Document:

EX-10.1

 Exhibit 10.1 

LSC COMMUNICATIONS, INC. 
 2016 PERFORMANCE INCENTIVE
PLAN 
 (as adopted by the Board of Directors on September 30, 2016) 

I. General 
 1. Plan. To
provide incentives to officers, other employees and other persons providing services to LSC Communications, Inc. (the “Company”) through rewards based upon the ownership or performance of the common stock, par value $0.01 per share, of the
Company (“common stock”) or other performance measures, the Committee hereinafter designated may grant cash or bonus awards, stock options, stock appreciation rights (“SARs”), restricted stock, stock units or combinations
thereof, to eligible participants, on the terms and subject to the conditions stated in this 2016 Performance Incentive Plan (the “Plan”). In addition, to provide incentives to members of the Board of Directors (the “Board”) who
are not employees of the Company (“non-employee directors”), such non-employee directors are eligible to receive awards as set forth in Article V of the Plan. For purposes of the Plan, references to employment by or service to the Company
also means employment by or service to a direct or indirect majority-owned subsidiary of the Company and employment by or service to any other entity designated by the Board or the Committee in which the Company has a direct or indirect equity
interest. 
 2. Eligibility. Officers and other employees of, and other persons providing services to the Company
(“participants”) shall be eligible, upon selection by the Committee, to receive cash or bonus awards, stock options, SARs, restricted stock and stock units, either singly or in combination, as the Committee, in its discretion, shall
determine. In addition, non-employee directors shall receive awards on the terms and subject to the conditions stated in the Plan. 

3. Limitation on Shares to be Issued. Subject to adjustment as provided in Section 5 of this Article I, 3,500,000 shares of
common stock shall be available under the Plan, reduced by the aggregate number of shares of common stock which become subject to outstanding bonus awards, stock options, SARs which are not granted in tandem with or by reference to a stock option
(“free-standing SARs”), restricted stock awards and stock unit awards. Shares subject to a grant or award under the Plan which are not issued or delivered, by reason of the expiration, termination, cancellation or forfeiture of all or a
portion of the grant or award or the settlement of the grant or award in cash shall again be available for future grants and awards under the Plan; provided, however, that for purposes of this sentence, stock options and SARs granted in
tandem with or by reference to a stock option granted prior to the grant of such SARs (“tandem SARs”) shall be treated as one grant. Shares tendered or withheld upon exercise of an option, vesting of restricted stock or stock units,
settlement of an SAR or upon any other event to pay exercise price or tax withholding shall not be available for future issuance under the Plan. In addition, upon exercise of an SAR, the total number of shares remaining available for issuance under
the Plan shall be reduced by the gross number of shares for which the SAR is exercised. 
 For the purpose of complying with
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and the rules and regulations thereunder, the maximum number of shares of common stock with respect to which options or SARs or a combination thereof may be

 
granted during any calendar year to any person shall be 1,500,000, subject to adjustment as provided in Section 5 of this Article I; provided, however, that for purposes of this
sentence, stock options and tandem SARs shall be treated as one grant. If the Plan becomes effective, no new grants shall be made under any equity plan of the Company that is in effect as of the date immediately prior to the date of stockholder
approval of the Plan (the “Existing Company Plans”) and all such Existing Company Plans shall be terminated, provided, however, that such termination shall have no effect on any outstanding awards granted under any Existing Company
Plan. 
 Shares of common stock to be issued may be treasury shares reacquired by the Company or authorized and unissued shares, or a
combination of both. 
 4. Administration of the Plan. The Plan shall be administered by a Committee designated by the Board
(the “Committee”), provided that the Board may designate a separate committee, also meeting the requirements set forth in the following sentence, to administer Article V hereof. Each member of the Committee shall be a director that the
Board has determined to be (i) an “outside director” within the meaning of Section 162(m) of the Code, (ii) a “Non-Employee Director” within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) and (iii) “independent” within the meaning of the rules of the principal stock exchange on which the common stock is traded. The Committee shall, subject to the terms of the Plan, select eligible
participants for grants and awards; determine the form of each grant and award, either as cash, bonus awards, stock options, SARs, restricted stock awards, stock unit awards or a combination thereof; and determine the number of shares or units
subject to the grant or award, the fair market value of the common stock or units when necessary, the timing and conditions of vesting, exercise or settlement, whether dividends or dividend equivalents accrue under any award, and all other terms and
conditions of each grant and award, including, without limitation, the form of instrument evidencing the grant or award. Notwithstanding the foregoing and subject to Article V, all stock option awards, SARs, restricted stock awards and stock unit
awards, other than awards that are subject to performance-based vesting conditions over a performance period of at least one year, shall have a minimum vesting period of at least three years from the date of grant (such vesting may, in the
discretion of the Committee, occur in full at the end of such period or may occur in specified installments over such period, provided that no more than 40% of any particular award may vest by the end of the first year following the date of grant
and no more than 80% of any particular award may vest by the end of the second year following the date of grant); provided, however, that the Committee may provide for early vesting upon the death, permanent and total disability, retirement
or termination of service of the award recipient. The Committee may also waive this minimum vesting-period requirement (A) with respect to awards made to newly hired employees, (B) to accelerate vesting of awards made to existing employees
affected by workforce reductions, (C) in similar circumstances, as determined by the Committee in the exercise of its discretion and (D) as otherwise required by law or the terms of the Plan. The Committee may establish rules and
regulations for the administration of the Plan, interpret the Plan, and impose, incidental to a grant or award, conditions with respect to competitive employment or other activities not inconsistent with the Plan. All such rules, regulations,
interpretations and conditions shall be conclusive and binding on all parties. Notwithstanding anything in this Plan to the contrary and subject to Section 5 of this Article I, to the extent required by the New York Stock Exchange, or
any other stock exchange on which shares of Common Stock are traded, the Committee will not amend or replace any previously granted option or SAR in a transaction that constitutes a repricing, without the approval of the stockholders of the
Company. 

  
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 Each grant and award shall be evidenced by a written instrument and no grant or award
shall be valid until an agreement is executed by the Company and such grant or award shall be effective as of the effective date set forth in the agreement. The Committee may delegate some or all of its power and authority hereunder to the chief
executive officer or other executive officer of the Company as the Committee deems appropriate; provided, however, that the Committee may not delegate its power and authority with regard to (i) the selection for participation in the Plan
of (A) a person who is a “covered employee” within the meaning of Section 162(m) of the Code or who, in the Committee’s judgment, is likely to be a covered employee at any time during the period a grant or award hereunder to
such participant would be outstanding, (B) an officer or other person subject to Section 16 of the Exchange Act or (C) a person who is not an employee of the Company or (ii) decisions concerning the time, pricing or amount of a
grant or award to a participant, officer or other person described in clause (i) above. A majority of the Committee shall constitute a quorum. The acts of the Committee shall be either (i) acts of a majority of the members of the Committee
present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. 

Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant
Awards or administer the Plan. In any such case, the Board will have all of the authority and responsibility granted to the Committee herein. 

5. Adjustments. In the event of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation,
combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event affecting the Company or its common stock, or any distribution to holders of the Company’s common stock other than a regular cash
dividend, the number, class and kind of securities (including, for this purpose, securities of any other entity that is a party to such transaction) available under the Plan, the specific share limitations otherwise set forth in the Plan, the
number, class and kind of securities (including, for this purpose, securities of any other entity that is a party to such transaction) subject to each outstanding bonus award, the number, class and kind of securities (including, for this purpose,
securities of any other entity that is a party to such transaction) subject to each outstanding stock option and the purchase price per security and the terms of each outstanding SAR shall be appropriately adjusted by the Committee, such adjustments
to be made in the case of outstanding stock options and SARs without an increase in the aggregate purchase price or base price. For purposes of the Plan, the fair market value of the common stock on a specified date shall be the closing market price
of the common stock on such date, or, if no such trading in the common stock occurred on such date, then on the next preceding date when such trading occurred, or as otherwise determined by the Committee. 

6. Effective Date and Term of Plan. The Plan shall be submitted to the stockholders of the Company for approval at the next
meeting of stockholders held following the Board’s adoption of the Plan and, if approved, shall become effective on the date of such stockholder approval. The Plan shall terminate on the date on which shares are no longer available for grants
 

  
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or awards under the Plan, unless terminated prior thereto by action of the Board; provided, however that if the Plan itself has not previously terminated, Section 1 of Article V
shall terminate on the date that is ten years from the date of stockholder approval of the Plan. No further grants or awards shall be made under the Plan after termination, but termination shall not affect the rights of any participant under any
grants or awards made prior to termination. 
 7. Amendments. The Plan may be amended or terminated by the Board in any
respect except that no amendment may be made without stockholder approval if stockholder approval is required by applicable law, rule or regulation, including Section 162(m) of the Code, or such amendment would increase (subject to
Section 5 of this Article I) the number of shares available under the Plan or would amend the prohibition on repricing of awards set forth in Section 4 of this Article I or otherwise permit the repricing of awards granted hereunder. No
amendment may impair the rights of a holder of an outstanding grant or award without the consent of such holder. 
 II. Bonus Awards 

1. Form of Award. Bonus awards, whether performance awards or fixed awards, may be made to eligible participants in the form of
(i) cash, whether in an absolute amount or as a percentage of compensation, (ii) stock units, each of which is substantially the equivalent of a share of common stock but for the power to vote and, if the Committee so determines, in its
sole discretion, the entitlement to an amount equal to dividends or other distributions otherwise payable on a like number of shares of common stock, (iii) shares of common stock issued to the participant but forfeitable and with restrictions
on transfer in any form as hereinafter provided or (iv) any combination of the foregoing. 
 2. Performance
Awards. (a) Awards may be made in terms of a stated potential maximum dollar amount, percentage of compensation or number of units or shares, with such actual amount, percentage or number to be determined by reference to the level of
achievement of corporate, sector, business unit, division, individual or other specific performance goals over a performance period of not less than one nor more than ten years, as determined by the Committee. 

(b) In no event shall any participant receive a payment with respect to any performance award if the minimum threshold
performance goals requirement applicable to the payment is not achieved during the performance period. 
 (c) If the
Committee desires that compensation payable pursuant to performance awards be “qualified performance-based compensation” within the meaning of Section 162(m) of the Code, then with respect to such performance awards, for any calendar
year (i) the maximum compensation payable pursuant to any such performance awards granted during such year, to the extent payment thereunder is determined by reference to shares of common stock (or the fair market value thereof), shall not
exceed 900,000 shares of common stock (or the fair market value thereof), subject to adjustment as set forth in Section 5 of Article I, and (ii) the maximum compensation payable pursuant to any such performance awards granted during such
year, to the extent payment is not determined by reference to shares of common stock, shall not exceed $9,000,000. The limits set forth in this Section (c) of Article II shall be proportionately increased for performance periods that are longer
than 12 months. 

  
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 (d) The Committee may provide in any agreement evidencing a performance award
under the Plan that the Committee shall retain sole discretion to reduce the amount of or eliminate any payment otherwise payable to a participant with respect to any performance award. If so provided in any agreement evidencing a performance award,
the Committee may exercise such discretion by establishing conditions for payments in addition to the performance goals, including the achievement of financial, strategic or individual goals, which may be objective or subjective, as it deems
appropriate. 
 (e) For purposes of the Plan, “performance goals” means the objectives established by the Committee
which shall be satisfied or met during the applicable performance period as a condition to a participant’s receipt of all or a part of a performance-based award under the Plan. The performance goals shall be tied to one or more of the following
business criteria, determined with respect to the Company or the applicable sector, business unit or division: net sales; cost of sales; gross profit; earnings from operations; earnings before interest, taxes, depreciation and amortization; earnings
before income taxes; earnings before interest and taxes; cash flow measures; return on equity; return on assets; return on net assets employed; return on capital; working capital; leverage ratio; stock price measures; enterprise value; safety
measures; net income per common share (basic or diluted); EVATM (Economic Value Added, which represents the cash operating earnings of the Company after deducting a charge for capital employed); cost reduction objectives or, in the case of
awards not intended to be “qualified performance-based compensation” within the meaning of Section 162(m) of the Internal Revenue Code, any other similar criteria established by the Plan Committee for the applicable performance
period. The Committee may provide in any agreement evidencing a performance award under the Plan that the Committee shall amend or adjust the performance goals or other terms or conditions of an outstanding award in recognition of unusual or
nonrecurring events. If the Committee desires that compensation payable pursuant to any award subject to performance goals be “qualified performance-based compensation” within the meaning of Section 162(m) of the Code, the performance
goals (i) shall be established by the Committee no later than 90 days after the beginning of the applicable performance period (or such other time designated by the Internal Revenue Service) and (ii) shall satisfy all other applicable
requirements imposed under Treasury Regulations promulgated under Section 162(m) of the Code, including the requirement that such performance goals be stated in terms of an objective formula or standard. 

3. Fixed Awards. Awards may be made which are not contingent on the achievement of specific objectives, but are contingent on
the participant’s continuing in the Company’s employ for a period specified in the award. 
 4. Rights with Respect to
Restricted Shares. If shares of restricted common stock are subject to an award, the participant shall have the right, unless and until such award is forfeited or unless otherwise determined by the Committee at the time of grant, to vote the
shares and to receive dividends thereon from the date of grant and the right to participate in any capital adjustment applicable to all holders of common stock; provided, however, that (i) a distribution

  
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with respect to shares of common stock, other than a regular quarterly cash dividend, and (ii) a regular cash dividend with respect to shares of common stock that are subject to
performance-based vesting conditions, in each case shall be deposited with the Company and shall be subject to the same restrictions as the shares of common stock with respect to which such distribution was made. 

During the restriction period, the shares subject to a restricted stock award shall be held in book entry form, with the restrictions, terms
and conditions duly noted, or alternatively a certificate or certificates representing restricted shares shall be registered in the holder’s name or the name of a nominee of the Company and may bear a legend, in addition to any legend which may
be required under applicable laws, rules or regulations, indicating that the ownership of the shares of common stock represented by such certificate is subject to the restrictions, terms and conditions of the Plan and the agreement relating to the
shares of restricted common stock. All such certificates shall be deposited with the Company, together with stock powers or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if
deemed necessary or appropriate, which would permit transfer to the Company of all or a portion of the shares of common stock subject to the award in the event such award is forfeited in whole or in part. Upon termination of any applicable
restriction period, including, if applicable, the satisfaction or achievement of applicable objectives, and subject to the Company’s right to require payment of any taxes, the requisite number of shares of common stock shall be delivered to the
holder of such award. 
 5. Rights with Respect to Stock Units. If stock units are credited to a participant pursuant to an
award, then, except as otherwise provided by the Committee in its sole discretion, amounts equal to dividends and other distributions otherwise payable on a like number of shares of common stock after the crediting of the units (unless the record
date for such dividends or other distributions precedes the date of grant of such award) shall be credited to an account for the participant and held until the award is forfeited or paid out and interest may be credited on the account at a rate
determined by the Committee. 
 6. Events Upon Vesting. At the time of vesting of an award made pursuant to this
Article II, (i) the award (and any dividend equivalents, other distributions and interest which have been credited), if in units, shall be paid to the participant either in shares of common stock equal to the number of units, in cash equal to
the fair market value of such shares, or in such combination thereof as the Committee shall determine, (ii) the award, if a cash bonus award, shall be paid to the participant either in cash, or in shares of common stock with a then fair market
value equal to the amount of such award, or in such combination thereof as the Committee shall determine and (iii) shares of restricted common stock issued pursuant to an award shall be released from the restrictions. 

III. Stock Options 
 1. Options for
Eligible Participants. Options to purchase shares of common stock may be granted to such eligible participants as may be selected by the Committee. These options may, but need not, constitute “incentive stock options” under
Section 422 of the Code. To the extent that the aggregate fair market value (determined as of the date of grant) of shares of common stock with respect to which options designated as incentive stock options are exercisable for the first time by
an optionee during any calendar year (under the Plan or any other plan of the Company, or any parent or subsidiary) exceeds the amount (currently $100,000) established by the Code, such options shall not constitute incentive stock options. No
incentive stock options may be granted under the Plan after the earlier of the tenth anniversary of (a) the date the Plan is approved by the Board or (b) the effective date of the Plan. 

  
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 2. Number of Shares and Purchase Price. The number of shares of common stock
subject to an option and the purchase price per share of common stock purchasable upon exercise of the option shall be determined by the Committee; provided, however, that the purchase price per share of common stock shall not be less than
100% of the fair market value of a share of common stock on the date of grant of the option; provided, further, that if an incentive stock option shall be granted to any person who, on the date of grant of such option, owns capital stock
possessing more than ten percent of the total combined voting power of all classes of capital stock of the Company (or of any parent or subsidiary) (a “Ten Percent Holder”), the purchase price per share of common stock shall be the price
(currently 110% of fair market value) required by the Code in order to constitute an incentive stock option. 
 3. Exercise
of Options. The period during which options granted hereunder may be exercised shall be determined by the Committee; provided, however, that no stock option shall be exercised later than ten years after its date of grant; provided
further, that if an incentive stock option shall be granted to a Ten Percent Holder, such option shall not be exercisable more than five years after its date of grant. The Committee may, in its discretion, establish performance measures which
shall be satisfied or met as a condition to the grant of an option or to the exercisability of all or a portion of an option. The Committee shall determine whether an option shall become exercisable in cumulative or non-cumulative installments and
in part or in full at any time. An exercisable option, or portion thereof, may be exercised only with respect to whole shares of common stock. 

An option may be exercised (i) by giving written notice to the Company (or following other procedures designated by the Company)
specifying the number of whole shares of common stock to be purchased and accompanied by payment therefor in full (or arrangement made for such payment to the Company’s satisfaction) either (A) in cash, (B) in previously owned whole
shares of common stock (for which the optionee has good title free and clear of all liens and encumbrances) having a fair market value, determined as of the date of exercise, equal to the aggregate purchase price payable by reason of such exercise,
(C) by authorizing the Company to withhold whole shares of Common Stock that would otherwise be delivered having a fair market value, determined as of the date of exercise, equal to the aggregate purchase price payable by reason of such
exercise, (D) in cash by a broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise, (E) to the extent expressly authorized by the Committee, via a cashless exercise arrangement with the
Company or (F) a combination of (A) and (B), (ii) if applicable, by surrendering to the Company any SARs which are canceled by reason of the exercise of the option and (iii) by executing such documents as the Company may
reasonably request. The Committee shall have the sole discretion to disapprove of an election pursuant to clause (D). Any fraction of a share of common stock which would be required to pay such purchase price shall be disregarded and the remaining
amount due shall be paid in cash by the optionee. No shares of common stock shall be delivered until the full purchase price therefor has been paid. 

  
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 IV. Stock Appreciation Rights 

1. Grants. Free-standing SARs entitling the grantee to receive cash or shares of common stock having a fair market value equal to
the appreciation in market value of a stated number of shares of common stock from the date of grant to the date of exercise of such SARs, or in the case of tandem SARs, from the date of grant of the related stock option to the date of exercise of
such tandem SARs, may be granted to such participants as may be selected by the Committee. The holder of a tandem SAR may elect to exercise either the option or the SAR, but not both. Tandem SARs shall be automatically canceled upon exercise of the
related stock option. 
 2. Number of SARs and Base Price. The number of SARs subject to a grant shall be determined by
the Committee. Any tandem SAR related to an incentive stock option shall be granted at the same time that such incentive stock option is granted. The base price of a tandem SAR shall be the purchase price per share of common stock of the related
option. The base price of a free-standing SAR shall be determined by the Committee; provided, however, that such base price shall not be less than 100% of the fair market value of a share of common stock on the date of grant of such SAR.

 3. Exercise of SARs. The agreement relating to a grant of SARs may specify whether such grant shall be settled in
shares of common stock (including restricted shares of common stock) or cash or a combination thereof. Upon exercise of an SAR, the grantee shall be paid the excess of the then fair market value of the number of shares of common stock to which the
SAR relates over the base price of the SAR. Such excess shall be paid in cash or in shares of common stock having a fair market value equal to such excess or in such combination thereof as the Committee shall determine. The period during which SARs
granted hereunder may be exercised shall be determined by the Committee; provided, however, no SAR shall be exercised later than ten years after the date of its grant; and provided, further, that no tandem SAR shall be exercised if the
related option has expired or has been canceled or forfeited or has otherwise terminated. The Committee may, in its discretion, establish performance measures which shall be satisfied or met as a condition to the grant of an SAR or to the
exercisability of all or a portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative or non-cumulative installments and in part or in full at any time. An exercisable SAR, or portion thereof, may be exercised, in
the case of a tandem SAR, only with respect to whole shares of common stock and, in the case of a free-standing SAR, only with respect to a whole number of SARs. If an SAR is exercised for restricted shares of common stock, the restricted shares
shall be issued in accordance with Section 4 of Article II and the holder of such restricted shares shall have such rights of a stockholder of the Company as determined pursuant to such Section. Prior to the exercise of an SAR for shares of
common stock, including restricted shares, the holder of such SAR shall have no rights as a stockholder of the Company with respect to the shares of common stock subject to such SAR. 

A tandem SAR may be exercised (i) by giving written notice to the Company (or following other procedures designated by the Company)
specifying the number of whole SARs which are being exercised, (ii) by surrendering to the Company any options which are canceled by reason of the exercise of such SAR and (iii) by executing such documents as the Company may reasonably
request. A free-standing SAR may be exercised (i) by giving written notice to the Company specifying the whole number of SARs which are being exercised and (ii) by executing such documents as the Company may reasonably request. 

  
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 V. Awards to Non-Employee Directors 

1. Annual Grants to Non-Employee Directors. On the date of the Company’s 2017 annual meeting of stockholders, and on the
date of each subsequent annual meeting prior to the termination of this Section 1, the Company shall make an award under the Plan to each individual who is, immediately following such annual meeting, a non-employee director. Awards granted
pursuant to this Section 1 of Article V shall be in the form of stock options, restricted stock, stock units or SARs. The form of such awards, and the number of shares subject to each such award, shall be determined by a committee meeting the
requirements for the Committee described above in Section 4 of Article I in the exercise of its sole discretion. Notwithstanding anything to the contrary set forth elsewhere in the Plan, an award granted to a non-employee director pursuant to
this Section 1 of Article V shall have a minimum vesting period of one year from the date of grant. 
 2. Elective
Options for Non-Employee Directors. Each non-employee director may from time to time elect, in accordance with procedures to be specified by the Committee, to receive in lieu of all or part of any annual base cash retainer fee for services as a
director of the Company, any fees for attendance at meetings of the Board or any committee of the Board and any fees for serving as a member or chairman of any committee of the Board that would otherwise be payable to such non-employee director
(“Fees”), an option to purchase shares of common stock, which option shall have a value (as determined in accordance with the Black-Scholes stock option valuation method) as of the date of grant of such option equal to the amount of such
Fees and which shall be subject to all of the terms and conditions set forth in Article III of the Plan. Notwithstanding anything to the contrary set forth elsewhere in the Plan, an option granted to a non-employee director pursuant to this
Section 2 of Article V shall become exercisable in full on the first anniversary of the date of grant. 
 VI. Other 

1. Non-Transferability of Options and Stock Appreciation Rights. No option or SAR shall be transferable other than (i) by
will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company or (ii) as otherwise set forth in the agreement relating to such option or SAR. Each option or SAR may be exercised during the
participant’s lifetime only by the participant or the participant’s guardian, legal representative or similar person or the permitted transferee of the participant. Except as permitted by the second preceding sentence, no option or SAR may
be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge,
hypothecate, encumber or otherwise dispose of any option or SAR, such award and all rights thereunder shall immediately become null and void. 

  
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 2. Tax Withholding. The Company shall have the right to require, prior to the
issuance or delivery of any shares of common stock or the payment of any cash pursuant to a grant or award hereunder, payment by the holder thereof of any federal, state, local or other taxes which may be required to be withheld or paid in
connection therewith. An agreement may provide that (i) the Company shall withhold whole shares of common stock which would otherwise be delivered to a holder, having an aggregate fair market value determined as of the date the obligation to
withhold or pay taxes arises in connection therewith (the “Tax Date”), or withhold an amount of cash which would otherwise be payable to a holder, in the amount necessary to satisfy any such obligation or (ii) the holder may satisfy
any such obligation by any of the following means: (A) a cash payment to the Company, (B) delivery to the Company of previously owned whole shares of common stock (which the holder has held for at least six months prior to the delivery of
such shares or which the holder purchased on the open market and for which the holder has good title, free and clear of all liens and encumbrances) having an aggregate fair market value determined as of the Tax Date, equal to the amount necessary to
satisfy any such obligation, (C) authorizing the Company to withhold whole shares of common stock which would otherwise be delivered having an aggregate fair market value determined as of the Tax Date or withhold an amount of cash which would
otherwise be payable to a holder, equal to the amount necessary to satisfy any such liability, (D) in the case of the exercise of an option, a cash payment by a broker-dealer acceptable to the Company to whom the optionee has submitted an
irrevocable notice of exercise or (E) any combination of (A), (B) and (C); provided, however, that the Committee shall have sole discretion to disapprove of an election involving clause (D). An agreement relating to a grant or award
hereunder may not provide for shares of common stock to be withheld having an aggregate fair market value in excess of the minimum amount of taxes required to be withheld. Any fraction of a share of common stock which would be required to satisfy
such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the holder. 
 3.
Acceleration Upon Change in Control. If while (i) any performance award or fixed award granted under Article II is outstanding, (ii) any stock option granted under Article III of the Plan or SAR granted under Article IV of the Plan
is outstanding or (iii) any award made to non-employee directors pursuant to Article V (“nonemployee director awards”) is outstanding: 

(a) any “person,” as such term is defined in Section 3(a)(9) of the Exchange Act, as modified and used in
Section 13(d) and 14(d) thereof (but not including (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries,
(iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company) (hereinafter a “Person”) is or becomes the beneficial owner, as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its affiliates, excluding an acquisition resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable
securities) representing 50% or more of the combined voting power of the Company’s then outstanding securities; or 

  
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 (b) during any period of two (2) consecutive years beginning on the date
that stockholders approve the Plan, individuals who at the beginning of such period constitute the Board and any new director (other than a director designated by a Person who has entered into any agreement with the Company to effect a transaction
described in Clause (a), (c) or (d) of this Section) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office
who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(c) a merger or consolidation of the Company with any other corporation (hereinafter, a “Corporate Transaction”) is
consummated, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving or acquiring entity), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, at least 50% of the combined voting power of the voting
securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in
which no Person acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or 

(d) the stockholders of the Company approve a plan of complete liquidation of the Company or for the consummation of the sale
or disposition by the Company of all or substantially all of the Company’s assets, 
 (any of such events being hereinafter referred to as a
“Change in Control”), then upon the date of such Change in Control, (i) with respect to such performance awards, the highest level of achievement specified in the award shall be deemed met and the award shall be immediately and fully
vested, (ii) with respect to such fixed awards, the period of continued employment specified in the award upon which the award is contingent shall be deemed completed and the award shall be immediately and fully vested, (iii) with respect
to such options and SARs, all such options and SARs, whether or not then exercisable in whole or in part, shall be immediately and fully exercisable and (iv) with respect to such non-employee director awards, all conditions with respect to
vesting or exercisability shall be deemed to be satisfied and such awards shall be immediately and fully vested and exercisable. In connection with such Change in Control, the Board (as constituted prior to the Change in Control) may, in its
discretion: 
 (i) require that shares of capital stock of the corporation resulting from or succeeding to the business of
the Company pursuant to such Change in Control, or a parent corporation thereof, be substituted for some or all of the shares of common stock subject to an outstanding award, with an appropriate and equitable adjustment to such award as determined
by the Committee in accordance with Section 5 of Article I; and/or 
 (ii) require outstanding awards, in whole or in
part, to be surrendered to the Company by the holder, and to be immediately cancelled by the Company, and to provide for the holder to receive (a) a cash payment in an amount equal to (1) in the case of an option or an SAR, the number of
shares of common stock 

  
 -11- 

 
then subject to the portion of such option or SAR surrendered multiplied by the excess, if any, of the fair market value of a share of common stock as of the date of the Change in Control, over
the exercise price or base price per share of common stock subject to such option or SAR, (2) in the case of a restricted stock award, stock unit award or bonus award denominated in shares of common stock, the number of shares of common stock
then subject to the portion of such award surrendered, multiplied by the fair market value of a share of common stock as of the date of the Change in Control, and (3) in the case of a bonus award denominated in cash, the value of the bonus
award then subject to the portion of such award surrendered; (b) shares of capital stock of the corporation resulting from or succeeding to the business of the Company pursuant to such Change in Control, or a parent corporation thereof, having
a fair market value not less than the amount determined under clause (a) above; or (c) a combination of the payment of cash pursuant to clause (a) above and the issuance of shares pursuant to clause (b) above. 

4. Restrictions on Shares. Each grant and award made hereunder shall be subject to the requirement that if at any time the
Company determines that the listing, registration or qualification of the shares of common stock subject thereto upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is
necessary or desirable as a condition of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing, registration, qualification, consent, approval or other action shall have been effected or
obtained, free of any conditions not acceptable to the Company. The Company may require that certificates evidencing shares of common stock delivered pursuant to any grant or award made hereunder bear a legend indicating that the sale, transfer or
other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

5. No Right of Participation or Employment. No person (other than non-employee directors to the extent provided in Article V)
shall have any right to participate in the Plan. Neither the Plan nor any grant or award made hereunder shall confer upon any person any right to employment or continued employment by the Company, any subsidiary or any affiliate of the Company or
affect in any manner the right of the Company, any subsidiary or any affiliate of the Company to terminate the employment of any person at any time without liability hereunder. 

6. Rights as Stockholder. No person shall have any right as a stockholder of the Company with respect to any shares of common
stock or other equity security of the Company which is subject to a grant or award hereunder unless and until such person becomes a stockholder of record with respect to such shares of common stock or equity security. 

7. Awards Subject to Clawback. The awards and any cash payment or securities delivered pursuant to an award are subject to
forfeiture, recovery by the Company or other action pursuant to the applicable award agreement or any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be
required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law. 

  
 -12- 

 8. Governing Law. The Plan, each grant and award hereunder and the related
agreement, and all determinations made and actions taken pursuant thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance
therewith without giving effect to principles of conflicts of laws. 
 9. Foreign Participants. Notwithstanding any
provision of the Plan to the contrary the Committee may, with a view to both promoting achievement of the purposes of the Plan and complying with (i) provisions of laws in countries outside the United States in which the Company or its
subsidiaries operate or have employees and (ii) the rules of any foreign stock exchange upon which the common stock may be listed, determine which persons outside the United States shall be eligible to participate in the Plan on such terms and
conditions different from those specified in the Plan as may in the judgment of the Committee be necessary or advisable and, to that end, the Committee may establish sub-plans, modified option exercise procedures and other terms and procedures.

 10. Insider Limits. Notwithstanding any other provision of the Plan, (i) the maximum number of shares of common
stock which may be reserved for issuance to insiders (as defined in the Ontario Securities Act) under the Plan, together with any other previously established or proposed incentive plan, shall not exceed 10% of the outstanding shares of common
stock, (ii) the maximum number of shares of common stock which may be issued to insiders under the Plan, together with any other previously established or proposed incentive plan, within any one year period shall not exceed 10% of the
outstanding shares of common stock, and (iii) the maximum number of shares of common stock which may be issued to any one insider and his or her associates under the Plan, together with any other previously established or proposed incentive
plan, within a one-year period, shall not exceed 5% of the outstanding shares of common stock. 
 11. Approval of Plan.
The Plan and all grants and awards made hereunder shall be null and void if the adoption of the Plan is not approved by the affirmative vote of a majority of the shares of common stock present in person or represented by proxy at the next meeting of
stockholders following the Board’s adoption of the Plan. 

  
 -13-EX-10.2

 Exhibit 10.2 

LSC Deferred Compensation Plan 

effective October 1, 2016 

 LSC COMMUNICATIONS, INC. 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I PURPOSE
	  	 	1	  
		
	 ARTICLE II DEFINITIONS
	  	 	1	  
		
	 ARTICLE III ELIGIBILITY, ENROLLMENT, PARTICIPATION
	  	 	11	  
			
	 Section 3.1.
	  	 Eligibility
	  	 	11	  
	 Section 3.2.
	  	 Enrollment and Commencement of Participation
	  	 	11	  
	 Section 3.3.
	  	 Termination of Eligibility
	  	 	13	  
		
	 ARTICLE IV DEFERRALS, COMPANY CONTRIBUTIONS, DEEMED INVESTMENTS, TAXES, ETC.
	  	 	14	  
			
	 Section 4.1.
	  	 Participant Annual Deferral Amounts
	  	 	14	  
	 Section 4.2.
	  	 FBU Participant and CSR Participant Deferral Amounts
	  	 	14	  
	 Section 4.3.
	  	 Short Plan Year
	  	 	15	  
	 Section 4.4.
	  	 Deferral Elections
	  	 	16	  
	 Section 4.5.
	  	 Withholding and Crediting of Deferral Amounts, FBU Deferral Amounts and CSR Deferral
Amounts, etc.
	  	 	17	  
	 Section 4.6.
	  	 Leave of Absence
	  	 	21	  
	 Section 4.7.
	  	 Company Contribution Amount
	  	 	22	  
	 Section 4.8.
	  	 Vesting
	  	 	23	  
	 Section 4.9.
	  	 Deemed Investments
	  	 	26	  
	 Section 4.10.
	  	 No Crediting to Accounts After Distribution
	  	 	30	  
	 Section 4.11.
	  	 FICA and Other Taxes
	  	 	30	  
	 Section 4.12.
	  	 Spin-Off.
	  	 	32	  
		
	 ARTICLE V RETIREMENT BENEFIT
	  	 	33	  
			
	 Section 5.1.
	  	 Retirement Benefit
	  	 	33	  
	 Section 5.2.
	  	 Time and Form of Retirement Benefit Payment
	  	 	33	  
		
	 ARTICLE VI SEPARATION FROM SERVICE BENEFIT
	  	 	34	  
			
	 Section 6.1.
	  	 Separation from Service Benefit
	  	 	34	  
	 Section 6.2.
	  	 Time and Form of Separation from Service Benefit Payment
	  	 	35	  
		
	 ARTICLE VII CHANGE IN CONTROL BENEFIT
	  	 	36	  
			
	 Section 7.1.
	  	 Change in Control Benefit
	  	 	36	  
	 Section 7.2.
	  	 Time and Form of Change in Control Benefit Payment
	  	 	36	  

  
 -i- 

							
		
	 ARTICLE VIII SCHEDULED DISTRIBUTIONS; UNFORESEEABLE EMERGENCY PAYMENTS
	  	 	37	  
			
	 Section 8.1.
	  	 Scheduled Distributions
	  	 	37	  
	 Section 8.2.
	  	 Other Payments Take Precedence Over Scheduled Distributions
	  	 	37	  
	 Section 8.3.
	  	 Unforeseeable Emergency
	  	 	38	  
		
	 ARTICLE IX CHANGES IN THE FORM OR TIMING OF PAYMENTS
	  	 	39	  
			
	 Section 9.1.
	  	 Election Changes
	  	 	39	  
	 Section 9.2.
	  	 Other Changes
	  	 	40	  
		
	 ARTICLE X DEATH BENEFIT
	  	 	41	  
			
	 Section 10.1.
	  	 Death Benefit
	  	 	41	  
	 Section 10.2.
	  	 Payment of Death Benefit
	  	 	42	  
		
	 ARTICLE XI BENEFICIARY DESIGNATION
	  	 	42	  
			
	 Section 11.1.
	  	 Beneficiary Designation
	  	 	42	  
	 Section 11.2.
	  	 Spousal Consent
	  	 	42	  
	 Section 11.3.
	  	 Acknowledgment
	  	 	43	  
	 Section 11.4.
	  	 No Beneficiary Designation
	  	 	43	  
	 Section 11.5.
	  	 Discharge of Obligations
	  	 	43	  
		
	 ARTICLE XII PLAN AMENDMENT, TERMINATION OR LIQUIDATION
	  	 	44	  
			
	 Section 12.1.
	  	 Amendment
	  	 	44	  
	 Section 12.2.
	  	 Termination and Liquidation of Plan
	  	 	44	  
	 Section 12.3.
	  	 Effect of Payment
	  	 	47	  
		
	 ARTICLE XIII ADMINISTRATION
	  	 	47	  
			
	 Section 13.1.
	  	 Benefits Committee
	  	 	47	  
	 Section 13.2.
	  	 Administration Upon Change In Control
	  	 	48	  
	 Section 13.3.
	  	 Agents
	  	 	49	  
	 Section 13.4.
	  	 Binding Effect of Decisions
	  	 	49	  
	 Section 13.5.
	  	 Indemnity
	  	 	49	  
	 Section 13.6.
	  	 Employer Information
	  	 	49	  
		
	 ARTICLE XIV COORDINATION WITH OTHER BENEFITS
	  	 	50	  
		
	 ARTICLE XV CLAIMS AND APPEALS PROCEDURES
	  	 	50	  
			
	 Section 15.1.
	  	 Authority to Submit Claims
	  	 	50	  
	 Section 15.2.
	  	 Procedure for Filing a Claim
	  	 	51	  
	 Section 15.3.
	  	 Initial Claim Review
	  	 	51	  
	 Section 15.4.
	  	 Claim Determination
	  	 	51	  

  
 -ii- 

							
	 Section 15.5.
	  	 Manner and Content of Notification of Adverse Determination of a Claim
	  	 	52	  
	 Section 15.6.
	  	 Procedure for Filing an Appeal of an Adverse Determination
	  	 	52	  
	 Section 15.7.
	  	 Appeal Procedure
	  	 	52	  
	 Section 15.8.
	  	 Timing and Notification of the Determination of an Appeal
	  	 	53	  
	 Section 15.9.
	  	 Manner and Content of Notification of Adverse Determination of Appeal
	  	 	54	  
	 Section 15.10.
	  	 Delivery and Receipt
	  	 	54	  
	 Section 15.11.
	  	 Limitation on Actions
	  	 	55	  
	 Section 15.12.
	  	 Failure to Exhaust Administrative Remedies
	  	 	55	  
		
	 ARTICLE XVI TRUST
	  	 	55	  
			
	 Section 16.1.
	  	 Establishment of the Trust
	  	 	55	  
	 Section 16.2.
	  	 Investment of Trust Assets
	  	 	55	  
	 Section 16.3.
	  	 Interrelationship of the Plan and the Trust
	  	 	56	  
	 Section 16.4.
	  	 Distributions From the Trust
	  	 	56	  
		
	 ARTICLE XVII MISCELLANEOUS
	  	 	56	  
			
	 Section 17.1.
	  	 Status of Plan
	  	 	56	  
	 Section 17.2.
	  	 Unsecured General Creditor
	  	 	56	  
	 Section 17.3.
	  	 Employer’s Liability
	  	 	57	  
	 Section 17.4.
	  	 Nonassignability
	  	 	57	  
	 Section 17.5.
	  	 Withholding for Taxes
	  	 	58	  
	 Section 17.6.
	  	 Immunity of Benefits Committee Members
	  	 	58	  
	 Section 17.7.
	  	 Not a Contract of Employment
	  	 	59	  
	 Section 17.8.
	  	 Furnishing Information
	  	 	59	  
	 Section 17.9.
	  	 Terms
	  	 	59	  
	 Section 17.10.
	  	 Captions
	  	 	60	  
	 Section 17.11.
	  	 Governing Law
	  	 	60	  
	 Section 17.12.
	  	 Notice
	  	 	60	  
	 Section 17.13.
	  	 Successors
	  	 	60	  
	 Section 17.14.
	  	 Spouse’s Interest
	  	 	61	  
	 Section 17.15.
	  	 Validity
	  	 	61	  
	 Section 17.16.
	  	 Incompetent
	  	 	61	  
	 Section 17.17.
	  	 Court Order
	  	 	61	  
	 Section 17.18.
	  	 Insurance
	  	 	62	  
	 Section 17.19.
	  	 Legal Fees To Enforce Rights After Change in Control
	  	 	62	  

  
 -iii- 

 LSC COMMUNICATIONS, INC. 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

(effective October 1, 2016) 

ARTICLE I 
 PURPOSE 

The purpose of the Plan is to provide specified payments to a select group of management or highly compensated Employees who contribute
materially to the continued growth, development and success of LSC Communications, Inc., a Delaware corporation, and its subsidiaries that participate in the Plan. The Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA.
This Plan is a continuation for Employees of R.R. Donnelley & Sons Company Nonqualified Deferred Compensation Plan (the “RRD Plan”) as of the Effective Date, and all deferrals and all other benefits accrued by the Employees under
the RRD Plan shall continue under the terms of this Plan. 
 ARTICLE II 

DEFINITIONS 
 For the purposes of
the Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the meanings set forth below. 
  

	2.1	“Account” shall mean an account established on the Company’s books and records on behalf of a Participant equal to the sum of the Participant’s (i) Deferral Account and (ii) Company
Contribution Account. 

  

	2.2	“Administrator” shall be the person appointed pursuant to Section 13.2 to administer the Plan upon a Change in Control. 

 

	2.3	“Adverse Determination” means a Determination that is a denial, reduction or termination of, or a failure to provide or make payment (in whole or in part) with respect to a Claim, including any such denial,
reduction, termination or failure to provide or make payment that is based on a determination of an Employee’s or former Employee’s eligibility to participate in the Plan. 

  
 -1- 

	2.4	“Affiliate” shall mean (a) a corporation that is a member of the same controlled group of corporations (within the meaning of section 414(b) of the Code) as an Employer, (b) a trade or business
(whether or not incorporated) under common control (within the meaning of section 414(c) of the Code) with an Employer, (c) any organization (whether or not incorporated) that is a member of an affiliated service group (within the meaning of
section 414(m) of the Code) that includes (i) an Employer, (ii) a corporation described in clause (a) of this definition or (iii) a trade or business described in clause (b) of this definition, or (d) any other entity
that is required to be aggregated with an Employer pursuant to regulations promulgated under section 414(o) of the Code by the U.S. Treasury Department. A corporation, trade or business or entity shall be an Affiliated employer only for such period
or periods of time during which such corporation, trade or business or entity is described in the preceding sentence. 

  

	2.5	“Annual Bonus” shall mean compensation relating to services performed during a calendar year, regardless of whether such compensation is paid in such calendar year or included on an IRS Form W-2 for such
calendar year, that is earned by a Participant as an Employee under any Employer’s annual cash bonus plan or annual cash incentive plan, provided that such compensation has been designated by the Benefits Committee to be eligible for
deferral under the Plan. 

  

	2.6	“Annual Deferral Amount” shall mean that portion of a Participant’s Base Salary and Annual Bonus that the Participant defers for a Plan Year and is withheld from the Participant’s compensation in
accordance with Article IV. 

  

	2.7	“Appeal” shall mean a request by a Claimant to the Benefits Committee to review an Adverse Determination. 

  

	2.8	“Base Salary” shall mean the cash compensation of a Participant, an FBU Participant or a CSR Participant for a calendar year relating to services performed during such calendar year, excluding bonuses,
commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments (other than under an annual cash incentive plan designated by the Benefits Committee to be eligible for deferral under the Plan, as described in
Section 2.5), non-monetary awards, and other fees, and automobile and other allowances paid to the Participant, FBU Participant or CSR Participant. Base Salary shall also include compensation voluntarily deferred or contributed by a
Participant, an FBU Participant or a CSR Participant pursuant to all qualified and nonqualified plans of his or her Employer and amounts not otherwise included in his or her gross income under sections 125 and 402(e)(3) of the Code pursuant to plans
established or maintained by his or her Employer; provided, however, that all such amounts shall be considered Base Salary only to the extent that had there been no such plan, the amount would have been payable in cash to the Participant, FBU
Participant or CSR Participant. 

  

	2.9	“Beneficial Owner” shall have the meaning defined in Rule 13d-3 under the Securities Exchange Act of 1934. 

  
 -2- 

	2.10	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article XI, entitled to receive benefits under the Plan upon the death of a Participant, an FBU
Participant or a CSR Participant. 

  

	2.11	“Benefits Committee” shall mean the committee described in Section 13.1. 

  

	2.12	“Board” shall mean the board of directors of the Company. 

  

	2.13	“Change in Control” shall be deemed to have occurred with respect to a Participant, an FBU Participant or a CSR Participant on the date the conditions set forth in any one of the following subparagraphs shall
have been satisfied. 

  

	 	(a)	Change in Ownership. Any Person, or more than one Person acting as a group, is or becomes the Beneficial Owner, directly or indirectly, of the Participant’s, FBU Participant’s or CSR Participant’s
Employer’s securities representing more than fifty percent (50%) of the total fair market value or total voting power of such Employer’s then outstanding securities. 

 

	 	(b)	Change in Effective Control. Any Person, or more than one Person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition of the
Participant’s, FBU Participant’s or CSR Participant’s Employer’s securities by such Person or Persons) ownership of fifty percent (50%) or more of the total voting power of such Employer’s then outstanding securities.

  

	 	(c)	Change in Board Composition. A majority of the members of the board of directors of the Participant’s, FBU Participant’s or CSR Participant’s Employer is replaced during any 12-month period by
directors whose appointment or election is not endorsed by at least two-thirds (2/3) of the directors before such appointment or election. 

  

	 	(d)	Change in Asset Ownership. Any Person, or more than one Person acting as a group, who is not a Related Person acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition of assets of the Employer of the Participant, FBU Participant or CSR Participant by such Person or Persons) all or substantially all of the assets of such Employer having a total gross fair market value equal to or more than fifty
percent (50%) of the total gross fair market value of all of the assets of such Employer immediately before such acquisition or acquisitions. “Related Person” shall mean (i) a stockholder of the Participant’s, FBU
Participant’s or CSR Participant’s Employer who receives assets of such Employer in exchange for the stockholder’s stock; (ii) a Person, or more than one Person acting as a group, in which the Employer owns directly or indirectly
at least fifty percent (50%) of the total value or voting power; or (iii) an entity at least fifty percent (50%) owned, directly or indirectly, by a Person or Persons described in clause (ii). 

  
 -3- 

 A Change in Control shall also occur if any of the four circumstances described in clause (a),
(b), (c) or (d) above shall occur with respect to (i) the Company and any other corporation that is a direct or indirect owner of more than fifty percent (50%) of the total fair market value and total voting power of the Employer
of the Participant, FBU Participant or CSR Participant or (ii) the corporation(s) that are liable for the payment of the Participant’s vested Account balance, the FBU Participant’s vested FBU Account balance or CSR Participant’s
CSR Account balance, as the case may be. The foregoing to the contrary notwithstanding, a Change in Control shall not occur with respect to a Participant, an FBU Participant or a CSR Participant if (i) a Potential Change in Control related to
such Change in Control involves a publicly announced transaction or publicly announced proposed transaction which at the time of the announcement has not been previously approved by the Board and (ii) the Participant, FBU Participant or CSR
Participant is part of the purchasing group proposing such a transaction. A Change in Control also shall not occur with respect to a Participant, an FBU Participant or a CSR Participant if he or she is part of a purchasing group which consummates
the Change in Control transaction. A Participant, an FBU Participant or a CSR Participant shall be a part of the purchasing group for purposes of the two preceding sentences if he or she is an equity participant, or has agreed to become an equity
participant, in the purchasing group (except for passive ownership of less than five percent (5%) of the equity of the purchasing group). 

Notwithstanding the foregoing, the Benefits Committee shall interpret all provisions relating to a Change in Control in a manner that is
consistent with applicable tax law. 
  

	2.14	“Change in Control Benefit” shall have the meaning set forth in Article VII. 

  

	2.15	“Claim” shall mean an initial request to the Benefits Committee for a payment or for a request of a determination of eligibility to participate in the Plan. If the procedure described in Section 15.2 is
not followed by a Claimant, then the Claimant’s request shall not be considered. 

  

	2.16	“Claimant” shall have the meaning set forth in Section 15.1. 

  

	2.17	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

  

	2.18	“Company” shall mean LSC Communications, Inc., a Delaware corporation, and any successor to all or substantially all of the Company’s assets or business. 

 

	2.19	“Company Contribution Account” shall mean an account established on the Company’s books and records on behalf of a Participant or an FBU Participant to which amounts are credited in accordance with
Section 4.7, as adjusted for earnings and losses and distributions made pursuant to the Plan. 

  

	2.20	“Company Contribution Amount” shall mean, for any Plan Year, the amount described in Section 4.7. 

  

	2.21	“Crediting Date” shall mean the date that is on or before the forty-fifth (45th) day occurring immediately after the end of the twelve-month period in
which the annual compensation of a Participant or an FBU Participant is payable as set forth in the participant’s employment agreement with an Employer. 

  
 -4- 

	2.22	“CSR Account” shall mean an account established on the Company’s books and records on behalf of a CSR Participant equal to the CSR Participant’s CSR Deferral Account. 

 

	2.23	“CSR Deferral Account” shall mean an account established on the Company’s books and records on behalf of a CSR Participant, to which account amounts are credited in accordance with Section 4.5(d) or
Section 4.5(e), as adjusted for earnings and losses and distributions pursuant to the Plan. 

  

	2.24	“CSR Deferral Amount” shall mean the portion of a CSR Participant’s (i) Base Salary or draw payments and (ii) commissions that the CSR Participant defers for a Plan Year and is withheld from the
CSR Participant’s compensation in accordance with Article IV. 

  

	2.25	“CSR Participant” shall mean a commissioned Sales Representative within the meaning of clause (ii) of Section 2.50 who satisfies the criteria established by the Benefits Committee to be eligible to
participate in the Plan as a CSR Participant and who has elected to participate in the Plan pursuant to Section 3.2(b). 

  

	2.26	“Deferral Account” shall mean an account established on the Company’s books and records on behalf of a Participant, to which account amounts are credited in accordance with Section 4.5(a), as
adjusted for earnings and losses and distributions pursuant to the Plan. 

  

	2.27	“Determination” means the Claims Administrator’s decision with respect to a Claim or an Appeal. 

  

	2.28	“Director” shall mean the Company’s Director of Executive Compensation. In the event of the temporary absence of the Director, whether due to illness, disability or otherwise, or upon the resignation or
removal of the Director, the individual who performs substantially similar duties with respect to the Plan (regardless of the individual’s title with the Company) shall be deemed to be the Director. 

 

	2.29	“Distribution Date” shall mean the date on which a Participant’s vested Account balance, an FBU Participant’s vested FBU Account balance and FBU Transferred Account balance, if any, or a CSR
Participant’s CSR Account balance shall become distributable. Subject to Section 9.2, the Distribution Date shall be: 

  

	 	(a)	in the case of a Participant or a CSR Participant whose vested account balance first becomes (or became) distributable on or after January 1, 2011, the later of (i) the first day of the Plan Year immediately
following the Plan Year in which he or she has a Separation from Service or Retirement, and (ii) the next day after the expiration of the six-month period immediately following the date on which he or she has a Separation from Service or
Retirement, if he or she is a Specified Employee on such date; 

  

	 	(b)	in the case of a Participant or a CSR Participant, the first day of the Plan Year immediately following the Plan Year in which he or she has a Separation from Service or Retirement, if he or she is not a Specified
Employee on such date; 

  
 -5- 

	 	(c)	in the case of an FBU Participant, the second anniversary of his or her Retirement; 

  

	 	(d)	in the case of an FBU Participant who has a Separation from Service other than by reason of his or her death, the date that is the second anniversary of his or her Separation from Service date; 

 

	 	(e)	notwithstanding Section 2.29(a), (b), (c) or (d), if (i) the Participant, FBU Participant or CSR Participant, as the case may be, has elected a Change in Control Benefit and (ii) a Change in Control
occurs before his or her Separation from Service or Retirement, the date on which the Change in Control occurs; 

  

	 	(f)	notwithstanding Section 2.29(a), (b), (c) or (d), in the case of a Scheduled Distribution, the business day occurring immediately before the date of the Scheduled Distribution; or 

 

	 	(g)	if the Participant, FBU Participant or CSR Participant, as the case may be, dies before the distribution of his or her vested Account balance, vested FBU Account balance and any FBU Transferred Account or CSR Account
balance, as applicable, occurs or commences, the date on which the Benefits Committee is provided with evidence satisfactory to the Benefits Committee of his or her death. 

 

	2.30	“Election Form” shall mean the form established from time to time by the Benefits Committee that each Participant, FBU Participant and CSR Participant must complete, sign and return to the Benefits Committee
in order to make a valid deferral and distribution election under the Plan. Initial investment elections applicable to such elective deferrals shall also be made on the Election Form. Such term shall also refer to any electronic means of making
deferral or distribution elections that is approved by the Benefits Committee. 

  

	2.31	“Employee” shall mean an individual (i) whose employment relationship with an Employer is, under common law, that of an employee and (ii) who has not experienced a Separation from Service.

  

	2.32	“Employer” shall mean the Company or any subsidiary of the Company that participates in the Plan. 

  

	2.33	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	2.34	“FBU Account” shall mean an account established on the Company’s books and records on behalf of an FBU Participant equal to the sum of the FBU Participant’s (i) FBU Deferral Account,
(ii) FBU Bonus Account and (iii) Company Contribution Account. 

  

	2.35	“FBU Bonus Account” shall mean an account established on the Company’s books and records on behalf of an FBU Participant, to which account amounts are credited in respect of his or her Signing Credit(s)
and Paid Billing Bonus(es) awarded pursuant to employment agreements between the FBU Participant and an Employer, as adjusted for earnings and losses and distributions pursuant to the Plan. 

  
 -6- 

	2.36	“FBU Deferral Account” shall mean an account established on the Company’s books and records on behalf of a FBU Participant, to which account amounts are credited in accordance with Section 4.5(b) or
Section 4.5(c), as adjusted for earnings and losses and distributions pursuant to the Plan. 

  

	2.37	“FBU Deferral Amount” shall mean that portion of an FBU Participant’s (i) Base Salary or draw payments and (ii) commissions that the FBU Participant defers for a Plan Year and is withheld from
the FBU Participant’s compensation in accordance with Article IV. 

  

	2.38	“FBU Participant” shall mean either (i) a Sales Representative in the Global Capital Markets Unit of the Company or the Global Investment Markets Business Unit of the Finance Business Unit of the Company
or (ii) any other management or highly compensated Employee who satisfies the eligibility criteria established by the Benefits Committee to be eligible to participate in the Plan as an FBU Participant and who has elected to participate in the
Plan pursuant to Section 3.2(b). 

  

	2.39	“FBU Transferred Account” shall mean an account established on the Company’s books and records on behalf of an FBU Participant that was credited to the R.R. Donnelley & Sons Company Nonqualified
Deferred Compensation Plan with the balance as of February 28, 2009 of the FBU Participant’s account under the R.R. Donnelley & Sons Company Global Capital Markets and Global Investment Markets Business Units of the Financial
Business Unit Sales Representative Deferred Compensation Plan. 

  

	2.40	“Measurement Fund” shall mean a common trust fund, mutual fund or other collective investment vehicle selected by the Benefits Committee to serve as a benchmark for determining the rate of return on a
Participant’s Account, an FBU Participant’s FBU Account and FBU Transferred Account, if any, or a CSR Participant’s CSR Account, to the extent such account is deemed to be invested in such Measurement Fund in accordance with
Section 4.9. 

  

	2.41	“Paid Billings Bonus” shall mean the bonus awarded to an FBU Participant in connection with his or her entering into an employment agreement with an Employer, which bonus, pursuant to the FBU
Participant’s employment agreement, may be earned over the term of the employment agreement if certain billings targets are achieved. When a portion of the bonus is earned because a billings target has been achieved, such portion is credited to
the FBU Participant’s FBU Bonus Account as of the FBU Participant’s Crediting Date or relevant anniversary thereof. 

  

	2.42	“Participant” shall mean any Employee who satisfies the eligibility criteria established by the Benefits Committee to be eligible to participate in the Plan as a Participant and who has elected to participate
in the Plan pursuant to Section 3.2(a). In connection with the spin-off and distribution of the Company by R.R. Donnelley & Sons Company (the “Spin-Off”) and pursuant to the terms of the Separation and Distribution Agreement
by and among R.R. Donnelley & Sons Company, the Company and Donnelley Financial Solutions, Inc. (the “Separation Agreement”), each Employee as of the Effective Date who was participating in the RRD Plan as of the Effective Date
(each, a “Transferred LSC Participant”) shall automatically become a participant as of the Effective Date. 

  
 -7- 

	2.43	“Person” shall have the meaning given in section 3(a)(9) of the Securities Exchange Act of 1934, as modified and used in sections 13(d) and 14(d) thereof; provided, however, that a Person shall not include
(i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

 

	2.44	“Plan” shall mean the LSC Deferred Compensation Plan, effective October 1, 2016, which shall be evidenced by this instrument, as it may be amended from time to time. 

 

	2.45	“Plan Agreement” shall mean a written agreement in a form approved by the Benefits Committee, as may be amended from time to time, which is entered into by and between (i) an Employer and (ii) a
Participant, an FBU Participant or a CSR Participant. Each Plan Agreement shall apply to the entire benefit to which such an individual is entitled under the Plan. If more than one Plan Agreement has been entered into by an individual and any
Employer, then the Plan Agreement bearing the latest date of acceptance by an Employer shall be the governing instrument and it shall supersede all previous Plan Agreements in their entirety. The terms of any Plan Agreement may be different then the
terms of any other Plan Agreement, and any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit
limitations must be agreed to by both parties and be clearly set forth in such Plan Agreement. 

  

	2.46	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year. 

 

	2.47	“Potential Change in Control” shall be deemed to have occurred if the conditions set forth in any one of the following paragraphs shall have been satisfied: 

 

	 	(a)	the Employer of a Participant, an FBU Participant or a CSR Participant enters into an agreement, the consummation of which would result in the occurrence of a Change in Control; 

 

	 	(b)	the Employer of a Participant, an FBU Participant or a CSR Participant or any other Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in
Control; or 

  

	 	(c)	any Person who is or becomes the Beneficial Owner, directly or indirectly, of securities of the Employer of a Participant, an FBU Participant or a CSR Participant representing
9 1⁄2 % or more of the combined voting power of such Employer’s then outstanding securities increases such Person’s beneficial ownership of such
securities by 5% or more over the percentage so owned by such Person on the date hereof. 

  
 -8- 

	2.48	“Quarterly Installment Method” shall be payments of quarterly installments over the number of years selected by a Participant, an FBU Participant or a CSR Participant in accordance with the Plan, calculated as
follows: (i) for the first quarterly installment, the Participant’s vested Account balance, the FBU Participant’s vested FBU Account balance and FBU Transferred Account balance, if any, or the CSR Participant’s CSR Account
balance, as the case may be, shall be calculated as of the close of business on the business day immediately preceding his or her Distribution Date by multiplying such balance by a fraction, the numerator of which is one and the denominator of which
is the number of quarterly installments to be paid; and (ii) for remaining quarterly installments, the Participant’s vested Account balance, the FBU Participant’s vested FBU Account balance and FBU Transferred Account balance, if any,
or the CSR Participant’s CSR Account balance, as the case may be, shall be calculated on the last business day of the applicable remaining calendar quarter by multiplying the then balance by a fraction, the numerator of which is one and the
denominator of which is the number of remaining quarterly installments to be paid (including the then current payment). Notwithstanding the foregoing provisions of this Section 2.48, if at any time after quarterly installments payments have
commenced on or after January 1, 2011, the Participant’s vested Account balance, the FBU Participant’s vested FBU Account balance and FBU Transferred Account balance, if any, or the CSR Participant’s CSR Account balance, as the
case may be, when added together with his or her interests under all other plans and arrangements of the same type within the meaning of Treasury Regulation § 1.409A-1(c)(2) is not greater than the then applicable dollar limit under section
402(g)(1)(B) of the Code, then the Participant’s Account balance, the FBU Participant’s FBU Account and FBU Transferred Account, if any, or the CSR Participant’s CSR Account, as the case may be, shall be paid in a cash lump sum on the
next quarterly installment payment date. 

  

	2.49	“Retirement” shall mean an Employee’s separation from service with the Employers, as described in Treasury Regulation § 1.409A-1(h), on or after age 55 with five Years of Service for any reason other
than a leave of absence or death. 

  

	2.50	“Sales Representative” shall mean any Employee who is a sales representative (i) in the Global Capital Markets Unit or the Global Investments Markets Business Unit of the Company and who is eligible to
participate in the Global Capital Markets Sales Compensation Plan or the Global Investments Markets Commission Plan or (ii) eligible to earn commissions under another Company commission plan. 

 

	2.51	“Scheduled Distribution” shall mean the first day of the Plan Year designated by a Participant, an FBU Participant or a CSR Participant who elects on an Election Form to receive all or a portion of his or her
vested Account balance, vested FBU Account balance and any FBU Transferred Account or CSR Account balance, as applicable, in the form of a Scheduled Distribution. The Plan Year so designated may not be earlier than the first Plan Year beginning
after the expiration of three Plan Years after the end of the Plan Year to which the deferral election relates. For example, if a Participant elects a Scheduled Distribution of his or her vested Account balance attributable to the Annual Deferral
Amount earned in the Plan Year commencing January 1, 2017, the earliest Plan Year that may be elected by the Participant for the Scheduled Distribution is 2021 and the Scheduled Distribution would become payable on January 1, 2021.

  
 -9- 

	2.52	“Separation from Service” shall mean an Employee’s separation from service with the Employers, as described in Treasury Regulation § 1.409A-1(h) or in Section 4.6, whichever is later, other than
a Retirement. 

  

	2.53	“Signing Credit” shall mean the dollar amount awarded to an FBU Participant in connection with entering into an employment agreement with an Employer, which amount is credited to his or her FBU Bonus Account
within thirty (30) days of the effective date of the employment agreement. 

  

	2.54	“Specified Employee” shall mean any individual who is determined to be a “specified employee” within the meaning of section 409A(a)(2)(B)(i) of the Code, in accordance with the terms of the document
entitled “Section 409A: Policy of LSC Communications, Inc. and its Affiliates Regarding Specified Employees.” 

  

	2.55	“Treasurer” shall mean the Treasurer of the Company. In the event of the temporary absence of the Treasurer, whether due to illness, disability or otherwise, or upon the resignation or removal of the
Treasurer, the individual who performs substantially similar duties with respect to the Plan (regardless of the individual’s title with the Company) shall be deemed to be the Treasurer for purposes of the Plan. 

 

	2.56	“Trust” shall mean one or more trusts established pursuant to the Master Trust Agreement dated as of September 6, 2016 between the Company and the Trustee. 

 

	2.57	“Trustee” shall have the same meaning as that term is defined in the Trust, as amended from time to time. 

  

	2.58	“Unforeseeable Emergency” shall mean a severe financial hardship to a Participant, an FBU Participant or a CSR Participant resulting from (i) an illness or accident of such an individual or his or her
spouse, dependent or Beneficiary, (ii) a loss of such Participant’s, FBU Participant’s or CSR Participant’s property due to casualty (or the need to rebuild a home following damage not otherwise covered by insurance), or
(iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of such Participant, FBU Participant or CSR Participant, all as determined in the sole discretion of the Benefits Committee.

  

	2.59	“Years of Service” shall mean the total number of full years in which a Participant, an FBU Participant or a CSR Participant has been employed by one or more Employers. For purposes of this definition, a year
of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the hire date of such Participant, FBU Participant or CSR Participant and that, for any subsequent year,
commences on an anniversary of that hire date. The Benefits Committee may make a determination as to whether any partial year of employment of an Employee shall be counted as a Year of Service. If the Benefits Committee does not make a
determination, partial years of employment shall be disregarded. 

  
 -10- 

 ARTICLE III 

ELIGIBILITY, ENROLLMENT, PARTICIPATION 

Section 3.1. Eligibility. The Benefits Committee shall establish criteria for participation in the Plan whereby a select
group of management or highly compensated Employees (i) will be eligible to participate in the Plan as Participants, and (ii) who are Sales Representatives will be eligible to participate in the Plan either as FBU Participants or as CSR
Participants. 
 Section 3.2. Enrollment and Commencement of Participation. 

(a) Participants. An Employee who is eligible to participate in the Plan as a Participant who first elects to
participate in the Plan for a Plan Year shall complete, execute and return to the Benefits Committee, no later than the date selected by the Benefits Committee in its sole discretion, an Election Form and a Beneficiary designation form before the
first day of such Plan Year. The Employee shall indicate on the Election Form the percentages of his or her Base Salary and Annual Bonus, or both, that will be earned by the Employee in such Plan Year that he or she elects to defer the receipt
thereof in accordance with his or her election and the terms of the Plan, including Section 4.4(a). 
 (b) FBU
Participants and CSR Participants. A Sales Representative who is eligible to participate in the Plan either as an FBU Participant or a CSR Participant who first elects to participate in the Plan for a Plan Year shall complete, execute and return
to the Benefits Committee, no later than the date selected by the Benefits Committee in its sole discretion, an Election Form and a Beneficiary designation form before the first day 

  
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of such Plan Year. A Sales Representative who is eligible to participate in the Plan as a CSR Participant shall indicate on the Election Form the percentages of his or her (i) Base Salary or
draw payments or (ii) commissions, or both, that will be earned by such Sales Representative in such Plan Year that he or she elects to defer the receipt thereof in accordance with his or her election and Plan terms, including
Section 4.4(a). A Sales Representative who is eligible to participate in the Plan as an FBU Participant shall indicate on the Election Form the percentages or dollar amounts of his or her (i) Base Salary or draw payments,
(ii) commissions, or both, and (iii) any Paid Billings Bonus that may be earned in such Plan Year that he or she elects to defer the receipt thereof in accordance with his or her election and Plan terms, including Section 4.4(a). An
FBU Participant who expects to enter into a new employment agreement with an Employer in such Plan Year shall also elect on the Election Form, the percentage or dollar amount of any Paid Billings Bonus that may be awarded in such employment
agreement for the first year of the term of such new employment agreement if the FBU Participant wishes to defer any such Paid Billings Bonus, even though the FBU Participant does not know (i) whether he or she will in fact enter into a new
employment agreement, (ii) whether any Paid Billings Bonus will be awarded in the employment agreement, (iii) if a Paid Billings Bonus is awarded, what the amount thereof would be, and (iv) whether the portion of the Paid Billings
Bonus awarded in such Plan Year will be earned. 
 (c) Initial Eligibility. An Employee who first is selected to
participate in the Plan after the first day of a Plan Year must complete the requirements described in Section 3.2(a) or Section 3.2(b), as applicable, within 30 days after he or she first becomes eligible to participate in the Plan, or
earlier, as may be required by the Benefits 

  
 -12- 

 
Committee, in its sole discretion, in order to participate in the Plan for such Plan Year. Such an Employee shall not be permitted to defer receipt of any portion of his or her compensation that
is earned for services performed before the Employee commences participation in the Plan. In addition, the Benefits Committee shall establish from time to time such other enrollment requirements as it determines, in its sole discretion, are
necessary or desirable. 
 (d) Participation. Each Employee who enrolls in the Plan pursuant to Section 3.2 shall
commence participation in the Plan on the date that the Benefits Committee determines, in its sole discretion, that the Employee has met all enrollment requirements set forth in the Plan and as required by the Benefits Committee, including returning
all required documents to the Benefits Committee within the specified time period. If an Employee fails to meet all requirements contained in this Section 3.2 within the period required, then the Employee shall not be eligible to participate in
the Plan during the relevant Plan Year. 
 Section 3.3. Termination of Eligibility. If the Benefits Committee determines
that a Participant, an FBU Participant or a CSR Participant no longer qualifies as a member of a select group of management or highly compensated employees (within the meaning of sections 201(2), 301(a)(3) and 401(a)(l) of ERISA), then, to the
extent permitted under section 409A of the Code, the Benefits Committee shall (i) terminate any deferral election that such Participant, FBU Participant or CSR Participant has made for the remainder of the Plan Year in which the Benefits
Committee makes such determination and (ii) take any further action that the Benefits Committee deems appropriate. In the event that a Participant, an FBU Participant or a CSR Participant becomes ineligible to defer compensation under the Plan,
his or her account balance(s) shall continue to be governed by the terms of the Plan until such time as the vested portion of such account balance(s) is paid in accordance with the terms of the Plan. 

  
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 ARTICLE IV 

DEFERRALS, COMPANY CONTRIBUTIONS, DEEMED INVESTMENTS, TAXES, ETC. 

Section 4.1. Participant Annual Deferral Amounts. A Participant may elect to defer for a Plan Year the receipt of
(i) any whole percentage of his or her Base Salary or (ii) any whole percentage of his or her Annual Bonus, or (iii) both, provided that the percentage of Base Salary that may be deferred cannot exceed 50% of Base Salary and
the percentage of Annual Bonus that may be deferred cannot exceed 90% of the Annual Bonus. The minimum Annual Deferral Amount is $2,000, in any combination of whole percentages of Base Salary and Annual Bonus. The Participant’s election shall
apply to Base Salary earned in the Plan Year with respect to which the election applies and the Base Salary earned in the immediately succeeding Plan Year to the extent that the last payroll period beginning in the Plan Year to which the
Participant’s election applies extends into such succeeding Plan Year. 
 Section 4.2. FBU Participant and CSR
Participant Deferral Amounts. Each FBU Participant and each CSR Participant may elect to defer for a Plan Year (i) any whole percentage of his or her Base Salary or draw payments or (ii) any whole percentage of his or her commissions
under the Global Capital Markets Sales Compensation Plan, the Global Investments Markets Commission Plan or other Company commission plan pursuant to which such individual may earn commissions, or (iii) both, provided that the percentage
of Base Salary or draw payments cannot exceed 50% of the Base Salary or draw payments and the percentage of commissions that may be deferred cannot exceed (a) 90% of such commissions earned by an FBU Participant and (b) 75% of such
commissions earned by a CSR Participant. The minimum 

  
 -14- 

 
FBU Deferral Amount and the minimum CSR Deferral Amount is $2,000, each in any combination of whole percentages of Base Salary or draw payments and commissions otherwise payable in the Plan Year.
Notwithstanding the previous provisions of this Section 4.2, FBU Participants also have the right to specify his or her deferrals in dollar amounts or in whole percentages. Each election with respect to Base Salary or draw payments and
commissions shall apply to that earned (i) in the Plan Year with respect to which the election applies and (ii) in the immediately succeeding Plan Year to the extent that the last payroll period beginning in the Plan Year to which the
election applies extends into such succeeding Plan Year. 
 Section 4.3. Short Plan Year. Notwithstanding
Section 4.1, except the last sentence thereof, if an Employee becomes a Participant after the first day of a Plan Year, the minimum Annual Deferral Amount shall be an amount equal to $2,000, in any combination of whole percentages of Base
Salary and Annual Bonus earned in the Plan Year multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year after the Employee becomes a Participant and the denominator of which is 12 (the
“Partial Year Fraction”). Notwithstanding Section 4.2, except the last sentence thereof, if an Employee becomes an FBU Participant or a CSR Participant after the first day of a Plan Year, the minimum FBU Deferral Amount or the minimum
CSR Deferral Amount, as applicable, is $2,000, in any combination of whole percentages of Base Salary or draw payments and commissions earned in the Plan Year, multiplied by the Partial Year Fraction. Notwithstanding the previous provisions of this
Section 4.3, FBU Participants also have the right to specify his or her deferrals in dollar amounts or in whole percentages. 

  
 -15- 

 Section 4.4. Deferral Elections. 

(a) First Plan Year. In connection with a Participant’s commencement of participation in the Plan, the Participant
shall make an irrevocable election on an Election Form specifying the whole percentages of Base Salary or Annual Bonus, or both, (to the maximum percentages set forth in Section 4.1) for the Plan Year in which participation commences that the
Participant wishes to defer that are earned after the date the election is made. In connection with an FBU Participant’s or a CSR Participant’s commencement of participation in the Plan, the participant shall make an irrevocable election
on an Election Form specifying the whole percentages of Base Salary or draw payments and commissions (to the maximum percentages set forth in Section 4.2) for the Plan Year in which participation commences that the participant wishes to defer
that are earned after the date the election is made. Notwithstanding the previous provisions of this Section 4.4(a), FBU Participants also have the right to specify his or her deferrals in dollar amounts or in whole percentages. Each
Participant, FBU Participant and CSR Participant also shall specify on the Election Form the payment form in which his or her vested account balance(s) shall be paid on account of his or her Separation from Service and the form in which the payment
shall be made on account of his or her Retirement. For an election to be valid, the Election Form must be completed and signed by the Participant, the FBU Participant or the CSR Participant, as the case may be, timely delivered to the Benefits
Committee (in accordance with Section 3.2), and accepted by the Benefits Committee. 

  
 -16- 

 (b) Subsequent Plan Years. For each succeeding Plan Year with respect to
which an Employee is a Participant, an FBU Participant or a CSR Participant, an irrevocable deferral election for such a Plan Year, and such other elections as the Benefits Committee deems necessary or desirable under the Plan, shall be made by
timely delivering a new Election Form to the Benefits Committee, in accordance with its rules and procedures, before the end of the Plan Year preceding the Plan Year with respect to which the election applies with respect to an Employee. If no valid
election applies with respect to an Employee for a Plan Year, then no compensation earned by the Employee in such Plan Year amount shall be deferred. An FBU Participant who expects to enter into a new employment agreement with an Employer in a Plan
Year shall also elect on the Election Form, the percentage or dollar amount of any Paid Billings Bonus that may be awarded in such employment agreement for the first year of the term of such new employment agreement if the FBU Participant wishes to
defer any such Paid Billings Bonus, even though the FBU Participant does not know (i) whether he or she will in fact enter into a new employment agreement, (ii) whether any Paid Billings Bonus will be awarded in the employment agreement,
(iii) if a Paid Billings Bonus is awarded, what the amount thereof would be, and (iv) whether the portion of the Paid Billings Bonus awarded in such Plan Year will be earned. 

Section 4.5. Withholding and Crediting of Deferral Amounts, FBU Deferral Amounts and CSR Deferral Amounts, etc. 

(a) Annual Deferral Amounts. For each Plan Year, the Base Salary portion of a Participant’s Annual Deferral Amount
shall be withheld from each of the Participant’s regularly scheduled Base Salary payments in substantially equal amounts, as adjusted from time to time for increases and decreases in his or her Base Salary, and a credit to the
Participant’s Deferral Account shall be made equal to such amount on the applicable Base Salary payment date. The Annual Bonus portion of the Annual Deferral Amount shall be withheld on the date the Annual Bonus is or otherwise would be paid to
the Participant and a credit to the Participant’s Deferral Account shall be made equal to each amount on such date. 

  
 -17- 

 (b) FBU Deferral Amounts when an FBU Participant Receives Base Salary; Signing
Credit and Paid Billings Bonus. When an FBU Participant’s compensation is payable in the form of Base Salary, the Base Salary portion of his or her FBU Deferral Amount for a Plan Year shall be withheld from the FBU Participant’s Base
Salary and credited to his or her FBU Deferral Account in accordance with this Section 4.5(b). Such Base Salary portion shall be withheld in substantially equal installments, adjusted from time to time to correspond to increases and decreases
in Base Salary, on each regularly scheduled Base Salary payment date. A credit shall be made to the FBU Participant’s FBU Deferral Account equal to the amount withheld on each scheduled payment date. The commissions portion of an FBU
Participant’s FBU Deferral Amount shall be withheld in substantially equal installments on the dates the commissions would otherwise be paid and a credit shall be made to his or her FBU Deferral Account equal to the amount withheld on date of
the withholding. A credit shall be automatically made to the FBU Participant’s FBU Bonus Account on the FBU Participant’s Crediting Date or applicable anniversary thereof equal to the portion of the FBU Participant’s Paid Billings
Bonus that is earned because a billings target set forth in his or her employment agreement has been achieved. A credit shall be automatically made to an FBU Participant’s FBU Bonus Account equal to his or her Signing Credit on the FBU
Participant’s Crediting Date. 

  
 -18- 

 (c) FBU Deferral Amounts when an FBU Participant Receives Draw Payments;
Signing Credit and Paid Billings Bonus. When an FBU Participant’s compensation is payable in the form of draw payments rather than Base Salary, his or her FBU Deferral Amount for a Plan Year that applies to his or her draw payments shall be
withheld from such FBU Participant’s draw payments and credited to his or her FBU Deferral Account in accordance with this Section 4.5(c). The draw portion of an FBU Participant’s FBU Deferral Amount for a Plan Year shall be withheld
from his or her draw payments in substantially equal installments, adjusted from time to time to correspond to increases and decreases in the FBU Participant’s gross draw payments, on each draw payment date. A credit shall be made to the FBU
Participant’s FBU Deferral Account equal to the amount withheld on each draw payment date. The commission portion of an FBU Participant’s FBU Deferral Amount shall be withheld in substantially equal installments on the dates the
commissions would otherwise be paid and a credit shall be made to the FBU Participant’s FBU Deferral Account on each date of withholding equal to the amount of commissions withheld on such date. A credit shall be automatically made to the FBU
Participant’s FBU Bonus Account on his or her Crediting Date or applicable anniversary thereof equal to the portion of the FBU Participant’s Paid Billings Bonus that is earned because a billings target set forth in his or her employment
agreement has been achieved. A credit shall automatically be made to an FBU Participant’s FBU Bonus Account equal to his or her Signing Credit on the FBU Participant’s Crediting Date. 

  
 -19- 

 (d) CSR Deferral Amounts when a CSR Participant Receives Base Salary. When
a CSR Participant’s compensation is payable in the form of Base Salary, his or her CSR Deferral Amount for a Plan Year that applies to his or her Base Salary shall be withheld from the CSR Participant’s Base Salary and credited to his or
her CSR Deferral Account in accordance with this Section 4.5(d). The Base Salary portion of a CSR Participant’s CSR Deferral Amount for a Plan Year shall be withheld in substantially equal installments, adjusted from time to time to
correspond to increases and decreases in Base Salary, on each regularly scheduled Base Salary payment date. A credit shall be made to the CSR Participant’s CSR Deferral Account equal to the amount withheld on each scheduled payment date. The
commissions portion of a CSR Participant’s CSR Deferral Amount shall be withheld in substantially equal installments on the dates the commissions would otherwise be paid and a credit shall be made to his or her CSR Deferral Account equal to the
amount withheld on the date of the withholding. 
 (e) CSR Deferral Amounts when a CSR Participant Receives Draw
Payments. When a CSR Participant’s compensation is payable in the form of draw payments rather than Base Salary, his or her CSR Deferral Amount for a Plan Year that applies to his or her draw payments shall be withheld from such CSR
Participant’s draw payments and credits shall be made to his or her CSR Deferral Account in accordance with this Section 4.5(e). The draw portion of a CSR Participant’s CSR Deferral Amount for a Plan Year shall be withheld from his or
her draw payments in substantially equal installments, adjusted from time to time to correspond to increases and decreases in the CSR Participant’s gross draw payments on each draw payment date. A credit shall be made to the CSR
Participant’s CSR Deferral Account equal to the amount withheld on each draw payment date. The commission portion of a CSR Participant’s CSR Deferral Amount shall be withheld in substantially equal installments on the dates the commissions
would otherwise be paid, and a credit shall be made to the CSR Participant’s CSR Deferral Account on each date of the withholding equal to the amount of commissions withheld on such date. 

  
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 Section 4.6. Leave of Absence. 

(a) Paid Leave. If a Participant, an FBU Participant or a CSR Participant is authorized by his or her Employer to take a
paid leave of absence from employment, the Annual Deferral Amount, FBU Deferral Amount or CSR Deferral Amount, as applicable, shall continue to be withheld during such paid leave of absence in accordance with Section 4.5 for a period not to
exceed six months or, if longer, the period of such leave of absence as set forth in a written agreement between the Participant, FBU Participant or CSR Participant, as the case may be, and his or her Employer. Upon the expiration of such relevant
period, the participant shall be deemed to have a Separation from Service if he or she has not returned to employment before such expiration. 

(b) Unpaid Leave. If a Participant, an FBU Participant or a CSR Participant is authorized by his or her Employer to take
an unpaid leave of absence from the employment of the Employer for any reason, his or her deferral election shall be cancelled for the remainder of the Plan Year. The Participant, FBU Participant or CSR Participant, as applicable, shall be deemed to
have a Separation from Service six months after the beginning of such leave of absence if the duration of the leave is six months or longer, except that if the maximum period of the leave of absence is set forth in a written agreement between the
Participant, FBU Participant or CSR Participant, as the case may be, and his or her Employer, the participant shall not have a Separation from Service due to the leave unless he or she does not return to work with an Employer before the expiration
of the maximum leave of absence set forth in such agreement. 

  
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 Section 4.7. Company Contribution Amount. 

(a) Employment Agreements. For each Plan Year, the Company shall credit amounts to a Participant’s or an FBU
Participant’s Company Contribution Account in accordance with an employment or other agreement entered into between such an individual and his or her Employer. If such an agreement provides that such amounts are subject to a vesting schedule,
such amounts credited under the Plan shall be subject to such vesting schedule. Such amounts shall be credited to a participant’s Company Contribution Account on the date or dates prescribed by the applicable agreement. If no Crediting Date is
prescribed by an agreement, an amount deferred in a Plan Year shall be credited as of the last day of such Plan Year. 
 (b)
Discretionary. For each Plan Year, the Company, in its sole discretion, may, but is not required to, credit any amount it desires to the Company Contribution Account of any Participant or FBU Participant. The amount so credited may be smaller
or larger than the amount credited to the Company Contribution Account of any other Participant or FBU Participant, and the amount credited to any participant’s Company Contribution Account for a Plan Year may be zero, even though one or more
other participants are credited with a Company Contribution Amount for that Plan Year. A Company Contribution Amount described in this Section 4.7(b), if any, shall be credited as of the last day of the Plan Year. If a Participant or an FBU
Participant is not employed by an Employer as of the last day of a Plan Year, then the Company Contribution 

  
 -22- 

 
Amount for that Plan Year for such participant shall be zero. Notwithstanding the previous sentence, if a participant’s Retirement occurs within a Plan Year or if he or she dies within a
Plan Year, then a pro-rated portion of the Company Contribution Amount for that Plan Year for such participant shall be credited as of the last day of the Plan Year. 

Section 4.8. Vesting. 

(a) Deferral Account. A Participant shall at all times be 100% vested in his or her Deferral Account. 

(b) FBU Deferral Account. An FBU Participant shall at all times be 100% vested in his or her FBU Deferral Account. 

(c) CSR Deferral Account. A CSR Participant shall at all times be 100% vested in his or her CSR Deferral Account. 

(d) FBU Bonus Account. Except as provided in Section 4.8(i), Section 5.1 and Article VII, an FBU Participant
shall become vested in a Signing Credit and the portion(s) of Paid Billings Bonus that are credited to his or her FBU Bonus Account on the date that is the fifth anniversary of the FBU Participant’s Crediting Date that applies to the employment
agreement between the FBU Participant and the Employer pursuant to which such Signing Credit and Paid Billings Bonus were awarded, provided, however, that if the FBU Participant is not employed by an Employer on the fifth anniversary of such
Crediting Date, then all amounts credited to the FBU Participant’s FBU Bonus Account in respect of such credit and bonus shall be forfeited. An FBU Participant who has a Separation from Service other than by reason of his or her disability (as
determined under Section 4.8(f)) or death before he or she becomes vested in amounts attributable to any Signing Credit or Paid Billings Bonus shall forfeit such unvested amounts. 

  
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 (e) Company Contribution Account. Participants shall become vested in the
amounts credited to their Company Contribution Accounts as determined by the Company at the time the amount is so credited. Except as provided in Section 4.8(i), Section 5.1 and Article VII, FBU Participants shall become 100% vested in the
amount credited to their Company Contribution Accounts for a Plan Year on the first day of the fifth anniversary of the date such amount was so credited. 

(f) FBU Transferred Accounts. FBU Transferred Accounts shall vest in accordance with the terms applicable to such
accounts as established under the R.R. Donnelley & Sons Global Capital Markets and Global Investment Markets Business Units of the Financial Business Unit Sales Representative Deferred Compensation Plan. 

(g) Disability. Notwithstanding Section 4.8(d) and (e), a Participant or FBU Participant who becomes permanently
disabled, as determined by the Benefits Committee in its sole discretion, shall become fully vested 60 days after the date he or she begins receiving long term disability benefits under the Company’s long term disability program. 

(h) Other Accelerated Vesting. In the event of a Change in Control or upon the Retirement or death of a Participant
while such participant is employed by an Employer, his or her Company Contribution Account shall immediately become 100% vested, except to the extent that the Benefits Committee determines in the case of a Change in Control that the acceleration of
vesting would cause the deduction limitations 

  
 -24- 

 
of section 280G of the Code to apply. In the event of a Change in Control or upon an FBU Participant’s Retirement or death while such participant is employed by an Employer, his or her FBU
Deferral Account, FBU Bonus Account and Company Contribution Account shall immediately become 100% vested, except to the extent that the Benefits Committee determines in the case of a Change in Control that the acceleration of vesting would cause
the deduction limitations of section 280G of the Code to apply. Any participant may request independent verification of the Benefits Committee’s calculations with respect to the application of the deduction limitations of section 280G of the
Code. If a participant requests an independent verification, the Benefits Committee must provide him or her within 90 days of such a request an opinion, along with supporting calculations, from a nationally recognized accounting firm (the
“Accounting Firm”) selected by the participant, stating that it is the Accounting Firm’s opinion that the vesting of the Company Contribution Account would cause the deduction limitations of section 280G of the Code to apply. The cost
of such opinion and calculations shall be paid for by the Company. 
 (i) Forfeiture for Termination of Employment for
Cause or Competition with the Company. Notwithstanding any other provisions of the Plan, all unvested amounts credited to an FBU Participant’s Company Contribution Account and all earnings thereon and all earnings credited to his or her FBU
Deferral Account and FBU Bonus Account shall be forfeited (i) if the FBU Participant directly or indirectly becomes employed by or does any work for a competitor of the Company’s financial printing business in the twelve-month period
beginning on the first date of the month occurring after the month in which his or her termination of employment with the Company and its affiliates occurs or (ii) the FBU Participant’s employment with the Company or an affiliate is
terminated for cause (as determined by the Company in its sole discretion). 

  
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 Section 4.9. Deemed Investments. 

(a) Investment Elections. Each Participant in connection with his or her deferral elections pursuant to Section 4.4
shall elect on the Election Form the percentage, in increments of 1%, of his or her Annual Deferral Amount and Company Contribution Amount that shall be deemed to be invested in one or more Measurement Funds. Each FBU Participant in connection with
his or her deferral elections pursuant to Section 4.4 shall elect on the Election Form the percentage, in increments of 1%, of the Base Salary or draw payments and commissions deferred by the FBU Participant, and the Company Contribution Amount
credited to his or her Company Contribution Account that shall be deemed to be invested in one or more Measurement Funds. Notwithstanding the foregoing sentence, until an FBU Participant becomes 100% vested in his or her Company Contribution
Account, such account shall be credited with earnings periodically throughout the Plan Year based upon the applicable percentage of the annual yield on the first business day of the Plan Year of U.S. Treasury Notes with a maturity of five years, as
posted on the Federal Reserve’s website. Prior to the fifth anniversary of the FBU Participant’s Crediting Date that applies to the employment agreement between the FBU Participant and the Employer pursuant to which a Signing Credit or a
Paid Billings Bonus was awarded, the FBU Participant shall elect, on the form and at the time and manner determined solely by the Committee in its discretion, the whole percentage or dollar amounts of such Signing Bonus and Paid Billings Bonus that
shall be deemed to be invested in one or more Measurement Funds. Each CSR Participant in connection with 

  
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his or her deferral elections pursuant to Section 4.4 shall elect on the Election Form the percentage, in increments of 1%, of the Base Salary or draw payments and commissions deferred by
the CSR Participant that shall be deemed invested in one or more Measure Funds. If a Participant, an FBU Participant or a CSR Participant does not elect any Measurement Fund, such amounts credited to his or her account(s) shall automatically be
deemed invested in the lowest-risk Measurement Fund (the “default Measurement Fund”), as determined by the Benefits Committee in its sole discretion. 

(b) Changing Investments. A Participant, an FBU Participant or a CSR Participant may elect, by use of any medium
approved by the Benefits Committee, to change the portion of the balance(s) of his or her account(s) that is deemed to be invested in one or more Measurement Funds by specifying the whole percentage of such amounts or account balances that is to be
deemed invested in each Measurement Fund. Any such election shall apply as of the first business day deemed reasonably practicable by the Benefits Committee, in its sole discretion, and shall continue to apply thereafter for each subsequent day in
which the participant participates in the Plan, unless changed in accordance with the previous sentence. 
 (c) Selection
of Measurement Funds. The Benefits Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund at any time. Each discontinuance, substitution or addition of a Measurement Fund shall take effect as of the first day of
the first calendar month that begins at least 30 days after the day on which the Benefits Committee gives Participants, FBU Participants and CSR Participants written notice of such discontinuance, substitution or addition. 

  
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 (d) Crediting or Debiting Method. The performance of each Measurement Fund
(either positive or negative) shall be determined by the Director of Global Trust Investments, in its reasonable discretion, based on the performance of the investment vehicles upon which the Measurement Funds are based. In determining the value of
each Measurement Fund, the Benefits Committee may establish the value of the Measurement Fund at a lower amount than the investment vehicle upon which such Measurement Fund is based to take into account expenses incurred in the administration of the
Plan. Each Participant’s Account, each FBU Participant’s FBU Account and each CSR Participant’s CSR Account shall be credited or debited on each business day to the extent values are available for the investments upon which the
Measurement Funds elected (or the default Measurement Fund deemed elected) by him or her are based. 
 (e) No Actual
Investment. Notwithstanding any other provision of the Plan that may be interpreted to the contrary, the Measurement Funds, as well as the rate based upon the U.S. Treasury Notes with a maturity of five years in the case of Company Contribution
Accounts of FBU Participants who are not 100% vested in such accounts, are to be used for measurement purposes only and shall not be considered or construed in any manner as an actual investment of a Participant’s Account, an FBU
Participant’s FBU Account or a CSR Participant’s CSR Account. In the event that the Company or the Trustee decides to invest funds of the Trust in any or all of the investments on which the Measurement Funds are based or in U.S. Treasury
Notes with a maturity of five years, no Participant, FBU Participant or CSR Participant shall have any rights in or to such investments. Without limiting the foregoing, each Participant’s Account, each FBU Participant’s FBU Account and
each CSR Participant’s CSR Account shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Company or the Trust. 

  
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 (f) FBU Transferred Accounts. Earnings shall be credited to the balance of
each FBU Transferred Account periodically throughout the Plan Year based upon the applicable percentage of the annual yield on the first business day of the Plan Year of United States Treasury Notes with a maturity of five years, as posted on the
Federal Reserve’s website. If an FBU Account is distributed to an accountholder as of any day other than January 1st, then the FBU Account shall be credited with an amount representing
earnings based upon the number of whole months during the Plan Year prior to the date of distribution. Each FBU Transferred Account shall at all times be a bookkeeping entry only and shall not represent any investment made on behalf of the
accountholder. 
 (g) Unvested Signing Bonuses and Paid Billings Bonuses. Until an FBU Participant’s Signing
Credit(s) and earned Paid Billings Bonus(es) become vested pursuant to Section 4.8, an amount representing earnings in respect of such Signing Credit(s) and Paid Billings Bonus(es) shall be credited to his or her FBU Bonus Account periodically
throughout the Plan Year based upon the applicable percentage of the annual yield on the first business day of the Plan Year of United States Treasury Notes with a maturity of five years, as posted on the Federal Reserve’s website. If an FBU
Bonus Account is distributed to an accountholder as of any day other than January 1st, then the FBU Bonus Account shall be credited with an amount representing earnings based upon the number
of whole months during the Plan Year prior to the date of distribution. 

  
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 (h) Unsecured Creditors. Participants, FBU Participants and CSR
Participants shall at all times be unsecured creditors of the Employers. 
 Section 4.10. No Crediting to Accounts After
Distribution. Notwithstanding any provision in the Plan to the contrary, should the complete distribution of a Participant’s vested Account balance, an FBU Participant’s vested FBU Account balance or a CSR Participant’s vested CRS
Account balance occur before the date on which any amount would otherwise be credited to such account, such amount, other than a Company Contribution Amount, shall be paid to the former Participant, former FBU Participant or former CSR Participant,
as the case may be, on or before the March 15th occurring immediately after the end of the Plan Year in which such amount would have been credited to the account. Any Company Contribution
Amount that otherwise would have been credited to a Company Contribution Account of a Participant or FBU Participant and any amount representing earnings that would otherwise have been credited to a Company Contribution Account, a Deferral Account,
FBU Deferral Account, an FBU Transferred Account or a CSR Deferral Account after the Distribution Date shall be forfeited. 

Section 4.11. FICA and Other Taxes. 

(a) Annual Deferral Amounts, FBU Deferral Amounts and CSR Deferral Amounts. For each Plan Year in which an Annual
Deferral Amount is being withheld from a Participant’s current compensation, the Participant’s Employer shall withhold, in a manner determined by the Company, from the Participant’s Base Salary and Annual Bonus that are not being
deferred, as applicable, the Participant’s share of FICA and other taxes on such Annual Deferral Amount. For each Plan Year in which an FBU 

  
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Deferral Amount is being withheld from an FBU Participant’s current compensation, the FBU Participant’s Employer shall withhold, in a manner determined by the Company, from the FBU
Participant’s Base Salary or draw payments that are not being deferred the FBU Participant’s share of FICA and other taxes on such FBU Deferral Amount. For each Plan Year in which a CSR Deferral Amount is being withheld from a CSR
Participant’s current compensation, the CSR Participant’s Employer shall withhold, in a manner determined by the Company, from the CSR Participant’s Base Salary or draws payments that are not being deferred the CSR Participant’s
share of FICA and other taxes on such CSR Deferral Amount. If deemed necessary, the Benefits Committee may reduce any Annual Deferral Amount, FBU Deferral Amount or CSR Deferral Amount in order to comply with this Section 4.11(a). 

(b) Company Contribution Account. When a Participant or an FBU Participant becomes vested in a Company Contribution
Amount that had been credited to his or her Company Contribution Account for a Plan Year, his or her Employer shall withhold from the portion of his or her current compensation that is not deferred his or her share of FICA and other taxes due on
such vested amount. If deemed necessary, the Benefits Committee may reduce the vested portion of such Company Contribution Account in order to satisfy the taxes due as a result of such vesting. 

(c) Distributions. Each Participant’s, FBU Participant’s and CSR Participant’s Employer, or the Trustee,
shall withhold from any payments under the Plan made to such Participant, FBU Participant or CSR Participant, as the case may be, all federal, state and local income, employment and other taxes required to be withheld by the Employer or the Trustee,
in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Company or the Trustee. 

  
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 Section 4.12. Spin-Off. Pursuant to the terms of the
Separation Agreement, as of the Effective Date, the Company assumed, and transferred to the Plan, all assets, liabilities and obligations of R.R. Donnelley & Sons Company under the RRD Plan with respect to any Transferred LSC Participant,
and any such obligations shall be administered and paid under the terms of this Plan; provided, however, that all deferral, investment and distribution elections made by such Transferred LSC Participants under the RRD Plan with respect to any Plan
Year occurring prior to the Effective Date and the Plan Year in which the Effective Date occurs will continue to apply and shall be administered under this Plan. All service and compensation that would be taken into account for purposes of
determining the amount of a Transferred LSC Participant’s benefit under the RRD Plan as of the Effective Date shall be taken into account for the same purposes under this Plan. For the avoidance of doubt, no Transferred LSC Participant shall be
treated as incurring a Separation from Service, Retirement or similar event for purposes of determining the right to a distribution, benefits or any other purpose under the Plan as a result of the Spin-Off or the transfer of the Transferred LSC
Participant’s employment to the Company or any subsidiary of the Company. As of the Effective Date, the Plan shall assume and honor the terms of all domestic relations orders in effect under the RRD Plan in respect of Transferred LSC
Participants. 

  
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 ARTICLE V 

RETIREMENT BENEFIT 

Section 5.1. Retirement Benefit. Notwithstanding Section 4.8(e), each Participant shall become fully vested in his or
her Company Contribution Account balance as of the first day of the Plan Year immediately following the Plan Year in which the date of his or her Retirement occurs. Notwithstanding Section 4.8(d) and (e), each FBU Participant shall become fully
vested in his or her FBU Deferral Account, FBU Bonus Account and Company Contribution Account upon his or her Retirement. A Participant’s or an FBU Participant’s Company Contribution Account balance shall be determined as of the close of
business on the business day immediately preceding the Distribution Date. 
 Section 5.2. Time and Form of Retirement Benefit
Payment. Each Participant, FBU Participant and CSR Participant, in connection with his or her commencement of participation in the Plan, shall elect on an Election Form to receive his or her Account balance, FBU Account balance or CSR Account
balance, as applicable, and with respect to an FBU Participant, any FBU Transferred Account balance, on account of Retirement in a cash lump sum or pursuant to the Quarterly Installment Method for a maximum period of 15 years. Subject to
Section 9.2, payment of a Participant’s Account balance, an FBU Participant’s FBU Account balance or a CSR Participant’s CSR Account balance, and, with respect to an FBU Participant, any FBU Transferred Account balance, on
account of such participant’s Retirement shall be made, or shall commence, within 60 days of the Distribution Date according to his or her direction on the most recently filed Election Form, provided that the conditions set forth in
Article IX are satisfied, and provided further that if the amount of such Account, FBU Account or CSR Account and, with respect to an FBU Participant any FBU Transferred Account, added together with the interests of the Participant,
FBU Participant or CSR Participant, as the case may be, under all other plans and arrangements of the same type within the meaning of Treasury Regulation § 1.409A-1(c)(2), is not greater than the then applicable dollar limit under section
402(g)(1)(B) of the Code, then the Participant’s Account balance, the FBU Participant’s FBU Account or the CSR Participant’s 

  
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CSR Account, as the case may be, and, with respect to an FBU Participant, any FBU Transferred Account, shall be paid in a cash lump sum on the applicable Distribution Date. If there is no valid
election regarding the form of payment on account of Retirement (or the election does not satisfy the conditions set forth in Article IX), then the account balance(s) shall be paid, subject to Section 9.2, in a cash lump sum within 60 days of
the applicable Distribution Date. 
 ARTICLE VI 

SEPARATION FROM SERVICE BENEFIT 

Section 6.1. Separation from Service Benefit. Each Participant who has a Separation from Service shall be entitled to
receive his or her vested Account balance calculated as of the close of business on the business day immediately preceding the Participant’s Distribution Date. Each FBU Participant who has a Separation from Service shall be entitled to receive
his or her vested FBU Account balance and FBU Transferred Account balance, if any, on the second anniversary of his or her date of Separation from Service, except that if an FBU Participant performs services for a competitor of the Company before
such second anniversary, then the FBU Participant shall be entitled to receive his or her vested FBU Account balance and FBU Transferred Account balance, if any, on the later of (i) the second anniversary of his or her date of Separation from
Service and (ii) the date on which he or she attains age 55. Each CSR Participant who has a Separation from Service shall be entitled to receive his or her CSR Account balance, calculated as of the close of business on the business day
immediately preceding the CSR Participant’s Distribution Date. 

  
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 Section 6.2. Time and Form of Separation from Service Benefit Payment. Each
Participant, FBU Participant and CSR Participant in connection with his or her commencement of participation in the Plan, shall elect on an Election Form to receive his or her vested Account balance, vested FBU Account balance or CSR Account
balance, as the case may be, and, with respect to an FBU Participant, any FBU Transferred Account, on account of his or her Separation from Service in a cash lump sum or pursuant to the Quarterly Installment Method for a maximum period of five
years. Subject to Section 9.2, payment of a Participant’s vested Account balance, an FBU Participant’s vested FBU Account balance or a CSR Participant’s CSR Account balance, and, with respect to an FBU Participant, any FBU
Transferred Account balance, on account of his or her Separation from Service shall be made, or shall commence, within 60 days of the Distribution Date according to his or her direction on the most recently filed Election Form, provided that
the conditions set forth in Article IX are satisfied, and provided further that if the amount of such Account, FBU Account or CSR Account and, with respect to an FBU Participant, any FBU Transferred Account, added together with the interests
of the Participant, FBU Participant or CSR Participant, as applicable, under all other plans and arrangements of the same type within the meaning of Treasury Regulation § 1.409A-1(c)(2), is not greater than the then applicable dollar limit
under section 402(g)(1)(B) of the Code, then the Participant’s Account balance, the FBU Participant’s FBU Account balance or the CSR Participant’s CSR Account balance, as the case may be, and, with respect to an FBU Participant, any
FBU Transferred Account, shall be paid in a cash lump sum on the applicable Distribution Date. If there is no valid election regarding the form of payment on account of his or her Separation from Service (or the election does not satisfy the
conditions set forth in Article IX), then the vested account balance(s) shall be paid, subject to Section 9.2, in a cash lump sum within 60 days of the applicable Distribution Date. 

  
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 ARTICLE VII 

CHANGE IN CONTROL BENEFIT 

Section 7.1. Change in Control Benefit. Each Participant, FBU Participant and CSR Participant, in connection with his or
her commencement of participation in the Plan, shall elect on an Election Form whether to (i) receive a Change in Control Benefit or (ii) have his or her account balance(s) remain in the Plan, subject to its terms and conditions, upon the
occurrence of a Change in Control. If a Participant, an FBU Participant or a CSR Participant does not timely submit an election with respect to the payment of the Change in Control Benefit, then such Participant’s, FBU Participant’s or CSR
Participant’s account balance(s) shall remain in the Plan upon a Change in Control and shall continue to be subject to the terms and conditions of the Plan. 

Section 7.2. Time and Form of Change in Control Benefit Payment. The Change in Control Benefit for a Participant or a CSR
Participant shall be equal to the Participant’s Account balance or the CSR Participant’s CSR Account balance, as applicable, calculated as of the close of business on the date of the Change in Control, and shall be paid in a cash lump sum
within 60 days of the Participant’s or CSR Participant’s Distribution Date. A FBU Participant’s Change in Control Benefit shall be equal to the FBU Participant’s FBU Account balance and FBU Transferred Account balance, if any,
calculated at the same time and paid in the same form and within the same time period as the vested Account balance of a Participant with respect to whom a Change in Control occurred. 

  
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 ARTICLE VIII 

SCHEDULED DISTRIBUTIONS; UNFORESEEABLE EMERGENCY PAYMENTS 

Section 8.1. Scheduled Distributions. In connection with each election to defer an Annual Deferral Amount, a Participant
may irrevocably elect to receive a Scheduled Distribution from the Plan with respect to all or a portion of such Annual Deferral Amount, adjusted for deemed earnings and losses. In connection with each election to defer an FBU Deferral Amount, an
FBU Participant may irrevocably elect to receive a Scheduled Distribution from the Plan with respect to all or a portion of such FBU Deferral Amount, adjusted for deemed earnings and losses. In connection with each election to defer a CSR Deferral
Amount, a CSR Participant may irrevocably elect to receive a Scheduled Distribution from the Plan with respect to all or a portion of such CSR Deferral Amount, adjusted for deemed earnings and losses. A Scheduled Distribution shall be paid in cash
lump sum, calculated as of the close of business on the Distribution Date, in an amount equal to the portion of the Annual Deferral Amount, FBU Deferral Amount or CSR Deferral Amount that the participant elected to have distributed in a Scheduled
Distribution. Subject to the other terms and conditions of the Plan, including Section 9.2, each Scheduled Distribution shall be paid within 60 days of the date of the Distribution Date. 

Section 8.2. Other Payments Take Precedence Over Scheduled Distributions. If a Distribution Date occurs that triggers a
payment under Article V, VI, VII or X or a payment is to be made pursuant to Section 8.3, then any amount subject to a Scheduled Distribution election shall not be paid in accordance with Section 8.1, to the extent it is payable pursuant
to such other applicable Article or Section 8.3. If a payment on account of an Unforeseeable Emergency is to be made pursuant to Section 8.3, then, to the extent necessary to satisfy the Unforeseeable 

  
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Emergency, any amount subject to a Scheduled Distribution election shall not be paid in accordance with Section 8.1, but shall be paid in accordance with Section 8.3. Notwithstanding
the foregoing, the Benefits Committee shall interpret this Section 8.2 in a manner that is consistent with applicable law. 

Section 8.3. Unforeseeable Emergency. 

(a) In General. A Participant, an FBU Participant or a CSR Participant who experiences an Unforeseeable Emergency may
file a request with the Benefits Committee to receive a distribution from his or her vested Account balance, vested FBU Account balance or CSR Account balance, as the case may be, equal to an amount reasonably necessary to satisfy his or her
emergency financial need and pay any taxes and penalties reasonably anticipated as a result of the distribution. The Executive Vice President, Chief Human Resource Officer, in his or her sole discretion, shall determine whether the Participant, FBU
Participant or CSR Participant, as applicable, has experienced an Unforeseeable Emergency. The Benefits Committee shall not make a distribution on account of an Unforeseeable Emergency to the extent that the Executive Vice President, Chief Human
Resource Officer determines that the emergency need may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the assets of the Participant, FBU Participant or CSR Participant, as the case may be (to the
extent such liquidation would not cause severe financial hardship), or by cessation of the participant’s deferrals under the Plan. In making his or her determination, the Executive Vice President, Chief Human Resource Officer is not required to
consider any amounts that are available under a tax-qualified plan (including any amount that may be available by obtaining a loan under such a plan) or under another nonqualified deferred 

  
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compensation plan. The payment of any amount under this Section 8.3 shall be subject to Section 9.2. If the Executive Vice President, Chief Human Resource Officer, grants a request for
a payment on account of an Unforeseeable Emergency, then the deferral election of the requesting participant shall be cancelled for the remainder of the Plan Year or, if longer, for six months. 

(b) Coordination with 401(k) Plan. If a Participant, an FBU Participant or a CSR Participant receives a hardship
distribution within the meaning of Treasury Regulation § 1.401(k)-1(d)(3) under the RR Donnelley & Sons Company Savings Plan or any other plan with a cash or deferred arrangement within the meaning of section 401(k) of the Code
that is maintained by an Employer or an Affiliate, then his or her deferral election under the Plan shall be cancelled, and he or she shall not be permitted to defer any amounts under the Plan for a period of six months after the receipt of the
hardship distribution. The Employee shall be again eligible to defer compensation under the Plan upon the expiration of such six-month period if he or she is then eligible to participate. 

ARTICLE IX 
 CHANGES IN THE FORM
OR TIMING OF PAYMENTS 
 Section 9.1. Election Changes. Each Participant, FBU Participant and CSR Participant may change
the form or timing of a payment of his or her vested account balance(s) only in accordance with this Section 9.1. Such an individual who wishes to change the time or form of a previously elected payment must submit a new Election Form to the
Benefits Committee, in accordance with any rules and procedures established by the Benefits Committee, at least 12 months before the payment would otherwise be made, except that any change in the form of Retirement payment must be made before the
individual attains age 50. The first payment pursuant to a new election must be at least five years after the time the payment would otherwise have been made, and the new election shall have no effect until at least 12 months after the date on which
such election is made. 

  
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 Section 9.2. Other Changes. 

(a) Section 162(m). The Company shall delay a payment to a Participant, an FBU Participant or a CSR Participant to
the extent the Company reasonably anticipates that if the payment were made as scheduled, the Employer of such individual would not be permitted fully to deduct the payment under section 162(m) of the Code, provided that the payment is made,
at the Company’s discretion, either (i) during the first taxable year of the individual in which the Company reasonably anticipates that the payment would be deductible for such year or (ii) during the period beginning with the date
of the Separation from Service or Retirement of the individual and ending on the later of (w) the last day of the Employer’s taxable year in which the such Separation from Service or Retirement occurs and (x) the fifteenth day of the
third month following such Separation from Service or Retirement. If a payment is delayed to a date on or after such Separation from Service or Retirement, however, and the individual is a Specified Employee on the date of his or her Separation from
Service or Retirement, then the payment shall be treated as a payment on account of the his or her Separation from Service or Retirement. Thus, in the case of a delayed payment to such an individual, the payment shall be made during the period
beginning with the date that is six months after such Separation from Service or Retirement and ending on the later of (y) the last day of the Employer’s taxable year in which occurs the last day of the sixth month period beginning on the
date after such Separation from Service or Retirement and (z) the fifteenth day of the third 

  
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month following the last day of the sixth month beginning on the date after such Separation from Service or Retirement. The Participant’s Account, the FBU Participant’s FBU Account and
any FBU Transferred Account, or the CSR Participant’s CSR Account, as applicable, shall continue to be adjusted in accordance with Section 4.9 until it is fully paid. 

(b) Payment upon Income Inclusion Under Section 409A. To the extent an amount deferred under the Plan is included
in the income of a Participant, an FBU Participant or a CSR Participant as a result of a failure to comply with section 409A of the Code, the Plan shall distribute to the Participant, FBU Participant or CSR Participant, as the case may be, in the
year of inclusion an amount equal to the lesser of the amount included in his or her income and the amount of the Participant’s vested Account balance, the FBU Participant’s vested FBU Account balance and any FBU Transferred Account or the
CSR Participant’s CSR Account, as applicable. 
 (c) Payments That Would Violate Applicable Law. If the Company
reasonably anticipates that a payment would violate a federal securities law or other applicable law, then the payment shall be delayed until the earliest date the Company reasonably anticipates that the payment can be made without a violation of
law. 
 ARTICLE X 
 DEATH
BENEFIT 
 Section 10.1. Death Benefit. In the case of a Participant, an FBU Participant or a CSR Participant who dies
before his or her vested account balance(s) have been paid in full, his or her Beneficiary shall be entitled to receive the remainder of such vested account balance(s), calculated as of the close of business of the business day immediately preceding
the Distribution Date of such Participant, FBU Participant or CSR Participant. 

  
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 Section 10.2. Payment of Death Benefit. The Death Benefit in respect of a
Participant, an FBU Participant or a CSR Participant shall be paid to his or her Beneficiary in a cash lump sum within 60 days of the Distribution Date. 

ARTICLE XI 
 BENEFICIARY
DESIGNATION 
 Section 11.1. Beneficiary Designation. Each Participant, FBU Participant and CSR Participant shall have
the right, at any time, to designate his or her Beneficiary (primary, as well as contingent) to receive his or her vested account balance(s) upon such participant’s death. Each participant shall designate his or her Beneficiary by completing
and signing the Beneficiary designation form and returning it to the Benefits Committee or its designated agent. Each participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the
Beneficiary designation form and the Benefits Committee’s rules and procedures, as in effect from time to time. If a participant designates more than one person to be his or her primary Beneficiary and one or more of those persons predeceases
such participant, then the share of such deceased person(s) shall be allocated pro rata to such surviving persons. 

Section 11.2. Spousal Consent. If a Participant, an FBU Participant or a CSR Participant names someone other than his or
her spouse as a Beneficiary, then the Benefits Committee may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Benefits Committee, executed by such spouse and returned to the 

  
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Benefits Committee. Upon the acceptance by the Benefits Committee of a new Beneficiary designation form from a participant, all Beneficiary designations previously filed by such participant shall
be canceled. The Benefits Committee shall be entitled to rely on the last Beneficiary designation form filed by a participant and accepted by the Benefits Committee prior to his or her death. 

Section 11.3. Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received
and acknowledged in writing by the Benefits Committee or its designated agent. 
 Section 11.4. No Beneficiary
Designation. If a Participant, an FBU Participant or a CSR Participant fails to designate a Beneficiary or, if no Beneficiary survives the participant (or if no Beneficiary survives until the complete distribution of the Participant’s
vested Account balance, the FBU Participant’s vested FBU Account balance and any FBU Transferred Account balance or the CSR Participant’s CSR Account balance), then the participant’s Beneficiary shall be deemed to be his or her
surviving spouse. If the deceased Participant, FBU Participant or CSR Participant has no surviving spouse, then the Participant’s vested Account balance, the FBU Participant’s vested FBU Account balance and any vested FBU Transferred
Account balance or the CSR Participant’s CSR Account balance, as the case may be, shall be payable to the executor or personal representative of the deceased participant’s estate. 

Section 11.5. Discharge of Obligations. The payment of a deceased Participant’s vested Account balance, a deceased FBU
Participant’s FBU Account and any FBU Transferred Account or a deceased CSR Participant’s CSR Account balance to his or her Beneficiary shall fully and completely discharge all Employers and the Benefits Committee from all obligations
under the Plan with respect to such Participant, FBU Participant or CSR Participant. 

  
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 ARTICLE XII 

PLAN AMENDMENT, TERMINATION OR LIQUIDATION 

Section 12.1. Amendment. The Company shall have the right, at any time, to amend the Plan in whole or in part by the action
of its board of directors, its Human Resources Committee or the Benefits Committee; provided, however, that: (i) no amendment shall be effective to decrease the value of a Participant’s Account balance, an FBU Participant’s FBU
Account balance and the balance of any FBU Transferred Account or a CSR Participant’s CSR Account balance (the value of such balance(s) calculated as if the participant had experienced a Separation from Service as of the effective date of the
amendment) and (ii) no amendment to this Section 12.1 or Section 13.2 after a Change in Control shall be effective, and provided further, that the Company’s Executive Vice President, Chief Human Resources Officer shall
have the right to amend the Plan, but only to the extent that such amendment: (i) is required or deemed advisable as the result of legislation or regulation; (ii) concerns solely routine ministerial or administrative matters; or
(iii) does not concern routine ministerial or administrative matters but does not materially increase any cost to any Employer. No amendment to the Plan shall affect any Participant, FBU Participant, CSR Participant or Beneficiary who has
become entitled to the payments under the Plan on or before the earlier of (i) the date of the amendment and (ii) the effective date of the amendment. 

Section 12.2. Termination and Liquidation of Plan. The Plan may be terminated and payments hereunder may be accelerated in
connection with the termination of the Plan (such payment acceleration referred to herein as a “liquidation” of the Plan) only if the conditions of 

  
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subsection (a), (b), (c) or (d) of this Section 12.2 are satisfied. Until 60 days before the Plan is completely liquidated, or such other time reasonably anticipated by the
Benefits Committee to permit an orderly liquidation of the Plan, the Measurement Funds available to Participants, FBU Participants and CSR Participants immediately before the termination of the Plan shall be comparable in number and type to those
Measurement Funds available in the Plan Year preceding the Plan Year in which the termination of the Plan becomes effective. 

(a) Corporate Dissolution or Bankruptcy Court Approval. The Company may terminate and liquidate the Plan with respect to
Participants, FBU Participants and CSR Participants who are Employees of one or more Employers (i) within 12 months of the dissolution of such Employer(s) that is taxed to stockholders under section 331 of the Code or (ii) with the
approval of a bankruptcy court pursuant to 11 U.S.C. § 503(b)(1)(A), provided that all payments to each affected Participant, FBU Participant and CSR Participant are included in his or her gross income at the earlier of (x) the
taxable year in which the payment is actually or constructively received by him or her and (y) the latest of the following: (1) the calendar year in which the Plan termination and liquidation occurs; (2) the first calendar year in
which the amount of the payment is no longer subject to a substantial risk of forfeiture; and (3) the first calendar year in which the payment is administratively practicable. 

(b) Change in Control. The Plan may be terminated and liquidated with respect to Participants, FBU Participants and CSR
Participants who are Employees of an Employer that experiences a Change in Control at any time within 30 days before and 12 months after such Change in Control by the person who after the Change in Control is primarily liable for the payments under
the Plan, provided that all plans, agreements and 

  
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other arrangements that are of the same type (within the meaning of Treasury Regulation § 1.409A-1(c)(2)) as the Plan are terminated and liquidated with respect to each Participant, FBU
Participant and CSR Participant affected by the Change in Control, and provided further that all such Participants, FBU Participants and CSR Participants receive all compensation deferred under the Plan and all plans, agreements and other
arrangements of the same type as the Plan within 12 months of the date all necessary actions to terminate and liquidate the Plan and such other plans, agreements and arrangements are irrevocably taken by the person primarily responsible for the
payments thereunder. 
 (c) No New Plan for Three Years. The Company may liquidate and terminate the Plan with respect
to one or more Employers only if the following five conditions are satisfied: (i) there is not a downturn in the financial health of such Employer(s); (ii) all plans, programs and arrangements of the same type (within the meaning of
Treasury Regulation § 1.409A-1(c)(2)) as the Plan in which any Participant, FBU Participant or CSR Participant employed by such Employer(s) participates are also terminated and liquidated; (iii) no payments are made under the Plan
within 12 months following the date the Company terminates the Plan with respect to such Employer(s), other than payments that would be made if the Plan had not been terminated with the intent to liquidate the Plan; (iv) all payments are made
within 24 months following the date of Plan termination; and (v) such Employer(s) do not establish a new plan of the same type for those Employees of such Employer(s) who had participated in the Plan within the three year period following the
date the Company takes all necessary action to terminate and liquidate the Plan with respect to such Employer(s). 

  
 -46- 

 (d) Other Permissible Events. The Company may terminate and liquidate the
Plan upon any other event or condition that the Internal Revenue Service may provide in a regulation, ruling or notice or other publication in the Internal Revenue Bulletin. 

Section 12.3. Effect of Payment. The full payment of a Participant’s vested Account balance, an FBU Participant’s
vested FBU Account and any FBU Transferred Account and a CSR Participant’s CSR Account balance shall completely discharge all obligations to such Participant, FBU Participant or CSR Participant and his or her Beneficiary under the Plan, and the
Participant’s, FBU Participant’s or CSR Participant’s Plan Agreement shall terminate. 
 ARTICLE XIII 

ADMINISTRATION 

Section 13.1. Benefits Committee. Except as otherwise provided in this Article XIII, the Plan shall be administered by the
Benefits Committee. 
 (a) Members. Treasurer and Vice President shall be members of the Benefits Committee. The
Benefits Committee may appoint additional members to the Benefits Committee and may replace vacancies pursuant to procedures established in its by-laws. 

(b) Benefits Committee Duties and Actions. The Benefits Committee shall have the authority to (i) make, amend,
interpret and enforce all appropriate rules and regulations for the administration of the Plan, (ii) decide or resolve any and all questions, including interpretations of the Plan, as may arise in connection with the Plan, and (iii) take
any action as may be required or advisable for the proper administration of the Plan. Any individual serving on the Benefits Committee who is a Participant, an FBU Participant or a CSR Participant shall not vote or act on any matter relating solely
to 

  
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himself or herself. When making a determination or calculation, the Benefits Committee shall be entitled to rely on information furnished by a Participant, an FBU Participant, a CSR Participant
or the Company. Any action taken by the Benefits Committee with respect to any one or more Participants, FBU Participants or CSR Participants shall not be binding on the Benefits Committee as to any action to be taken with respect to any other
participant. Each determination required or permitted under the Plan shall be made by the Benefits Committee in its sole and absolute discretion. The members of the Benefits Committee may allocate their responsibilities and may designate any other
person or committee, including employees of the Company, to carry out any of their responsibilities with respect to administration of the Plan. 

Section 13.2. Administration Upon Change In Control. Upon and after the occurrence of a Change in Control, the Plan shall
be administered by an independent third party selected by the Trustee and approved by the individual who, immediately prior to the Change in Control, was the Company’s highest ranking officer (the “Ex-CEO”). Such independent third
party (the “Administrator”) shall have the discretionary power to determine all questions arising in connection with the administration of the Plan and the interpretation of the Plan and Trust including, but not limited to benefit
entitlement determinations. Upon a Change in Control and for a period of three years thereafter, the Administrator may be terminated (and a replacement appointed) by the Trustee only with the approval of the Ex-CEO. Upon a Change in Control and for
a period of three years thereafter, the Company may not terminate the services of the Administrator. 

  
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 Section 13.3. Agents. In the administration of the Plan, the Benefits
Committee or, if applicable, the Administrator, may from time to time employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with
counsel who may be counsel to any Employer. 
 Section 13.4. Binding Effect of Decisions. Any decision or action of the
Benefits Committee or, if applicable, the Administrator, with respect to any matter arising out of or in connection with the administration, interpretation and application of the Plan shall be final, binding and conclusive upon all persons having
any interest in the Plan and all persons claiming under any Participant, FBU Participant, CSR Participant, former Participant, former FBU Participant, former CSR Participant or Beneficiary. 

Section 13.5. Indemnity. The Company shall: (i) pay all reasonable administrative expenses and fees of the Benefits
Committee or, if any, the Administrator; and (ii) indemnify and hold harmless the Benefits Committee or, if any, the Administrator (or any agent or delegate of either the Benefits Committee or the Administrator) against any and all claims,
losses, damages, costs, expenses and liabilities including, without limitation, attorney’s fees and expenses arising in connection with the performance of its duties hereunder, except with respect to matters resulting from the gross negligence
or willful misconduct of the Benefits Committee or, as applicable, the Administrator, or the employees, delegates or agents of either. 

Section 13.6. Employer Information. To enable the Benefits Committee or, as the case may be, the Administrator, to perform
its functions, the Company and each Employer shall supply full and timely information to the Benefits Committee or the Administrator as requested, on all matters relating to the compensation of the Participants, FBU Participants and CSR
Participants, the date and circumstances of the Retirement, disability, death or Separation from Service of the Participants, FBU Participants and CSR Participants, and such other pertinent information as the Benefits Committee or Administrator may
reasonably require. 

  
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 ARTICLE XIV 

COORDINATION WITH OTHER BENEFITS 

The benefits provided to a Participant, an FBU Participant or a CSR Participant or to his or her Beneficiary under the Plan are in addition to
any other benefits available to such Participant, FBU Participant, CSR Participant or Beneficiary under any other plan or program for employees of such Participant’s, FBU Participant’s or CSR Participant’s Employer. The Plan shall
supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided. 
 ARTICLE
XV 
 CLAIMS AND APPEALS PROCEDURES 

Section 15.1. Authority to Submit Claims. Any Participant, FBU Participant, CSR Participant or Beneficiary who believes
that he or she is entitled to a payment under the Plan, including a payment greater than the payment initially determined by the Benefits Committee, may (or his or her duly authorized representative may) file a Claim in writing with the Benefits
Committee. The Benefits Committee shall determine whether an individual is duly authorized to act on behalf of a Participant, FBU Participant, CSR Participant or Beneficiary in connection with the Claim and may establish reasonable procedures for
making such a determination. Any such Participant, FBU Participant, CSR Participant, Beneficiary or duly authorized representative is referred to in the Plan as a Claimant. 

  
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 Section 15.2. Procedure for Filing a Claim. In order for a communication from
a Claimant to constitute a valid Claim, the communication must be delivered to the Benefits Committee in writing on the form designated by the Benefits Committee or in such other form as may be acceptable to the Benefits Committee. 

Section 15.3. Initial Claim Review. The initial Claim review shall be conducted by the Benefits Committee, with or without
the presence of the Claimant, as determined by the Benefits Committee in its discretion. The Benefits Committee shall consider the applicable terms and provisions of the Plan, information and evidence that is presented by the Claimant and any other
information the Benefits Committee deems relevant. In reviewing the Claim, the Benefits Committee shall also consider determinations made within the immediately preceding 24 months of Claims of similarly situated Claimants. 

Section 15.4. Claim Determination. 

(a) The Benefits Committee shall make a Determination regarding a Claim and notify the Claimant of such Determination within a
reasonable period of time, but in any event (except as described in Section 15.4(b) below) within 90 days after the Benefits Committee receives the Claim. 

(b) The Benefits Committee may extend the period for making a Determination to a maximum of 90 additional days if the Benefits
Committee determines that circumstances require an extension of time. The Benefits Committee shall notify the Claimant before the end of the initial 90-day period of the circumstances requiring the extension
of time and the date by which the Benefits Committee expects to render a Determination. 

  
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 Section 15.5. Manner and Content of Notification of Adverse Determination of a
Claim. The Benefits Committee shall provide a Claimant with written or electronic notice of an Adverse Determination. Such notice shall: 
  

	 	(i)	specify the specific reason or reasons for the Adverse Determination; 

  

	 	(ii)	reference the specific provision(s) of the Plan on which the Adverse Determination is based; 

  

	 	(iii)	describe any additional material or information necessary for the Claimant to perfect the Claim and explain of why such material or information is necessary; and 

 

	 	(iv)	describe the Plan’s appeal procedure and the time limits applicable to such procedure, and include a statement describing the Claimant’s right to bring a civil action under section 502(a) of ERISA after an
Adverse Determination of an appeal of a Claim. 

 Section 15.6. Procedure for Filing an Appeal of an Adverse
Determination. In order for a communication from a Claimant to constitute a valid appeal, the communication must be submitted by a Claimant in writing on the form designated by the Benefits Committee, or in such other form as may be acceptable
to the Benefits Committee, and delivered to the Benefits Committee within 60 days of the Claimant’s receipt of the notice of the Adverse Determination on the Claim. If the Benefits Committee does not receive a valid appeal within 60 days of the
delivery to the Claimant of the notice of the Adverse Determination for the related Claim, the Claimant shall be barred from filing an appeal of such Claim and he or she shall be deemed to have failed to exhaust all administrative remedies under the
Plan. 
 Section 15.7. Appeal Procedure. An appeal of an Adverse Determination shall be conducted by the Benefits
Committee, with or without the presence of the Claimant, as determined by the Benefits Committee in its discretion. The Benefits Committee shall consider the applicable terms and provisions of the Plan, information and evidence that is presented by
the 

  
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Claimant (including all comments, documents, records and other information submitted by the Claimant without regard to whether such information was submitted or considered in the initial
Determination) and any other information the Benefits Committee deems relevant. The Claimant shall be provided, upon request and free of charge, reasonable access to and copies of all relevant documents and shall be allowed to submit any supporting
comments, documents, records and other information. 
 Section 15.8. Timing and Notification of the Determination of an
Appeal. 
 (a) The Benefits Committee shall make a Determination regarding an appeal and notify the Claimant of its
Determination within a reasonable period of time, but in any event (except as described in Section 15.8(b) below) within 60 days after the Benefits Committee receives the appeal. 

(b) The Benefits Committee may extend the period for making the Determination of the appeal of denied Claim to a maximum of 60
additional days if the Benefits Committee determines that circumstances require an extension of time. The Benefits Committee shall notify the Claimant before the end of the initial 60-day period of the
circumstances requiring the extension of time and the date by which the Benefits Committee expects to render a decision. If such an extension is due to a failure of the Claimant to submit information necessary to decide the appeal, the period in
which the Benefits Committee is required to make a decision shall be tolled by the Benefits Committee from the date on which the Benefits Committee notifies the Claimant until the date the Benefits Committee has received the requested information
from the Claimant. If the Claimant fails to respond to the Benefits Committee’s request for additional information within a reasonable time, the Benefits Committee may, in its discretion, render a Determination on the appeal based on the record
before the Benefits Committee. 

  
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 Section 15.9. Manner and Content of Notification of Adverse Determination of
Appeal. The Benefits Committee shall provide a Claimant with written or electronic notice of any Adverse Determination of an appeal of a denial of a Claim. Such notice shall: 

 

	 	(i)	specify the reason or reasons for the Adverse Determination; 

  

	 	(ii)	reference the specific provision(s) of the Plan on which the Adverse Determination is based; 

  

	 	(iii)	state that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all relevant documents; and 

 

	 	(iv)	state that the Claimant has a right to bring a civil action under section 502(a) of ERISA. 

Section 15.10. Delivery and Receipt. For purposes of the Article XV, any notice, Claim or document may be delivered in
person; provided, however, that any notice sent by the Benefits Committee related to a Claim may be sent by facsimile or by electronic mail if there is a verifiable confirmation that such notice was received and the facsimile or electronic
mail is followed by a hard copy sent by next business day courier service no later than the next business day. Any Claim or document sent to a Claimant shall be sent to the Claimant’s last known address. Any Claim or document that satisfies the
requirements described in this Section 15.10 shall be deemed delivered and received on the earlier of (a) the date of its actual receipt, if receipt is evidenced in writing, (b) 10 days after deposit in the United States Mail, first
class postage prepaid and return receipt requested, and (c) the date of confirmation of successful transmission of a facsimile or electronic mail. If the requirements described in this Section 15.10 are not satisfied, then the notice,
Claim or document shall be deemed not delivered or received and not be effective. 

  
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 Section 15.11. Limitation on Actions. No legal action, including without
limitation any lawsuit, may be brought by a Claimant more than two years after the date the Claimant has received an Adverse Determination of his or her appeal of a Claim denial. 

Section 15.12. Failure to Exhaust Administrative Remedies. No legal action may be brought by a Claimant who has not timely
filed a Claim and an appeal of the denial of such Claim and otherwise exhausted all administrative remedies under the Plan. 
 ARTICLE XVI

 TRUST 

Section 16.1. Establishment of the Trust. The Company shall maintain the Trust, and each Employer shall at least annually
transfer over to the Trust such assets as the Company determines, in its sole discretion, are necessary to provide for the Employer’s liabilities created with respect to the Annual Deferral Amounts, FBU Deferral Amounts, CSR Deferral Amounts
and Company Contribution Amounts for such Employer’s Participants, FBU Participants and CSR Participants, taking into consideration the value of the assets in the Trust attributable to such Employer’s liabilities at the time of the
transfer. 
 Section 16.2. Investment of Trust Assets. The Trustee of the Trust shall be authorized, upon written
instructions received from the Benefits Committee or investment manager appointed by the Benefits Committee, to invest and reinvest the assets of the Trust in accordance with the Trust Agreement. 

  
 -55- 

 Section 16.3. Interrelationship of the Plan and the Trust. The provisions of
the Plan shall govern the rights of each Participant, FBU Participant and CSR Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers and the creditors of the Employers to the
assets transferred to the Trust. Each Employer shall at all times remain liable to carry out its obligations under the Plan and Trust. 

Section 16.4. Distributions From the Trust. Each Employer’s obligations under the Plan may be satisfied with Trust
assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s obligations under the Plan. 

ARTICLE XVII 
 MISCELLANEOUS 

Section 17.1. Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of section 401(a)
of the Code and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of sections 201(2),
301(a)(3) and 401(a)(l) of ERISA. The Plan is also intended to comply with section 409A of the Code and the regulations promulgated thereunder. The Plan shall be administered and interpreted to the extent possible in a manner consistent with the
intent expressed in this Section 17.1. 
 Section 17.2. Unsecured General Creditor. Participants, FBU Participants,
CSR Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of any Employer. For purposes of the payment of benefits under the Plan, any and all of an
Employer’s assets shall be, and remain, the 

  
 -56- 

 
general, unpledged unrestricted assets of the Employer. An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future, and
Participants, FBU Participants, CSR Participants and their Beneficiaries, heirs, successors and assigns shall at all times be unsecured creditors of the Employers. 

Section 17.3. Employer’s Liability. An Employer’s liability for the payment of benefits shall be defined only by
the Plan and the Plan Agreements. An Employer shall have no obligation to a Participant, an FBU Participant, a CSR Participant or any Beneficiary under the Plan except as expressly provided in the Plan or in a Plan Agreement. 

Section 17.4. Nonassignability. No Participant, FBU Participant, a CSR Participant, Beneficiary or any other person shall
have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are,
and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by a Participant, FBU Participant, CSR Participant, Beneficiary or any other person, be transferable by operation of law in the event of his or her bankruptcy or insolvency or be transferable to a
spouse as a result of a property settlement or otherwise. Any attempt to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, except as
specifically permitted under the Plan, shall be null and void and without legal effect. 

  
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 Section 17.5. Withholding for Taxes. Notwithstanding anything contained in the
Plan to the contrary, the Employers shall withhold from payments to be made under the Plan such amount or amounts as may be required for purposes of complying with the tax withholding provisions of the Code or any applicable State law for purposes
of paying any tax attributable to any amounts payable or creditable under the Plan. The Company may reduce a Participant’s Account, an FBU Participant’s FBU Account and any FBU Transferred Account or a CSR Participant’s CSR Account in
the amount of employment taxes payable with respect to compensation deferred before the Participant’s, FBU Participant’s or CSR Participant’s Separation from Service. 

Section 17.6. Immunity of Benefits Committee Members. The members of the Benefits Committee may rely upon any information,
report or opinion supplied to them by any officer of the Company or any legal counsel, independent public accountant or actuary, and shall be fully protected in relying upon any such information, report or opinion. No member of the Benefits
Committee shall have any liability to the Company or any Participant, FBU Participant, CSR Participant, former Participant, former FBU Participant, former CSR Participant, any Beneficiary, or to any person claiming under or through any Participant,
FBU Participant, CSR Participant, former Participant, former FBU Participant, former CSR Participant or any Beneficiary or other person interested or concerned in connection with any decision made by such member of the Benefits Committee pursuant to
the Plan which was based upon any such information, report or opinion if such member of the Benefits Committee relied thereon in good faith. 

  
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 Section 17.7. Not a Contract of Employment. The terms and conditions of the
Plan shall not be deemed to constitute a contract of employment between any Employer and a Participant, an FBU Participant or a CSR Participant. Employment of a Participant, an FBU Participant or a CSR Participant is hereby acknowledged to be an
“at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless expressly provided otherwise in a written employment agreement. Nothing in the
Plan shall be deemed to give a Participant, an FBU Participant or a CSR Participant the right to be retained in the service of any Employer or to interfere with the right of any Employer to discipline or discharge the Participant, FBU Participant or
CSR Participant at any time. 
 Section 17.8. Furnishing Information. A Participant, an FBU Participant or a CSR
Participant or his or her Beneficiary will cooperate with the Benefits Committee by furnishing any and all information requested by the Benefits Committee and take such other actions as may be requested in order to facilitate the administration of
the Plan and payments hereunder, including but not limited to taking such physical examinations as the Benefits Committee may deem necessary in connection with the purchase of insurance, as described in Section 17.18. 

Section 17.9. Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were in
the feminine in all cases where they would so apply. Whenever any word is used herein in the singular, it shall be construed as though it was used in the plural, in all cases where it would reasonably so apply; and whenever any word is used herein
in the plural, it shall be construed as though it was used in the singular, in all cases where it would so reasonably apply. 

  
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 Section 17.10. Captions. The captions of the articles, sections and paragraphs
of the Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 

Section 17.11. Governing Law. The provisions of the Plan shall be construed and interpreted according to the internal laws
of the State of Illinois without regard to its conflicts of laws principles, to the extent not preempted by any applicable federal law. 

Section 17.12. Notice. Any notice or filing required or permitted to be given to the Benefits Committee under the Plan
shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 
 LSC
Communications, Inc. 
 Attn: Director of Compensation 

4101 Winfield Road 

Warrenville, IL 60555 
 Such
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 

Any notice or filing required or permitted to be given to a Participant, FBU Participant or CSR Participant, any former participant or any
Beneficiary under the Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to his or her last known address. 

Section 17.13. Successors. The provisions of the Plan shall bind and inure to the benefit of the Employers and their
successors and assigns and to the Participants, FBU Participants and CSR Participants and their Beneficiaries. 

  
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 Section 17.14. Spouse’s Interest. The interest in the benefits hereunder
of a spouse of a Participant, FBU Participant or CSR Participant who has predeceased such Participant, FBU Participant or CSR Participant shall automatically pass to the Participant, FBU Participant or CSR Participant, as applicable, and shall not
be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession. 

Section 17.15. Validity. In case any provision of the Plan shall be illegal or invalid for any reason, said illegality or
invalidity shall not affect the remaining parts hereof, but the Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

Section 17.16. Incompetent. If the Benefits Committee determines in its discretion that a payment under the Plan is to be
made to a minor, a person declared incompetent or to a person incapable of handling the disposition of such person’s property, the Benefits Committee may direct that such payment be made to the guardian, legal representative or person having
the care and custody of such minor, incompetent or incapable person. The Benefits Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to such payment. Any payment made shall be for the
account of the Participant, FBU Participant or CSR Participant, as the case may be, or his or her Beneficiary, and shall be a complete discharge of any liability under the Plan for such payment. 

Section 17.17. Court Order. The Benefits Committee is authorized to comply with any court order in any action in which the
Plan or the Benefits Committee has been named as a party, including any action involving a determination of a Participant’s, FBU Participant’s or CSR 

  
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Participant’s rights or interests under the Plan. Notwithstanding the foregoing, the Benefits Committee shall interpret this provision in a manner that is consistent with applicable tax law,
including but not limited to guidance issued after the effective date of the Plan or any amendment or restatement thereof. 

Section 17.18. Insurance. The Employers, on their own behalf or on behalf of the Trustee, and, in their sole discretion,
may apply for and procure insurance on the life of a Participant, an FBU Participant or a CSR Participant, in such amounts and in such forms as the Trust may choose. The Employers or the Trustee, as the case may be, shall be the sole owner and
beneficiary of any such insurance. Such Participant, FBU Participant or CSR Participant shall have no interest whatsoever in any such policy or policies, and at the request of his or her Employer shall submit to medical examinations and supply such
information and execute such documents as may be required by the insurance company or companies to whom the Employers have applied for insurance. 

Section 17.19. Legal Fees To Enforce Rights After Change in Control. The Company and each Employer are aware that upon the
occurrence of a Change in Control, the Board or the board of directors of an Employer (which might then be composed of new members) or a shareholder of the Company or an Employer, or of any successor corporation might then cause or attempt to cause
the Company, an Employer or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company or an Employer to institute, or may institute, litigation seeking to deny Participants, FBU
Participants or CSR Participants the payments intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change in Control, it should appear to any Participant, FBU Participant or CSR
Participant that the Company, his or her Employer or any 

  
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successor corporation has failed to comply with any of its obligations under the Plan or any Plan Agreement thereunder or, if the Company, such Employer or any other person takes any action to
declare the Plan void or unenforceable or institutes any litigation or other legal action designed to deny, diminish or to recover from any Participant, FBU Participant or CSR Participant the payments intended to be provided, then the Company and
his or her Employer irrevocably authorize such Participant, FBU Participant or CSR Participant to retain counsel of his or her choice at the expense of the Company and his or her Employer (who shall be jointly and severally liable) to represent such
Participant, FBU Participant or CSR Participant in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company, his or her Employer or any director, officer, shareholder or other person
affiliated with the Company, his or her Employer or any successor thereto in any jurisdiction. 
 IN WITNESS WHEREOF, the Company has signed this Plan
document as of September 22, 2016. 
  

			
	 LSC Communications, Inc.
  

	By:	 	 /s/ Suzanne S. Bettman

	Title:	 	 President

		 	

  
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