Document:

<PAGE>   1
                    SUBORDINATION AND INTERCREDITOR AGREEMENT

      Subordination and Intercreditor Agreement entered into as of October 23,
1999 by and among PEOPLE'S BANK ("New Lender"), GUNTHER PARTNERS, LLC ("GP"),
and GUNTHER INTERNATIONAL, LTD. ("Gunther").

      WHEREAS, pursuant to a certain Commercial Revolving Loan Agreement dated
the date hereof between Gunther and the New Lender (the "Revolving Loan
Agreement"), the New Lender has or may make loans to Gunther from time to time
in the aggregate principal amount of up to Five Hundred Thousand Dollars
($500,000) at any one time outstanding, which loans are evidenced by the
Revolving Loan Agreement and a certain $500,000 Promissory Note (Revolving
Credit Facility) dated the date hereof made by Gunther to the order of the New
Lender (the "Revolving Note"); and

      WHEREAS, payment and performance of Gunther's obligations under the
Revolving Loan Agreement and the Revolving Note are secured by a valid security
interest in, and lien on, all of Gunther's tangible and intangible personal
property, whether now owned or hereafter acquired, and all products and proceeds
thereof (collective the "Collateral"), all as more fully set forth in a certain
Security Agreement dated the date hereof between Gunther and the New Lender (the
"Security Agreement"); and

      WHEREAS, pursuant to a certain Commercial Loan Agreement dated the date
hereof between Gunther and the New Lender (the "Commercial Loan Agreement"), the
New Lender may make loans to Gunther from time to time in the aggregate
principal amount of up to Two Hundred Thousand Dollars ($200,000) at any one
time outstanding; and

      WHEREAS, payment and performance of Gunther's obligations under the
Commercial Loan Agreement are to be secured by a valid pledge and security
interest in cash deposits (the "Cash Deposits") to be delivered to the New
Lender pursuant to a certain Pledge Agreement dated the date hereof between
Gunther and the New Lender (the "Pledge Agreement"); and

      WHEREAS, Gunther is indebted to GP under a certain Loan and Security
Agreement dated October 2, 1998 between Gunther and GP
<PAGE>   2
as amended by that certain Amendment to Loan and Security Agreement dated as of
September 15, 1999 between Gunther and GP (such Loan and Security Agreement as
so amended the "GP Loan Agreement"); and

      WHEREAS, Gunther's indebtedness to GP under the GP Loan Agreement is also
evidenced by a certain $4,000,000 Substitute Term Note dated as of September 15,
1999 made by Gunther to the order of GP (the "GP Note"); and

      WHEREAS, Gunther's obligations to GP under the GP Loan Agreement and the
GP Note are secured by a valid security interest in, and lien on, all of the
Collateral, including the Cash Deposits, granted to GP by Gunther pursuant to
the GP Loan Agreement; and

      WHEREAS, the Collateral, including the Cash Deposits, is also encumbered
by a valid security interest and lien granted by Gunther to June H. Geneen, Phil
E. Gilbert, Jr., Thomas W. Keesee and the United States Trust Company of New
York, as Co-Executor of the Estate of Harold S. Geneen, Late of New York, New
York (collectively, the "Estate") pursuant to a certain Security Agreement dated
October 2, 1998 between Gunther and the Estate; and

      WHEREAS, the Collateral, including the Cash Deposits, is also encumbered
by a valid security interest and lien granted by Gunther to Connecticut
Innovations, Inc. ("CII") pursuant to an Amendment and Restatement of
Development Agreement dated as of December 31, 1995 between Gunther and CII; and

      WHEREAS, pursuant to a certain Subordination and Intercreditor Agreement
dated the date hereof, between the Estate, the New Lender and Gunther, the
Estate has agreed to subordinate its lien and security interest in all of the
Collateral, including the Cash Deposits, to the lien and security interest
therein held by the New Lender; and

      WHEREAS, pursuant to a certain Subordination and Intercreditor Agreement
dated the date hereof between CII, the New Lender and Gunther, CII has agreed to
subordinate its lien and security interest in the Cash Deposits and all of the
other Collateral (other than the Collateral constituting patents and trademarks)
to the lien and security interest held by the New Lender in the Cash Deposits
and the other Collateral (other than Collateral constituting patents and
trademarks); and

                                      -2-
<PAGE>   3
      WHEREAS, the New Lender has conditioned its extension of credit to Gunther
under the Revolving Loan Agreement, the Revolving Note and the Commercial Loan
Agreement upon GP's subordinating its lien in (i) that portion of the Collateral
constituting Accounts, as herein defined, to the lien thereon of the New Lender,
and (ii) the Cash Deposits to the lien thereon of the New Lender; and

      WHEREAS, it is in the best interests of GP if the New Lender provides
financing to Gunther pursuant to the Revolving Loan Agreement, the Revolving
Note and the Commercial Loan Agreement.

      NOW THEREFORE, in consideration of the foregoing, the parties agree as
follows:

      1. GP hereby subordinates its security interest and lien in the Accounts
to the security interest and lien of the New Lender therein. Notwithstanding the
date, time, manner or order of attachment or perfection of the security interest
and liens of GP or the New Lender in the Accounts, and notwithstanding any
provisions of the Uniform Commercial Code, any applicable law, any decision of
any court or tribunal of competent jurisdiction or whether GP or the New Lender
holds possession of all or any part of the Accounts, the lien and security
interest of the New Lender in and to the Accounts shall be prior in right to the
lien and security interest of GP in and to the Accounts. As used herein, the
term "Accounts" shall have the meaning assigned thereto in the Uniform
Commercial Code as in effect in the State of Connecticut and shall include,
without limitation, any right to payment now or hereafter held by, received by,
belonging to or owing to Gunther for goods sold or leased by Gunther or for
services rendered by Gunther whether or not earned by performance, together with
all guarantees and security therefor and all proceeds thereof, whether cash
proceeds or otherwise including, without limitation, all right, title and
interest of Gunther in the goods which gave rise to any such Accounts including,
without limitation, the right of stoppage in transit, all returned, rerouted or
repossessed goods, all insurance and condemnation proceeds in respect to the
foregoing, all rights of Gunther as an unpaid seller of goods and services
including, without limitation, rights of replevin, reclamation and resale, and
all reserves and deposits associated with any of the foregoing.

                                      -3-
<PAGE>   4
      2. GP hereby subordinates its security interest and lien on the Cash
Deposits to the security interest and lien of the New Lender therein.
Notwithstanding the date, time, manner or order of attachment of perfection of
the security interest and lien of GP or the New Lender in the Cash Deposits and
notwithstanding any provisions of the Uniform Commercial Code, any applicable
law, any decision of any court or tribunal of competent jurisdiction or whether
GP or the New Lender holds possession of all or any part of the Cash Deposits,
the lien and security interest of the New Lender in and to the Cash Deposits
under the Pledge Agreement shall be prior in right to the lien and security
interest of the GP in and to the Cash Deposits.

      3. After the occurrence of a default in Gunther's obligations to the New
Lender or GP which continues beyond any applicable grace period, (i) the
proceeds from the disposition, sale or liquidation of the Accounts Receivable
shall be applied regardless of when the indebtedness of Gunther to the New
Lender or GP may be due, first to pay the debts, obligations and liabilities of
Gunther to the New Lender under the Revolving Loan Agreement, and the Revolving
Note (including accrued interest, expenses and other costs) and then, to pay all
other creditors of Gunther in accordance with their rights and (ii) the Cash
Deposits shall be applied, regardless of when the indebtedness of Gunther to the
New Lender or GP may be due, first to pay the debts, obligations and liabilities
of Gunther to the New Lender under the Commercial Loan Agreement (including
accrued interest, expenses and other costs) and then to pay all other creditors
of Gunther in accordance with their rights. At all times, the New Lender may
exercise all of its rights and remedies under the Revolving Loan Agreement, the
Revolving Note and the Commercial Loan Agreement and, without limiting the
foregoing, may take all actions that it deems desirable to collect the debts,
obligations and liabilities of Gunther to the New Lender under the Revolving
Loan Agreement, the Revolving Note and/or Commercial Loan Agreement
(collectively the "New Lender Indebtedness") as the case may be, including
without limitation, the repossessing, foreclosing, selling, releasing or
disposing of any Accounts Receivable and the commencement of, or joining with
other creditors in the commencement of, bankruptcy or insolvency actions against
Gunther.

      4. GP agrees to execute any assignment, UCC-1 financing statement, UCC-3
subordination agreement, or any other instrument or document requested by the
New Lender and to take such further

                                      -4-
<PAGE>   5
action as the New Lender may at any time, and from time to time, reasonably
request in order to effectuate this Agreement.

      5. GP has, to the extent deemed necessary by GP, reviewed the existing
agreements among the New Lender and Gunther and has had its counsel fully
explain to it such agreements and this Agreement, and understands that there is
no commitment or obligation on the New Lender's part to make any loans or
advances or to extend credit to Gunther except as may be contained in current
and presently effective written agreements between the New Lender and Gunther;
provided, however, that GP further understands that such agreements may be
modified, altered or amended, without notice to or consent of GP.

      6. The New Lender may at any time, in its discretion, renew or extend the
time of payment of all or any of the New Lender Indebtedness or waive or release
any collateral which may be held therefor, and the New Lender may enter into
such agreements with Gunther as the New Lender may deem desirable without notice
to or further assent from GP and without in any way affecting the New Lender's
rights hereunder.

      7. GP shall pay to the New Lender on demand, all expenses of every kind,
including reasonable attorneys' fees that the New Lender may incur in enforcing
any of its rights under this Agreement.

      8. This Agreement is effective notwithstanding any defect in the validity
or enforceability of any instrument or document evidencing the New Lender
Indebtedness.

      9. This Agreement shall be governed by and construed under the laws of the
State of Connecticut.

      10. The provisions of this Agreement are independent of and severable from
each other. If any provision hereof shall for any reason be held invalid or
unenforceable, such invalidity or unenforceability shall not affect the validity
or enforceability of any other provision hereof, and this Agreement shall be
construed as if such invalid or unenforceable provision had never been contained
herein.

      11. Neither the failure nor any delay on the part of the New Lender to
exercise any right, remedy, power or privilege hereunder shall operate as a
waiver thereof or give rise to an estoppel, nor be construed as an agreement to
modify the terms of

                                      -5-
<PAGE>   6
this Agreement, nor shall any single or partial exercise of any right, remedy,
power or privilege with respect to any occurrence be construed as a waiver of
such right, remedy, power or privilege with respect to any other occurrence. No
waiver by the New Lender hereunder shall be effective unless it is in writing
and signed by the New Lender, and then only to the extent specifically stated in
such writing.

      12. In order to induce the New Lender to provide financing to Gunther
pursuant to the Revolving Loan Agreement, the Revolving Note, and the Commercial
Loan Agreement, Gunther hereby acknowledges this Agreement and agrees to be
bound by all the terms, provisions and conditions hereof.

      13. This Agreement shall be binding upon GP and its successors, and
assigns, and all of the New Lender's rights hereunder shall inure to the benefit
of the New Lender and its successors and assigns.

      14. All notices or other communications pursuant to this Agreement shall
be in writing and shall be deemed given when received at the addresses provided
below:

            If to the New Lender, to:

                  People's Bank
                  4 Broadway
                  Norwich, Connecticut  06360
                  Attention:  Arthur C. Barton

            If to GP, to:

                  Gunther Partners, LLC
                  c/o Thomas M. Steinberg, President
                  Tisch Family Interests
                  667 Madison Avenue
                  New York, New York  10021

            If to Gunther, to:

                  Gunther International, Ltd.
                  One Winnenden Road
                  Norwich, Connecticut  06360
                  Attention:  President

                                      -6-
<PAGE>   7
      Each party shall have the right to change its address by sending a written
notice thereof to the other parties by registered or certified mail addressed as
provided herein.

      15. GP, the New Lender and Gunther hereby agree that any state court or
local court of the State of Connecticut and the United States District Court for
the District of Connecticut shall have exclusive jurisdiction to hear and
determine any claims or disputes between GP, the New Lender and Gunther
pertaining directly or indirectly to this Agreement, or to any matter arising
herefrom. GP, the New Lender and Gunther expressly submit and consent in advance
to such jurisdiction in any action or proceeding commenced in such courts,
hereby waiving personal service of the summons and complaint, or other process
or papers issued therein, and agreeing that service of such summons and
complaint, or other process or papers may be made by registered or certified
mail addressed to GP, the New Lender and Gunther, as the case may be, at the
address of the New Lender, GP or Gunther, as the case may be, set forth above.
The exclusive choice of forum set forth in this paragraph shall not be deemed to
preclude the enforcement of any judgment obtained in such forum, in any
appropriate jurisdiction.

      16. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

      Telefacsimile transmissions of any executed original document and/or
retransmission of any executed telefacsimile transmission shall be deemed to be
the same as the delivery of an executed original. At the request of any party
hereto, the other parties shall confirm telefacsimile transmissions by executing
duplicate original documents and delivering the same to the requesting party or
parties.

      IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed the day and year first above written.

Signed, Sealed and Delivered
in the Presence of:                       PEOPLE'S BANK

/s/ Karl-Erik Sternlof                    By:  /s/ Arthur C. Barton
-------------------------------                -------------------------------
Name:                                          Name:
                                               Title:  Vice President
/s/ Frank J. Saccomandi III
-------------------------------
Name:

                                      -7-
<PAGE>   8
                                          GUNTHER PARTNERS, LLC

                                          By:  /s/ Thomas J. Tisch
-----------------------------                  --------------------------------
Name:                                          Name:
                                               Title:  Manager

-----------------------------
Name:

                                          GUNTHER INTERNATIONAL, LTD.

/s/ Frank J. Saccomandi III               By:  /s/ Michael M. Vehlies
-----------------------------                  --------------------------------
Name:                                          Name:
                                               Title: Chief Financial Officer
/s/ Karl-Erik Sternlof
-----------------------------
Name:

STATE OF CONNECTICUT          )
                              )     ss. Norwich               November 8, 1999
COUNTY OF New London          )

      Personally appeared Arthur C. Barton, signer and sealer of the foregoing
instrument personally known to me (or satisfactorily proven) who acknowledged
that he is the Vice President of PEOPLE'S BANK, is duly authorized to execute
said instrument and further acknowledged the same to be his free act and deed as
such Officer of PEOPLE'S BANK and the free act and deed of said bank, before me,
the undersigned officer.

                                    /s/ Karl-Erik Sternlof
                                    ------------------------------------
                                    Name:
                                    Commission of the Superior Court

                                      -8-
<PAGE>   9
STATE OF NEW YORK             )
                              )     ss.                       October 20, 1999
COUNTY OF New York            )

      Personally appeared Thomas J. Tisch, signer and sealer of the foregoing
instrument personally known to me (or satisfactorily proven) who acknowledged
that he is the Manager of GUNTHER PARTNERS, LLC, is duly authorized to execute
said instrument and further acknowledged the same to be his free act and deed as
such Manager of GUNTHER PARTNERS, LLC and the free act and deed of said limited
liability company, before me, the undersigned officer.

                                     /s/ Choya Chiu
                                     -----------------------------------------
                                     Name:
                                     Notary Public
                                     My Commission Expires 1/24/2000

STATE OF CONNECTICUT          )
                              )     ss. Norwich               November 8, 1999
COUNTY OF New London          )

      Personally appeared Michael Vehlies, signer and sealer of the foregoing
instrument personally known to me (or satisfactorily proven) who acknowledged
that he as Chief Financial Officer of GUNTHER INTERNATIONAL, LTD., is duly
authorized to execute said instrument and further acknowledged the same to be
his free act and deed as such Officer of GUNTHER INTERNATIONAL, LTD., and the
free act and deed of said corporation, before me, the undersigned officer.

                                    /s/Frank J. Saccomandi III
                                    ------------------------------------------
                                    Name:
                                    Commissioner of the Superior Court

                                      -9-<PAGE>   1
                    SUBORDINATION AND INTERCREDITOR AGREEMENT

         Subordination and Intercreditor Agreement entered into as of October
23, 1999 by and among PEOPLE'S BANK ("New Lender"), JUNE H. GENEEN, PHIL E.
GILBERT, JR., THOMAS W. KEESEE and the UNITED STATES TRUST COMPANY OF NEW YORK,
as Co-Executors of the Estate of Harold S. Geneen, Late of New York, New York
(collectively, the "Estate") and GUNTHER INTERNATIONAL, LTD. ("Gunther").

         WHEREAS, pursuant to a certain Commercial Revolving Loan Agreement
dated the date hereof between Gunther and the New Lender (the "Revolving Loan
Agreement"), the New Lender has or may make loans to Gunther from time to time
in the aggregate principal amount of up to Five Hundred Thousand Dollars
($500,000) at any one time outstanding, which loans are evidenced by the
Revolving Loan Agreement and a certain $500,000 Promissory Note (Revolving
Credit Facility) dated the date hereof made by Gunther to the order of the New
Lender (the "Revolving Note"); and

         WHEREAS, payment and performance of Gunther's obligations under the
Revolving Loan Agreement and the Revolving Note are secured by a valid security
interest in, and lien on, all of Gunther's tangible and intangible personal
property, whether now owned or hereafter acquired, and all products and proceeds
thereof (collectively, the "Collateral"), all as more fully set forth in a
certain Security Agreement dated the date hereof between Gunther and the New
Lender (the "Security Agreement"); and

         WHEREAS, pursuant to a certain Commercial Loan Agreement dated the date
hereof between Gunther and the New Lender (the "Commercial Loan Agreement"), the
New Lender may make loans to Gunther from time to time in the aggregate
principal amount of up to Two Hundred Thousand Dollars ($200,000) at any one
time outstanding; and

         WHEREAS, payment and performance of Gunther's obligations under the
Commercial Loan Agreement are to be secured by a valid pledge and security
interest in cash deposits (the "Cash Deposits") to be delivered to the New
Lender pursuant to a certain Pledge Agreement dated the date hereof between
Gunther and the New Lender (the "Pledge Agreement"); and

<PAGE>   2

         WHEREAS, Gunther is indebted to the Estate under a certain
$1,701,168.75 Promissory Note dated October 2, 1998 made by Gunther to the order
of the Estate (the "Estate Note"); and

         WHEREAS, payment and performance of Gunther's obligations to the Estate
under the Estate Note are secured by a valid security interest in, and lien on,
all of the Collateral granted to the Estate by Gunther pursuant to a certain
Security Agreement dated October 2, 1998 (the" Estate Security Agreement"); and

         WHEREAS, the Collateral, including the Cash Deposits, is also
encumbered by a valid security interest and lien granted by Gunther to Gunther
Partners, LLC ("GP") pursuant to a certain Loan and Security Agreement dated
October 2, 1998 between Gunther and GP as amended by that certain Amendment to
Loan and Security Agreement and Term Note dated as of September 15, 1999 between
Gunther and GP; and

         WHEREAS, the Collateral, including the Cash Deposits, is also
encumbered by a valid security interest and lien granted by Gunther to
Connecticut Innovations, Inc. ("CII") pursuant to an Amendment and Restatement
of Development Agreement dated as of December 31, 1995 between Gunther and CII;
and

         WHEREAS, pursuant to a certain Subordination and Intercreditor
Agreement dated the date hereof between GP (the "GP Subordination"), the New
Lender and Gunther, GP has agreed to subordinate its lien and security interest
in the Cash Deposits and all of the other Collateral constituting Accounts, as
defined in the GP Subordination, to the lien and security interest therein held
by the New Lender; and

         WHEREAS, pursuant to a certain Subordination and Intercreditor
Agreement dated the date hereof between CII, the New Lender and Gunther, CII has
agreed to subordinate its lien and security interest in the Cash Deposits and
all of the other Collateral (other than Collateral constituting patents and
trademarks) to the lien and security interest held by the New Lender in the Cash
Deposits and the other Collateral (other than Collateral constituting patents
and trademarks); and

         WHEREAS, the New Lender has conditioned its extension of credit to
Gunther under the Revolving Loan Agreement, the Revolving Note and the
Commercial Loan Agreement upon the Estate's subordinating its lien in the
Collateral, including but

                                      -2-
<PAGE>   3

not limited to the Cash Deposits, to the lien therein of the New Lender; and

         WHEREAS, it is in the best interests of the Estate if the New Lender
provide financing to Gunther pursuant to the Revolving Loan Agreement, the
Revolving Note and the Commercial Loan Agreement; and

         NOW THEREFORE, in consideration of the foregoing, the parties agree as
follows:

         1. The Estate hereby subordinates its security interest and lien in the
Collateral, including the Cash Deposits, to the security interest and lien of
the New Lender therein. Notwithstanding the date, time, manner or order of
attachment or perfection of the security interest and liens of the Estate or the
New Lender in any of the Collateral, including the Cash Deposits, and
notwithstanding any provisions of the Uniform Commercial Code, any applicable
law, any decision of any court or tribunal of competent jurisdiction or whether
the Estate or the New Lender holds possession of all or any part of the
Collateral, including the Cash Deposits, the lien and security interest of the
New Lender in and to the Collateral, including the Cash Deposits, and all
proceeds thereof shall be prior in right to the lien and security interest of
the Estate in and to the Collateral, including the Cash Deposits.

         2. After the occurrence of a default in Gunther's obligations to the
New Lender or the Estate which continues beyond any applicable grace period, (i)
the proceeds from the disposition, sale or liquidation of the Collateral, other
than the Cash Deposits, shall be applied, regardless of when the indebtedness of
Gunther to the New Lender or the Estate may be due, first to pay the debts,
obligations and liabilities of Gunther to the New Lender under the Revolving
Loan Agreement and the Revolving Note (including accrued interest, expenses and
other costs) and then, to pay all other creditors of Gunther in accordance with
their rights and (ii) the Cash Deposits shall be applied, regardless of when the
indebtedness of Gunther to the New Lender or the Estate may be due, first to pay
the debts, obligations and liabilities of Gunther to the New Lender under the
Commercial Loan Agreement (including accrued interest, expenses and other costs)
and then to pay all other creditors of Gunther in accordance with their rights.
At all times, the New Lender may exercise all of its rights and remedies under
the Revolving Loan Agreement, the Revolving Note and the Commercial

                                      -3-
<PAGE>   4

Loan Agreement and, without limiting the foregoing, may take all actions that it
deems desirable to collect the debts, obligations and liabilities of Gunther to
the New Lender under the Revolving Loan Agreement, the Revolving Note and/or
Commercial Loan Agreement (collectively, the "New Lender Indebtedness"), as the
case may be, including without limitation, the repossession, foreclosing,
selling, releasing or disposing of any Collateral and the commencement of, or
joining with other creditors in the commencement of, bankruptcy or insolvency
actions against Gunther.

         3. The Estate agrees to execute any assignment, UCC-1 financing
statement, UCC-3 subordination agreement, or any other instrument or document
requested by the New Lender and to take such further action as the New Lender
may at any time, and from time to time, reasonably request in order to
effectuate this Agreement.

         4. The Estate has, to the extent deemed necessary by the Estate,
reviewed the existing agreements among the New Lender and Gunther and has had
its counsel fully explain to it such agreements and this Agreement, and
understands that there is no commitment or obligation on the New Lender's part
to make any loans or advances or to extend credit to Gunther except as may be
contained in current and presently effective written agreements between the New
Lender and Gunther; provided, however, that the Estate further understands that
such agreements may be modified, altered or amended, without notice to or
consent of the Estate.

         5. The New Lender may at any time, in its discretion, renew or extend
the time of payment of all or any of the New Lender Indebtedness or waive or
release any collateral which may be held therefor, and the New Lender may enter
into such agreements with Gunther as the New Lender may deem desirable without
notice to or further assent from the Estate and without in any way affecting the
New Lender's rights hereunder.

         6. The Estate shall pay to the New Lender on demand, all expenses of
every kind, including reasonable attorneys' fees that the New Lender may incur
in enforcing any of its rights under this Agreement.

         7. This Agreement is effective notwithstanding any defect in the
validity or enforceability of any instrument or document evidencing the New
Lender Indebtedness.

                                      -4-
<PAGE>   5

         8. This Agreement shall be governed by and construed under the laws of
the State of Connecticut.

         9. The provisions of this Agreement are independent of and severable
from each other. If any provision hereof shall for any reason be held invalid or
unenforceable, such invalidity or unenforceability shall not affect the validity
or enforceability of any other provision hereof, and this Agreement shall be
construed as if such invalid or unenforceable provision had never been contained
herein.

         10. Neither the failure nor any delay on the part of the New Lender to
exercise any right, remedy, power or privilege hereunder shall operate as a
waiver thereof or give rise to an estoppel, nor be construed as an agreement to
modify the terms of this Agreement, nor shall any single or partial exercise of
any right, remedy, power or privilege with respect to any occurrence be
construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver by the New Lender hereunder shall be effective
unless it is in writing and signed by the New Lender, and then only to the
extent specifically stated in such writing.

         11. In order to induce the New Lender to provide financing to Gunther
pursuant to the Revolving Loan Agreement, the Revolving Note and the Commercial
Loan Agreement, Gunther hereby acknowledges this Agreement and agrees to be
bound by all the terms, provisions and conditions hereof.

         12. This Agreement shall be binding upon the Estate and their
respective heirs, executors, administrators, successors, and assigns, and all of
the New Lender's rights hereunder shall inure to the benefit of the New Lender
and its successors and assigns.

         13. All notices or other communications pursuant to this Agreement
shall be in writing and shall be deemed given when received at the addresses
provided below:

                  If to the Estate, to:

                           Co-Executors of the Estate of Harold S. Geneen
                           c/o United States Trust Company of New York
                           114 West 47th Street
                           New York, New York  10036
                           Attention:  Steven M. Kirkpatrick

                                      -5-
<PAGE>   6

                  If to the New Lender, to:

                           People's Bank
                           4 Broadway
                           Norwich, Connecticut  06360
                           Attention:  Arthur C. Barton

                  If to Gunther, to:

                           Gunther International, Ltd.
                           One Winnenden Road
                           Norwich, Connecticut 06360
                           Attention:  President

         Each party shall have the right to change its address by sending a
written notice thereof to the other parties by registered or certified mail
addressed as provided herein.

         14. The Estate, the New Lender and Gunther hereby agree that any state
court or local court of the State of Connecticut and the United States District
Court for the District of Connecticut shall have exclusive jurisdiction to hear
and determine any claims or disputes between the Estate, the New Lender and
Gunther pertaining directly or indirectly to this Agreement, or to any matter
arising herefrom. The Estate, the New Lender and Gunther expressly submit and
consent in advance to such jurisdiction in any action or proceeding commenced in
such courts, hereby waiving personal service of the summons and complaint, or
other process or papers issued therein, and agreeing that service of such
summons and complaint, or other process or papers may be made by registered or
certified mail addressed to the Estate, the New Lender and Gunther, as the case
may be, at the address of the New Lender, the Estate or Gunther, as the case may
be, set forth above. The exclusive choice of forum set forth in this paragraph
shall not be deemed to preclude the enforcement of any judgment obtained in such
forum, in any appropriate jurisdiction.

         15. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

         16. Telefacsimile transmissions of any executed original document
and/or retransmission of any executed telefacsimile transmission shall be deemed
to be the same as the delivery of an executed original. At the request of any
party hereto, the other

                                      -6-
<PAGE>   7

parties shall confirm telefacsimile transmissions by executing duplicate
original documents and delivering the same to the requesting party or parties.

                  [Rest of This Page Intentionally Left Blank.]

                                      -7-
<PAGE>   8

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed the day and year first above written.

Signed, Sealed and Delivered
in the Presence of:                        PEOPLE'S BANK

/s/  Karl-Erik Sternlof                    By: /s/ Arthur C. Barton
------------------------------                ----------------------------------
Name:                                          Name:Arthur C. Barton
                                               Title:  Vice President
 /s/ Frank J. Saccomandi, III
------------------------------
Name:

                                           THE ESTATE OF
                                           HAROLD S. GENEEN

                                           By: /s/ June H. Geneen
------------------------------                ----------------------------------
Name:                                          June H. Geneen,
                                               Its Co-Executor

------------------------------
Name:

 /s/  Todd Skobinsky                       By: /s/ Phil E. Gilbert, Jr.
------------------------------                ----------------------------------
Name:                                          Phil E. Gilbert, Jr.,
                                               Its Co-Executor
 /s/ Valerie W. Hunt
------------------------------
Name:

 /s/ Clay R. Serenbetz                     By: /s/ Thomas W. Keesee
------------------------------                ----------------------------------
Name:                                          Thomas W. Keesee,
                                               Its Co-Executor
 /s/ Robert Bove
------------------------------
Name:

                                      -8-
<PAGE>   9

                                           By: UNITED STATES TRUST
                                               COMPANY OF NEW YORK,
                                               Its Co-Executor

 /s/ Robert Bove                           By: /s/ Steven Scott Kirkpatrick
------------------------------                ----------------------------------
Name:                                          Name:
                                               Title:  Vice President
 /s/ Todd Skobinsky
------------------------------
Name:

                                           GUNTHER INTERNATIONAL, LTD.

 /s/ Frank J. Saccomandi, III              By: /s/ Michael M. Vehlies
------------------------------                ----------------------------------
Name:                                          Name:
                                               Title: Chief Financial
                                                      Officer
 /s/ Karl-Erik Sternlof
------------------------------
Name:

STATE OF CONNECTICUT    )
                        ) ss. Norwich                           November 8, 1999
COUNTY OF New London    )

         Personally appeared Arthur C. Barton, signer and sealer of the
foregoing instrument personally known to me (or satisfactorily proven) who
acknowledged that he is the Vice President of PEOPLE'S BANK, is duly authorized
to execute said instrument and further acknowledged the same to be his free act
and deed as such Officer of PEOPLE'S BANK, and the free act and deed of said
bank, before me, the undersigned officer.

                                       /s/ Karl-Erik Sternlof
                                      ----------------------------------
                                      Name:
                                      Commissioner of the Superior Court

                                      -9-
<PAGE>   10

STATE OF Massachusetts    )
                          ) ss:
COUNTY OF Norfolk         )

         On this 30th day of October, 1999, before me, the undersigned officer,
personally appeared JUNE H. GENEEN, personally known to me (or satisfactorily
proven) who acknowledged herself to be the person whose name subscribed to the
within instrument and acknowledged that she executed the same for the purposes
therein contained.

         In witness whereof I hereunto set my hand.

                                         /s/ Andrew Murphy
                                        -------------------------------------
                                        Name:
                                        Notary Public
                                        My Commission Expires Sept. 7, 2001

STATE OF NEW YORK       )
                        )  ss:
COUNTY OF  New York     )

         On this __ day of October, 1999, before me, the undersigned officer,
personally appeared PHIL E. GILBERT, JR., personally known to me (or
satisfactorily proven) who acknowledged himself to be the person whose name
subscribed to the within instrument and acknowledged that he executed the same
for the purposes therein contained.

         In witness whereof I hereunto set my hand.

                                         /s/ Valerie W. Hunt
                                        -------------------------------------
                                        Name:
                                        Notary Public
                                        My Commission Expires 2/5/2000

                                      -10-
<PAGE>   11

STATE OF NEW YORK        )
                         )  ss:
COUNTY OF Westchester    )

         On this 23rd day of October, 1999, before me, the undersigned officer,
personally appeared THOMAS W. KEESEE, personally known to me (or satisfactorily
proven) who acknowledged himself to be the person whose name subscribed to the
within instrument and acknowledged that he executed the same for the purposes
therein contained.

         In witness whereof I hereunto set my hand.

                                         /s/ Clay R. Serenbetz
                                        -------------------------------------
                                        Name:
                                        Notary Public
                                        My Commission Expires 11/13/99

STATE OF NEW YORK      )
                       )  ss:
COUNTY OF New York     )

         On this 28th day of October, 1999, before me, the undersigned officer,
personally appeared Steven Scott Kirkpatrick, Vice President of UNITED STATES
TRUST COMPANY OF NEW YORK, personally known to me (or satisfactorily proven) who
acknowledged himself to be the person whose name subscribed to the within
instrument and acknowledged that he executed the same for the purposes therein
contained.

         In witness whereof I hereunto set my hand.

                                         /s/ Clay R. Serenbetz
                                        -------------------------------------
                                        Name:
                                        Notary Public
                                        My Commission Expires 11/13/99

                                      -11-
<PAGE>   12

STATE OF CONNECTICUT     )
                         ) ss. Norwich                          November 8, 1999
COUNTY OF New London     )

         Personally appeared Michael Vehlies, signer and sealer of the foregoing
instrument personally known to me (or satisfactorily proven) who acknowledged
that he as Chief Financial Officer of GUNTHER INTERNATIONAL, LTD., is duly
authorized to execute said instrument and further acknowledged the same to be
his free act and deed as such Officer of GUNTHER INTERNATIONAL, LTD., and the
free act and deed of said corporation, before me, the undersigned officer.

                                         /s/ Frank J. Saccomandi, III
                                        -------------------------------------
                                        Name:
                                        Commissioner of the Superior Court

                                      -12-

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