Document:

BANTA CORPORATION
DEFERRED
COMPENSATION PLAN 
FOR CERTAIN DIRECTORS 
(As Amended Effective
January 1, 2004) 

	1.  	PARTICIPANTS 

	 	
Each
director of Banta Corporation (the “Company”), other than a director who is also
a salaried officer or employee of the Company or any of its subsidiaries, who is eligible
to receive a cash retainer fee from the Company for service as a director shall be a
Participant under this Plan. For purposes of paragraphs 2 and 3 below, the term
“Participant” shall be limited to a person who satisfies the conditions in the
preceding sentence. For all other purposes of the Plan, a director who becomes a
Participant shall remain a Participant until such Participant’s account is exhausted. 

	2.  	AUTOMATIC
GRANT OF PHANTOM STOCK 

	 	
As
of the first day following the Company’s annual meeting of shareholders each year
commencing in 2004, each Participant shall be credited with an award of phantom stock
based on the common stock of the Company or the successor thereof (“Stock”) as
described in paragraph 6 below as follows: 

	 	(a) 	For
2004, the amount of a full award shall be the number of shares of phantom
               stock obtained by dividing (i) an amount equal to $50,000 less the value
of the                non-qualified stock option to purchase 3,000 shares of Stock
granted to the                Participant as of the same day, as such value is determined
through application                of the valuation method commonly referred to as the
modified “Black-Scholes                Option Pricing Model,” by (ii) the last
sales or closing price for Stock                (per share) on such market or exchange as
the Stock is then traded (as reported                by The Wall Street Journal (Midwest
Edition)) on the annual meeting date (or if                no trading occurred in the
Stock on that date, on the next preceding date on                which the Stock was
traded). 

	 	(b) 	For
2005 and subsequent years, the formula in the preceding sentence shall be
               used subject to adjustment of the $50,000 figure as may be specified by
the                Board of Directors of the Company from time to time and the use of the
number of                option shares, if any, provided to ongoing directors in such
year pursuant to                the Company’s equity incentive plan then in effect. 

	 	(c) 	The
Participants eligible for a full award in a calendar year shall be those who
               were Participants on January 1 of the calendar year and on the first day
               following the Company’s annual meeting of shareholders in that
calendar                year. In order to be eligible for a full award in a calendar
year, there is no                requirement that such Participant remain a Participant
after such first day                following the Company’s annual meeting of
shareholders. 

	 	(d) 	Any
person who first became a Participant after January 1 of a calendar year or
               who was a Participant as of January 1 of a calendar year but ceased to be
a                Participant prior to the first day following the Company’s annual
meeting                of shareholders shall be entitled to a partial award for such
calendar year. The                partial award shall be a pro rata portion of the full
award for the year,                calculated based on the days of the year during which
the person is a                Participant. For such a person who was not a Participant
on January 1 of the                year, for this calculation Participant status shall be
deemed to apply for the                remainder of the calendar year after commencement
of such Participant status if                either (i) such person is a Participant on
the first day following the                Company’s annual meeting of shareholders
or (ii) such person first becomes                a Participant after such annual meeting
date. 

	 	(e) 	With
respect to a person who becomes a Participant after the first day following
               the Company’s annual meeting of shareholders, the award shall be made
as of                the day such Participant status commences. 

	3.  	ELECTIVE
DEFERRED COMPENSATION

	 	
Any
Participant may defer all or any part of the Participant’s cash compensation as a
director which is earned after the date of said election as the Participant may specify in
said written notice to the Company, and such deferred compensation shall be credited by
the Company to a deferred compensation account for such Participant at the time it would
otherwise be payable. Any Participant may increase, reduce or suspend an election with
respect to payments to be made in any future calendar year by written notice to the
Company, filed prior to the beginning of such calendar year. 

	4.  	ACCOUNTS
AND SUBACCOUNTS 

	 	
The
automatic phantom stock and the deferred compensation of each Participant will be credited
to an account on the Company’s books in the name of such Participant, and each
Participant will be furnished annually with a statement of such account. Such accounts
shall serve solely as a device for determining the amount of the phantom stock and
deferred compensation to be paid to Participants and shall not constitute or be treated as
a trust fund of any kind. Each Participant’s account shall be composed of an interest
subaccount and a phantom stock subaccount. Additions of automatic phantom stock to the
Participant’s account pursuant to paragraph 2 shall be allocated to the phantom stock
subaccount. Additions of deferred cash compensation to the Participant’s account
pursuant to paragraph 3 shall be allocated between the interest and phantom stock
subaccounts as determined by the Participant. Once allocated, balances in one subaccount
may not be transferred to the other subaccount. 

-2- 

	5.  	INTEREST
SUBACCOUNT 

	 	
The
interest subaccount of each Participant shall be credited with interest annually, on
March 15 of each year, until full payment of the account. The rate of interest to be
credited shall be equal to the average prime rate of interest in effect at the U.S. Bank
of Milwaukee, Wisconsin, for the preceding calendar year, computed by multiplying each
prime rate of interest in effect at such bank during such calendar year by the number of
days such rate was so in effect, and by dividing the total number so obtained by 365. 

	6.  	PHANTOM
STOCK SUBACCOUNT 

	 	
The
phantom stock subaccount of each Participant shall be treated for valuation purposes as if
it were invested in Stock. Cash and stock dividends, stock splits, and other events which
affect the value of a share of Stock shall be reflected in the Participant’s
subaccount. Notwithstanding the foregoing, in no event shall the Participant have any
Stock voting rights or any other equitable or proprietary interest in the Company as a
result of the subaccount balance. Transactions in the subaccount which have the effect of
purchases or sales of Stock shall be determined based on the last sales or closing price
for Stock on such market or exchange as the Stock is then traded (as reported by The Wall
Street Journal (Midwest Edition)) on the business day immediately preceding the
transaction (or if no trading occurred in the Stock on that date, on the next preceding
date on which the Stock was traded). 

	7.  	PAYMENTS 

	 	
When
a Participant shall cease to be a director of the Company, the amount accumulated in such
Participant’s account shall be paid as follows: 

	 	(a) 	With
respect to the interest subaccount, the Company shall pay to the
               Participant in cash three installments, payable on the first business day
               following January 1 of each of the first three years following the date
when the                Participant ceased to be a director. Each installment shall be an
amount equal                to one-third of the amount accumulated in the Participant’s
interest                subaccount at the date the Participant ceased to be a director,
plus any                interest thereafter credited to such account under the provisions
of                paragraph 5 and not yet distributed. 

	 	(b) 	With
respect to the phantom stock subaccount, the Company shall pay to the
               Participant in cash three installments, payable on the first business day
               following January 1 of each of the first three years following the
date                when the Participant ceased to be a director. Each installment shall
be a                percentage of the value of the Participant’s remaining phantom
stock                subaccount determined as of the business day prior to the
distribution. The                first installment shall be one-third of the then-current
value of the                subaccount. The second installment shall be one-half of the
then-current value                of the subaccount. The third installment shall be the
full value of the                remaining subaccount. 

-3- 

	 	(c) 	Notwithstanding
(a) and (b), the Company may, in the discretion of its Board of                Directors,
pay the full remaining balances in one lump sum at any time when the                sum
of such balances is less than $20,000. 

	 	(d) 	If
a Participant shall cease to be a director by reason of the                Participant’s
death or if the Participant shall die after becoming entitled                to payment
hereunder but prior to receipt of all payments hereunder, all amounts
               credited to the Participant’s account shall be paid to such
beneficiary as                such Participant shall have designated by an instrument in
writing filed with                the Secretary of the Company, or in the absence of such
designation, to the                Participant’s personal representative, in the
same manner and at the same                intervals as such payments would have been
made to such Participant had the                Participant continued to live. 

	8.  	CONDITIONS

	 	
Until
the Participant shall have received full payment hereunder, the Participant shall not (i)
divulge at any time any confidential information, technical or otherwise, obtained by the
Participant in the Participant’s capacity as a director, or (ii) take any steps to do
anything which would damage or reflect adversely on the reputation of the Company. Any
Participant who shall fail to comply with either of the foregoing conditions shall forfeit
all right to receive the balance remaining in the Participant’s account. 

	9.  	ASSIGNMENT 

	 	
Neither
the Participant nor a beneficiary shall have any right or power to transfer, assign,
pledge, encumber, anticipate or otherwise dispose of any rights or any distributions
payable hereunder. 

	10.  	PARTICIPANTS’RIGHTS
UNSECURED 

	 	
The
right of any Participant or beneficiary to receive a payment hereunder shall be an
unsecured claim against the general assets of the Company, wholly contingent upon the
conditions set forth in paragraph 8. 

	11.  	AMENDMENTS
OF THE PLAN 

	 	
The
Board of Directors of the Company may amend the Plan at any time, without the consent of
the Participants or their beneficiaries; provided, however, that no amendment shall divest
any Participant of the right to receive the amounts then credited to the
Participant’s account hereunder, subject only to the conditions described in
paragraph 8. 

	12.  	TERMINATION
OF PLAN 

	 	
The
Board of Directors of the Company may terminate the Plan at any time. Upon termination of
the Plan, payments in respect of credits to Participants’ accounts as of the date of
termination shall be made in the manner and at the time heretofore prescribed or, if the
Board of Directors so determines, in a lump sum. 

-4- 

	13.  	ADMINISTRATION 

	 	
Full
power and authority to interpret and administer this Plan shall be vested in the Board of
Directors of the Company. The Board may from time to time make such decisions and adopt
such rules and regulations for implementing the Plan as it deems appropriate for any
Participant under the Plan. Any decision taken by the Board arising out of or in
connection with the construction, administration, interpretation and effect of the Plan
shall be final, conclusive and binding upon all Participants and any person claiming under
or through them. Costs of administration of the Plan will be paid by the Company. 

	14.  	TAX
WITHHOLDING 

	 	
To
the extent required by law, the Company shall be entitled to withhold from any payments
otherwise due hereunder all applicable state and federal taxes. 

	15.  	CHANGE
IN CONTROL OF THE COMPANY 

	 	
Notwithstanding
the provisions hereof, in the event of a Change of Control of the Company, the Plan shall
automatically terminate and the credits to Participants’ accounts as of such date
shall be promptly distributed to the Participants in a lump sum. For purposes of this
paragraph, the applicable definitions are as follows: 

	 	(a) 	Change
in Control of the Company. A “Change in Control of the                Company” shall
be deemed to occur if (i) any Person becomes the Beneficial                Owner of more
than 30% of the outstanding voting stock of the Company, (A) in                whole or
in part by means of an offer made to the holders of any one or more
               classes of such voting stock to acquire such shares for cash, securities,
other                property or any combination thereof, or (B) by any other means; (ii)
the Company                sells, transfers or assigns all or substantially all of its
business and assets;                (iii) the Company consolidates with or merges into
any other corporation, unless                the Company or a subsidiary of the Company
is the continuing or surviving                corporation; (iv) the Company acquires,
whether through purchase, merger or                otherwise, all or substantially all of
the operating assets or capital stock of                another entity and in connection
with such acquisition persons are elected or                appointed to the Board of
Directors of the Company who are not directors                immediately prior to such
acquisition and such persons constitute a majority of                the Board of
Directors after such acquisition; or (v) any Person succeeds in                electing
two or more directors of the Company in any one election in opposition                to
those nominees proposed by management of the Company. 

	 	(b) 	Person.
The term “Person” shall mean any individual, firm,                partnership,
corporation or other entity, including any successor (by merger or
               otherwise) of such entity, or a group of any of the foregoing acting in
concert. 

-5- 

	 	(c) 	Beneficial
Owner. A Person shall be deemed to be the “Beneficial                Owner” of
any securities: 

	 	(i) 	which
such Person or any of such Person’s Affiliates or Associates has the
               right to acquire (whether such right is exercisable immediately or only
after                the passage of time) pursuant to any agreement, arrangement or
understanding, or                upon the exercise of conversion rights, exchange rights,
rights, warrants or                options, or otherwise; provided, however, that a
Person shall not be deemed the                Beneficial Owner of, or to beneficially
own, (A) securities tendered pursuant to                a tender or exchange offer made
by or on behalf of such Person or any of such                Person’s Affiliates or
Associates until such tendered securities are                accepted for purchase, or
(B) securities issuable upon exercise of Rights issued                pursuant to the
terms of the Company’s Rights Agreement dated as of                November 5, 2001
with American Stock Transfer & Trust (as successor rights                agent), as
amended from time to time (or any successor to such Rights                Agreement), at
any time before the issuance of such securities;  

	 	(ii) 	which
such Person or any of such Person’s Affiliates or Associates,
               directly or indirectly, has the right to vote or dispose of or has
               “beneficial ownership” of (as determined pursuant to Rule 13d-3
of the                General Rules and Regulations under the Act), including pursuant to
any                agreement, arrangement or understanding; provided, however, that a
Person shall                not be deemed the Beneficial Owner of, or to beneficially
own, any security                under this (ii) as a result of an agreement, arrangement
or understanding to                vote such security if the agreement, arrangement or
understanding: (A) arises                solely from a revocable proxy or consent given
to such Person in response to a                public proxy or consent solicitation made
pursuant to, and in accordance with,                the applicable rules and regulations
under the Act and (B) is not also then                reportable on a Schedule 13D under
the Act (or any comparable or successor                report); or  

	 	(iii) 	which
are beneficially owned, directly or indirectly, by any other Person with
               which such Person or any of such Person’s Affiliates or Associates
has any                agreement, arrangement or understanding for the purpose of
acquiring, holding,                voting (except pursuant to a revocable proxy as
described in (ii) above) or                disposing of any voting securities of the
Company.  

	 	(d) 	Affiliate
and Associate. The terms “Affiliate” and                “Associate” shall
have the respective meanings ascribed to such terms                in Rule 12b-2 of the
General Rules and Regulations of the Act. 

	 	(e) 	Act.
The term “Act” means the Securities Exchange Act of 1934,                as
amended. 

-6-July 25, 2003 

Mr.          Geoffrey
J. Hibner 
4 Walker Lane 
Boxford, MA 01921  

Dear Geoff: 

The purpose of this letter is to set
forth the terms of your employment with Banta Corporation as Chief Financial Officer
reporting directly to me. This offer is contingent upon your successful completion of an
employment-related physical including drug screen. 

Your base salary will be $330,000 per
year, with a next annual merit review in January 2005. You will participate in
Banta’s Economic Profit Incentive Award Plan, and be eligible for a target bonus of
50% of your base salary, subject to Banta’s financial results. You will also
participate in Banta’s Economic Profit Long-Term Incentive Award Plan and be eligible
for an annual target bonus of 25% of your base salary, payable over a three-year period.
For the 2003-year, we will guarantee, on a pro rata basis, payment of a minimum of 50% of
your target annual and LTIP bonuses. 

Upon joining Banta, you will be
granted a non-statutory option to purchase 30,000 shares of Banta common stock under
Banta’s 1995 Equity Incentive Plan. This exercise price for the option will be
Banta’s closing price on the business day before your first day of employment. You
will be eligible to participate in future option grants to executives as determined by
Banta’s Compensation Committee. 

To provide you security in the event
of a “change of control”, you will be offered a three (3) year Key Executive
Employment and Severance Agreement (KEESA). It is understood that prior to any
“change in control”, as defined in the KEESA, either you or Banta may terminate
your employment at any time. However, in the event that Banta should terminate your
employment other than by reason of disability or for “cause” (as defined in the
KEESA) prior to a change in control, you will be entitled to a severance payment equal to
one (1) year salary and Banta will continue to provide health insurance for one (1) year. 

Letter to Mr. Geoffrey J.
Hibner 
July 25, 2003 
Page 2 

In addition to the above, you will be
entitled to participate in Banta’s Pension Plan, Supplemental Pension Plan (SERP),
Incentive Savings Plan, and Deferred Compensation Plans, as well as the medical, dental,
disability, and life insurance programs of the Corporation. You will be entitled to a
company car, club membership, and financial counseling, some portion of which will be
taxable income to you under present laws. 

Banta will pay or reimburse you for
all of your moving expenses, per our Executive Policy Tier I, in moving to the Menasha
area. Banta will pay you a one-time relocation allowance of $25,000 – which will be
grossed up – to cover other miscellaneous relocation costs. In addition, Banta is
willing to purchase your home, or arrange for its purchase by a third party, at its
appraised value in accordance with Banta’s policy. Banta will also cover temporary
living expenses in Menasha. 

Geoff, I can’t tell you how
excited and enthusiastic I am about the prospect of your joining Banta as our new Chief
Financial Officer. This is a particularly exciting time in our company. I know you will
make a terrific business and strategic partner for me and will be a wonderful addition to
our team, and will contribute significantly to shaping Banta’s future growth and
success. 

I look forward to your positive
response. 

Best regards, 

/s/ Stephanie A.
Streeter  

Stephanie A. Streeter
President and Chief
Executive Officer 

SAS/ajm 

Enclosure 

The forgoing is agreed to this
__________ day of ______________, 2003. 

______________________________________________
Geoffrey J. Hibner

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