Document:

<PAGE>

Exhibit 10.27

April 11, 2000

Mr. Thomas W. Jans
18709 Melrose Chase
Eden Prairie, MN 55437

Dear Tom:

This letter, when signed by you, will confirm the mutual Separation Agreement
("Agreement") we have reached concerning your termination of employment with
Jostens, Inc. ("Jostens").

Your position has been eliminated as part of a corporate restructuring that did
not occur in connection with or as a result of a change in control. You
acknowledge that this Agreement supercedes and cancels the terms and provisions
of the Executive Change in Control Severance Pay Plan adopted January 1, 1999
and any amendments thereto with respect to your termination. Your compensation,
perquisites and benefits will continue through the effective date of your
termination of employment. After the Effective Date of your termination of
employment, you will be entitled to continuing compensation, perquisites and
benefits only to the extent provided in the Jostens, Inc. Executive Severance
Pay Plan (the "Severance Pay Plan") or as described in this Agreement.

The following terms and conditions apply:

1.   Effective Date: Effective March 31, 2000 your employment with Jostens has
     ---------------
     terminated. In this Agreement, this date is referred to as your
     "Termination Date."

2.   Accrued Vacation: Your last regular paycheck will include a payment equal
     -----------------
     to the value of your accrued, unused vacation pay. You will not accrue
     vacation after your Termination Date.
<PAGE>

Mr. Thomas W. Jans
Page 2

3.   Severance Pay Plan Benefits: You will be entitled to the following benefits
     -----------------------------
     under the Severance Pay Plan, subject to the limitations, conditions and
     terms set forth in the Severance Pay Plan, a copy of which is attached:

     a.   Salary Continuation: Your base salary (minus federal, state and local
          -------------------
          withholdings and any liens) will be continued at your current rate
          (not including bonuses or other incentives) in bi-weekly payments
          until December 31, 2000. At any time, Jostens may, but is not required
          to, pay the remaining payments to you in a lump sum payment without
          your consent.

     b.   Management Bonus: You will receive a management bonus for calendar
          ----------------
          year 1999. You will be eligible for a management bonus for the 2000
          calendar year prorated through June 30, 2000. Your bonus will be
          targeted at the same percentage you had in 1999 applied to the annual
          base salary you received at your Termination Date and will be based on
          overall Jostens' results as determined by Jostens' Board of Directors.
          You will not be eligible for any management bonus for any calendar
          year beginning after your Termination Date.

     c.   COBRA Premiums: Your current group medical and dental coverages will
          --------------
          remain in effect until December 31, 2000. Your current group life and
          vision coverages will cease on your Termination Date. You will have
          the option of continuing these existing coverages following these
          dates by paying the full cost of the premium as provided by COBRA
          legislation. You will be advised separately of your coverage
          continuation rights by DCA, Inc., the COBRA administrator.

          (You may also be entitled to convert your group life coverage to an
          individual policy. Contact Lisa Triplett if you desire conversion
          information. You must apply for conversion within 30 days after
          coverage terminates or by the end of your group life COBRA
          continuation period.)

     d.   Perquisites: The perquisites you were entitled to receive immediately
          -----------
          prior to your termination date will remain in effect until December
          31, 2000, subject to any reductions applicable to similarly situated
          active Jostens employees.
<PAGE>

Mr. Thomas W. Jans
Page 3

     e.   Additional Benefits: You are entitled to standard and customary
          --------------------
          outplacement services for similarly situated Jostens employees.
          Jostens will pay directly to your legal counsel fees in an amount not
          to exceed $3,000.00 for consultation and negotiation of this
          Separation Agreement. Payment will be made upon submission of a
          billing statement showing itemized entries in a form acceptable to
          Jostens' General Counsel.

     f.   Conditions and Limitations:
          --------------------------

          (i)  Waiver and Release of Claims: You acknowledge that in order to
               ----------------------------
               receive any payments or benefits under the Severance Pay Plan,
               you must sign this Agreement, which includes a waiver and release
               of claims, (see Section 18), and you must not revoke the waiver
               and release of claims within the period described in Sections 18
               and 19. If the waiver and release of claims is at any time
               determined to be partially or wholly unenforceable or ineffective
               in any respect for any reason, (1) you will no longer be entitled
               to reimbursement of health premiums as described in clause (c) or
               to continued perquisites as described in clause (d), (2) the
               payments described in clauses (a) and (b) will be reduced by 30%
               (of the gross payments before any other reductions), (3) you must
               promptly reimburse Jostens for the full amount or value of any
               reimbursements or perquisites described in clause (c) or (d) that
               you previously received and (4) you must promptly reimburse
               Jostens for 30% (of the gross payments before any other
               reductions) of any payments described in clauses (a) and (b) that
               were previously made.

          (ii) Non-Compete and Confidentiality: You acknowledge that in order to
               --------------------------------
               receive payments or benefits under the Severance Pay Plan, you
               must not compete with Jostens at any time before December 31,
               2000 or disclose confidential information. If you do, (1) you
               will no longer be entitled to reimbursement of health premiums as
               described in clause (c) or to continued perquisites as described
               in clause (d), (2) the payments described in clauses (a) and (b)
               will be reduced by 70% (of the gross payments before any after
               reductions), (3) you must promptly reimburse Jostens for the full
               amount or value of any reimbursements or perquisites described in
               clause (c) or (d) that you previously received
<PAGE>

Mr. Thomas W. Jans
Page 4

                and (4) you must promptly reimburse Jostens for 70% (of the
                gross payments before any other reductions) of any payments
                described in clauses (a) and (b) that were previously made. You
                will be deemed to compete with Jostens if the Administrator of
                the Severance Pay Plan determines that, directly or indirectly,
                alone or as a partner, officer, director, shareholder, sole
                proprietor, employee or consultant of any other firm or entity,
                you have engaged, are engaging or intend to engage in any
                commercial activity in competition with any part of the business
                of Jostens or any affiliate as conducted at the time in question
                or solicit, or you have solicited or interfered, are soliciting
                or interfering or intend to solicit or interfere with the
                relationship of Jostens or any affiliate with, any customers,
                suppliers, employees or sales representatives of Jostens or any
                affiliate. Confidential information means any information
                relating to the business or affairs of Jostens or any affiliate,
                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 Jostens or an affiliate
                except for information in the public domain or known in the
                industry through no wrongful act on your part.

          (iii) Return to Jostens: If you return to work for Jostens or one of
                -----------------
                its affiliates, you will not be entitled to any further benefits
                under the Severance Pay Plan.

          (iv)  Other Work: If you perform any services for which you receive,
                -----------
                directly or indirectly, remuneration as an employee, consultant,
                sole proprietor, partner, member, owner or otherwise (other than
                as an employee of Jostens or an affiliate), it will not affect
                any payments made to you by Jostens under this Agreement.

          (v)   Other: You acknowledge that you have carefully reviewed the
                -----
                Severance Pay Plan, and particularly Section 4.5 of the
                Severance Pay Plan, and understand the other limitations on the
                benefits described above.
<PAGE>

Mr. Thomas W. Jans
Page 5

4.   AD&D and Business Travel Accident Insurance: Your current accidental death
     --------------------------------------------
     and dismemberment insurance coverage and business travel accident coverage
     will remain in effect until the last day of the pay period that includes
     your Termination Date. There is no continuation or conversion option for
     either of these coverages.

5.   Spending Accounts: If you participated in either the Health Care Expense
     -----------------
     Account or Dependent Care Account, deductions will stop as of the last day
     of the pay period that includes your Termination Date. Your Health Care
     Expense account may be continued through COBRA. You will be advised
     separately of coverage continuance rights by DCA, Inc., the COBRA
     administrator.

6.   Pension Plan: Your entitlement to benefits under the Pension Plan will be
     ------------
     determined in accordance with the terms of the Plan. For purposes of
     vesting service credit under Pension Plan D, you shall be granted service
     credit through December 31, 2000.

7.   401(k) Retirement Savings Plan: You may elect to make 401(k) contributions
     ---------------------------------
     through your salary continuation period. Any outstanding loans will become
     due in full on December 31, 2000. Distribution of your account balances, if
     any, will be made in accordance with the terms of the Plan.

8.   Executive Supplemental Retirement Agreement: You will not accrue additional
     -------------------------------------------
     benefits or earn additional service for vesting or any other purposes under
     your Executive Supplemental Retirement Agreement after your Termination
     Date. You acknowledge that you are not entitled to receive any benefits
     under your Executive Supplemental Retirement Agreement because you have
     neither reached age 55 nor completed at least 7 years as an executive
     officer of Jostens.

9.   Short and Long Term Disability: Short-and Long-Term Disability coverage
     ------------------------------
     will cease on your Termination Date. Contact your HR representative if you
     desire conversion information on the Long-Term Disability Plan. You must
     apply for conversion within 30 days after coverage terminates.

10.  Performance Pays Bonus: You will not be entitled to receive any Performance
     ------------------------
     Pays bonus for the performance period ending this calendar year or for any
     subsequent performance period.
<PAGE>

Mr. Thomas W. Jans
Page 6

11.  Stock Options and Restricted Stock: You have until the end of the six (6)
     ----------------------------------
     month period following December 31, 2000, to exercise any of your Jostens
     stock options that have become vested on or before that date. During the
     period beginning on December 31, 1999 and ending December 31, 2000, all of
     your Jostens stock options and your shares of restricted Jostens stock that
     were outstanding on December 31, 1999, will remain outstanding and will
     continue to vest according to the terms of the Jostens, Inc. 1992 Stock
     Incentive Plan (the "Incentive Plan") and the instruments granting those
     options and shares, as if you were employed by Jostens throughout that
     period, subject to the rights of Jostens to fully vest and redeem such
     options and shares at an earlier date, pursuant to the Incentive Plan, in
     the event of a Change in Control of Jostens, as defined in the Incentive
     Plan and the instruments granting those options and shares (a "Change in
     Control"). At the end of that period, any of those options and shares that
     remain outstanding and have not become vested will be automatically
     forfeited. Jostens represents and warrants that such options and shares
     will become fully vested under the terms of the Incentive Plan in the event
     of a Change in Control during that period.

12.  Executive Stock Purchase Plan: The restricted shares you hold pursuant to
     ------------------------------
     the Executive Stock Purchase Plan will become totally vested on the closing
     date of the sale of substantially all of the stock of Jostens to
     Investcorp. In that event, notwithstanding any contrary provision in the
     Plan, Jostens will arrange to have your shares tendered and will cover any
     prepayment penalty due the First National Bank of Chicago. You agree to
     participate in the liquidation procedure Jostens puts in place for the
     Executive Stock Purchase Program. You also agree that severance payments to
     you may be offset by amounts Jostens is required to pay to First National
     Bank of Chicago as a guarantor of the loan you took out with that bank for
     the purpose of purchasing stock under this program should you default in
     your loan payments.

13.  Confidentiality/No Admission: You agree to keep the existence and all
     ------------------------------
     specific terms of this Agreement confidential and you further agree not to
     disclose any information concerning this Agreement to any person, company,
     entity or third party other than your attorney, accountant, tax advisor,
     spouse and other immediate family. You and Jostens also agree that the
     existence of this Agreement is not an admission by Jostens that the
     termination of your employment was in any way wrongful or discriminatory or
     violated any law.
<PAGE>

Mr. Thomas W. Jans
Page 7

14.  Confidentiality Duty: You acknowledge that while employed by Jostens you
     --------------------
     had access to Jostens' confidential and proprietary information and/or
     trade secrets. You further acknowledge your continuing duty not to
     disclose, furnish or otherwise make available such information and/or trade
     secrets to any person, company, entity or third party.

15.  Return of Company Property: You acknowledge that prior to the date on which
     --------------------------
     you sign this Agreement, you have returned all Jostens' property in your
     possession or control, including, but not limited to, any company credit
     card (or any credit card on which the company is guarantor), Jostens'
     business files, documents or data in any form, computer, fax, printer or
     other equipment. Further, you agree to repay to Jostens the amount of any
     permanent or temporary advances and balance owing on any credit cards of
     any monies due and owing Jostens or for which Jostens is a guarantor.
     Notwithstanding the above, you may retain the laptop computer provided you
     by Jostens. You understand that Jostens will first review all information,
     data, records and files stored therein and retrieve or destroy at its
     discretion any information, data, records or files constituting the
     property of Jostens.

16.  Nondisparagement: You and Jostens agree that before or after your
     ----------------
     termination of employment with Jostens neither you or Jostens will make any
     statement or communication of information by whatever means to any person
     relating to your employment with Jostens which may be reasonably
     interpreted to be critical or derogatory of the other party to this
     Agreement; including in the case of Jostens, its officers, directors or
     employees. Nothing herein however is intended to bar either party from
     truthfully testifying under Subpoena or other legal process before any
     court or administrative agency authorized to compel testimony.

17.  Cooperation: You agree (i) to cooperate fully in the defense of any suit or
     -----------
     claim asserted against Jostens or you individually or jointly with Jostens
     or its subsidiaries, based on any alleged act or omission by you severally
     or jointly with others, in your alleged capacity as employee or agent of
     Jostens or any of its subsidiaries, and (ii) to cooperate fully with
     Jostens and any of its subsidiaries and any of their directors, officers,
     employees, attorneys or other personnel retained in any litigation, dispute
     or controversy in which Jostens or any of its subsidiaries is a party
     involving claims which arose during your service with Jostens or a
     subsidiary or to which Jostens believes your knowledge or expertise relate.
     As used herein, "cooperate fully" means that you will make yourself
     available on reasonable notice and participate in such
<PAGE>

Mr. Thomas W. Jans
Page 8

     proceedings as reasonably are necessary to complete such matters. Subject
     to your compliance with these obligations, Jostens will, to the extent
     required by applicable law and under the conditions set out in its Articles
     and By-Laws, defend and hold you harmless from suits and claims covered by
     part (i) of this paragraph and shall compensate you at a reasonable rate
     ($250.00 per hour) for time spent in providing services and reimburse you
     for reasonable and necessary expenses incurred at Jostens' request under
     paragraph (ii) of this paragraph.

18.  Waiver and Release of Claims:
     ----------------------------

     a.   In consideration of the benefits provided to you under this Agreement
          you agree: you release and forever discharge Jostens, its subsidiaries
          and affiliated companies including each of their officers, directors,
          agents and employees from and waive all causes of action, damages,
          liability and claims of whatever nature relating to or arising out of
          your employment with Jostens, its subsidiaries and affiliated
          companies and the termination of your employment, including but not
          limited to, claims under federal, state or local discrimination laws,
          claims arising out of wrongful termination, whistle blowing claims and
          the Age Discrimination in Employment Act. The prior sentence does not
          release or discharge Jostens or you from obligations under this
          Agreement or which arise after the date you sign this Agreement.
          Nothing in this Agreement prevents you from filing a charge or
          complaint, including a challenge to the validity of this Agreement or
          the waiver and release of claims in this section, with the Equal
          Employment Opportunity Commission or participating in any
          investigation or proceeding conducted by the Equal Employment
          Opportunity Commission.

     b.   Jostens, Inc., its subsidiaries, affiliates successors and any company
          related to it releases, waives and discharges Thomas W. Jans from any
          and all claims, demands, actions, suits, liabilities and damages which
          they may have relating to or arising out of his employment with
          Jostens as of the date of this agreement.

19.  Revocation:
     ----------

     a.   You have the right to revoke only that portion of this waiver and
          release which relate to claims under the Age Discrimination in
          Employment Act within 7
<PAGE>

Mr. Thomas W. Jans
Page 9

          days from the date you sign this Agreement. You likewise have the
          right to rescind only that portion of this waiver and release which
          relates to claims under the Minnesota Human Rights Act by written
          notice to Jostens within 15 days from the date you sign this
          Agreement. To be effective, this rescission or revocation must be in
          writing and hand delivered or mailed to Jostens to the attention of
          William J. George, General Counsel, Jostens, 5501 Norman Center Drive,
          Minneapolis, MN 55437 and sent by certified mail, return-receipt
          requested. Rescission or revocation of the release will result in
          cessation of any future separation payments to be paid.

     b.   You agree that if you exercise any right of rescission or revocation,
          payments made to you by Jostens under this Agreement will be
          sufficient consideration for the release of all other claims you have
          against Jostens, except those under the Age Discrimination in
          Employment Act and in Minnesota, those under the Minnesota Human
          Rights Act.

20.  Miscellaneous: You acknowledge that you have been given at least 45 days
     -------------
     from the date you receive this Agreement to consider this Agreement and
     that you have been advised to and have had the opportunity to consult legal
     counsel of your own choosing concerning this Agreement and that you have
     entered into it of your own free will and without compulsion. Both you and
     Jostens agree that any written changes to this Agreement, whether material
     or immaterial will not restart the running of the 45-day period.

     You acknowledge that you have been provided with a list of the job titles
     and ages of all individuals in the same job classification or
     organizational unit whose positions were involuntarily eliminated in this
     corporate restructuring and the ages of all individuals in the same job
     classification or organizational unit whose positions were not
     involuntarily eliminated. (Exhibit A)

     This Agreement contains the entire agreement and understanding of the
     parties. No representations have been made or relied upon by either party
     other than those that are expressly set forth in this Agreement, and each
     party has entered into this Agreement voluntarily and without coercion. If
     any portion or provision of this Agreement is deemed unenforceable, the
     Agreement will be deemed modified to remaining provisions will remain in
     full force and effect.
<PAGE>

Mr. Thomas W. Jans
Page 10

     This Agreement may not be altered, amended or modified unless done in
     writing and signed by an executive officer of Jostens and you. Nothing in
     this Agreement, however, in any way prevents or limits Jostens from
     amending or terminating any of its benefit plans, policies or practices and
     in such a case, your rights would be determined solely under the terms of
     the plan, policy or practice in question.

     If this Agreement is acceptable to you, please sign and return this letter
     to William J. George, General Counsel, Jostens, 5501 Norman Center Drive,
     Minneapolis, MN 55437 by April 11, 2000. Should any overpayments be made to
     you under this Agreement or after a revocation or rescission of this
     Agreement, you are responsible for immediate repayment to Jostens.

Yours truly,

/s/ Robert Buhrmaster

Robert Buhrmaster
Chief Executive Officer

AGREED AND ACCEPTED:

/s/ Thomas W. Jans
------------------------------------
    Thomas W. Jans

    4/11/00
------------------------------------
DATE
<PAGE>

                                ACKNOWLEDGMENT

     I acknowledge that on April 11, 2000 I was provided with the attached
Separation Agreement ("Agreement").

     I further acknowledge that I have been advised to consult with an attorney
before entering into the attached Agreement, and that I have been given a period
of at least 45 days to consider whether to accept the Agreement.

     I have received and read the above acknowledgment, and I fully understand
its meaning.

/s/ Thomas W. Jans
------------------------------------
    Thomas W. Jans

    4/11/00
------------------------------------
Date
<PAGE>

                                   EXHIBIT A

In accordance with the Older Workers' Benefit Protection Act/Age Discrimination
in Employment Act [Sec. 7(f)(1)(H)], listed below are the titles and ages of
individuals whose positions were and were not eliminated as a result of the
restructuring of Senior Management as of March 1, 2000:

1.   Class/Unit:   Senior Management

2.   Eligibility Factor:   Senior Management

3.   Time Limits to Program: All persons who are being offered consideration
     under a separation agreement must sign the agreement and return it to
     Jostens General Counsel within 45 days after receipt. Once the signed
     agreement is returned, the employee has 7 days to revoke the waiver.

4.   Job Titles/Ages of Individual(s) Selected for Eliminations:

     Executive Vice President and Chief Operating Officer.................. 61

     Vice President - Consumer Marketing and Channel Development........... 51

     Vice President - Strategic Marketing.................................. 48

     Vice President and General Manager - North American Photo............. 45

5.   Job Titles/Ages of Individual(s) Not Selected for Elimination:

     Chairman of the Board, President and Chief Executive Officer.......... 52

     Senior Vice President - Manufacturing................................. 60

     Senior Vice President and Chief Financial Officer..................... 55

     Senior Vice President - Jostens School Solutions...................... 44

     Vice President, General Counsel and Corporate Secretary............... 51

     Vice President and General Manager - Business Ventures................ 47

     Vice President - Treasurer............................................ 43<PAGE>

Exhibit 10.28

April 26, 2000

Mr. David J. Larkin
4611 Townes Circle
Edina, MN 55424

Dear Dave:

This letter, when signed by you, will confirm the mutual Separation Agreement
("Agreement") we have reached concerning your termination of employment with
Jostens, Inc. ("Jostens").

Your position has been eliminated as part of a corporate restructuring that did
not occur in connection with or as a result of a change in control. You
acknowledge that this Agreement supercedes and cancels the terms and provisions
of the Executive Change in Control Severance Pay Plan adopted January 1, 1999
and any amendments thereto with respect to your termination. Your compensation,
perquisites and benefits will continue through the effective date of your
termination of employment. After the Effective Date of your termination of
employment, you will be entitled to continuing compensation, perquisites and
benefits to the extent provided in your Employment Agreement or as described in
this Agreement.

The following terms and conditions apply:

1.   Effective Date: Effective March 31, 2000 your employment with Jostens will
     --------------
     terminate. In this Agreement, this date is referred to as your "Termination
     Date."

2.   Accrued Vacation: Your last regular paycheck will include a payment equal
     ----------------
     to the value of your accrued, unused vacation pay.

3.   Severance Benefits: You will be entitled to the following benefits under
     ------------------
     your Employment Agreement:

     a.   Salary Continuation: Your base salary and plan waiver allowance (minus
          -------------------
          federal, state and local withholdings and any liens) will be continued
          at your current rate (not including bonuses or other incentives) in
          bi-weekly payments until June 30, 2001. At any time after January 1,
          2001, Jostens may, but is not required to, pay the remaining payments
          to you in a lump sum payment without your consent.
<PAGE>

Mr. David J. Larkin
Page 2

     b.   Management Bonus: You will receive a management bonus for calendar
          ----------------
          year 2000 and a pro-rated portion of any management bonus that may be
          earned for calendar year 2001. Your bonus for the years 2000 and pro-
          rated 2001 will be targeted at the same percentage of base salary used
          to determine your 1999 bonus, applied to the annual base salary you
          received at your Termination Date, and will be based on overall
          Jostens' results for years 2000 and 2001 as determined by Jostens'
          Board of Directors. Any bonus earned will be paid to you at the same
          time other participants receive their bonus payout.

     c.   Lump Sum Payment: As additional consideration for the waiver and
          ----------------
          release of any and all claims under your employment agreements and any
          rights you may claim under the Executive Change In Control Severance
          Pay Plan, Jostens will pay you a lump sum of $100,000.00 less
          customary federal and state withholding within 10 days following the
          execution of this Agreement.

     d.   COBRA Premiums: Your current group medical and dental coverages will
          --------------
          cease on June 30, 2001. Your current group life and vision coverages
          will cease on June 30, 2001. You will have the option of continuing
          existing medical and dental coverages following these dates by paying
          the full cost of the premium as provided by COBRA legislation. You
          will be advised separately of your coverage continuation rights by
          DCA, Inc., the COBRA administrator.

          (You may also be entitled to convert your group life coverage to an
          individual policy. Contact Lisa Triplett if you desire conversion
          information. You must apply for conversion within 30 days after
          coverage terminates or by the end of your group life COBRA
          continuation period.)

     e.   Perquisites: The perquisites you were entitled to receive immediately
          -----------
          prior to and during the month including your termination date will
          remain in effect until June 30, 2001, subject to any reductions
          applicable to similarly situated active Jostens employees.

     f.   Additional Benefits: You are entitled to the following benefits:
          -------------------
          Standard and customary outplacement services for similarly situated
          Jostens employees. You may, at your option, elect to receive
          $25,000.00 in lieu of such services. Jostens will pay directly to your
          legal counsel fees for consultation and negotiation of this Separation
          Agreement in an amount not to exceed $9,000.00. Payment will be made
          upon submission of a billing statement showing itemized entries in a
          form acceptable to Jostens' General Counsel.
<PAGE>

Mr. David J. Larkin
Page 3

     g.   Waiver and Release of Claims: You acknowledge that in order to receive
          ----------------------------
          any payments or benefits under your Employment Agreement, you must
          sign this Agreement, which includes a waiver and release of claims,
          (see Section 15), and you must not revoke the waiver and release of
          claims within the period described in Sections 15 and 16.

4.   AD&D and Business Travel Accident Insurance: Your current accidental death
     -------------------------------------------
     and dismemberment insurance coverage and business travel accident coverage
     will remain in effect until the last day of the pay period that includes
     June 30, 2001. There is no continuation or conversion option for either of
     these coverages.

5.   401(k) Retirement Savings Plan: You may continue to make 401(k)
     ------------------------------
     contributions through your salary continuation period. Any outstanding
     loans will become due in full on June 30, 2001. Distribution of your
     account balances, if any, will be made in accordance with the terms of the
     Plan.

6.   Short and Long Term Disability: Short-and Long-Term Disability coverage
     ------------------------------
     will cease on your June 30, 2001. Contact your HR representative if you
     desire conversion information on the Long-Term Disability Plan. You must
     apply for conversion within 30 days after coverage terminates.

7.   Performance Pays Bonus: You will receive a Performance Pays bonus for
     ----------------------
     calendar year 2000. You will not be entitled to receive a Performance Pays
     bonus for the performance period ending calendar year 2001.

8.   Stock Options and Restricted Stock: You have until the end of the three (3)
     ----------------------------------
     month period following June 30, 2001 to exercise any of your Jostens stock
     options that have become vested on or before that date. During the period
     beginning on December 31, 1999, and ending June 30, 2001, all of your
     Jostens stock options and your shares of restricted Jostens stock that were
     outstanding on December 31, 1999, will remain outstanding and will continue
     to vest according to the terms of the Jostens, Inc. 1992 Stock Incentive
     Plan (the "Incentive Plan") and the instruments granting those options and
     shares, as if you were employed by Jostens throughout that period, subject
     to the rights of Jostens to fully vest and redeem such options and shares
     at an earlier date, pursuant to the Incentive Plan, in the event of a
     Change in Control of Jostens, as defined in the Incentive Plan and the
     instruments granting those options and shares (a "Change in Control"). At
     the end of that period, any of those options and shares that remain
     outstanding and have not become vested will be automatically forfeited.
     Jostens represents and warrants that such options and shares will become
     fully vested under the terms of the Incentive Plan in the event of a Change
     in Control during that period.
<PAGE>

Mr. David J. Larkin
Page 4

9.   Executive Stock Purchase Plan: The restricted shares you hold pursuant to
     -----------------------------
     the Executive Stock Purchase Plan will become totally vested on the closing
     date of the sale of substantially all of the stock of Jostens to
     Investcorp. In that event, notwithstanding any contrary provision in the
     Plan, Jostens will arrange to have your shares tendered and will cover any
     prepayment penalty due the First National Bank of Chicago. You agree to
     participate in the liquidation procedure Jostens puts in place for the
     Executive Stock Purchase Program. You also agree that severance payments to
     you may be offset by amounts Jostens is required to pay to First National
     Bank of Chicago as a guarantor of the loan you took out with that bank for
     the purpose of purchasing stock under this program should you default in
     your loan payments.

10.  Confidentiality/No Admission: You agree to keep the existence and all
     ----------------------------
     specific terms of this Agreement confidential and you further agree not to
     disclose any information concerning this Agreement to any person, company,
     entity or third party other than your attorney, accountant, tax advisor,
     spouse and other immediate family. You and Jostens also agree that the
     existence of this Agreement is not an admission by Jostens that the
     termination of your employment was in any way wrongful or discriminatory or
     violated any law. The terms of this Agreement will be kept confidential and
     disclosed only to those of management with a need to know for the purpose
     of administering the terms hereof. No other disclosure will occur except to
     the extent required by applicable law or regulations.

11.  Confidentiality Duty: You acknowledge that while employed by Jostens you
     --------------------
     had access to Jostens' confidential and proprietary information and/or
     trade secrets. You further acknowledge your continuing duty not to
     disclose, furnish or otherwise make available such information and/or trade
     secrets to any person, company, entity or third party. Confidential
     information means any information relating to the business or affairs of
     Jostens or any affiliate, 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 Jostens or an affiliate except for
     information in the public domain or known in the industry through no
     wrongful act on your part.

12.  Return of Company Property: You acknowledge that prior to the date on which
     --------------------------
     you sign this Agreement, you have returned all Jostens' property in your
     possession or control, including, but not limited to, any company credit
     card (or any credit card on which the company is guarantor), Jostens'
     business files, documents or data in any form, computer, fax, printer or
     other equipment. Further, you agree to repay to Jostens the amount of any
     permanent or temporary advances and balance owing on any credit cards of
     any monies due and owing Jostens or for which Jostens is a guarantor.

13.  Nondisparagement: You and Jostens agree that before or after your
     ----------------
     termination of employment with Jostens neither you or Jostens will make any
     statement or communication
<PAGE>

Mr. David J. Larkin
Page 5

     of information by whatever means to any person relating to your employment
     with Jostens which may be reasonably interpreted to be critical or
     derogatory of the other party to this Agreement; including in the case of
     Jostens, its officers, directors or employees. Nothing herein however is
     intended to bar either party from truthfully testifying under Subpoena or
     other legal process before any court or administrative agency authorized to
     compel testimony.

14.  Cooperation: You agree (i) to cooperate fully in the defense of any suit or
     -----------
     claim asserted against Jostens or you individually or jointly with Jostens
     or its subsidiaries, based on any alleged act or omission by you severally
     or jointly with others, in your alleged capacity as employee or agent of
     Jostens or any of its subsidiaries, and (ii) to cooperate fully with
     Jostens and any of its subsidiaries and any of their directors, officers,
     employees, attorneys or other personnel retained in any litigation, dispute
     or controversy in which Jostens or any of its subsidiaries is a party
     involving claims which arose during your service with Jostens or a
     subsidiary or to which Jostens believes your knowledge or expertise relate.
     As used herein, "cooperate fully" means that you will make yourself
     available on reasonable notice and participate in such proceedings as
     reasonably are necessary to complete such matters. Subject to your
     compliance with these obligations, Jostens will, to the extent required by
     applicable law and under the conditions set out in its Articles and By-
     Laws, defend and hold you harmless from suits and claims covered by part
     (i) of this paragraph and shall compensate you at a reasonable rate (at
     least $250.00 per hour) for time spent in providing services and reimburse
     you for reasonable and necessary expenses incurred at Jostens' request
     under paragraph (ii) of this paragraph.

15.  Waiver and Release of Claims:
     ----------------------------

     a.   In consideration of the benefits provided to you under this Agreement
          you agree: you release and forever discharge Jostens, its subsidiaries
          and affiliated companies including each of their officers, directors,
          agents and employees from and waive all causes of action, damages,
          liability and claims of whatever nature relating to or arising out of
          your employment with Jostens, its subsidiaries and affiliated
          companies and the termination of your employment, including but not
          limited to, claims under federal, state or local discrimination laws,
          claims arising out of wrongful termination, whistle blowing claims and
          the Age Discrimination in Employment Act. The prior sentence does not
          release or discharge Jostens or you from obligations under this
          Agreement or which arise after the date you sign this Agreement.
          Nothing in this Agreement prevents you from filing a charge or
          complaint, including a challenge to the validity of this Agreement or
          the waiver and release of claims in this section, with the Equal
          Employment Opportunity Commission or participating in any
          investigation or proceeding conducted by the Equal Employment
          Opportunity Commission.
<PAGE>

Mr. David J. Larkin
Page 6

     b.   Jostens, Inc., its subsidiaries, affiliates successors and any company
          related to it releases, waives and discharges David J. Larkin from any
          and all claims, demands, actions, suits, liabilities and damages which
          they may have relating to or arising out of his employment with
          Jostens as of the date of this agreement.

16.  Revocation:
     ----------

     a.   You have the right to revoke only that portion of this waiver and
          release which relate to claims under the Age Discrimination in
          Employment Act within 7 days from the date you sign this Agreement.
          You likewise have the right to rescind only that portion of this
          waiver and release which relates to claims under the Minnesota Human
          Rights Act by written notice to Jostens within 15 days from the date
          you sign this Agreement. To be effective, this rescission or
          revocation must be in writing and hand delivered or mailed to Jostens
          to the attention of William J. George, General Counsel, Jostens, 5501
          Norman Center Drive, Minneapolis, MN 55437 and sent by certified mail,
          return-receipt requested. Rescission or revocation of the release will
          result in cessation of any future separation payments to be paid.

     b.   You agree that if you exercise any right of rescission or revocation,
          payments made to you by Jostens under this Agreement will be
          sufficient consideration for the release of all other claims you have
          against Jostens, except those under the Age Discrimination in
          Employment Act and in Minnesota, those under the Minnesota Human
          Rights Act.

17.  Miscellaneous: You acknowledge that you have been given at least 45 days
     -------------
     from the date you receive this Agreement to consider this Agreement and
     that you have been advised to and have had the opportunity to consult legal
     counsel of your own choosing concerning this Agreement and that you have
     entered into it of your own free will and without compulsion. Both you and
     Jostens agree that any written changes to this Agreement, whether material
     or immaterial will not restart the running of the 45-day period.

     You acknowledge that you have been provided with a list of the job titles
     and ages of all individuals in the same job classification or
     organizational unit whose positions were involuntarily eliminated in this
     corporate restructuring and the ages of all individuals in the same job
     classification or organizational unit whose positions were not
     involuntarily eliminated. (Exhibit A)

     This Agreement contains the entire agreement and understanding of the
     parties. No representations have been made or relied upon by either party
     other than those that are expressly set forth in this Agreement, and each
     party has entered into this Agreement voluntarily and without coercion. If
     any portion or provision of this Agreement is deemed
<PAGE>

Mr. David J. Larkin
Page 7

     unenforceable, the Agreement will be deemed modified to remaining
     provisions will remain in full force and effect.

     If you die during the continuation period of this Agreement, then all
     remaining payments due under this Agreement will be paid to your named
     beneficiary.

     This Agreement may not be altered, amended or modified unless done in
     writing and signed by an executive officer of Jostens and you. Nothing in
     this Agreement, however, in any way prevents or limits Jostens from
     amending or terminating any of its benefit plans, policies or practices and
     in such a case, your rights would be determined solely under the terms of
     the plan, policy or practice in question.

     If this Agreement is acceptable to you, please sign and return this letter
     to William J. George, General Counsel, Jostens, 5501 Norman Center Drive,
     Minneapolis, MN 55437 by April 28, 2000. Should any overpayments be made to
     you under this Agreement or after a revocation or rescission of this
     Agreement, you are responsible for immediate repayment to Jostens.

Yours truly,

/s/ Robert Buhrmaster

Robert Buhrmaster
Chief Executive Officer

AGREED AND ACCEPTED:

/s/ David J. Larkin
------------------------------------
    David J. Larkin

    4/27/2000
------------------------------------
DATE
<PAGE>

                                ACKNOWLEDGMENT

     I acknowledge that on April 27, 2000 I was provided with the attached
Separation Agreement ("Agreement").

     I further acknowledge that I have been advised to consult with an attorney
before entering into the attached Agreement, and that I have been given a period
of at least 45 days to consider whether to accept the Agreement.

     I have received and read the above acknowledgment, and I fully understand
its meaning.

/s/ David J. Larkin
------------------------------------
    David J. Larkin

    4/27/2000
------------------------------------
Date
<PAGE>

                                   EXHIBIT A

In accordance with the Older Workers' Benefit Protection Act/Age Discrimination
in Employment Act [Sec. 7(f)(1)(H)], listed below are the titles and ages of
individuals whose positions were and were not eliminated as a result of the
restructuring of Senior Management as of March 1, 2000:

1.   Class/Unit:   Senior Management

2.   Eligibility Factor:   Senior Management

3.   Time Limits to Program:   All persons who are being offered consideration
under a separation agreement must sign the agreement and return it to Jostens
General Counsel within 45 days after receipt. Once the signed agreement is
returned, the employee has 7 days to revoke the waiver.

4.   Job Titles/Ages of Individual(s) Selected for Eliminations:

     Executive Vice President and Chief Operating Officer................... 61

     Vice President - Consumer Marketing and Channel Development............ 51

     Vice President - Strategic Marketing................................... 48

     Vice President and General Manager - North American Photo.............. 45

5.   Job Titles/Ages of Individual(s) Not Selected for Elimination:

     Chairman of the Board, President and Chief Executive Officer........... 52

     Senior Vice President - Manufacturing.................................. 60

     Senior Vice President and Chief Financial Officer...................... 55

     Senior Vice President - Jostens School Solutions....................... 44

     Vice President, General Counsel and Corporate Secretary................ 51

     Vice President and General Manager - Business Ventures................. 47

     Vice President - Treasurer............................................. 43

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