation or
circumstance concerning such calculation and allocation that is not specifically
contemplated hereby or provided for herein shall be dealt with in a manner
consistent with the underlying principles of calculation and allocation in this
Agreement.

          13. Legal and Accounting Fees.

          Any fees or expenses for legal, accounting or other professional
services rendered in connection with (i) the preparation of a consolidated
federal or combined state or local income tax return for the Parent Group,
members of the Parent Group, or the Company Group, (ii) the application of the
provisions of this Agreement or (iii) the conduct of any audit, conference or
proceeding of the Internal Revenue Service or relevant state or local
authorities or judicial proceedings relevant to any determination required to be
made hereunder shall be allocated between Parent, Clarke and PCT in a manner
resulting in each of Clarke and PCT, as applicable, bearing a reasonable
approximation of the actual amount of such fees or expenses hereunder reasonably
related to, and for the benefit of, the Clarke Subgroup or the PCT Subgroup, as
applicable, rather than to or for other members of the Parent Consolidated
Group.

          14. Effect of the Agreement.

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          This Agreement shall determine the liability as between (i) Parent and
the members of the Clarke Subgroup to each other, and (ii) Parent and the
members of the PCT Subgroup to each other, in each case as to the matters
provided for herein, whether or not such determination is effective for purposes
of the Code or of applicable foreign, state or local revenue laws, or for
financial reporting purposes or for any other purposes.

          15. Entire Agreement.

          This Agreement embodies the entire understanding among the parties
relating to its subject matter and supersedes and terminates any prior
agreements and understandings among the parties with respect to such subject
matter. Any and all prior correspondence, conversations and memoranda are merged
herein and shall be without effect hereon. No promises, covenants or
representations of any kind, other than those expressly stated herein, have been
made to induce either party to enter into this Agreement. This Agreement,
including this provision against oral modification, shall not be modified or
terminated except by a writing duly signed by each of the parties hereto, and no
waiver of any provisions of this Agreement shall be effective unless in a
writing duly signed by the party sought to be bound.

          16. Code References.

          Any references to the Code or Treasury Regulations shall be deemed to
refer to the relevant provisions of any successor statute or regulation and
shall refer to such provisions as in effect from time to time.

          17. Notices.

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          Any payment, notice or communication required or permitted to be given
under this Agreement shall be in writing (including telecopy communication) and
mailed, telecopied or delivered:

     If to Clarke, to;

     Clarke American Corp.
     10931 Laureate Drive
     San Antonio, Texas 78249
     Attention: General Counsel
     Facsimile: (210) 558-4370

     If to PCT, to:

     PCT International Holdings, Inc.
     35 East 62nd Street
     New York, New York 10021
     Attention: General Counsel
     Facsimile: (212) 572-5184

     If to Parent, to:

     M&F Worldwide Corp.
     35 East 62nd Street
     New York, New York 10021
     Attention: General Counsel
     Facsimile: (212) 572-5184

or to such other address as a party shall furnish in writing to the other
parties. All such notices and communications shall be effective when received.

          18. Counterparts.

          This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.

          19. New Members.

          Each of the parties to this Agreement recognizes that from time to
time, new Subsidiaries of the Company may be added to the Company Group. Each of
the

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parties agrees that any new Subsidiary of the Company shall, without the express
written consent of the other parties, become a party to this Agreement for all
purposes of this Agreement with respect to Taxable Periods ending after such
Subsidiary was added to the Company Group.

          20. Termination.

          This Agreement shall terminate at such time as all obligations and
liabilities of the parties hereto have been satisfied. Except as otherwise
provided herein, Clarke and/or PCT, as applicable shall not have any obligations
or liabilities under this Agreement for any taxable period, or portion thereof,
(i) with respect to federal income taxes, during which the Clarke Subgroup or
the PCT Subgroup, as applicable, is not included in the Parent Consolidated
Group, and (ii) with respect to Other Taxes, during which no member of the
Clarke Subgroup or the PCT Subgroup, as applicable, joins in the filing of a
Combined Return; provided, however, that the indemnification obligations and
liabilities of Parent under Section 7 shall continue and shall not terminate.
The obligations and liabilities of the parties arising under this Agreement with
respect to any Agreement Year and the indemnification obligations and
liabilities of Parent arising under Section 7 shall continue in full force and
effect until all such obligations have been met and such liabilities have been
paid in full, whether by expiration of time, operation of law, or otherwise. The
obligations and liabilities of each party are made for the benefit of, and shall
be enforceable by, the other parties and their successors and permitted assigns.

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          IN WITNESS WHEREOF, each of the parties has caused this Agreement to
be executed by its respective duly authorized officer as of the date first set
forth above.

                                     M&F WORLDWIDE CORP.

                                     By: /s/ Adam F. Ingber
                                         ------------------------------------
                                         Name:  Adam F. Ingber
                                         Title: Senior Vice President - Taxation

                                     CLARKE AMERICAN CORP.

                                     By: /s/ Peter Fera
                                         ------------------------------------
                                         Name:  Peter Fera
                                         Title: Chief Financial Officer

                                     PCT INTERNATIONAL HOLDINGS, INC.

                                     By: /s/ Marvin Schaffer
                                         ------------------------------------
                                         Name:  Marvin Schaffer
                                         Title: Vice PresidentEMPLOYMENT AGREEMENT
                              --------------------

          EMPLOYMENT AGREEMENT, dated as of October 31, 2005, between Security
Printing, Inc., a Delaware corporation ("SPI"), CA Investment Corp., a Delaware
corporation (together with SPI, the "Company") and Charles Dawson (the
"Executive").

          WHEREAS, the Company wishes to employ the Executive, and the Executive
wishes to accept such employment, on the terms and conditions set forth in this
Agreement;

          Accordingly, the Company and the Executive hereby agree as follows:

          1. Employment, Duties and Acceptance.

               1.1 Employment, Duties. The Company hereby employs the Executive
for the Term (as defined in Section 2.1), to render exclusive and full-time
services to the Company as President and Chief Executive Officer or in such
other executive position as may be mutually agreed upon by the Company and the
Executive, and to perform such other duties consistent with such position as may
be assigned to the Executive by the Board of Directors or similar managing
entity of the Company (the "Board").

               1.2 Acceptance. The Executive hereby accepts such employment and
agrees to render the services described above. During the Term, the Executive
agrees to serve the Company faithfully and to the best of the Executive's
ability, to devote the Executive's entire business time, energy and skill to
such employment, and to use the Executive's best efforts, skill and ability to
promote the Company's interests. The Executive further agrees to accept
election, and to serve during all or any part of the Term, as an officer or
director of the Company and of any subsidiary or affiliate of the Company,
without any compensation therefor other than that specified in this Agreement,
if elected to any such position by the shareholders or by the Board or of any
subsidiary or affiliate, as the case may be.

               1.3 Location. The duties to be performed by the Executive
hereunder shall be performed primarily at the offices of the Company in San
Antonio, Texas, subject to reasonable travel requirements on behalf of the
Company.

          2. Term of Employment; Certain Post-Term Benefits.

               2.1 The Term. This Agreement and the term of the Executive's
employment under this Agreement (the "Term") shall become effective as of (and
subject to) the consummation of the transaction contemplated by the Stock
Purchase Agreement dated as of the date hereof, by and between M & F Worldwide
Corp. (the "Parent") and Honeywell International Inc. (the date of consummation
of the transaction being referred to herein as the "Effective Date") and will
continue for a period of three years (the final

                                                                               2

date of the three year period being referred to herein as the "Termination
Date"), subject to earlier termination pursuant to Section 4.

               2.2 End-of-Term Provisions. Prior to the end of the Term, the
Company and the Executive shall meet to discuss whether the Term should be
extended. The Company shall have the right at any time, however, to give written
notice of non-renewal of the Term.

               2.3 Non-renewal of Term. The Term shall end earlier than the
Termination Date provided in Section 2.1 or any extended termination date
provided in Section 2.2, in either case if sooner terminated pursuant to Section
4. Non-extension of the Term shall not be deemed to be a termination of this
Agreement by the Company, and the Executive shall not be entitled to receive
severance benefits or any other payment pursuant to this Agreement.

          3. Compensation; Benefits.

               3.1 Salary. As compensation for all services to be rendered
pursuant to this Agreement, the Company agrees to pay the Executive a base
salary, payable in accordance with the Company's normal payroll practices, at
the annual rate of not less than $595,000 (effective January 1, 2006) less such
deductions or amounts to be withheld as required by applicable law and
regulations (the "Base Salary"). In the event that the Company, in its sole
discretion, from time to time determines to increase the Base Salary, such
increased amount shall, from and after the effective date of the increase,
constitute "Base Salary" for purposes of this Agreement; provided, that, prior
to January 1, 2006, the Base Salary shall be at same rate as in effect on the
date hereof.

               3.2 Incentive Compensation.

                    3.2.1 Annual Bonus. For fiscal year 2005, the Executive's
     bonus, if any, shall be determined by the Board in its sole discretion in
     accordance with the SPI bonus plan in which the Executive participates in
     effect on the date hereof. Commencing with the 2006 fiscal year, the
     Executive will be eligible to receive a bonus with respect to the 2006 and
     each later fiscal year ending during the Term computed in accordance with
     the provisions hereafter. If, with respect to any such fiscal year, SPI
     achieves "Consolidated EBITDA" (as defined below) of at least the
     percentage set forth in the table below of its business plan for such
     fiscal year, such bonus shall be the percentage set forth in the table
     below of Base Salary with respect to the fiscal year for which the bonus
     (any such bonus, an "Annual Bonus" was earned:

                PERCENTAGE OF CONSOLIDATED          PERCENTAGE OF
                  EBITDA IN BUSINESS PLAN            BASE SALARY
             --------------------------------     -----------------
             89.9% and below                      Nil
             90 - 94.9                            90
             95 - 99.9                            95
             100 - 105                            105

                                                                               3

             105.1 - 110                          110
             110.1 - 115                          115
             115.1 - 120                          120
             120.1 - 125                          125
             125.1 - 130                          130
             130.1 - 135                          135
             135.1 - 140                          140
             140.1 - 145                          145
             145.1 and over                       150

An Annual Bonus if earned in accordance with this Agreement shall be paid no
later than the fifteenth day of the third month next following the year with
respect to which such bonus was earned, provided that, except as otherwise
specifically provided in this Agreement, as a condition precedent to any bonus
entitlement the Executive must remain in employment with the Company at the time
that the Annual Bonus is paid. Notwithstanding the foregoing, to the extent that
Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"),
may be applicable, such Annual Bonus shall be subject to, and contingent upon,
such shareholder approval as is necessary to cause the Annual Bonus to qualify
as "performance-based compensation" under Section 162(m) of the Code and the
regulations promulgated thereunder as well as approval of this Section 3.2.1 by
the Compensation Committee of Parent's board of directors.

For the purposes of this Agreement, "Consolidated EBITDA" means for any fiscal
year of SPI, consolidated net income for such fiscal year plus, without
duplication and to the extent reflected as a charge in the statement of such
consolidated net income for such fiscal year, the sum of (i) income tax expense,
(ii) interest expense, amortization or write-off of debt discount and debt
issuance costs and commissions (to the extent not already captured in interest
expense), discounts and other fees and charges associated with indebtedness,
(iii) depreciation and amortization expense (excluding amounts of prepaid
incentives under customer contracts), (iv) any extraordinary non-cash expenses
or losses, (v) any costs and expenses incurred in connection with the
acquisition of SPI by Parent or an affiliate, (vi) any auditing, legal,
reporting or administrative expenses incurred by SPI in complying with the
Sarbanes-Oxley Act of 2002, as amended, or other reporting obligations required
by securities laws applicable to publicly traded corporations (except to the
extent such expenses are of a type historically charged to the business in the
ordinary course), and (vii) all restructuring costs and minus (i) to the extent
included in the statement of such consolidated net income for such period, the
sum of (a) interest income, (b) any extraordinary or non-recurring income or
gains (including, whether or not otherwise includable as a separate item in the
statement of such consolidated net income for such period, gains on the sales of
assets outside of the ordinary course of business), and (c) income tax credits
(to the extent not netted from income tax expense) and (ii) any cash payments
made during such period in respect of items described in clause (iv) above
subsequent to the fiscal quarter in which the relevant non-cash expenses or
losses were reflected as a charge in the statement of consolidated net income,
all as determined on a consolidated basis, all of the foregoing to be determined
by the Board or the Compensation Committee of Parent's board of directors, as
applicable, with a view to consistency with management projections disclosed as
presented to Parent in the

                                                                               4

Confidential Management Presentation dated August 2005. For the purposes
of determining compensation milestones for any fiscal year, Consolidated EBITDA
will be adjusted by the Board or the Compensation Committee of Parent's board of
directors, as applicable, as appropriate for material acquisitions or
dispositions of any business or assets of or by the Company or its subsidiaries
for such fiscal year and thereafter.

                    3.2.2 Long Term Incentive Plan. During the Term, the
     Executive shall participate in SPI's Long Term Incentive Plan ("LTIP"),
     which shall be adopted by the Effective Date. The Executive will receive
     50% of the "LTIP bonus pool," as defined in, and in accordance with, the
     LTIP (which will include a provision that the LTIP bonus pool will be 20%
     of Consolidated EBITDA achieved by SPI in excess of the target Consolidated
     EBITDA). If the Term is extended, the Executive shall participate in a new
     Long Term Incentive Plan that shall commence after the LTIP ends.
     Notwithstanding the foregoing, to the extent that Section 162(m) of the
     Code may be applicable, the LTIP (and any subsequent Long Term Incentive
     Plan) shall be subject to, and contingent upon, such shareholder approval
     as is necessary to cause the LTIP to qualify as "performance-based
     compensation" under Section 162(m) of the Code and the regulations
     promulgated thereunder.

               3.3 Business Expenses. The Company shall pay or reimburse the
Executive for all reasonable expenses actually incurred or paid by the Executive
during the Term in the performance of the Executive's services under this
Agreement, upon presentation of expense statements or vouchers or such other
supporting information as the Company customarily may require of its officers
provided, however, that the maximum amount available for such expenses during
any period maybe fixed in advance by the Board.

               3.4 Vacation. During the Term, the Executive shall be entitled to
a vacation period or periods of four (4) weeks taken in accordance with the
vacation policy of the Company during each year of the Term. Vacation time not
used by the end of a year shall be forfeited.

               3.5 Fringe Benefits. During the Term, the Executive shall be
entitled to all benefits for which the Executive shall be eligible under any
qualified pension plan, 401(k) plan, group insurance or other so-called "fringe"
benefit plan which Clarke American provides to its executive employees
generally.

          4. Termination.

               4.1 Death. If the Executive dies during the Term, the Term shall
terminate forthwith upon the Executive's death. The Company shall pay to the
Executive's estate: (i) any Base Salary earned but not paid; and (ii) a pro
rated Annual Bonus based on the number of days of the fiscal year worked by the
Executive. The Executive shall have no further rights to any compensation
(including any Base Salary or Annual Bonus) or any other benefits under this
Agreement.

                                                                               5

               4.2 Disability. If, during the Term the Executive is unable to
perform his duties hereunder due to a physical or mental incapacity for a period
of 6 months within any 12 month period (hereinafter a "Disability"), the Company
shall have the right at any time thereafter to terminate the Term upon sending
written notice of termination to the Executive. If the Company elects to
terminate the Term by reason of Disability, the Company shall pay to the
Executive promptly after the notice of termination: (i) any Base Salary earned
but not paid, and (ii) a pro rated Annual Bonus based on the number of days of
the fiscal year worked by the Executive until the date of the notice of
termination, in each case less any other benefits payable to the Executive under
any disability plan provided for hereunder or otherwise furnished to the
Executive by the Company. The Executive shall have no further rights to any
compensation (including any Base Salary or Annual Bonus) or any other benefits
under this Agreement.

               4.3 Cause. The Company may at any time by written notice to the
Executive terminate the Term for "Cause" (as defined below) and, upon such
termination, this Agreement shall terminate and the Executive shall be entitled
to receive no further amounts or benefits hereunder, except for any Base Salary
earned but not paid prior to such termination. For the purposes of this
Agreement, "Cause" means: (i) continued neglect by the Executive of the
Executive's duties hereunder, (ii) conviction of the Executive of any felony or
any lesser crime or offense involving the property of the Company or any of its
subsidiaries or affiliates, (iii) willful misconduct by the Executive in
connection with the performance of any material portion of the Executive's
duties hereunder, (iv) commission of any act of fraud, personal dishonesty,
disloyalty or defalcation, or usurpation of a Company opportunity, (v) any act
that has a material adverse effect upon the reputation of and/or the public
confidence in the company, or (vi) failure to comply with a reasonable order,
policy or rule that constitutes material insubordination.

               4.4 Termination by Company without Cause. If the Executive's
employment is terminated by the Company without Cause (other than by reason of
death or Disability), the Executive shall receive: (i) as severance pay, an
amount equal to two times the Base Salary payable ratably in accordance with the
Company's normal payroll practices, (ii) continuation for a 12-month period
following the date of termination of group health plan benefits to the extent
authorized by and consistent with 29 U.S.C. Section 1161 et seq. (commonly known
as "COBRA"), with the cost of the regular premium for such benefits shared in
the same relative proportion by the Company and the Employee as in effect on the
date of termination, (iii) pro-rated Annual Bonus for the year in which
termination occurred if the Executive would have been eligible to receive such
bonus hereunder (including due to satisfaction by the Company of performance
milestones) had the Executive been employed at the time such Annual Bonus is
normally paid, which pro-rated Annual Bonus will be paid at the time and in the
manner such Annual Bonus is paid to other executives receiving such bonus
payment, and (iv) Annual Bonus for the year prior to the year in which the
Executive is so terminated if at the time of termination the Executive has
earned an Annual Bonus payment for such prior year and has not yet been paid
such due to such termination, which prior year Annual Bonus will be paid at the
time and in the manner such prior year Annual Bonus is paid to other executives
receiving such prior year Annual Bonus. The

                                                                               6

Executive shall have no further rights to any compensation (including any Base
Salary or Annual Bonus) or any other benefits under this Agreement.

               4.5 Termination by Executive. The Executive is required to
provide the Company with 60 days' prior written notice of termination to the
Company. Upon termination of employment by the Executive, the Executive shall
receive any Base Salary earned but not paid prior to such termination and shall
have no further rights to any compensation (including any Base Salary or Annual
Bonus) or any other benefits under this Agreement.

               4.6 Release. Notwithstanding any other provision of this
Agreement to the contrary, the Executive acknowledges and agrees that any and
all payments, other than payment of any accrued and unpaid Base Salary to which
the Executive is entitled under this Section 4 are conditioned upon and subject
to the Executive's execution of a general waiver and release, in such form as
may be prepared by the Company, of all claims, except for such matters covered
by provisions of this Agreement which expressly survive the termination of this
Agreement.

               4.7 Section 409A. Notwithstanding the foregoing provisions of
this Section 4, if any payments or benefits due to the Executive hereunder would
cause the application of an accelerated or additional tax under Section 409A of
the Code such payments or benefits shall be restructured in a manner which does
not cause such an accelerated or additional tax. Without limiting the
application of the preceding sentence, any payment of money due hereunder which
is delayed in order to avoid the application of Section 409A of the Code (e.g.,
a six-month delay in the commencement of severance pay, if necessary, if at the
time of the Executive's termination of employment he is a "specified employee,"
as defined in Section 409A of the Code) shall be paid as soon as possible
without causing the application of Section 409A of the Code.

          5. Protection of Confidential Information; Restrictive Covenants.

               5.1 From the Effective Date, the Company will share with
Executive confidential and trade secret information regarding not only the
Company but also its subsidiaries and affiliates. In view of the fact that the
Executive's work for the Company will bring the Executive into close contact
with many confidential affairs of the Company not readily available to the
public, trade secret information and plans for future developments, the
Executive agrees:

                    5.1.1 To keep and retain in the strictest confidence all
     confidential matters of the Company, including, without limitation, "know
     how", trade secrets, customer lists, pricing policies, operational methods,
     technical processes, formulae, inventions and research projects, other
     business affairs of the Company, and any information whatsoever concerning
     any director, officer, employee, shareholder, partner, customer or agent of
     the Company or their respective family members learned by the Executive
     heretofore or hereafter, and not to disclose them to anyone outside of the
     Company, either during or after the Executive's employment with the
     Company, except in the course of performing the Executive's

                                                                               7

     duties hereunder or with the Company's express written consent. The
     foregoing prohibitions shall include, without limitation, directly or
     indirectly publishing (or causing, participating in, assisting or providing
     any statement, opinion or information in connection with the publication
     of) any diary, memoir, letter, story, photograph, interview, article,
     essay, account or description (whether fictionalized or not) concerning any
     of the foregoing, publication being deemed to include any presentation or
     reproduction of any written, verbal or visual material in any communication
     medium, including any book, magazine, newspaper, theatrical production or
     movie, or television or radio programming or commercial; and

                    5.1.2 To deliver promptly to the Company on termination of
     the Executive's employment by the Company, or at any time the Company may
     so request, all memoranda, notes, records, reports, manuals, drawings,
     blueprints and other documents (and all copies thereof), including data
     stored in computer memories or on other media used for electronic storage
     or retrieval, relating to the Company's business and all property
     associated therewith, which the Executive may then possess or have under
     the Executive's control, and not retain any copies, notes or summaries.

               5.2 In support of Executive's commitments to maintain the
confidentiality of the Company's confidential and trade secret information,
during (i) the Term, and (ii) for a period of two years following termination of
the Executive's employment for any reason, the Executive shall not in the United
States and in any non-US jurisdiction where the Company may then do business:
(a) directly or indirectly, enter the employ of, or render any services to, any
person, firm or corporation engaged in any business competitive with the
business of the Company or of any of its subsidiaries or affiliates; (b) engage
in such business on the Executive's own account; and the Executive shall not
become interested in any such business, directly or indirectly, as an
individual, partner, shareholder, director, officer, principal, agent, employee,
trustee, consultant, or in any other relationship or capacity; (c) directly or
indirectly, solicit, encourage or cause any client, customer or supplier of the
Company to cease doing business with the Company, or to reduce the amount of
business such client, customer or supplier does with the Company or (d) directly
or indirectly, solicit or encourage to cease to work with the Company, or
directly or indirectly hire, any person who is an employee of or consultant then
under contract with the Company or who was an employee of or consultant then
under contract with the Company within the six month period preceding such
activity without the Company's written consent.

               5.3 If the Executive commits a breach, or threatens to commit a
breach, of any of the provisions of Sections 5.1 or 5.2 hereof, the Company
shall have the following rights and remedies:

                    5.3.1 The right and remedy to have the provisions of this
     Agreement specifically enforced by any court having equity jurisdiction, it
     being acknowledged and agreed that any such breach or threatened breach
     will cause irreparable injury to the Company and that money damages will
     not provide an adequate remedy to the Company;

                                                                               8

                    5.3.2 The right and remedy to require the Executive to
     account for and pay over to the Company all compensation, profits, monies,
     accruals, increments or other benefits derived or received by the Executive
     as the result of any transactions constituting a breach of any of the
     provisions of the preceding paragraph, and the Executive hereby agrees to
     account for and pay over such benefits to the Company. Each of the rights
     and remedies enumerated above shall be independent of the other, and shall
     be severally enforceable, and all of such rights and remedies shall be in
     addition to, and not in lieu of, any other rights and remedies available to
     the Company under law or in equity; and

                    5.3.3 In addition to any other remedy which may be available
     (i) at law or in equity, or (ii) pursuant to any other provision of this
     Agreement, the payments by the Company of Base Salary and the regular
     premium for group health benefits pursuant to Section 4.4 will cease as of
     the date on which such violation first occurs. In addition, if the
     Executive breaches any of the covenants contained in Sections 5.1 and 5.2
     and the Company obtains injunctive relief with respect thereto, the period
     during which the Executive is required to comply with that particular
     covenant shall be extended by the same period that the Executive was in
     breach of such covenant prior to the effective date of such injunctive
     relief.

               5.4 If any of the covenants contained in Sections 5.1 or 5.2, or
any part thereof, hereafter are held by a court to be invalid or unenforceable,
the same shall not affect the remainder of the covenant or covenants, which
shall be given full effect, without regard to those portions found invalid.

               5.5 If any of the covenants contained in Sections 5.1 or 5.2, or
any part thereof, are held to be unenforceable because of the duration of such
provision or the area covered thereby, the parties agree that the court making
such determination shall have the power to reduce the duration and/or area of
such provision and, in its reduced form, said provision shall then be
enforceable.

               5.6 The Executive agrees (whether during or after the Executive's
employment with the Company) not to issue, circulate, publish or utter any false
or disparaging statements, remarks or rumors about the Company or its affiliates
or the officers, directors, managers, customers, partners, or shareholders of
the Company or its affiliates unless giving truthful testimony under subpoena.

               5.7 For purposes of this Section 5 only, the term "Company"
includes the Company and its subsidiaries and affiliates.

          6. Inventions and Patents.

               6.1 The Executive agrees that all processes, technologies and
inventions (collectively, "Inventions"), including new contributions,
improvements, ideas and discoveries, whether patentable or not, conceived,
developed, invented or made by him during the Term shall belong to the Company,
provided that such Inventions grew

                                                                               9

out of the Executive's work with the Company or any of its subsidiaries or
affiliates, are related in any manner to the business (commercial or
experimental) of the Company or any of its subsidiaries or affiliates or are
conceived or made on the Company's time or with the use of the Company's
facilities or materials. The Executive shall further: (a) promptly disclose such
Inventions to the Company; (b) assign to the Company, without additional
compensation, all patent and other rights to such Inventions for the United
States and foreign countries; (c) sign all papers necessary to carry out the
foregoing; and (d) give testimony in support of the Executive's inventorship.

               6.2 If any Invention is described in a patent application or is
disclosed to third parties, directly or indirectly, by the Executive within two
years after the termination of the Executive's employment by the Company, it is
to be presumed that the Invention was conceived or made during the Term.

               6.3 The Executive agrees that the Executive will not assert any
rights to any Invention as having been made or acquired by the Executive prior
to the date of this Agreement, except for Inventions, if any, disclosed to the
Company in writing prior to the date hereof.

          7. Intellectual Property.

          The Company shall be the sole owner of all the products and proceeds
of the Executive's services hereunder, including, but not limited to, all
materials, ideas, concepts, formats, suggestions, developments, arrangements,
packages, programs and other intellectual properties that the Executive may
acquire, obtain, develop or create in connection with and during the Term, free
and clear of any claims by the Executive (or anyone claiming under the
Executive) of any kind or character whatsoever (other than the Executive's right
to receive payments hereunder). The Executive shall, at the request of the
Company, execute such assignments, certificates or other instruments as the
Company may from time to time deem necessary or desirable to evidence,
establish, maintain, perfect, protect, enforce or defend its right, title or
interest in or to any such properties.

          8. Notices.

          All notices, requests, consents and other communications required or
permitted to be given hereunder shall be in writing and shall be deemed to have
been duly given if delivered personally, sent by overnight courier or mailed
first class, postage prepaid, by registered or certified mail (notices mailed
shall be deemed to have been given on the date mailed), as follows (or to such
other address as either party shall designate by notice in writing to the other
in accordance herewith):

          If to the Company, to:

          Security Printing, Inc.

                                                                              10

          Attn:

          If to the Executive, to:

          Charles Dawson

          9. Governing Law; Dispute Resolution. This Agreement shall be governed
by and construed in accordance with the laws of the State of Texas without
regard to conflicts of laws provisions. Any controversy or claim arising out of
or relating to Section 5 of this Agreement (or the breach thereof) shall be
settled by a federal court located in Bexar County, Texas; additionally each of
the parties hereto specifically waives any objection that it may otherwise have
to the jurisdiction or venue of any such courts or that such courts are an
inconvenient forum and acknowledges that service of process may be made by
mailing a copy thereof in accordance with the provisions of Section 8. Any
controversy or claim arising out of or related to any other provision of this
Agreement shall be settled by final, binding and non-appealable arbitration in
Bexar County, Texas by a single arbitrator. Subject to the following provisions,
the arbitration shall be conducted in accordance with the applicable rules of
JAMS then in effect. Any award entered by the arbitrator shall be final, binding
and nonappealable and judgment may be entered thereon by either party in
accordance with applicable law in any court of competent jurisdiction. This
arbitration provision shall be specifically enforceable. The arbitrator shall
have no authority to modify any provision of this Agreement or to award a remedy
for a dispute involving this Agreement other than a benefit specifically
provided under or by virtue of the Agreement. Each party shall be responsible
for its own expenses relating to the conduct of the arbitration or litigation
(including reasonable attorneys' fees and expenses) and shall share the fees of
JAMS and the arbitrator, if applicable, equally.

          10. General.

               10.1 JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE
ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION
WITH THIS AGREEMENT OR THE EXECUTIVE'S EMPLOYMENT WITH THE COMPANY IS LITIGATED
OR HEARD IN ANY COURT.

               10.2 Continuation of Employment. Unless the parties otherwise
agree in writing, continuation of the Executive's employment with the Company
beyond the expiration of the Term shall be deemed an employment at will and
shall not be deemed to extend any of the provisions of this Agreement, and
Executive's employment may thereafter be terminated "at will" by the Executive
or the Company and Executive will be entitled to fringe benefits which the
Executive is eligible to receive for so long as the Executive continues to be
employed with the Company.

                                                                              11

               10.3 Headings. The section headings contained herein are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

               10.4 Entire Agreement. This Agreement sets forth the entire
agreement and understanding of the parties relating to the Executive's
employment by the Company, and supersedes all prior agreements, arrangements and
understandings, written or oral, relating to the Executive's employment by the
Company including effective as of the Effective Date, the Executive's offer
letter from SPI dated April 27, 2005 and the letter dated April 19, 2004 between
Clarke American Checks, Inc. and the Executive. No representation, promise or
inducement has been made by either party that is not embodied in this Agreement,
and neither party shall be bound by or liable for any alleged representation,
promise or inducement not so set forth.

               10.5 Assignment. This Agreement, and the Executive's rights and
obligations hereunder, may not be assigned by the Executive. The Company may
assign its rights, together with its obligations, hereunder (i) to any affiliate
or (ii) to third parties in connection with any sale, transfer or other
disposition of all or substantially all of the business or assets of the
Company; in any event the obligations of the Company hereunder shall be binding
on its successors or assigns, whether by merger, consolidation or acquisition of
all or substantially all of its business or assets.

               10.6 Waiver. This Agreement may be amended, modified, superseded,
canceled, renewed or extended and the terms or covenants hereof may be waived,
only by a written instrument executed by all of the parties hereto, or in the
case of a waiver, by the party waiving compliance. The failure of either party
at any time or times to require performance of any provision hereof shall in no
manner affect the right at a later time to enforce the same. No waiver by either
party of the breach of any term or covenant contained in this Agreement, whether
by conduct or otherwise, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such breach, or a waiver of
the breach of any other term or covenant contained in this Agreement.

          11. Subsidiaries and Affiliates.

               11.1 As used herein, the term "subsidiary" shall mean any
corporation or other business entity controlled directly or indirectly by the
corporation or other business entity in question, and the term "affiliate" shall
mean and include any corporation or other business entity directly or indirectly
controlling, controlled by or under common control with the corporation or other
business entity in question.

                                                                              12

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                            SECURITY PRINTING, INC.

                                            By: /s/ Charles Dawson
                                                --------------------------------
                                                Name: Charles Dawson
                                                Title: President & CEO

                                            CA INVESTMENT CORP.

                                            By: /s/ Todd J. Slotkin
                                                --------------------------------
                                                Name:  Todd J. Slotkin
                                                Title: President

                                            /s/ Charles Dawson
                                            ------------------------------------
                                            Charles Dawson

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