Document:

BANTA CORPORATION

                              ECONOMIC PROFIT (EP)

                           INCENTIVE COMPENSATION PLAN

               (As Amended and Restated Effective January 2, 2000)

                                   ARTICLE I

                              Statement of Purpose
                              --------------------

1.1  The purpose of the Banta Corporation (the "Company") Economic Profit ("EP")
     Incentive Compensation Plan (the "Plan") is to provide an incentive
     compensation system which promotes and rewards the maximization of
     shareholder value over the long term. The Plan is designed to create a
     focus for all participants to achieve the key financial and strategic
     objectives which drive shareholder value creation. The Plan aims to provide
     a fair and meaningful reward for achieving or surpassing shareholder value
     creation goals by directly linking incentive compensation to EP and,
     thereby, reward management for creating value.

1.2  There are three different performance measures of value creation, EPS, OE,
     and EP. EPS is the fully diluted earnings per average share of common stock
     of the Company for the applicable year. OE is used for Participants
     affiliated with a specific business unit and is the operating earnings of
     such unit. EP is the performance measure of value creation. EP reflects the
     benefits and costs of capital employment. Managers create value when they
     employ capital in an endeavor that generates a return that exceeds the cost
     of the capital employed. By imputing the cost of capital upon the operating
     profits generated by the Company or other designated operating unit, EP
     measures the total value created by management.

             EP = (Net Operating Profit After Tax - Capital Charge)

1.3  Each Plan Participant has a prescribed Target Bonus which is composed of
     several components. For Participants who are not affiliated with a specific
     business unit, there are three Target Bonus components: (i) Actual
     Corporate EP Bonus based on the Company's EP results, (ii) Actual EPS Bonus
     based on the Company's EPS results, and (iii) if added by the Committee for
     the Participant, a discretionary component based on such other criteria as
     the Committee may adopt. For Participants affiliated with a specific
     business unit, there are five Target Bonus components: (i) Actual Corporate
     EP Bonus, (ii) Actual EPS Bonus, (iii) Actual Unit EP Bonus based on the EP
     results of the particular unit with which the Participant is affiliated,
     (iv) Actual OE Bonus based on the OE results of the particular unit with
     which the Participant is affiliated, and (v) if added by the Committee for
     the Participant, a discretionary component based on such other criteria as
     the Committee may adopt. Bonuses that fall within a prespecified

                                       1
<PAGE>

     range will be fully paid out. Bonuses falling outside this range are banked
     in the Participant's Bonus Bank for possible payout in future years.

1.4  The Plan will be administered on a fiscal year basis under the direction
     and control of the Compensation Committee of the Banta Corporation Board of
     Directors (the "Committee"). At a meeting of the Committee during the first
     quarter of each year the Committee will review and approve the list of Plan
     Participants for such year along with their respective Target Bonus
     Percentages and respective splits between Target Corporate EP Bonus and
     Target Unit EP Bonus. In addition, the Committee will annually review and
     approve the Cost of Capital, Target EP, Improvement Factor, Bonus Table
     Generator amount for each Value Center of the Plan for such year and the
     applicable targets for EPS and OE.

                                   ARTICLE II

                    Definition of EP and the Components of EP
                    -----------------------------------------

2.1  "Capital" means the net investment employed in the operations of the Value
     Center. The components of Capital are as follows:

                        Shareholders Equity
           Plus:        Advances from (to) Corporate
           Plus:        Collected cash overdrafts (balances)
           Plus:        Long-term debt (including current portion) and
                         short-term debt
           Plus:        Deferred taxes (net of future tax benefit)
           Plus:        Accrued (prepaid) income taxes
           Plus:        LIFO Reserve
           Plus:        Goodwill and non-competes recorded on Corporate books
                         (applies to Unit calculations only)
           Plus:        Cumulative goodwill and non-compete amortization
           Plus:        Acquisition earnouts paid
           Plus:        Capitalized leases
           Plus:        Non-cash accruals
           Plus:        Negative EP on acquisitions and/or major R&D projects
                         approved by the Chief Executive Officer
           Plus/Less:   Other capital items as determined by management and
                         approved by the Committee
           Less:        Non-operating Cash
           ----         ------------------
           Equals:      Capital

Each component of Capital will be measured by computing an average balance based
on the ending period balance for each period the Value Center closes their books
within the year.

                                       2
<PAGE>
2.2  "Cost of Capital" will be estimated at the beginning of each year based on
     the weighted average of the after-tax cost of debt and equity for the year
     in question for the entire Company. Calculations will be carried to one
     decimal point.

2.3  "Capital Charge" means the deemed opportunity cost of employing Capital in
     the Value Center. The Capital Charge is computed as follows:

                   Capital Charge = Capital x Cost of Capital

2.4  "Net Operating Profit After Tax" or "NOPAT"

     "NOPAT" means the after-tax earnings attributable to the capital employed
     in the Value Center for the year in question. The components of NOPAT are
     as follows:

                        Operating Earnings Before Income Taxes
           Plus:        Miscellaneous income (excluding interest income)
           Plus:        Current LIFO expense
           Plus:        Change in non-cash accruals
           Plus:        Capitalized lease adjustment
           Plus:        Non-compete amortization
           Plus:        Goodwill amortization
           Plus:        Acquisition earnouts expensed
           Plus:        R&D expense
           Plus:        R&D amortization
           Plus/Less:   Other items as determined by management and approved by
                         the Committee
           Less:        Income Taxes
           ----         ------------
           Equals:      Net Operating Profit After Tax

     Gains and losses on the sale of assets, gains and losses on the disposition
     of businesses and/or business segments, restructuring charges and other
     large non-recurring gains and losses will be excluded from NOPAT unless the
     Committee determines that a specific item should be included.

2.5  "Economic Profit" or "EP" means the NOPAT that remains after subtracting
     the Capital Charge, expressed as follows:

                        NOPAT
           Less:        Capital Charge
           ----         --------------
           Equals:      EP

     EP may be positive or negative.

2.6  "Value Center" means any unit of operations of the Company, including the
     Company as a whole, as determined by management and approved by the
     Committee for the purpose of this Plan.

                                       3
<PAGE>

2.7  Operations acquired will be excluded from the EP computations for the first
     12 months after acquisition, unless the Committee approves earlier, or
     later, inclusion based on the facts related to a specific acquisition.

                                  ARTICLE III

                   Definition and Computation of Target Bonus
                   ------------------------------------------

3.1  "Actual EP" means the EP as calculated for the Value Center for the year in
     question.

3.2  "Target EP" means the level of EP that is expected in order for a
     Participant of the Value Center to receive one hundred percent (100%) of
     the Target Bonus attributable to the EP component calculated for that Value
     Center.

     Target EP is calculated according to the following formula:

     Target EP=Prior Yr's Actual EP + Prior Yr's Target EP + Improvement Factor
                 -------------------------------------------
                                        2

     For the initial year, Target EP for each Value Center will be established
     by the Committee independent of the above formula.

3.3  "Target Bonus" means the "Target Bonus Percentage" times a Participant's
     Base Pay actually paid for the year (see article VII for calculations
     related to a change in a Participant's employment status).

3.4  "Target Bonus Percentage" is determined annually for each Participant by
     his/her salary grade. The Target Bonus Percentages for 1998 are listed in
     Exhibit A.

3.5  "Base Pay" means the Participant's base rate of salary excluding bonuses
     and other benefits or forms of compensation.

3.6  "Improvement Factor" means the prior year's Capital multiplied by X%, where
     X is uniquely identified annually for each Value Center. For Value Centers
     which returned a negative EP in the prior year, the Improvement Factor will
     be a fixed dollar amount rather than an amount based on X. This amount will
     be approved by the Committee pursuant to Section 1.4.

3.7  "Actual EPS Bonus" means the bonus earned by a Participant based on EPS
     results for the applicable year and the schedule of positive and negative
     percentages of the Target Bonus attributable to the EPS results as
     determined by the Committee.

3.8  "Actual OE Bonus" means the bonus earned by a Participant affiliated with a
     specific business unit based on OE results for the Value Center for the
     applicable year and the schedule of positive and negative percentages of
     the Target Bonus attributable to the OE results as determined by the
     Committee.

                                       4
<PAGE>

                                   ARTICLE IV

                   Definition and Computation of Actual Bonus
                   ------------------------------------------

4.1  Each Participant shall have his/her Target Bonus subdivided into component
     targets. Participants who are not affiliated with a specific business unit
     will have at least two component targets (i.e., the Target Corporate EP
     Bonus and a target based on EPS) and possibly a third target based on
     individual criteria determined by the Committee. Participants affiliated
     with a specific business unit will have at least four component targets
     (i.e., the Target Corporate EP Bonus, the Target Unit EP Bonus, and targets
     based on EPS and OE) and possibly a fifth target based on individual
     criteria provided by the Committee. Unless otherwise specifically provided
     by the Committee, (i) for a Participant who is not affiliated with a
     specific business unit, the Target Bonus will be split fifty-fifty between
     the two basic components and (ii) for a Participant who is affiliated with
     a specific business unit, the Target Bonus will be split twelve and
     one-half percent (12.5%) for each of the Target Corporate EP Bonus and the
     EPS target and thirty-seven and one-half percent (37.5%) for each of the
     Target Unit EP Bonus and the OE target.

4.2  "Target Corporate EP Bonus" means the percentage of the Target Bonus which
     is based on total Company EP results.

4.3  "Target Unit EP Bonus" means the percentage of the Target Bonus which is
     based on the EP results of the unit with which a Participant is affiliated.

4.4  The split between Target Corporate EP Bonus and Target Unit EP Bonus is
     determined annually for each Participant.

4.5  "Actual Corporate EP Bonus" means the bonus earned by a Participant based
     on total Company EP results and is calculated by multiplying the Target
     Corporate EP Bonus by a percentage which is determined as follows:

                             [Actual EP - Target EP]      + 1
                             -----------------------
                             [Bonus Table Generator]

4.6  "Actual Unit EP Bonus" means the bonus earned by a Participant based on the
     EP results of the unit with which the Participant is affiliated and is
     calculated by multiplying the Target Unit EP Bonus by a percentage, with
     such percentage also determined as in Section 4.5.

4.7  "Bonus Table Generator" is the annually determined negative (positive)
     deviation from Target EP necessary before a zero (two times Target) bonus
     is earned.

                                       5
<PAGE>

4.8  "Combined Bonus" is the sum of the Actual Corporate EP Bonus, Actual Unit
     EP Bonus, Actual EPS Bonus, Actual OE Bonus, and the bonus applicable to
     any discretionary criteria applied by the Committee, as applicable for the
     Participant. The Combined Bonus, whether positive or negative, will be
     capped at three hundred percent (300%) of Target Bonus for each Participant
     such that any amounts above (or below for a negative number) three hundred
     percent (300%) of a Participant's Target Bonus will be ignored for any
     calculation and other purpose of this Plan.

                                   ARTICLE V

                           Description of Bonus Banks
                           --------------------------

5.1  Establishment of a Bonus Bank. To encourage a long-term commitment by
     Participants to the Company, all exceptional Combined Bonuses (amounts
     above 200% of Target Bonus and all negative bonuses) shall be credited to
     (or debited against in the case of a negative Combined Bonus amount) "at
     risk" accounts (Bonus Banks), with the level of future payout contingent on
     sustained high performance and continued employment as provided herein.

5.2  Although a Bonus Bank may, as a result of negative EP, have a deficit, no
     Participant shall be required, at any time, to reimburse his/her Bonus
     Bank.

5.3  "Bonus Bank" means, with respect to each Participant, a bookkeeping record
     of an account to which amounts are credited, or debited as the case may be,
     from time to time under the Plan and from which bonus payments to such
     Participants are debited.

5.4  "Bank Balance" means, with respect to each Participant, a bookkeeping
     record of the net balance of the amounts credited to and debited against
     such Participant's Bonus Bank. A Participant's Bank Balance shall initially
     be equal to zero.

5.5  Payout Rules:

     (A)  If there is no positive or negative balance in the Bonus Bank carried
          over from the prior year:
          (1)  Pay out the Combined Bonus up to 200% of Target Bonus.
          (2)  Add any portion of the Combined Bonus over 200% of Target Bonus
               to the Bonus Bank. Unless negative bonuses in subsequent years
               reduce the payout, the banked amount will be paid out in three
               equal installments beginning with a payment at the time that
               bonuses would be paid for the subsequent year.
          (3)  If the Combined Bonus is negative for the year, a negative Bonus
               Bank balance equal to such amount will be created. Any such
               negative amount will be offset against positive bonuses earned in
               subsequent years. The first offset will be that 50% of the
               negative amount will be charged against any bonus up to 200% of
               the Target Bonus earned in each of the

                                       6
<PAGE>

               next two years. If the bonus earned in a year is insufficient to
               absorb 50% of the negative amount, the remaining negative balance
               will be carried forward and charged against any subsequent bonus
               earned. The second offset will be that any amounts earned in
               excess of 200% of the Target Bonus, which would otherwise be
               credited to the Bonus Bank, will be reduced by any negative
               amounts.
          (4)  Carry forward any positive or negative amounts in the Bonus Bank.

     (B)  If there is a positive Bonus Bank balance carried forward:
          (1)  Pay out the Combined Bonus up to 200% of Target Bonus.
          (2)  Add any portion of the Combined Bonus over 200% of Target Bonus
               to the Bonus Bank. Unless negative bonuses in subsequent years
               reduce the payout, the newly banked amount will be paid out in
               three equal installments beginning with a payment at the time
               that bonuses would be paid for the subsequent year.
          (3)  If the Combined Bonus is negative for the year:
               (a)  If the negative bonus is greater than the carryover balance,
                    the entire prior positive balance will be eliminated. The
                    remaining negative balance will be treated as though it was
                    the negative bonus earned for the year and will be offset
                    against bonuses earned in subsequent years as in (A)(3)
                    above.
               (b)  If the negative bonus is less than the carryover balance, it
                    will reduce any scheduled installment payouts earned in
                    prior years on a prorata basis.

          (4)  Carry forward any positive or negative Bonus Bank balances.

     (C)  If there is a negative Bonus Bank balance carried forward:
          (1)  Reduce any positive Combined Bonus for the year, which is up to
               200% of the Target Bonus, by 50% of any negative bonus generated
               in the prior year and any other unabsorbed negative Bonus Bank
               balance which originated two or more years prior. Pay out the
               remainder of (i) the Combined Bonus which is up to 200% of the
               Target Bonus, less (ii) the reductions in the prior sentence.
          (2)  If the Combined Bonus is in excess of 200% of the Target Bonus
               for the year, the excess over 200% will be credited to the Bonus
               Bank pursuant to (A)(2) above. If a negative balance remains
               after the reduction in (C)(1), that negative carryover balance
               will be offset against this credit. After that offset is applied:
               (a)  If the remaining balance is positive, it will be treated as
                    though it was the only amount credited to the Bonus Bank for
                    the year and paid out as described in (A)(2).
               (b)  If the remaining balance is negative, it will be carried
                    forward and offset against any subsequent bonus earned.
          (3)  If the Combined Bonus is negative for the year it will be added
               to the negative carryover balance and treated in accordance with
               (A)(3).

                                       7
<PAGE>

          (4)  Carry forward any positive or negative balances.

     See attached Exhibit B for payout examples.

5.6  Payment of Awards. All amounts payable to Participants shall be paid in
     cash within 30 days following approval of the calculations by the
     Committee.

                                   ARTICLE VI

                                Deferred Payment
                                ----------------

6.1  Deferrals. A Participant may elect in advance to defer payment of all or
     any portion of the payments he/she would otherwise receive pursuant to
     Sections 5.5 and 5.6. No bonus amount otherwise payable in a year shall be
     deferred for any year unless the Company shall have received a written
     notice from the Participant not later than December 31 of the second
     preceding year specifying the portion of the award which is to be deferred.
     By way of example, an election to defer any 1998 awards (which would
     otherwise be paid in early 1999) must be received by December 31, 1997. Any
     such deferral election shall be irrevocable.

6.2  Deferral Accounts. All amounts so deferred will be credited, as of the
     dates otherwise payable, to an account created on the Company's books for
     the Participant. Amounts standing to a Participant's credit in the account
     shall be paid to the Participant or his designated beneficiary or estate:
     (1) over a period of not more than fifteen years following termination of
     the Participant's employment by reason of death, disability or normal or
     early retirement as permitted by the Company's Retirement Plan; and (2)
     over a period of not more than three years following termination of a
     Participant's employment for any other reason, in either case at such times
     and in such installments as shall be determined in the sole discretion of
     the Committee.

6.3  Interest. Until such time as all amounts in the account are paid in full, a
     credit in lieu of interest shall be made to the account on December 31 of
     each year (or on the date of the final installment payment from the
     account, as the case may be) in an amount equal to interest on the balance
     from time to time outstanding in the account during the year at a rate
     equal to the average prime rate of interest less one percentage point. For
     purposes of this section the "average prime rate of interest" in effect
     during the applicable period shall be computed by multiplying each prime
     rate of interest in effect at the Firstar Bank of Milwaukee during such
     period by the number of days each such rate was so in effect, and by
     dividing the total number so obtained by the total number of days in such
     period.

                                       8
<PAGE>

                                  ARTICLE VII

                 Plan Participation, Transfers and Terminations
                 ----------------------------------------------

7.1  Participant. "Participant" shall mean an employee employed on a regular
     full time or part-time basis by the Company and who has been recommended by
     the Chief Executive Officer to be eligible to participate in the Plan and
     approved by the Committee. In order to be eligible for a Combined Bonus for
     a year, the Participant must be designated as such pursuant to Section 1.4.
     A person shall remain a Participant for other purposes of the Plan as long
     as he/she has a Bonus Bank balance or a deferred balance.

7.2  New Participants. The percentage (%) of award to which a Participant is
     entitled in the first year of his/her participation in the Plan is prorated
     at a rate of 1/12 for each complete month from the date of participation.

7.3  Changing Position Level/Promotions. The Target Bonus of a Participant who
     has changed position level or has been promoted during a given year and
     such position change or promotion necessitates a change in the
     Participant's Target Bonus Percentage will be prorated at a rate of 1/12
     for each complete month commencing with the event generating the change and
     based on his/her Base Pay in each position. Plan Participants who transfer
     between business units during a year will have their Target Bonuses and
     unit participation reviewed and approved by the Committee based on the
     specific circumstances of each situation.

7.4  Retirement, Disability, Involuntary Termination Without Cause or Death. A
     Participant who retires under the terms of the Company's Retirement Plan,
     or suffers a "disability", as such term is defined in the Company's
     long-term disability benefits program and is not reasonably expected by
     management to return to work, or is involuntarily terminated without cause
     or who dies shall be eligible to receive the balance of his/her Bonus Bank
     as of the end of the year pursuant to Article 5.6 after taking into account
     the actual bonus value for the said year. The actual bonus value for the
     said year shall be equal to zero dollars ($0) if the Participant has not
     completed six full months of employment with the Company during the year.
     Otherwise, the percentage of award for the said year to which a Participant
     is entitled shall be prorated at a rate of 1/12 for each complete month of
     employment during the year.

7.5  Voluntary Termination. In the event that a Participant voluntarily
     terminates employment with the Company on or before the end of the
     applicable fiscal year, the right of the Participant to his/her Bank
     Balance and/or any potential current year payout shall be forfeited.

7.6  Termination for Cause. "Cause" shall mean:

          (1)  misappropriation by the Participant of funds of the Company or
               any of its subsidiaries;

                                       9
<PAGE>

          (2)  the Participant personally and secretly obtaining profits from
               dealings with the Company or any of its subsidiaries;
          (3)  the Participant's unreasonable neglect of, or refusal to perform,
               his/her duties or responsibilities; and
          (4)  conviction of a serious crime involving moral turpitude.

7.7  Payment and Breach of Agreement. Notwithstanding any other provision of the
     Plan or any other agreement, in the event that a Participant shall breach
     any noncompetition agreement with the Company or breach any agreement with
     respect to the postemployment conduct of such Participant, any remaining
     payment otherwise due to the Participant hereunder shall be forfeited.

7.8  No Guarantee. Selection as a Participant is no guarantee that benefits
     under the Plan will be earned or that selection as a Participant will be
     made in any subsequent year.

                                  ARTICLE VIII

                               General Provisions
                               ------------------

8.1  Withholding of Taxes. The Company shall have the right to withhold the
     amount of taxes, which in the determination of the Company, are required to
     be withheld under law with respect to any amount due or paid under the
     Plan.

8.2  Expenses. All expenses and costs in connection with the adoption and
     administration of the Plan shall be borne by the Company.

8.3  No Prior Right or Offer. Except and until expressly granted pursuant to the
     Plan, nothing in the Plan shall be deemed to give any employee any
     contractual or other right to participate in the benefits of the Plan.

8.4  Rights Personal to Participant. Any rights provided to a Participant under
     the Plan shall be personal to such Participant, shall not be transferable
     (except by will or pursuant to the laws of descent or distribution), and
     shall be exercisable, during his/her lifetime, only by such Participant.

8.5  Distribution of Bank Balances Upon Termination of the Plan. Upon
     termination of the Plan, the Bank Balance of each Participant shall be
     distributed as soon as practicable but in no event later than 90 days from
     such event.

                                   ARTICLE IX

                                   Limitation
                                   ----------

9.1  No Continued Employment. Nothing contained herein shall provide any
     Participant with any right to continued employment or in any way abridge
     the rights of the

                                       10
<PAGE>

     Company to determine the terms and conditions of employment and whether to
     terminate employment of any Participant

9.2  No Vested Rights. Except as otherwise provided herein, no Participant or
     other person shall have any claim of right (legal, equitable, or otherwise)
     to any award, allocation, or distribution or any right, title, or vested
     interest in any amounts in his/her Bonus Bank and no officer or employee of
     the Company or any other person shall have any authority to make
     representations or agreements to the contrary. No interest conferred herein
     to a Participant shall be assignable or subject to claim by a Participant's
     creditors. The right of the Participant to receive a distribution hereunder
     shall be an unsecured claim against the general assets of the Company, and
     the Participant shall have no rights in or against any specific assets of
     the Company as the result of participation hereunder.

9.3  Not Part of Other Benefits. The benefits provided in this Plan shall not be
     deemed a part of any other benefit provided by the Company to its
     employees. The Company assumes no obligation to Participants except as
     specified herein. This is a complete statement, along with the Exhibits
     attached hereto, of the terms and conditions of the Plan.

9.4  Other Plans. Nothing contained herein shall limit the Company or the
     Committee's power to grant bonuses to employees of the Company, whether or
     not Participants in this Plan.

9.5  Limitations. Neither the establishment of the Plan nor the grant of an
     award hereunder shall be deemed to constitute an express or implied
     contract of employment for any period of time or in any way abridge the
     rights of the Company to determine the terms and conditions of employment
     or to terminate the employment of any Participant with or without cause at
     any time.

9.6  Unfunded Plan. This Plan is unfunded. Nothing herein shall create or be
     construed to create a trust of any kind, or a fiduciary relationship
     between the Company and any Participant.

                                   ARTICLE X

                                   Authority
                                   ---------

10.1 Committee Authority. Except as otherwise expressly provided herein, full
     power and authority to interpret and administer this Plan shall be vested
     in the Committee. The Committee 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
     Committee arising out of or in connection with the construction,
     administration, interpretation and effect of the Plan shall be final,

                                       11
<PAGE>

     conclusive and binding upon all participants and any person claiming under
     or through them.

10.2 Board of Directors Authority. The Board shall be ultimately responsible for
     administration of the Plan. The Board or the Committee, as appropriate,
     shall work with the Chief Executive Officer of the Company in all aspects
     of the administration of the Plan.

                                   ARTICLE XI

                                     Notice
                                     ------

11.1 Any notice to be given pursuant to the provisions of the Plan shall be in
     writing and directed to the appropriate recipient thereof at his/her
     business address or office location.

                                  ARTICLE XII

                                 Effective Date
                                 --------------

12.1 This Plan was originally effective as of January 1, 1998. The effective
     date of this restatement is January 2, 2000.

12.2 The Plan is intended to remain in force indefinitely beginning on the first
     day of each fiscal year after the effective date hereof, unless the Board
     of Directors, in its discretion, terminates it by resolution and notifies
     the Participants.

                                  ARTICLE XIII

                                   Amendments
                                   ----------

13.1 Amendment. This Plan may be amended or terminated at any time at the sole
     discretion of the Board upon the recommendation of the Committee. The
     annual activities of the Committee pursuant to the Plan are not Plan
     amendments, including but not limited to the determinations pursuant to
     Section 1.4.

13.2 Protected Benefits. Notwithstanding the foregoing, after the last day of an
     applicable fiscal year, other than 1998, the Plan may not be amended or the
     Participants revised such that the Participant receives less than the
     amount payable by the Plan nor may an amendment reduce or eliminate any
     previously banked amount under Article V prior to such amendment or
     revision. For 1998, the Committee, at its discretion, has the right to make
     any retroactive changes to the terms and conditions of the Plan it deems
     necessary and prudent up to and including the date of payment of bonuses
     pursuant to Section 5.6.

                                       12
<PAGE>

13.3 Notice. Notice of any amendment or termination shall be given promptly to
     each Participant.

                                  ARTICLE XIV

                                 Applicable Law
                                 --------------

14.1 This Plan shall be construed in accordance with the provisions of the laws
     of the State of Wisconsin to the extent not preempted by Federal law.

                                       13BANTA CORPORATION

                              ECONOMIC PROFIT (EP)

                      LONG-TERM INCENTIVE COMPENSATION PLAN

               (As Amended and Restated Effective January 2, 2000)

                                   ARTICLE I

                              Statement of Purpose
                              --------------------

1.1  The purpose of the Banta Corporation (the "Company") Economic Profit ("EP")
     Long-Term Incentive Compensation Plan (the "Plan") is to provide an
     incentive compensation system which promotes and rewards the maximization
     of shareholder value over the long term. The Plan is designed to create a
     focus for all participants to achieve the key financial and strategic
     objectives which drive shareholder value creation. The Plan aims to provide
     a fair and meaningful reward for achieving or surpassing shareholder value
     creation goals by directly linking incentive compensation to EP and,
     thereby, reward management for creating value.

1.2  There are two different performance measures of value creation, EPS and EP.
     EPS is the fully diluted earnings per average share of common stock of the
     Company for the applicable year. EP is the performance measure of value
     creation. EP reflects the benefits and costs of capital employment.
     Managers create value when they employ capital in an endeavor that
     generates a return that exceeds the cost of the capital employed. By
     imputing the cost of capital upon the operating profits generated by the
     Company, EP measures the total value created by management.

             EP = (Net Operating Profit After Tax - Capital Charge)

1.3  Each Plan Participant has a prescribed Target Bonus which is composed of
     two components, Actual EP Bonus based on the Company's EP results and
     Actual EPS Bonus based on the Company's EPS results. Each bonus will be
     paid out one-third annually over a three year period subject to the payout
     rules contained in Section 5.5. In no circumstance will the Participant be
     required to reimburse the Company for negative bank balances.

1.4  The Plan will be administered on a fiscal year basis under the direction
     and control of the Compensation Committee of the Banta Corporation Board of
     Directors (the "Committee"). At a meeting of the Committee during the first
     quarter of each year the Committee will review and approve the list of Plan
     Participants for such year, along with the Company's Cost of Capital,
     Target EP, Improvement Factor, Bonus Table Generator amounts for such year
     and the applicable targets for EPS.

                                       1
<PAGE>
                                   ARTICLE II

                    Definition of EP and the Components of EP
                    -----------------------------------------

2.1  "Capital" means the net investment employed in the operations of the
     Company. The components of Capital are as follows:

                        Shareholders Equity
           Plus:        Advances from (to) Corporate
           Plus:        Collected cash overdrafts (balances)
           Plus:        Long-term debt (including current portion) and
                         short-term debt
           Plus:        Deferred taxes (net of future tax benefit)
           Plus:        Accrued (prepaid) income taxes
           Plus:        LIFO Reserve
           Plus:        Cumulative goodwill and non-compete amortization
           Plus:        Acquisition earnouts paid
           Plus:        Capitalized leases
           Plus:        Non-cash accruals
           Plus:        Negative EP on acquisitions and/or major R&D projects
                         approved by the Chief Executive Officer
           Plus/Less:   Other capital items as determined by management and
                         approved by the Committee
           Less:        Non-operating Cash
           ----         ------------------
           Equals:      Capital

     Each component of Capital will be measured by computing an average balance
     based on the ending period balance for each period the Company closes its
     books within the year.

2.2  "Cost of Capital" will be estimated at the beginning of each year based on
     the weighted average of the after-tax cost of debt and equity for the year
     in question for the entire Company. Calculations will be carried to one
     decimal point.

2.3  "Capital Charge" means the deemed opportunity cost of employing Capital in
     the Company. The Capital Charge is computed as follows:

           Capital Charge = Capital x Cost of Capital

2.4  "Net Operating Profit After Tax" or "NOPAT"

                                       2
<PAGE>

     "NOPAT" means the after-tax earnings attributable to the capital employed
     in the Company for the year in question. The components of NOPAT are as
     follows:

                        Operating Earnings Before Income Taxes
           Plus:        Miscellaneous income (excluding interest income)
           Plus:        Current LIFO expense
           Plus:        Change in non-cash accruals
           Plus:        Capitalized lease adjustment
           Plus:        Non-compete amortization
           Plus:        Goodwill amortization
           Plus:        Acquisition earnouts expensed
           Plus:        R&D expense
           Plus:        R&D amortization
           Plus/Less:   Other items as determined by management and approved by
                        the Committee
           Less:        Income Taxes
           ----         ------------
           Equals:      Net Operating Profit After Tax

     Gains and losses on the sale of assets, gains and losses on the disposition
     of businesses and/or business segments, restructuring charges and other
     large non-recurring gains and losses will be excluded from NOPAT unless the
     Committee determines that a specific item should be included.

2.5  "Economic Profit" or "EP" means the NOPAT that remains after subtracting
     the Capital Charge, expressed as follows:

                        NOPAT
           Less:        Capital Charge
           ----         --------------
           Equals:      EP

     EP may be positive or negative.

2.6  Operations acquired will be excluded from the EP computations for the first
     12 months after acquisition, unless the Committee approves earlier, or
     later, inclusion based on the facts related to a specific acquisition.

                                  ARTICLE III

                   Definition and Computation of Target Bonus
                   ------------------------------------------

3.1  "Actual EP" means the EP as calculated for the Company for the year in
     question.

3.2  "Target EP" means the level of EP that is expected in order for a
     Participant of the Company to receive one hundred percent (100%) of the
     Target Bonus attributable to the EP component.

                                       3
<PAGE>

     Target EP is calculated according to the following formula:

     Target EP=Prior Yr's Actual EP + Prior Yr's Target EP + Improvement Factor
               -------------------------------------------
                                      2

     For the initial year, Target EP will be established by the Committee
     independent of the above formula.

3.3  "Target Bonus" means the "Target Bonus Percentage" times a Participant's
     Base Pay actually paid for the year (see article VII for calculations
     related to a change in a Participant's employment status).

3.4  "Target Bonus Percentage" is 25% for each Participant.

3.5  "Base Pay" means the Participant's base rate of salary excluding bonuses
     and other benefits or forms of compensation.

3.6  "Improvement Factor" means the prior year's Capital multiplied by X%, where
     X is uniquely identified annually. If the Company returned a negative EP in
     the prior year, the Improvement Factor will be a fixed dollar amount rather
     than an amount based on X. This amount will be approved by the Committee
     pursuant to Section 1.4.

3.7  "Actual EPS Bonus" means the bonus earned by a Participant based on EPS
     results for the applicable year and the schedule of positive and negative
     percentages of the Target Bonus attributable to the EPS results as
     determined by the Committee.

                                   ARTICLE IV

                   Definition and Computation of Actual Bonus
                   ------------------------------------------

4.1  Each Participant shall have his/her Target Bonus subdivided into two
     component targets, a target based on total Company EP results and a target
     based on EPS. Unless otherwise specifically provided by the Committee, the
     Target Bonus will be split fifty-fifty between the two components.

4.2  "Actual EP Bonus" means the bonus earned by a Participant based on total
     Company EP results and is calculated by multiplying the Target Bonus by a
     percentage which is determined as follows:

                        [Actual EP - Target EP]      + 1
                        -----------------------
                        [Bonus Table Generator]

4.3  "Bonus Table Generator" is the annually determined negative (positive)
     deviation from Target EP necessary before a zero (two times Target) bonus
     is earned.

                                       4
<PAGE>

4.4  "Combined Bonus" is the sum of the Actual EP Bonus and Actual EPS Bonus.
     The Combined Bonus, whether positive or negative, will be capped at three
     hundred percent (300%) of Target Bonus for each Participant such that any
     amounts above (or below for a negative number) three hundred percent (300%)
     of a Participant's Target Bonus will be ignored for any calculation and
     other purpose of this Plan.

                                   ARTICLE V

                           Description of Bonus Banks
                           --------------------------

5.1  Establishment of a Bonus Bank. To encourage a long-term commitment by
     Participants to the Company, all Combined Bonus amounts shall be credited
     to (or debited against in the case of a negative Combined Bonus amount) "at
     risk" accounts (Bonus Banks), with the level of future payout contingent on
     sustained high performance and continued employment as provided herein.

5.2  Although a Bonus Bank may, as a result of negative EP, have a deficit, no
     Participant shall be required, at any time, to reimburse his/her Bonus
     Bank.

5.3  "Bonus Bank" means, with respect to each Participant, a bookkeeping record
     of an account to which amounts are credited, or debited as the case may be,
     from time to time under the Plan and from which bonus payments to such
     Participants are debited.

5.4  "Bank Balance" means, with respect to each Participant, a bookkeeping
     record of the net balance of the amounts credited to and debited against
     such Participant's Bonus Bank. A Participant's Bank Balance shall initially
     be equal to zero.

5.5  Payout Rules:

     (A) If there is no positive or negative balance in the Bonus Bank carried
     over from the prior year:
          (1)  If the Combined Bonus is positive, pay out 1/3 of the Combined
               Bonus. Add the remaining Combined Bonus to the Bonus Bank. Unless
               negative bonuses in subsequent years reduce the payout, the
               banked amount will be paid out in two equal installments
               beginning with a payment at the time that bonuses would be paid
               for the subsequent year.
          (2)  If the Combined Bonus is negative for the year, a negative Bonus
               Bank balance equal to such amount will be created. Any such
               negative amount will be offset against positive bonuses earned in
               subsequent years. No payouts will be made under the Plan until
               the negative balance is absorbed by future credits to the Bonus
               Bank.
          (3)  Carry forward any positive or negative Bonus Bank amounts.

     (B) If there is a positive Bonus Bank balance carried forward:
          (1)  If a positive Combined Bonus was earned for the year:

                                       5
<PAGE>

               (a)  Pay out 1/3 of the Combined Bonus earned for the current
                    year.
               (b)  Pay out any scheduled installments from prior years
                    applicable to the current year.

          (2)  If the Combined Bonus is negative for the year:
               (a)  If the Combined Bonus is greater than the carryover balance,
                    the entire prior positive balance will be eliminated. The
                    remaining negative balance will be offset against bonuses
                    earned in subsequent years as in (A)(2) above.
               (b)  If the negative bonus is less than the carryover balance, it
                    will first offset any scheduled installment amount which
                    would have otherwise been paid for the current year. Any
                    negative amount remaining after this offset will be used to
                    reduce any installments that would otherwise have been paid
                    for the subsequent year.
          (3) Carry forward any positive or negative Bonus Bank balances.

     (C)  If there is a negative Bonus Bank balance carried forward:
          (1)  If the Combined Bonus is positive for the year:
               (a)  If the Combined Bonus is greater than the negative carryover
                    balance, the negative balance will be offset against the
                    current payment and the two installment payments in the
                    order in which they would otherwise have been paid until the
                    negative balance is consumed. No payment will be made from
                    the Bonus Bank unless all carryover negative balances have
                    been offset.
               (b)  If the Combined Bonus earned is less than the negative
                    carryover balance, the two are offset and the remaining
                    negative balance will be carried forward to the next year.
          (2)  If the Combined Bonus is negative for the year it will be added
               to the negative carryover balance.
          (3)  Carry forward any positive or negative balances.

     See attached Exhibit A for payout examples.

5.6  Payment of Awards. All amounts payable to Participants shall be paid in
     cash within 30 days following approval of the calculations by the
     Committee.

                                   ARTICLE VI

                                Deferred Payment
                                ----------------

6.1  Deferrals. A Participant may elect in advance to defer payment of all or
     any portion of the payments he/she would otherwise receive pursuant to
     Sections 5.5 and 5.6. No bonus amount otherwise payable in a year shall be
     deferred for any year unless the Company shall have received a written
     notice from the Participant not later than December 31 of the second
     preceding year specifying the portion of the award which is to be deferred.
     By way of example, an election to defer any 1998 awards (which would

                                       6
<PAGE>

     otherwise be paid in early 1999) must be received by December 31,1997. Any
     such deferral election shall be irrevocable.

6.2  Deferral Accounts. All amounts so deferred will be credited, as of the
     dates otherwise payable, to an account created on the Company's books for
     the Participant. Amounts standing to a Participant's credit in the account
     shall be paid to the Participant or his designated beneficiary or estate:
     (1) over a period of not more than fifteen years following termination of
     the Participant's employment by reason of death, disability or normal or
     early retirement as permitted by the Company's Retirement Plan; and (2)
     over a period of not more than three years following termination of a
     Participant's employment for any other reason, in either case at such times
     and in such installments as shall be determined in the sole discretion of
     the Committee.

6.3  Interest. Until such time as all amounts in the account are paid in full, a
     credit in lieu of interest shall be made to the account on December 31 of
     each year (or on the date of the final installment payment from the
     account, as the case may be) in an amount equal to interest on the balance
     from time to time outstanding in the account during the year at a rate
     equal to the average prime rate of interest less one percentage point. For
     purposes of this section the "average prime rate of interest" in effect
     during the applicable period shall be computed by multiplying each prime
     rate of interest in effect at the Firstar Bank of Milwaukee during such
     period by the number of days each such rate was so m effect, and by
     dividing the total number so obtained by the total number of days in such
     period.

                                  ARTICLE VII

                 Plan Participation, Transfers and Terminations
                 ----------------------------------------------

7.1  Participant. "Participant" shall mean an employee employed on a regular
     full time or part-time basis by the Company and who has been recommended by
     the Chief Executive Officer to be eligible to participate in the Plan and
     approved by the Committee. In order to be eligible for an Actual EP Bonus
     for a year, the Participant must be designated as such pursuant to Section
     1.4. A person shall remain a Participant for other purposes of the Plan as
     long as he/she has a Bonus Bank balance or a deferred balance.

7.2  New Participants. The percentage (%) of award to which a Participant is
     entitled in the first year of his/her participation in the Plan is prorated
     at a rate of 1/12 for each complete month from date of participation.

7.3  Retirement. Disability. Involuntary Termination Without Cause or Death. A
     Participant who retires under the terms of the Company's Retirement Plan,
     or suffers a "disability", as such term is defined in the Company's
     long-term disability benefits program and is not reasonably expected by
     management to return to work, or is involuntarily terminated without cause
     or who dies shall be eligible to receive the

                                       7
<PAGE>

     balance of his/her Bonus Bank as of the end of the year pursuant to Article
     5.6 after taking into account the actual bonus value for the said year. The
     actual bonus value for the said year shall be equal to zero dollars ($0) if
     the Participant has not completed six full months of employment with the
     Company during the year. Otherwise, the percentage of award for the said
     year to which a Participant is entitled shall be prorated at a rate of 1/12
     for each complete month of employment during the year.

7.4  Voluntary Termination. In the event that a Participant voluntarily
     terminates employment with the Company on or before the end of the
     applicable fiscal year, the right of the Participant to his/her Bank
     Balance and/or any potential current year payout shall be forfeited.

7.5  Termination for Cause. "Cause" shall mean:

          (1)  misappropriation by the Participant of funds of the Company or
               any of its subsidiaries;
          (2)  the Participant personally and secretly obtaining profits from
               dealings with the Company or any of its subsidiaries;
          (3)  the Participant's unreasonable neglect of, or refusal to perform,
               his/her duties or responsibilities; and
          (4)  conviction of a serious crime involving moral turpitude.

7.6  Payment and Breach of Agreement. Notwithstanding any other provision of the
     Plan or any other agreement, in the event that a Participant shall breach
     any noncompetition agreement with the Company or breach any agreement with
     respect to the postemployment conduct of such Participant, any remaining
     payment otherwise due to the Participant hereunder shall be forfeited.

7.7  No Guarantee. Selection as a Participant is no guarantee that benefits
     under the Plan will be earned or that selection as a Participant will be
     made in any subsequent year.

                                  ARTICLE VIII

                               General Provisions
                               ------------------

8.1  Withholding of Taxes. The Company shall have the right to withhold the
     amount of taxes, which in the determination of the Company, are required to
     be withheld under law with respect to any amount due or paid under the
     Plan.

8.2  Expenses. All expenses and costs in connection with the adoption and
     administration of the Plan shall be borne by the Company.

8.3  No Prior Right or Offer. Except and until expressly granted pursuant to the
     Plan, nothing in the Plan shall be deemed to give any employee any
     contractual or other right to participate in the benefits of the Plan.

                                       8
<PAGE>

8.4  Rights Personal to Employee. Any rights provided to a Participant under the
     Plan shall be personal to such Participant, shall not be transferable
     (except by will or pursuant to the laws of descent or distribution), and
     shall be exercisable, during his/her lifetime, only by such Participant.

8.5  Distribution of Bank Balances Upon Termination of the Plan. Upon
     termination of the Plan, the Bank Balance of each Participant shall be
     distributed as soon as practicable but in no event later than 90 days from
     such event.

                                   ARTICLE IX

                                   Limitation
                                   ----------

9.1  No Continued Employment. Nothing contained herein shall provide any
     Participant with any right to continued employment or in any way abridge
     the rights of the Company to determine the terms and conditions of
     employment and whether to terminate employment of any Participant.

9.2  No Vested Rights. Except as otherwise provided herein, no employee or other
     person shall have any claim of right (legal, equitable, or otherwise) to
     any award, allocation, or distribution or any right, title, or vested
     interest in any amounts in his/her Bonus Bank and no officer or employee of
     the Company or any other person shall have any authority to make
     representations or agreements to the contrary. No interest conferred herein
     to a Participant shall be assignable or subject to claim by a Participant's
     creditors. The right of the Participant to receive a distribution hereunder
     shall be an unsecured claim against the general assets of the Company and
     the Participant shall have no rights in or against any specific assets of
     the Company as the result of participation hereunder.

                                   ARTICLE X

                                   Authority
                                   ---------

10.1 Committee Authority. Except as otherwise expressly provided herein, full
     power and authority to interpret and administer this Plan shall be vested
     in the Committee. The Committee 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
     Committee 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.

10.2 Board of Directors Authority. The Board shall be ultimately responsible for
     administration of the Plan. The Board or the Committee, as appropriate,
     shall work

                                       9
<PAGE>

     with the Chief Executive Officer of the Company in all aspects of the
     administration of the Plan.

                                   ARTICLE XI

                                     Notice
                                     ------

11.1 Any notice to be given pursuant to the provisions of the Plan shall be in
     writing and directed to the appropriate recipient thereof at his/her
     business address or office location.

                                  ARTICLE XII

                                 Effective Date
                                 --------------

12.1 This Plan was originally effective as of January 1, 1998. The effective
     date of this restatement is January 2, 2000.

12.2 The Plan is intended to remain in force indefinitely beginning on the first
     day of each fiscal year after the effective date hereof, unless the Board
     of Directors, in its discretion, terminates it by resolution and notifies
     the Participants.

                                  ARTICLE XIII

                                   Amendments
                                   ----------

13.1 Amendment. This Plan may be amended or terminated at any time at the sole
     discretion of the Board upon the recommendation of the Committee. The
     annual activities of the Committee pursuant to the Plan are not Plan
     amendments, including but not limited to the determinations pursuant to
     Section 1.4.

13.2 Protected Benefits. Notwithstanding the foregoing, after the last day of an
     applicable fiscal year, other than 1998, the Plan may not be amended or the
     Participants revised such that the Participant receives less than the
     amount payable by the Plan nor may an amendment reduce or eliminate any
     previously banked amount under Article V prior to such amendment or
     revision. For 1998, the Committee, at its discretion, has the right to make
     any retroactive changes to the terms and conditions of the Plan it deems
     necessary and prudent up to and including the date of payment of bonuses
     pursuant to Section 5.6.

13.3 Notice. Notice of any amendment or termination shall be given promptly to
     each Participant.

                                       10
<PAGE>

                                  ARTICLE XIV

                                 Applicable Law
                                 --------------

14.1 This Plan shall be construed in accordance with the provisions of the laws
     of the State of Wisconsin to the extent not preempted by Federal law.

                                       11

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