Document:

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Exhibit 10.14

                       MANAGEMENT SHAREHOLDER AGREEMENT

     THIS MANAGEMENT SHAREHOLDER AGREEMENT (this "Agreement") is entered into as
of May 10, 2000, between Jostens, Inc., a Minnesota corporation (the "Company"),
and Gregory Lea (the "Shareholder").

                                R E C I T A L S

     A.   The Company is a party to an Agreement and Plan of Merger dated as of
December 27, 1999 (as amended, the "Merger Agreement") by and between the
Company and Saturn Acquisition Corporation, a Minnesota corporation
("MergerCo"), pursuant to which MergerCo will, subject to the terms and
conditions of the Merger Agreement, be merged with and into the Company (the
"Merger").

     B.   The Shareholder is the beneficial owner of 9,522 shares of the
Company's common stock, par value $0.33 per share, which in connection with the
Merger will be retained by the Shareholder and redesignated as Class A Common
Stock, par value $0.33 per share ("Class A Stock") (the "Retained Shares").

     C.   The Shareholder entered into a Stock Option Agreement with the
Company, dated the date hereof, pursuant to which the Shareholder was granted an
option to purchase shares of Class A Stock (such shares, when issued, the
"Option Shares").

     D.   The Shareholder has entered into a Loan and Pledge Agreement with the
Company, pursuant to which the Shareholder has pledged all or a portion of his
Retained Shares to the Company (the "Pledged Shares").  All Retained Shares held
by the Shareholder that are not pledged to the Company are referred to herein as
the "Non-Pledged Shares."

     E.   The Company and the Shareholders desire to enter into this Agreement.

                               A G R E E M E N T

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and for other good and valuable consideration, the parties
hereto agree as follows:

     SECTION 1.  Certain Definitions.  Capitalized terms used herein shall have
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the following meanings:

          "Additional Put Right" is defined in Section 3(b).

          "Agreement" means this Shareholder Agreement.

          "Annual Valuation" is defined in Section 3(c).
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          "Appraisers" is defined in Section 3(c).

          "Articles of Incorporation" means the Articles of Incorporation of the
Company, as amended or restated from time to time.

          "Cause" means (A) the Shareholder's gross misconduct; (B) the
Shareholder's willful and continued failure to perform substantially his or her
duties with the Company (other than any such failure relating to changes in the
Shareholder's duties that constitute Good Reason (as defined below) after a
demand for substantial performance is delivered to the Shareholder by the Board
which specifically identifies the manner in which the Board believes that the
Shareholder has not substantially performed his or her duties and provides for a
reasonable period of time within which the Shareholder may take corrective
measures, or (C) the Shareholder's conviction (including a plea of nolo
                                                                   ----
contendere) of willfully engaging in illegal conduct constituting a felony or
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gross misdemeanor under federal or state law which is materially and
demonstrably injurious to the Company or which impairs the Shareholder's ability
to perform substantially his or her duties with the Company.

          "Class A Stock" is defined in recital B.

          "Company" is defined in the preamble.

          "Cost" of Class A Stock means $25.25 per share plus interest from the
date hereof at a floating rate calculated quarterly as follows: for the period
from the date hereof through June 30, 2000, at a per annum rate equal to the 3-
month t-bill rate for May 10, 2000, as published in the Wall Street Journal, and
for each calendar quarter thereafter, at a per annum rate equal to the 3-month
t-bill rate for the last day of the immediately preceding quarter, as published
in the Wall Street Journal; provided, that for purposes of Section 3(a) of this
Agreement, in the event the Shareholder is terminated for Cause, "Cost" shall
mean $25.25 per share.

          "Endorsed Certificate" is defined in Section 3(a).

          "Exchange Act" shall mean the Securities Exchange Act of 1934, or any
successor law, as amended from time to time, including the various rules and
regulations issued pursuant to that Act or any successor law.

          "Fair Market Value" means the value of a Share, as of the Termination
Date, calculated pursuant to Section 3(c).

          "Good Reason" means, unless the Shareholder shall have consented in
writing thereto, any of the following: (A) a change in the Shareholder's
title(s), status, position(s), authority, duties or responsibilities as an
executive of the Company as in effect at the effective time of the Merger (other
than any change directly attributable to the fact that the Company is no longer
publicly owned); provided, however, that Good Reason does not include a change
in the Shareholder's title(s), status, position(s), authority, duties or
responsibilities caused by an insubstantial and inadvertent action that is
remedied by the Company promptly after receipt of notice of such change given by
the Shareholder, (B) a reduction by the Company in the Shareholder's base pay,
or an adverse change in the form or timing of the payment thereof, as in effect
at the effective time of the Merger or as thereafter increased or by a reduction
in the

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Shareholder's target annual incentive award as in effect at the effective time
of the Merger or as thereafter increased, (C) the failure by the Company to
cover the Shareholder under benefit plans that, in the aggregate, provide
substantially similar benefits to the Shareholder and/or his or her family and
dependents as a substantially similar total cost to the Shareholder (e.g.,
premiums, deductibles, co-pays, out-of-pocket maximums, required contributions,
taxes and the like) relative to the benefits and total costs under the benefit
plans in which the Shareholder (and/or his or her family or dependents) is
participating at any time during the 90-day period immediately preceding the
effective time of the Merger, (D) the Company's requiring the Shareholder to be
based more than 30 miles from where his or her office is located immediately
prior to the effective time of the Merger, except for required travel on the
Company's business, and then only to the extent substantially consistent with
the business travel obligations which the Shareholder undertook on behalf of the
Company during the 180-day period immediately preceding the effective time of
the Merger, (E) any purported termination by the Company of the Shareholder's
employment which is not properly effected pursuant to the terms of the Company's
Executive Change in Control Severance Pay Plan or (F) any refusal by the Company
to continue to allow the Shareholder to attend to matters or engage in
activities not directly related to the business of the Company which, at any
time prior to the effective time of the Merger, the Shareholder was not
expressly prohibited by the Company from attending to or engaging in.

          "Initial Public Offering" means the sale of any of the common stock of
the Company pursuant to a registration statement that has been declared
effective under the Securities Act, if as a result of such sale (i) the issuer
becomes a reporting company under Section 12(b) or 12(g) of the Exchange Act and
(ii) such stock is traded on the New York Stock Exchange or the American Stock
Exchange, or is quoted on the NASDAQ National Market System or is traded or
quoted on any other national stock exchange or national securities system.

          "Investcorp Shareholders" means Investcorp Bank E.C. and/or one or
more of its affiliates ("Investcorp") and other international investors with
whom Investcorp has an administrative relationship.

          "Non-Pledged Shares" is defined in recital D.

          "Option Shares" is defined in recital C.

          "Permanent Disability" means the failure by the Shareholder to render
full-time employment services to the Company for an aggregate of sixty (60)
business days in any continuous period of six (6) months on account of physical
or mental disability.

          "Permitted Transferee" means any of (A) the Shareholder's spouse,
child, estate, personal representative, heir or successor, (B) a trust for the
benefit of the Shareholder or his spouse, child or heir, or (C) a partnership,
the partners of which consist solely of the Shareholder and/or his spouse,
child, heir, and/or successor.

          "Pledged Shares" is defined in recital D.

          "Put Period" and "Put Right" are defined in Section 3(b).

          "Repurchase Period" and "Repurchase Right" are defined in Section
3(a).

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          "Retained Shares" is defined in recital B.

          "Retirement" means age 65.

          "Securities Act" means the Securities Act of 1933, or any successor
law, as amended from time to time, including the various rules and regulations
issued pursuant to that Act or any successor law.

          "Shares" means the Option Shares and the Retained Shares.

          "Subsidiary" means any joint venture, corporation, partnership,
limited liability company or other entity as to which the Company, whether
directly or indirectly, has more than 50% of the (i) voting rights or (ii)
rights to capital or profits.

          "Termination Date" means the date on which the Shareholder ceases to
be employed by the Company for any reason.

          Certain other terms are defined elsewhere in this Agreement.

     SECTION 2.  Restrictions on Transfer.
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     (a)  Subject to Section 3 hereof and the Articles of Incorporation, prior
to an Initial Public Offering, the Retained Shares shall not be transferable or
transferred, assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) except that the Shareholder may transfer the Retained
Shares to a Permitted Transferee. This Agreement shall be binding on and
enforceable against any person who is a Permitted Transferee of the Retained
Shares except a person who acquires any Retained Shares pursuant to the Articles
of Incorporation or as part of an Initial Public Offering. The stock
certificates issued to evidence Retained Shares shall bear a legend referring to
this Agreement and the restrictions contained herein.

     (b)  Certificates representing Retained Shares shall bear a legend
referring to this Agreement and the transfer restrictions contained herein, in
addition to any other legends that the Company may deem appropriate.

     SECTION 3.  Repurchase of Shares.
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     (a)  In the event that the Shareholder ceases to be employed by the Company
for any reason prior to an Initial Public Offering, the Company, during the
sixty (60) days following the Termination Date (the "Repurchase Period") shall
have the right to purchase all or any portion of the Retained Shares (the
"Repurchase Right").  The purchase price for each Retained Share shall equal
Fair Market Value unless the Shareholder resigns without Good Reason prior to
May 10, 2003 or is terminated for Cause at any time, in which case the purchase
price will be  the lower of Fair Market Value or Cost.  If the Company elects to
purchase the Retained Shares, it shall notify the Shareholder at or before the
end of the Repurchase Period of such election and the purchase price shall be
paid in cash at a time set by the Company (the "Repurchase Date") within thirty
(30) days after the end of the Repurchase Period, provided that the Shareholder
has presented to the Company stock certificates evidencing the Retained Shares
duly endorsed for transfer (the "Endorsed Certificates"). If the Shareholder
fails to deliver the Endorsed

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Certificates, the Retained Shares represented thereby shall be deemed to have
been purchased upon (i) the payment by the Company of the purchase price to the
Shareholder or his or her Permitted Transferee or (ii) notice to the Shareholder
or such Permitted Transferee that the Company is holding the purchase price for
the account of the Shareholder or such Permitted Transferee, and upon such
payment or notice the Shareholder and such Permitted Transferee will have no
further rights in or to such Retained Shares. The Company may assign its
Repurchase Right hereunder to Saturn Equity Limited ("SEL") or to an affiliate
of the Company. If the Retained Shares are not purchased pursuant to Section
3(a) or 3(b), the restrictions on transfer thereof contained in Section 2 of
this Agreement shall terminate and be of no further force and effect.

     (b) If the Shareholder's employment with the Company is terminated prior to
an Initial Public Offering (i) by the Company without Cause; (ii) due to the
Shareholder's Retirement, death or Permanent Disability; (iii) by the
Shareholder for Good Reason; or (iv) at any time after May 10, 2003 for any
reason other than for Cause, the Shareholder or his or her representative or
Permitted Transferee, during the 120 days following the Termination Date (the
"Put Period") shall have the right to require SEL to purchase all or any portion
of the Retained Shares then held by the Shareholder (the "Put Right"), unless,
by the thirtieth (30) day after the Company and SEL have received notice of the
Shareholder's election to exercise the Put Right, the Company has notified the
Shareholder and SEL of its election, exercisable at the discretion of the
Company, to purchase the Retained Shares on the same terms as such Retained
Shares were to be purchased by SEL, in which case such Retained Shares will be
acquired by the Company.  The purchase price shall be at Fair Market Value,
unless the employment of the Shareholder is terminated without Cause prior to
May 10, 2003, in which case (i) for Pledged Shares, the purchase price will be
the lower of Fair Market Value or Cost and (ii) for Non-Pledged Shares, the
purchase price will be Cost if the termination occurs prior to May 10, 2001 and
will be Fair Market Value thereafter.  The purchase price shall be paid in cash
at a time specified by SEL or the Company, as applicable, within thirty (30)
days after the end of the Put Period, provided that SEL or the Company, as the
case may be, need not pay the purchase price until such later time that the
Shareholder presents to the Company the Endorsed Certificates..  If the
Shareholder's employment with the Company is terminated by the Shareholder
without Good Reason at any time prior to May 10, 2003, the Shareholder or his or
her representative or Permitted Transferee, during the Put Period, shall have
the right to require SEL to purchase all or any portion of the Shares pledged by
the Shareholder pursuant to the Shareholder's Loan and Pledge Agreement entered
into in connection with borrowings under the Company's Stock Loan Plan (the
"Additional Put Right"), unless, by the thirtieth (30) day after the Company and
SEL have received notice of the Shareholder's election to exercise the
Additional Put Right, the Company has notified the Shareholder and SEL of its
election, exercisable at the discretion of the Company, to purchase the Shares
on the same terms as such Shares were to be purchased by SEL, in which case such
Shares will be acquired by the Company.  The purchase price shall be at the
lower of Fair Market Value or Cost.  The purchase price shall be paid in cash at
a time specified by SEL or the Company, as applicable, within thirty (30) days
after the end of the Put Period.

     (c) The Fair Market Value of the Retained Shares to be purchased by the
Company hereunder shall be determined in good faith by the Company's Board of
Directors.  The Board of Directors shall make its determination of Fair Market
Value annually (the "Annual Valuation")

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promptly after the completion of the Company's audited financial statements for
the year then completed and such determination shall remain in effect until the
Board of Directors makes the next Annual Valuation. Notwithstanding the
foregoing, if the Board of Directors or an investment banker or appraiser
appointed by the Company makes a determination of Fair Market Value subsequent
to an Annual Valuation, such subsequent determination shall supersede the Annual
Valuation then in effect and shall establish the Fair Market Value until the
next Annual Valuation. The Fair Market Value shall be based on an assumed sale
of 100% of the outstanding capital stock of the Company. If such determination
of the Fair Market Value is challenged by the Shareholder, each of the
Shareholder and the Board of Directors will select an appraiser or investment
banker, and the two appraisers and investment bankers, as the case may be, will
select a mutually acceptable investment banker or appraiser. The three selected
appraisers or investment bankers, as the case may be (the "Appraisers"), shall
establish the Fair Market Value as of the date of valuation referenced in the
Annual Valuation or a subsequent determination. The Appraisers' determination
shall be conclusive and binding on the Company and the Shareholder. The
Shareholder shall bear all costs incurred in connection with the services of
such Appraisers if the Fair Market Value determined by such Appraisers is less
than or equal to 110% of the determination challenged by the Shareholder. All
costs in connection with the services of such Appraisers will be borne equally
by the Company and the Shareholder if the Fair Market Value established by such
Appraisers is greater than 110% but less than or equal to 120% of the
determination challenged by the Shareholder. The Company shall bear all costs
incurred in connection with the services of such Appraisers if the Fair Market
Value established by such Appraisers is greater than 120% of the determination
challenged by the Shareholder. If it is determined that the Shareholder bears
some or all of the costs incurred in connection with the services of the
Appraisers, the Shareholder shall promptly pay or reimburse the Company for such
costs.

     (d) The Shareholder shall not be considered to have ceased to be employed
by the Company for purposes of this Agreement if he continues to be employed by
the Company or a Subsidiary, or by a company of which the Company is a
subsidiary.

     SECTION 4.  Registration of Shares.
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     (a) Subject to Sections 6 and 7 of this Agreement, if the Company proposes
to file a registration statement with respect to common equity securities of the
Company (excluding a registration statement filed prior to or in connection with
the Initial Public Offering and any registration statement on Form S-8 or S-4 or
comparable successor forms or a registration statement relating to a dividend
reinvestment plan), which is available for use for the sale of Retained Shares
under the Securities Act, then the Company shall give written notice of such
proposed filing to the Shareholder at least 10 business days before the
anticipated filing date of such registration statement, and such notice shall
offer the Shareholder the opportunity to include in such registration statement
the Retained Shares then owned by the Shareholder, as the Shareholder may
request in writing within 7 business days after receipt of the Company's notice
(which request shall specify the number of Retained Shares to be included in
such registration statement and the intended method of disposition).  The
Company may require the Shareholder to furnish the Company such information
regarding the Shareholder and the distribution of the Retained Shares as the
Company may from time to time reasonably request in writing and as

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shall be required by law or by the Securities and Exchange Commission in
connection with such registration.

     (b) If any registration statement governed by Section 4(a) relates to an
underwritten offering and the managing underwriter of such offering advises the
Company in writing that the total number of shares which the Company, the
Shareholder and other Persons whose contractual rights (now existing or
hereafter granted) give them the right to be included in such registration
intend to include in such offering is sufficiently large to affect adversely the
ability of such underwriter to complete successfully an offering that does not
significantly and adversely impact the market price of the shares being offered,
then the number of shares to be included in such registration statement shall be
reduced pro rata among the Company, the Shareholder and such other Persons.

     (c) The Company shall, to the extent that it is subject to the reporting
requirements of the Exchange Act, use its reasonable best efforts to file the
reports required to be filed by it under the Exchange Act so as to enable the
Shareholder to sell Retained Shares without registration pursuant to Rule 144
under the Securities Act.  In connection with any sale, transfer or other
disposition by the Shareholder of any Retained Shares pursuant to Rule 144 under
the Securities Act, the Company shall, to the extent permissible under
applicable law, cooperate with the Shareholder to facilitate the timely
preparation and delivery of certificates representing Retained Shares to be sold
and not bearing any Securities Act legend, and enable certificates for such
Retained Shares to be issued at least two business days prior to any sale of
such Retained Shares for such number of Retained Shares and registered in such
names as the Shareholder may reasonably request upon ten (10) business days
prior notice.  The Company's obligation set forth in the previous sentence shall
be subject to the delivery, if reasonably requested by the Company or its
transfer agent, by counsel to the Shareholder (which counsel shall be reasonably
acceptable to the Company and its transfer agent), in form and substance
reasonably satisfactory to the Company and its transfer agent, of an opinion
that such Securities Act legend need not appear on such certificate.

     (d) Within 30 days following an Initial Public Offering, the Company will
file with the Securities and Exchange Commission a registration statement on
Form S-8 providing for the registration of sales of Option Shares.

     SECTION 5.  Compliance with Legal Requirements.  No Shares shall be
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transferred pursuant to this Agreement unless and until all legal requirements
applicable to such transfer have, in the opinion of counsel to the Company, been
satisfied.  Such requirements may include, but are not limited to, registering
or qualifying such Shares under any state or federal law, satisfying any
applicable law relating to the transfer of unregistered securities or
demonstrating the availability of an exemption from applicable laws, placing a
legend on the Shares to the effect that they were issued in reliance upon an
exemption from registration under the Securities Act and may not be transferred
other than in reliance upon Rule 144 or Rule 701 promulgated under the
Securities Act, if available, or upon another exemption from the Securities Act,
or obtaining the consent or approval of any governmental regulatory body.

     SECTION 6.  Lock-Ups.
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     (a) If and to the extent requested by the managing underwriter in
connection with the Initial Public Offering, the Shareholder shall agree in
writing that the Shareholder will not, without the consent of the managing
underwriter: (x) effect any public sale or distribution of any Shares for a
period of 180 days following effectiveness of the registration statement
relating to such offering or (y) effect any other transfer of Shares during such
180 day period unless the transferee agrees in writing to be bound by the terms
and conditions of this Section 6(a).

     (b) If and to the extent requested by the managing underwriter in
connection with any other underwritten offering of equity securities of the
Company (whether for the account of the Company, selling shareholders or both),
the Shareholder shall agree in writing that he will not, without the consent of
the managing underwriter: (x) effect any public sale or distribution of any
Shares for a period of 90 days following effectiveness of the registration
statement relating to such offering or (y) effect any other transfer of Shares
during such 90 day period unless the transferee agrees in writing to be bound by
the terms and conditions of this Section 6(b).

     (c) The Shareholder agrees that he shall not be permitted to sell any
Shares in the Initial Public Offering unless (x) the Investcorp Shareholders
sell shares in the Initial Public Offering and (y) the underwriter managing the
Initial Public Offering believes, in its sole discretion, that the inclusion of
the Shareholder's Shares will not affect adversely such offering.  In the event
the Shareholder is entitled to sell Shares pursuant to the preceding sentence,
the Shareholder shall be permitted to sell a number of Shares not greater than
15% of the Shareholder's total Shares, including Option Shares; provided that in
no event shall the Shareholder be permitted to include in such offering a number
of Shares greater than the number of shares included in such offering by the
Investcorp Shareholders.

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     SECTION 7.  Sales Following an Initial Public Offering.
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     (a) Following the earlier to occur of (i) the sale by the Investcorp
Shareholders of an aggregate of 20% or more of the shares of Company common
stock purchased by the Investcorp Shareholders on the date hereof or (ii) the
third anniversary of the Initial Public Offering, the Shareholder shall be
permitted to sell a number of Shares not greater than 15% of the Shareholder's
total Shares, including Option Shares, in each subsequent calendar year, and a
pro rata portion of such amount, determined on a monthly basis, for the year in
which such event occurs; provided that if the event described in clause (i)
shall occur in the same year as the Initial Public Offering, any Shares sold by
the Shareholder in the Initial Public Offering shall be counted toward the total
Shares the Shareholder is entitled to sell for such year.  The Shareholder may
make additional sales of Shares only with the consent of the Investcorp
Shareholders (and SEL shall have the authority to speak on behalf of the
Investcorp Shareholders for this purpose).

     (b) The Shareholder shall be permitted to participate in a registered
secondary offering of the Company in which the Investcorp Shareholders sell
shares; provided that the total number of the Shareholder's Shares that may be
included in such offering shall not exceed the lesser of (i) the amount of
Shares that the Shareholder is entitled to sell pursuant to clause (a) above
(taking into account any other sales by the Shareholder in such year) and (ii)
the percentage of the Shareholder's Shares, including Option Shares, equal to
the percentage of the total shares of Company common stock owned by the
Investcorp Shareholders being sold by the Investcorp Shareholders in such
offering.

     (c) Notwithstanding clause (a) above, the Investcorp Shareholders shall be
entitled to delay any sale of Shares by the Shareholder made pursuant to such
clause (a) for a period not to exceed 90 days, if the Investcorp Shareholders
intend to cause the Company to effect a secondary registered offering or if the
Investcorp Shareholders intend to sell a significant block of Company common
stock in such 90-day period.

     (d) All of the restrictions on the Shareholder's ability to sell his Shares
shall also apply to Shares the ownership of which is attributable to the
Shareholder pursuant to Rule 144(a)(2) under the Securities Act of 1933, as
amended.  All of the restrictions on the Shareholder's ability to sell such
Shares shall lapse upon the earlier to occur of (i) the date upon which the
Investcorp Shareholders own less than 10% of the total outstanding shares of
Company common stock or (ii) the fifth anniversary of the Initial Public
Offering.

     SECTION 8.  Termination of Chief Executive Officer.  If, at any time prior
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to the first anniversary of the date of this Agreement, (a) Robert Buhrmaster's
employment as Chief Executive Officer of the Company is terminated by the
Company without Cause or by Mr. Buhrmaster for Good Reason (as such terms are
defined in the Stock Option Agreement dated the date hereof between the Company
and Mr. Buhrmaster) and (b) within 60 days following such termination, the
Shareholder elects to terminate his employment with the Company, the Shareholder
shall be entitled to receive severance benefits in an amount equal to the
severance benefits the Shareholder was entitled to receive pursuant to the
Company plans in effect at the effective time of the Merger in the event of a
Change of Control (as defined in any such plan) and the Shareholder's
termination of his employment for Good Reason (as defined in any such plan).

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     SECTION 9.  RELIANCE ON THIS AGREEMENT.
                 ---------------------------

     (a) THE SHAREHOLDER ACKNOWLEDGES THAT, ALTHOUGH THERE ARE MANY POSSIBLE
METHODS OF DETERMINING THE PURCHASE PRICE OF THE COMPANY'S SHARES, THE
SHAREHOLDER HAS ENTERED INTO THIS AGREEMENT IN RELIANCE UPON THE EXPECTATION AND
UNDERSTANDING THAT THE METHOD(S) CONTAINED IN THIS AGREEMENT FOR DETERMINING THE
PURCHASE PRICE OF THE COMPANY'S SHARES WILL BE APPLIED UNDER THE CIRCUMSTANCES
AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THIS AGREEMENT.
ACCORDINGLY, IT IS THE INTENTION AND EXPECTATION OF THE SHAREHOLDER THAT, IN
SITUATIONS IN WHICH THIS AGREEMENT IS APPLICABLE, THE COURTS SHALL INTERPRET AND
APPLY THIS AGREEMENT STRICTLY IN ACCORDANCE WITH ITS TERMS AND CONDITIONS,
WHETHER ACTING UNDER SECTION 302A.751 OF THE MINNESOTA BUSINESS CORPORATION ACT
OR OTHERWISE.

     (b) THE SHAREHOLDER CONFIRMS THAT THE SHAREHOLDER HAS CAREFULLY REVIEWED
THIS AGREEMENT AND UNDERSTANDS IT.  THE SHAREHOLDER FURTHER CONFIRMS THAT THE
SHAREHOLDER HAS CONSULTED WITH LEGAL COUNSEL REPRESENTING THE SHAREHOLDER
CONCERNING THIS AGREEMENT.

     (c) THE SHAREHOLDER FURTHER REPRESENTS THAT, ALTHOUGH THE SHAREHOLDER IS
(OR FROM TIME TO TIME MAY BE) AN EMPLOYEE, OFFICER AND/OR DIRECTOR OF THE
COMPANY (OR OF A DIRECT OR INDIRECT SUBSIDIARY OR OTHER AFFILIATE OF THE
COMPANY), THE SHAREHOLDER IS HOLDING THE SHARES FOR THEIR POTENTIAL AS AN EQUITY
INVESTMENT AND WITHOUT ANY EXPECTATION UNDER SECTION 302A.751 OF THE MINNESOTA
BUSINESS CORPORATION ACT OR OTHERWISE THAT THE OWNERSHIP OF THE SHARES WILL
ENTITLE THE SHAREHOLDER TO ANY RIGHTS AS AN EMPLOYEE, OFFICER OR DIRECTOR OF THE
COMPANY (OR ANY SUCH SUBSIDIARY OR OTHER AFFILIATE OF THE COMPANY) THAT WOULD
NOT EXIST IF THE SHAREHOLDER WERE NOT A SHAREHOLDER.  THE SHAREHOLDER FURTHER
AGREES THAT NO CHANGE IN HIS OR HER EXPECTATIONS CONCERNING EMPLOYMENT OR
CONCERNING HIS OR HER PARTICIPATION AS AN OFFICER OR DIRECTOR WILL HAVE A
REASONABLE BASIS UNLESS SET FORTH IN A WRITTEN AGREEMENT EXPRESSLY GIVING THE
SHAREHOLDER ADDITIONAL RIGHTS AS TO SUCH MATTERS.  THE COMPANY HEREBY ADVISES
THE SHAREHOLDER THAT THE COMPANY HAS THE EXPECTATION THAT THE SHAREHOLDER WILL
NOT HAVE ANY RIGHT TO EMPLOYMENT BY THE COMPANY (OR BY ANY DIRECT OR INDIRECT
SUBSIDIARY OR OTHER AFFILIATE OF THE COMPANY) OR TO CONTINUE TO BE AN OFFICER OR
DIRECTOR OF THE COMPANY (OR OF ANY SUCH SUBSIDIARY OR OTHER AFFILIATE) BY VIRTUE
OF THE SHAREHOLDER'S OWNERSHIP OF THE SHARES.

     SECTION 10.    Miscellaneous.
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     (a) Notices.  All notices, instructions and other communications in
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connection with this Agreement shall be in writing and may be given by (i)
personal delivery, (ii) certified mail, return receipt requested, postage
prepaid, or (iii) delivery by a nationally recognized overnight courier, to the
parties at the addresses of each as set forth on the signature pages to this
Agreement or to such other address as any party may specify in a notice to the
other parties.  Notices will be deemed to have been given (w) when actually
delivered personally, (x) the next business day if sent by overnight courier
(with proof of delivery) and (y) on the fifth day after mailing by certified
mail.

     (b) No Waiver.  No course of dealing and no delay on the part of any party
         ---------
hereto in exercising any right, power or remedy conferred by this Agreement
shall operate as a waiver thereof or otherwise prejudice such party's rights,
powers and remedies conferred by this Agreement or shall preclude any other or
further exercise thereof or the exercise of any other right, power and remedy.

     (c) Binding Effect; Assignability.  This Agreement shall be binding upon
         -----------------------------
and, except as otherwise provided herein, shall inure to the benefit of the
respective parties and their permitted successors and assigns, including,
without limitation, Permitted Transferees to the extent specifically provided
for herein.  This Agreement shall not be assignable except as otherwise
specifically provided herein.

     (d) Amendment and Waiver.  This Agreement may not be amended, modified or
         --------------------
supplemented without the consent of the Company and the Shareholder, and no
waiver or consent to departures from the provisions hereof shall bind any party
who has not given such waiver or consent.

     (e) Governing Law; Service of Process.  This Agreement shall be construed
         ---------------------------------
both as to validity and performance in accordance with, and governed by, the
laws of the State of Minnesota applicable to agreements to be performed in
Minnesota, without regard to principles of conflict of laws.

     (f) Counterparts.  This Agreement may be executed in two or more
         ------------
counterparts each of which shall be deemed an original but all of which together
shall constitute one and the same instrument, and all signatures need not appear
on any one counterpart.

     (g) Headings.  All headings and captions in this Agreement are for purposes
         --------
of reference only and shall not be construed to limit or affect the substance of
this Agreement.  All references to Section in this Agreement refer to Sections
of this Agreement, unless the context otherwise expressly provides.

     (h) Entire Agreement.  This Agreement contains, and is intended as, a
         ----------------
complete statement of all the terms of the arrangements between the parties with
respect to the matters provided for herein and supersedes any previous
agreements and understandings between the parties with respect to those matters.

     (i) Severability.  If any term or other provision of this Agreement is
         ------------
invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the

                                       11
<PAGE>

economic or legal substance of the transactions contemplated hereby is not
affected in any manner adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an
acceptable manner to the end that transactions contemplated hereby are fulfilled
to the maximum extent possible.

                                       12
<PAGE>

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

                                      JOSTENS, INC.
                                         a Minnesota corporation

                                      By: /s/ Lee U. McGrath
                                          ------------------
                                          Name:  Lee U. McGrath
                                          Title: Vice President and Treasurer
                                          Address:_____________________
                                                  _____________________
                                                  _____________________

                                          /s/ Gregory Lea
                                          ---------------
                                          Name: Gregory Lea
                                          Address:_____________________
                                                  _____________________
                                                  _____________________

Accepted and agreed to for purposes
of Section 3(b) only:

SATURN EQUITY LIMITED

By:  /s/ Sydney J. Coleman
     ---------------------
Name:  Sydney J. Coleman
Title:  Director

Address: P.O. Box 1111
         Grant Cayman
         Cayman Islands, BWI

                                       13<PAGE>

EXHIBIT 10.15

                    STOCK OPTION AGREEMENT PURSUANT TO THE
                      JOSTENS, INC. STOCK INCENTIVE PLAN

     THIS STOCK OPTION AGREEMENT (this "Agreement") is made as of May 10, 2000
(the "Effective Date"), between Jostens, Inc., a Minnesota corporation (the
"Company"), and William Priesmeyer (the "Optionee").

                                R E C I T A L S
                                - - - - - - - -

     A.   The Company has adopted the Jostens, Inc. Stock Incentive Plan (the
"Plan"), a copy of which is attached hereto as Exhibit 1.

     B.   The Company desires to grant the Optionee the opportunity to acquire a
proprietary interest in the Company to encourage the Optionee's contribution to
the success and progress of the Company.

     C.   In accordance with the Plan, the Committee (as defined in the Plan)
has granted to the Optionee a non-qualified option to purchase shares of Class A
Stock, $0.33 par value per share, of the Company (the "Class A Stock") subject
to the terms and conditions of the Plan and this Agreement.

                                   AGREEMENTS
                                   ----------

     1.   Definitions.  Capitalized terms used herein shall have the following
          -----------
meanings:

          "Act" is defined in Section 10(a).

          "Agreement" means this Stock Option Agreement.

          "Annual Valuation" is defined in Section 9(d).

          "Appraisers" is defined in Section 9(d).

          "Approved Sale" means a transaction or a series of related
transactions which results in a bona fide, unaffiliated change of economic
                                ---- ----
beneficial ownership of the Company or its business of greater than 50%
(disregarding for this purpose any disparate voting rights attributable to the
outstanding stock of the Company), whether pursuant to the sale of the stock of
the Company, the sale of the assets of the Company, or a merger or consolidation
(other than a sale of stock by an Initial Stockholder to (i) another Initial
Stockholder or affiliate thereof, or (ii) a non-U.S. entity with respect to
which an Initial Stockholder or affiliate thereof has an administrative
relationship).

          "Articles of Incorporation" means the Articles of Incorporation of the
Company, as amended or restated from time to time.
<PAGE>

          "Cause" means (A) the Optionee's gross misconduct; (B) the Optionee's
willful and continued failure to perform substantially his or her duties with
the Company (other than any such failure relating to changes in the Optionee's
duties that constitute Good Reason (as defined below) after a demand for
substantial performance is delivered to the Optionee by the Board which
specifically identifies the manner in which the Board believes that the Optionee
has not substantially performed his or her duties and provides for a reasonable
period of time within which the Optionee may take corrective measures, or (C)
the Optionee's conviction (including a plea of nolo contendere) of willfully
                                               ---- ----------
engaging in illegal conduct constituting a felony or gross misdemeanor under
federal or state law which is materially and demonstrably injurious to the
Company or which impairs the Optionee's ability to perform substantially his or
her duties with the Company.

          "Class A Stock" is defined in recital C.

          "Closing Date" means May 10, 2000.

          "Company" is defined in the preamble.

          "EBITDA" is defined in Section 3(a).

          "Effective Date" is defined in the preamble.

          "Endorsed Certificate" is defined in Section 9(a).

          "Exercise Price" is defined in Section 2.

          "Fair Market Value" means the value of a Share, as of the Termination
Date, calculated pursuant to Section 9(d).

          "Fiscal Year" means the fiscal year of the Company.

          "Good Reason" means, unless the Optionee shall have consented in
writing thereto, any of the following: (A) a change in the Optionee's title(s),
status, position(s), authority, duties or responsibilities as an executive of
the Company as in effect at the effective time of the Merger (other than any
change directly attributable to the fact that the Company is no longer publicly
owned); provided, however, that Good Reason does not include a change in the
Optionee's title(s), status, position(s), authority, duties or responsibilities
caused by an insubstantial and inadvertent action that is remedied by the
Company promptly after receipt of notice of such change given by the Optionee,
(B) a reduction by the Company in the Optionee's base pay, or an adverse change
in the form or timing of the payment thereof, as in effect at the effective time
of the Merger or as thereafter increased or by a reduction in the Optionee's
target annual incentive award as in effect at the effective time of the Merger
or as thereafter increased, (C) the failure by the Company to cover the Optionee
under benefit plans that, in the aggregate, provide substantially similar
benefits to the Optionee and/or his or her family and dependents as a
substantially similar total cost to the Optionee (e.g., premiums, deductibles,
co-pays, out-of-pocket maximums, required contributions, taxes and the like)
relative to the benefits and total costs under the benefit plans in which the
Optionee (and/or his or her family or dependents) is participating at any time
during the 90-day period immediately preceding the effective time of the Merger,
(D) the Company's requiring the Optionee to be based more than 30 miles from
where his or

                                       2
<PAGE>

her office is located immediately prior to the effective time of the Merger,
except for required travel on the Company's business, and then only to the
extent substantially consistent with the business travel obligations which the
Optionee undertook on behalf of the Company during the 180-day period
immediately preceding the effective time of the Merger, (E) any purported
termination by the Company of the Optionee's employment which is not properly
effected pursuant to the terms of the Company's Executive Change in Control
Severance Pay Plan or (F) any refusal by the Company to continue to allow the
Optionee to attend to matters or engage in activities not directly related to
the business of the Company which, at any time prior to the effective time of
the Merger, the Optionee was not expressly prohibited by the Company from
attending to or engaging in.

          "Initial Public Offering" means the sale of any of the common stock of
the Company pursuant to a registration statement that has been declared
effective under the Act, if as a result of such sale (i) the issuer becomes a
reporting company under Section 12(b) or 12(g) of the Securities Exchange Act of
1934, as amended, and (ii) such stock is traded on the New York Stock Exchange
or the American Stock Exchange, or is quoted on the NASDAQ National Market
System or is traded or quoted on any other national stock exchange or national
securities system.

          "Initial Stockholders" means the shareholders of the Company who
became shareholders as of the Closing Date (other than any such shareholders who
are also employees of the Company or were shareholders of the Company prior to
the Closing Date).

          "Option" is defined in Section 2.

          "Optionee" is defined in the preamble.

          "Option Shares" is defined in Section 2.

          "Permanent Disability" means the failure by the Optionee to render
full-time employment services to the Company for an aggregate of sixty (60)
business days in any continuous period of six (6) months on account of physical
or mental disability.

          "Plan" is defined in recital A.

          "Put Period" and "Put Right" are defined in Section 9(b).

          "Repurchase Period" and "Repurchase Right" are defined in Section
9(a).

          "Retirement" means age 65.

          "Subsidiary" means any joint venture, corporation, partnership,
limited liability company or other entity as to which the Company, whether
directly or indirectly, has more than 50% of the (i) voting rights or (ii)
rights to capital or profits.

          "Termination Date" means the date on which the Optionee ceases to be
employed by the Company for any reason.

     2.   Grant of Option.  The Company grants to the Optionee the right and
          ---------------
option (the "Option") to purchase, on the terms and conditions hereinafter set
forth, all or any part of

                                       3
<PAGE>

the number of shares of Class A Stock set forth below the Optionee's signature
below (the "Option Shares"), at the purchase price of $25.25 per Share (as such
amount may be adjusted, the "Exercise Price"), on the terms and conditions set
forth herein.

     3.   Exercisability.
          --------------

          (a) The Option shall become exercisable to the extent of one-fifth
(1/5) of the number of Option Shares as of the end of each fiscal year set forth
on Exhibit 2 of this Agreement if the Company's Earnings before Interest, Taxes,
Depreciation and Amortization ("EBITDA"), as defined on Exhibit 2, equals or
exceeds the Target annual EBITDA amount set forth in column (A) of Exhibit 2
with respect to such fiscal year.  If for any fiscal year set forth on Exhibit 2
the Company's cumulative annual EBITDA amount for that and the preceding fiscal
years equals or exceeds the Cumulative Target EBITDA amount set forth in column
(B) of Exhibit 2 with respect to such fiscal year, the Option shall become
exercisable to the extent that it would have become exercisable had the Company
achieved its Target annual EBITDA amounts for that and each of the preceding
fiscal years.

          (b) Notwithstanding Section 3(a), (i) upon the occurrence of an
Initial Public Offering, in which case the schedule set forth in Section 3(a)
shall not apply to the extent that Options are not yet exercisable, the Optionee
shall have the right (A) to exercise one-third (1/3) of all unexercisable
Options on the first anniversary of the Initial Public Offering, provided that
the Optionee remains continuously employed by the Company through such
anniversary; (B) to exercise an additional one third (1/3) of all unexercisable
Options (as of the first anniversary) on the second anniversary of the Initial
Public Offering, provided that the Optionee remains continuously employed by the
Company through such anniversary; and (C) to exercise the remaining one-third
(1/3) of all unexercisable Options on the third anniversary of the Initial
Public Offering, provided that the Optionee remains continuously employed by the
Company through such anniversary; (ii) upon the occurrence of an Approved Sale,
in which case the schedule set forth in Section 3(a) shall not apply to the
extent that Options are not yet exercisable, the Optionee shall have the right
to exercise up to fifty percent (50%) of all unexercisable Options, provided,
and to the extent, that the Initial Stockholders receive a twenty percent (20%)
annual internal rate of return (calculated on a fully diluted basis) from the
Closing Date until the date of closing of the Approved Sale (taking into account
the Approved Sale); and shall have the right to exercise up to seventy-five
percent (75%) of all unexercisable options if the Initial Stockholders receive a
twenty-five percent (25%) annual internal rate of return (calculated on a fully
diluted basis) from the Closing Date until the closing of the Approval Sale
(taking into account the Approved Sale); and shall have the right to exercise up
to one-hundred percent (100%) of all unexercisable Options if the Initial
Stockholders receive a thirty percent (30%) annual internal rate of return
(calculated on a fully diluted basis) from the Closing Date until the date of
closing of the Approved Sale (taking into account the Approved Sale), and (iii)
upon the seventh (7th) anniversary of the date hereof, provided the Optionee
remains continuously employed by the Company through such anniversary, any
unexercisable Option shall immediately become fully exercisable.

                                       4
<PAGE>

     4.   Expiration.
          ----------

          (a) Subject to Section 6(a), the exercisable portion of the Option
shall expire upon the thirtieth (30th) day following the seventh (7th)
anniversary of the Effective Date unless, if earlier, (i) the Optionee resigns
without Good Reason, in which case the exercisable portion of the Option shall
expire thirty (30) days following the Termination Date, or (ii) the Optionee is
terminated for Cause from employment by the Company, in which case the
exercisable portion of the Option shall expire immediately on the Termination
Date, or (iii) in the event of the death or Disability of the Optionee the
exercisable portion of the option shall expire one (1) year from the date of
death or Disability or (iv) the Optionee resigns for Good Reason or is
terminated by the Company without Cause, in which case the exercisable portion
of the Option shall expire one hundred eighty (180) days following the
Termination Date; or (v) in the event the Company exercises the repurchase right
pursuant to Section 9 hereof, or in the event the Optionee or his or her
representative exercises the put right pursuant to Section 9 hereof, the
exercisable portion of the Option shall expire on the business day immediately
preceding the Repurchase Date, the Put Date, or the date on which the Company
acquires any Option Shares pursuant to Section 9(c) hereof, as the case may be.

          (b) The unexercisable portion of the Option shall expire on the
Termination Date; provided, that in the case where the employment of the
Optionee is terminated without Cause, for Good Reason, or due to death or
Permanent Disability, the unexercisable portion of the Option scheduled to
become exercisable in such year shall not terminate until the thirtieth (30th)
day following the date on which the Optionee received notice of the EBITDA for
the Fiscal Year during which the Termination Date occurred, and a pro rata
portion of the portion of the Option scheduled to become exercisable in the year
including the Termination Date shall become exercisable as if the Optionee's
employment had not been terminated, such proration to be determined upon the
number of days elapsed in the year in which the Termination Date occurred.

     5.   Nontransferability.  Subject to Section 9 hereof, the Option shall not
          ------------------
be transferable by the Optionee except that the Optionee may transfer the Option
to (a) his or her spouse, child, estate, personal representative, heir or
successor (b) a trust for the benefit of the Optionee or his or her spouse,
child or heir, or (c) a partnership the partners of which consist solely of the
Optionee and/or his or her spouse, child, heir, and/or successor (each, a
"permitted transferee") and the Option is exercisable, during the Optionee's
lifetime, only by him or her or a permitted transferee, or, in the event of the
Optionee's Permanent Disability, his or her guardian or legal representative.
More particularly (but without limiting the generality of the foregoing), the
Option may not be assigned, transferred (except as aforesaid), pledged or
hypothecated in any way (whether by operation of law or otherwise), and shall
not be subject to execution, attachment or similar process.  Any assignment,
transfer, pledge, hypothecation or other disposition of the Option contrary to
the provisions hereof, and the levy of any attachment or similar process upon
the Option that would otherwise effect a change in the ownership of the Option,
shall terminate the Option; provided, however, that in the case of the
involuntary levy of any attachment or similar involuntary process upon the
Option, the Optionee shall have thirty (30) days after notice thereof to cure
such levy or process before the Option terminates.  This Agreement shall be
binding on and enforceable against any person who is a permitted transferee of
the Option.

                                       5
<PAGE>

     6.   Effect of Approved Sale; Adjustments.
          ------------------------------------

          (a) In the event of an Approved Sale, the unexercised portion of the
Option shall terminate upon such Approved Sale, provided that, unless the
agreement or plan of merger effecting such Approved Sale provides that the
Optionee shall receive upon such Approved Sale, with respect to the entire
exercisable but unexercised portion of the Option, the same consideration that
the holders of the Class A Stock shall be entitled to receive upon such Approved
Sale, less the Exercise Price attributable to such exercisable but unexercised
portion, then the Optionee shall be given at least thirty (30) days' prior
notice of the proposed Approved Sale and shall be entitled to exercise such
exercisable but unexercised portion of the Option at any time during such thirty
(30) day period up to and until the close of business on the day immediately
preceding the date of consummation of such Approved Sale and upon exercise of
the Option the Option Shares shall be treated in the same manner as the shares
of any other holder of Class A Stock.

          (b) Subject to Section 6(a), if the shares of the Class A Stock are
changed into or exchanged for a different number or kind of shares or
securities, as the result of any one or more reorganizations, recapitalizations,
mergers, acquisitions, stock splits, reverse stock splits, stock dividends or
similar events, an appropriate adjustment shall be made in the number and kind
of shares or other securities subject to the Option, and the price for each
share or other unit of any securities subject to this Agreement, in accordance
with Section 13 of the Plan.  No fractional interests shall be issued on account
of any such adjustment unless the Committee specifically determines to the
contrary; provided, however, that in lieu of fractional interests, the Optionee,
upon the exercise of the Option in whole or part, shall receive cash in an
amount equal to the amount by which the fair market value of such fractional
interests exceeds the Exercise Price attributable to such fractional interests.

     7.   Exercise of the Option.  Prior to the expiration thereof, the Optionee
          ----------------------
may exercise the exercisable portion of the Option from time to time in whole or
in part.  Upon electing to exercise the Option, the Optionee shall deliver to
the Secretary of the Company a written and signed notice of such election
setting forth the number of Option Shares the Optionee has elected to purchase
and shall at the time of delivery of such notice tender cash or a cashier's or
certified bank check to the order of the Company for the full Exercise Price of
such Option Shares and any amount required pursuant to Section 16 hereof.
Alternatively, if the Company is not at the time prohibited from purchasing or
acquiring shares of its capital stock, the Exercise Price may be paid in whole
or in part by delivery of shares of the Class A Stock owned by the Optionee
provided that Optionee has owned such shares for at least six (6) months.  The
value of any such shares delivered or withheld as payment of the Exercise Price
shall be such shares' fair market value as determined by the Committee.  The
Committee further may, in its discretion, permit payment of the Exercise Price
in such form or in such manner as may be permissible under the Plan and under
any applicable law.

     8.   Restrictions on Transfers of Shares Issuable Upon Exercise.  Subject
          ----------------------------------------------------------
to Section 9 hereof, prior to the earlier of (A) 180 days following an Initial
Public Offering or (B) an Approved Sale, the Option Shares shall not be
transferable or transferred, assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) except that the Optionee may transfer
the Option Shares (i) to a permitted transferee, as defined in Section 5 of this
Agreement, or (ii) as permitted by the Articles of Incorporation.  This
Agreement shall be binding on and enforceable against any person who is a
permitted

                                       6
<PAGE>

transferee of the Option Shares except a person who acquires the Option Shares
pursuant to the Articles of Incorporation or as part of the Initial Public
Offering. The stock certificates issued to evidence Option Shares upon exercise
of the Option hereunder shall bear a legend referring to this Agreement and the
restrictions contained herein.

     9.   Repurchase of Option Shares.
          ---------------------------

          (a) In the event that the Optionee ceases to be employed by the
Company for any reason prior to an Initial Public Offering, the Company, during
the sixty (60) days following the Termination Date (subject to Section 9(c), the
"Repurchase Period") shall have the right to purchase all or any portion of the
Option Shares (the "Repurchase Right").  The purchase price for each Option
Share shall equal Fair Market Value unless the Optionee resigns without Good
Reason prior to May 10, 2003 or is terminated for Cause at any time, in which
case the purchase price will be the lower of Fair Market Value or the Exercise
Price.  If the Company elects to purchase the Option Shares, it shall notify the
Optionee at or before the end of the Repurchase Period of such election and the
purchase price shall be paid in cash at a time set by the Company (the
"Repurchase Date") within thirty (30) days after the end of the Repurchase
Period, provided that the Optionee has presented to the Company a stock
certificate evidencing the Option Shares duly endorsed for transfer (the
"Endorsed Certificate").  If the Optionee fails to deliver the Endorsed
Certificate, the Option Shares represented thereby shall be deemed to have been
purchased upon (i) the payment by the Company of the purchase price to the
Optionee or his or her permitted transferee or (ii) notice to the Optionee or
such permitted transferee that the Company is holding the purchase price for the
account of the Optionee or such permitted transferee, and upon such payment or
notice the Optionee and such permitted transferee will have no further rights in
or to such Option Shares.  The Company may assign its Repurchase Right hereunder
to Saturn Equity Limited ("SEL") or to an affiliate of the Company.  If the
Option Shares are not purchased pursuant to Section 9(a) or 9(b), the
restrictions on transfer thereof contained in Sections 5 and 8 of this Agreement
shall terminate and be of no further force and effect.

          (b) If the Optionee's employment with the Company is terminated prior
to an Initial Public Offering (i) by the Company without Cause; (ii) due to the
Optionee's Retirement, death or Permanent Disability; (iii) by the Optionee for
Good Reason; or (iv) at any time after May 10, 2003 for any reason other than
for Cause, the Optionee or his or her representative or permitted transferee,
during the 120 days following the Termination Date (subject to Section 9(c), the
"Put Period") shall have the right to require SEL to purchase all or any portion
of the Option Shares then held by Optionee (the "Put Right"), unless, by the
thirtieth (30) day after the Company and SEL have received notice of the
Optionee's election to exercise the Put Right, the Company has notified the
Optionee and SEL of its election, exercisable at the discretion of the Company,
to purchase the Option Shares on the same terms as such Option Shares were to be
purchased by SEL, in which case such Option Shares will be acquired by the
Company.  The purchase price shall be at Fair Market Value, unless the
employment of the Optionee is terminated without Cause prior to May 10, 2003, in
which case the purchase price will be the lower of Fair Market Value or the
Exercise Price.  The purchase price shall be paid in cash at a time specified by
SEL or the Company, as applicable, within thirty (30) days after the end of the
Put Period, provided that SEL or the Company, as the case may be, need not pay
the purchase price until such later time that the Optionee presents to the
Company the Endorsed Certificate.

                                       7
<PAGE>

          (c) In the event that (i) on the Termination Date, Optionee owns
Option Shares that have not been owned by the Optionee for a period of at least
six (6) months, and/or (ii) following the Termination Date, the Optionee
exercises any then outstanding vested Option pursuant to this Agreement
(including without limitation any Option which becomes exercisable by virtue of
Section 4(b) hereof), with respect to all such Option Shares, the Repurchase
Period and the Put Period will not commence on the Termination Date but rather
will commence on the first date on which all such Option Shares have been owned
by Optionee for six (6) months.

          (d) The Fair Market Value of Option Shares to be purchased by the
Company hereunder shall be determined in good faith by the Company's Board of
Directors.  The Board of Directors shall make its determination of Fair Market
Value annually (the "Annual Valuation") promptly after the completion of the
Company's audited financial statements for the year then completed and such
determination shall remain in effect until the Board of Directors makes the next
Annual Valuation.  Notwithstanding the foregoing, if the Board of Directors or
an investment banker or appraiser appointed by the Company makes a determination
of Fair Market Value subsequent to an Annual Valuation, such subsequent
determination shall supersede the Annual Valuation then in effect and shall
establish the Fair Market Value until the next Annual Valuation.  The Fair
Market Value shall be based on an assumed sale of 100% of the outstanding
capital stock of the Company.  If such determination of the Fair Market Value is
challenged by the Optionee, each of the Optionee and the Board of Directors will
select an appraiser or investment banker, and the two appraisers and investment
bankers, as the case may be, will select a mutually acceptable investment banker
or appraiser.  The three selected appraisers or investment bankers, as the case
may be (the "Appraisers"), shall establish the Fair Market Value as of the date
of valuation referenced in the Annual Valuation or a subsequent determination.
The Appraisers' determination shall be conclusive and binding on the Company and
the Optionee.  The Optionee shall bear all costs incurred in connection with the
services of such Appraisers if the Fair Market Value determined by such
Appraisers is less than or equal to 110% of the determination challenged by the
Optionee.  All costs in connection with the services of such Appraisers will be
borne equally by the Company and the Optionee if the Fair Market Value
established by such Appraisers is greater than 110% but less than or equal to
120% of the determination challenged by the Optionee.  The Company shall bear
all costs incurred in connection with the services of such Appraisers if the
Fair Market Value established by such Appraisers is greater than 120% of the
determination challenged by the Optionee.  If it is determined that the Optionee
bears some or all of the costs incurred in connection with the services of the
Appraisers, the Optionee shall promptly pay or reimburse the Company for such
costs.

          (e) The Optionee shall not be considered to have ceased to be employed
by the Company for purposes of this Agreement if he continues to be employed by
the Company or a Subsidiary, or by a company of which the Company is a
subsidiary.

     10.  Compliance with Legal Requirements.
          ----------------------------------

          (a) No Option Shares shall be issued or transferred pursuant to this
Agreement unless and until all legal requirements applicable to such issuance or
transfer have, in the opinion of counsel to the Company, been satisfied.  Such
requirements may include, but are not limited to, registering or qualifying such
Option Shares under any state

                                       8
<PAGE>

or federal law, satisfying any applicable law relating to the transfer of
unregistered securities or demonstrating the availability of an exemption from
applicable laws, placing a legend on the Shares to the effect that they were
issued in reliance upon an exemption from registration under the Securities Act
of 1933, as amended (the "Act"), and may not be transferred other than in
reliance upon Rule 144 or Rule 701 promulgated under the Act, if available, or
upon another exemption from the Act, or obtaining the consent or approval of any
governmental regulatory body.

          (b) The Optionee understands that the Company intends for the offering
and sale of Option Shares to be effected in reliance upon Rule 701 or another
available exemption from registration under the Act, and that the Company is
under no obligation to register for resale the Option Shares issued upon
exercise of the Option, subject to other applicable agreements or the Articles
of Incorporation.  In connection with any such issuance or transfer, the person
acquiring the Option Shares shall, if requested by the Company, provide
information and assurances satisfactory to counsel to the Company with respect
to such matters as the Company reasonably may deem desirable to assure
compliance with all applicable legal requirements.

     11.  Subject to Articles of Incorporation.  The Optionee acknowledges that
          ------------------------------------
the Option Shares are subject to the terms of the Articles of Incorporation.

     12.  No Interest in Shares Subject to Option.  Neither the Optionee
          ---------------------------------------
(individually or as a member of a group) nor any beneficiary or other person
claiming under or through the Optionee shall have any right, title, interest, or
privilege in or to any shares of stock allocated or reserved for the purpose of
the Plan or subject to this Agreement except as to such Option Shares, if any,
as shall have been issued to such person upon exercise of an Option or any part
thereof.

     13.  Plan Controls.  The Option hereby granted is subject to, and the
          -------------
Company and the Optionee agree to be bound by, all of the terms and conditions
of the Plan as the same may be amended from time to time in accordance with the
terms thereof, but no such amendment shall be effective as to the Option without
the Optionee's consent insofar as it may adversely affect the Optionee's rights
under this Agreement.

     14.  Not an Employment Contract.  Nothing in the Plan, in this Agreement or
          --------------------------
any other instrument executed pursuant thereto shall confer upon the Optionee
any right to continue in the employ of the Company or any Subsidiary or shall
affect the right of the Company or any Subsidiary to terminate the employment of
the Optionee with or without Cause.

     15.  Governing Law.  All terms of and rights under this Agreement shall be
          -------------
governed by and construed in accordance with the internal laws of the State of
Minnesota, without giving effect to principles of conflicts of law.

     16.  Taxes.  The Committee may, in its discretion, make such provisions and
          -----
take such steps as it may deem necessary or appropriate for the withholding of
all federal, state, local and other taxes required by law to be withheld with
respect to the issuance or exercise of the Option including, but not limited to,
deducting the amount of any such withholding taxes from any other amount then or
thereafter payable to the Optionee, requiring the

                                       9
<PAGE>

Optionee to pay to the Company the amount required to be withheld or to execute
such documents as the Committee deems necessary or desirable to enable it to
satisfy its withholding obligations, or any other means provided in the Plan;
provided further that the Optionee may satisfy all aforesaid withholding tax
obligations by directing the Company to withhold that number of Option Shares
with an aggregate Fair Market Value equal to the amount of all federal, state,
local and other taxes required to be withheld, or delivering to the Company such
number of previously held Shares, which Shares have been owned by the Optionee
for at least six (6) months with an aggregate Fair Market Value equal to the
minimum statutory amount of the federal, state, local and other taxes required
to be withheld.

     17.  Notices.  All notices, requests, demands and other communications
          -------
pursuant to this Agreement shall be in writing and shall be deemed to have been
duly given if personally delivered, telexed or telecopied to, or, if mailed,
when received by, the other party at the following addresses (or at such other
address as shall be given in writing by either party to the other):

          If to the Company to:

               Jostens, Inc.
               5501 Norman Center Drive
               Minneapolis, Minnesota 55437
               Facsimile: (612) 830-3380
               Attention:  General Counsel

               With a copy to:

               Gibson, Dunn & Crutcher LLP
               200 Park Avenue, 47th Floor
               New York, New York 10166-0193
               Facsimile: (212) 351-4035
               Attention:  E. Michael Greaney, Esq.

     If to the Optionee to the address set forth below the Optionee's signature
below.

     18.  Amendments and Waivers.  This Agreement may be amended, and any
          ----------------------
provision hereof may be waived, only by a writing signed by the party to be
charged.

     19.  Entire Agreement.  This Agreement, together with the Plan, sets forth
          ----------------
the entire agreement and understanding between the parties as to the subject
matter hereof and supersedes all prior oral and written and all contemporaneous
oral discussions, agreements and understandings of any kind or nature.

     20.  Separability.  If any term or other provision of this Agreement is
          ------------
invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner adverse to
any party.  Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that
transactions contemplated hereby

                                       10
<PAGE>

are fulfilled to the maximum extent possible.

     21.  Headings.  The headings preceding the text of the sections hereof are
          --------
inserted solely for convenience of reference, and shall not constitute a part of
this Agreement, nor shall they affect its meaning, construction or effect.

     22.  Counterparts.  This Agreement may be executed in two counterparts,
          ------------
each of which shall be deemed an original, but which together shall constitute
one and the same instrument.

     23.  Further Assurances.  Each party shall cooperate and take such action
          ------------------
as may be reasonably requested by another party in order to carry out the
provisions and purposes of this Agreement.

     24.  Remedies.  In the event of a breach by any party to this Agreement of
          --------
its obligations under this Agreement, any party injured by such breach, in
addition to being entitled to exercise all rights granted by law, including
recovery of damages, shall be entitled to specific performance of its rights
under this Agreement.  The parties agree that the provisions of this Agreement
shall be specifically enforceable, it being agreed by the parties that the
remedy at law, including monetary damages, for breach of any such provision will
be inadequate compensation for any loss and that any defense in any action for
specific performance that a remedy at law would be adequate is hereby waived.

     25.  Binding Effect.  This Agreement shall inure to the benefit of and be
          --------------
binding upon the parties hereto and their respective permitted successors and
assigns.

     26.  RELIANCE ON THIS AGREEMENT.
          ---------------------------

     (a) THE OPTIONEE ACKNOWLEDGES THAT, ALTHOUGH THERE ARE MANY POSSIBLE
METHODS OF DETERMINING THE PURCHASE PRICE OF THE COMPANY'S SHARES, THE OPTIONEE
HAS ENTERED INTO THIS AGREEMENT IN RELIANCE UPON THE EXPECTATION AND
UNDERSTANDING THAT THE METHOD(S) CONTAINED IN THIS AGREEMENT FOR DETERMINING THE
PURCHASE PRICE OF THE COMPANY'S SHARES WILL BE APPLIED UNDER THE CIRCUMSTANCES
AND IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THIS AGREEMENT.
ACCORDINGLY, IT IS THE INTENTION AND EXPECTATION OF THE OPTIONEE THAT, IN
SITUATIONS IN WHICH THIS AGREEMENT IS APPLICABLE, THE COURTS SHALL INTERPRET AND
APPLY THIS AGREEMENT STRICTLY IN ACCORDANCE WITH ITS TERMS AND CONDITIONS,
WHETHER ACTING UNDER SECTION 302A.751 OF THE MINNESOTA BUSINESS CORPORATION ACT
OR OTHERWISE.

     (b) THE OPTIONEE CONFIRMS THAT THE OPTIONEE HAS CAREFULLY REVIEWED THIS
AGREEMENT AND UNDERSTANDS IT.  THE OPTIONEE FURTHER CONFIRMS THAT THE OPTIONEE
HAS CONSULTED WITH LEGAL COUNSEL REPRESENTING THE OPTIONEE CONCERNING THIS
AGREEMENT.

     (c) THE OPTIONEE FURTHER REPRESENTS THAT, ALTHOUGH THE OPTIONEE IS (OR FROM
TIME TO TIME MAY BE) AN EMPLOYEE, OFFICER AND/OR DIRECTOR OF THE COMPANY (OR OF
A DIRECT OR INDIRECT

                                       11
<PAGE>

SUBSIDIARY OR OTHER AFFILIATE OF THE COMPANY), THE OPTIONEE IS HOLDING THE
OPTION AND THE OPTION SHARES FOR THEIR POTENTIAL AS AN EQUITY INVESTMENT AND
WITHOUT ANY EXPECTATION UNDER SECTION 302A.751 OF THE MINNESOTA BUSINESS
CORPORATION ACT OR OTHERWISE THAT THE OWNERSHIP OF THE OPTION OR THE OPTION
SHARES WILL ENTITLE THE OPTIONEE TO ANY RIGHTS AS AN EMPLOYEE, OFFICER OR
DIRECTOR OF THE COMPANY (OR ANY SUCH SUBSIDIARY OR OTHER AFFILIATE OF THE
COMPANY) THAT WOULD NOT EXIST IF THE OPTIONEE WERE NOT AN OPTIONHOLDER OR
SHAREHOLDER. THE OPTIONEE FURTHER AGREES THAT NO CHANGE IN HIS OR HER
EXPECTATIONS CONCERNING EMPLOYMENT OR CONCERNING HIS OR HER PARTICIPATION AS AN
OFFICER OR DIRECTOR WILL HAVE A REASONABLE BASIS UNLESS SET FORTH IN A WRITTEN
AGREEMENT EXPRESSLY GIVING THE OPTIONEE ADDITIONAL RIGHTS AS TO SUCH MATTERS.
THE COMPANY HEREBY ADVISES THE OPTIONEE THAT THE COMPANY HAS THE EXPECTATION
THAT THE OPTIONEE WILL NOT HAVE ANY RIGHT TO EMPLOYMENT BY THE COMPANY (OR BY
ANY DIRECT OR INDIRECT SUBSIDIARY OR OTHER AFFILIATE OF THE COMPANY) OR TO
CONTINUE TO BE AN OFFICER OR DIRECTOR OF THE COMPANY (OR OF ANY SUCH SUBSIDIARY
OR OTHER AFFILIATE) BY VIRTUE OF THE OPTIONEE'S OWNERSHIP OF THE OPTIONS OR THE
OPTION SHARES.

                                       12
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Effective Date.

                                   JOSTENS, INC.

                                   By: /s/ Lee U. McGrath
                                       ------------------
                                   Name:  Lee U. McGrath
                                   Title: Vice President and Treasurer

                                   /s/ William Priesmeyer
                                   ----------------------
                                   Name:  William Priesmeyer

                                   Address:

                                   Number of Option Shares:  48,351

Accepted and agreed to for purposes
of Section 9(b) only:

SATURN EQUITY LIMITED

By: /s/ Sydney J. Coleman
    ---------------------
Name:  Sydney J. Coleman
Title: Director

Address:  P.O. Box 1111

          Grant Cayman

          Cayman Islands, BWI

                                       13
<PAGE>

                                   EXHIBIT 1

                                 JOSTENS, INC.
                              STOCK INCENTIVE PLAN

                                       14
<PAGE>

                                   EXHIBIT 2
                        EARNINGS BEFORE INTEREST, TAXES,
                         DEPRECIATION AND AMORTIZATION
                            (IN MILLIONS OF DOLLARS)

                                  (A)                  (B)
                                                   Cumulative
         Fiscal Year             Target              Target
         -----------             ------            ----------
           2000                  $142.9
           2001                  $173.2               $316.1
           2002                  $198.5               $514.6
           2003                  $216.3               $730.9
           2004                  $224.9               $955.8

     Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
for a particular period is defined as Consolidated Net Income (loss) of the
Company and its subsidiaries as shown on the consolidated statement of income
(loss) for such period prepared in accordance with U.S. GAAP, consistently
applied, which shall (i) exclude or be adjusted otherwise for all acquisitions
and additional equity contributions to the extent such acquisitions and/or
equity contributions materially change target EBITDA for any particular Fiscal
Year,(ii) reflect a reduction for all management and employment bonuses payable
with respect to the Fiscal Year of the Company and (iii) be adjusted for any
material Board approved amendment to the capital expenditure plan; plus (minus),
to the extent such amounts are otherwise taken into account in determining
EBITDA (prior to adjustment), the following:

     1.   Any provision (benefit) for taxes, including franchise taxes, deducted
(added) in calculating such consolidated net income (loss);

     2.   Any interest expense (net of interest income), deducted in calculating
such consolidated net income (loss);

     3.   Amortization expenses deducted in calculating such consolidated net
income (loss);

     4.   Depreciation expense deducted in calculating consolidated net income
(loss);

     5.   Management fees paid to Investcorp to the extent recorded as an
expense in calculating such consolidated net income (loss);

     6.   Any unusual losses (gains) deducted (added) in calculating such
consolidated net income (loss).  This adjustment is intended to exclude, in the
calculation of EBITDA, the effects, if any, of any transactions outside of the
Company's ordinary course of business as and to the extent determined to be
appropriate in good faith by the Board.

     The Board reserves the right to make other adjustments to EBITDA or the
EBITDA targets as the Board determines in good faith are appropriate to take
into account the effect of

                                       15
<PAGE>

material transactions or events during the period, including without limitation
acquisitions, divestitures, equity issuances and significant changes to capital
expenditure plans.

     The Optionee and his or her representative shall be provided reasonable
opportunity to review the computation of EBITDA and reasonable access to the
data and information supporting such computation, but the Board's determination
shall be conclusive and binding.

                                       16

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