Document:

Employment Agreement dated January 2, 2003

 [Execution Copy] 
  

EXHIBIT 10.16 
  
 Moore Corporation Limited 
 c/o Moore Executive Offices 
 One Canterbury Green 6th Floor 
 Stamford, CT 06901 
  
 January 2, 2003 
  
 Michael S. Kraus 
 434 Hudson Street 
 New York, New York 10014 
  
 Dear Michael: 
  
 On behalf of Moore Corporation Limited (the “Company”), we
are all extremely pleased that you have agreed to serve as Senior Vice President of Mergers and Acquisitions of the Company, effective as of the date hereof in accordance with the provisions of this letter agreement (this
“Agreement”), which, along with any employment and other policies applicable to employees of the Company and its subsidiaries from time to time during the term of your employment, governs the terms of your employment. 
  
 We and you hereby acknowledge that your employment with the Company
constitutes “at-will” employment and that either party may terminate this Agreement at any time, upon written notice of termination within a reasonable period of time before the effective date of the termination. With respect to the terms
of your employment with the Company, you will have the customary duties, responsibilities and authorities of a senior vice president of mergers and acquisitions at a corporation of a similar size and nature. You will report to the chief executive
officer of the Company. 
  
 I. Compensation 
  
 With respect to compensation for your services as Senior Vice President of
Mergers and Acquisitions of the Company, you will receive the following compensation and benefits, from which the Company may withhold any amounts required by applicable law: 
  
 (i) The Company will pay you a base salary (“Base Salary”) at the rate of U.S. $300,000 per
year. This Base Salary will be paid in accordance with the normal payroll practices of the Company. 
  
 (ii) The Company will pay you an annual bonus (the “Annual Bonus”) of 100% of your Base Salary in respect of each fiscal
year of the Company in accordance with the Company’s annual incentive compensation plan 

 if the Company achieves the performance objectives set forth by the board of directors of the Company
(the “Board”) (or any designated committee thereof) from time to time. The Annual Bonus shall be approved by the Board and shall be paid on an all-or-nothing basis. 
  
 (iii) You will be eligible to participate in any additional bonus plans or programs established from time to
time by the Board (or any designated committee thereof) if the Board (or any designated committee thereof) so determines, which may be based upon the Company’s achievement of designated performance objectives or other factors set forth by the
Board (or any designated committee thereof) from time to time, including a special bonus in the amount of 100% of your Base Salary if within one calendar year following the closing of the Company’s acquisition of Wallace Computer Services, Inc.
(the “Wallace Acquisition”), the Company meets or exceeds the target of cost savings set forth in a resolution of the Company’s board of directors. 
  
 (iv) In addition, you will be immediately eligible to participate in any nonqualified pension plans (with no
waiting period) and qualified plans, if any (subject to applicable waiting periods), in which the senior executive officers of the Company customarily participate, and, in any event, you will be eligible (a) to participate in the Company’s
Supplemental Executive Retirement Plan and Supplemental Executive Health Plan, and (b) for medical, hospital, dental, vision, life and accidental death and dismemberment insurance in customary amounts. 
  
 (v) You will be eligible for four (4) weeks vacation
annually. 
  
 (vi) You will be eligible for a car
allowance of $1,000 monthly. 
  
 In addition, you shall receive a
special payment in the amount of $158,000 within one week following the closing of the Wallace Acquisition for services rendered by you as a consultant to the Company in 2002 (prior to your employment by the Company) in connection with the Wallace
Acquisition. 
  
 II. Severance; Change in Control 
  
 If (i) the Company terminates your employment as Senior Vice President of
Mergers and Acquisitions without Cause, as defined in Annex A, or (ii) you terminate your employment for Good Reason, as defined in Annex A, the Company will pay you an amount equal to your (a) Annualized Total Compensation (as defined below) plus
(b) a pro-rated amount of your Annual Bonus for the fiscal year in which such termination occurs through the date of termination if the Company achieves the performance objectives set forth by the Board for the fiscal year in which such termination
occurs, subject, in each case, to the execution by you of a customary release. The amount set forth in clause (a) of the preceding sentence shall be payable in equal installments over the twelve (12) month period following the date your employment
with the Company is terminated (the “Termination Date”) and the amount set forth in clause (b) of the 
  

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 preceding sentence shall be payable at the same time that the Company’s continuing employees receive payment of
their annual bonus for such fiscal year. The Company will also provide to you a continuation of all benefits, including automobile and other related benefits, if any, which you were eligible to receive immediately prior to such termination, for a
period of twelve (12) months following the Termination Date. Your rights of indemnification under the Company’s and its subsidiaries’ and affiliates’ organizational documents, any plan or agreement at law or otherwise and your rights
thereunder to director’s and officer’s liability insurance coverage for, in both cases, actions as an officer and director of the Company and its affiliates shall survive any termination of your employment. 
  
 “Annualized Total Compensation” means Base Salary plus
Annual Bonus (as if all necessary targets and objectives were met) for one year at the rate in effect immediately before the Termination Date. 
  
 If the Company terminates your employment without Cause, or if you terminate your employment for Good Reason, following a Change in Control, as defined in
Annex A, such amount will be increased to three (3) times rather than one time Annualized Total Compensation and, if applicable, you will be entitled to receive Gross-Up Payments as described in Annex B. Any termination by the Company without Cause
or termination by you for Good Reason, which takes place within six (6) months prior to a Change in Control, shall be, presumptively, a termination following a Change in Control. Upon any termination by the Company without Cause or termination by
you for Good Reason, all outstanding stock options, grants, restricted stock awards or other equity grants issued to you will vest 100% immediately either as of the Termination Date (in the case of a termination by the Company without Cause or a
termination by you for Good Reason) or prior to the Change in Control becoming effective (solely in the event that upon or in connection with such Change in Control your employment with the Company is terminated without Cause or you terminate your
employment for Good Reason), as applicable. The payments under this paragraph are in lieu of any notice requirements of any Canadian federal or provincial law. In the event of any termination of your employment, you agree to resign as an officer and
director of the Company and its subsidiaries and affiliates. 
  
 In addition, effective immediately, you will be granted options to purchase an aggregate of 35,000 common shares, no par value, of the Company (“Common Shares”) to be issued under the Company’s stock option plan or
long term incentive plan or in accordance with Canadian law or regulation (the “Initial Grant”). The exercise price of the options comprising the Initial Grant shall be equal to the closing price of the Common Shares on the Toronto
Stock Exchange on December 31, 2002. All options in the Initial Grant shall vest 25% per year over four (4) years beginning on the first anniversary of the date the options are granted and then on each succeeding anniversary of the date the options
are granted provided you are then employed. Each year, you will also be considered by the Board or the applicable committee thereof to receive additional 
  

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 incentive compensation under the Company’s incentive plans as may be in effect from time to time after the date of
this Agreement. 
  
 III. General 
  
 You agree (i) that at all times both during and after your employment, you
will respect the confidentiality of Company’s and its subsidiaries’ and affiliates’ confidential information and will not disparage the Company and its subsidiaries and affiliates or their officers, directors or employees, and (ii)
during your employment and for twelve (12) months thereafter, you will not (a) accept a position with, or provide material services to, an entity whose principal business is the printing business, (b) solicit or hire, or assist others in the
solicitation or hiring of, the Company’s employees, or (c) interfere with the Company’s business relationships with any material customers or suppliers. 
  
 All notices or communications under this Agreement must be in writing, addressed; (i) if to the Company, to the attention of
the Chief Executive Officer at the principal executive offices of the Company from time to time and (ii) if to you, at your address first written above (or to any other addresses as either party may designate in a notice duly delivered as described
in this paragraph). Any notice or communication shall be delivered by facsimile (with proof of transmission), by hand or by courier (with proof of delivery). Notices and communications may also be sent by certified or registered mail, return receipt
requested, postage prepaid, addressed as above. Notice shall be effective upon the actual receipt of notice by the recipient thereof. 
  
 Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement that cannot be resolved by you and the Company,
including any dispute as to the calculation of any payments hereunder, and the terms of this Agreement, shall be determined by a single arbitrator in New York, New York, in accordance with the rules of the American Arbitration Association. The
decision of the arbitrator shall be final and binding and may be entered in any court of competent jurisdiction. The arbitrator may award the party he determines has prevailed in the arbitration any legal fees and other fees and expenses that may be
incurred in respect of enforcing its respective rights under this Agreement. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York. 
  
 This Agreement sets forth the entire agreement between us with respect to the matters set forth herein, and fully supersedes
any prior agreements or understandings between us. This Agreement may be executed in counterparts. This Agreement may not be modified or terminated orally. 
  

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 If the foregoing terms and conditions are acceptable and agreed to by you, please sign on the line
provided below to signify such acceptance and agreement and return the executed copy to the Chief Executive Officer of the Company, One Canterbury Green, Stamford, Connecticut 06901. 
  

			
	 MOORE CORPORATION LIMITED

		
	 By:
	 	/s/ Mark A. Angelson
	 	 	

	 	 	Name: Mark A. Angelson
	 	 	Title: Chief Executive Officer

  
 Accepted and Agreed as of this
2nd day of January, 2003 

	
	 
	 /s/ Michael S. Kraus

	

	 Michael S. Kraus

  

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 Annex A 
  
 Definitions 
  
 a. “Cause” means (i) the willful and continued failure of Executive to perform substantially his duties with the Company (other than any
such failure resulting from Executive’s incapacity due to physical or mental illness or any such failure subsequent to Executive being delivered a notice of termination without Cause by the Company or delivering a notice of termination for Good
Reason to the Company) after a written demand for substantial performance is delivered to Executive by the Chief Executive Officer or the Board that specifically identifies the manner in which the Chief Executive Officer or the Board believes that
Executive has not substantially performed Executive’s duties, (ii) the willful engaging by Executive in illegal conduct or misconduct which is demonstrably and materially injurious (monetarily or otherwise) to the Company or its subsidiaries
and affiliates, (iii) any misappropriation, fraud or breach of fiduciary duty with regard to the Company or its affiliates or any of the assets of the Company or its affiliates (other than good faith expense account disputes), (iv) conviction of or
the pleading of nolo contendere with regard to, a felony or any crime involving fraud, dishonesty or moral turpitude, or (v) refusal or failure to attempt in good faith to follow the written direction of the Chief Executive Officer or the
Board promptly upon receipt of such written direction. A termination for Cause after a Change in Control shall be based only on events occurring after such Change in Control; provided, however, the foregoing limitation shall not apply to an
event constituting Cause which was not discovered by the Company prior to a Change in Control. For purpose of this paragraph (a), no act or failure to act by Executive shall be considered “willful” unless done or omitted to be done by
Executive in bad faith and without reasonable belief that Executive’s action or omission was in the best interests of the Company or its subsidiaries and affiliates. Any act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Board, based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company. 
  
 b. “Change in Control” means the occurrence of any one of
the following events: 
  
 (i) individuals who, on
the date of this Agreement, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date of this Agreement,
whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a
nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or
threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 
  

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 Annex A 
  
  
 (ii) any “person” (as such term is defined in
Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting
Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any subsidiary, (B) by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any subsidiary, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities, or (D) pursuant to a Non-Qualifying Transaction (as defined in
paragraph (iii)); 
  
 (iii) the consummation of
an arrangement, amalgamation, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the approval of the Company’s stockholders, whether for such
transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the corporation resulting from such
Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the
Surviving Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company
Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof
immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or
indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) other than persons set forth in (A)
through (D) of paragraph (ii) and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination
were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business 
  

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 Annex A 
  
  
  
 Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); 
  
 (iv) the closing of a sale of all or substantially all of the Company’s assets, other than to an entity
or in a manner where the voting securities immediately prior to such sale represent directly or indirectly after such sale at least 50% of the voting securities of the entity acquiring such assets in approximately the same proportion as prior to
such sale; or 
  
 (v) the stockholders of the
Company approve a plan of complete liquidation or dissolution of the Company. 
  
 Notwithstanding the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 35% of the Company Voting Securities as a result of
the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional Company
Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur. 
  
 c. “Good Reason” means, without Executive’s express written consent, the occurrence of any of the
following events: 
  
 (i) a change in the
Executive’s duties or responsibilities (including reporting responsibilities) that taken as a whole represents a material and adverse diminution of the Executive’s duties, responsibilities or status with the Company (other than a temporary
change that results from or relates to the incapacitation of the Executive due to physical or mental illness); 
  
 (ii) a reduction by the Company in Executive’s rate of annual base salary or annual target bonus opportunity (including any material
and adverse change in the formula for such annual bonus target) as the same may be increased from time to time; 
  
 (iii) any requirement of the Company that Executive’s office be more than seventy-five (75) miles from Executive’s place of
residence as of the date of this Agreement; or 
  
 (iv) any material breach of the Agreement by the Company. 
  
 In addition, (i) the Company terminates the employment of its chief executive officer on the date of this Agreement without Cause, as defined in Annex A to the Company’s employment agreement with its current chief executive officer, or
(ii) the Company’s chief executive officer on the date of this Agreement terminates his employment for Good Reason, as defined in Annex A to the Company’s employment 
  

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 Annex A 
  
  
  
 agreement with
its current chief executive officer, the Executive and the Company’s new chief executive officer shall endeavor reasonably and in good faith to agree mutually upon the Executive’s continued role with the Company. If the Executive and the
Company’s new chief executive officer cannot mutually agree upon the Executive’s continued role with the Company and the Company’s chief executive officer on the date of this Agreement no longer has a continuing role with the Company
as a senior executive officer or the Company’s non-executive chairman, such occurrence shall constitute “Good Reason” hereunder. 
  
 Notwithstanding the foregoing, a Good Reason event shall not be deemed to have occurred if the Company cures such action, failure or breach within ten
(10) days after receipt of notice thereof given by Executive. Executive’s right to terminate employment for Good Reason shall not be affected by Executive’s incapacities due to mental or physical illness and Executive’s continued
employment shall not constitute consent to, or a waiver of rights with respect to, any event or condition constituting Good Reason; provided, however, that Executive must provide notice of termination of employment within ninety (90) days following
Executive’s knowledge of an event constituting Good Reason or such event shall not constitute Good Reason under this Agreement. 
  
  

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 Annex B 
  
  
 Gross-Up Payments 
  
 (a) Anything in this Agreement to the contrary notwithstanding, in the event
it shall be determined that any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company (or any of its affiliated entities) or any entity which effectuates a Change in Control (or
any of its affiliated entities) to or for the benefit of Executive (whether pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Annex B) (the “Payments”)
would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Company shall pay to Executive an additional payment (a “Gross-Up Payment”) in an amount such
that after payment by Executive of all taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. For purposes of determining the amount
of the Gross-up Payment, the Executive shall be deemed to (i) pay federal income taxes at the highest marginal rates of federal income taxation for the calendar year in which the Gross-up Payment is to be made, and (ii) pay applicable state and
local income taxes at the highest marginal rate of taxation for the calendar year in which the Gross-up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.
Notwithstanding the foregoing provisions of this Annex B, if it shall be determined that Executive is entitled to a Gross-Up Payment, but that the Payments would not be subject to the Excise Tax if the Payments were reduced by an amount that is less
than 10% of the portion of the Payments that would be treated as “parachute payments” under Section 280G of the Code, then the amounts payable to Executive under this Agreement shall be reduced (but not below zero) to the maximum amount
that could be paid to Executive without giving rise to the Excise Tax (the “Safe Harbor Cap”), and no Gross-Up Payment shall be made to Executive. The reduction of the amounts payable hereunder, if applicable, shall be made by
reducing first the payments under Section I(a)(ii), unless an alternative method of reduction is elected by Executive. For purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable under this Agreement (and no other Payments)
shall be reduced. If the reduction of the amounts payable hereunder would not result in a reduction of the Payments to the Safe Harbor Cap, no amounts payable under this Agreement shall be reduced pursuant to this provision. 
  
 (b) Subject to the provisions of paragraph (a) of this Annex B, all
determinations required to be made under this Annex B, including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment, the reduction of the Payments to the Safe Harbor Cap and the assumptions to be utilized in
arriving at such determinations, shall be made by the public accounting firm that is retained by the Company as of the date immediately prior to the Change in Control (the “Accounting Firm”) which shall provide detailed supporting
calculations both to the Company and 
  

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 Annex B 
  
  
 Executive within fifteen (15) business days of the receipt of notice from the Company or the
Executive that there has been a Payment, or such earlier time as is requested by the Company (collectively, the “Determination”). In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity
or group effecting the Change in Control, Executive may appoint another nationally recognized public accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder).
All fees and expenses of the Accounting Firm shall be borne solely by the Company and the Company shall enter into any agreement reasonably requested by the Accounting Firm in connection with the performance of the services hereunder. The Gross-up
Payment under this Annex B with respect to any Payments shall be made no later than thirty (30) days following such Payment. If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall furnish Executive with a written
opinion to such effect, and to the effect that failure to report the Excise Tax, if any, on Executive’s applicable federal income tax return will not result in the imposition of a negligence or similar penalty. In the event the Accounting Firm
determines that the Payments shall be reduced to the Safe Harbor Cap, it shall furnish Executive with a written opinion to such effect. The Determination by the Accounting Firm shall be binding upon the Company and Executive, except as provided
below. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible that Gross-Up Payments which will not have been made by the Company should have been made
(“Underpayment”) or Gross-up Payments are made by the Company which should not have been made (“Overpayment”), consistent with the calculations required to be made hereunder. In the event that the Executive
thereafter is required to make payment of any Excise Tax or additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment (together with interest at the rate provided in Section
1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for the benefit of Executive. In the event the amount of the Gross-up Payment exceeds the amount necessary to reimburse the Executive for his Excise Tax, the Accounting Firm
shall determine the amount of the Overpayment that has been made and any such Overpayment (together with interest at the rate provided in Section 1274(b)(2) of the Code) shall be promptly paid by Executive (to the extent he has received a refund if
the applicable Excise Tax has been paid to the Internal Revenue Service) to or for the benefit of the Company. Executive shall cooperate, to the extent his expenses are reimbursed by the Company, with any reasonable requests by the Company in
connection with any contests or disputes with the Internal Revenue Service in connection with the Excise Tax and the Executive shall permit the Company to control issues related to the Excise Tax (at its expense) to permit a representative of the
Company to accompany the Executive to any conference with any taxing authority and to promptly deliver to the Company copies of any written communications and summaries of any verbal communications with any taxing authority regarding the Excise Tax.

  

 -11-Amendment No. 3 dated as of november 12, 2003 to the Credit Agreement

 EXHIBIT 10.19 
  
 AMENDMENT NO. 3 
  
 AMENDMENT NO. 3, dated as of November 12, 2003 (this “Amendment No. 3”), to the Credit Agreement, dated as of March 14, 2003,
among Moore Holdings U.S.A. Inc., as the borrower (the “Borrower”), Moore Wallace Incorporated (formerly known as Moore Corporation Limited), as Canadian Parent (the “Canadian Parent”), the Lenders from time to time
party thereto, Bank One, NA, Fleet National Bank and The Bank of Nova Scotia, as Co-Documentation Agents, Citicorp North America, Inc., as Administrative Agent (the “Administrative Agent”), and Deutsche Bank Securities Inc., as Syndication
Agent (as amended, supplemented, amended and restated or otherwise modified prior to the date hereof, the “Credit Agreement”), is among the Borrower, the Canadian Parent, the Lenders listed on the signature pages hereto, the Administrative
Agent and the Additional B2 Term Loan Lenders (as defined below) listed on the signature pages hereto. Capitalized terms used and not otherwise defined therein shall have the meanings assigned to them in the Credit Agreement (as amended hereby).

  
 WHEREAS, the Borrower desires to create a new class of B2 Term
Loans under the Credit Agreement (the “B2 Term Loans”) having identical terms with, having the same rights and obligations under the Credit Documents as, and in the same aggregate principal amount as, the B1 Term Loans, as set forth
in the Credit Documents, except as such terms are amended hereby; 
  
 WHEREAS, each B1 Term Loan Lender who executes and delivers this Amendment No. 3 shall be deemed, upon the Amendment Effective Date (as defined below), to have exchanged its B1 Term Loans (which B1 Term Loans shall thereafter be deemed
repaid) for a B2 Term Loan Commitment (a “B2 Term Loan Commitment”) and B2 Term Loans in the same aggregate principal amount as such Lender’s B1 Term Loans, and such Lender shall thereafter become a B2 Term Loan Lender (each, a
“B2 Term Loan Lender”); 
  
 WHEREAS, each Person
who executes and delivers this Amendment No. 3 as an Additional B2 Term Loan Lender (each, an “Additional B2 Term Loan Lender”) will make B2 Term Loans on the Amendment Effective Date (each, an “Additional B2 Term
Loan”) to the Borrower, the proceeds of which will be used by the Borrower to repay in full the outstanding principal amount of B1 Term Loans of B1 Term Loan Lenders who do not execute and deliver this Amendment No. 3; 
  
 WHEREAS, the Borrower shall pay to each B1 Term Loan Lender all accrued and
unpaid interest on its B1 Term Loans to the date of effectiveness of this Amendment No. 3 on such date of effectiveness; 

 NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 Section 1.    Amendments. 
  
 (a) Sections 1.08 (a) and (b) of the Credit Agreement are hereby amended by adding to the end of such sections a sentence as
follows: 
  
 “The Applicable Margin in effect
with respect to each outstanding loan shall be adjusted from time to time in accordance with the definition of “Applicable Margin.” 
  
 (b) Section 4.02 of the Credit Agreement is hereby amended by deleting paragraph (l) and replacing it with new paragraph (l) as follows: 
  
 “(l) Notwithstanding anything contained in Section 4.01
or in this Section 4.02 to the contrary, 100% of the proceeds of all B2 Term Loans shall be used to repay B1 Term Loans.” 
  
 (c) Section 8 of the Credit Agreement is hereby amended by deleting Section 8.22 and replacing it with a new Section 8.22 as follows: 
  
 “Section 8.22. B2 Term Loan Proceeds. The
Canadian Parent and the Borrower further covenant and agree that the proceeds of all B2 Term Loans will be used to refinance the existing B1 Term Loans.” 
  

(d) Section 11.01 of the Credit Agreement is hereby amended by deleting the definition of “Applicable Margin” and replacing it with the
paragraphs set forth below. All references to “Applicable Margin” in the Credit Agreement shall hereafter be deemed to refer to the definition as amended hereby. 
  
 ““Applicable Margin” shall mean a percentage equal to (i) initially, in the case of B2
Term Loans maintained as (x) Base Rate Loans, 1.00% and (y) Eurodollar Loans, 2.00%, (ii) initially in the case of Revolving Loans maintained as (x) Base Rate Loans, 1.50% and (y) Eurodollar Loans, 2.50% and (iii) initially in the case of Swingline
Loans, 1.50%.” 
  
 Notwithstanding the foregoing, from and
after each day of delivery of any certificate delivered in accordance with the following sentence indicating an entitlement to a different margin than that described in the immediately preceding 
  
  
  

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 sentence (each, a “Start Date”) to and including the applicable End Date described
below, the Applicable Margin shall be that set forth below opposite the Total Leverage Ratio indicated to have been achieved in any certificate delivered in accordance with the following sentence: 
  
  

									
	 Total Leverage Ratio

	 	 Applicable Margin
 for B2 Term Loans
Maintained as
Base Rate Loans

	 	 Applicable Margin
 for B2 Term Loans
Maintained as
Eurodollar Loans

	 	 Applicable Margin
 for Revolving Loans
Maintained as Base
Rate Loans and
Swingline Loans

	 	Applicable Margin for
Revolving Loans
Maintained as
Eurodollar Loans

					
	 Greater than 3:00:1.00
	 	1.50%	 	2.50%	 	1.50%	 	2.50%
					
	 Greater than 2.50:1.00 but less than or equal to 3:00: 1.00
	 	1.00%	 	2.00%	 	1.50%	 	2.50%
					
	 Greater than 2.00:1.00 but less than or equal to 2.50:1.00
	 	1.00%	 	2.00%	 	1.25%	 	2.25%
					
	 Greater than 1.50:1.00 but less than or equal to 2.00:1.00
	 	1.00%	 	2.00%	 	1.00%	 	2.00%
					
	 Less than or equal to 1.50:1.00
	 	1.00%	 	2.00%	 	0.75%	 	1.75%

  
 The Total Leverage
Ratio shall be determined based on the delivery of a certificate of the Canadian Parent by an Authorized Representative of the Canadian Parent to the Administrative Agent (with a copy to be sent by the Administrative Agent to each Lender), within 45
days of the last day of any fiscal quarter of the Canadian Parent (or 90 days in the case of the fourth fiscal quarter of the Canadian Parent), which certificate shall set forth the calculation of the Total Leverage Ratio as at the last day of the
Test Period ended immediately 
  
  

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 prior to the relevant Start Date and the Applicable Margins in respect of B2 Term Loans, Revolving Loans
and Swingline Loans which shall be thereafter applicable (until same is changed or ceases to apply in accordance with the following sentences); provided that at the time of the consummation of (x) any Permitted Acquisition (including at the
time of each step thereof in the case of a Two-Step Permitted Acquisition) pursuant to which the Aggregate Consideration to be paid by the Canadian Parent and its Subsidiaries in respect of such Permitted Acquisition equals or exceeds $50,000,000,
(y) any issuance of Indebtedness generating gross cash proceeds equal to or greater than $50,000,000 or (z) any issuance of Qualified Preferred Stock the aggregate liquidation preference of which equals or exceeds $50,000,000, an Authorized
Representative of the Canadian Parent shall deliver to the Administrative Agent a certificate setting forth the calculation of the Total Leverage Ratio on a Pro Forma basis as of the last day of the last Calculation Period ended prior
to the date on which such Permitted Acquisition is consummated or such Indebtedness or Qualified Preferred Stock is incurred or issued for which financial statements have been made available (or were required to be made available) pursuant to
Section 8.01(b) or (c), as the case may be, and the date of such consummation shall be deemed to be a Start Date and the Applicable Margin in respect of B2 Term Loans, Revolving Loans and Swingline Loans which shall be thereafter applicable (until
same is changed or ceases to apply in accordance with the following sentences) shall be based upon the Total Leverage Ratio as so calculated. 
  
 The Applicable Margin so determined shall apply, except as set forth in the succeeding sentence, from the Start Date to the earlier of (x) the date on
which the next certificate is delivered to the Administrative Agent, (y) the date on which the next Permitted Acquisition (or next step of a Two-Step Permitted Acquisition) is consummated or Indebtedness or Qualified Preferred Stock as described
above is incurred or issued or (z) the date which is 45 days following the last day of the Test Period (of 90 days in the case of a Test Period ending on the last day of the fourth fiscal quarter of the Canadian Parent) in which the previous Start
Date occurred (the “End Date”), at which time, if no certificate has been delivered to the Administrative Agent, the Applicable Margin in respect of B2 Term Loans, Revolving Loans and Swingline Loans shall be those described
opposite the Total Leverage Ratio of “Greater than 3.00:1.00” above. 
  
 Notwithstanding anything to the contrary contained above in this definition, (x) the Applicable Margins in respect of B2 Term Loans, Revolving Loans and Swingline Loans shall be those set forth opposite the Total
Leverage Ratio of “Greater than 3.00:1.00” above at all times during which there shall exist any Default or Event of Default and (y) for the period from the Escrow Deposit 
  
  

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 Date to the date of delivery of the certificate and financial statements referred to above in this
definition in respect of the end of the fiscal quarter ending December 31, 2003, the Applicable Margins in respect of B2 Term Loans, Revolving Loans and Swingline Loans shall be as set forth in the first sentence of this definition.”

  
 Section 2.
    Definitions. As used in this Amendment No. 3, the following terms have the meanings specified below: 
  
 “Additional B2 Term Loan Commitment” means, with respect to an Additional B2 Term Loan Lender, the commitment of such Additional B2 Term
Loan Lender to make Additional B2 Term Loans on the Amendment Effective Date, in an amount in Dollars set forth next to the signature of such Additional B2 Term Loan Lender on this Amendment No. 3. The aggregate amount of the Additional B2 Term Loan
Commitments shall equal the outstanding principal amount of B1 Term Loans of B1 Term Loan Lenders that do not execute and deliver this Amendment No. 3 on or prior to the Amendment Effective Date. 
  
 “Additional B2 Term Loan Lender” means a Person with an
Additional B2 Term Loan Commitment to make Additional B2 Term Loans to the Borrower on the Amendment Effective Date. 
  
 “Additional B2 Term Loan” means a term loan or term loans in Dollars made pursuant to Section 3(b) of this Amendment No. 3 on the
Amendment Effective Date. 
  
 “Amendment Effective
Date” means the date on which all conditions precedent set forth in Section 5 of this Amendment No. 3 are satisfied. 
  
 “B2 Term Loan Commitment” means, with respect to a B1 Term Loan Lender, the agreement of such B1 Term Loan Lender to exchange its B1 Term
Loans for an equal aggregate principal amount of B2 Term Loans on the Amendment Effective Date, as evidenced by such B1 Term Loan Lender executing and delivering this Amendment No. 3. 
  
 “B2 Term Loan Lender” means, collectively, (i) each B1 Term Loan Lender that executes and delivers this
Amendment No. 3 on or prior to the Amendment Effective Date and (ii) each Additional B2 Term Loan Lender. 
  
 “B2 Term Loan” means a term loan or term loans in Dollars made pursuant to Section 3(a) or (b) of this Amendment No. 3 on the Amendment
Effective Date. 
  
 Section 3.    B2
Term Loans. 
  
 (a) Subject to the terms and conditions
hereof, each B1 Term Loan Lender who delivers in connection herewith a B2 Term Loan Commitment severally agrees to exchange 
  
  
  

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 its B1 Term Loans for a like principal amount in Dollars of B2 Term Loans on the Amendment Effective Date and from and
after the Amendment Effective Date such B1 Term Loans shall be deemed repaid. 
  
 (b) Subject to the terms and conditions hereof, each Additional B1 Term Loan Lender severally agrees to make Additional B2 Term Loans in Dollars to the Borrower on the Amendment Effective Date in a principal amount
equal to its B2 Term Loan Commitment on the Amendment Effective Date. The Borrower shall prepay all B1 Term Loans of B1 Term Loan Lenders that do not execute and deliver this Amendment No. 3 on the Amendment Effective Date with the gross proceeds of
the Additional B2 Term Loans. 
  
 (c) The Borrower shall pay all
accrued and unpaid interest on the B1 Term Loans to the B1 Term Loan Lenders on the Amendment Effective Date. The B2 Term Loans shall have the same Interest Periods as the B1 Term Loans being replaced provided that interest on the B2 Term Loans
shall accrue from the Amendment Effective Date until the last day of such continuing Interest Periods. 
  
 (d) The B2 Term Loans shall have the same terms, rights and obligations as the B1 Term Loans as set forth in the Credit Documents, except as modified by
Section 1 of this Amendment No. 3, and all references to “B1 Term Loans,” “B1 Term Loan Lenders” and “B1 Term Borrowings” (except as such references apply to B1 Term Loans being repaid out of the proceeds of the B2 Term
Loans) therein shall be deemed to be references to the “B2 Term Loans,” “B2 Term Loan Lenders” and “B2 Term Borrowings,” respectively and all references to B2 Term Loans shall refer to the B2 Term Loans made pursuant to
this Amendment No. 3. 
  
 The Administrative Agent is hereby authorized to enter
into an Amended and Restated Credit Agreement with the Canadian Parent and the Borrower to reflect the terms of this Amendment No. 3 and any previous amendments to the Credit Agreement, in its discretion, so long as, in connection therewith, (i) all
other Credit Documents are amended or modified to reflect such Amended and Restated Credit Agreement to the extent deemed necessary by the Agents in their sole discretion, (ii) all security interests granted, and guaranties made, by the Canadian
Parent and its Subsidiaries under the Credit Documents shall remain in full force and effect and perfected to the same extent as was in effect prior to the entering into of such Amended and Restated Credit Agreement and (iii) the Canadian Parent
and/or any of its Subsidiaries deliver to the Agents and the Lenders any opinions, certificates and/or other documentations similar to such opinions, certificates and other documentations delivered to the Agents and/or the Lenders on each of the
Escrow Deposit Date and Escrow Release Date, in each case to the extent reasonably requested by the Agents in their sole discretion. 
  
  

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 Section
4.    Representations and Warranties. Each of the Canadian Parent and the Borrower represents and warrants to the Lenders as of the date hereof that: 
  
 (a) The execution and delivery of this Amendment No. 3 by the Borrower and the Canadian Parent has been duly
authorized. 
  
 (b) Neither the execution,
delivery or performance by any Credit Party of this Amendment No. 3, nor compliance by any of them with the terms and provisions hereof, (i) will contravene any material provision of any applicable law, statute, rule or regulation, or of any
applicable order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict or be inconsistent with, or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a default
under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Credit Documents), upon any of the material properties or assets of Canadian Parent or any of its Subsidiaries pursuant to the
terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument to which the Canadian Parent or any of its Subsidiaries is a party or by which it or any of its
Subsidiaries’ property or assets is bound or to which it or any of its Subsidiaries may be subject, provided that no representation or warranty is made hereunder in respect of such agreements referred to in this clause (ii) relating to
indebtedness in an aggregate amount of less than $10,000,000 for all such agreements, or (iii) will violate any provision of their respective certificates of incorporation or bylaws (or equivalent organizational or other charter documents) or the
certificate of incorporation or bylaws (or equivalent organizational or other charter documents) of the Canadian Parent or any of its Subsidiaries. 
  
 (c) Before and after giving effect to this Amendment No. 3, the representations and warranties set forth in the Credit Agreement, are true
and correct in all material respects with the same effect as if made on the Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date. 
  
 (d) At the time of (other than as is being waived hereunder),
and after giving effect to this Amendment No. 3, no Default or Event of Default has, or will have, occurred and is, or will be, continuing. 
  
 Section 5.    Conditions to Effectiveness. This Amendment No. 3 shall become effective on the date on which each
of the following conditions is satisfied: 
  
 (a) The Administrative Agent (or its counsel) shall have received from (i) the Required Lenders, (ii) each B1 Term Loan Lender, or in lieu of one or more B1 Term Loan Lenders, one or more Additional B2 Term Loan Lenders providing Additional
B2 Term Loan Commitments in an amount sufficient to repay all of the principal 
  

 7 

 of the B1 Term Loans owed to such non-consenting B1 Term Loan Lenders, and (iii) each of the other
parties hereto, either (x) a counterpart of this Amendment No. 3 signed on behalf of such party or (y) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Amendment
No. 3) that such party has signed a counterpart of this Amendment No. 3; 
  
 (b) The Borrower shall have provided the Administrative Agent with a Notice of Borrowing meeting the requirements of Section 1.03(a) under the Credit Agreement (other than the prior notice period requirement, which is
hereby waived) on or prior to the Amendment Effective Date with respect to the borrowing of B2 Term Loans on the Amendment Effective Date. 
  
 (c) Each B2 Term Loan Lender shall have received, if requested, one or more Notes payable to the order of such Lender duly executed by the
Borrower in substantially the form of Exhibit B-1 to the Credit Agreement, as modified by this Amendment No. 3, evidencing its B2 Term Loans; 
  
 (d) The Borrower shall have paid to all B1 Term Loan Lenders simultaneously with the making of B2 Term Loans hereunder all accrued and
unpaid interest on their B1 Term Loans to the Amendment Effective Date; 
  
 (e) The Borrower shall have paid to the Administrative Agent all reasonable out-of-pocket costs and expenses (including, without limitation the reasonable fees, charges and disbursements of one outside counsel to the
Administrative Agent, which shall be Cahill Gordon & Reindel LLP, counsel for the Agents) of the Agents; and 
  
 (f) All corporate and other proceedings taken or to be taken in connection with this Amendment No. 3 and all documents incidental thereto,
whether or not referred to herein, shall be satisfactory in form and substance to the Agents. 
  
 Section 6.    Expenses. The Borrower agrees to reimburse the Administrative Agent for its and the other Agents’ reasonable out-of-pocket cost and expenses incurred by them in
connection with this Amendment No. 3, including the reasonable out-of-pocket fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for the Agents. 
  
 Section 7.    Counterparts. This Amendment No. 3 may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed
counterpart of a signature page of this Amendment No. 3 by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 
  
  
  

 -8- 

 Section 8.    Applicable Law. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
  
 Section 9.    Headings. The headings of this Amendment No. 3 are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 Section 10.    Effect of Amendment.
Except as expressly set forth herein, this Amendment No. 3 shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agents under the Credit Agreement or any other
Credit Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Credit
Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. 
  
  
  
  

 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 be duly executed as of the date
first above written. 
  
  

			
	MOORE HOLDINGS U.S.A. INC., as Borrower
		
	 By:
	  	 /S/    JOHN LAURIE

	 	  	Name:  John Laurie
	 	  	Title:  Senior Vice President, Treasurer
	
	MOORE WALLACE INCORPORATED, as a Guarantor
		
	 By:
	  	 /S/    JOHN LAURIE

	 	  	Name:  John Laurie
	 	  	Title:  Senior Vice President, Treasurer
	
	CITICORP NORTH AMERICA, INC., as Administrative Agent and a Lender
		
	 By:
	  	 /S/    ROBERT CHEN

	 	  	Name:  Robert Chen
	 	  	Title:  Vice President

  
  
  
  

 -10-

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