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EXHIBIT 10.20    
    

EXECUTIVE EMPLOYMENT AGREEMENT  

        This Executive Employment Agreement (this "Agreement") is made and entered into as of July 14, 1999, by and among Viking Merger Sub, Inc., a
Minnesota corporation (which, together with its Subsidiaries (as herein defined) is called the "Company"), and Rick Atterbury ("Employee"). 

WITNESSETH:  

        WHEREAS, Employee is currently employed by the Company; 

        WHEREAS,
the Company desires to continue to employ Employee upon the terms set forth herein; 

        WHEREAS,
Employee desires to continue to be employed by the Company and to memorialize the terms and conditions of such employment; 

        WHEREAS,
the Company is entering into this Agreement by and on behalf of itself and each trade or business in which the Company's direct or indirect ownership of value or voting power is
at least 50% (the "Subsidiaries"); 

        NOW
THEREFORE, Employee and the Company, in consideration of the agreements, covenants and conditions herein, hereby agree as follows: 

        SECTION
1.    Basic Employment Provisions.    

        (a)    Employment.    Effective upon the consummation of the merger of the Company with Merrill Corporation pursuant
to the Merger Agreement (the "Merger Agreement") dated as of July 14, 1999 between the Company and Merrill Corporation (the "Effective Time"), the Company shall continue to employ Employee in
the position in which Employee is currently employed (hereinafter referred to as the "Employment") and Employee agrees to be so employed by the Company, all on the terms and conditions set forth
herein. The Employment shall continue from the date hereof until the Termination Date (as hereinafter defined). 

        (b)    Duties.    Employee shall be subject to the direction of the Board of Directors of the Company (the "Board")
and shall have those duties and responsibilities which are assigned to Employee by the Board consistent with Employee's position. The parties expressly acknowledge that Employee shall devote
Employee's business time and attention to the Company's businesses as is reasonably necessary to discharge Employee's supervisory management responsibilities hereunder. Employee agrees to perform
faithfully the duties assigned to Employee to the best of Employee's ability. 

        (c)    Certain Definitions.    

        (i)    Fiscal Year.    Each reference in this Agreement to "Fiscal Year" means a fiscal year of the Company, and each
reference to "Fiscal" followed by a calendar year means the Fiscal Year ending in that calendar year (e.g.,"Fiscal 2000" means the Company's Fiscal Year ending January 31, 2000). 

        (ii)    Termination Date.    With regard to any termination of the Employment, "Termination Date" means the last day
on which Employee was employed by the Company. 

        (iii)    Person.    "Person" shall have the meaning provided in Sections 3(a)(9) and 13(d)(3) of the Securities
Exchange Act of 1934, as amended, or any successor thereto (the "Exchange Act"). 

        (iv)    Code.    "Code" means the Internal Revenue Code of 1986, as amended, or any successor thereto. 

 

        SECTION
2.    Compensation.    

        (a)    Salary.    At all times while Employee is employed by the Company, the Company shall pay to Employee a salary
as base compensation for the services to be rendered by Employee hereunder. The initial amount of such salary shall be equal to the annual base salary paid by the Company to Employee as of the date
hereof. Such salary shall be reviewed no less frequently than annually by the Board and may be increased upon the approval of the Board in its sole discretion. Such salary shall accrue and be payable
in accordance with the payroll practices of the Company in effect from time to time. All such payments shall be subject to deduction and withholding as required by applicable law. 

        (b)    Bonus.    At all times while Employee is employed by the Company, Employee shall participate in an annual bonus
program (the "Annual Bonus Plan") substantially similar to the bonus program in which Employee is participating with respect to Fiscal 2000 and shall be entitled to a target bonus under such Annual
Bonus Plan not less than the bonus that would be paid for Fiscal 2000 under the annual bonus plan of the Company currently in effect for Employee, assuming the transactions contemplated in the Merger
Agreement did not occur and Company earnings for Fiscal 2000 were $1.82 per share. Performance objectives under such Annual Bonus Plan shall be established by the Board, based on achievement of
projected financial results heretofore provided by management to the DLJ Entities (as defined in the Shareholders Agreement). 

        (c)    Benefits.    At all times while Employee is employed by the Company, Employee shall be entitled to participate
in all such employee benefit plans, programs and arrangements as are customarily accorded the executives of the Company, including without limitation tax qualified profit sharing and retirement plans,
group life, hospitalization and other insurance and vacations, in each case on a basis no less favorable to Employee than as of the date hereof (but excluding stock-option and other equity-based
compensation plans which the parties acknowledge are being provided to Employee under separate agreements). 

        SECTION
3.    Termination.    

        (a)    Death or Disability.    The Employment shall terminate automatically upon the death or total disability of
Employee. For purposes of this Agreement, "total disability" shall be deemed to have occurred if Employee shall have been unable to perform Employee's duties due to mental or physical incapacity for a
period of six (6) consecutive months. 

        (b)    Cause.    By action of the Board, the Company may terminate the Employment for Cause. For purposes of this
Agreement, "Cause" shall be deemed to be (i) the Employee's willful refusal substantially to perform his duties (other than as a result of total or partial incapacity due to physical or mental
illness); (ii) the Employee's conviction of a felony arising from any act of fraud, embezzlement, or willful dishonesty by the Employee in relation to the business or affairs of the Company;
(iii) any other felonious conduct on the part of the Employee that is materially detrimental to the best interests of the Company; (iv) the Employee's being repeatedly under the
influence of illegal
drugs or alcohol while performing his duties; or (v) any other willful act which is materially injurious to the financial condition or business reputation of the Company;  provided that no conduct
described in clauses (i), (iii) or (v) hereof shall constitute Cause unless such conduct was undertaken in bad
faith. 

        (c)    Without Cause.    By action of the Board, the Company may terminate the Employment without Cause. 

        (d)    Involuntary Termination.    "Involuntary Termination" shall mean (i) any termination by the Company that
is not for Cause and (ii) any resignation by Employee if such resignation occurs within 60 days following the occurrence of any Change in Employment Terms (as hereinafter defined). 

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        (e)    Change in Employment Terms.    "Change in Employment Terms" shall mean (i) the assignment to Employee of
duties that are materially inconsistent with the Employees's position or with his authority, duties or responsibilities as of the date hereof, or any other action by the Company which results in a
material diminution or material adverse change in such position, authority, duties or responsibilities; (ii) any reduction of Employee's base salary; (iii) any reduction of Employee's
target bonus under the Annual Bonus Plan; (iv) any relocation of employee's principal workplace to a location more than 30 miles from the current site of such workplace; (v) any
substantial reduction in the benefits and perquisites provided, in the aggregate, to Employee; and (vi) failure by the Company to carry out its obligation under Section 18;  provided, however,
that none of the foregoing shall constitute a Change in Employment Terms unless Employee objects thereto by giving notice to the
Company within 30 days after Employee becomes aware of such change and the Company fails to correct the same within 30 days following receipt of such notice, in which case a Change in
Employment Terms shall be deemed to have occurred on the 31st day following the Company's receipt of such notice. 

        SECTION
4.    Compensation Following Termination.    

        (a)    Death or Disability.    If the Employment is terminated pursuant to Section 3(a) above (relating to
death or disability), this Agreement shall terminate, and no further compensation shall be payable to Employee, except that the Company shall pay to Employee or Employee's estate, as applicable, (in
addition to any other benefits to which Employee is or may become entitled under the terms of any benefit plan) an amount equal to the sum of 

        (i)    any
unpaid salary accrued through the Termination Date, plus 

        (ii)   an
amount equal to the Average Previous Bonus (as hereinafter defined) multiplied by a fraction, the numerator of which is the number of days of the
then-current Fiscal Year that have elapsed prior to the Termination Date and the denominator of which is 365. 

        (b)    Termination for Cause or Voluntary Termination.    If the Employment is terminated by the Company for Cause or
voluntarily by Employee (without any Involuntary Termination), then no further compensation or benefits shall be paid to Employee after the Termination Date, but Employee shall be entitled to receive
benefits to which Employee is or may become entitled pursuant to any benefit plan plus any unpaid salary accrued through the Termination Date. 

        (c)    Involuntary Termination.    If the Employment is terminated by any Involuntary Termination, then the Company
shall 

        (i)    pay
to Employee, within five business days after the Termination Date, a lump sum equal to 2.99 multiplied by Employee's annual base salary in effect on the Termination
Date (or, if higher, multiplied by the highest annual base salary in effect during the one-year period ending on the Termination Date); 

        (ii)   pay
to Employee, within five business days after the Termination Date, a lump sum equal to 2.99 multiplied by the Average Previous Bonus; 

        (iii)  continue
to provide to Employee all insurance and other benefits that Employee would have received had Employee remained employed during three-year period
ending on the third anniversary of the Termination Date; and 

        (iv)  cause
Employee's entire account balance and all accrued benefits under the Company's Supplemental Executive Retirement Plan and those under each other plan or
arrangement providing similar benefits (collectively, the "SERP") to become fully vested and nonforfeitable effective as of the Termination Date (and at all times thereafter), and the Company will
cause each distribution under the SERP to be made without regard to any provision of the SERP that permits 

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a
distribution to be deferred to ensure that no part thereof is nondeductible under Code Section 162(m). 

        (d)    Average Previous Bonus.    With respect to any Termination Date, the "Average Previous Bonus" shall be the
average of the bonuses received by Employee for the three consecutive Fiscal Years of the
Company ended immediately prior to the Termination Date (e.g., if the Termination Date were June 30, 2000, and Employee had received a bonus of $60,000 for Fiscal 1997, $70,000 for Fiscal 1998
and $80,000 for Fiscal 1999, then the Average Previous Bonus would be $70,000). 

        (e)    Gross-Up Amount.    

        (i)    Following
any payment required under this Section 4 in connection with an event that could be treated as described in Code Section 280G(b)(2)(A)(i), the
Company will cause its independent auditor promptly to review, at the Company's sole expense, the applicability of Code Section 4999 to all payments and distributions to (or for the benefit of)
Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement, any benefit plan or otherwise (the "Total Payments"). If such auditor determines that the
Total Payments result in an excise tax imposed by Code Section 4999 or any comparable federal, state or local law or any interest or penalties with respect to such excise tax (such excise tax,
together with any such interest and penalties, being the "Excise Tax"), then the Company will pay to Employee, in cash, the Gross-Up Amount within 10 days after such determination. 

        (ii)   The
Gross-Up Amount shall be that dollar amount such that, after payment by Employee of all Excise Tax plus all other taxes, interest and penalties imposed
on the Gross-Up Amount, Employee would retain an amount of the Gross-Up Amount equal to the Excise Tax imposed upon the Total Payments. For purposes of the foregoing
determination, Employee's tax rate will be deemed to be the highest statutory marginal state and federal tax rate (on a combined basis) then in effect. If no determination by the Company's auditors is
made prior to the time when Employee is required to file a tax return reflecting the Total Payments (without any extension), then the Company shall pay to Employee a Gross-Up Amount
calculated on the basis of the Excise Tax reported in such tax return, within 10 days after the later of the date on which such tax return is filed or the date on which a copy thereof is
provided to the Company. In all events, if any tax authority determines that a greater Excise Tax should be imposed upon the Total Payments than so paid to Employee by the Company, then the Company
shall pay to Employee the full Gross-Up Amount calculated on the basis of the amount of Excise Tax determined to be payable by such tax authority, within 10 days after Employee
notifies the Company of such determination. If any tax authority finally determines that a lesser Excise Tax should be imposed upon the Total Payments than that which previously served as the basis
for Gross-Up Amounts paid to Employee, then Employee shall repay to the Company such difference, together with any other amounts previously included in the Gross-Up amounts
with respect to such difference. If any other benefit plan or other plan, policy or practice of the Company or any other agreement (an "Other Arrangement") specifically provides that benefits
thereunder will be reduced or limited so that such benefits or the Total Payments will not result in the imposition of an Excise Tax pursuant to Code Section 4999, the reduction or limitation
will apply, to the extent provided in the Other Arrangement, solely to the benefits provided pursuant to the Other Arrangement as if the benefits under the Other Arrangement constituted the entire
Total Payments, and such reduction or limitation will not otherwise reduce or limit the actual Total Payments. 

        SECTION
5.    Expense Reimbursement and Indemnification.    Upon the submission of properly documented expense account
reports, the Company shall reimburse Employee for all reasonable business-related travel and entertainment expenses incurred by Employee in the course of Employment. At all times while Employee is
employed by the Company, and at all times following the Termination Date, the Company shall continue to provide to Employee indemnification, elimination
of liability, 

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director's
and officer's liability insurance and other protection from personal liability, each of which shall not be, at any time, less than (a) that in effect for Employee as of
May 31, 1999 or (b) if greater, that in effect at such time for the member of the Board then having the most protection. 

        SECTION
6.    Assignability; Binding Nature.    This Agreement shall be binding and inure to the benefit of the
parties, and their respective successors, heirs (in the case of Employee) and assigns. No obligations of the Company under this Agreement may be assigned or transferred by the Company, except that
such obligations shall be assigned or transferred (as described below) pursuant to a merger or consolidation of the Company in which the Company is not the continuing entity, or the sale or
liquidation of all or substantially all of the assets of the Company, if the assignee or transferee is the surviving entity or successor to all or substantially all of the assets of the Company and
such assignee or transferee assumes by written contract, and agrees to perform, all liabilities, obligations and duties of the Company under this Agreement (an "Assuming Entity"). As used in this
Section 6, "Company" shall mean the Company as hereinbefore defined and any Assuming Entity which assumes and agrees to perform this Agreement. 

        SECTION
7.    Confidential Information.    

        (a)    Non-Disclosure.    While employed hereunder or at any time thereafter, irrespective of the time,
manner or cause of termination of Employment, Employee will not directly or indirectly reveal, divulge, disclose or communicate to any person or entity, other than authorized officers, directors and
employees of the Company, in any manner whatsoever, any Confidential Information (as hereinafter defined) of the Company without the prior written consent of the Board;  provided, however, that this
provision shall not prohibit a disclosure of Confidential Information made in good faith in the ordinary course of the
Company's business. 

        (b)    Definition.    As used herein, "Confidential Information" means information disclosed to or known by Employee
as a direct or indirect consequence of the Employment about the Company or its businesses, products and practices which information is not generally known in the business in which the Company is or
may be engaged. However, Confidential Information shall not include under any circumstances any information which is (i) available to the public from an originating source other than Employee,
(ii) released in writing by the Company to the public, (iii) required to be disclosed by Employee or the Company pursuant to any court process or any government or agency or department
of any government, or (iv) the subject of a written waiver executed by the Company for the benefit of Employee. 

        (c)    Return of Property.    Upon termination of the Employment, Employee will surrender to the Company all materials
in Employee's possession containing Confidential Information, including without limitation, all lists, charts, schedules, reports, financial statements, books and records of the Company, and all
copies thereof, and all other property belonging to the Company, provided Employee shall be accorded reasonable access to such Confidential Information subsequent to the Termination Date for any
proper purpose as determined in the reasonable judgment of the Company. 

        SECTION
8.    Agreement Not to Compete.    Employee hereby agrees that, while Employee is employed by the Company and
following the Termination Date, throughout the Non-Compete Period, Employee shall not, either in Employee's own behalf or as a partner, member, officer, director, employee, consultant,
advisor, agent or shareholder (other than as the holder of less than 5% of the outstanding capital stock of any corporation with a class of equity security registered under Section 12(b) or
Section 12(g) of the Exchange Act) engage in, invest in or render services to any person or entity engaged in any business in which the Company is then engaged within any country. For any
Termination Date, the "Non-Compete Period" shall commence on such Termination Date and shall end on the first anniversary of such Termination Date (unless the Company has made the payments
referred to in Section 4(c), in which case the Non-Compete Period shall end on the third anniversary of the Termination Date). 

5

 

        SECTION
9.    Agreement Not to Solicit Employees.    Employee agrees that, while Employee is employed hereunder and
following the Termination Date, throughout the Non-Compete Period, neither Employee nor any affiliate shall, on behalf of any business engaged in a business competitive with the Company,
solicit or induce, or in any manner attempt to solicit or induce, any person employed by the Company to terminate his or her employment with the Company (but the foregoing shall not be construed to
prohibit Employee, any affiliate or any other person from hiring any person who applies for or otherwise seeks employment in response to a general "help wanted" advertisement or other similar
non-individual solicitation). 

        SECTION
10.    Enforcement of Restrictions.    

        (a)   Employee
acknowledges that the restrictions imposed under Sections 8 and 9, in view of the nature of the businesses in which the Company is engaged and Employee's
position with the Company, are reasonable and necessary to protect the legitimate interests of the Company. However, Employee agrees that if any of these restrictions is construed to be invalid or
unenforceable, the remainder of the restrictions shall not be affected, and if any restriction is held to be unenforceable because of the area covered, the duration or the scope, Employee agrees that
the court making such determination shall have the power to reduce the area and/or the duration, and/or limit the scope, and the restriction shall then be enforceable in its reduced form. 

        (b)   The
Company and Employee intend that the restrictions set forth in Sections 8 and 9 be observed and enforced for the full duration of the applicable period
described in those Sections, and the Company and Employee agree that, if Employee violates these restrictions during such period, then the Company shall be entitled to an injunction restraining such
violation (in addition to all other remedies the Company may have at law or in equity). 

        (c)   Employee
acknowledges and accepts that the restrictions and remedies in Sections 8 and 9 will apply without regard to the reason for termination of the Employment
and without regard to whether the Employment is terminated by Employee or by the Company. 

        SECTION
11.    No Mitigation or Offset; Interest.    Employee shall have no obligation to mitigate the amount of any
payment or benefit that the Company becomes obligated to provide under this Agreement by seeking other employment or otherwise, and no such payment or benefit may be reduced, offset or subject to
recovery by the Company (whether by reference to any payment or benefit that Employee may receive from other employment or otherwise). The Company has no right to offset any payment or benefit under
this Agreement against any amount owed or claimed to be owed to the Company (whether under this Agreement or otherwise). Any amount owed hereunder that is not paid when due shall bear interest until
paid at a rate equal to 2.0 percentage points in excess of the prime rate in effect from time to time in Minneapolis at Norwest Bank Minnesota (or any successor thereto). 

        SECTION
12.    No Violation.    Each party hereby represents and warrants to the other that such party's execution,
delivery and performance of this Agreement does not, with or without the giving of notice or the passage of time, or both, conflict with, or result in a default, right to accelerate or loss of rights
under, any provision of any agreement or understanding to which such party (or, to the best knowledge of such party or any of such party's affiliates) is or may be bound. 

        SECTION
13.    Captions.    The captions, headings and arrangements used in this Agreement are for convenience only
and do not in any way affect, limit or amplify the provisions hereof. 

        SECTION
14.    Notices.    All notices required or permitted to be given hereunder shall be in writing and shall be
deemed delivered by hand, by facsimile (with confirming paper copy), by nationally recognized overnight courier service or by United States mail, postage prepaid, registered or certified, 

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return
receipt requested, in any case addressed to the party to whom notice is being given at the specified address below (or at such other address as such party may designate by notice): 

	If to the Company:	 	Viking Merger Sub, Inc.

277 Park Avenue

New York, New York 10172

Attention: William F. Dawson, Jr.

Fax: (612) 892-7272
	

 	
 	

and, after the Effective Time
	

 	
 	

Merrill Corporation

One Merrill Circle

St. Paul, MN 55708

Attention: General Counsel

Fax: (651) 649-1348
	

 	
 	

with a copy to:
	

 	
 	

Davis Polk & Wardwell

450 Lexington Avenue

New York, New York 10017

Attention: George R. Bason, Jr.

Fax: (212) 450-4800
	

If to Employee:	
 	

Merrill Corporation

One Merrill Circle

St. Paul, MN 55708
	

 	
 	

with a copy to:

Faegre & Benson LLP

2200 Norwest Center

90 South Seventh Street

Minneapolis, Minnesota 55402-3901

Attention: William R. Busch, Jr.

Fax: (612) 336-3026

        SECTION
15.    Invalid Provisions.    If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws, such provisions shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had
never comprised a part of this Agreement; the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance for this Agreement. In lieu of each such illegal, invalid or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms
to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

        SECTION
16.    Amendments.    This Agreement may be amended in whole or in part only by an instrument in writing
setting forth the particulars of such amendment and duly executed by an officer of the Company and by Employee. 

        SECTION
17.    Waiver; Third Party Beneficiaries.    No delay or omission by any party hereto to exercise any right or
power hereunder shall impair such right or power to be construed as a waiver thereof. A waiver by any of the parties hereto of any of the covenants to be performed by any other party or any breach
thereof shall not be construed to be a waiver of any succeeding breach thereof or of any other covenant herein contained. Except as otherwise expressly set forth herein, all remedies 

7

 

provided
for in this Agreement shall be cumulative and in addition to and not in lieu of any other remedies available to any party at law, in equity or otherwise. No provision of this Agreement is
intended to confer any rights or remedies on any person other than the Employee. 

        SECTION
18.    Certain Arrangements for Employees and Officers following after the Effective Time.    The Company
agrees with the Employee, that as soon as reasonably practicable after the Effective Time, it will put in place the Direct Investment Plan and the Management Incentive Plan described in Annexes I and
II for certain employees and officers of the Company and its subsidiaries. 

        SECTION
19.    Counterparts.    This Agreement may be executed in multiple counterparts, each of which shall
constitute an original, and all of which together shall constitute one and the same Agreement. 

        SECTION
20.    Governing Law.    This Agreement shall be construed and enforced according to the laws of the State of
Minnesota. 

        SECTION
21.    Prior Employment Agreement.    Upon the occurrence of the Effective Time, this Agreement supersedes any
and all other employment, change-in-control, severance or similar agreements between Employee and the Company or the Employee and Merrill Corporation. 

8

        IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written. 

	 	 	THE COMPANY:
	

 	
 	

VIKING MERGER SUB, INC.
	

 	
 	

By	

/s/  WILLIAM F. DAWSON, JR.      

	 	 	Title	President

	

 	
 	

EMPLOYEE:
	

 	
 	

/s/  RICK ATTERBURY      
 Name: Rick Atterbury

ANNEX I  

 TERM SHEET

DIRECT INVESTMENT PLAN  

	Share Price:	 	Same price as that paid by the DLJMB entities under the Merger Agreement.
	

Reinvestment and Coinvestment Shares:	
 	

The employee will purchase Shares with his or her available funds (each a "Reinvestment Share") and the Company will make a non-recourse loan (the "Loan") to the employee to purchase additional Shares (each a "Coinvestment Share"). (See
Schedule A attached for the number of Reinvestment and Coinvestment Shares for each employee.) All Reinvestment Shares and Coinvestment Shares purchased by an employee will be posted as collateral for the Loan to the employee. The value of the
collateral must be adequate to assure that the Loan will not be treated as income for tax purposes. The employee may make a Section 83(b) election so that any future gain on the Reinvestment and Coinvestment Shares will be treated as capital
gain. All Reinvestment and Coinvestment Shares will be subject to the transfer restrictions and other provisions of the Shareholders Agreement, which will apply to the DLJMB entities and all management investors.
	

Loan Terms:	
 	

The Loan will bear interest at the greater of the Company's credit facility rate or the federal applicable rate. All principal and interest will be repayable in a single payment as of the earlier of (i) the employee's termination of employment
or (ii) eight years after the purchase of the Reinvestment and Coinvestment Shares. In the case of the sale of all or part of the Shares, Loan repayment will be immediately due to the extent of the lesser of (i) the pro rata portion of
unpaid principal and interest on the Loan attributable to such Shares and (ii) the net after tax proceeds realized upon such sale; provided that the total amount due will not exceed the total amount
of the principal and interest outstanding on the Loan.
	

Termination of Employment/Company Repurchase Right:	
 	

In the event an employee's termination of employment prior to a DLJMB liquidation event the Reinvestment Shares and Coinvestment Shares will be subject to a Company repurchase right. The repurchase price will depend on the circumstances of the
termination and, in the case of the Coinvestment Shares, the extent to which the Coinvestment Shares have become vested, as follows:
	

 	
 	

(a)  Vesting Schedule for Coinvestment Shares

	Year
 
	 	% of Coinvestment Shares Vested as of the End of the Year
	 
	1	 	0	%
	2	 	0	%
	3	 	33	%
	4	 	66	%
	5	 	100	%

 

	 	 	(a)  Company Repurchase Price

	 
	 	Reinvestment Shares and Vested

Coinvestment Shares
	 	Unvested Conivestment Shares

	Voluntary Resignation, Disability, Death or Termination by Company without Cause	 	FMV	 	Lesser of (i) FMV or (ii) purchase price plus Loan interest

	 
	 	 
	 	All Shares

	Termination for Cause	 	 	 	Lesser of (i) FMV or (ii) purchase price

	Termination of Employment without Cause/Employee Put Right	 	Upon termination of employment without Cause, employee will have the right to put all Reinvestment Shares and all vested Coinvestment Shares to the Company at fair market value; provided that payment for such Shares shall be required to be made only as rapidly as permissible without violating Loan covenants or other contractual restrictions applicable to the Company (and any amounts not paid
upon exercise of the put will bear interest at the rate applicable to the Company's bank debt.)
	

Change in Control:	
 	

Upon a sale by the DLJMB entities of 60% of their Shares in the Company or substantially all of the assets of the Company, all Coinvestment Shares that have not yet vested shall immediately become vested (unless the Company is publicly traded
immediately following such sale).

2

 
Schedule A

Reinvestment and Coinvestment Summary  

	 
	 	 
	 	 
	 	 
	 	 
	 	Totals
	 
	 
	 	Reinvestment Program
	 	Coinvestment Program
	 
	 
	 	$ Amt.
	 	 
	 	 
	 
	 
	 	$ Amt.
	 	Shares
	 	$ Amt.
	 	Shares
	 	Shares
	 	Loans
	 
	[TOTAL	 	$	10 million	 	 	 	$	18.6 million	*	 	 	 	 	 	 	$	18.6 million	]

	*
	This
commitment is required by DLJMB only to the extent the $10 million reinvestment target is met. 

3

ANNEX II  

 TERM SHEET

MANAGEMENT INCENTIVE PLAN  

	Recipients/ Number of Shares Covered by Options:	 	See Schedule A attached.
	

Grant Date:	
 	

Closing Date
	

Option Exercise Price:	
 	

Same as DLJMB entities' buying price under the Merger Agreement.
	

Time Vesting Option:	
 	

Each Time Vesting Option will become vested and exercisable as follows:

	End of Year:
 
	 	1
	 	2
	 	3
	 	4
	 	5
	 	6
	 
	 	 	0	%	0	%	25	%	50	%	75	%	100	%

	Performance Vesting Option:	 	Performance Vesting Options will become vested and exercisable according to the schedule set forth in Exhibit 1, based on whether the Target Implied Common Equity Values set forth in such Exhibit are attained as of
the end of the relevant years. Such vesting shall be cumulative; i.e., the percentage of Performance Vesting Options set forth for each year shall be vested as of the end of such year if the Target Implied Common Equity Value for such year is
achieved as of such date, regardless of whether the Target Implied Common Equity Values have been achieved in previous years.
	

 	
 	

In the event that the DLJMB entities sell 90% or more of their Shares in the Company or substantially all of the assets of the Company and realize an internal rate of return ("DLJMB IRR") of at least 25%, the portion of the Performance Vesting Option
which has not previously become vested and exercisable will become vested and exercisable based upon the level of the DLJMB IRR, as set forth in Exhibit 2 attached.
	

Super Performance Vesting Options:	
 	

Each Super Performance Vesting Option will become exercisable if the DLJMB entities sell 90% or more of their Shares in the Company or substantially all the assets of the Company and realize a DLJMB IRR in excess of 50%. To the extent that the
vesting of all the Super Performance Vesting Options granted under the Plan would cause the DLJMB IRR to be 50% or less, only that portion of the Super Performance Vesting Options that would result in a DLJMB IRR of 50% will become
vested.
	

Transferability/ Shareholders Agreement:	
 	

All Options will be non-transferable. All Shares acquired upon the exercise of the Options will be subject to the transfer restrictions and other provisions set forth in the Shareholders' Agreement which will apply to the DLJMB entities and all
management investors.
	 	 	 

 

	

Termination of Employment:	
 	
Resignation, Termination without Cause, Death or Disability—Unvested Options terminate immediately, but vested Options will be retained by the employee.
	

 	
 	
Termination for Cause—All vested and unvested Options terminate immediately and all Shares previously acquired upon exercise of Options will be subject to a right of repurchase by the
Company at a price equal to the Exercise Price.

2

 
SCHEDULE A  

Options  

	Name
 
	 	Time Vesting

Options
	 	Performance

Vesting Options
	 	Super Performance

Vesting Options
	 	Total Options
	 	Exercise Price
	 
	[TOTAL	 	5	%*	5	%*	5	%*	15	%*	$	22.00	]

	*
	The
percentages are expressed as percentages of outstanding Shares, without taking into account the Shares issuable pursuant to the Options. 

3

 
EXHIBIT 1  

(For calculating vesting under Section 4(b))  

	Fiscal Year:
	 	2000
	 	2001
	 	2002
	 	2003
	 	2004
	 
	Target Implied Common Equity Value of the Company (in millions):	 	[To be based on 85% of management projections]	 
	
Target Vested Percentage:	
 	
20	
%	

40	
%	

60	
%	

80	
%	

100	
%

For
this purpose, the "Implied Common Equity Value of the Company" is defined as 

EV - TD + Cash,  

where

EV (Enterprise Value) is pro forma EBITDA times 6.0 

TD is Total Debt 

Cash is cash on balance sheet(1) 

	(1)
	As
of fiscal year end. 

4

 
EXHIBIT 2  

(For purposes of calculating vesting under Section 4(c))  

	DLJMB IRR
 
	 	Percentage of Unvested

Cliff Vesting Shares as to which

Option becomes vested

on Liquidation Event
	 	 

	40% or greater	 	100%	 	 
	35.0 - 39.9%	 	75%	 	 
	30.0 - 34.9%	 	50%	 	 
	25.0 - 29.9%	 	25%	 	 
	Less than 20%	 	0%	 	 

For
this purpose, "DLJMB IRR" is defined as that annual discount rate which, when applied to (i) all investments by the DLJMB entities in Shares
of Common Stock of the Company and (ii) all amounts realized by the DLJMB entities with respect to such Shares causes the net present value of such investments and amounts realized to equal
zero, as determined on a pro forma basis reflecting the Shares issuable pursuant to Options that have become vested prior to the Liquidation Event and the Shares issuable pursuant to Options becoming
vested as of the Liquidation Event. 

5

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EXHIBIT 10.20QuickLinks
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Exhibit 10.21    
    

 
 

EMPLOYMENT AGREEMENT    
    

        This Employment Agreement is made as of November 18, 2005 between Merrill Communications LLC (the "Company" or "Merrill"), with its principal place of
business at One Merrill Circle, St. Paul, MN, 55108 and Perry Solomon (the "Executive" or "you"). 

        WHEREAS,
pursuant to a Plan and Agreement of Merger made as of November 18, 2005 (the "Merger Agreement") by and among a wholly-owned subsidiary of Merrill, Merrill and
WordWave, Inc. ("WordWave"), all of the stock of WordWave will be purchased by the wholly-owned subsidiary of Merrill; and 

        WHEREAS,
this Employment Agreement is a condition to the transactions contemplated by the Merger Agreement, and this Employment Agreement is effective upon the closing of the
transactions contemplated by the Merger Agreement; and 

        WHEREAS,
beginning on the Closing Date of the Merger Agreement, the Executive wishes to be employed by the Company and the Company wishes to employ the Executive; and 

        NOW
THEREFORE, the Company and the Executive agree to the following terms and conditions: 

1.    Position and Duties    

	a.
	Executive
shall serve as President of Merrill Legal Services (or subsequently named business unit or division within which the business of WordWave operates), subject to the direction
of the President and Chief Operating Officer of Merrill Communications LLC.

	b.
	Executive
shall be employed by the Company on a full-time basis and shall perform such duties and responsibilities on behalf of the Company as are intrinsic to the position
and such other duties as may be assigned from time to time by the Company.

	c.
	The
Executive's term of employment with the Company shall be three (3) years, beginning on the Closing Date of the Merger Agreement ("Term"); then "at will," which means either
you or the Company may terminate the employment relationship at any time for any reason after the Term has expired.

	d.
	Executive
shall devote his full business time and best efforts and business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company. 

2.    Compensation and Benefits    

During
your employment, as compensation for all services performed by you for Company, the Company will provide you the following compensation: 

	a.
	Base Salary.    The Company shall pay the Executive a base salary at the rate of $325,000 per annum, payable in accordance
with the Company's payroll practices and subject to possible increase from time to time based on performance. Such base salary is hereafter referred to as the "Base Salary".

	b.
	Bonus.    The Executive shall be eligible to earn an annual management incentive bonus. The bonus target is 75% of annual Base
Salary, paid in accordance with the achievement of annual Budget Target performance. Actual performance against Budget Target (either above or below) shall affect the bonus paid. Determination of
reasonable Budget Target performance shall be set by the Company. 

Page 1 of 12

 

	c.
	Stock Options.    Any provisions for equity considerations shall be forwarded under separate cover and incorporated herein or
in a separate agreement.

	d.
	Employee Benefits.    During Executive's employment, and subject to any contributions therefore required of employees of the
Company, Executive shall be entitled to participate in any and all benefit plans from time to time in effect for similarly situated executive employees. Executive shall be reimbursed by the Company
for his club membership, subject to an annual maximum reimbursement of $6,000, provided Executive complies with documentation requirements. Executive shall receive Company-paid parking if
Executive's principal office location is in Boston, Massachusetts. Executive's participation in the Company's benefit plans shall be subject to (i) the terms of the applicable plan documents;
(ii) applicable Company policy and (iii) the discretion of the Board of any administrative or other Committee provided for in or contemplated by such plan. The Company may alter, modify,
add to or delete its employee benefit plans at any time as it, in its sole discretion, determines to be appropriate, without recourse by the Executive.

	e.
	Vacation.    During his employment, Executive shall be entitled to take four (4) weeks of paid vacation per year, to be
taken at such times and intervals as shall be determined by the Executive and approved by the President and Chief Operating Officer, subject to the reasonable business needs of the Company. Executive
understands that he does not accrue vacation time, and therefore will not receive any payments for vacation time upon separation of employment, but that pursuant to Company policy Executive is
eligible to take paid time off from work for vacation purposes. The use of vacation shall otherwise be subject to the general applicable policies of the Company, as in effect from time to time.

	f.
	Business Expenses.    The Company shall pay or reimburse the Executive for all reasonable and necessary business expenses
incurred or paid by the Executive in the performance of his duties and responsibilities hereunder, subject to such reasonable substantiation and documentation as may be specified by the Company from
time to time, and subject to any applicable Company policies, as in effect from time to time. 

3.    Separation of Employment and Post-Employment Payments.    

Notwithstanding
anything to the contrary contained in this Agreement, the Executive's employment hereunder shall end under the following circumstances: 

	a.
	Death.    In the event of the Executive's death during his employment, the Executive's employment hereunder shall immediately
and automatically terminate and the Company shall pay to the Executive's designated beneficiary or, if no beneficiary has been designated by the Executive, to his estate, any earned and unpaid Base
Salary and Bonus, through the date of his death and any un-reimbursed business expenses that are properly documented. The Executive shall have such rights under the Company employee
benefit plans as are provided to his under the applicable terms thereof.

	b.
	Disability.

        i.      Upon
thirty (30) days' written notice to the Executive, the Company may terminate the Executive's employment hereunder in the event that the Executive becomes
disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his
duties and responsibilities hereunder for ninety (90) consecutive days. 

        ii.     The
President and Chief Operating Officer of Merrill Communications LLC may designate another employee to act in the Executive's place during any period of the
Executive's disability. Notwithstanding any such designation, the Executive shall continue to 

Page 2 of 12

 

receive
Base Salary in accordance with Section 2.a and benefits in accordance with Section 2.d, to the extent permitted by the then-current terms of the applicable benefit
plans, until the Executive becomes eligible for disability income benefits under the Company's disability plan, if any, or until the termination of this employment, whichever shall first occur. 

        iii.    While
receiving disability income payments under the Company's disability income plan, if any, the Executive shall not be entitled to receive any Base Salary under
Section 2.a or earn bonuses under Section 2.b, but shall continue to participate in Company benefit plans in accordance with Section 2.d and the terms of such plans, until the
termination of his employment. 

        iv.    If
any question shall arise as to whether during any period the Executive is disabled through any illness, injury, accident, or condition of either a physical or
psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder, the Executive may, and at the request of the Company shall, submit to a medical
examination by a physician selected by the Company to which the Executive or his duly appointed guardian, if any, has no reasonable objection to determine whether the Executive is so disabled and such
determination shall for the purpose of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company's
determination of the issue shall be binding on the Executive. 

	c.
	By the Company for Cause.    The Company may terminate the Executive's employment hereunder for Cause at any time during the
Term or thereafter upon written notice to the Executive setting forth in reasonable detail the nature of such Cause. The following as determined by President and Chief Operating Officer in his
reasonable judgment, shall constitute Cause for termination: (i) dishonesty, fraud or gross or willful misconduct; (ii) breach of any material provision of this Agreement; or
(iii) neglect of duties, provided the Company gives the Executive thirty (30) days' written notice describing any such neglect and Executive fails to remedy such neglect within such
thirty (30) day period. Upon the giving of notice of termination of the employment hereunder for Cause, the Company shall have no further obligations or liability to the Executive, other than
for Base Salary and Bonus earned and unpaid at the date of termination and any un-reimbursed business expenses that are properly documented. The Executive shall have such rights under
Company employee benefit plans as are provided his under the applicable terms thereof.

	d.
	By the Company Other than for Cause.    The Company may terminate the Executive's employment hereunder other than for Cause at
any time during the Term or thereafter upon written notice to the Executive. In the event of such termination during the Term or thereafter, in addition to payment of Base Salary and Bonus earned and
unpaid at the date of termination and un-reimbursed business expenses that are documented, the Company will provide the Executive (i) the lesser of (A) special services pay
equal to twelve (12) months' Base Salary; or (B) special services pay up to the date the Executive commences employment with another organization; and (ii) any Bonus accrued
through the date of termination (determined on a reasonable, pro forma, pro rata basis at the end of the quarter during which the termination occurs); and (iii) a lump sum amount equivalent to
the grossed-up cost of twelve (12) months' medical insurance premiums, not to exceed $20,000 net, to offset post-employment medical costs. For purposes of subsection
(i)(B), Executive retains sole discretion in accepting subsequent employment. The obligations of the Company to provide the Executive special services pay, Bonus and the lump sum payment hereunder are
conditional upon the Executive signing a release of claims in the form of Attachment A hereto (the "Employee Release") within twenty-one days of the date on which he receives notice of
termination of his employment and upon his not revoking the Employee Release thereafter. All payments under subsection (i) of this Section shall be paid in accordance with 

Page 3 of 12

 

regular
payroll practices of the Company and shall begin on the Company's next regular pay period following the effective date of the Executive's Release, but shall be retroactive to the date of
termination. All payments under subsection (ii) of this Section shall be made in one lump sum payment and shall be made on the Company's next regular payday which occurs after the calculation
described in subsection (ii) above and which follows the effective date of the Executive's Release. The payment under (iii) above shall be made on the Company's next regular payday
following the effective date of the Executive's Release. The Company intends to fully comply with IRS Code Section 409A with respect to the payments contemplated in this paragraph 3.d. 

	e.
	By the Executive.    The Executive may resign his employment hereunder at any time during the Term or thereafter upon thirty
(30) days' written notice to the Company. In the event of resignation by the Executive during the Term or thereafter, the Company may elect to waive the period of notice, or any portion
thereof, and, if President and Chief Operating Officer so elects, the Company will pay the Executive his Base Salary for the notice period (or for any remaining portion of the period). The Company
will also pay the Executive for any un-reimbursed business expenses that are properly documented. 

In
the event that the Executive resigns his employment for Good Reason, the Executive shall be entitled to the payment(s) described in paragraph 3.d above, conditional upon him signing a
release of claims in the form of the Employee Release within twenty-one days of the date on which he provides notice of resignation of his employment and upon his not revoking the Employee
Release thereafter. All payments shall be made in the same circumstances as described in Section 3.d above. For purposes of this Section, Good Reason shall mean (1) a reduction in Base
Salary or removal from participation in a Bonus plan, or (2) a material diminution in Executive's responsibility or authority; or (3) the Company requiring Executive to relocate and
Executive not agreeing to said relocation. The Company intends to fully comply with IRS Code Section 409A with respect to the payments contemplated in this paragraph 3.e. 

	4.
	Effect of Separation.    The provisions of this Section 4 shall apply to any separation of the Executive's employment.

	a.
	Except
for any right the Executive may have under applicable law to continue to participate in the Company's benefit plan(s) at his cost, and except as otherwise provided herein,
following separation of his employment, benefits shall terminate pursuant to the terms of the applicable benefit plans based on the date of separation of the Executive's employment without regard to
any other payments to the Executive following such date of separation.

	b.
	Provisions
of this Agreement shall survive any separation of employment if so provided herein or if necessary or desirable to accomplish the purposes of another surviving provision,
including without limitation the obligations of the Executive under Section 5 hereof. The Executive recognizes that, except as otherwise expressly provided for in Sections 3 hereof, no monies
shall be paid to his after separation of employment.

	5.
	Confidential Information and Restricted Activities.

	a.
	Confidential Information.    During the course of your employment with the Company, you will learn of confidential information
of the Company and the Merrill Group. For purposes of this Agreement, confidential information includes, by way of example only, information relating to: (i) the development, marketing, sales,
operational, production, and financial activities of the Company and the Merrill Group; (ii) the costs, financial performance and strategic and operational plans and processes of the Company
and the Merrill Group; (iii) lists of employees, independent contractors, vendors, and clients and prospective clients of the 

Page 4 of 12

 

Company
and the Merrill Group, including but not limited to information regarding, identity, business practices and needs of employees, independent contractors, vendors, and clients and prospective
clients of the Company and the Merrill Group; and (iv) the persons and organizations with whom the Company and the Merrill Group have business relationships and the substance of those
relationships. Confidential Information also includes any information received by the Company or the Merrill Group from any person with an understanding that is expressed or implied that it will not
be disclosed. For purposes of this Agreement, "Merrill Group" means, individually and collectively, Merrill Communications LLC, Merrill Corporation, any entity where more than 50% of the value and of
the combined voting power of the outstanding ownership or capital stock is owned by Merrill Communications LLC or Merrill Corporation, and any other trade or business in which Merrill Communications
LLC or Merrill Corporation directly or indirectly owns more than 50% of the capital and profit interests. During the course of your employment with the Company, you may develop confidential
information on behalf of the Company and Merrill Group. You agree that you will never use or disclose to any Person (except as required by applicable law or for the proper performance of your duties
and responsibilities to the Company and the Merrill Group) any trade secrets and/or confidential information of the Company or any trade secrets and/or confidential information of the Merrill Group.
You understand that this restriction shall continue to apply after your employment ends, regardless of the reason for such separation. This Section 5.a does not apply if trade secrets and/or
confidential information become public due to no fault of the Executive. 

	b.
	Protection of Documents.    All documents, transcripts, records, software, tapes and other media of every kind and description
relating to the business, present or otherwise, of the Company and any copies ("Documents"), whether or not prepared by you, shall be the sole and exclusive property of the Company and/or the Merrill
Group. You agree to safeguard all Documents and to surrender to the Company and/or to Merrill Group, at the time your employment terminates or at such earlier time or times as President and Chief
Operating Officer or its designees may specify, all Documents then in your possession or control.

	c.
	Non-Competition.    You shall not, during the Term and/or for a period of (1) one year after your
employment with the Company ends whichever is later, directly or indirectly, within any geographical area or territory in the United States, the United Kingdom, Australia, New Zealand, Asia, or any
other location where the Company and/or the Merrill Group then conducts business, own, manage, operate or control, or participate in the ownership, management, operation or control of, or have any
interest in, as a stockholder, member, director, governor, manager, officer, employee, agent, consultant or partner, any business of the type engaged in by the Company or Merrill Group or in which the
Company or Merrill Group has committed to engage pursuant to its budget or business plan within the twenty-four (24) month period following such budget or business plan; provided,
however, that nothing contained herein will prohibit you from owning less than 3% of any class of securities listed on a national securities exchange or traded publicly in the
over-the-counter market. The provisions of this Section will remain in place in the event that the Company and/or Merrill Group sells, transfers, assigns or otherwise disposes
of the Company's business to a third party and such third party, in addition to the Company, shall have the benefit of this Section.

	d.
	Non-Solicitation.    You shall not, during the Term and/or for a period of (1) one year after your
employment with the Company ends whichever is later, directly or indirectly, call upon, solicit, contact or serve any of the then-existing clients, customers, vendors or suppliers, of the
Company and/or Merrill Group, any clients, customers, vendors or suppliers that have had a relationship with the Company and/or Merrill Group during the preceding twelve (12) months, or any
potential clients, customers, vendors or suppliers that were solicited by the Company 

Page 5 of 12

 

and/or
Merrill Group during the preceding twelve (12) months, with respect to products, services or activities that compete in whole or in part with the Company and or Merrill Group. 

	e.
	Non-Solicitation.    You shall not, during the Term and/or for a period of (1) one year after your
employment with the Company ends whichever is later, directly or indirectly, employ or attempt to employ (by soliciting or assisting anyone else in the solicitation of) any of the Company and/or
Merrill Group's then employees or independent contractors on behalf of any other entity, whether or not such entity competes with the Company and/or the Merrill Group.

	f.
	Non-Interference.    You shall not, during the Term and/or for a period of (1) one year after your
employment with the Company ends whichever is later, directly or indirectly, disrupt, damage, impair, or interfere with the business of the Company and/or the Merrill Group whether by way of
interfering with or disrupting relationships with employees, independent contractors, customers, agents, representatives or vendors.

	g.
	In
signing this Agreement you give the Company assurance that you have carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed on
you under this Section 5. You agree without reservation that these restraints are necessary for the reasonable and proper protection of the Company and the Merrill Group and that each and every
one of the restraints is reasonable with respect to subject matter, length of time and geographic area. You further agree that, were you to breach any of the covenants contained in this
Section 5, the damage to the Company and the Merrill Group would be irreparable. You therefore agree that the Company, in addition to any other remedies available to it, shall be entitled to
preliminary and permanent injunctive relief against any breach or threatened breach by you of any of those covenants. You and the Company further agree that, in the event that any provision of this
Section 5 is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of
activities, that provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. It is also agreed that the Company and/or any entity in the Merrill Group
shall have the right to enforce all of your obligations to that entity under this Agreement, including without limitation your obligations pursuant to this Section 5. 

6.    Miscellaneous    

	a.
	Mediation & Arbitration.    Any dispute arising out of or relating to this Agreement or the formation, breach,
termination or validity thereof, except for injunctive relief contemplated herein (a "Dispute") shall be resolved as follows. If the Dispute cannot be settled through direct discussions, the parties
shall first try to settle the Dispute in an amicable manner by mediation under the Commercial Mediation Rules of the American Arbitration Association, before resorting to arbitration. Any Dispute that
has not been resolved within 60 days of the initiation of the mediation procedure (the "Mediation Deadline") shall be resolved by binding arbitration in Minnesota by a panel of three
(3) arbitrators, selected in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the "American Arbitration Rules"). The arbitrators in any such arbitration
shall have the discretion to order a pre-hearing exchange of information by the parties, including, without limitation, production of requested documents, exchange of summaries of
testimony and proposed witnesses, and examination by deposition of parties. The arbitrators are not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably
waives any damages in excess of compensatory damages. Judgment upon any arbitration award may be entered in any court having jurisdiction thereof, and the parties consent to the jurisdiction of the
federal and state courts of the State of Minnesota for this purpose. Within twenty (20) days of the 

Page 6 of 12

 

Mediation
Deadline, the Company shall nominate one arbitrator and the Executive shall nominate one arbitrator. Within thirty (30) days of the nomination and appointment of the two arbitrators,
the two arbitrators shall select a third arbitrator, and if they fail to do so, a neutral arbitrator shall be chosen in accordance with the American Arbitration Rules. 

	b.
	Governing Law.    This is a Minnesota contract and shall be governed and construed in accordance with the laws of the State of
Minnesota without regard to the conflict of laws principles thereof.

	c.
	Assignment.    The Company reserves the right to assign this Agreement.

	d.
	Entire Agreement.    This Agreement contains the entire understanding of the parties with respect to its terms, and this
Agreement supersedes and replaces any and all previous oral or written agreements regarding terms and conditions of employment, including any and all agreements between Executive and WordWave or any
other predecessor entity to the Company. 

[Signature
Page Follows] 

Page 7 of 12

 

IN
WITNESS WHEREOF, this Agreement has been executed as an instrument by the Company, by its duly authorized representative, and by the Executive, as of the date first above written. 

EXECUTIVE

	

/s/ Perry Solomon
	
 	

 
	Perry Solomon	 	 
	

Merrill Communications, LLC	
 	

 
	

By:	
 	

/s/ Brenda J. Vale
	
 	

 
	Title:	 	VP HR
	 	 

Page 8 of 12

 
Attachment A—Employee Release of Claims  

 RELEASE  

1.     Definitions  

	•
	Words
such as "I" or "me" include both me and anyone who has or obtains any legal rights or claims through me. My name
is                        (employee #).

	•
	The
"Company" means Merrill Communications LLC, its parent, subsidiaries, successors, assigns, affiliates, predecessors, present or former officers, administrators,
employees, agents, Board of Directors, shareholders, counsel, consultants, insurers, indemnitors, assigns, or any pension or other benefit plan applicable to employees or former employees.

	•
	"My
Claims" means all of the rights I now have to any relief of any kind from the Company, whether or not I now know about those rights, arising out of my employment with
the Company and my separation of employment, including but not limited to, claims based upon the Age Discrimination in Employment Act (the "ADEA") and similar applicable state law(s); the Americans
with Disabilities Act and similar applicable state law(s); Title VII of the Civil Rights Act of 1964, as amended, and similar applicable state law(s); the Family and Medical Leave Act and similar
applicable state law(s); Sections 1982 through 1988 of Title 42 of the United States Code; the Fair Labor Standards Act and similar applicable state law(s); the Employee Retirement Income Security
Act; the Worker Adjustment Retraining Notification Act and similar applicable state law(s); any and all federal, state or local employment laws, rules or regulations or public policies which apply to
me in the state of my legal residence and in any state where I have been employed by the Company; and any other federal, state or local statute, ordinance or law, including civil rights laws, based on
any protected class status; and all other claims including those based in contract or tort theories or other common law, including but not limited to: breach of contract; fraud or misrepresentation;
defamation; intentional or negligent infliction of emotional distress; breach of the covenant of good faith and fair dealing; promissory estoppel; breach of express or implied promise; negligence or
any other breach of duty; wrongful termination of employment; constructive discharge; invasion of privacy; retaliation; harassment; my conduct as a "whistleblower"; attorneys' fees; breach of public
policy; failure to pay wages or benefits; or any other claims for unlawful employment practices whether legal or equitable. 

2.     Separation Date  

My
last day of work is                        ("Separation Date"). 

3.     Period of Time to Consider this Release  

I
understand that I have 21 days, starting on the day I receive this Release, in which to consider whether to sign this Release. If I decide to sign this Release, it must be signed and returned
to the Company by the 21st day after I receive it. The Company and I agree that any changes made to this Release before I sign it do not restart the time I have to consider it. I
understand that I cannot sign this Release until after my Separation Date; if I sign it before the Separation Date, it is void and not enforceable. I understand that I may voluntarily waive the period
of time I have within which to consider this Release and sign this Release at any time within the 21 days, so long as I sign after my Separation Date. 

Page 9 of 12

 

4.     Payments  

In
consideration of the obligations imposed upon me by this Release, the Company will pay me: (a) an amount equal to twelve (12) months' base salary, less applicable authorized
withholdings, paid in regular pay period installments; (b) a lump sum payment of                        , less applicable
authorized withholdings, paid within 15 days after the close of the
quarter during which the Separation Date occurs; and (c) a lump sum payment of $                        , less applicable
authorized withholdings, paid on the next regular payday after the effective
date of this Release. I understand that the Company will begin making payments under this Section after 15 days has expired following the Company's receipt of this signed Release and that the
Company is only obligated to make payments provided that I do not cancel this Release as explained in paragraph 16. I acknowledge the receipt of all compensation earned while an employee,
including bonuses, commissions, incentive compensation, and accrued vacation pay owed to me. The Company will provide me with the necessary information regarding the continuation of medical and dental
benefits under COBRA. I understand that I am not entitled to any benefits after the Separation Date, unless specified in this Release. 

5.     Release of Claims  

In
consideration of the obligations imposed upon the Company by this Release, I agree to give up and unconditionally release the Company from My Claims. I will not sue the Company or make any other
demands against the Company based on My Claims. I am not waiving any claims, including but not limited to those under the ADEA, that may arise out of events occurring after the date I sign this
Release. I agree that I am releasing any claims for damages, by charge or otherwise, that may be made by me or anyone on my behalf, whether governmental or otherwise, and I agree not to bring any
claims for damages by any administrative or legal process against the Company. I also waive and release any rights to money damage or other legal relief awarded by any governmental agency related to
any charge or other claim. I represent that I am the sole owner of My Claims and that I have not assigned My Claims to anyone. 

6.     Agreement Not to Sue  

I
agree that I have not and will not file any grievance, complaint, claim or charge with any local, state or federal agency or judicial body concerning any matter that is the subject of this Release. 

7.     No Admission of Liability  

I
understand that it is the Company's position that even though it has paid me monies pursuant to this Release, the Company does not admit to any violation of law or wrongdoing. 

8.     The Company Property  

I
promise to return to the Company all of its property in my possession including, without limitation, equipment, supplies, products, credit cards, documents, forms, reports, customer lists,
contracts, keys, and all copies of same. 

9.     Post-Employment Restrictions  

I
acknowledge and reaffirm all post-employment restrictions on my professional activities, as more fully described in other enforceable agreements. 

Page 10 of 12

 

10.   No Defamation  

I
agree that I will not speak of the Company or its employees in a derogatory or defamatory way. 

11.   Confidentiality of Release  

I
will not disclose the terms of this Release to anyone except my spouse, legal counsel or financial advisor, provided that, in the event of such disclosure, I shall cause such parties to similarly
honor the promise of confidentiality. 

12.   Consequences of Violating My Promises  

If
I violate any provision of this Release (including suing the Company over a released Claim), the Company no longer has any obligations under this Release and I must immediately refund all monies
already paid to me. In addition, I agree to pay the Company's reasonable attorneys' fees and damages incurred as a result of any breach. 

13.   Choice of Law  

The
parties agree that any disputes arising under this Release shall be governed by Minnesota law and that any litigation related to this Release will be venued in the State of Minnesota or the United
States District Court for the District of Minnesota. I agree to the personal jurisdiction of these courts and waive any objection that the venue is inconvenient or improper. 

14.   Cooperation  

I
will cooperate with the Company on any matters pending in its business of which I have knowledge and can assist. For any projects requiring extended time and effort, the Company will pay me at a
reasonable market rate. 

15.   Opportunity to Seek Advice  

I
understand that I am advised by the Company to consult with an attorney prior to signing this Release. I acknowledge that I have had an opportunity to consult with an attorney or other personal
advisor, and I have signed this Release voluntarily and fully understand its terms. 

16.   Revocation  

I
understand that I may revoke (that is, cancel) this Release, as it pertains to the ADEA, within seven (7) calendar days of signing it. To be effective, my revocation must be in writing and
delivered to Ms. Brenda J. Vale, either by hand or by mail. If sent by mail, the revocation must be: 

	a)
	postmarked
within the 7-day period;

	b)
	properly
addressed to Ms. Brenda J. Vale, Merrill Communications LLC, One Merrill Circle, St. Paul, MN 55108; and

	c)
	sent
by certified mail, return receipt requested. 

Page 11 of 12

 

17.   Complete Agreement  

This
Release represents the entire agreement between the parties with respect to its provisions, and it supersedes all prior oral or written agreements or understandings about those provisions.
However, I understand that if I have signed an agreement as an equity participant in Merrill Corporation, any such agreement remains in full force and effect. I also understand that if I have signed
other enforceable agreements that contain restrictions on my post-employment activities, that those restrictions remain in full force and effect. This Release cannot be modified or
changed, except by a written instrument signed by both parties. If one or more provisions of this Release is ruled void or unenforceable, the remaining provisions are enforceable at the option of the
Company. 

Merrill Communications LLC

	By:	 	    
(signature)	 	 
	

Its:	
 	

    
(title)	
 	

 
	

 	
 	

    
(date)	
 	

 
	
I have been advised and given an opportunity to consult with an attorney or other advisor. I understand the provisions of this Release and have relied only on the promises in this Release and not on any
other promise made by The Company. I sign this Release knowingly and voluntarily.
	

 	
 	

 	
 	

    
(signature)
	

 	
 	

 	
 	

    
 (date)

Page 12 of 12

QuickLinks

Exhibit 10.21

EMPLOYMENT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]