Document:

Exhibit
10.30

AMENDED AND RESTATED 

EMPLOYMENT AND NON-COMPETITION
AGREEMENT

(John
A. Saxton)

This AMENDED AND
RESTATED EMPLOYMENT AND NON-COMPETITION
AGREEMENT (this “Agreement”), effective as of March 29, 2007,
is between The Sheridan Group, Inc., a Maryland corporation (the “Employer”),
and John A. Saxton (the “Employee”).

WHEREAS, the Employer wishes to
amend and restate the Employment Agreement originally dated February 2, 1998
and amended April 1, 2000 between the Employer and the Employee to comply with
the requirements of Internal Revenue Code section 409A; and

WHEREAS, the Employer wishes to
employ the Employee as an executive officer of the Employer, and the Employee
wishes to work as an executive officer of the Employer, on the terms set forth
below.

NOW, THEREFORE,
it is hereby agreed as follows:

§1. EMPLOYMENT.  The Employer hereby employs the Employee, and
the Employee hereby accepts employment, upon the terms and subject to the
conditions hereinafter set forth.

§2. DUTIES. 
The Employee shall be employed as the President and Chief Executive
Officer of the Employer  In such
capacity, the Employee shall have the executive responsibilities and duties
assigned by the Employer’s Board of Directors (the “Board”).  The Employee agrees to devote his full time
and best efforts to the performance of his duties to the Employer.  Nothing contained herein shall be construed
as prohibiting the Employee from serving as a director of any entity that is
not in the Designated Industry, as defined in §8, so long as such activity does
not involve a substantial time commitment and otherwise does not interfere with
the performance of his duties under this Agreement.

§3. TERM. 
The term of employment of the Employee hereunder shall commence on April
1, 2007 (the “Commencement  Date”) and shall continue until March
31, 2008 (the “Initial  Term”), unless earlier terminated pursuant
to §6, and shall be renewed automatically for additional one (1) year terms
thereafter unless terminated by either party by written notice to the other
party given at least  ninety (90) days
prior to the expiration of the then current term.

§4. COMPENSATION  AND  BENEFITS.  During the term of the Employee’s employment
hereunder, in consideration for the services of the Employee hereunder, the
Employer shall compensate the Employee as follows:

(a) Base  Salary.  The Employer shall pay the Employee, in
accordance with the Employer’s current payroll practices, a base salary (the “Base
Salary”).  The Base Salary will be
paid at an annual rate of $560,000.  The
Base Salary may be increased from time to time at the discretion of the Board
and is in addition to the other benefits set forth herein.

(b) Management  Incentive  Bonus.  The Employee shall be eligible to receive
from the Employer, for each of the fiscal years of the Employer ended after the
date hereof, a management incentive bonus (the “Incentive  Bonus”)
in an amount up to one hundred percent (100%) of the Base Salary for such
fiscal year, in accordance with an incentive bonus plan to be adopted by the
Board prior to the end of the first fiscal quarter for each such fiscal
year.  In accordance with applicable
Federal law, the Incentive Bonus, if any, will be paid by the March 15
following the fiscal year during which the Employee becomes vested in his or
her Incentive Bonus.

(c) Insurance; Other  Benefits.  Accident, disability, and health and life
insurance for the Employee shall be provided by the Employer under group
accident, disability, and health and life insurance plans maintained by the Employer
for, and on the terms and conditions generally applicable to, its full-time,
salaried employees as such employment benefits may be modified from time to
time by the Employer for all full-time, salaried employees.  The amount and extent of such coverage shall
be subject to the discretion of the Board. 
The Employee shall also be eligible to participate in any deferred
compensation or retirement plans maintained by the Employer, in accordance with
the terms of such plans as in effect from time to time.  In addition, the Employer shall continue to
pay the premiums with respect to NY Life Insurance Policy #38 231 112.

§5. EXPENSES.  The Employer shall reimburse the Employee for
all reasonable expenses of types authorized by the Employer and incurred by the
Employee in the performance of his duties hereunder.  The Employee shall comply with such budget
limitations and approval and reporting requirements with respect to expenses as
the Employer may establish from time to time.

§6. TERMINATION.  The Employee’s employment hereunder shall
commence on the Commencement Date and continue until the expiration of the
Initial Term, and any extension of such term pursuant to §3, except that the
employment of the Employee hereunder shall earlier terminate:

(a) Death  or  Disability.  Upon the death of the Employee during the
term of his employment hereunder or, at the option of the Employer, in the
event of the Employee’s physical or mental disability, upon thirty (30) days’
written notice from the Employer.  The
Employee shall be deemed disabled if an independent medical doctor (selected by
the Employer’s health or disability insurer) certifies that the Employee has
for 180 days, consecutive or non-consecutive, in any twelve (12) month
period been physically or mentally disabled in a manner which seriously
interferes with her ability to perform his responsibilities under this
Agreement.  Any refusal by the Employee
to submit to a medical examination for the purpose of certifying physical or
mental disability under this §6(a) shall be deemed to constitute conclusive
evidence of the Employee’s physical or mental disability.

(b) For Cause.  For “Cause” immediately upon written notice
by the Employer to the Employee.  For
purposes of this Agreement, a termination shall be for Cause if any one or more
of the following has occurred:

(i) the
Employee shall have committed an act of fraud, embezzlement or misappropriation
against the Employer, including, but not limited to, the offer, payment,
solicitation or acceptance of any unlawful bribe or kickback with respect to
the Employer’s business; or

(ii) the
Employee shall have been convicted by a court of competent jurisdiction of, or
pleaded guilty or nolo contendere to, any felony or any crime involving moral
turpitude; or

(iii)  the Employee shall have refused, after
explicit written notice, to obey any lawful resolution of or direction by the
Board which is consistent with his duties hereunder; or

(iv)  the Employee has been chronically absent from
work (excluding vacations, illnesses or leaves of absence approved by the
Board); or

(v)  the Employee shall have failed to perform the
duties incident to his employment with the Employer on a regular basis, and
such failure shall have continued for a period of twenty (20) days after written
notice to the Employee specifying such failure in reasonable detail (other than
as a result of the Employee’s Disability); or

(vi)  the
Employee shall have engaged in the unlawful use (including being under the
influence) or possession of illegal drugs on the Employer’s premises; or

(vii)  the Employee shall have breached any one or
more provisions of the Stock Purchase Agreement, dated as of August 1, 2003,
among the Employer and its stockholders as amended and in effect from time to
time, and such breach shall have continued for a period of ten (10) days after
written notice to the Employee specifying such breach in reasonable detail.

(c) Resignation  Without  Good  Reason;
Without Cause.  Upon thirty (30) days’ written notice by the
Employer to the Employee without Cause or by the Employee to the Employer
without Good Reason (as defined below).

(d) Resignation  With  Good  Reason.  Upon written notice by the Employee to
the Employer for Good Reason specifying in reasonable detail the basis for such
termination, provided, that such notice shall be given no more than thirty (30)
days following the event or condition which gives rise to such
termination.  For purposes of this
Agreement, the term “Good Reason” shall mean the occurrence of any of the
events or conditions described in subparagraphs (i) through (ii) hereof without
the Employee’s express written consent which is not corrected within twenty
(20) days after delivery by the Employee of written notice to the Employer:

(i) a material
reduction in the Employee’s status, title, position, scope of authority or
responsibilities, the assignment to the Employee of any duties or
responsibilities which are materially inconsistent with such status, title,

 2
 

position, authority or responsibilities; involuntary
relocation of the Employee to an extent requiring an increase in his commute to
his normal place of employment of more than 50 miles; or any removal of the
Employee from or failure to reappoint him to any of positions to which the
Employee has been appointed by the Employer, except in connection with the
termination of his employment for Cause, as a result of his death or disability
or by the Employee other than for Good Reason; or

(ii) a
material reduction by the Employer in the Employee’s compensation or  benefits.

(e) Rights  and  Remedies  Upon
Termination.

(i)  If the Employee’s employment hereunder is
terminated by the Employer without Cause pursuant to §6(c) or by the Employee
with Good Reason pursuant to §6(d), then the Employee shall be entitled to
receive (A) severance payments, in accordance with the Employer’s payroll
practices in existence on the date of Separation from Service at an annual rate
equal to the sum of (1) the Employee’s Base Salary in effect at the time of
such termination plus (2) the average of the Incentive Bonuses earned by
the Employee for the two fiscal years immediately preceding the date of
termination, for a period equal to the longer of the remainder of the then
current employment term or two years (the “Severance Period”), (B) provided
that the Employee elects continuation coverage, commonly known as COBRA
coverage, under the health insurance plan maintained by the Employer for its
full time salaried employees, the Employer, during the Severance Period, will
pay the excess of the required COBRA premium for the Employee (and his spouse
and dependents to the extent covered by the Employer’s health insurance plan at
the time of Executive’s termination of employment) over the premium paid by the
Employee for such coverage immediately prior to the Employee’s termination of
employment, (C) payment of any expense reimbursements under §5 hereof for
expenses incurred in the performance of his duties prior to termination (which
shall be made by the December 31 of the second calendar year following the year
in which the Employee experiences a Separation from Service), and (D) immediate
vesting of the Employee’s deferred compensation account in accordance with the
Deferred Compensation Plan.  No payment
will be made under this Section 6(e) unless the Employee experiences a
Separation from Service (as defined in subsection (iv) below).  Once payments commence under §6(e)(i)(A),
there shall be no changes made to the payment schedule.

(ii) Except
as otherwise set forth in this §6(e), the Employee shall not be entitled to any
severance or other compensation after termination.

(vi) An
employee experiences a “Separation from Service” if the employee dies, retires,
or otherwise has a termination of employment with the Employer, within the
meaning of Internal Revenue Code section 409A. 
A “Separation from Service” shall occur if the Employee ceases to
perform significant services for the Employer (for example, if the annual level
of services and remuneration are reduced to less than twenty percent (20%) [or
less than fifty percent (50%), if the Employee becomes an independent
contractor] of average prior levels, 
based on the last three full calendar years of employment (or the actual
employment period, if shorter).

(vii) A
“Separation from Service” shall not occur if the Employee is on military leave,
sick leave, or other bona fide leave of absence, if the period of such leave
does not exceed six months, or if longer, so long as the Employee’s right to
reemployment with the Employer is provided either by statute or by contract. If
the period of leave exceeds six months and the Employee’s right to reemployment
is not provided either by statute or by contract, a “Separation from Service”
is deemed to occur on the first date immediately following such six-month period.

§7. INVENTIONS; ASSIGNMENT.  All rights to discoveries, inventions,
improvements and innovations (including all data and records pertaining
thereto) related to the Employer’s business, whether or not patentable,
copyrightable, registrable as a trademark, or reduced to writing, that the
Employee may discover, invent or originate during the term of his employment
hereunder, and for a period of twelve (12) months thereafter, either alone or
with others and whether or not during working hours or by the use of the
facilities of the Employer (“Inventions”), shall be the exclusive
property of the Employer.  The Employee
shall promptly disclose all Inventions to the Employer, shall execute at the
request of the Employer any assignments or other documents the Employer may
deem necessary to protect or perfect its rights therein, and shall assist the
Employer, at the Employer’s expense, in obtaining, defending and enforcing the
Employer’s rights therein.  The Employee
hereby appoints the Employer as his attorney-in-fact to execute on
his behalf any assignments or other documents deemed necessary by the Employer
to protect or perfect its rights to any Inventions.

§8. CONFIDENTIAL  INFORMATION.  The Employee recognizes and acknowledges that
certain proprietary and confidential information of the Employer, including
without limitation information regarding customers, pricing policies,

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methods
of operation, proprietary computer programs, sales, products, profits, costs,
markets, key personnel, formulae, product applications, technical processes,
and trade secrets (hereinafter called “Confidential  Information”)
are valuable, special, and unique assets of the Employer and its
affiliates.  The Employee shall not,
during or after his term of employment, disclose any or any part of the
Confidential Information to any person, firm, corporation, association, or any
other entity for any reason or purpose whatsoever, directly or indirectly,
except as may be required pursuant to his employment hereunder and except as
required by law, unless and until such Confidential Information becomes
publicly available other than as a consequence of the breach by the Employee of
his confidentiality obligations hereunder. 
In the event of the termination of his employment, whether voluntary or
involuntary and whether by the Employer or the Employee, the Employee shall
deliver to the Employer all documents and data pertaining to the Confidential
Information and shall not take with him any documents or data of any kind or
any reproductions (in whole or in part) or extracts of any items relating to
the Confidential Information.

§9. NON-COMPETITION.  In consideration of the Employer’s
obligations hereunder, during the term of the Employee’s employment hereunder
and during the Designated Period (as defined herein), the Employee will not (i)
anywhere within North America, engage, directly or indirectly, alone or as a
shareholder (other than as a holder of stock of the Employer (or any of its
affiliates) or as a holder of less than five percent (5%) of the common stock
of any publicly traded corporation), partner, officer, director, employee or
consultant of any other business organization that (A) is engaged or becomes
engaged in the business of providing publishing and printing services for
periodicals, magazines, books, journals or catalogs or (B) is engaged in any
other business activity that the Employer is conducting at the time of the
Employee’s termination or any activity related thereto of which the Employee
had knowledge that the Employer proposes to conduct (the “Designated  Industry”),
(ii) divert to any competitor of the Employer any customer of the Employer, or
(iii) solicit or encourage any officer, employee or consultant of the Employer
to leave its employ for employment by or with any competitor of the
Employer.  The term “Designated  Period”
shall mean a period following the termination of the Employee’s employment
hereunder equal to the longer of (a) twelve (12) months and (b) the Severance
Period.  If at any time the provisions of
this §9 shall be determined to be invalid or unenforceable, by reason of being
vague or unreasonable as to area, duration or scope of activity, this §9 shall
be considered divisible and shall become and be immediately amended to only
such area, duration and scope of activity as shall be determined to be
reasonable and enforceable by the court or other body having jurisdiction over
the matter; and the Employee agrees that this §9 as so amended shall be valid
and binding as though any invalid or unenforceable provision had not been
included herein.

§10. GENERAL.

(a) Notices.  All notices and other communications
hereunder shall be in writing or by written telecommunication, and shall be
deemed to have been duly given if delivered personally or if mailed by
certified mail, return receipt requested, postage prepaid or sent by written
telecommunication or telecopy, to the relevant address set forth below, or to
such other address as the recipient of such notice or communication shall have
specified to the other party hereto in accordance with this §10(a):

If
to the Employer, to:

c/o
The Sheridan Group, Inc.

11311 McCormick Road, Ste. 260

Hunt Valley, Maryland  21031-1437

Attention:  President

With a copy to:

Carmen
Romano

Dechert LLP

Cira Centre Building

2929 Arch Street

Philadelphia, PA  19104-2808

If to the Employee, to:

John
A. Saxton

12313 Cleghorn Road

Hunt Valley, Maryland 21030

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(b) Equitable Remedies.  Each of the parties hereto acknowledges and
agrees that upon any breach by the Employee of her obligations under §§7, 8 and
9 hereof, the Employer will have no adequate remedy at law, and accordingly
will be entitled to specific performance and other appropriate injunctive and
equitable relief.

(c) Severability.  If any provision of this Agreement is or
becomes invalid, illegal or unenforceable in any respect under any law, the
validity, legality and enforceability of the remaining provisions hereof shall
not in any way be affected or impaired.

(d) Waivers.  No delay or omission by either party hereto
in exercising any right, power or privilege hereunder shall impair such right,
power or privilege, nor shall any single or partial exercise of any such right,
power or privilege preclude any further exercise thereof or the exercise of any
other right, power or privilege.

(e) Counterparts.  This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

(f) Assigns.  This Agreement shall be binding upon and
inure to the benefit of the heirs and successors of each of the parties hereto.

(g) Arbitration of Disputes.  Any controversy or claim arising out of or
relating to this Agreement or the breach thereof shall, to the extent permitted
by law, be settled by arbitration in any forum and form agreed upon by the
parties, or in the absence of such an agreement, under the auspices of the
American Arbitration Association (“AAA”) in Baltimore, Maryland in accordance
with the Employment Dispute Resolution Rules of the AAA, including, but not
limited to, the rules and procedures applicable to the selection of
arbitrators.  Notwithstanding the
foregoing, this §10(g) shall not preclude either party from pursuing a court
action for the sole purpose of obtaining a temporary restraining order or a
preliminary injunction in circumstances in which such relief is appropriate,
provided that any other relief shall be pursued through an arbitration
proceeding pursuant to this §10(g).  The
prevailing party shall be entitled to collect reasonable fees and expenses
incurred by the prevailing party in connection with such arbitration or
litigation from the other party to such arbitration or litigation.

(h) Entire  Agreement.  This Agreement contains the entire
understanding of the parties, supersedes all prior agreements and
understandings relating to the subject matter hereof and shall not be amended
except by a written instrument hereafter signed by each of the parties hereto.

(i) Governing  Law.  This Agreement and the performance hereof
shall be construed and governed in accordance with the laws of the State of
Maryland.

IN WITNESS WHEREOF,
and intending to be legally bound hereby, the parties hereto have caused this
Agreement to be duly executed as of the date and year first above written

	
   

  	
   

  	
  THE SHERIDAN GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Robert
  M. Jakobe

  	
   

  
	
   

  	
   

  	
   

  	
   Title:
  Robert M. Jakobe

  	
   

  
	
   

  	
   

  	
   

  	
  Chief Financial
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   /s/ John A. Saxton

  	
   

  
	
   

  	
   

  	
   

  	
  John A. Saxton

  

 

 5Exhibit
10.31

EMPLOYMENT AND NON-COMPETITION
AGREEMENT

(Joan
B. Davidson)

This
EMPLOYMENT AND NON-COMPETITION AGREEMENT
(this “Agreement”), dated as of March 29, 2007, is between The Sheridan
Group, Inc., a Maryland corporation (the “Employer”), and Joan B.
Davidson (the “Employee”).

WHEREAS, the Employer wishes to
employ the Employee as an executive officer of the Employer, and the Employee
wishes to work as an executive officer of the Employer, on the terms set forth
below.

NOW, THEREFORE,
it is hereby agreed as follows:

§1.    EMPLOYMENT.  The Employer hereby employs the Employee, and
the Employee hereby accepts employment, upon the terms and subject to the
conditions hereinafter set forth.

§2.    DUTIES.  The Employee shall be employed as the Group
President, Sheridan Publication Services of The Sheridan Group, Inc., a
Maryland corporation.  In such capacity,
the Employee shall have the executive responsibilities and duties assigned by
the Employer’s Board of Directors (the “Board”) and shall report
directly to the President of the Employer. 
The Employee agrees to devote her full time and best efforts to the
performance of her duties to the Employer. 
Nothing contained herein shall be construed as prohibiting the Employee
from serving as a director of any entity that is not in the Designated
Industry, as defined in §8, so long as such activity does not involve a
substantial time commitment and otherwise does not interfere with the
performance of her duties under this Agreement.

§3.    TERM.  The term of employment of the Employee
hereunder shall commence on April 1, 2007 (the “Commencement  Date”)
and shall continue until March 31, 2008 (the “Initial  Term”),
unless earlier terminated pursuant to §6, and shall be renewed automatically
for additional one (1) year terms thereafter unless terminated by either party
by written notice to the other party given at least  ninety (90) days prior to the expiration of
the then current term.

§4.    COMPENSATION
AND  BENEFITS.  During
the term of the Employee’s employment hereunder, in consideration for the
services of the Employee hereunder, the Employer shall compensate the Employee
as follows:

(a)     Base
Salary.  The Employer shall
pay the Employee, in accordance with the Employer’s current payroll practices,
a base salary (the “Base  Salary”).  The Base Salary will be paid at an annual
rate of $290,000.  The Base Salary may be
increased from time to time at the discretion of the Board and is in addition
to the other benefits set forth herein.

(b)    Management
Incentive  Bonus.  The
Employee shall be eligible to receive from the Employer, for each of the fiscal
years of the Employer ended after the date hereof, a management incentive bonus
(the “Incentive  Bonus”) in an amount up to fifty percent (50%) of
the Base Salary for such fiscal year, in accordance with an incentive bonus
plan to be adopted by the Board prior to the end of the first fiscal quarter
for each such fiscal year.  In accordance
with applicable Federal law, the Incentive Bonus, if any, will be paid by the
March 15 following the fiscal year during which the Employee becomes vested in
her Incentive Bonus.

(c)     Insurance;
Other  Benefits. 
Accident, disability, and health insurance for the Employee shall be
provided by the Employer under group accident, disability, and health insurance
plans maintained by the Employer for, and on the terms and conditions generally
applicable to, its full-time, salaried employees as such employment
benefits may be modified from time to time by the Employer for all full-time,
salaried employees.  The amount and
extent of such coverage shall be subject to the discretion of the Board.  The Employee shall also be eligible to
participate in any deferred compensation or retirement plans maintained by the
Employer, in accordance with the terms of such plans as in effect from time to
time.

(d)    Retention Bonus.  In addition to the Incentive Bonus, if the
Employee remains employed hereunder on December 31st of any year, the Employee shall be entitled to
receive from the Employer an additional annual bonus for each year (the “Retention
Bonus”) in an amount equal to 25% of the Base Salary then in effect.  This Retention Bonus will be paid by February
15 of the following year into a deferred compensation account in accordance
with the Employer’s Deferred Compensation Plan (the “Deferred Compensation Plan”).  The Retention Bonus will be administered and
subject to a five (5) year vesting requirement as provided in the Deferred
Compensation Plan.

§5.    EXPENSES.  The Employer shall reimburse the Employee for
all reasonable expenses of types authorized by the Employer and incurred by the
Employee in the performance of his duties hereunder.  The Employee shall comply with such budget
limitations and approval and reporting requirements with respect to expenses as
the Employer may establish from time to time.

§6.    TERMINATION.  The Employee’s employment hereunder shall
commence on the Commencement Date and continue until the expiration of the
Initial Term, and any extension of such term pursuant to §3, except that the
employment of the Employee hereunder shall earlier terminate:

(a)     Death
or  Disability.  Upon
the death of the Employee during the term of her employment hereunder or, at
the option of the Employer, in the event of the Employee’s physical or mental
disability, upon thirty (30) days’ written notice from the Employer.  The Employee shall be deemed disabled if an
independent medical doctor (selected by the Employer’s health or disability
insurer) certifies that the Employee has for 180 days, consecutive or non-consecutive,
in any twelve (12) month period been physically or mentally disabled in a
manner which seriously interferes with her ability to perform his
responsibilities under this Agreement. 
Any refusal by the Employee to submit to a medical examination for the
purpose of certifying physical or mental disability under this §6(a) shall be
deemed to constitute conclusive evidence of the Employee’s physical or mental
disability.

(b)    For
Cause.  For “Cause”
immediately upon written notice by the Employer to the Employee.  For purposes of this Agreement, a termination
shall be for Cause if any one or more of the following has occurred:

(i)    the Employee shall have committed an act of
fraud, embezzlement or misappropriation against the Employer, including, but not
limited to, the offer, payment, solicitation or acceptance of any unlawful
bribe or kickback with respect to the Employer’s business; or

(ii)   the Employee shall have been convicted by a
court of competent jurisdiction of, or pleaded guilty or nolo contendere to,
any felony or any crime involving moral turpitude; or

(iii)  the Employee shall have refused, after
explicit written notice, to obey any lawful resolution of or direction by the
Board which is consistent with her duties hereunder; or

(iv)  the Employee has been chronically absent from
work (excluding vacations, illnesses or leaves of absence approved by the
Board); or

(v)   the Employee shall have failed to perform the
duties incident to her employment with the Employer on a regular basis, and
such failure shall have continued for a period of twenty (20) days after
written notice to the Employee specifying such failure in reasonable detail
(other than as a result of the Employee’s Disability); or

(vi)  the Employee shall have engaged in the
unlawful use (including being under the influence) or possession of illegal
drugs on the Employer’s premises; or

(vii) the Employee shall have breached any one or
more provisions of the Stock Purchase Agreement, dated as of August 1, 2003,
among the Employer and its stockholders as amended and in effect from time to
time, and such breach shall have continued for a period of ten (10) days after
written notice to the Employee specifying such breach in reasonable detail.

(c)     Resignation
Without  Good  Reason; Without
Cause.  Upon thirty (30) days’
written notice by the Employer to the Employee without Cause or by the Employee
to the Employer without Good Reason (as defined below).

(d)    Resignation
With  Good  Reason.  Upon
written notice by the Employee to the Employer for Good Reason specifying in
reasonable detail the basis for such termination, provided, that such notice
shall be given no more than thirty (30) days following the event or condition
which gives rise to such termination.  For
purposes of this Agreement, the term “Good Reason” shall mean the occurrence of
any of the events or conditions described in subparagraphs (i) through (ii)
hereof without the Employee’s express written consent which is not corrected
within twenty (20) days after delivery by the Employee of written notice to the
Employer:

 2
 

(i)  a material
reduction in the Employee’s status, position, scope of authority or
responsibilities, the assignment to the Employee of any duties or
responsibilities which are materially inconsistent with such status, position,
authority or responsibilities; involuntary relocation of the Employee to an
extent requiring an increase in his commute to his normal place of employment
of more than 50 miles; or any removal of the Employee from or failure to
reappoint him to any of positions to which the Employee has been appointed by
the Employer, except in connection with the termination of his employment; or

(ii) a material
reduction by the Employer in the Employee’s compensation or benefits, except in
conjunction with a general reduction by the Employer in the salaries of it’s
executive level employees or the  TSG
management team.

(e)     Rights
and  Remedies  Upon  Termination.

(i)   If the Employee’s employment hereunder is
terminated by the Employer without Cause pursuant to §6(c) or by the Employee
with Good Reason pursuant to §6(d), then the Employee shall be entitled to
receive (A) severance payments, in accordance with the Employer’s payroll
practices in existence on the date of Separation from Service at an annual rate
equal to the sum of (1) the Employee’s Base Salary in effect at the time of
such termination plus (2) the average of the Incentive Bonuses earned by
the Employee for the two fiscal years immediately preceding the date of
termination, for a period equal to eighteen (18) months (the “Severance Period”),
(B) provided that the Employee elects continuation coverage, commonly known as
COBRA coverage, under the health insurance plan maintained by the Employer for
its full time salaried employees, the Employer, during the Severance Period,
will pay the excess of the required COBRA premium for the Employee (and his
spouse and dependents to the extent covered by the Employer’s health insurance
plan at the time of Executive’s termination of employment) over the premium
paid by the Employee for such coverage immediately prior to the Employee’s
termination of employment, (C) payment of any expense reimbursements under §5
hereof for expenses incurred in the performance of his duties prior to
termination (which shall be made by the December 31 of the second calendar year
following the year in which the Employee experiences a Separation from
Service), and (D) immediate vesting of the Employee’s deferred compensation
account in accordance with the Deferred Compensation Plan. No payment will be
made under this Section 6(e) unless the Employee experiences a Separation from
Service (as defined in subsection (iv) below). 
Once payments commence under §6(e)(i)(A), there shall be no changes made
to the payment schedule.

(ii)  Notwithstanding
the provisions of §6(e)(i), in the event the Employee accepts other employment
during the Severance Period, the Employer shall be entitled to reduce the
amount payable under §6(e)(i) by an amount equal to the income received by the
Employee pursuant to such new employment during the Severance Period.

(iii)   Except
as otherwise set forth in this §6(e), the Employee shall not be entitled to any
severance or other compensation after termination.

(iv)  An
employee experiences a “Separation from Service” if the employee dies, retires,
or otherwise has a termination of employment with the Employer, within the
meaning of Internal Revenue Code section 409A. 
A “Separation from Service” shall occur if the Employee ceases to
perform significant services for the Employer (for example, if the annual level
of services and remuneration are reduced to less than twenty percent (20%) [or
less than fifty percent (50%), if the Employee becomes an independent
contractor] of average prior levels,  based
on the last three full calendar years of employment (or the actual employment
period, if shorter) .

(v)   A
“Separation from Service” shall not occur if the Employee is on military leave,
sick leave, or other bona fide leave of absence, if the period of such leave
does not exceed six months, or if longer, so long as the Employee’s right to
reemployment with the Employer is provided either by statute or by contract. If
the period of leave exceeds six months and the Employee’s right to reemployment
is not provided either by statute or by contract, a “Separation from Service”
is deemed to occur on the first date immediately following such six-month
period.

§7.    INVENTIONS;
ASSIGNMENT.  All rights to
discoveries, inventions, improvements and innovations (including all data and
records pertaining thereto) related to the Employer’s business, whether or not
patentable, copyrightable, registrable as a trademark, or reduced to writing,
that the Employee may discover, invent or originate during the term of his
employment hereunder, and for a period of six (6) months thereafter, either
alone or with others and whether or not during working hours or by the use of
the facilities of the Employer (“Inventions”), shall be the exclusive
property of the Employer.  The Employee
shall promptly disclose all Inventions to the Employer, shall execute at the
request of the Employer any assignments or other documents the Employer may
deem necessary to protect or perfect its rights therein, and shall assist the
Employer, at the

 3
 

Employer’s
expense, in obtaining, defending and enforcing the Employer’s rights
therein.  The Employee hereby appoints
the Employer as his attorney-in-fact to execute on his behalf any
assignments or other documents deemed necessary by the Employer to protect or
perfect its rights to any Inventions.

§8.    CONFIDENTIAL
INFORMATION.  The Employee
recognizes and acknowledges that certain proprietary and confidential
information of the Employer, including without limitation information regarding
customers, pricing policies, methods of operation, proprietary computer
programs, sales, products, profits, costs, markets, key personnel, formulae,
product applications, technical processes, and trade secrets (hereinafter
called “Confidential  Information”) are valuable, special, and
unique assets of the Employer and its affiliates.  The Employee shall not, during or after her
term of employment, disclose any or any part of the Confidential Information to
any person, firm, corporation, association, or any other entity for any reason
or purpose whatsoever, directly or indirectly, except as may be required
pursuant to his employment hereunder and except as required by law, unless and
until such Confidential Information becomes publicly available other than as a
consequence of the breach by the Employee of her confidentiality obligations
hereunder.  In the event of the
termination of her employment, whether voluntary or involuntary and whether by
the Employer or the Employee, the Employee shall deliver to the Employer all
documents and data pertaining to the Confidential Information and shall not
take with her any documents or data of any kind or any reproductions (in whole
or in part) or extracts of any items relating to the Confidential Information.

§9. NON-COMPETITION.  In consideration of the Employer’s
obligations hereunder, during the term of the Employee’s employment hereunder
and during the Designated Period (as defined herein), the Employee will not (i)
anywhere within North America, engage, directly or indirectly, alone or as a
shareholder (other than as a holder of stock of the Employer (or any of its
affiliates) or as a holder of less than five percent (5%) of the common stock
of any publicly traded corporation), partner, officer, director, employee or
consultant of any other business organization that (A) is engaged or becomes
engaged in the business of providing publishing and printing services  journals, catalogs, and books or (B) is
engaged in any other business activity that the Employer is conducting at the
time of the Employee’s termination or any activity related thereto of which the
Employee had knowledge that the Employer proposes to conduct (the “Designated
Industry”), (ii) divert to any competitor of the Employer any customer
of the Employer, or (iii) solicit or encourage any officer, employee or consultant
of the Employer to leave its employ for employment by or with any competitor of
the Employer.  The term “Designated
Period” shall mean a period following the termination of the Employee’s
employment hereunder equal to the longer of (a) twelve (12) months and (b) the
Severance Period.  If at any time the
provisions of this §9 shall be determined to be invalid or unenforceable, by
reason of being vague or unreasonable as to area, duration or scope of
activity, this §9 shall be considered divisible and shall become and be
immediately amended to only such area, duration and scope of activity as shall
be determined to be reasonable and enforceable by the court or other body
having jurisdiction over the matter; and the Employee agrees that this §9 as so
amended shall be valid and binding as though any invalid or unenforceable
provision had not been included herein.

§10.
GENERAL.

(a)     Notices.  All notices and other communications
hereunder shall be in writing or by written telecommunication, and shall be
deemed to have been duly given if delivered personally or if mailed by
certified mail, return receipt requested, postage prepaid or sent by written
telecommunication or telecopy, to the relevant address set forth below, or to
such other address as the recipient of such notice or communication shall have
specified to the other party hereto in accordance with this §10(a):

If
to the Employer, to:

c/o The Sheridan Group, Inc.

11311 McCormick
Road, Ste. 260

Hunt Valley,
Maryland 21031-1437

Attention:
President

 

With
a copy to:

Carmen
Romano

Dechert
LLP

Cira
Centre Building

2929
Arch Street

Philadelphia,
PA  19104-2808

 4
 

If
to the Employee, to:

Joan
B. Davidson

712
Weil Mandel Way

Hunt
Valley, Maryland 21030

(b)    Equitable
Remedies.  Each of the parties
hereto acknowledges and agrees that upon any breach by the Employee of her
obligations under §§7, 8 and 9 hereof, the Employer will have no adequate
remedy at law, and accordingly will be entitled to specific performance and
other appropriate injunctive and equitable relief.

(c)     Severability.  If any provision of this Agreement is or
becomes invalid, illegal or unenforceable in any respect under any law, the
validity, legality and enforceability of the remaining provisions hereof shall
not in any way be affected or impaired.

(d)    Waivers.  No delay or omission by either party hereto
in exercising any right, power or privilege hereunder shall impair such right,
power or privilege, nor shall any single or partial exercise of any such right,
power or privilege preclude any further exercise thereof or the exercise of any
other right, power or privilege.

(e)     Counterparts.  This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

(f)     Assigns.  This Agreement shall be binding upon and
inure to the benefit of the heirs and successors of each of the parties hereto.

(g)    Arbitration
of Disputes.  Any
controversy or claim arising out of or relating to this Agreement or the breach
thereof shall, to the extent permitted by law, be settled by arbitration in any
forum and form agreed upon by the parties, or in the absence of such an
agreement, under the auspices of the American Arbitration Association (“AAA”)
in Baltimore, Maryland in accordance with the Employment Dispute Resolution
Rules of the AAA, including, but not limited to, the rules and procedures
applicable to the selection of arbitrators. 
Notwithstanding the foregoing, this §10(g) shall not preclude either
party from pursuing a court action for the sole purpose of obtaining a
temporary restraining order or a preliminary injunction in circumstances in
which such relief is appropriate, provided that any other relief shall be
pursued through an arbitration proceeding pursuant to this §10(g).  The prevailing party shall be entitled to
collect reasonable fees and expenses incurred by the prevailing party in
connection with such arbitration or litigation from the other party to such
arbitration or litigation.

(h)    Entire
Agreement.  This Agreement
contains the entire understanding of the parties, supersedes all prior
agreements and understandings relating to the subject matter hereof and shall
not be amended except by a written instrument hereafter signed by each of the
parties hereto.

(i)      Governing
Law.  This Agreement and the
performance hereof shall be construed and governed in accordance with the laws
of the State of Maryland.

IN WITNESS WHEREOF,
and intending to be legally bound hereby, the parties hereto have caused this
Agreement to be duly executed as of the date and year first above written

	
  

  	
  THE SHERIDAN GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/
  John A. Saxton

  	
   

  
	
   

  	
  John A. Saxton

  
	
   

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    /s/
  Joan B. Davidson

  	
   

  
	
   

  	
  Joan B. Davidson

  
				

 

 5

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