Document:

Exhibit 10.21

             THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING
                 SECURITIES THAT HAVE BEEN REGISTERED UNDER THE
                             SECURITIES ACT OF 1933.

                   The date of this document is July 7, 2000.

                        --------------------------------

                          ELECTRONICS FOR IMAGING, INC.

                          EMPLOYEE STOCK PURCHASE PLAN

                        --------------------------------

TO OUR EMPLOYEES:

         We are pleased with this  opportunity  to provide you with  information
regarding our Employee Stock Purchase  Plan,  referred to in these  materials as
the "Purchase  Plan." We believe the Purchase  Plan is an important  part of the
benefits provided to our employees, and we hope you will take the time to review
this information carefully.

         Electronics For Imaging, Inc. (the "Company") adopted the Purchase Plan
in order to provide you with an opportunity to share in the Company's  growth by
purchasing the common stock of the Company  ("Common  Stock") without payment of
brokerage costs, at a discounted  price, and under terms that are favorable from
a tax  standpoint.  The Company  believes the Purchase Plan assists it in hiring
qualified  employees and in building a satisfying  long-term  relationship  with
existing employees through recognition of their contribution to the Company.

         We have divided this  discussion  of the Purchase  Plan into two parts.
The first part of this document  describes the terms of the Purchase  Plan.  The
second  part of this  document  describes  the  U.S.  federal  tax  consequences
relating to your participation in the Purchase Plan.

         The  following  information  may not answer all the  questions you have
about the  Purchase  Plan and is not  intended  to go into  every  detail of the
Purchase  Plan.  A copy of the  Purchase  Plan is attached  to this  prospectus.
Further  questions  about your rights under the Purchase Plan may be directed to
the Company's  Equity  Services  Group,  Abarca Equity,  Inc. at (650) 577-3165.
Questions relating to the tax consequences of your participation in the Purchase
Plan should be referred to your personal tax advisor.

                                       26

<PAGE>

INFORMATION ABOUT THE COMPANY

         An  important  part  of  your  participation  in the  Purchase  Plan is
understanding  the Company,  its products,  operations and financial  condition.
Like any  stockholder of the Company,  you can keep yourself  informed about the
Company by reviewing  reports and other documents which the Company prepares for
stockholders and the general public.  If you hold shares of the Company you will
be  entitled  to attend  stockholder  meetings  and to vote in the  election  of
directors and on other matters brought before the Company's stockholders.

         If you have not already received a copy of the Company's current annual
report as a stockholder of the Company,  this information should be delivered to
you  with  these  materials.  Whether  or not you  have  already  received  this
information, you may always request a copy from the Company's Legal Department.

         The U.S.  federal  securities  laws  require  the  Company  to  provide
information about its business and financial status in annual reports,  commonly
known as "10-Ks" and quarterly reports, commonly known as "10-Qs." These reports
are  filed  with  the   Securities  and  Exchange   Commission   ("SEC"  or  the
"Commission").  In addition,  if certain important corporate events occur during
the year,  the Company may file  reports  commonly  known as "8-Ks." The Company
also prepares and files with the Commission a proxy statement in connection with
its  annual  meeting  of  stockholders.  The proxy  statement  provides  further
information   about  the  Company  and  its   officers,   directors   and  major
stockholders.  From time to time the Company may also file other  documents with
the  Commission  as  required  by  Sections  13(a),  13(c),  14 and 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").

         All of these documents  constitute part of the information  required by
the securities  laws to be provided or made available to you in connection  with
your  purchase of stock under the Purchase  Plan;  that is, these  documents are
incorporated by reference into these materials,  which constitute the prospectus
for the Purchase Plan.

         Copies  of  these  documents  can  be  obtained,   without  charge,  by
contacting the Company's Legal  Department,  Electronics For Imaging,  Inc., 303
Velocity Way, Foster City, CA; or by telephone at (650) 357-3910.

                                       27

<PAGE>

<TABLE>
                                                     CONTENTS

<CAPTION>
SECTION                                                                                                        PAGE

<S>      <C>                                                                                                     <C>
         1.       Plan Operation..................................................................................5

         2.       Eligibility for the Purchase Plan...............................................................6

         3.       Administration of the Purchase Plan.............................................................6

         4.       Signing up to Participate in the Purchase Plan..................................................7

         5.       Participation in an Offering after it has Begun.................................................7

         6.       Continuing Participation in Offerings...........................................................7

         7.       Amount of Earnings that can be withheld to purchase Common Stock................................8

         8.       Time of Stock Purchases.........................................................................9

         9.       Limitation on Number of Shares Purchased........................................................9

         10.      Purchase Price for the Shares under the Purchase Plan...........................................9

         11.      Holding of Payroll Deductions Before Stock is Purchased........................................10

         12.      Money not used to purchase Common Stock on the final Purchase Date of an Offering..............10

         13.      Changing Payroll Deductions....................................................................10

         14.      Termination of Employment......................................................................10

         15.      Leaves of Absence..............................................................................10

         16.      Withdrawal from Participation..................................................................11

         17.      No Additional Contributions....................................................................11

         18.      Sale of Stock Purchased Under the Purchase Plan................................................11

         19.      Trading Restrictions on Sale of Stock..........................................................12

         20.      Sales Commissions..............................................................................12

         21.      Registration and Transfers.....................................................................12

         22.      Changes to the Terms of the Purchase Plan......................................................12

         23.      Dividends on Common Stock......................................................................12

         24.      Plan Not a 401(k) Plan or Other Qualified Retirement Plan......................................13

         25.      Special Rules for Employees....................................................................13

         26.      Tax on the Money Withheld to Purchase Stock....................................................14

         27.      Tax Consequences when Stock is Purchased under the Purchase Plan...............................14

         28.      Tax Consequences Upon the Sale of Stock Purchased Under the Purchase Plan......................14

         29.      Characterization of Your Income................................................................15

         30.      Difference Between Ordinary Income and Capital Gains and Losses for Federal Income Tax
                  Purposes.......................................................................................18

         31.      Withholding Requirements at the Sale...........................................................18

         32.      Disposition of Stock for Tax Purposes..........................................................18
</TABLE>

                                       28

<PAGE>

                                     PART I

                           Terms Of The Purchase Plan

         Part  I  of  this   document   provides   general   information   about
participation  in the Purchase  Plan.  Part II of this  document  describes  the
various tax consequences to you of your participation in the Purchase Plan.

1.       PLAN OPERATION

         The Purchase Plan enables you to purchase,  through payroll deductions,
shares  of Common  Stock at a  discount  from its  market  price on  either  the
Offering Date or the Purchase Date, as described below.  Note that the amount of
your  payroll  deductions  is  calculated  based on your gross  (i.e.,  pre-tax)
dollars  earned;  however,  your payroll  deductions come out of your net (i.e.,
after-tax) pay.

         The Purchase Plan provides for the issuance of up to 400,000  shares of
Common Stock.  Common Stock subject to the Purchase Plan may be unissued  shares
or reacquired shares, purchased on the open market or otherwise. To the extent a
right  under the  Purchase  Plan  terminates  for any  reason,  any  shares  not
purchased under such right will again become available for issuance.

         Under the Purchase Plan, rights to purchase Common Stock are granted to
eligible employees pursuant to an offering ("Offering") established from time to
time by the Board of  Directors of the Company  (the  "Board").  With respect to
each Offering, the Board has the authority to specify:

    (i)       a date ("Offering  Date") on which rights to purchase Common Stock
          will be granted to eligible employees;

    (ii)      the period of time (an "Offering Period"),  which cannot exceed 27
          months, during which the Offering will be in effect;

    (iii)     the dates during an Offering  Period  ("Purchase  Dates") on which
          shares of stock  will  be  purchased  pursuant to rights granted under
          the Offering; and

    (iv)      the terms under which  employees may contribute  money to purchase
          Common Stock in the Offering.

         Offerings.  The Board  authorized  an initial  Offering  to commence on
August 1, 2000 (the  "Effective  Date") and end on July 31,  2002 (the  "Initial
Offering"). Thereafter, subject to the power of the Board to change the terms of
an Offering prior to the commencement of the Offering,  a new two-year  Offering
will commence on August 1 of every other year,  beginning  August 1, 2002. If an
Offering  Date does not fall on a day  during  which  Common  Stock is  actively
traded,  then the Offering Date will be the next subsequent day during which the
Common Stock is actively traded.

         The  current   Offering  terms  under  the  Purchase  Plan  include  an
"automatic  restart"  provision.  This feature provides that if, on any Purchase
Date (other than the last Purchase  Date of an Offering),  the fair market value
of the Common  Stock is less than the fair market  value of the Common  Stock on
the Offering  Date,  then,  following the purchase of Common Stock,  the current
Offering  will end and a new Offering will begin the next day.  Participants  in
the just terminated Offering will be automatically enrolled in the new Offering.
Such new Offering will  terminate on the day prior to the second  anniversary of
its Offering  Date subject to earlier  termination  if the  "automatic  restart"
provision is triggered as described above.

         Purchase  Dates.  The first  Purchase  Date under the Initial  Offering
occurs on January 31, 2001.  Thereafter,  Purchase  Dates occur each July 31 and
January  31. If a Purchase  Date does not fall on a day during  which the Common
Stock is actively  traded,  then the Purchase Date will be the nearest prior day
during which the Company's Common Stock is actively traded.

         How Common  Stock is  Purchased.  If you decide to  participate  in the
Purchase Plan, you will authorize the Company to automatically  deduct after-tax
dollars from each of your  paychecks  until you (1) instruct the Company

                                       29

<PAGE>

to stop these deductions, (2) you are no longer eligible under the Purchase Plan
or (3) the Purchase Plan is discontinued.  On each designated Purchase Date, the
Company  will use your  deductions  to purchase  Common Stock for you at a price
equal to the lower of (i) 85% of the fair  market  value of Common  Stock on the
Offering Date or such other date on which you are first  eligible to participate
in the  Offering  and (ii) 85% of the fair market  value of Common  Stock on the
Purchase Date (i.e.,  you will receive at least a 15% discount from the price of
the Common Stock on the Offering Date).

  2.     ELIGIBILITY FOR THE PURCHASE PLAN

         Because the Purchase Plan is a tax advantaged  plan,  Internal  Revenue
Service ("IRS")  regulations require certain minimum standards for participation
in the Purchase Plan.  The Board has the  discretion to specify other  standards
for  participation.  When the Board  determines the standards  which will apply,
these standards,  together with the IRS standards,  are set forth in an offering
document.

         Under the Initial Offering,  you are eligible to participate under each
Offering on the Offering Date if you are customarily  employed by the Company or
a  designated  affiliate  for more than 20 hours per week and at least  five (5)
months per  calendar  year.  Neither  consultants  and advisors who are not also
employees,  nor individuals who own (or are deemed to own) in the aggregate five
percent  (5%) or more of the  combined  voting  power or value of all classes of
stock of the Company or any parent or subsidiary of the Company, are entitled to
participate in the Purchase Plan. Under the terms of the Initial Offering if you
are an employee of a subsidiary or parent of the Company, you may participate in
the Initial Offering under the same terms as employees of the Company.

  3.     ADMINISTRATION OF THE PURCHASE PLAN

         The  Board  may  delegate  administration  of the  Purchase  Plan  to a
committee  composed  of not  fewer  than  two  (2)  members  of the  Board  (the
"Committee").  The Board or such  Committee  has the  authority to interpret the
Purchase Plan and to determine eligibility and the terms of other benefits under
the  Purchase  Plan.  Even though  administration  of the  Purchase  Plan may be
delegated to the  Committee,  the Board has the final  authority to construe and
interpret the Purchase Plan.

         Information  about all of the Company's Board members,  including Board
members  currently  serving on the  Committee,  is  provided  in the reports and
documents prepared by the Company and filed with the SEC. Additional information
about the administration of the Purchase Plan can be obtained from the Company's
Legal Department.

         References to the Board in this document should be deemed references to
the Committee, as applicable.

4.       SIGNING UP TO PARTICIPATE IN THE PURCHASE PLAN

         In order to  participate  in an Offering  under the Purchase  Plan, you
must submit an ESPP  Enrollment/Change Form to the Company's Stock Administrator
prior to the date  your  participation  is to be  effective  (i.e.,  prior to an
Offering Date),  unless a later time for filing such form is set by the Company.
If you do not have a copy of such form,  extra  copies can be obtained  from the
Company's  Stock  Administrator  or the  Company's  internal  website.  The ESPP
Enrollment/Change  Form  authorizes  the  Company  to  automatically  deduct the
percentage  specified by you from each paycheck  during the Offering to purchase
shares of the Common Stock.

  5.     PARTICIPATION IN AN OFFERING AFTER IT HAS BEGUN

Employees Eligible at Offering Date

         If you were an eligible employee on the Offering Date but did not elect
to  participate  at the  beginning of an  Offering,  you must wait until the day
after any Purchase Date to participate in the ongoing Offering.

New Employees

         If you are a new employee or otherwise  first became eligible after the
Offering Date, you may begin  participation on the first business day during the
month of November, February, May or August during that Offering by completing an
ESPP  Enrollment/Change  Form as described  above.  The purchase  price for your
Common Stock

                                       30

<PAGE>

will be  calculated  differently  from  the  purchase  price  of  employees  who
commenced  participation  at the beginning of the Offering (or who were eligible
to commence participation at the beginning of the Offering).  The purchase price
of your Common Stock will be the lesser of:

  (a)    85% of the  value of the  Common  Stock  on the  date  you  were  first
         eligible to participate during such Offering; or

  (b)    85% of the value of the Common Stock on the relevant Purchase Date.

  6.     CONTINUING PARTICIPATION IN OFFERINGS

         Once you submit an enrollment form, deductions will be made continually
until:

         o        you withdraw from participation (see Section 16),

         o        you are no longer an eligible employee on an Offering Date for
                  an Offering (see Section 2),

         o        no  further  shares  are  authorized  for  purchase  under the
                  Purchase Plan, or

         o        the Board  discontinues  the Purchase  Plan,  which it has the
                  right to do at anytime.  (However, if the Board terminates the
                  Purchase Plan, such termination will not, without your written
                  consent,  impair your accrued rights under any Offering during
                  which the Plan is terminated.)

  7.     AMOUNT OF EARNINGS THAT CAN  BE WITHHELD TO PURCHASE COMMON STOCK

         The Purchase  Plan  document  provides that the Board may designate the
amount you can  authorize  the Company to withhold of your  earnings.  Under the
Initial Offering,  the Board has established a maximum  percentage  deduction of
10%.  Under  the  Initial  Offering  you may  choose  any  whole  percentage  of
deductions up to 10% but cannot choose a fraction of a percentage.  For example,
you may choose to have 2% or 3% of your earnings deducted during each pay period
but not 2.5%. The amount you choose to have deducted is up to you.

         For purposes of the Purchase  Plan,  your earnings  include all regular
base salary paid to you including  amounts that would have  otherwise  been paid
but you elected to have deferred  under the  Company's  401(k) plan or any other
deferred  compensation program established by the Company) but does not include,
overtime pay, commissions,  bonuses, incentive pay, profit-sharing,  the cost of
employee benefits paid for by the Company,  education or tuition reimbursements,
imputed  income  arising under any Company group  insurance or benefit  program,
traveling expenses, business and moving expense reimbursements,  income received
in connection  with stock options,  contributions  made by the Company under any
employee benefit plan, and similar items of compensation.

                                       31

<PAGE>

  8.     TIME OF STOCK PURCHASES

         Shares of Common Stock are purchased for you under the Purchase Plan on
the Purchase Dates,  which are each January 31 and August 31. If a Purchase Date
does not fall on a day during  which the Common  Stock is actively  traded,  the
Purchase Date will be the nearest  prior day during which the  Company's  Common
Stock is actively traded.

  9.     LIMITATION ON NUMBER OF SHARES PURCHASED

         The maximum  number of shares that you can purchase on a Purchase  Date
will be the whole number equal to or less than your aggregate payroll deductions
(under the  Initial  Offering  up to 10% of your  earnings  withheld  during the
period described in Section 8, above) divided by the applicable  purchase price.
No fractional  shares will be issued.  However,  you may not accrue the right to
purchase more than $25,000 worth of Common Stock,  as valued at the beginning of
an Offering (or the first day on which you were eligible to  participate  in the
Offering),  pursuant to all similar employee stock purchase plans of the Company
or its affiliates for each calendar year in which such rights are outstanding at
any time.  (Note: fair market value for determining the number of shares you may
purchase during a calendar year is the stock's fair market value as of the later
of either (i) the first day of the Offering,  or (ii) the day on which you first
became eligible to participate in the Purchase Plan during an Offering).

         The maximum aggregate number of shares available to be purchased during
an Offering by all employees  eligible to  participate in the Purchase Plan will
be the  number of shares  remaining  available  under the  Purchase  Plan on the
Offering Date for such Offering. If the purchase of shares using all of your and
other  employees'  payroll  deductions would result in the sale of more than the
number of shares then available under the Purchase Plan, the Board will allocate
a pro rata  portion  of the  shares  available  for  purchase  for you and other
employees  in as  nearly  a  uniform  manner  as  practicable  and  as it  deems
equitable.

  10.    PURCHASE PRICE FOR THE SHARES UNDER THE PURCHASE PLAN

         The shares are purchased at a price which is the lower of:

  (a)    85% of the value of the  Common  Stock on the  Offering  Date  (or,  if
         later, the date you were first eligible to participate); or

  (b)    85% of the value of the Common Stock on the Purchase Date.

For example,  if the price of the stock on the  Offering  Date is $10.00 and the
price of the stock on the Purchase Date is $12.00,  then stock will be purchased
for you at a price per share of $8.50 (85% of $10.00). If the price of the stock
had been $8.00 on the Purchase Date,  then stock would be purchased for you at a
price per share of $6.80 (85% of $8.00).  If you are first  eligible to commence
participation  after the initial  Offering  Date in any  Offering,  the purchase
price of your  stock will be  determined  as of the date on which you were first
eligible and received a right under the Offering. See Section 5.

  11.    HOLDING OF PAYROLL DEDUCTIONS BEFORE STOCK IS PURCHASED

         Your payroll deductions are held by the Company and maintained with the
Company's general funds until the next Purchase Date when shares of Common Stock
are purchased. You do not earn any interest on the amount withheld.

  12.    MONEY NOT USED TO PURCHASE COMMON STOCK  ON THE FINAL PURCHASE  DATE OF
         AN OFFERING.

         Unless the  limitation  described in Section 9 applies to you, the only
funds in your  account at the end of an Offering  will be the  remaining  amount
withheld  for you that cannot be used to purchase a whole share of Common  Stock
on the  Purchase  Date.  This  amount  will be left in your  account and used to
purchase  stock in the next Offering.  If the limitation  described in Section 9
does apply to you, the amount left in your account  because of such

                                       32

<PAGE>

limitation,  as required by IRS  regulations,  will be returned to you,  without
interest, as soon as reasonably practicable after the end of the Offering.

         For example,  assume that the purchase price of the stock is $10.00 and
that you had  payroll  deductions  equal to $437.  The  Company  will be able to
purchase 43 shares of Common Stock for you with $7.00 remaining.  Since $7.00 is
less than $10.00 (the purchase price of the stock),  the $7.00 will stay in your
account and be used to purchase stock in the next Offering. This example assumes
that the limitations in Section 9 do not apply.

  13.    CHANGING PAYROLL DEDUCTIONS

         You generally may change your payroll  deduction  percentage only as of
the first  business day of the month of February or August  during any Offering.
However,  you may reduce your payroll deduction percentage once during any given
six month Purchase Period.  Additionally,  you may reduce your deduction to zero
percent or you may withdraw from an Offering at any time prior to the end of the
Offering, excluding the five (5) days immediately preceding each Purchase Period
(or such shorter period of time  determined by the Company and  communicated  to
the  participants).  If you reduce your  percentage  to zero,  the funds already
withheld will be used to purchase  stock for you on the next  Purchase  Date. If
you withdraw,  you will receive a return of your accumulated  payroll deductions
from the Offering (reduced to the extent, if any, such deductions have been used
to acquire Common stock on any prior Purchase Date), without interest.

  14.    TERMINATION OF EMPLOYMENT

         Whether  you  leave  the  Company  voluntarily  or your  employment  is
terminated  for any  reason  (including  death or  disability),  your  rights to
purchase stock under the Purchase Plan terminate  immediately,  and your payroll
deductions  not already used to purchase  stock under the Purchase  Plan will be
returned  to you (or  your  estate),  without  interest,  as soon as  reasonably
practicable.

  15.    LEAVES OF ABSENCE

         During an approved leave of absence, you can continue to participate in
the Purchase Plan for 90 days from the  beginning of your leave.  If a return to
your job is not legally guaranteed by the Company or by federal,  state or local
law,  after 90 days you will receive a refund of all  deductions  accumulated to
date  (reduced  for prior  stock  purchase)  without  interest.  You will not be
permitted to participate in any future  Offerings  until such time as you become
eligible again under the Purchase Plan.  (See Section 2.) If your return to work
has been  expressly  promised by the Company or is  guaranteed  by law,  you may
continue  to  participate  in the  Purchase  Plan  after 90 days so long as your
return to work continues to be so promised or guaranteed.

  16.    WITHDRAWAL FROM PARTICIPATION

         You can  withdraw  your  money at any time other than the five (5) days
preceding a Purchase  Date by completing  and  delivering to the Company an ESPP
Enrollment/Change  Form.  Your payroll  deductions will stop and your deductions
will be  returned to you,  less any amount  previously  used to purchase  stock,
without  interest,  as soon as reasonably  practicable.  If you withdraw from an
Offering,  you may not  re-enroll in the same  Offering but may  participate  in
future Offerings under the Plan.

  17.    NO ADDITIONAL CONTRIBUTIONS

         You may not make  additional  contributions  to the Plan.  Only amounts
         withheld  through  payroll  deductions  can be used to purchase  shares
         under the Purchase Plan.

  18.    SALE OF STOCK PURCHASED UNDER THE PURCHASE PLAN

         Subject to any  applicable  "lock-up"  periods,  you can generally sell
stock  purchased  under the Purchase Plan as soon as the stock is issued to you,
or you can hold onto your stock and enjoy your  rights as a  stockholder  of the
Company.  However,  see  Section  19  if  you  are  in  possession  of  material
undisclosed information. You may also be restricted from selling by the terms of
the  Company's  trading  window  policy.  See  Sections  28 and 29 for  the  tax

                                       33

<PAGE>

consequences of an immediate sale.  Officers and directors subject to Section 16
of the Exchange Act should refer to Section 25.

  19.    TRADING RESTRICTIONS ON SALE OF STOCK

         If you are  aware of  important  inside  information  you must not sell
shares of the  Company's  stock,  whether  acquired  under the Purchase  Plan or
otherwise,  before  dissemination  of the information to the public.  Basically,
"inside  information" is information that is both very important  (material) and
non-public  (not  disclosed  through  press  releases,   newspaper  articles  or
otherwise to the public which buys and sells securities). Whether information is
material  will depend on the specific  circumstances.  A general test is whether
dissemination  of the  information  to the public  would be likely to affect the
market  price  of the  Company's  stock  or would  be  likely  to be  considered
important  by people who are  considering  whether to buy or sell the  Company's
stock.  Certainly  if the  information  makes you want to buy or sell,  it would
probably  have the same  effect on  others.  Material  information  may  include
projections, estimates or proposals.

         If you are  contemplating  selling  your stock and think you might have
"inside  information"  you must discuss your  possible  sale with the  Company's
Legal  Department.  If,  after  this  discussion,  it  is  determined  that  the
information  is in fact  inside  information,  you must wait to sell your  stock
until after the information has been made public.

  20.    SALES COMMISSIONS

         You pay no  commissions  when  stock is  purchased  for you  under  the
Purchase  Plan.  The shares  you  purchase  will be issued to you by  electronic
transfer  into a stock  brokerage  account set up by the Company on your behalf.
Generally,  you must sell your stock  through a stock broker who can arrange for
its sale, and you can expect to be charged a fee or commission. The Company will
not buy from you any shares of stock  purchased for you under the Purchase Plan.
In addition,  officers and directors are subject to special  limitations  on the
sale of their stock. (See Section 25.)

  21.    REGISTRATION AND TRANSFERS

         Your shares  purchased  under the  Purchase  Plan may be issued only in
your name, or in the joint names of you and your spouse as community property or
as joint tenants.  You should  coordinate with the brokerage firm that maintains
your brokerage  account as to the requirements for transferring the shares.  For
information  about the Company's  transfer  agent,  contact the Company's  Legal
Department.

  22.    CHANGES TO THE TERMS OF THE PURCHASE PLAN

         The Company  will not change the terms of your rights  under an ongoing
Offering without your consent. The Company can prospectively change the terms of
your rights under the Purchase Plan at any time by amending the Purchase Plan or
future Offerings.  Furthermore, certain changes, such as an amendment increasing
the number of shares  authorized  under the Purchase Plan,  require  stockholder
approval.

  23.    DIVIDENDS ON COMMON STOCK.

         The Company  currently is not paying  dividends on its Common Stock and
presently intends to continue this policy in order to retain earnings for use in
its business.

  24.    PLAN NOT A 401(K) PLAN OR OTHER QUALIFIED RETIREMENT PLAN

         The Purchase Plan is not a qualified retirement plan and therefore does
not have the same tax deferral  benefits as a qualified  retirement plan, nor is
the Purchase Plan subject to any  provisions of the Employee  Retirement  Income
Security Act of 1974, as amended  ("ERISA").  Your participation in the Purchase
Plan does not affect your ability to participate in the Company's 401(k) plan.

  25.    SPECIAL RULES FOR EMPLOYEES

                                       34

<PAGE>

         All employees are subject to  restrictions on the timing of the sale of
stock of the Company. If you are an officer or director of the Company,  you are
subject to special rules regarding the sale of the Company's stock,  such as the
limitations on the amount you can sell found in Rule 144 and the restrictions on
timing of purchases  and sales found in Section  16(b) of the Exchange  Act. The
Company has  previously  notified all officers and  directors who are subject to
such trading limitations. You will be notified in the future if you subsequently
become  subject to such trading  restrictions.  If you need a reminder about how
Section  16(b) or Rule 144  operates,  you should  contact the  Company's  Legal
Department.  In  addition,  all  employees  must comply with any Company  policy
permitting employees to sell shares only during certain periods of time ("window
periods") which the Company will communicate to you from time to time.

         Under the Section 16(b)  regulations,  purchases of stock for you under
the  Purchase  Plan are  treated as  transactions  exempt  from  Section  16(b).
However,  sales of stock  acquired  under the  Purchase  Plan are not so exempt.
Accordingly,  if you sell  stock  purchased  for you  under  the  Purchase  Plan
immediately  (subject to compliance with the  requirements as to window periods,
discussed above),  the purchase and sale of such stock will not be matched,  and
no Section 16(b)  liability will be found in the absence of any other  purchases
or acquisitions of Company stock. Of course, if you have made or make non-exempt
purchases  of the  Company's  stock  within six (6) months of any sale before or
after your Purchase Plan stock, a matchable 16(b)  transaction  would result and
you would be required to forfeit of any resulting profit.

                                       35

<PAGE>

                                    PART II

                           TAX ISSUES RELATING TO YOUR
                       PARTICIPATION IN THE PURCHASE PLAN

         The  information  in this Part II  responds to  questions  you may have
about the U.S.  federal tax  consequences of participating in the Purchase Plan.
You should understand,  however, that this tax information is not complete.  For
example,  it does not address state or local tax laws or the application of laws
if you are subject to tax laws in other countries. Furthermore, because tax laws
and regulations may change,  and  interpretations  of these laws and regulations
can change the way the laws and regulations  apply to you, this  information may
need to be updated after the date of issuance of this prospectus. Therefore, you
should  consult  with a tax  advisor if you have  questions  relating to the tax
consequences of  participation  in, and the sale of shares  received under,  the
Purchase Plan.

  26.    TAX ON THE MONEY WITHHELD TO PURCHASE STOCK

         The money  withheld from your wages to purchase  Common Stock under the
Purchase Plan is taxable income to you just as if you had actually  received the
money. The amount withheld under the Purchase Plan is subject to federal,  state
and local income taxes, as well as all employment  (e.g.,  Social  Security) and
payroll taxes.

  27.    TAX CONSEQUENCES WHEN STOCK IS PURCHASED UNDER THE PURCHASE PLAN

         Even  though you are  buying the stock at a price  which is 15% or more
below the fair  market  value of the stock at the time of  purchase,  you do not
have  to pay tax on this  benefit  to you at the  time  of  purchase.  You  may,
however, be subject to employment taxes at the time of purchase.

  28.    TAX  CONSEQUENCES UPON  THE SALE OF STOCK PURCHASED UNDER THE  PURCHASE
         PLAN

         Generally,  you will  include in income  and pay tax on the  difference
between  what you paid for the Common Stock and what you sold it for. The amount
of tax will depend on your personal tax situation  and the  characterization  of
any profit or loss on the sale as ordinary  income or capital gain or loss, or a
combination of ordinary income and capital gain or loss. (See Section 29.)

         If you are an officer or director subject to Section 16 of the Exchange
Act, special rules apply to you. (See Section 25.)

  29.    CHARACTERIZATION OF YOUR INCOME

         The  characterization  of the income you  recognize  will vary and will
depend on  whether  you sell the  stock in a  "disqualifying  disposition"  or a
"qualifying   disposition."   Whether  a  disposition  is   "disqualifying"   or
"qualifying"  depends  on  how  long  you  held  the  Common  Stock  before  the
disposition, as described below.

Disqualifying Disposition

         Generally, a disqualifying  disposition will occur if you transfer your
stock in a  "disposition"  (see  Section 32) before you have held the shares for
both of the following holding periods:

         o        at least two (2) years after the first date you were  eligible
                  to  participate  in the  Offering in which you  purchased  the
                  stock; and

         o        at least  one (1) year  after the  Purchase  Date on which you
                  purchased the stock.

         In the case of a "disqualifying  disposition",  the difference  between
(i) the fair market value of the stock on the date it was  purchased by you (the
"Purchase  Date Value") and (ii) the price at which the stock was purchased (the
"Purchase  Price") will be  characterized  as ordinary  income.  The  difference
between  the sale price and the  Purchase  Date Value will be  characterized  as
capital gain or loss.

                                       36

<PAGE>

         Thus, you may have ordinary income and a capital loss in the same year,
and you may not be able to fully offset such income with such loss.

Qualifying Disposition

         Generally,  if you transfer your stock in a qualifying  disposition  (a
disposition  other than a disqualifying  disposition,  i.e.,  after both holding
periods  described  above),  or if you die while owning the stock, then any gain
will be  characterized  as ordinary  income only to the extent of the lesser of:
(i) the gain  recognized or (ii) an amount equal to 15% of the fair market value
of the stock on the  Offering  Date of the Offering in which you  purchased  the
stock,  or the date you  were  first  eligible  to  participate  if you were not
eligible  on the  Offering  Date.  Any  recognized  gain in excess of the amount
characterized as ordinary income will be treated as capital gain.

         If you make a qualifying disposition that results in a loss, there will
be no recognition  of ordinary  income and you will have a capital loss equal to
the difference between the sale price and the Purchase Price.

         Any  capital  gain or loss  recognized  on a sale or transfer of Common
Stock purchased by you under the Purchase Plan will be:

         o        long-term if the asset was held for more than 12 months, or

         o        short-term  if the asset was held for less than or equal to 12
                  months.

         To illustrate the operation of the rules discussed above, assume that:

Your total payroll deductions were                          $1,000.00

Offering Date                                            June 1, 2000

Stock value on Offering Date                                   $10.00

85% of stock value on Offering Date                             $8.50

Purchase Date                                        October 31, 2000

Stock value on Purchase Date                                   $15.00

85% of stock value on Purchase Date                            $12.75

Your shares are purchased at                                    $8.50

Number of shares purchased for you            $1,000 / $8.50 = 117.65

         You would  receive 117  shares,  while $5.50 (the excess of $1,000 over
the purchase  price of 117 shares)  would be retained in your account to be used
to purchase shares in the future.

<TABLE>
         If you sold one of the 117 shares,  the tax  consequences  of that sale
can be determined in accordance with the following chart.

                                       37

<PAGE>

                         Chart of Sample Dispositions and Categorization of Profit or Loss

<CAPTION>
                                                                                      ==========================================
                                                                                            Capital Gain (Loss) Per Share
======================================== =============== ============================ ==================== =====================
                                             Selling         Ordinary Income Per
             Selling Date                     Price                  Share                 Short-Term            Long-Term
======================================== =============== ============================ ==================== =====================
<S>                                              <C>                          <C>                  <C>                   <C>
On or before October 31, 2001                     $7.50                       $15.00               ($7.50)                   --
    (Disqualifying Disposition)                                               - 8.50
                                                                              ------
                                                                               $6.50
                                         --------------- ---------------------------- -------------------- ---------------------
                                                 $15.00                        $6.50                 0.00                    --
                                         --------------- ---------------------------- -------------------- ---------------------
                                                 $20.00                        $6.50                $5.00                    --
======================================== =============== ============================ ==================== =====================
After October 31, 2001, but before                $7.50                                                --                ($7.50)
June 1, 2002
    (Disqualifying Disposition)                                                $6.50
                                         --------------- ---------------------------- -------------------- ---------------------
                                                 $15.00                        $6.50                   --                  0.00
                                         --------------- ---------------------------- -------------------- ---------------------
                                                 $20.00                        $6.50                   --                 $5.00
======================================== =============== ============================ ==================== =====================
On or after June 1, 2002                          $7.50                        $0.00                   --                ($1.00)
(Qualifying Disposition*)
                                         --------------- ---------------------------- -------------------- ---------------------
                                                 $15.00                       $10.00                   --                 $5.00
                                                                              - 8.50
                                                                              ------
                                                                               $1.50
                                         --------------- ---------------------------- -------------------- ---------------------
                                                 $20.00                        $1.50                   --                $10.00
======================================== =============== ============================ ==================== =====================

<FN>
         * Whether your share is sold in a "qualifying  disposition" will depend
on how long you held that  share.  Be sure to  consult  with your  personal  tax
advisor.
</FN>
</TABLE>

                                       38

<PAGE>

  30.    DIFFERENCE  BETWEEN  ORDINARY  INCOME AND CAPITAL  GAINS AND LOSSES FOR
         FEDERAL INCOME TAX PURPOSES

         The  maximum  marginal  tax rate  applicable  to  ordinary  income  and
short-term capital gains is 39.6%.  Currently,  the maximum marginal tax rate is
20% for  long-term  capital  gains.  Additionally,  capital gains and losses are
subject to certain  other  provisions  of the Internal  Revenue Code of 1986, as
amended,  not applicable to ordinary  income.  Consult your tax advisor for more
information regarding the rates that apply to you.

  31.    WITHHOLDING REQUIREMENTS AT THE SALE

         Currently,  there is no income tax  withholding  required  when  Common
Stock is purchased or sold by you. You may,  however,  be subject to  employment
tax withholding (e.g., Social Security) at the time of purchase.  The Company is
required to report to the IRS any ordinary income  recognized by you as a result
of a disposition. (See Section 32.) The Company may be required in the future to
withhold the amount due as taxes on such ordinary income from your salary.

  32.    DISPOSITION OF STOCK FOR TAX PURPOSES

         A disposition  generally includes any sale, exchange,  gift or transfer
of legal  title.  Certain  transactions  are  excluded,  including a pledge or a
transfer by bequest or inheritance,  or certain  transfers to a spouse or former
spouse incident to a divorce.  As this is a complicated area, you should consult
your tax advisor  for the  consequences  of your  disposition  of Purchase  Plan
stock.

         A gift or other  disposition  by you of Common Stock acquired under the
Purchase Plan may cause you to recognize some ordinary income. (See Section 29.)
You should  consult  your  individual  tax  advisor  before  disposing  of stock
acquired under the Purchase Plan.

                                       39Exhibit 10.22
                              EMPLOYMENT AGREEMENT

This Employment  Agreement (the  "Agreement") is made and entered into effective
as of April  13,  2000,  by and  between  Joseph  Cutts  (the  "Executive")  and
Electronics for Imaging, Inc., a Delaware corporation (the "Company").

RECITALS

         A. It is expected  that the Company from time to time will consider the
possibility of an acquisition by another company or other change of control. The
Board  of  Directors  of  the  Company  (the  "Board")   recognizes   that  such
consideration  can be a distraction to the Executive and can cause the Executive
to consider alternative employment opportunities.  The Board has determined that
it is in the best interests of the Company and its  stockholders  to assure that
the Company will have the continued dedication and objectivity of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined below) of the Company.

         B. The Board  believes that it is in the best  interests of the Company
and its  stockholders to provide the Executive with an incentive to continue his
employment  and to motivate  the  Executive to maximize the value of the Company
upon a Change of Control for the benefit of its stockholders.

         C. The Board  believes  that it is  imperative to provide the Executive
with certain benefits upon a Change of Control and, under certain circumstances,
upon  termination of the Executive's  full-time  employment in connection with a
Change of Control,  which  benefits are intended to provide the  Executive  with
financial  security and provide  sufficient  incentive and  encouragement to the
Executive to remain with the Company notwithstanding the possibility of a Change
of Control.

         D. Further,  the Board  believes that it is in the best interest of the
Company and its stockholders to provide additional  benefits to the Executive in
the event the  Executive's  employment  terminates  for any reason  other than a
Change in Control.  Such  benefits  are intended to provide the  Executive  with
financial  security and provide  sufficient  incentive and  encouragement to the
Executive to remain with the Company notwithstanding the possible termination of
employment.

         E. To accomplish the foregoing  objectives,  the Board of Directors has
directed the Company,  upon  execution of this  Agreement by the  Executive,  to
agree to the terms provided herein.

         F.  Certain  capitalized  terms used in the  Agreement  are  defined in
Section 6 below.

         In  consideration  of the mutual  covenants  herein  contained,  and in
consideration of the continuing  employment of the Executive by the Company, the
parties agree as follows:

         1. Duties and Scope of Employment.

                  (a)  Position.  The Company  shall employ the Executive in the
position of Chief  Financial  Officer,  as such  position is defined in terms of
responsibilities  and  compensation  as of the effective date of this Agreement;
provided,  however,  that the Board of  Directors by mutual  agreement  with the
Executive  shall have the right, at any time prior to the occurrence of a Change
of Control,  to revise such  responsibilities  and  compensation.  The Executive
shall  continue to devote his full business  efforts and time to the Company and
its subsidiaries.  The Executive shall comply with and be bound by the Company's
operating policies,  procedures and practices from time to time in effect during
his employment.  During the term of the Executive's employment with the Company,
the Executive shall devote his full-time,  skill and attention to his duties and
responsibilities, and shall perform them faithfully, diligently and competently,
and the  Executive  shall use his best  efforts to further  the  business of the
Company and its affiliated entities. Subject to the Executive's fiduciary duties
to the Company,  this Agreement shall not prohibit the Executive from serving on
the board of directors or any advisory board of other companies.

         2. Base Compensation.

                  (a) Annual  Salary.  The Company  shall pay the  Executive  as
compensation  for his services a base salary at an  annualized  rate that is not
less  than his base  salary  as of the  effective  date of this  Agreement  (the
"Annual  Salary").  The Annual Salary may be subject to annual  increases as the
Board may authorize  from time to time in  connection  with  Executive's  annual
review.  The Annual Salary shall be paid  periodically in accordance with normal
Company payroll  procedures.  The Annual Salary  (together with bonus amounts as
specified in Section 2), and any increases in such  compensation  that the Board
of Directors  may grant from time to time,  is referred to in this  Agreement as
"Base Compensation."
                                       40

<PAGE>
                  (b) Bonus.  In addition to the Annual  Salary,  the  Executive
will be eligible to receive an annual bonus under the Company's  Executive Bonus
Plan as determined by the Board in its discretion.

         3. Executive  Benefits.  The Executive shall be eligible to participate
in the employee benefit plans and executive  compensation programs maintained by
the  Company  applicable  to other  key  executives  of the  Company,  including
(without limitation)  retirement plans,  savings or profit-sharing  plans, stock
option,  incentive or other bonus plans, life, disability,  health, accident and
other insurance programs, paid vacations, and similar plans or programs, subject
in each case to the generally  applicable terms and conditions of the applicable
plan  or  program  in  question  and  to  the  determination  of  any  committee
administering such plan or program. In addition, the Executive shall continue to
be entitled to receive any other  benefits  currently  received by the Executive
such as automobile and car phone allowance benefits.

         4. At-Will Employment.  The Company and the Executive  acknowledge that
the Executive's employment is and shall continue to be at-will, as defined under
applicable  law.  If the  Executive's  employment  terminates  for  any  reason,
including,  without  limitation,  any termination prior to and not in connection
with a Change of Control,  the Executive  shall not be entitled to any payments,
benefits,  damages,  awards  or  compensation  other  than as  provided  by this
Agreement,  or as may  otherwise be available in  accordance  with the Company's
established employee plans and policies at the time of termination. The terms of
this  Agreement  shall  terminate  upon the  earlier  of (i) the  date  that all
obligations of the parties hereunder have been satisfied, or (ii) March 8, 2003,
or (iii) eighteen (18) months after a Change of Control  unless the  Executive's
employment terminates as a result of Involuntary or Constructive Termination.  A
termination  of the terms of this Agreement  pursuant to the preceding  sentence
shall be effective  for all  purposes,  except that such  termination  shall not
affect the  payment or  provision  of  compensation  or benefits on account of a
termination  of employment  occurring  prior to the  termination of the terms of
this Agreement.

         5. Severance Benefits.

                  (a)  Termination  in  Connection  with a  Change  of  Control.
Subject to Section 7 below, if the Company terminates the Executive's employment
at any time  during the period  beginning  upon the  earlier to occur of (i) the
execution of a binding letter of intent regarding a Change of Control,  and (ii)
ninety  (90) days before a Change of Control,  and ending  eighteen  (18) months
after a Change  of  Control,  and the  Executive  signs  and  does not  revoke a
standard  release of claims with the Company  attached hereto as Exhibit A, then
the Executive shall be entitled to receive severance benefits as follows:

                           (i) Involuntary or Constructive  Termination.  If the
Executive's  employment  terminates as a result of Involuntary  or  Constructive
Termination  other than for  Cause,  then the  Executive  shall be  entitled  to
receive  severance pay in an amount equal to two (2) times the Executive's  Base
Compensation  for the year  coinciding  with the  year of  termination,  plus an
amount equal to the bonus the  Executive  would have earned had he been employed
by the  Company  at the  end of  such  year  multiplied  by a  fraction  (x) the
numerator of which is the number of completed  months in that year,  and (y) the
denominator  of which is  twelve  (12)  (the  "Current  Bonus").  Any  severance
payments  except  for the  Current  Bonus to which  the  Executive  is  entitled
pursuant to this Section  shall be paid in a lump sum within thirty (30) days of
the  Executive's  termination.  The  Current  Bonus to which  the  Executive  is
entitled pursuant to this Section shall be paid in a lump sum within thirty (30)
days of the date that the Company's audit is complete for such year.

                           (ii) Voluntary Resignation; Termination For Cause. If
the Executive voluntarily resigns from the Company (other than as an Involuntary
or Constructive  Termination described in subsection 5(a)(i)), or if the Company
terminates the Executive's employment for Cause, then the Executive shall not be
entitled to receive severance or other benefits except for those (if any) as may
then be established  under the Company's then existing benefit plans at the time
of such termination.

                           (iii)  Disability;  Death. If the Company  terminates
the Executive's  employment as a result of the Executive's  Disability,  or such
Executive's employment is terminated due to the death of the Executive, then the
Executive or the  Executive's  estate,  as the case may be, shall be entitled to
receive  (i)  severance  pay  in an  amount  equal  to  one-half  (1/2)  of  the
Executive's  Base  Compensation  for  the  year  coinciding  with  the  year  of
termination  plus his Current Bonus,  (ii) in addition to the Executive's  stock
options that were exercisable immediately prior to such termination, the vesting
of additional  options shall accelerate and become exercisable as to that number
of shares  that would have vested if the  Executive  had  remained  continuously
employed for a period of six (6) months  following such  termination (and if any
of such options vest on an annual basis,  the appropriate  credit shall be given
as if the vesting accrued  monthly),  and such options shall remain  exercisable
for the period prescribed in Executive's stock option agreements, and (iii) such
other  benefits (if any) as may then be  established  under the  Company's  then
existing  benefit plans at the time of such  Disability or death.  Any severance
payments  except  for the  Current  Bonus to which  the  Executive  is  entitled
pursuant to this Section  shall be paid in a lump sum within thirty (30) days of
the  Executive's  termination.  The  Current  Bonus to which  the  Executive  is
entitled pursuant to this Section shall be paid in a lump sum within thirty (30)
days of the date that the Company's audit is complete for such year.
                                       41
<PAGE>

                  (b)  Termination  Apart  from  Change of  Control.  Subject to
Section 7 below,  if the Company  terminates the  Executive's  employment at any
time,  either  before  the  earlier to occur of (i) the  execution  of a binding
letter of intent regarding a Change of Control, and (ii) ninety (90) days before
a Change of Control, or after the 18-month period following a Change of Control,
and the  Executive  signs and does not revoke a standard  release of claims with
the Company  attached  hereto as Exhibit A, then the Executive shall be entitled
to receive severance benefits as follows:

                           (i) Voluntary Resignation;  Termination for Cause. If
the Executive voluntarily resigns from the Company (other than as an Involuntary
or  Constructive  Termination),  or if the Company  terminates  the  Executive's
employment for Cause,  then the Executive shall be entitled to receive severance
and any other benefits only as may then be established  under the Company's then
exiting benefit plans at the time of such termination.

                           (ii) Termination other than Voluntary  Resignation or
Termination for Cause. In the event the Executive's employment is terminated for
any reason  (including as a result of the  Executive's  Disability or due to the
death of the Executive)  except for  termination as described in Section 5(b)(i)
above,  then the Executive or the Executive's  estate, as the case may be, shall
be entitled to receive (i) severance pay in an amount equal to one-half (1/2) of
the  Executive's  Base  Compensation  for the year  coinciding  with the year of
termination  plus his  Current  Bonus,  (ii) in addition  to  Executive's  stock
options that were exercisable immediately prior to such termination, the vesting
of additional  options shall accelerate and become  exercisable by the Executive
or the Executive's  estate, as the case may be, as to that number of shares that
would have vested if the  Executive  had  remained  continuously  employed for a
period of six (6) months  following such termination (and if any of such options
vest on an annual basis, the appropriate credit shall be given as if the vesting
accrued  monthly),  and such  options  shall remain  exercisable  for the period
prescribed in Executive's stock option  agreements,  and (iii) the same level of
health (i.e., medical, vision and dental) coverage and benefits as in effect for
the  Executive  on  the  day  immediately   preceding  the  day  of  Executive's
termination of employment; provided, however, that (i) the Executive constitutes
a  qualified  beneficiary,  as defined in Section  4980B(g)(1)  of the  Internal
Revenue  Code of 1986,  as  amended  (the  "Code");  and (ii)  Executive  elects
continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended ("COBRA"), within the time period prescribed pursuant to
COBRA.  The Company shall  continue to provide  Executive  with health  coverage
until the earlier to occur of (i) the date  Executive  is no longer  eligible to
receive  continuation  coverage  pursuant to COBRA, or (ii) eighteen (18) months
from the termination date. In addition to the foregoing, Executive shall also be
paid such other benefits (if any) as may then be established under the Company's
then  existing  benefit  plans at the time of such  termination.  Any  severance
payments  except  for the  Current  Bonus to which  the  Executive  is  entitled
pursuant to this Section  shall be paid in a lump sum within thirty (30) days of
the  Executive's  termination.  The  Current  Bonus to which  the  Executive  is
entitled pursuant to this Section shall be paid in a lump sum within thirty (30)
days of the date that the Company's audit is complete for such year.

                  (c)  Options.  Subject to  Section 7 hereof,  upon a Change of
Control,  the unvested  portion of any stock option held by the Executive  shall
automatically   be   accelerated   and   the   Executive   or  the   Executive's
representative,  as the case may be, shall have the right to exercise all or any
portion  of  such  stock  option,  in  addition  to any  portion  of the  option
exercisable  prior  to  the  Change  of  Control  and  in  accordance  with  the
Executive's stock option agreement.

         6.  Definition  of  Terms.  The  following  terms  referred  to in this
Agreement shall have the following meanings:

                  (a)  Cause.  "Cause"  shall  mean  (i)  any  act  of  personal
dishonesty taken by the Executive in connection with his  responsibilities as an
employee  and  intended  to result in  substantial  personal  enrichment  of the
Executive,  (ii)  committing a felony or an act of fraud  against the Company or
its  affiliates,  and  (iii)  acts  by  the  Executive  which  constitute  gross
misconduct, are injurious to the Company, and which are demonstrably willful and
deliberate  on the  Executive's  part  after  there  has been  delivered  to the
Executive a written  demand of  cessation  of such acts from the  Company  which
describes the basis for the  Company's  belief that the Executive has engaged or
committed such acts.

                  (b)  Change of  Control.  "Change of  Control"  shall mean the
occurrence of any of the following events:

                           (i) Any  "person"  (as such term is used in  Sections
13(d) and 14(d) of the Securities  Exchange Act of 1934, as amended) becomes the
"beneficial  owner"  (as  defined in Rule 13d-3  under  said Act),  directly  or
indirectly,  of  securities of the Company  representing  fifty percent (50%) or
more of the total voting power  represented  by the Company's  then  outstanding
voting securities; or
                           (ii) A  change  in the  composition  of the  Board of
Directors  of the Company  occurring  within a two-year  period,  as a result of
which fewer than a majority of the directors are Incumbent Directors. "Incumbent
Directors"  shall mean  directors who either (A) are directors of the Company as
of the date hereof, or (B) are elected, or nominated for election,  to the Board
of Directors of the Company with the affirmative votes of at least a majority of
the Incumbent  Directors at the time of such  election or
                                       42
<PAGE>

nomination (but shall not include an individual  whose election or nomination is
in  connection  with an actual  or  threatened  proxy  contest  relating  to the
election of directors to the Company); or

                           (iii) A merger or  consolidation  of the Company with
any other corporation,  other than 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 entity) at least sixty percent (60%) of
the total voting power  represented  by the voting  securities of the Company or
such   surviving   entity   outstanding   immediately   after  such   merger  or
consolidation.

                  (c) Involuntary or Constructive  Termination.  "Involuntary or
Constructive Termination" shall mean (i) without the Executive's express written
consent,  the  assignment  to the  Executive  of any  duties or the  significant
reduction of the Executive's  duties,  either of which is inconsistent  with the
Executive's position with the Company and responsibilities in effect immediately
prior to such assignment, or the removal of the Executive from such position and
responsibilities;  (ii)  without the  Executive's  express  written  consent,  a
substantial  reduction,  without good business  reasons,  of the  facilities and
perquisites  (including  office space and  location)  available to the Executive
immediately  prior to such  reduction;  (iii) a reduction  by the Company in the
Base  Compensation  of the  Executive  as in  effect  immediately  prior to such
reduction;  (iv) a  material  reduction  by the  Company in the kind or level of
employee  benefits to which the Executive is entitled  immediately prior to such
reduction  with the result  that the  Executive's  overall  benefits  package is
significantly  reduced;  (v) the  relocation of the Executive to a facility or a
location more than 30 miles from the Executive's then present location,  without
the Executive's express written consent;  (vi) any purported  termination of the
Executive by the Company which is not effected for  Disability or for Cause,  or
any purported  termination  for which the grounds relied upon are not valid;  or
(vii) the failure of the Company to obtain the  assumption of this  agreement by
any successors contemplated in Section 8 below.

                  (d) Disability. "Disability" shall mean that the Executive has
been  unable to perform  his duties  under this  Agreement  as the result of his
incapacity due to physical or mental illness,  and such  inability,  at least 26
weeks after its  commencement,  is  determined  to be total and  permanent  by a
physician  selected  by  the  Company  or its  insurers  and  acceptable  to the
Executive  or  the  Executive's  legal  representative  (such  agreement  as  to
acceptability  not to be  unreasonably  withheld).  Termination  resulting  from
Disability  may only be effected  after at least 30 days' written  notice by the
Company of its intention to terminate the Executive's  employment.  In the event
that the Executive  resumes the performance of  substantially  all of his duties
hereunder before the termination of his employment becomes effective, the notice
of intent to terminate shall automatically be deemed to have been revoked.

         7.  Limitation  on Payments.  In the event that the severance and other
benefits  provided for in this  Agreement or otherwise  payable to the Executive
(i) constitute  "parachute  payments"  within the meaning of Section 280G of the
Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the
Code (the "Excise Tax"), then Executive's benefits under this Agreement shall be
either:

                  (i) delivered in full, or

                  (ii)  delivered as to such lesser extent which would result in
no portion of such benefits being subject to the Excise Tax,

                  whichever of the  foregoing  amounts,  taking into account the
applicable federal,  state and local income taxes and the Excise Tax, results in
the receipt by  Executive  on an  after-tax  basis,  of the  greatest  amount of
benefits,  notwithstanding  that all or some  portion  of such  benefits  may be
taxable under Section 4999 of the Code.

         Unless the Company and the Executive  otherwise  agree in writing,  any
determination  required under this Section 7(a) shall be made in writing in good
faith  by the  accounting  firm  serving  as the  Company's  independent  public
accountants  immediately prior to the Change of Control (the "Accountants").  In
the event of a reduction in benefits hereunder, the Executive shall be given the
choice of which  benefits to reduce.  For  purposes  of making the  calculations
required by this Section 7(a), the Accountants  may make reasonable  assumptions
and approximations concerning applicable taxes and may rely on reasonable,  good
faith  interpretations  concerning the  application of the Code. The Company and
the Executive shall furnish to the Accountants such information and documents as
the  Accountants may reasonably  request in order to make a determination  under
this Section.  The Company shall bear all costs the  Accountants  may reasonably
incur in connection with any calculations contemplated by this Section 7(a).

         8. Successors.

                  (a)  Company's  Successors.   Any  successor  to  the  Company
(whether   direct  or  indirect   and  whether  by  purchase,   lease,   merger,
consolidation,  liquidation  or  otherwise) to all or  substantially  all of the
Company's  business and assets shall

                                       43

<PAGE>

assume the  obligations  under this Agreement and agree expressly to perform the
obligations  under this  Agreement  in the same manner and to the same extent as
the Company  would be required to perform such  obligations  in the absence of a
succession.  For all purposes under this  Agreement,  the term  "Company"  shall
include any  successor to the Company's  business and assets which  executes and
delivers the  assumption  agreement  described in this  subsection  (a) or which
becomes bound by the terms of this Agreement by operation of law.

                  (b)  Executive's  Successors.  The terms of this Agreement and
ail rights of the  Executive  hereunder  shall  inure to the  benefit of, and be
enforceable by, the Executive's  personal or legal  representatives,  executors,
administrators, successors, heirs, devisees and legatees.

         9. Notice.

                  (a) General. Notices and all other communications contemplated
by this  Agreement  shall be in  writing  and  shall be deemed to have been duly
given when personally  delivered or when mailed by U.S.  registered or certified
mail,  return  receipt  requested  and  postage  prepaid.  In  the  case  of the
Executive, mailed notices shall be addressed to him at the home address which he
most  recently  communicated  to the  Company  in  writing.  In the  case of the
Company,  mailed notices shall be addressed to its corporate  headquarters,  and
ail notices shall be directed to the attention of its Secretary.

                  (b) Notice of  Termination.  Any  termination  by the  Company
shall be communicated by a notice of termination to the other party hereto given
in accordance with Section 9 of this  Agreement.  Such notice shall indicate the
specific termination provision in this Agreement relied upon, shall set forth in
reasonable  detail  the facts and  circumstances  claimed to provide a basis for
termination under the provision so indicated,  and shall specify the termination
date (which shall be not more than 15 days after the giving of such notice). The
failure by the Executive to include in the notice any fact or circumstance which
contributes to a showing of Involuntary or  Constructive  Termination  shall not
waive any right of the  Executive  hereunder  or  preclude  the  Executive  from
asserting such fact or circumstance in enforcing his rights hereunder.

         10. Arbitration.

                  (a) Any dispute or controversy arising out of, relating to, or
in  connection   with  this   Agreement,   or  the   interpretation,   validity,
construction,  performance,  breach, or termination thereof, shall be settled by
binding  arbitration to be held in California,  in accordance  with the National
Rules for the  Resolution of Employment  Disputes then in effect of the American
Arbitration  Association (the "Rules").  The arbitrator may grant injunctions or
other relief in such  dispute or  controversy.  The  decision of the  arbitrator
shall be final,  conclusive  and  binding  on the  parties  to the  arbitration.
Judgment  may be  entered  on the  arbitrator's  decision  in any  court  having
jurisdiction.

                  (b) The arbitrator(s) shall apply California law to the merits
of any  dispute or claim,  without  reference  to  conflicts  of law rules.  The
arbitration  proceedings shall be governed by federal arbitration law and by the
Rules,  without reference to state arbitration law. Executive hereby consents to
the personal  jurisdiction of the state and federal courts located in California
for any action or  proceeding  arising  from or  relating to this  Agreement  or
relating to any arbitration in which the parties are participants.

                  (c)  Executive   understands  that  nothing  in  this  Section
modifies Executive's at-will employment status.  Either Executive or the Company
can terminate the employment relationship at any time, with or without Cause.

                  (d) EXECUTIVE  HAS READ AND  UNDERSTANDS  THIS SECTION,  WHICH
DISCUSSES ARBITRATION.  EXECUTIVE UNDERSTANDS THAT SUBMITTING ANY CLAIMS ARISING
OUT  OF,   RELATING  TO,  OR  IN  CONNECTION   WITH  THIS   AGREEMENT,   OR  THE
INTERPRETATION,  VALIDITY,  CONSTRUCTION,  PERFORMANCE,  BREACH  OR  TERMINATION
THEREOF TO BINDING  ARBITRATION,  CONSTITUTES A WAIVER OF EMPLOYEE'S  RIGHT TO A
JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS
OF THE  EMPLOYER/EMPLOYEE  RELATIONSHIP,  INCLUDING  BUT  NOT  LIMITED  TO,  THE
FOLLOWING CLAIMS:

                           (i) ANY AND ALL  CLAIMS  FOR  WRONGFUL  DISCHARGE  OF
EMPLOYMENT; BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED; BREACH OF THE COVENANT
OF GOOD  FAITH  AND  FAIR  DEALING,  BOTH  EXPRESS  AND  IMPLIED;  NEGLIGENT  OR
INTENTIONAL   INFLICTION  OF  EMOTIONAL   DISTRESS;   NEGLIGENT  OR  INTENTIONAL
MISREPRESENTATION;  NEGLIGENT  OR  INTENTIONAL  INTERFERENCE  WITH  CONTRACT  OR
PROSPECTIVE ECONOMIC ADVANTAGE; AND DEFAMATION;

                           (ii) ANY AND ALL CLAIMS FOR  VIOLATION OF ANY FEDERAL
STATE OR  MUNICIPAL  STATUTE,  INCLUDING,  BUT NOT LIMITED TO,  TITLE VII OF THE
CIVIL RIGHTS ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991,  THE AGE  DISCRIMINATION
IN EMPLOYMENT ACT OF 1967, THE AMERICANS WITH

                                       44

<PAGE>

DISABILITIES  ACT OF 1990, THE FAIR LABOR  STANDARDS  ACT, THE  CALIFORNIA  FAIR
EMPLOYMENT AND HOUSING ACT, AND LABOR CODE SECTION 201, et seq;

                           (iii)  ANY AND ALL  CLAIMS  ARISING  OUT OF ANY OTHER
LAWS AND REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION.

         11. Miscellaneous Provisions.

                  (a) No Duty to Mitigate.  The Executive  shall not be required
to mitigate the amount of any payment contemplated by this Agreement (whether by
seeking new  employment or in any other  manner),  nor shall any such payment be
reduced by any earnings that the Executive may receive from any other source.

                  (b) Waiver.  No provision of this Agreement shall be modified,
waived or discharged unless the  modification,  waiver or discharge is agreed to
in  writing  and signed by the  Executive  and by an  authorized  officer of the
Company (other than the Executive).  No waiver by either party of any breach of,
or of compliance with, any condition or provision of this Agreement by the other
party shall be considered a waiver of any other condition or provision or of the
same condition or provision at another time.

                  (c)  Whole  Agreement.   No  agreements,   representations  or
understandings  (whether oral or written and whether  express or implied)  which
are not expressly set forth in this  Agreement have been made or entered into by
either party with respect to the subject matter hereof.

                  (d) Choice of Law. The validity, interpretation,  construction
and  performance of this Agreement shall be governed by the laws of the State of
California.

                  (e) Severability.  The invalidity or  unenforceability  of any
provision  or  provisions  of this  Agreement  shall not affect the  validity or
enforceability of any other provision  hereof,  which shall remain in full force
and effect.

                  (f) No  Assignment  of  Benefits.  The rights of any person to
payments or benefits under this Agreement shall not be made subject to option or
assignment,  either by voluntary or  involuntary  assignment  or by operation of
taw, including (without limitation) bankruptcy, garnishment, attachment or other
creditor's process,  and any action in violation of this subsection (f) shall be
void.

                  (g)  Employment  Taxes.  All  payments  made  pursuant to this
Agreement  will be subject to  withholding  of applicable  income and employment
taxes.

                  (h)  Assignment by Company.  The Company may assign its rights
under this  Agreement to an  affiliate,  and an affiliate  may assign its rights
under this  Agreement  to another  affiliate  of the Company or to the  Company;
provided,  however,  that no  assignment  shall be made if the net  worth of the
assignee is less than the net worth of the Company at the time of assignment. In
the case of any such  assignment,  the term  "Company" when used in a Section of
this Agreement shall mean the corporation that actually employs the Executive.

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

                  IN WITNESS  WHEREOF,  each of the  parties has  executed  this
Agreement,  in the case of the Company by its duly authorized officer, as of the
day and year first above written.

ELECTRONICS FOR IMAGING, INC.                EXECUTIVE:

/s/ Guy Gecht                                /s/ Joseph Cutts
------------------------------------         -----------------------------------
Chief Executive Officer                      Joseph Cutts

                                       45

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]