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                                                            EXHIBIT 10.27

                               MAIL-WELL, INC.

                    2001 LONG-TERM EQUITY INCENTIVE PLAN

SECTION 1.    PURPOSE

         This plan shall be known as the "Mail-Well, Inc. 2001 Long-Term
Equity Incentive Plan" (the "Plan"). The purpose of the Plan is to promote
the interests of Mail-Well, Inc. (the "Company") and its Subsidiaries and
the Company's stockholders by (i) attracting and retaining key officers,
employees, and directors of, and consultants to, the Company and its
Subsidiaries and any future Affiliates; (ii) motivating such individuals by
means of performance-related incentives to achieve long-range performance
goals, (iii) enabling such individuals to participate in the long-term
growth and financial success of the Company, (iv) encouraging ownership of
stock in the Company by such individuals, and (v) linking their compensation
to the long-term interests of the Company and its stockholders. With respect
to any awards granted under the Plan that are intended to comply with the
requirements of "performance-based compensation" under Section 162(m) of the
Code, the Plan shall be interpreted in a manner consistent with such
requirements.

SECTION 2.    DEFINITIONS

         As used in the Plan, the following terms shall have the meanings
set forth below:

              (a) "AFFILIATE" shall mean (i) any entity that, directly
         or indirectly, is controlled by the Company, (ii) any entity in
         which the Company has a significant equity interest, (iii) an
         affiliate of the Company, as defined in Rule 12b-2 promulgated
         under Section 12 of the Exchange Act, and (iv) any entity in which
         the Company has at least twenty percent (20%) of the combined
         voting power of the entity's outstanding voting securities, in each
         case as designated by the Board as being a participating employer
         in the Plan.

              (b) "AO OPTION" shall mean an Option to purchase, at Fair
         Market Value at the date of grant of the AO Option, a number of
         Shares equal to the sum of the number of whole Shares delivered by
         the Option holder in payment of the Option Price of the original
         Option and the number of whole Shares, if any, withheld by the
         Company as payment for withholding taxes.

              (c) "AWARD" shall mean any Option, Stock Appreciation
         Right, Restricted Share Award, Restricted Share Unit, Performance
         Award, Other Stock-Based Award or other award granted under the
         Plan, whether singly, in combination, or in tandem, to a
         Participant by the Committee (or the Board) pursuant to such terms,
         conditions, restrictions and/or limitations, if any, as the
         Committee (or the Board) may establish.

              (d) "AWARD AGREEMENT" shall mean any written agreement,
         contract, or other instrument or document evidencing any Award,
         which may, but need not, be executed or acknowledged by a
         Participant.

              (e) "BOARD" shall mean the board of directors of the Company.

              (f) "CHANGE IN CONTROL" shall mean, unless otherwise
         defined in the applicable Award Agreement, any of the following
         events:

                      (i) An acquisition (other than directly from the
              Company) of any voting securities of the Company (the
              "Voting Securities") by any "Person" (as the term Person
              is used for purposes of Section 13 (d) or 14(d) of the
              Securities Exchange Act of 1934, as amended (the "Exchange
              Act")) immediately after which such Person has "Beneficial
              Ownership" (within the meaning of Rule 13d-3 promulgated
              under the Exchange Act) of forty percent (40%) or more of the
              combined voting power of the then outstanding Voting
              Securities; provided, however, that in

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              determining whether a Change in Control has occurred, Voting
              Securities which are acquired in a "Non-Control Acquisition"
              (as hereinafter defined) shall not constitute an acquisition
              which would cause a Change in Control. A "Non-Control
              Acquisition" shall mean an acquisition by (i) an employee
              benefit plan (or a trust forming a part thereof)
              maintained by (A) the Company or (B) any subsidiary or
              (ii) the Company or any Subsidiary;

                      (ii) The individuals who, as of the date hereof,
              are members of the Board (the "Incumbent Board"), cease
              for any reason to constitute at least a majority of the
              Board; provided, however, that if the election or
              nomination for election by the Company's stockholders of
              any new director was approved by a vote of at least two-
              thirds of the Incumbent Board, such new director shall,
              for purposes of this Agreement, be considered as a member
              of the Incumbent Board; provided, further, however, that
              no individual shall be considered a member of the
              Incumbent Board if (1) such individual initially assumed
              office as a result of either an actual or threatened
              "Election Contest" (as described in Rule 14a-11
              promulgated under the Exchange Act) or other actual or
              threatened solicitation of proxies or consents by or on
              behalf of a Person other than the Board (a "Proxy
              Contest") including by reason of any agreement intended to
              avoid or settle any Election Contest or Proxy Contest or
              (2) such individual was designated by a Person who has
              entered into an agreement with the Company to effect a
              transaction described in clause (i) or (iii) of this
              paragraph; or

                      (iii) Approval by stockholders of the Company of:

                            (A) A merger, consolidation or
                      reorganization involving the Company, unless,

                                (1) The stockholders of the Company
                            immediately before such merger,
                            consolidation or reorganization, own,
                            directly or indirectly, immediately
                            following such merger, consolidation or
                            reorganization, at least seventy-five
                            percent (75%) of the combined voting
                            power of the outstanding Voting
                            Securities of the corporation (the
                            "Surviving Corporation") in
                            substantially the same proportion as
                            their ownership of the Voting Securities
                            immediately before such merger,
                            consolidation or reorganization;

                                (2) The individuals who were
                            members of the Incumbent Board
                            immediately prior to the execution of
                            the agreement providing for such merger,
                            consolidation or reorganization
                            constitute at least two-thirds of the
                            members of the board of directors of the
                            Surviving Corporation; and

                                (3) no Person (other than the
                            Company, any Subsidiary, any employee
                            benefit plan (or any trust forming a
                            part thereof) maintained by the Company,
                            the Surviving Corporation or any
                            Subsidiary, or any Person who,
                            immediately prior to such merger,
                            consolidation or reorganization, had
                            Beneficial Ownership of forty percent
                            (40%) or more of the then outstanding
                            Voting Securities) has Beneficial
                            Ownership of forty percent (40%) or more
                            of the combined voting power of the
                            Surviving Corporation's then outstanding
                            Voting Securities.

                            (B) A complete liquidation or dissolution of
                  the Company; or

                            (C) An agreement for the sale or other
                  disposition of all or substantially all of the assets
                  of the Company to any Person (other than a transfer
                  to a Subsidiary)

                      Notwithstanding the foregoing, a Change in Control shall
              not be deemed to occur solely because any Person (the "Subject
              Person") acquired Beneficial Ownership of more than the permitted
              amount of the outstanding Voting Securities as a result of the
              acquisition of Voting Securities by the Company which, by
              reducing the number of Voting Securities outstanding,
              increased the proportional number of shares Beneficially Owned
              by the Subject Person, provided that if a Change in Control
              would occur (but for the operation of this sentence) as a
              result of the acquisition of Voting Securities by the Company,
              and after such share acquisition by the Company, the Subject
              Person becomes the

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         Beneficial Owner of any additional Voting Securities Beneficially
         Owned by the Subject Person, then a Change in Control shall occur.

              (g) "CODE" shall mean the Internal Revenue Code of 1986,
         as amended from time to time.

              (h) "COMMITTEE" shall mean a committee of the Board
         composed of not less than two Non-Employee Directors, each of whom
         shall be a "Non-Employee Director" for purposes of Exchange Act
         Section 16 and Rule 16b-3 thereunder and an "outside director" for
         purposes of Section 162(m) and the regulations promulgated under
         the Code.

              (i) "CONSULTANT" shall mean any consultant to the Company
         or its Subsidiaries or Affiliates.

              (j) "COVERED OFFICER" shall mean at any date (i) any
         individual who, with respect to the previous taxable year of the
         Company, was a "covered employee" of the Company within the meaning
         of Section 162(m); provided, however, that the term "Covered
         Officer" shall not include any such individual who is designated by
         the Committee, in its discretion, at the time of any Award or at
         any subsequent time, as reasonably expected not to be such a
         "covered employee" with respect to the current taxable year of the
         Company and (ii) any individual who is designated by the Committee,
         in its discretion, at the time of any Award or at any subsequent
         time, as reasonably expected to be such a "covered employee" with
         respect to the current taxable year of the Company or with respect
         to the taxable year of the Company in which any applicable Award
         will be paid.

              (k) "DIRECTOR" shall mean a member of the Board.

              (l) "EMPLOYEE" shall mean a current or prospective
         officer or employee of the Company or of any Subsidiary or Affiliate.

              (m) "EXCHANGE ACT" shall mean the Securities Exchange Act
         of 1934, as amended from time to time.

              (n) "FAIR MARKET VALUE" with respect to the Shares, shall
         mean, for purposes of a grant of an Award as of any date, (i) the
         closing sales price of the Shares on the New York Stock Exchange,
         or any other such exchange on which the shares are traded, on such
         date, or in the absence of reported sales on such date, the closing
         sales price on the immediately preceding date on which sales were
         reported or (ii) in the event there is no public market for the
         Shares on such date, the fair market value as determined, in good
         faith, by the Committee in its sole discretion, and for purposes of
         a sale of a Share as of any date, the actual sales price on that
         date.

              (o) "INCENTIVE STOCK OPTION" shall mean an option to
         purchase Shares from the Company that is granted under Section 6 of
         the Plan and that is intended to meet the requirements of Section
         422 of the Code or any successor provision thereto.

              (p) "NON-QUALIFIED STOCK OPTION" shall mean an option to
         purchase Shares from the Company that is granted under Section 6 or
         10 of the Plan and is not intended to be an Incentive Stock Option.

              (q) "NON-EMPLOYEE DIRECTOR" shall mean a member of the
         Board who is not an officer or employee of the Company or any
         Subsidiary or Affiliate.

              (r) "OPTION" shall mean an Incentive Stock Option or a
         Non-Qualified Stock Option.

              (s) "OPTION PRICE" shall mean the purchase price payable
         to purchase one Share upon the exercise of an Option.

              (t) "OTHER STOCK-BASED AWARD" shall mean any Award
         granted under Section 9 or 10 of the Plan.

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              (u) "PARTICIPANT" shall mean any Employee, Director,
         Consultant or other person who receives an Award under the Plan.

              (v) "PERFORMANCE AWARD" shall mean any Award granted
         under Section 8 of the Plan.

              (w) "PERSON" shall mean any individual, corporation,
         partnership, limited liability company, associate, joint-stock
         company, trust, unincorporated organization, government or
         political subdivision thereof or other entity.

              (x) "RESTRICTED SHARE" shall mean any Share granted under
         Section 7 or 10 of the Plan.

              (y) "RESTRICTED SHARE UNIT" shall mean any unit granted
         under Section 7 or 10 of the Plan.

              (z) "SEC" shall mean the Securities and Exchange
         Commission or any successor thereto.

              (aa) "SECTION 16" shall mean Section 16 of the Exchange
         Act and the rules promulgated thereunder and any successor
         provision thereto as in effect from time to time.

              (bb) "SECTION 162 (M)" shall mean Section 162 (m) of the
         Code and the regulations promulgated thereunder and any successor
         or provision thereto as in effect from time to time.

              (cc) "SHARES" shall mean shares of the common stock, $0.01
         par value, of the Company.

              (dd) "STOCK APPRECIATION RIGHT OR SAR" shall mean a stock
         appreciation right granted under Section 6 or 10 of the Plan that
         entitles the holder to receive, with respect to each Share
         encompassed by the exercise of such SAR, the amount determined by
         the Committee and specified in an Award Agreement. In the absence
         of such a determination, the holder shall be entitled to receive,
         with respect to each Share encompassed by the exercise of such SAR,
         the excess of the Fair Market Value on the date of exercise over
         the Fair Market Value on the date of grant.

              (ee) "SUBSIDIARY" shall mean any Person (other than the
         Company) of which a majority of its voting power or its equity
         securities or equity interest is owned directly or indirectly by
         the Company.

              (ff) "SUBSTITUTE AWARDS" shall mean Awards granted solely
         in assumption of, or in substitution for, outstanding awards
         previously granted by a company acquired by the Company or with
         which the Company combines.

              (gg) "TANDEM SAR" shall mean an SAR that is granted under
         Section 6 or 10 of the Plan in relation to a particular Option and
         that can be exercised only upon the surrender to the Company,
         unexercised, of that portion of the Option to which the SAR
         relates.

SECTION 3.    ADMINISTRATION

         3.1  Authority of Committee. The Plan shall be administered by the
Committee, which shall be appointed by and serve at the pleasure of the
Board; provided, however, with respect to Awards to Directors who are
members of the Committee, all references in the Plan to the Committee shall
be deemed to be references to the Board. Subject to the terms of the Plan
and applicable law, and in addition to other express powers and
authorizations conferred on the Committee by the Plan, the Committee shall
have full power and authority in its discretion to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a
Participant; (iii) determine the number of Shares to be covered by, or with
respect to which payments, rights, or other matters are to be calculated in
connection with Awards; (iv) determine the timing, terms, and conditions of
any Award; (v) accelerate the time at which all or any part of an Award may
be settled or exercised; (vi) determine whether, to what extent, and under
what circumstances Awards may be settled or exercised in cash, Shares, other
securities, other Awards or other property, or canceled, forfeited, or
suspended and the method or methods by which Awards may be settled,
exercised, canceled, forfeited, or suspended; (vii) determine whether,
to what extent, and under

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what circumstances cash, Shares, other securities, other Awards, other
property, and other amounts payable with respect to an Award
shall be deferred either automatically or at the election of the holder
thereof or of the Committee; (viii) interpret and administer the Plan
and any instrument or agreement relating to, or Award made under, the Plan;
(ix) except to the extent prohibited by Section 6.2, amend or modify the
terms of any Award at or after grant with the consent of the holder of the
Award; (x) establish, amend, suspend, or waive such rules and regulations
and appoint such agents as it shall deem appropriate for the proper
administration of the Plan; and (xi) make any other determination and take

any other action that the Committee deems necessary or desirable for the
administration of the Plan, subject to the exclusive authority of the Board
under Section 14 hereunder to amend or terminate the Plan.

         3.2  Committee Discretion Binding. Unless otherwise expressly
provided in the Plan, all designations, determinations, interpretations, and
other decisions under or with respect to the Plan or any Award shall be
within the sole discretion of the Committee, may be made at any time and
shall be final, conclusive, and binding upon all Persons, including the
Company, any Subsidiary or Affiliate, any Participant and any holder or
beneficiary of any Award.

         3.3  Action by the Committee. The Committee shall select one of its
members as its Chairperson and shall hold its meetings at such times and
places and in such manner as it may determine. A majority of its members
shall constitute a quorum. All determinations of the Committee shall be made
by not less than a majority of its members. Any decision or determination
reduced to writing and signed by all of the members of the Committee shall
be fully effective as if it had been made by a majority vote at a meeting
duly called and held. The exercise of an Option or receipt of an Award shall
be effective only if an Award Agreement shall have been duly executed and
delivered on behalf of the Company following the grant of the Option or
other Award. The Committee may appoint a Secretary and may make such rules
and regulations for the conduct of its business, as it shall deem advisable.

         3.4  Delegation. Subject to the terms of the Plan and applicable
law, the Committee may delegate to one or more officers or managers of the
Company or of any Subsidiary or Affiliate, or to a Committee of such
officers or managers, the authority, subject to such terms and limitations
as the Committee shall determine, to grant Awards to, or to cancel, modify
or waive rights with respect to, or to alter, discontinue, suspend, or
terminate Awards held by Participants who are not officers or directors of
the Company for purposes of Section 16 or who are otherwise not subject to
such Section.

         3.5  No Liability. No member of the Board or Committee shall be
liable for any action taken or determination made in good faith with respect to
the Plan or any Award granted hereunder.

SECTION 4.    SHARES AVAILABLE FOR AWARDS

         4.1  Shares Available. Subject to the provisions of Section 4.2
hereof, the stock to be subject to Awards under the Plan shall be the Shares
of the Company and the maximum number of Shares with respect to which Awards
may be granted under the Plan shall be 4,425,000 (which includes 61,281
Shares with respect to which awards under the Mail-Well, Inc. 1994 Stock
Option Plan (the "1994 Plan") were authorized but not granted, 294,000
Shares with respect to which awards under the Mail-Well, Inc. 1996 Directors
Stock Option Plan (the "1996 Plan") were authorized but not granted, 26,465
Shares with respect to which awards under the Mail-Well, Inc. 1997 Non-Qualified
Stock Option Plan (the "1997 Plan") were authorized but not granted, and 42,971
Shares with respect to which awards under the Mail-Well, Inc. 1998 Stock Option
Plan (the "1998 Plan") were authorized but not granted), of which (i) the number
of Shares with respect to which Incentive Stock Options may be granted shall be
no more than 4,425,000 and (ii) no more than 800,000 shall be Shares with
respect to which Awards other than Options may be granted. Notwithstanding
the foregoing and subject to adjustment as provided in Section 4.2, the
maximum number of Shares with respect to which Awards may be granted under
the Plan shall be increased by the number of Shares with respect to which
Options or other Awards were granted under the 1994, 1996, 1997 and 1998
Plans, as of the effective date of this Plan, but which terminate, expire

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unexercised, or are settled for cash, forfeited or canceled without the
delivery of Shares under the terms of such Plans after the effective date of
this Plan.

         If, after the effective date of the Plan, any Shares covered by an
Award granted under this Plan, or to which such an Award relates, are
forfeited, or if such an Award is settled for cash or otherwise terminates,
expires unexercised, or is canceled without the delivery of Shares, then the
Shares covered by such Award, or to which such Award relates, or the number
of Shares otherwise counted against the aggregate number of Shares with
respect to which Awards may be granted, to the extent of any such
settlement, forfeiture, termination, expiration, or cancellation, shall
again become Shares with respect to which Awards may be granted. In the
event that any Option or other Award granted hereunder is exercised through
the delivery of Shares or in the event that withholding tax liabilities
arising from such Award are satisfied by the withholding of Shares by the
Company, the number of Shares available for Awards under the Plan shall be
increased by the number of Shares so surrendered or withheld.
Notwithstanding the foregoing and subject to adjustment as provided in
Section 4.2 hereof, no Participant may receive Options or SAR's under the
Plan in any calendar year that relate to more than 1,500,000 Shares, unless
such Options or SAR's are granted in connection with the recruiting and
hiring of a Participant simultaneously with such Award.

         4.2  Adjustments. In the event that the Committee determines that
any dividend or other distribution (whether in the form of cash, Shares,
other securities, or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Shares or other securities of the
Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company, or other similar corporate transaction or event
affects the Shares such that an adjustment is determined by the Committee,
in its sole discretion, to be appropriate, then the Committee shall, in such
manner as it may deem equitable (and, with respect to Incentive Stock
Options, in such manner as is consistent with Section 422 of the Code and
the regulations thereunder): (i) adjust any or all of (1) the aggregate
number of Shares or other securities of the Company (or number and kind of
other securities or property) with respect to which Awards may be granted
under the Plan; (2) the number of Shares or other securities of the Company
(or number and kind of other securities or property) subject to outstanding
Awards under the Plan; and (3) the grant or exercise price with respect to
any Award under the Plan, provided that the number of shares subject to any
Award shall always be a whole number; (ii) if deemed appropriate, provide
for an equivalent award in respect of securities of the surviving entity of
any merger, consolidation or other transaction or event having a similar
effect; or (iii) if deemed appropriate, make provision for a cash payment to
the holder of an outstanding Award.

         4.3  Substitute Awards. Any Shares issued by the Company as
Substitute Awards in connection with the assumption or substitution of
outstanding grants from any acquired corporation shall not reduce the Shares
available for Awards under the Plan.

         4.4  Sources of Shares Deliverable Under Awards. Any Shares
delivered pursuant to an Award may consist, in whole or in part, of
authorized and unissued Shares or of issued Shares that have been reacquired
by the Company.

SECTION 5.    ELIGIBILITY

         Any Employee, Director or Consultant shall be eligible to be
designated a Participant; provided, however, that Non-Employee Directors
shall only be eligible to receive Awards granted consistent with Section 10.

SECTION 6.    STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

         6.1  Grant. Subject to the provisions of the Plan, the Committee
shall have sole and complete authority to determine the Participants to
whom Options and SAR's shall be granted, the number of Shares subject
to each Award, the exercise price and the conditions and limitations
applicable to the exercise of each Option and SAR. An Option may be granted
with or without a Tandem SAR. An SAR may be granted with or without a related
Option. The Committee shall have the authority to grant

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Incentive Stock Options, or to grant Non-Qualified Stock Options, or
to grant both types of Options. In the case of Incentive Stock Options or
Tandem SAR's related to such Options, the terms and conditions of such
grants shall be subject to and comply with such rules as may be prescribed
by Section 422 of the Code, as from time to time amended, and any
regulations implementing such statute. A person who has been granted an
Option or SAR under this Plan may be granted additional Options or SAR's
under the Plan if the Committee shall so determine; provided,
however, that to the extent the aggregate Fair Market Value
(determined at the time the Incentive Stock Option or Tandem SAR
related thereto is granted) of the Shares with respect to which all
Incentive Stock Options or Tandem SAR's related to such Option are
exercisable for the first time by an Employee during any calendar year
(under all plans described in subsection (d) of Section 422 of the Code of
the Company and its Subsidiaries) exceeds $100,000 (or such higher amount as
is permitted in the future under Section 422(d) of the Code, such Options
shall be treated as Non-Qualified Stock Options.

         6.2  Price. The Committee in its sole discretion shall establish the
Option Price at the time each Option is granted. Except in the case of
Substitute Awards, the Option Price of an Option may not be less than 100%
of the Fair Market Value of the Shares with respect to which the Option is
granted on the date of grant of such Option. Notwithstanding the foregoing
and except as permitted by the provisions of Section 4.2 and Section 14
hereof, the Committee shall not have the power to (i) amend the terms of
previously granted Options to reduce the Option Price of such Options, or
(ii) cancel such Options and grant substitute Options with a lower Option
Price than the canceled Options. Except with respect to Substitute Awards,
SAR's may not be granted at a price less than the Fair Market Value of a
Share on the date of grant.

         6.3  Term. Subject to the Committee's authority under Section 3.1
and the provisions of Section 6.6, each Option and SAR and all rights and
obligations thereunder shall expire on the date determined by the Committee
and specified in the Award Agreement. The Committee shall be under no duty
to provide terms of like duration for Options or SAR's granted under the
Plan. Notwithstanding the foregoing, no Option or Tandem SAR that relates to
such Option shall be exercisable after the expiration of ten (10) years from
the date such Option or SAR was granted.

         6.4  Exercise.

              (a) Each Option and SAR shall be exercisable at such times
         and subject to such terms and conditions as the Committee may, in
         its sole discretion, specify in the applicable Award Agreement or
         thereafter. The Committee shall have full and complete authority to
         determine, subject to Section 6.6 herein, whether an Option or SAR
         will be exercisable in full at any time or from time to time during
         the term of the Option or SAR, or to provide for the exercise
         thereof in such installments, upon the occurrence of such events
         and at such times during the term of the Option or SAR as the
         Committee may determine.

              (b) The Committee may impose such conditions with respect
         to the exercise of Options, including without limitation, any
         relating to the application of federal, state or foreign securities
         laws or the Code, as it may deem necessary or advisable. The
         exercise of any Option granted hereunder shall be effective only at
         such time as the sale of Shares pursuant to such exercise will not
         violate any state or federal securities or other laws.

              (c) An Option or SAR may be exercised in whole or in part
         at any time, with respect to whole Shares only, within the period
         permitted thereunder for the exercise thereof, and shall be
         exercised by written notice of intent to exercise the Option or
         SAR, delivered to the Company at its principal office, and payment
         in full to the Company at the direction of the Committee of the
         amount of the Option Price for the number of Shares with respect to
         which the Option is then being exercised. A Tandem SAR that is
         related to an Incentive Stock Option may be exercised only to the
         extent that the related Option is exercisable and only when the
         Fair Market Value exceeds the Option Price of the related Option.
         The exercise of either an Option or Tandem SAR shall result in the
         termination of the
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         other to the extent of the number of Shares with
         respect to which either the Option or Tandem SAR is exercised.

              (d) Payment of the Option Price shall be made in cash or
         cash equivalents, or, at the discretion of the Committee, (i) in
         whole Shares valued at the Fair Market Value of such Shares on the
         date of exercise, together with any applicable withholding taxes,
         or (ii) by a combination of such cash (or cash equivalents) and
         such Shares; provided, however, that the optionee shall not be
         entitled to tender Shares pursuant to successive, substantially
         simultaneous exercises of an Option or any other stock option of
         the Company. Subject to applicable securities laws, an Option may
         also be exercised by (i) delivering a notice of exercise of the
         Option and simultaneously selling the Shares thereby acquired,
         pursuant to a brokerage or similar agreement approved in advance by
         proper officers of the Company, using the proceeds of such sale as
         payment of the Option Price, together with any applicable
         withholding taxes, or (ii) any other exercise method (including
         attestation of shares) approved by the Committee. Until the
         optionee has been issued the Shares subject to such exercise, he or
         she shall possess no rights as a stockholder with respect to such
         Shares.

              (e) At the Committee's discretion, the amount payable as a
         result of the exercise of an SAR may be settled in cash, Shares, or
         a combination of cash and Shares. A fractional Share shall not be
         deliverable upon the exercise of a SAR but a cash payment will be
         made in lieu thereof.

         6.5  Accelerated Ownership Feature. An Option may, in the discretion
of the Committee, include the right to acquire an AO Option. An Option that
provides for the grant of an AO Option shall entitle the Option holder upon
exercise of that Option and payment of the appropriate Option Price in
Shares that have been owned by such Option holder for not less than six (6)
months prior to the date of exercise, to receive an AO Option. An AO Option
shall expire on the same date that the original Option would have expired
had it not been exercised. All AO Options shall be Non-Qualified Stock
Options.

         6.6  Ten Percent Stock Rule. Notwithstanding any other provisions in
the Plan, if at the time an Option or SAR is otherwise to be granted
pursuant to the Plan the optionee or rights holder owns directly or
indirectly (within the meaning of Section 424(d) of the Code) Shares of the
Company possessing more than ten percent (10%) of the total combined voting
power of all classes of Stock of the Company or its parent or Subsidiary or
Affiliate corporations (within the meaning of Section 422 (b) (6) of the
Code), then any Incentive Stock Option or Tandem SAR to be granted to such
optionee or rights holder pursuant to the Plan shall satisfy the requirement
of Section 422(c) (5) of the Code, and the Option Price shall be not less
than 110% of the Fair Market Value of the Shares of the Company, and such
Option by its terms shall not be exercisable after the expiration of five
(5) years from the date such Option is granted.

SECTION 7.    RESTRICTED SHARES AND RESTRICTED SHARE UNITS

         7.1  Grant.

              (a) Subject to the provisions of the Plan, the Committee
         shall have sole and complete authority to determine the
         Participants to whom Restricted Shares and Restricted Share Units
         shall be granted, the number of Restricted Shares and/or the number
         of Restricted Share Units to be granted to each Participant, the
         duration of the period during which, and the conditions under
         which, the Restricted Shares and Restricted Share Units may be
         forfeited to the Company, and the other terms and conditions of
         such Awards. The Restricted Share and Restricted Share Unit Awards
         shall be evidenced by Award Agreements in such form as the
         Committee shall from time to time approve, which agreements shall
         comply with and be subject to the terms and conditions provided
         hereunder and any additional terms and conditions established by
         the Committee that are consistent with the terms of the Plan.

              (b) Each Restricted Share and Restricted Share Unit Award
         made under the Plan shall be for such number of Shares as shall be
         determined by the Committee and set forth in the Award Agreement
         containing the terms of such Restricted Share or Restricted Share
         Unit Award. The

                                   A-8

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<PAGE>

         Award Agreement shall set forth a period of time during which
         the grantee must remain in the continuous employment of the
         Company in order for the forfeiture and transfer restrictions to
         lapse. If the Committee so determines, the restrictions may lapse
         during such restricted period in installments with respect to
         specified portions of the Shares covered by the Restricted Share or
         Restricted Share Unit Award. The Award Agreement may also, in the
         discretion of the Committee, set forth performance or other
         conditions that will subject the Shares to forfeiture and transfer
         restrictions. The Committee may, at its discretion, waive all or
         any part of the restrictions applicable to any or all outstanding
         Restricted Share and Restricted Share Unit Awards.

         7.2  Delivery of Shares and Transfer Restrictions. At the time of a
Restricted Share Award, a certificate representing the number of Shares
awarded thereunder shall be registered in the name of the grantee. Such
certificate shall be held by the Company or any custodian appointed by the
Company for the account of the grantee subject to the terms and conditions
of the Plan, and shall bear such a legend setting forth the restrictions
imposed thereon as the Committee, in its discretion, may determine. The
grantee shall have all rights of a stockholder with respect to the
Restricted Shares, including the right to receive dividends and the right to
vote such Shares, subject to the following restrictions: (i) the grantee
shall not be entitled to delivery of the stock certificate until the
expiration of the restricted period and the fulfillment of any other
restrictive conditions set forth in the Award Agreement with respect to such
Shares; (ii) none of the Shares may be sold, assigned, transferred, pledged,
hypothecated or otherwise encumbered or disposed of during such restricted
period or until after the fulfillment of any such other restrictive
conditions; and (iii) except as otherwise determined by the Committee at or
after grant, all of the Shares shall be forfeited and all rights of the
grantee to such Shares shall terminate, without further obligation on the
part of the Company, unless the grantee remains in the continuous employment
of the Company for the entire restricted period in relation to which such
Shares were granted and unless any other restrictive conditions relating to
the Restricted Share Award are met. Any Shares, any other securities of the
Company and any other property (except for cash dividends) distributed with
respect to the Shares subject to Restricted Share Awards shall be subject to
the same restrictions, terms and conditions as such restricted Shares.

         7.3  Termination of Restrictions. At the end of the restricted
period and provided that any other restrictive conditions of the Restricted
Share Award are met, or at such earlier time as otherwise determined by the
Committee, all restrictions set forth in the Award Agreement relating to the
Restricted Share Award or in the Plan shall lapse as to the restricted
Shares subject thereto, and a stock certificate for the appropriate number
of Shares, free of the restrictions and restricted stock legend, shall be
delivered to the Participant or the Participant's beneficiary or estate, as
the case may be.

         7.4  Payment of Restricted Share Units. Each Restricted Share Unit
shall have a value equal to the Fair Market Value of a Share. Restricted
Share Units shall be paid in cash, Shares, other securities or other
property, as determined in the sole discretion of the Committee, upon the
lapse of the restrictions applicable thereto, or otherwise in accordance
with the applicable Award Agreement. A Participant shall be credited with
dividend equivalents on any vested Restricted Share Units credited to the
Participant's account at the time of any payment of dividends to
stockholders on Shares. The amount of any such dividend equivalents shall
equal the amount that would have been payable to the Participant as a
stockholder in respect of a number of Shares equal to the number of vested
Restricted Share Units then credited to the Participant. Any such dividend
equivalents shall be credited to the Participant's account as of the date on
which such dividend would have been payable and shall be converted into
additional Restricted Share Units (which shall be immediately vested) based
upon the Fair Market Value of a Share on the date of such crediting. No
dividend equivalents shall be paid in respect of Restricted Share Units that
are not yet vested. Except as otherwise determined by the Committee at or
after grant, Restricted Share Units may not be sold, assigned, transferred,
pledged, hypothecated or otherwise encumbered or disposed of, and all
Restricted Share Units and all rights of the grantee to such Restricted
Share Units shall terminate, without further obligation on the part of the
Company, unless the grantee remains in continuous employment of the Company
for the entire restricted period in relation to which such

                                   A-9

<PAGE>
<PAGE>

Restricted Share Units were granted and unless any other restrictive
conditions relating to the Restricted Share Unit Award are met.

SECTION 8.    PERFORMANCE AWARDS

         8.1  Grant. The Committee shall have sole and complete authority to
determine the Participants who shall receive a Performance Award, which
shall consist of a right that is (i) denominated in cash or Shares, (ii)
valued, as determined by the Committee, in accordance with the achievement
of such performance goals during such performance periods as the Committee
shall establish, and (iii) payable at such time and in such form as the
Committee shall determine. All Performance Awards shall be subject to the
terms and provisions of Section 11 hereof.

         8.2  Terms and Conditions. Subject to the terms of the Plan and any
applicable Award Agreement, the Committee shall determine the performance
goals to be achieved during any performance period, the length of any
performance period, the amount of any Performance Award and the amount and
kind of any payment or transfer to be made pursuant to any Performance
Award, and may amend specific provisions of the Performance Award; provided,
however, that such amendment may not adversely affect existing Performance
Awards made within a performance period commencing prior to implementation
of the amendment.

         8.3  Payment of Performance Awards. Performance Awards may be paid
in a lump sum or in installments following the close of the performance
period or, in accordance with the procedures established by the Committee,
on a deferred basis. Termination of employment prior to the end of any
performance period, other than for reasons of death or Disability, will
result in the forfeiture of the Performance Award, and no payments will be
made. A Participant's rights to any Performance Award may not be sold,
assigned, transferred, pledged, hypothecated or otherwise encumbered or
disposed of in any manner, except by will or the laws of descent and
distribution, and/or except as the Committee may determine at or after
grant.

SECTION 9.    OTHER STOCK-BASED AWARDS

         The Committee shall have the authority to determine the
Participants who shall receive an Other Stock-Based Award, which shall
consist of any right that is (i) not an Award described in Sections 6, 7 and
8 above and (ii) an Award of Shares or an Award denominated or payable in,
valued in whole or in part by reference to, or otherwise based on or related
to, Shares (including, without limitation, securities convertible into
Shares), as deemed by the Committee to be consistent with the purposes of
the Plan. Subject to the terms
of the Plan and any applicable Award Agreement, the Committee shall determine
the terms and conditions of any such Other Stock-Based Award.

SECTION 10.   NON-EMPLOYEE DIRECTOR AWARDS

         The Board may provide that all or a portion of a Non-Employee
Director's annual retainer, meeting fees and/or other awards or compensation
as determined by the Board, be payable (either automatically or at the
election of a Non-Employee Director) in the form of Non-Qualified Stock
Options, SAR's, Restricted Shares, Restricted Share Units and/or Other
Stock-Based Awards, including unrestricted Shares. The Board shall determine
the terms and conditions of any such Awards, including the terms and
conditions which shall apply upon a termination of the Non-Employee
Director's service as a member of the Board, and shall have full power and
authority in its discretion to administer such Awards, subject to the terms
of the Plan and applicable law.

SECTION 11.   PROVISIONS APPLICABLE TO COVERED OFFICERS AND PERFORMANCE AWARDS

         11.1 Notwithstanding anything in the Plan to the contrary,
Performance Awards shall be subject to the terms and provisions of this
Section 11.

                                   A-10

<PAGE>
<PAGE>

         11.2 The Committee may grant Performance Awards to Covered Officers
based solely upon the attainment of performance targets related to one or
more performance goals selected by the Committee from among the goals
specified below. For the purposes of this Section 11, performance goals
shall be limited to one or more of the following Company, Subsidiary,
operating unit or division financial performance measures:

              (a) earnings before interest, taxes, depreciation and/or
         amortization;

              (b) operating income or profit;

              (c) operating efficiencies;

              (d) return on equity, assets, capital, capital employed, or
         investment;

              (e) after tax operating income;

              (f) net income;

              (g) earnings or book value per Share;

              (h) cash flow(s);

              (i) total sales or revenues or sales or revenues per employee;

              (j) production (separate work units or SWU's);

              (k) stock price or total shareholder return;

              (l) dividends; or

              (m) strategic business objectives, consisting of one or
         more objectives based on meeting specified cost targets, business
         expansion goals, and goals relating to acquisitions or
         divestitures; or any combination thereof. Each goal may be
         expressed on an absolute and/or relative basis, may be based on or
         otherwise employ comparisons based on internal targets, the past
         performance of the Company or any Subsidiary, operating unit or
         division of the Company and/or the past or current performance of
         other companies, and in the case of earnings-based measures, may
         use or employ comparisons relating to capital, shareholders' equity
         and/or Shares outstanding, or to assets or net assets.

         11.3 With respect to any Covered Officer, the maximum annual number
of Shares in respect of which all Performance Awards may be granted under
Section 8 of the Plan is 150,000 and the maximum annual amount of any Award
settled in cash is $1,000,000.

         11.4 To the extent necessary to comply with Section 162(m), with
respect to grants of Performance Awards, no later than 90 days following the
commencement of each performance period (or such other time as may be
required or permitted by Section 162(m) of the Code), the Committee shall,
in writing, (1) select the performance goal or goals applicable to the
performance period, (2) establish the various targets and bonus amounts
which may be earned for such performance period, and (3) specify the
relationship between performance goals and targets and the amounts to be
earned by each Covered Officer for such performance period. Following the
completion of each performance period, the Committee shall certify in
writing whether the applicable performance targets have been achieved and
the amounts, if any, payable to Covered Officers for such performance
period. In determining the amount earned by a Covered Officer for a given
performance period, subject to any applicable Award Agreement, the Committee
shall have the right to reduce (but not increase) the amount payable at a
given level of performance to take into account additional factors that the
Committee may deem relevant to the assessment of individual or corporate
performance for the performance period.

                                   A-11

<PAGE>
<PAGE>

SECTION 12.  TERMINATION OF EMPLOYMENT

         The Committee shall have the full power and authority to determine
the terms and conditions that shall apply to any Award upon a termination of
employment with the Company, its Subsidiaries and Affiliates, including a
termination by the Company with or without cause, by a Participant voluntarily,
or by reason of death, disability or retirement, and may provide such terms
and conditions in the Award Agreement or in such rules and regulations as it
may prescribe.

SECTION 13.  CHANGE IN CONTROL

         Upon a Change in Control, all outstanding Awards shall vest, become
immediately exercisable or payable and have all restrictions lifted.

SECTION 14.  AMENDMENT AND TERMINATION

         14.1 Amendments to the Plan. The Board may amend, alter, suspend,
discontinue, or terminate the Plan or any portion thereof at any time;
provided that no such amendment, alteration, suspension, discontinuation or
termination shall be made without stockholder approval if such approval is
necessary to comply with any tax or regulatory requirement for which or with
which the Board deems it necessary or desirable to comply; provided that any
such waiver, amendment, alteration, suspension, discontinuance or
termination that would adversely affect the rights of any Participants, or
any holder or beneficiary, under any Award theretofore granted, shall not
to that extent be effective without the consent of the affected Participant,
holder, or beneficiary.

         14.2 Amendments to Awards. Subject to the restrictions of Section
6.2, the Committee may waive any conditions or rights under, amend any terms
of, or alter, suspend, discontinue, cancel or terminate, any Award
theretofore granted, prospectively or retroactively; provided that any such
waiver, amendment, alteration, suspension, discontinuance, cancellation or
termination that would adversely affect the rights of any Participants, or
any holder or beneficiary of any Award theretofore granted, shall not to
that extent be effective without the consent of the affected Participant,
holder, or beneficiary.

         14.3 Adjustments of Awards Upon the Occurrence of Certain Unusual
or Nonrecurring Events. The Committee is hereby authorized to make
adjustments in the terms and conditions of, and the criteria included in,
Awards in recognition of unusual or nonrecurring events (including, without
limitation, the events described in Section 4.2 hereof) affecting the
Company, any Subsidiary or Affiliate, or the financial statements of the
Company or any Subsidiary or Affiliate, or of changes in applicable laws,
regulations, or accounting principles, whenever the Committee determines
that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made
available under the Plan.

SECTION 15.   GENERAL PROVISIONS

         15.1 Limited Transferability of Awards. Except as otherwise
provided in the Plan, no Award shall be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by a Participant,
except by will or the laws of descent and distribution and/or as may be
provided by the Committee in its discretion, at or after grant, in the Award
Agreement. No transfer of an Award by will or by laws of descent and
distribution shall be effective to bind the Company unless the Company shall
have been furnished with written notice thereof and an authenticated copy of
the will and/or such other evidence as the Committee may deem necessary or
appropriate to establish the validity of the transfer.

         15.2 Dividend Equivalents. In the sole and complete discretion of
the Committee, an Award may provide the Participant with dividends or
dividend equivalents, payable in cash, Shares, other securities or other
property on a current or deferred basis. All dividend or dividend
equivalents which are not paid currently may, at the Committee's discretion,
accrue interest, be reinvested into additional Shares, or in the case of
dividends or dividend equivalents credited in connection with Performance
Awards, be
                                   A-12

<PAGE>
<PAGE>

credited as additional Performance Awards and paid to the
Participant if and when, and to the extent that, payment is made pursuant to
such Award. The total number of Shares available for grant under Section 4
shall not be reduced to reflect any dividends or dividend equivalents that
are reinvested into additional Shares or credited as Performance Awards.

         15.3 No Rights to Awards. No Person shall have any claim to be
granted any Award, and there is no obligation for uniformity of treatment of
Participants or holders or beneficiaries of Awards. The terms and conditions
of Awards need not be the same with respect to each Participant.

         15.4 Share Certificates. All certificates for Shares or other
securities of the Company or any Subsidiary or Affiliate delivered under the
Plan pursuant to any Award or the exercise thereof shall be subject to such
stop transfer orders and other restrictions as the Committee may deem
advisable under the Plan or the rules, regulations and other requirements of
the SEC or any state securities commission or regulatory authority, any
stock exchange or other market upon which such Shares or other securities
are then listed, and any applicable Federal or state laws, and the Committee
may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions.

         15.5 Withholding. A Participant may be required to pay to the
Company or any Subsidiary or Affiliate and the Company or any Subsidiary or
Affiliate shall have the right and is hereby authorized to withhold from any
Award, from any payment due or transfer made under any Award or under the
Plan, or from any compensation or other amount owing to a Participant the
amount (in cash, Shares, other securities, other Awards or other property)
of any applicable withholding or other taxes in respect of an Award, its
exercise, or any payment or transfer under an Award or under the Plan and to
take such other action as may be necessary in the opinion of the Company to
satisfy all obligations for the payment of such taxes. The Committee may
provide for additional cash payments to holders of Options to defray or
offset any tax arising from the grant, vesting, exercise or payment of any
Award.

         15.6 Award Agreements. Each Award hereunder shall be evidenced by
an Award Agreement that shall be delivered to the Participant and may
specify the terms and conditions of the Award and any rules applicable
thereto. In the event of a conflict between the terms of the Plan and any
Award Agreement, the terms of the Plan shall prevail.

         15.7 No Limit on Other Compensation Arrangements. Nothing contained
in the Plan shall prevent the Company or any Subsidiary or Affiliate from
adopting or continuing in effect other compensation arrangements, which may,
but need not, provide for the grant of Options, Restricted Shares,
Restricted Share Units, Other Stock-Based Awards or other types of Awards
provided for hereunder.

         15.8 No Right to Employment. The grant of an Award shall not be
construed as giving a Participant the right to be retained in the employ of
the Company or any Subsidiary or Affiliate. Further, the Company or a
Subsidiary or Affiliate may at any time dismiss a Participant from
employment, free from any liability or any claim under the Plan, unless
otherwise expressly provided in an Award Agreement.

         15.9 No Rights as Stockholder. Subject to the provisions of the
Plan and the applicable Award Agreement, no Participant or holder or
beneficiary of any Award shall have any rights as a stockholder with respect
to any Shares to be distributed under the Plan until such person has become
a holder of such Shares. Notwithstanding the foregoing, in connection with
each grant of Restricted Shares hereunder, the applicable Award Agreement
shall specify if and to what extent the Participant shall not be entitled to
the rights of a stockholder in respect of such Restricted Shares.

         15.10 Governing Law. The validity, construction and effect of the
Plan and any rules and regulations relating to the Plan and any Award
Agreement shall be determined in accordance with the laws of the State of
Colorado without giving effect to conflicts of laws principles.

         15.11 Severability. If any provision of the Plan or any Award is,
or becomes, or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Person or Award, or would disqualify the Plan or
any Award under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable laws, or
if it cannot be construed

                                   A-13

<PAGE>
or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be stricken
as to such jurisdiction, Person or Award and the remainder of the Plan and any
such Award shall remain in full force and effect.

         15.12 Other Laws. The Committee may refuse to issue or transfer any
Shares or other consideration under an Award if, acting in its sole
discretion, it determines that the issuance or transfer of such Shares or
such other consideration might violate any applicable law or regulation
(including applicable non-U.S. laws or regulations) or entitle the Company
to recover the same under Exchange Act Section 16 (b), and any payment
tendered to the Company by a Participant, other holder or beneficiary in
connection with the exercise of such Award shall be promptly refunded to the
relevant Participant, holder, or beneficiary.

         15.13 No Trust or Fund Created. Neither the Plan nor any Award
shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Subsidiary or
Affiliate and a Participant or any other Person. To the extent that any
Person acquires a right to receive payments from the Company or any
Subsidiary or Affiliate pursuant to an Award, such right shall be no greater
than the right of any unsecured general creditor of the Company or any
Subsidiary or Affiliate.

         15.14 No Fractional Shares. No fractional Shares shall be issued or
delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash, other securities, or other property shall be paid or
transferred in lieu of any fractional Shares or whether such fractional
Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated.

         15.15 Headings. Headings are given to the sections and subsections
of the Plan solely as a convenience to facilitate reference. Such headings
shall not be deemed in any way material or relevant to the construction or
interpretation of the Plan or any provision thereof.

SECTION 16. TERM OF THE PLAN

         16.1 Effective Date. The Plan shall be effective as of May 1, 2001
provided it has been approved by the Board and by the Company's stockholders.

         16.2 Expiration Date. No new Awards shall be granted under the Plan
after the tenth (10th) anniversary of the Effective Date. Unless otherwise
expressly provided in the Plan or in an applicable Award Agreement, any
Award granted hereunder may, and the authority of the Board or the Committee
to amend, alter, adjust, suspend, discontinue, or terminate any such Award
or to waive any conditions or rights under any such Award shall, continue
after the tenth (10th) anniversary of the Effective Date.

                                   A-14<PAGE>

                                                               EXHIBIT 10.28

                               MAIL-WELL, INC.
                    2001 LONG-TERM EQUITY INCENTIVE PLAN

                FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT

     This Non-qualified Stock Option Agreement ("Option Agreement")
is between Mail-Well, Inc., a Colorado corporation (the "Company"), and
__________ (the "Optionee").

                             W I T N E S S E T H:
                             -------------------

     WHEREAS, the Company has heretofore adopted the Mail-Well, Inc. 2001
Long-Term Equity Incentive Plan (the "Plan") for the purpose of providing
employees and directors of the Company and its Affiliates (as defined in the
Plan) with additional incentive to promote the success of the business, to
increase their proprietary interest in the success of the Company, and to
encourage them to remain in the employ or remain as a director of the
Company and its Affiliates; and

     WHEREAS, the Company, acting through the Compensation Committee of its
Board of Directors (the "Committee"), has determined that its interests will
be advanced by the issuance to Optionee of a nonqualified stock option under
the Plan;

     NOW THEREFORE, for and in consideration of these premises it is agreed
as follows:

     1. Option. Subject to the terms and conditions contained herein, the
        ------
Company hereby irrevocably grants to Optionee the right and option
("Option") to purchase from the Company ________ shares of the Company's
common stock, $0.01 par value ("Common Stock"), at a price at $______ per
share (the "Option Price").

     2. Option Period. The Option herein shall vest immediately upon grant.
        -------------
Thereafter, options may be exercised at any time, in whole or part, after
six (6) months from the date of grant (___________) and prior to the fifth
anniversary of the date of grant. All unexercised options shall expire on
the tenth anniversary of the date of their grant.

     3. Procedure for Exercise. The Option herein granted may be exercised
        ----------------------
by written notice by Optionee to the Secretary of the Company setting forth
the number of shares of Common Stock with respect to which the Option is to
be exercised accompanied by payment for the shares to be purchased, and
specifying the address to which the certificate for such shares is to be
mailed. Payment shall be by means of cash, or a cashier's check, bank draft,
postal or express money order payable to the order of the Company, or at the
option of the Optionee, in Common Stock theretofore owned by such Optionee
(or a combination of cash and Common Stock). As promptly as practicable
after receipt of such written notification and payment, the Company shall
deliver to Optionee certificates for the number of shares of Common Stock
with respect to which such Option has been so exercised.

     4. Termination of Employment. If Optionee's employment with the Company
        -------------------------
or its Affiliates is terminated during the Option Period for any reason,
Options granted to him which

<PAGE>
<PAGE>

are not exercisable on such date thereupon terminate. Subject to
paragraphs 5 and 10 below, any Options that are exercisable on the date of
his termination of employment which have not been exercised within ninety
(90) days of such termination shall expire and be of no force or effect.

     5. Disability or Death. If Optionee's employment with the Company or
        -------------------
its Affiliates is terminated by his disability or death, all Options
hereunder exercisable at the date of such disability or death shall be
thereafter exercisable by Optionee, his executor or administrator, or the
person or persons to whom his rights under this Option Agreement shall pass
by will or by the laws of descent and distribution, as the case may be, for
a period of six months from the date of Optionee's disability or death,
unless this Option Agreement should earlier terminate in accordance with its
other terms. In no event may any Option be exercised after the end of the
Option Period. Optionee shall be deemed to be disabled if, in the option of
a physician selected by the Committee, he is incapable of performing
services for the Company by reason of any medically determinable physical or
mental impairment which can be expected to result in death or to be of long,
continued and indefinite duration.

     6. Transferability. This Option shall not be transferable by Optionee
        ---------------
otherwise than by Optionee's will or by the laws of descent and
distribution. During the lifetime of Optionee, the Option shall be
exercisable only by Optionee. Any heir or legatee of Optionee shall take
rights herein granted subject to the terms and conditions hereof. No such
transfer of this Option Agreement to heirs or legatees of Optionee shall be
effective to bind the Company unless the Company shall have been furnished
with written notice thereof and a copy of such evidence as the Committee may
deem necessary to establish the validity of the transfer and the acceptance
by the transferee or transferees of the terms and conditions hereof.

     7. No Rights as Stockholder. Optionee shall have no rights as a
        ------------------------
stockholder with respect to any shares of Common Stock covered by this
Option Agreement until the date of issuance of a certificate for shares of
Common Stock purchased pursuant to this Option Agreement. Until such time,
Optionee shall not be entitled to dividends or to vote at meetings of the
stockholders of the Company. Except as provided in paragraph 9 hereof, no
adjustment shall be made for dividends (ordinary or extraordinary, whether
in cash or securities or other property) paid or distributions or other
rights granted in respect of any share of Common Stock for which the record
date for such payment, distribution or grant is prior to the date upon which
the Optionee shall have been issued share certificates, as provided
hereinabove.

     8. Extraordinary Corporate Transactions. If the Company recapitalizes
        ------------------------------------
or otherwise changes its capital structure, or merges, consolidates, sells
all of its assets or dissolves (each of the foregoing a "Fundamental
Change"), then thereafter upon any exercise of an option theretofore granted
the Optionee shall be entitled to purchase under such option, in lieu of the
number of shares of Common Stock as to which option shall then be
exercisable, the number and class of shares of stock and securities to which
the Optionee would have been entitled pursuant to the terms of the
Fundamental Change if, immediately prior to such Fundamental Change, the
Optionee had been the holder of record of the number of shares of Common
Stock as to which such option is then exercisable.

<PAGE>
<PAGE>

     9. Changes in Capital Structure. The existence of outstanding Options
        ----------------------------
shall not affect in any way the right or power of the Company or its
shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company's capital structure or its
business, or any merger or consolidation of the Company, or any issuance of
Common Stock or subscription rights thereto, or any issuance of bonds,
debentures, preferred or prior preference stock ahead of or affecting the
Common Stock or the rights thereof, or the dissolution or liquidation of the
Company, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceedings, whether of a similar
character or otherwise. If the outstanding shares of Common Stock of the
Company shall at any time be changed or exchanged by declaration of a stock
dividend, stock split, combination of shares, or recapitalization, the
number and kind of shares subject to the Plan or subject to any Options
theretofore granted, and the Option price and the prices at which portions
of the Option may be exercisable on an accelerated basis as set forth in
Section 2, shall be appropriately and equitably adjusted so as to maintain
the proportionate number of shares without changing the aggregate Option
price.

     10. Change of Control. In the event that there is a proposed Change of
         -----------------
Control Event the Option shall become immediately exercisable
notwithstanding the provisions of Section 2, Optionee hereunder shall be
given reasonable notice of such Change of Control Event and shall have a
period of at least thirty (30) days thereafter to exercise the Options.

     As used herein, the term "Change of Control Event" shall mean the
occurrence with respect to the Company of any of the following events:

     (a) a report on Schedule 13D is filed with the Securities and Exchange
     Commission pursuant to Section 13(d) of the Securities Exchange Act of
     1934, as amended (the "Exchange Act"), disclosing that any person,
     entity or group (within the meaning of Section 13(d) or 14(d) of the
     Exchange Act), other than (i) the Company (or one of its subsidiaries)
     or (ii) any employee benefit plan sponsored by the Company (or one of
     its subsidiaries), is the beneficial owner (as such term is defined in
     Rule 13d-3 promulgated under the Exchange Act), directly or indirectly,
     of 50% or more of the outstanding shares of common stock of the Company
     or 50% or more of the combined voting power of the then outstanding
     securities of the Company (as determined under paragraph (d) of Rule
     13d-3 promulgated under the Exchange Act, in the case of rights to
     acquire common stock or other securities);

     (b) an event of a nature that would be required to be reported in response
     to Item 1(a) of the Current Report on Form 8-K, as in effect on the
     date hereof, pursuant to Section 13 or 15(d) of the Exchange Act or
     would have been required to be so reported but for the fact that such
     event had been "previously reported" as that term is defined in Rule
     12b-2 promulgated under the Exchange Act;

     (c) any person, entity or group (within the meaning of Section 13(d) or
     14(d) of the Exchange Act), other than (i) the Company (or one of its
     subsidiaries) or (ii) any employee benefit plan sponsored by the
     Company (or one of its subsidiaries), shall become the beneficial owner
     (as such term is defined in Rule 13d-3 promulgated under

<PAGE>
<PAGE>

     the Exchange Act), directly or indirectly, of 50% or more of the
     outstanding shares of common stock of the Company or 50% or more of
     the combined voting power of the then outstanding securities of the
     Company (as determined under paragraph (d) of Rule 13d-3 promulgated
     under the Exchange Act, in the case of rights to acquire common stock
     or other securities);

     (d) the stockholders of the Company shall approve any liquidation or
     dissolution of the Company;

     (e) the stockholders of the Company shall approve a merger, consolidation,
     reorganization, recapitalization, exchange offer, acquisition or
     disposition of assets or other transaction after the consummation of
     which any person, entity or group (within the meaning of Section 13(d)
     or 14(d) of the Exchange Act) would become the beneficial owner (as
     such term is defined in Rule 13d-3 promulgated under the Exchange Act),
     directly or indirectly, of 50% or more of the outstanding shares of
     common stock of the Company or 50% or more of the combined voting power
     of the then outstanding securities of the Company (as determined under
     paragraph (d) of Rule 13d-3 promulgated under the Exchange Act, in the
     case of rights to acquire common stock or other securities);

     (f) individuals who constitute the Board on the date hereof ("Incumbent
     Board") cease for any reason to constitute at least a majority thereof,
     provided that any person becoming a director subsequent to the date
     hereof whose election, or nomination for election by the Company's
     stockholders, was approved by a vote of at least two-thirds of the
     directors comprising the remaining members of the Incumbent 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 objection to such nomination) shall be, for purposes of this
     clause (f), considered as though such person were a member of the
     Incumbent Board; or

     (g) a recapitalization or other transaction or series of related
     transactions occurs which results in a decrease by 50% or more in the
     aggregate percentage ownership of the then outstanding common stock of
     the Company or 50% or more in the combined voting power of the
     outstanding securities of the Company held by the stockholders of the
     Company immediately prior to giving effect thereto (on a primary basis
     or on a fully diluted basis after giving effect to the exercise of
     stock options and warrants).

     11. Compliance With Securities Laws. Upon the acquisition of any shares
         -------------------------------
pursuant to the exercise of the Option herein granted, Optionee (or any
person acting under paragraph 6) will enter into such written
representations, warranties and agreements as the Company may reasonably
request in order to comply with applicable securities laws or with this
Option Agreement.

     12. Compliance With Laws. Notwithstanding any of the other provisions
         --------------------
hereof, Optionee agrees that he will not exercise the Option(s) granted
hereby, and that the Company will not be obligated to issue any shares
pursuant to this Option Agreement, if the exercise of the

<PAGE>
<PAGE>

Option(s) or the issuance of such shares of Common Stock would constitute a
violation by the Optionee or by the Company of any provision of any law or
regulation of any governmental authority.

     13. Withholding of Tax. To the extent that the exercise of this Option
         ------------------
or the disposition of shares of Common Stock acquired by exercise of this
Option results in compensation income to the Optionee for federal or state
income tax purposes, the Optionee shall pay to the Company at the time of
such exercise or disposition (or such other time as the law permits if the
Optionee is subject to Section 16(b) of the Securities Exchange Act of 1934,
as amended) such amount of money as the Company may require to meet its
obligation under applicable tax laws or regulations; and, if the Optionee
fails to do so, the Company is authorized to withhold from any cash
remuneration then or thereafter payable to the Optionee, any tax required to
be withheld by reason of such resulting compensation income or Company may
otherwise refuse to issue or transfer any shares otherwise required to be
issued or transferred pursuant to the terms hereof.

     14. Resolution of Disputes. As a condition of the granting of the
         ----------------------
Option hereby, the Optionee and his heirs and successors agree that any
dispute or disagreement which may arise hereunder shall be determined by the
Committee in its sole discretion and judgment, and that any such
determination and any interpretation by the Committee of the terms of this
Option Agreement shall be final and shall be binding and conclusive, for all
purposes, upon the Company, Optionee, his heirs and personal
representatives.

     15. Legends on Certificate. The certificates representing the shares of
         ----------------------
Common Stock purchased by exercise of an Option will be stamped or otherwise
imprinted with legends in such form as the Company or its counsel may
require with respect to any applicable restrictions on sale or transfer and
the stock transfer records of the Company will reflect stop-transfer
instructions with respect to such shares.

     16. Forfeiture. If Optionee's employment is terminated For Cause (as
         ----------
defined below), or if Optionee shall, upon separation from employment for
any reason, accept employment with, consult for or acquire an ownership
interest in, an envelope manufacturing company, a printing company, (or any
other business which is in direct competition with the Company), doing
business within a 300 mile radius of any Company (or subsidiary) facility in
the U.S., Canada, or any other country where the Company is doing business
at that time, at any time within one (1) year after the date of Optionee's
separation from employment, Optionee agrees that (i) all unexercised Options
shall terminate, (ii) the Company shall have the right to repurchase any or
all shares of Common Stock received upon the exercise of Options and which
were then held by Optionee for an amount equal to the Option Price times the
number of shares of Common Stock so repurchased and (iii) the Optionee shall
pay to the Company the amount by which the proceeds from any sale of the
Common Stock received upon exercise of Options exceeded the Option Price of
such Common Stock sold. "For Cause" shall mean (i) gross disregard of the
Company's best interest, (ii) misappropriation or embezzlement of corporate
funds or other property (iii) conviction of a felony involving moral
turpitude or which in the opinion of the Committee brings Optionee into
disrepute or causes harm to the Company's business, customer relations,
financial condition or prospects, or (iv) violation of any statutory or

<PAGE>
<PAGE>

common law duty of loyalty to the Company. Nothing herein shall prohibit
Optionee from being a passive owner of not more than 5% of the outstanding
stock of any class of securities of a competitive operation which is
publicly traded, so long as Optionee has no active participation in the
business of such competitive operation.

     17. Notices. Every notice hereunder shall be in writing and shall be
         -------
given by registered or certified mail. All notices of the exercise of any
Option hereunder shall be directed to Mail-Well, Inc. 8310 S. Valley Hwy.,
#400, Englewood, Colorado 80112, Attention: Secretary. Any notice given by
the Company to Optionee directed to him at his address on file with the
Company shall be effective to bind him and any other person who shall
acquire rights hereunder. The Company shall be under no obligation
whatsoever to advise Optionee of the existence, maturity or termination of
any of Optionee's rights hereunder and Optionee shall be deemed to have
familiarized himself with all matters contained herein and in the Plan which
may affect any of Optionee's rights or privileges hereunder.

     18. Construction and Interpretation. Whenever the term "Optionee" is
         -------------------------------
used herein under circumstances applicable to any other person or persons to
whom this award, in accordance with the provisions of paragraph 6 hereof,
may be transferred, the word "Optionee" shall be deemed to include such
person or persons. References to the masculine gender herein also include
the feminine gender for all purposes.

     19. Agreement Subject to Plan. This Option Agreement is subject to the
         -------------------------
Plan. The terms and provisions of the Plan (including any subsequent
amendments thereto) are hereby incorporated herein by reference thereto. In
the event of a conflict between any term or provision contained herein and a
term or provision of the Plan, the applicable terms and provisions of the
Plan will govern and prevail. All definitions of words and terms contained
in the Plan shall be applicable to this Option Agreement.

     20. Employment Relationship. Employees shall be considered to be in the
         -----------------------
employment of the Company as long as they remain employees of the Company or
a parent or subsidiary corporation (as defined in Section 424 of the
Internal Revenue Code of 1986, as amended). Any questions as to whether and
when there has been a termination of such employment and the cause of such
termination, shall be determined by the Committee, and its determination
shall be final. Nothing contained herein shall be construed as conferring
upon the Optionee the right to continue in the employ of the Company, nor
shall anything contained herein be construed or interpreted to limit the
"employment at will" relationship between the Optionee and the Company.

     21. Binding Effect. This Option Agreement shall be binding upon and
         --------------
inure to the benefit of any successors to the Company and all persons
lawfully claiming under Optionee.

<PAGE>
<PAGE>

     IN WITNESS WHEREOF, this Option Agreement has been executed as of the
___ day of ________________, 2001.

                                MAIL-WELL, INC.

ATTEST:                         By: ______________________________

                                    ______________________________

                                Its:______________________________

___________________________

___________________________

___________________________     OPTIONEE

                                __________________________________

                                __________________________________

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