Document:

Promissory Note for $3,100,000 dated June 30, 2004

 Exhibit 10.21 
 PROMISSORY NOTE 
  

			
	$3,100,000	  	St. Louis, Missouri
		  	June 30, 2004

 FOR VALUE RECEIVED, and intending to be legally bound hereby, the undersigned, MOZAIC GROUP
LTD., a Missouri corporation (“Borrower”), hereby promises to pay to the order of ALCOA SECURITIES CORPORATION, a Delaware corporation (“Lender”), the principal sum of $3,100,000 or, if less, the aggregate unpaid
amount of all loans made by Lender to Borrower under that certain Revolving Loan Agreement between Borrower and Lender effective June 30, 2004 (the “Loan Agreement”). 
 Payment of principal hereunder will be made as provided in the Loan Agreement. 
 Each Loan will bear interest at a rate equal to BBA - LIBOR plus 350 basis points, and that rate will change quarterly on the first day of each quarter
beginning October 1, 2004. From June 30, 2004 through September 30, 2004, the applicable interest rate is 5.37% per annum. Accrued interest is due and payable quarterly in arrears on
September 30, December 31, March 31 and June 30 of each year, beginning September 30, 2004 (each such date, an “Interest Payment Date”) and on the Maturity Date. All interest is computed on the basis of
actual days elapsed and a 360-day year of twelve 30-day months. A late payment charge is payable in accordance with the terms of the Loan Agreement. 
 Borrower may, at its option and subject to Section 7 of the Loan Agreement, prepay all or any part of the remaining unpaid principal. 
 If any payment is due on a day that is not a Business Day, such payment will be made on the next Business Day thereafter. 
 This Promissory Note is issued under and entitled to the benefits of the Loan Agreement to which Loan Agreement reference is hereby made for a statement of the rights of the holder of this Promissory Note, including
the right to accelerate the maturity hereof upon the happening of certain stated events. Capitalized terms used but not defined herein have the meanings assigned to them in the Loan Agreement. 
 IN WITNESS WHEREOF, Borrower has duly executed this Promissory Note as of the day and year first above written. 
 

 
  

 ASSIGNMENT AND ASSUMPTION 
 AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Agreement”)
is entered into and made effective at 11:59 p.m. (Eastern Standard Time) this 30th day of December, 2005 (“Effective Time”), by and between Alcoa Securities Corporation, a Delaware corporation (“Assignor”), and Southern Graphic
Systems, Inc., a Kentucky corporation (“Assignee”). 
 RECITALS 
 A. Pursuant to an Acquisition Agreement dated November 11, 2005 (“Acquisition Agreement”), RMC Delaware, Inc., a subsidiary of Alcoa Inc.
and Affiliate of Assignor, has agreed to sell Southern Graphic Systems, Inc., including its controlling interest in Mozaic Group Ltd., to SGS International, Inc. (hereinafter the “Transaction”). As provided in the Acquisition Agreement,
the Closing of the Transaction shall be deemed to be effective as of 11:59 p.m. (Eastern Standard Time) on December 30, 2005, simultaneous with the Effective Time. 
 B. Assignor is a party to certain financing agreements involving Mozaic Group Ltd. under which Assignor is a creditor of Mozaic Group Ltd. and has taken a security interest in certain assets of Mozaic Group Ltd.

 C. Consistent with the terms of the Acquisition Agreement, Assignor shall assign its interest in such financing agreements to Assignee as
of the Effective Time. 
 D. Assignor desires to assign all of its right, title and interest in and to such financing agreements, and
Assignee desires to accept such assignment and assume the obligations of Assignor under the terms of such financing agreements and subject to the conditions hereinafter set forth. 
 NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 1. Assignment. Assignor hereby assigns and transfers to Assignee all of its right, title, interest and obligations under the
financing agreements listed in Exhibit A (the “Financing Agreements”). 
 2. Assumption. Assignee
hereby accepts the foregoing assignment, and for itself, and its successors and assigns, assumes and agrees to perform all of the terms, conditions, covenants, and obligations to be performed on the part of the Assignor under the terms of the
Financing Agreements. From and after the date hereof, Assignor shall have no further obligations or liabilities with respect to the performance of the Financing Agreements (except as a result of matters occurring prior to the effective date hereof).

 3. Definitions. Capitalized terms used but not defined herein shall have the meanings given to those terms in the
Acquisition Agreement. 
 (REMAINDER OF PAGE INTENTIONALLY LEFT BUNK – SIGNATURE PAGE TO FOLLOW) 
  

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 IN WITNESS WHEREOF, the parties have caused this Assignment and Assumption Agreement to be
executed by their duly authorized officers, effective as of the date and time first above written. 
 

 
 

 
 DEBTOR ACKNOWLEDGEMENT AND CONSENT 
 IN WITNESS WHEREOF, Mozaic Group Ltd., for itself and its successors and assigns, hereby (i) acknowledges that it has received notice of and
further grants its consent to this Assignment and Assumption Agreement, and (ii) agrees that from and after the date hereof, Assignor shall have no further obligations or liabilities to Mozaic Group Ltd. with respect to the performance of the
Financing Agreements (except as a result of matters occurring prior to the Effective Time hereof). 
 

 
  

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 EXHIBIT A 
 FINANCING AGREEMENTS 
  

	1.	Revolving Loan Agreement between Alcoa Securities Corporation as Lender and Mozaic Group Ltd. as Borrower, dated June 30, 2004, with a credit line of $3,100,000, as amended by
First Amendment to the Loan Agreement between Lender and Borrower dated September 14, 2004. 

  

	2.	Promissory Note between Alcoa Securities Corporation as Lender and Mozaic Group Ltd. as Borrower, dated June 30, 2004, in the amount of $3,100,000, or, if less, the aggregate
unpaid amount of all loans made by Lender to Borrower under the Revolving Loan Agreement set forth in #1 above, as amended. 

  

	3.	Security Agreement between Alcoa Securities Corporation as Secured Party and Mozaic Group Ltd. as Debtor, dated June 30, 2004, under which Debtor assigns and pledges certain
assets to Secured Party as security for the payment of amounts due and owing by Debtor to Secured Party, including any and all obligations under the Revolving Loan Agreement set forth in #1 above, as amended. 

  

	4.	Intercreditor Agreement by and between Reliance Bank and Alcoa Securities Corporation, dated June 30, 2004, under which Reliance Bank and Alcoa Securities Corporation set forth
the relative priority of their respective security interests in Mozaic Group Ltd.’s assets. 

  

	5.	Intercreditor Agreement by and between Missouri State Bank & Trust Co. and Alcoa Securities Corporation, dated June 30, 2004, under which Missouri State
Bank & Trust Co. and Alcoa Securities Corporation set forth the relative priority of their respective security interests in Mozaic Group Ltd.’s assets. 

  

 Page 3 of 3Employment Agreement, dated January 27, 2006

 Exhibit 10.22 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is entered into as of January 1, 2006 (the “Effective
Date”), by and between SGS INTERNATIONAL, INC., a Delaware corporation (“SGS”), and BENJAMIN F. HARMON, IV (“Employee”). 
 RECITALS: 
 A. SGS desires to retain the services of Employee under the terms and conditions set forth in this Agreement.

 B. Employee desires to be employed by SGS under the terms and conditions set forth in this Agreement. 
 NOW THEREFORE, in consideration of the promises and the mutual covenants contained herein, the parties agree as follows: 
 Section 1. Duties and Employment Terms 
 Employee shall serve as “Vice President, General Counsel and Secretary” of SGS. 
 The employment of Employee by SGS shall
continue for a three-year term beginning on the Effective Date and ending on December 31, 2008 (such three-year term, together with any subsequent renewal thereof, being referred to as the “Employment Term”), unless terminated at an
earlier date pursuant to Section 3. This Agreement will automatically renew for successive one-year periods, unless either SGS or Employee gives written notice to the other not less than 90 days before the end of the original Employment Term
(or any subsequent renewal thereof, as the case may be). 
 During his employment by SGS as Vice President, General Counsel and Secretary,
Employee shall serve as SGS’s chief legal officer. Employee shall perform all duties reasonably assigned or delegated to him from time to time by SGS consistent with and appropriate to his position and shall diligently perform all acts and
services customarily associated with his position, devoting his full time, best efforts and attention to the advancement of SGS’s interests and business. Employee shall not be engaged in any other duties or pursuits which are inconsistent with
the business of SGS or his duties hereunder. 
 Employee shall be employed in Richmond, Virginia. 
 Section 2. Compensation 
 (a)
Base Salary. During the Employment Term, and subject to the provisions of Section 3, SGS shall pay to Employee an annual base salary of One Hundred Seventy-Five Thousand Dollars ($175,000.00). Salary shall be payable in accordance with
SGS’s normal payroll practices, but no less frequently than monthly. SGS shall review Employee’s base salary annually for purposes of considering an increase in 

 
accordance with SGS’s salary administration policy as in effect for similarly situated senior management employees of SGS; provided, that such salary
review shall not be deemed to entitle Employee to an increase in his base salary. 
 (b) Incentive Compensation. Employee shall be
eligible to participate in any incentive and bonus plans and/or programs which are generally available to other similarly situated senior management employees. 
 (c) Benefits. During the Employment Period, and subject to the provisions of Section 3, Employee shall be entitled to such other benefits as are provided by SGS from time to time for other similarly
situated senior management employees, including reimbursement of business expenses in accordance with applicable company policies. Employee shall be given credit for his prior years of service with Reynolds Metals Company and Alcoa Inc. for purposes
of participation in, the level of benefits available under, vesting in benefits under, and all other purposes with respect to, the benefit plans and programs provided by SGS from time to time for other similarly situated senior management employees.
In addition, SGS shall reimburse Employee for the costs of maintaining membership in the Virginia State Bar (together with the cost of membership in the Corporate Counsel section of the Virginia State Bar) and the Richmond Bar Association (together
with the cost of membership in the Corporate Counsel section of the Richmond Bar Association) and the reasonable costs of satisfying applicable mandatory continuing legal education requirements. 
 Section 3. Termination 
 (a) Termination Events. 
 (i) Employee’s employment shall terminate automatically upon his death.

 (ii) Employee’s employment shall terminate six months from the onset of total disability. For purposes of this
Section, Employee shall be considered totally disabled if his physical or mental condition or both are medically such that he personally is unable to perform those duties he would otherwise be expected to continue to perform under this Agreement and
his nonperformance of such duties can reasonably be expected to continue or does continue for not less than six months. The final decision on total disability hereunder shall be made by a qualified physician acceptable to both parties. In the event
of a totally disabling condition, it is understood that while the employment relationship will continue for at least six months, the duties of Employee may be assumed by another or others. 
 (iii) SGS may terminate Employee’s employment for “Cause” upon written notice. A determination of Cause must be made in
good faith by the Chief Executive Officer of SGS, or by his successors. As used herein, “Cause” shall mean (A) gross or willful misconduct; (B) willful and repeated failure to comply with the directives of SGS’s board of
directors or Chief Executive Officer; (C) any criminal act or act of dishonesty or any act of fraud or misappropriation involving SGS or any of its subsidiaries; (D) any conviction or plea of guilty or nolo 

  

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contendre to a felony or a crime involving dishonesty; (E) material breach of the material terms of any confidentiality, non-competition,
non-solicitation or employment agreement between Employee and SGS or any of its subsidiaries; (F) acts of malfeasance or gross negligence in a matter of material importance to SGS or any of its subsidiaries; (G) the material failure to
perform the duties and responsibilities of Employee’s position after written notice and a reasonable opportunity to cure (not to exceed 30 days); (H) grossly negligent conduct; or (I) activities materially damaging to SGS or any of
its subsidiaries. 
 (iv) SGS may terminate Employee’s employment without cause, upon written notice. 
 (v) Employee may voluntarily terminate his employment during the Employment Term by giving a minimum of 30 days’ written notice to
SGS. If Employee terminates his employment for “good reason” it will be deemed to be a termination by SGS without cause. “Good reason” means, after written notice by Employee to SGS and a reasonable opportunity for SGS to cure
(not to exceed 30 days): (A) Employee’s base salary is not paid in full; (B) Employee’s target incentive payments are reduced; or (C) Employee’s job duties and responsibilities are materially diminished. 
 (b) Compensation following termination. 
 (i) If Employee’s employment is terminated for any reason, he shall be entitled to receive the employee benefits to which he is entitled under the terms of the relevant employee benefit plans in which he
participates. 
 (ii) If Employee’s employment is terminated because of disability, Employee shall receive his normal
compensation for the period of disability preceding termination of employment and then will be entitled to receive a pro rata portion of his bonus payments to the date of termination under any incentive and/or bonus plans or programs in which
Employee participates. 
 (iii) If Employee is terminated, other than for cause or by death or disability, or if Employee
terminates employment for good reason, he shall be entitled to (A) receive 100% of his base salary for a 12-month period thereafter; (B) receive a pro rata share of the estimated bonus for the year in which the termination occurs; and
(C) continued participation in the employee welfare benefit plans for Employee and his dependents (other than disability and life insurance) for the remainder of the Employment Term. 
 (iv) If SGS notifies Employee that Employee’s employment under this Agreement will not be renewed for a subsequent period (for a
reason other than termination for cause) and that Employee will not be permitted to continue his employment without an employment agreement following termination of this Agreement, Employee will be entitled to a lump sum payment of One Hundred
Seventy-Five Thousand Dollars ($175,000) upon termination of this Agreement. 
  

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 (v) If Employee is terminated for cause, dies or voluntarily terminates other than for
good reason, he shall only be entitled to payment of earned and unpaid base salary to the date of termination and, in the case of death, payment of earned and unpaid incentive payments. 
 Section 4. Intellectual Property 
 (a) Inventions and Improvements.
Employee shall promptly and fully disclose to SGS the following inventions and improvements conceived or made by Employee, either solely or jointly with others, at any time during his employment by SGS or within one year thereafter:
(i) inventions and improvements conceived or made during working hours; or on SGS’ premises; or through the use of SGS’ equipment, supplies, or facilities; or in the course of work performed for SGS; or as a result of information
received from SGS when it was not generally known to the public; or (ii) inventions and improvements relating to the business of SGS or any of its subsidiaries or affiliates. Such inventions and improvements and patent rights pertaining to them
shall be the sole property of SGS. Employee shall assign them to SGS upon request. Employee shall execute all documents and do everything else necessary to assist SGS, at SGS’s expense, in patenting such inventions and improvements and
enforcing such patents. This paragraph shall remain in effect after termination of Employee’s employment for any reason, including voluntary departure, for a period of twenty-four (24) months after termination of employment. 
 (b) Confidentiality. Employee shall hold in confidence and trust all confidential or proprietary business or technical information presently known
or hereafter acquired or developed by Employee in connection with his employment by SGS (“Confidential Information”). Confidential Information includes, without limitation, trade secrets; know-how not generally known to the public;
confidential or proprietary management methods, operating techniques, procedures and methods; designs; customer lists; employee lists; collection procedures; cost information; financial reports; business plans; terms of contracts to which SGS is a
party; details of customer negotiations; and information received in confidence by SGS from others. Employee shall use Confidential Information only for SGS’ benefit. Employee shall take all reasonable precautions to ensure that Confidential
Information is not disclosed to unauthorized persons or used in an unauthorized manner. Upon termination of employment for any reason, including voluntary departure, Employee shall not keep any documents or materials embodying or containing
Confidential Information. The preceding sentence notwithstanding, Employee shall be permitted to retain copies of contracts and other documents as reasonably appropriate for an attorney’s “form file”; provided that the SGS-specific
details of such contracts and other documents shall be considered Confidential Information subject to this paragraph. This paragraph shall remain in effect after termination of Employee’s employment for any reason, including voluntary
departure. The foregoing provisions of this Section 4(b) shall not apply to information (a) which is in the public domain or independently received from a third party with a right to disclose such information and (b) to the extent
that disclosure is required by law, provided that, if disclosure is so required, Employee shall promptly notify SGS so that SGS may seek appropriate legal or equitable relief. 
  

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 Section 5. Non-competition and Non-solicitation 
 Employee agrees that for as long as he is employed by SGS and, subject to the next sentence, for a period of 12 months after termination of this
Agreement (the “12-Month Post-Termination Period”) he shall not directly or indirectly, for his benefit or with any person, firm, or corporation whatsoever, other than SGS, own, manage, operate, control, provide consulting services to, be
employed by or participate in the ownership, management, operation, or control of, or be connected in any manner with, any business of the type and character engaged in and competitive with that conducted by SGS in the geographic and product market
areas of SGS. Employee’s obligations under the preceding sentence will apply during the 12-Month Post-Termination Period only (i) with respect to a non-legal function in which Employee would not be engaged in the practice of law and/or
(ii) if Employee ceases to be subject to Virginia’s Rules of Professional Conduct (or successor rules applicable to attorneys licensed in Virginia) and the attorney professional conduct rules of any other jurisdiction applicable to
Employee. 
 In addition, Employee agrees that for as long as he is employed by SGS and during the 12-Month Post-Termination Period he shall
not (i) interfere with the employment relationship between SGS (together with the corporate affiliates of SGS) and its other employees by soliciting any of such individuals to participate in independent business ventures; or (ii) solicit,
in connection with any business of the type and character engaged in and competitive with that conducted by SGS, any current or former customers of SGS (or its corporate affiliates). 
 Employee agrees that, in consideration of the promises and mutual covenants contained herein, the territorial, time and scope limitations set forth in
this Section 5 are reasonable and are required for the protection of SGS, and that such limitations should be enforced by a court notwithstanding the fact that such limitations might otherwise be deemed unreasonable. However, if any such
territorial, time or scope limitation is nonetheless deemed to be unreasonable by a court of competent jurisdiction, Employee and SGS agree to the reduction of any such limitation to such area, period or scope as the court shall deem reasonable
under the circumstances. 
 Section 6. Binding Effect 
 This Agreement shall bind and inure to the benefit of SGS and its successors and assigns and Employee and his heirs, executors, administrators and
personal representatives. 
 Section 7. Severability 
 If it shall be determined at any time by a court of competent jurisdiction that any term or provision of this Agreement is invalid or unenforceable, the
remainder of this Agreement shall not be affected thereby, and the parties agree that such term or provision determined to be invalid or unenforceable may be amended by the court to make such term or provision valid and enforceable, and the said
term or provision as so amended shall be enforceable between the parties to the same extent as if such 

  

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amendment had been made prior to the date of the alleged breach of said term or provision. 
 Section 8. Applicable Law 
 This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Virginia. 
 Section 9. Entire Agreement 
 This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties, and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof
except as specifically set forth herein. 
 Section 10. Acknowledgment 
 EMPLOYEE, BY HIS SIGNATURE BELOW, ACKNOWLEDGES THAT HE HAS READ AND UNDERSTOOD THIS AGREEMENT AND THAT HE HAS HAD THE OPPORTUNITY TO RECEIVE INDEPENDENT
LEGAL ADVICE WITH RESPECT TO THE MEANING AND LEGAL EFFECT HEREOF. 
 Section 11. Counterparts 
 This Agreement may be simultaneously executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute
but one and the same instrument. 
 IN WITNESS WHEREOF, SGS, by its duly authorized representative, and Employee have executed this Agreement
as of the date and year first above written. 
 

 
  

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