Document:

Exhibit 10.19

 

EXECUTION COPY

 

MANAGEMENT STOCKHOLDER’S AGREEMENT

 

This
Management Stockholder’s Agreement (this “Agreement”) is entered into as
of October 4, 2004 (the “Effective Date”) between Jostens Holding
Corp., a Delaware corporation (the “Company”), and the undersigned
person (the “Management Stockholder”) (the Company and the Management
Stockholder being hereinafter collectively referred to as the “Parties”).  All capitalized terms not immediately
defined are hereinafter defined in Section 7(b) of this Agreement or in
the Option Plan (as such term is defined below).

 

WHEREAS,
pursuant to the Contribution Agreement, dated as of July 21, 2004 (the “Contribution
Agreement”), between the Company and Fusion Acquisition LLC, a Delaware
limited liability company (“Fusion”) (the Closing thereunder having
occurred on the date hereof), Fusion has received in exchange for the
contribution (the “Contribution”) of the capital stock of AHC I
Acquisition Corporation and Von Hoffmann Holdings Inc. (i) 2,664,356 shares of
the Company’s Class A common stock, par value $0.01 per share (the “Class A
Common Stock”), representing, as of the date hereof, 44.85% of the issued
and outstanding shares of the Company’s Common Stock (as defined below) and
(ii) one share of the Company’s Class C Common Stock, par value $0.01 per share
(the “Class C Common Stock” and together with the Class A Common Stock,
the “Common Stock”) initially representing 4.8% of the voting securities
of the Company (the date of such Contribution, the “Closing Date);

 

WHEREAS,
as of the date hereof, DLJ Merchant Banking Partners III, L.P., DLJ Offshore
Partners III-1, C.V., DLJ Offshore Partners III-2, C.V., DLJ Offshore Partners
III, C.V., DLJ MB Partners III GmbH & Co. KG, Millennium Partners II, L.P.
and MBP III Plan Investors, L.P. (collectively, the “DLJMB Funds” and
together with Fusion, the “Investors”) beneficially own 2,664,357 shares
of the Class A Common Stock, representing, as of the date hereof, 44.85% of the
issued and outstanding shares of the Company’s Common Stock;

 

WHEREAS,
in connection with the Contribution, the Management Stockholder has been
selected by the Company to be permitted to contribute to the Company cash in
exchange for shares of Class A Common Stock;

 

WHEREAS,
the Management Stockholder has been selected by the Company, as of the date
hereof, to receive an option to purchase shares of Class A Common Stock (the “Option”)
pursuant to the terms set forth below and the terms of the 2004 Stock Option
Plan for Key Employees of the Company and Its Subsidiaries (the “Option Plan”)
and the Stock Option Agreement dated as of the date hereof, entered into by and
between the Company and the Management Stockholder (the “Stock Option
Agreement”);

 

WHEREAS,
the Management Stockholder has been selected by the Company, as of the date
hereof, to receive a grant of restricted shares of Class A Common Stock (the “Restricted
Stock”) pursuant to the terms set forth below, the terms of the Option
Plan, and the terms of the Restricted Stock Award Agreement dated as of the
date hereof, entered into by and between the Company and the Management
Stockholder (the “Restricted Stock Agreement”); and

 

 

WHEREAS, this
Agreement is one of several other agreements (“Other Management
Stockholders’ Agreements”) which in the future will be entered into between
the Company and other individuals who are or will be key employees of the
Company or one of its subsidiaries (collectively, the “Other Management
Stockholders”).

 

NOW THEREFORE,
to implement the foregoing and in consideration of the grant of Options and of
the mutual agreements contained herein, the Parties agree as follows:

 

1.                                       Issuance of Purchased Stock;
Options; Restricted Stock

 

(a)                                  Subject to the terms and
conditions hereinafter set forth, the Management Stockholder hereby subscribes
for and shall purchase, as of the Effective Date, and the Company shall issue
and deliver to the Management Stockholder as of the Effective Date, 36,419
shares of Class A Common Stock, at a per share purchase price of $96.10401 (the
“Base Price”), which price is equal to the effective per share purchase
price paid by Fusion for the shares of the Company (all such shares acquired by
the Management Stockholder, the “Purchased Stock”).  The aggregate purchase price for all shares
of the Purchased Stock is $3,500,000.

 

(b)                                 Subject to the terms and
conditions hereinafter set forth and as set forth in the Option Plan, as of the
Effective Date the Company is issuing to the Management Stockholder an Option
to acquire shares of Class A Common Stock, at an initial exercise price equal
to the Base Price, and the Parties shall execute and deliver to each other
copies of the Stock Option Agreement concurrently with the issuance of the
Option.

 

(c)                                  Subject to the terms and
conditions hereinafter set forth and as set forth in the Option Plan, and upon
receipt by the Company of the Management Stockholder’s subscription price set
forth in Section 1(a), as of the Effective Date the Company shall issue to
the Management Stockholder 10,405 shares of Restricted Stock, and the Parties
shall execute and deliver to each other copies of the Restricted Stock Award
Agreement concurrently with the issuance of the Restricted Stock.

 

(d)                                 The Company shall have no
obligation to sell any Purchased Stock to any person who (i) is a resident or
citizen of a state or other jurisdiction in which the sale of the Common Stock
to him or her would constitute a violation of the securities or “blue sky” laws
of such jurisdiction or (ii) is not an employee of the Company or any of its
subsidiaries on the date hereof.

 

2.                                       Management Stockholder’s
Representations, Warranties and Agreements.

 

(a)                                  The Management Stockholder
agrees and acknowledges that he will not, directly or indirectly, offer,
transfer, sell, assign, pledge, hypothecate or otherwise dispose of (any of the
foregoing acts being referred to herein as a “transfer”) any shares of
Purchased Stock, Restricted Stock and, at the time of exercise, the Common
Stock issuable upon exercise of the Options (“Option Stock”; together
with all Purchased Stock, Restricted Stock and any other Common Stock otherwise
acquired and/or held by the Management Stockholder Entities, “Stock”),
except as otherwise provided for herein. 
If the Management Stockholder is a Rule 405 Affiliate, the Management
Stockholder also agrees and acknowledges that he will not transfer any shares
of the Stock unless:

 

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(i)  the transfer is pursuant to an effective
registration statement under the Securities Act of 1933, as amended, and the
rules and regulations in effect thereunder (the “Act”), and in
compliance with applicable provisions of state securities laws; or

 

(ii)  (A) counsel for the Management Stockholder
(which counsel shall be reasonably acceptable to the Company) shall have
furnished the Company with an opinion, reasonably satisfactory in form and
substance to the Company, that no such registration is required because of the
availability of an exemption from registration under the Act and (B) if the
Management Stockholder is a citizen or resident of any country other than the
United States, or the Management Stockholder desires to effect any transfer in
any such country, counsel for the Management Stockholder (which counsel shall
be reasonably satisfactory to the Company) shall have furnished the Company
with an opinion or other advice reasonably satisfactory in form and substance
to the Company to the effect that such transfer will comply with the securities
laws of such jurisdiction.

 

Notwithstanding
the foregoing, the Company acknowledges and agrees that any of the following
transfers are deemed to be in compliance with the Act and this Agreement
(including without limitation any restrictions or prohibitions herein) and no
opinion of counsel is required in connection therewith: (x) a transfer
made pursuant to Section 3, 4, 5, 6 or 9 hereof, (y) a transfer upon
the death or Permanent Disability of the Management Stockholder to the
Management Stockholder’s Estate or a transfer to the executors, administrators,
testamentary trustees, legatees or beneficiaries of a person who has become a
holder of Stock in accordance with the terms of this Agreement; provided
that it is expressly understood that any such transferee shall be bound by the
provisions of this Agreement, and (z) a transfer made after the Effective
Date in compliance with the federal securities laws to a Management
Stockholder’s Trust, provided that such transfer is made expressly
subject to this Agreement and that the transferee agrees in writing to be bound
by the terms and conditions hereof.

 

(b)                                 The certificate (or
certificates) representing the Stock shall bear the following legend:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
DISPOSED OF UNLESS SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR
OTHER DISPOSITION COMPLIES WITH THE PROVISIONS OF THE MANAGEMENT STOCKHOLDER’S
AGREEMENT DATED AS OF OCTOBER 4, 2004 BETWEEN JOSTENS HOLDING CORP. (THE
“COMPANY”) AND THE MANAGEMENT STOCKHOLDER NAMED ON THE FACE HEREOF (A COPY OF
WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY).”

 

(c)                                  The Management Stockholder
acknowledges that he has been advised that (i) a restrictive legend in the
form heretofore set forth shall be placed on the certificates representing the
Stock and (ii) a notation shall be made in the appropriate records of the
Company indicating that the Stock is subject to restrictions on transfer and
appropriate stop transfer restrictions will be issued to the Company’s transfer
agent with respect to the Stock.  If the
Management Stockholder is a Rule 405 Affiliate, the Management Stockholder
also acknowledges that (1) the Stock must be held indefinitely and the
Management Stockholder

 

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must continue to bear the economic risk of the investment in the Stock
unless it is subsequently registered under the Act or an exemption from such
registration is available, (2) when and if shares of the Stock may be
disposed of without registration in reliance on Rule 144 of the rules and
regulations promulgated under the Act, such disposition can be made only in
limited amounts in accordance with the terms and conditions of such Rule and
(3) if the Rule 144 exemption is not available, public sale without
registration will require compliance with some other exemption under the Act.

 

(d)                                 If any shares of the Stock are
to be disposed of in accordance with Rule 144 under the Act or otherwise,
the Management Stockholder shall promptly notify the Company of such intended
disposition and shall deliver to the Company at or prior to the time of such
disposition such documentation as the Company may reasonably request in
connection with such sale and, in the case of a disposition pursuant to
Rule 144, shall deliver to the Company an executed copy of any notice on
Form 144 required to be filed with the SEC.

 

(e)                                  The Management Stockholder
agrees that, if any shares of the Stock are offered to the public pursuant to
an effective registration statement under the Act (other than registration of
securities issued on Form S-8, S-4 or any successor or similar form), the
Management Stockholder will not effect any public sale or distribution of any
shares of the Stock not covered by such registration statement from the time of
the receipt of a notice from the Company that the Company has filed or
imminently intends to file such registration statement to, or within
180 days (or such shorter period as may be consented to by the managing
underwriter or underwriters) in the case of the initial Public Offering and
ninety (90) days (or in an underwritten offering such shorter period as
may be consented to by the managing underwriter or underwriters, if any) in the
case of any other Public Offering after, the effective date of such
registration statement, unless otherwise agreed to in writing by the Company.

 

(f)                                    The Management Stockholder
represents and warrants that (i) with respect to the Stock, he has
received and reviewed the available information relating to the Stock,
including having received and reviewed the documents related thereto, certain
of which documents set forth the rights, preferences and restrictions relating
to the Options and the Stock underlying the Options and (ii) he has been given
the opportunity to obtain any additional information or documents and to ask
questions and receive answers about such information, the Company and the
business and prospects of the Company which he deems necessary to evaluate the
merits and risks related to his investment in the Stock and to verify the
information contained in the information received as indicated in this
Section 2(f), and he has relied solely on such information.

 

(g)                                 The Management Stockholder
further represents and warrants that (i) his financial condition is such
that he can afford to bear the economic risk of holding the Stock for an
indefinite period of time and has adequate means for providing for his current
needs and personal contingencies, (ii) he can afford to suffer a complete
loss of his or her investment in the Stock, (iii) he understands and has
taken cognizance of all risk factors related to the purchase of the Stock and
(iv) his knowledge and experience in financial and business matters are
such that he is capable of evaluating the merits and risks of his purchase of
the Stock as contemplated by this Agreement.

 

3.                                       Transferability of Stock.  The Management Stockholder agrees that he will not transfer any
shares of the Stock at any time during the period commencing on the

 

4

 

Effective Date and ending on the fifth anniversary of the Effective
Date; provided, however, that the Management Stockholder may
transfer shares of Stock during such time pursuant to one of the following
exceptions: (a) transfers permitted by Section 5 or 6;
(b) transfers permitted by clauses (y) and (z) of Section 2(a);
(c) a sale of shares of Common Stock pursuant to an effective registration
statement under the Act filed by the Company, including without limitation a
sale pursuant to Section 9 (excluding any registration on Form S-8,
S-4 or any successor or similar form); (d) transfers permitted pursuant to
the Sale Participation Agreement (as defined in Section 7); or
(e) transfers permitted by the Board. 
No transfer of any such shares in violation hereof shall be made or
recorded on the books of the Company and any such transfer shall be void ab
initio and of no effect.

 

4.                                       Right of First Refusal.  (a)  If, at any time after
the fifth anniversary of the Effective Date and prior to the date of
consummation of a Qualified Public Offering, the Management Stockholder
receives a bona fide offer to purchase any or all of his Stock (the “Third
Party Offer”) from a third party (which, for the avoidance of doubt, shall
not include any transfers pursuant to clauses (y) and (z) of
Section 2(a)) (the “Offeror”), which the Management Stockholder
wishes to accept, the Management Stockholder shall cause the Third Party Offer
to be reduced to writing and shall notify the Company in writing of his wish to
accept the Third Party Offer.  The
Management Stockholder’s notice to the Company shall contain an irrevocable
offer to sell such Stock to the Company (in the manner set forth below) at a
purchase price equal to the price contained in, and on the same terms and
conditions of, the Third Party Offer, and shall be accompanied by a copy of the
Third Party Offer (which shall identify the Offeror).  At any time within fifteen (15) days after the date of the
receipt by the Company of the Management Stockholder’s notice, the Company
shall have the right and option to purchase, or to arrange for a third party to
purchase, all (but not less than all) of the shares of Stock covered by the
Third Party Offer, pursuant to Section 4(b).

 

(b)                                 The Company shall have the right
and option to purchase, or to arrange for a third party to purchase, all of the
shares of Stock covered by the Third Party Offer at the same price and on
substantially the same terms and conditions as the Third Party Offer (or, if
the Third Party Offer includes any consideration other than cash, then at the
sole option of the Company, at the equivalent all cash price, determined in
good faith by the Company’s Board), by delivering a certified bank check or
checks in the appropriate amount (or by wire transfer of immediately available
funds, if the Management Stockholder Entities provide to the Company wire
transfer instructions) (and any such non-cash consideration to be paid) to the
Management Stockholder at the principal office of the Company against delivery
of certificates or other instruments representing the shares of Stock so
purchased, appropriately endorsed by the Management Stockholder.  If at the end of the 15-day period, the Company
has not tendered the purchase price for such shares in the manner set forth
above, the Management Stockholder may, during the succeeding 60-day period,
sell not less than all of the shares of Stock covered by the Third Party Offer,
to the Offeror on terms no less favorable to the Management Stockholder than
those contained in the Third Party Offer. 
Promptly after such sale, the Management Stockholder shall notify the
Company of the consummation thereof and shall furnish such evidence of the
completion and time of completion of such sale and of the terms thereof as may
reasonably be requested by the Company. 
If, at the end of sixty (60) days following the expiration of the
15-day period during which the Company is entitled hereunder to purchase the
Stock, the Management Stockholder has not completed the sale of such shares of
the Stock as aforesaid, all of the

 

5

 

restrictions on sale, transfer or assignment contained in this
Agreement shall again be in effect with respect to such shares of the Stock.

 

(c)                                  Notwithstanding anything in this
Agreement to the contrary, this Section 4 shall terminate and be of no
further force or effect upon the occurrence of a Change in Control.

 

5.                                       The Management Stockholder’s
Right to Resell Stock and Options to the Company.

 

(a)                                  Except as otherwise provided
herein, if, prior to the later of the fifth anniversary of the Effective Date
and a Qualified Public Offering, the Management Stockholder’s employment with
the Company (or any of its Subsidiaries) terminates as a result of the death or
Permanent Disability of the Management Stockholder, then the applicable
Management Stockholder Entity, shall, for 120 days (the “Put Period”)
following the date of such termination for death or Permanent Disability, have
the right to:

 

(i)  With respect to the Stock other than the
Restricted Stock, sell to the Company, and the Company shall be required to
purchase, on one occasion, all of the shares of Stock then held by the
applicable Management Stockholder Entities at a per share price equal to the
Fair Market Value Per Share (the “Section 5 Repurchase Price”); and

 

(ii)  With respect to any outstanding Options,
sell to the Company, and the Company shall be required to purchase, on one
occasion, all of the exercisable Options then held by the applicable Management
Stockholder Entities for an amount equal to the product of (x) the excess,
if any, of the Section 5 Repurchase Price over the Option Exercise Price
and (y) the number of Exercisable Option Shares, which Options shall be terminated
in exchange for such payment.  In the
event the foregoing Option Excess Price is zero or a negative number, all
outstanding exercisable stock options granted to the Management Stockholder
under the Option Plan shall be automatically terminated without any payment in
respect thereof.  In the event that the
Management Stockholder Entities do not exercise the foregoing rights, all
exercisable but unexercised Options shall terminate pursuant to the terms of
Section 3.2(b) of the Stock Option Agreement.  All unexercisable Options held by the applicable Management
Stockholder Entities shall terminate without payment immediately upon
termination of employment.

 

(b)                                 In the event the applicable
Management Stockholder Entities intend to exercise their rights pursuant to
Section 5(a), such Management Stockholder Entities shall send written
notice to the Company, at any time during the Put Period, of their intention to
sell shares of Stock in exchange for the payment referred to in
Section 5(a)(i) and/or to sell such Options in exchange for the payment
referred to in Section 5(a)(ii) and shall indicate the number of shares of
Stock to be sold and the number of Options to be sold with payment in respect
thereof (the “Redemption Notice”). 
The completion of the purchases shall take place at the principal office
of the Company on the tenth business day after the giving of the Redemption
Notice.  The applicable Repurchase Price
(including any payment with respect to the Options as described above) shall be
paid by delivery to the applicable Management Stockholder Entities of a
certified bank check or checks in the appropriate amount payable to the order
of each of the applicable Management Stockholder Entities (or by wire transfer
of immediately available funds, if the Management Stockholder Entities provide
to the

 

6

 

Company wire transfer instructions), against delivery of certificates
or other instruments representing the Stock so purchased and appropriate
documents cancelling the Options so terminated appropriately endorsed or
executed by the applicable Management Stockholder Entities or any duly
authorized representative.

 

(c)                                  Notwithstanding anything in
Section 5(a) to the contrary and subject to Section 10(a), if there
exists and is continuing a default or an event of default on the part of the
Company or any subsidiary of the Company under any loan, guarantee or other
agreement under which the Company or any subsidiary of the Company has borrowed
money or if the repurchase referred to in Section 5(a) would result in a
default or an event of default on the part of the Company or any subsidiary of
the Company under any such agreement or if a repurchase would not be permitted
under Section 170 of the Delaware General Corporation Law (the “DGCL”)
or would otherwise violate the DGCL (or if the Company reincorporates in
another state, the business corporation law of such state) (each such
occurrence being an “Event”), the Company shall not be obligated to
repurchase any of the Stock or the Options from the applicable Management
Stockholder Entities until the first business day which is ten (10)
calendar days after all of the foregoing Events have ceased to exist (the “Repurchase
Eligibility Date”); provided, however, that (i) the
number of shares of Stock subject to repurchase under this Section 5(c)
shall be that number of shares of Stock, and (ii) in the case of a
repurchase pursuant to Section 5(a)(ii), the number of Exercisable Option
Shares for purposes of calculating the Option Excess Price payable under this
Section 5(c) shall be the number of Exercisable Option Shares, in each
case as specified in the Redemption Notice and held by the applicable
Management Stockholder Entities at the time of delivery of the Redemption Notice
in accordance with Section 5(b) hereof. 
All Options exercisable as of the date of a Redemption Notice, in the
case of a repurchase pursuant to Section 5(a), shall continue to be
exercisable until the actual repurchase of such Options pursuant to such
Redemption Notice, provided that to the extent any Options are exercised
after the date of such Redemption Notice, the number of Exercisable Option
Shares for purposes of calculating the Option Excess Price shall be reduced
accordingly.  Notwithstanding the
foregoing and subject to Section 6(d), if an Event exists and is
continuing for ninety (90) days, the Management Stockholder Entities shall
be permitted by written notice to rescind any Redemption Notice.

 

(d)                                 Effect of Change in Control.  Notwithstanding anything in this Agreement to the contrary,
except for any payment obligation of the Company which has arisen prior to the
occurrence of a Change of Control, this Section 5 shall terminate and be
of no further force or effect upon the occurrence of such Change in Control.

 

6.                                           The Company’s Option to Purchase
Stock and Options of Management Stockholder Upon Certain Terminations of
Employment.

 

(a)                                  Termination
for Cause by the Company, Termination by the Management Stockholder without
Good Reason (other than due to his death or Permanent Disability) and other
Call Events.  Except as otherwise provided in
Section 2(c) of the Restricted Stock Grant, if, prior to the fifth
anniversary of the Effective Date, (i) the Management Stockholder’s active
employment with the Company (and/or, if applicable, its subsidiaries) is
terminated by the Company (and/or, if applicable, its Subsidiaries) for Cause,
(ii) the Management Stockholder’s active employment with the Company
(and/or, if applicable, its Subsidiaries) is terminated by the Management
Stockholder without Good Reason (other than due to his death or Permanent
Disability), (iii) the beneficiaries of a Management Stockholder’s Trust
shall include any person or entity other than the

 

7

 

Management Stockholder, his spouse (or ex-spouse) or his lineal
descendants (including adopted children) or (iv) the Management
Stockholder shall otherwise effect a transfer of any of the Stock other than as
permitted in this Agreement (other than as may be required by applicable law or
an order of a court having competent jurisdiction) after notice from the
Company of such impermissible transfer and a reasonable opportunity to cure
such transfer (each, a “Section 6(a) Call Event”):

 

(A)                              With
respect to the Stock, other than Restricted Stock, the Company may purchase all
or any portion of the shares of the Stock then held by the applicable
Management Stockholder Entities at a per share purchase price equal to the
lesser of (x) the Base Price and (y) the Book Value Per Share (or
after a Public Offering, Market Value Per Share) (any such applicable
repurchase price, the “Section 6(a) Repurchase Price”); and

 

(B)                                With
respect to the Options, all Options (whether or not then exercisable) held by
the applicable Management Stockholder Entities will terminate immediately
without payment in respect thereof.

 

(b)                                 Termination
without Cause by the Company (other than due to his death or Permanent
Disability), and Termination by the Management Stockholder with Good Reason.  Except as otherwise provided herein, if, prior to the fifth
anniversary of the Effective Date, (i) the Management Stockholder’s active
employment with the Company (and/or, if applicable, its Subsidiaries) is
terminated by the Company (and/or, if applicable, its Subsidiaries) without
Cause (other than due to his death or Permanent Disability), or (ii) the
Management Stockholder’s active employment with the Company (and/or, if
applicable, its Subsidiaries) is terminated by the Management Stockholder with
Good Reason, (each, a “Section 6(b) Call Event”):

 

(A)                              With
respect to the Stock, other than the Restricted Stock, the Company may purchase
all or any portion of the shares of such Stock then held by the applicable
Management Stockholder Entities at a per share purchase price equal to the Fair
Market Value Per Share; and

 

(B)                                With
respect to the Options, the Company may purchase all or any portion of the
exercisable Options held by the applicable Management Stockholder Entities for
an amount equal to the product of (x) the excess, if any, of the price
equal to the Fair Market Value Per Share over the Option Exercise Price and
(y) the number of Exercisable Option Shares, which Options shall be
terminated in exchange for such payment. 
In the event the foregoing Option Excess Price is zero or a negative
number, all outstanding exercisable stock options granted to the Management
Stockholder under the Option Plan shall be automatically terminated without any
payment in respect thereof.  In the
event that the Company does not exercise the foregoing rights, all exercisable
but unexercised Options shall terminate pursuant to the terms of
Section 3.2(d) or (e), as the case may be, of the Stock Option Agreement.  All unexercisable Options held by the
applicable Management Stockholder Entities shall also terminate without payment
immediately upon termination of employment.

 

(c)                                  Termination
for Death or Disability.  Except as otherwise provided herein, if,
prior to the fifth anniversary of the Effective Date, the Management
Stockholder’s employment with the Company (and/or, if applicable, its
Subsidiaries) is terminated as a

 

8

 

result of the death or Permanent Disability of the Management
Stockholder (each a “Section 6(c) Call Event”), then the Company
may:

 

(A)                              With
respect to the Stock, other than the Restricted Stock, purchase all or any
portion of the shares of Stock then held by the applicable Management
Stockholder Entities at a per share price equal to the Fair Market Value Per
Share; and

 

(B)                                With
respect to the Options, purchase all or any portion of the exercisable Options
for an amount equal to the product of (x) the excess, if any, of the Fair
Market Value Per Share over the Option Exercise Price and (y) the number
of Exercisable Option Shares, which Options shall be terminated in exchange for
such payment.  In the event the
foregoing Option Excess Price is zero or a negative number, all outstanding exercisable
stock options granted to the Management Stockholder under the Option Plan shall
be automatically terminated without any payment in respect thereof.  In the event that the Company does not
exercise the foregoing rights all exercisable but unexercised Options shall
terminate pursuant to the terms of Section 3.2(b) of the Stock Option
Agreement.  All unexercisable Options
held by the applicable Management Stockholder Entities shall also terminate
without payment immediately upon termination of employment.

 

(d)                                 Call Notice.  The Company shall have a period of sixty (60) days from the
later of (i) sixty (60) days from the date of any Call Event (or, if
later, with respect to a Section 6(a) Call Event, the date after discovery
of, and the applicable cure period for, an impermissible transfer constituting
a Section 6(a) Call Event) and (ii) thirty (30) days from the
date the Management Stockholder rescinds a Redemption Notice pursuant to the
last sentence of Section 5(c), in which to give notice in writing to the
Management Stockholder of its election to exercise its rights and obligations
pursuant to this Section 6 (“Repurchase Notice”).  The completion of the purchases pursuant to
the foregoing shall take place at the principal office of the Company on the
tenth business day after the giving of the Call Notice.  The applicable Repurchase Price (including
any payment with respect to the Options as described in this Section 6)
shall be paid by delivery to the applicable Management Stockholder Entities of
a certified bank check or checks in the appropriate amount payable to the order
of each of the applicable Management Stockholder Entities (or by wire transfer
of immediately available funds, if the Management Stockholder Entities provide
to the Company wire transfer instructions) against delivery of certificates or
other instruments representing the Stock so purchased and appropriate documents
cancelling the Options so terminated, appropriately endorsed or executed by the
applicable Management Stockholder Entities or any duly authorized
representative.

 

(e)                                  Delay of Call.  Notwithstanding any other provision of this Section 6 to the
contrary and subject to Section 10(a), if there exists and is continuing
any Event, the Company shall delay the repurchase of any of the Stock or the
Options (pursuant to a Call Notice timely given in accordance with
Section 6(d) hereof) from the applicable Management Stockholder Entities
until the Repurchase Eligibility Date; provided, however, that
(i) the number of shares of Stock subject to repurchase under this
Section 6 shall be that number of shares of Stock, and (ii) in the
case of a repurchase pursuant to Section 6(b) or 6(c), the number of
Exercisable Option Shares for purposes of calculating the Option Excess Price
payable under this Section 6 shall be the number of Exercisable Option
Shares, in each case held by the applicable Management Stockholder Entities at
the time of delivery of (and as set forth in) a Call Notice in accordance with
Section 6(d) hereof.  All Options exercisable
as of the date of a Repurchase Notice, in the case of a repurchase pursuant to
Section 6(b) or 6(c), shall continue to be exercisable until the
repurchase of such Options pursuant to such Call

 

9

 

Notice, provided that to the extent that any Options are
exercised after the date of such Call Notice, the number of Exercisable Option
Shares for purposes of calculating the Option Excess Price shall be reduced
accordingly.  Notwithstanding the
foregoing, if an Event exists and is continuing for ninety (90) days, the
Management Stockholder Entities shall be permitted by written notice to cause
the Company to rescind any Repurchase Notice but the Company shall have another
thirty (30) days from the date the Event ceases to exist to give another
Repurchase Notice on the terms applicable to the first Repurchase Notice.

 

(f)                                    Effect of Change in Control.  Notwithstanding anything in this Agreement to the contrary,
except for any payment obligation of the Company which has arisen prior to the
occurrence of a Change of Control, this Section 6 shall terminate and be
of no further force or effect upon the occurrence of such Change in Control.

 

(g)                                 Additional Vesting of
Options.  In the event that the Management
Stockholder exercised his or her rights pursuant to Section 5(a) or the
Company exercised its rights pursuant to Section 6(a), 6(b) or 6(c), and
subsequent to such purchase of the Shares and Options, as provided for in
Sections 5 and 6, an additional percentage of the Management Stockholder’s Performance
Option (as defined in the Stock Option Agreement) becomes exercisable pursuant
to Section 3.1(a)(ii)(B) of the Stock Option Agreement, then such
Performance Option shall be cancelled upon payment to the Management
Stockholder of an amount equal to the product of (x) the excess, if any, of the
applicable repurchase price for such Performance Option, as provided for in
Sections 5 and 6, over the Option Exercise Price and (y) the additional number
of shares of Common Stock that could be purchased by the Management Stockholder
upon exercise of the additional percentage of the Performance Option vested
pursuant to Section 3.1(a)(ii)(B) of the Stock Option Agreement.

 

7.                                       Adjustment of Repurchase Price;
Definitions.

 

(a)                                  Adjustment of
Repurchase Price.  In determining the applicable repurchase
price of the Stock and Options, as provided for in Sections 5 and 6,
above, appropriate adjustments shall be made for any stock dividends, splits,
combinations, recapitalizations or any other adjustment in the number of outstanding
shares of Stock in order to maintain, as nearly as practicable, the intended
operation of the provisions of Sections 5 and 6.

 

(b)                                 Definitions.  All capitalized terms used in this Agreement and not defined
herein shall have such meaning as such terms are defined in the Option
Plan.  Terms used herein and as listed
below shall be defined as follows:

 

“Act” shall
have the meaning set forth in Section 2(a)(i) hereof.

 

“Agreement”
shall have the meaning set forth in the introductory paragraph.

 

“Base Price”
shall have the meaning set forth in Section 1(a) hereof.

 

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

 

“Book Value Per Share” shall mean (a) the
Base Price plus (b) the quotient of (A)(i) the aggregate net
income of the Company from and after the Closing Date (as decreased by any net
losses from and after the Closing Date) excluding any one time costs and
expenses charged to income associated with the Closing and any related
transactions plus

 

10

 

(ii) the
aggregate dollar amount contributed to (or credited to common stockholders’
equity of) the Company after the Closing Date as equity of the Company
(including consideration that would be received upon the exercise of all
outstanding stock options and other rights to acquire Common Stock and the
conversion of all securities convertible into Common Stock and other stock
equivalents) plus (iii) to the extent reflected as deductions to
Book Value Per Share in clause (i) above, unusual or other items
recognized by the Company (including, without limitation, extraordinary
charges, and one time or accelerated write-offs of good will, net of the
related impact on the provision for income taxes), in each case, if and to the
extent determined in good faith by the Board, plus (iv) the
amortization of purchase accounting adjustments occurring as a result of the
Closing, minus (v) to the extent reflected as additions to Book
Value Per Share in clause (i) above, unusual or other items recognized by
the Company, in each case, if and to the extent determined in good faith by the
Board, minus (vi) the aggregate dollar amount of any dividends paid
by the Company after the Closing Date, divided  by (B) the
sum of the number of shares of Common Stock then outstanding and the number of
shares of Common Stock issuable upon the exercise of all outstanding stock
options and other rights to acquire Common Stock.  The items referred to in the calculations set forth in
clauses (b)(A)(i) through (vi) of the immediately preceding sentence shall
be determined in good faith, and to the extent possible, in accordance with
generally accepted accounting principles applied on a basis consistent with any
prior periods as reflected in the consolidated financial statements of the
Company.

 

“Call Events” shall mean, collectively,
Section 6(a) Call Events, Section 6(b) Call Events, and
Section 6(c) Call Events.

 

“Call Notice” shall have the meaning set forth in
Section 6(d) hereof.

 

“Cause” shall
mean “Cause” as such term may be defined in any employment agreement or
change-in-control agreement in effect at the time of termination between the
Management Stockholder and the Company or any of its subsidiaries or
Rule 405 Affiliates; or, if there is no such employment or change
in-control agreement, “Cause” shall mean (i) the Management Stockholder’s
willful and continued failure to perform his or her material duties with
respect to the Company or it subsidiaries which continues beyond ten (10)
days after a written demand for substantial performance is delivered to the
Management Stockholder by the Company (the “Cure Period”), (ii) the
willful or intentional engaging by the Management Stockholder in conduct that
causes material and demonstrable injury, monetarily or otherwise, to the
Company, the Investors or their respective Rule 405 Affiliates,
(iii) commission of a crime constituting (A) a felony under the laws
of the United States or any state thereof or (B) a misdemeanor involving
moral turpitude, or (iv) a material breach of by the Management
Stockholder of this Agreement or other agreements, including, without
limitation, engaging in any action in breach of restrictive covenants, herein
or therein, that continues beyond the Cure Period (to the extent that, in the
Board’s reasonable judgment, such breach can be cured).

 

“Change in
Control” means (i) the sale (in one transaction or a series of
transactions) of all or substantially all of the assets of the Company to an
Unaffiliated Person; (ii) a sale (in one transaction or a series of
transactions) resulting in more than 50% of the voting stock of the Company
being held by an Unaffiliated Person; (iii) a merger, consolidation,
recapitalization or reorganization of the Company with or into another
Unaffiliated Person; if and only if
any such event listed in clauses (i) through (iii) above results in the
inability of the Investors, or any member or members of the Investors, to
designate or elect a majority of the Board (or the board of directors of the
resulting entity or its parent company). 
For purposes

 

11

 

of this
definition, the term “Unaffiliated Person” means any Person or Group who
is not (x) an Investor or any member of the Investors, (y) a
Rule 405 Affiliate of any Investor or any member of any Investor, or
(z) an entity in which any Investor, or any member of any Investor holds,
directly or indirectly, a majority of the economic interests in such entity.

 

“Class A
Common Stock shall have the meaning set forth in the first “whereas” paragraph.

 

“Class C
Common Stock” shall have the meaning set forth in the first “whereas”
paragraph.

 

“Closing”
shall have the meaning set forth in the Contribution Agreement.

 

“Closing Date”
shall have the meaning set forth in the first “whereas” paragraph.

 

“Common Stock”
shall have the meaning set forth in the first “whereas” paragraph.

 

“Company”
shall have the meaning set forth in the introductory paragraph.

 

“Confidential
Information” shall mean all non-public information concerning trade secret,
know-how, software, developments, inventions, processes, technology, designs,
the financial data, strategic business plans or any proprietary or confidential
information, documents or materials in any form or media, including any of the
foregoing relating to research, operations, finances, current and proposed
products and services, vendors, customers, advertising and marketing, and other
non-public, proprietary, and confidential information of the Restricted Group.

 

“Contribution
Agreement” shall have the meaning set forth in the first “whereas” paragraph.

 

“Custody
Agreement and Power of Attorney” shall have the meaning set forth in
Section 9(e) hereof.

 

“DGCL” shall
have the meaning set forth in Section 5(c) hereof.

 

“DLJMB Funds”
shall have the meaning set forth in the second “whereas” paragraph.

 

“Event” shall
have the meaning set forth in Section 5(c) hereof.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended (or any successor
section thereto).

 

“Exercisable
Option Shares” shall mean the shares of Common Stock that, at the Repurchase
Calculation Date, could be purchased by the Management Stockholder upon
exercise of his or her outstanding and exercisable Options.

 

“Fair Market
Value Per Share” shall mean the Market Value Per Share, or, if there has been
no Public Offering, the fair market value of the Common Stock as determined
(i) in the good faith discretion of the Board after consultation with
management of the Company and (ii) without any premiums for control or
discounts for minority interests or restrictions on transfer.

 

12

 

“Fusion” shall
have the meaning set forth in the first “whereas” paragraph.

 

“Good Reason”
shall mean “Good Reason” as such term may be defined in any employment agreement
or change-in-control agreement in effect at the time of termination between the
Management Stockholder and the Company or any of its subsidiaries or
Rule 405 Affiliates; or, if there is no such employment or
change-in-control agreement, “Good Reason” shall mean (i) a reduction in
the Management Stockholder’s base salary (other than a general reduction in
base salary that affects all members of senior management in substantially the
same proportions, provided that the Management Stockholder’s base salary
is not reduced by more than 10%); (ii) a substantial reduction in the
Management Stockholder’s duties and responsibilities; or (iii) a transfer
of the Management Stockholder’s primary workplace by more than fifty miles from
his workplace as of the Effective Date.

 

“Group” shall
mean “group,” as such term is used for purposes of Section 13(d) or 14(d)
of the Exchange Act.

 

“Investors”
shall have the meaning set forth in the second “whereas” paragraph.

 

“Management
Stockholder” shall have the meaning set forth in the introductory paragraph.

 

“Management
Stockholder Entities” shall mean the Management Stockholder’s Trust, the
Management Stockholder and the Management Stockholder’s Estate, collectively.

 

“Management
Stockholder’s Estate” shall mean the conservators, guardians, executors,
administrators, testamentary trustees, legatees or beneficiaries of the
Management Stockholder.

 

“Management
Stockholder’s Trust” shall mean a partnership, limited liability company,
corporation, trust or custodianship, the beneficiaries of which may include
only the Management Stockholder, his spouse (or ex-spouse) or his lineal
descendants (including adopted) or, if at any time after any such transfer
there shall be no then living spouse or lineal descendants, then to the ultimate
beneficiaries of any such trust or to the estate of a deceased beneficiary.

 

“Market Value
Per Share” shall mean, on the Repurchase Calculation Date, the price per share
equal to (i) after a Public Offering but before a Qualified Public
Offering, (w) the average of the last sale price of the Common Stock on the
Repurchase Calculation Date on each stock exchange on which the Common Stock
may at the time be listed or, (x) if there shall have been no sales on any
such exchanges on the Repurchase Calculation Date on any given day, the average
of the closing bid and asked prices of the Common Stock on each such exchange
on the Repurchase Calculation Date or, (y) if there is no such bid and
asked price on the Repurchase Calculation Date, the average of the closing bid
and asked prices of the Common Stock on the next preceding date when such bid
and asked price occurred or, (z) if the Common Stock shall not be so
listed, the closing sales price of the Common Stock as reported by NASDAQ on
the Repurchase Calculation Date in the over-the-counter market; and (ii)
following a Qualified Public Offering, the closing sale price of the Common
Stock on the Repurchase Calculation Date as reported on the primary exchange on
which the Common Stock is traded (or, if no such sale occurs on the Repurchase
Calculation Date, such closing sale price as was reported on the next preceding
date when such closing sale price occurred).

 

13

 

“Maximum
Repurchase Amount” shall have the meaning set forth in Section 10(a)
hereof.

 

 “Notice” shall have the meaning set forth in
Section 9(b) hereof.

 

“Offeror”
shall have the meaning set forth in Section 4(a) hereof.

 

“Option” shall
have the meaning set forth in the fourth “whereas” paragraph.

 

“Option Excess
Price” shall mean the aggregate amount paid or payable by the Company in
respect of Exercisable Option Shares, as determined pursuant to Section 5
or 6, as applicable.

 

“Option
Exercise Price” shall mean the then-current exercise price of the shares of
Common Stock covered by the applicable Option.

 

“Option Plan”
shall have the meaning set forth in the fourth “whereas” paragraph.

 

“Option Stock”
shall have the meaning set forth in Section 3(a) hereof.

 

“Other
Management Stockholders” shall have the meaning set forth in the sixth
“whereas” paragraph.

 

“Other
Management Stockholders’ Agreements” shall have the meaning set forth in the
seventh “whereas” paragraph.

 

“Parties”
shall have the meaning set forth in the introductory paragraph.

 

“Permanent
Disability” shall mean “Disability” or “Permanent Disability” (as applicable)
as such term may be defined in any employment agreement or change-in-control
agreement in effect at the time of termination between the Management
Stockholder and the Company or any of its subsidiaries or Rule 405
Affiliates; or, if there is no such employment or change-in-control agreement,
“Permanent Disability” shall mean the Management Stockholder becomes physically
or mentally incapacitated and is therefore unable for a period of six (6)
consecutive months or for an aggregate of nine (9) months in any eighteen (18)
consecutive month period to perform substantially all of the material elements
of the Management Stockholder’s duties with the Company or any subsidiary or Rule 405
Affiliate thereof.  Any question as to
the existence of the Permanent Disability of the Management Stockholder as to
which the Management Stockholder and the Company cannot agree shall be
determined in writing by a qualified independent physician mutually acceptable
to the Management Stockholder and the Company. 
If the Management Stockholder and the Company cannot agree as to a
qualified independent physician, each shall appoint such a physician and those
two physicians shall select a third who shall make such determination in
writing.  The determination of Permanent
Disability made in writing to the Company and the Management Stockholder shall
be final and conclusive for all purposes of this Agreement.

 

“Person” shall
mean “person,” as such term is used for purposes of Section 13(d) or 14(d)
of the Exchange Act.

 

“Piggyback
Registration Rights” shall have the meaning set forth in Section 9(a).

 

“Proposed
Registration” shall have the meaning set forth in Section 9(b) hereof.

 

14

 

“Public
Offering” shall mean the sale of shares of Common Stock to the public
subsequent to the date hereof pursuant to a registration statement under the
Act which has been declared effective by the SEC (other than a registration statement
on Form S-4, S-8 or any other similar form).

 

“Purchased
Stock” shall have the meaning set forth in the fifth “whereas” paragraph.

 

“Qualified
Public Offering” shall mean a Public Offering, which results in an active
trading market of 25% or more of the Common Stock.

 

“Registration
Rights Agreement” shall have the meaning set forth in Section 9(a).

 

“Repurchase
Calculation Date” shall mean the last day of the month preceding the later of
(i) the month in which the event giving rise to the right to repurchase
occurs and (ii) the month in which the Repurchase Eligibility Date occurs.

 

“Repurchase
Eligibility Date” shall have the meaning set forth in Section 5(c) hereof.

 

“Repurchase
Price” shall mean the amount to be paid in respect of the Stock and Options to
be purchased by the Company pursuant to Section 5(a), Section 6(a),
6(b), or 6(c), as applicable.

 

“Request”
shall have the meaning set forth in Section 9(b) hereof.

 

“Restricted
Group” shall mean, collectively, the Company, its subsidiaries, the Investors
and their respective Rule 405 Affiliates.

 

“Restricted
Stock” shall have the meaning set forth in the fifth “whereas” paragraph.

 

“Restricted
Stock Agreement” shall have the meaning set forth in the fifth “whereas”
paragraph.

 

“Rule 405
Affiliate” shall mean an affiliate of the Company as defined under
Rule 405 of the rules and regulations promulgated under the Act and as
interpreted in good faith by the Board.

 

“Sale
Participation Agreement” shall mean that certain sale participation agreement
entered into by and between the Management Stockholder and the Investors dated
as of the date hereof.

 

“SEC” shall
mean the Securities and Exchange Commission.

 

“Stock” shall
have the meaning set forth in Section 3(a) hereof.

 

“Stock Option
Agreement” shall have the meaning set forth in the fourth “whereas” paragraph.

 

“Third Party
Offer” shall have the meaning set forth in Section 4(a) hereof.

 

“Transaction
Agreement” shall have the meaning set forth in the first “whereas” paragraph.

 

15

 

“Transfer”
shall have the meaning set forth in Section 2(a) hereof.

 

8.                                       The Company’s Representations
and Warranties.

 

(a)                                  The Company represents and
warrants to the Management Stockholder that (i) this Agreement has been
duly authorized, executed and delivered by the Company and is enforceable
against the Company in accordance with its terms and (ii) the Stock, when
issued and delivered in accordance with the terms hereof and the other
agreements contemplated hereby, will be duly and validly issued, fully paid and
nonassessable.

 

(b)                                 If the Company becomes subject
to the reporting requirements of Section 12 of the Exchange Act, the
Company will file the reports required to be filed by it under the Act and the
Exchange Act and the rules and regulations adopted by the SEC thereunder, to
the extent required from time to time to enable the Management Stockholder to
sell shares of Stock without registration under the Exchange Act within the
limitations of the exemptions provided by (A) Rule 144 under the Act,
as such Rule may be amended from time to time, or (B) any similar rule or
regulation hereafter adopted by the SEC. 
Notwithstanding anything contained in this Section 8(b), the
Company may de-register under Section 12 of the Exchange Act if it is then
permitted to do so pursuant to the Exchange Act and the rules and regulations
thereunder and, in such circumstances, shall not be required hereby to file any
reports which may be necessary in order for Rule 144 or any similar rule
or regulation under the Act to be available. 
Nothing in this Section 8(b) shall be deemed to limit in any manner
the restrictions on sales of Stock contained in this Agreement.

 

9.                                       “Piggyback” Registration Rights.  Effective upon the date of this Agreement and until the later of
(i) the first occurrence of a Qualified Public Offering and (ii) the
fifth anniversary of the Effective Date:

 

(a)                                  The Management Stockholder
hereby agrees to be bound by all of the terms, conditions and obligations of
the piggyback registration rights contained in Section 2 of the
Registration Rights Agreement (the “Registration Rights Agreement”)
entered into by and among the Company and investors party thereto (the “Piggyback
Registration Rights”), as in effect on the date hereof (subject to any
amendments thereto to which the Management Stockholder has agreed in writing to
be bound), and, if Fusion is selling stock, shall have all of the rights and
privileges of the Piggyback Registration Rights (including, without limitation,
the right to participate in the Qualified Public Offering and any rights to
indemnification and/or contribution from the Company and/or the Investors), in
each case as if the Management Stockholder were an original party (other than
the Company) to the Registration Rights Agreement, subject to applicable and
customary underwriter restrictions; provided, however, that at no
time shall the Management Stockholder have any rights to request registration
under Section 3 of the Registration Agreement; and provided  further,
that the Management Stockholder shall not be bound by any amendments to the
Registration Rights Agreement unless the Management Stockholder consents in
writing thereto provided that such consent will not be unreasonably
withheld.  All Stock purchased or held
by the applicable Management Stockholder Entities pursuant to this Agreement
shall be deemed to be “Registrable Securities” as defined in the Registration
Rights Agreement.

 

(b)                                 In the event of a sale of Common
Stock by Fusion in accordance with the terms of the Registration Rights
Agreement, the Company will promptly notify the Management Stockholder in
writing (a “Notice”) of any proposed registration (a “Proposed
Registration”).  If within
fifteen (15) days of the receipt by the Management Stockholder of

 

16

 

such Notice, the Company receives from the applicable Management
Stockholder Entities a written request (a “Request”) to register shares
of Stock held by the applicable Management Stockholder Entities (which Request
will be irrevocable unless otherwise mutually agreed to in writing by the
Management Stockholder and the Company), shares of Stock will be so registered
as provided in this Section 9; provided, however, that for
each such registration statement only one Request, which shall be executed by
the applicable Management Stockholder Entities, may be submitted for all
Registrable Securities held by the applicable Management Stockholder Entities.

 

(c)                                  The maximum number of shares of
Stock which will be registered pursuant to a Request will be the lowest of
(i) the number of shares of Stock then held by the Management Stockholder
Entities, including all shares of Stock which the Management Stockholder
Entities are then entitled to acquire under an unexercised Option to the extent
then exercisable, multiplied by a fraction, the numerator of which is the
number of shares of Stock being sold by Fusion and any affiliated or
unaffiliated investment partnerships and investment limited liability companies
investing with Fusion and the denominator of which is the aggregate number of
shares of Stock owned by Fusion and any investment partnerships and investment
limited liability companies investing with Fusion or (ii) the maximum
number of shares of Stock which the Company can register in connection with
such Request in the Proposed Registration without adverse effect on the
offering in the view of the managing underwriters (reduced pro rata as more
fully described in subsection (d) of this Section 9 or (iii) the
maximum number of shares which the Management Stockholder (pro rata based upon
the aggregate number of shares of Stock the Management Stockholder and all
Other Management Stockholders have requested to be registered) is permitted to
register under the Piggyback Registration Rights.

 

(d)                                 If a Proposed Registration
involves an underwritten offering and the managing underwriter advises the
Company in writing that, in its opinion, the number of shares of Stock
requested to be included in the Proposed Registration exceeds the number which
can be sold in such offering, so as to be likely to have an adverse effect on
the price, timing or distribution of the shares of Stock offered in such Public
Offering as contemplated by the Company, then the Company will include in the
Proposed Registration (i) first, 100% of the shares of Stock the Company
proposes to sell and (ii) second, to the extent of the number of shares of
Stock requested to be included in such registration which, in the opinion of
such managing underwriter, can be sold without having the adverse effect
referred to above, the number of shares of Stock which the selling Investors
and any affiliated or unaffiliated investment partnerships and investment
limited liability companies investing with the selling Investors, the
Management Stockholder and all Other Management Stockholders (together, the “Holders”)
have requested to be included in the Proposed Registration, such amount to be
allocated pro rata among all requesting Holders on the basis of the relative
number of shares of Stock then held by each such Holder (including upon
exercise of all exercisable Options) (provided that any shares thereby
allocated to any such Holder that exceed such Holder’s request will be
reallocated among the remaining requesting Holders in like manner).

 

(e)                                  Upon delivering a Request the
Management Stockholder will, if requested by the Company, execute and deliver a
custody agreement and power of attorney having customary terms and in form and
substance reasonably satisfactory to the Company with respect to the shares of
Stock to be registered pursuant to this Section 9 (a “Custody Agreement
and Power of Attorney”).  The
Custody Agreement and Power of Attorney will

 

17

 

provide, among other things, that the Management Stockholder will
deliver to and deposit in custody with the custodian and attorney-in-fact named
therein a certificate or certificates (to the extent applicable) representing
such shares of Stock (duly endorsed in blank by the registered owner or owners
thereof or accompanied by duly executed stock powers in blank) and irrevocably
appoint said custodian and attorney-in-fact as the Management Stockholder’s
agent and attorney-in-fact with full power and authority to act under the
Custody Agreement and Power of Attorney on the Management Stockholder’s behalf
with respect to the matters specified therein.

 

(f)                                    If the number of shares of Stock
that the Management Stockholder is permitted to include in a Request pursuant to
this Section 9 is limited by the fact that the Options are not exercisable
at the time of such Proposed Registration, then at such time as the Options
become exercisable (in whole or in part) and at any time thereafter, the
Management Stockholder shall be entitled to register for public sale such
additional number of shares of Stock as the Management Stockholder could have
registered at the time of the Proposed Registration.

 

(g)                                 Subject to the transfer
restrictions set forth in Section 3, upon the occurrence of a sale of
Common Stock by Fusion in a Public Offering and at all time thereafter, the
Company shall maintain a registration statement on Form S-8 filed with the
SEC that covers all shares of Stock that the Management Stockholder could register
in a public sale, in order to allow the Management Stockholder to exercise his
rights set forth in this Section 9.

 

(h)                                 The Management Stockholder
agrees that he will execute such other agreements as the Company may reasonably
request to further evidence the provisions of this Section 9.

 

10.                                 Pro Rata Repurchases; Dividends.  (a)  Notwithstanding
anything to the contrary contained in Section 4, 5 or 6, if at any time
consummation of any purchase or payment to be made by the Company pursuant to
this Agreement and the Other Management Stockholders Agreements would result in
an Event, then the Company shall make purchases from, and payments to, the
Management Stockholder and Other Management Stockholders pro rata (on the basis
of the proportion of the number of shares of Stock each such Management
Stockholder and all Other Management Stockholders have elected or are required
to sell to the Company) for the maximum number of shares of Stock permitted
without resulting in an Event (the “Maximum Repurchase Amount”).  The provisions of Section 5(c) and 6(e)
shall apply in their entirety to payments and repurchases with respect to
shares of Stock which may not be made due to the limits imposed by the Maximum
Repurchase Amount under this Section 10(a).  Until all of such Stock is purchased and paid for by the Company,
the Management Stockholder and the Other Management Stockholders whose Stock is
not purchased in accordance with this Section 10(a) shall have priority,
on a pro rata basis, over other purchases of Stock by the Company pursuant to
this Agreement and Other Management Stockholders’ Agreements.

 

(b)                                 In the event any dividends are
paid with respect to the Stock, the Management Stockholder will be treated in
the same manner as all other holders of Common Stock with respect to shares of
Stock then owned by the Management Stockholder, and, with respect to any
Options held by the Management Stockholder, in accordance, as applicable, with
Section 2.4 of the Stock Option Agreement.

 

18

 

11.                                 Rights to Negotiate Repurchase
Price.  Nothing in this Agreement shall be deemed to
restrict or prohibit the Company from purchasing, redeeming or otherwise
acquiring for value shares of Stock or Options from the Management Stockholder,
at any time, upon such terms and conditions, and for such price, as may be
mutually agreed upon in writing between the Parties, whether or not at the time
of such purchase, redemption or acquisition circumstances exist which
specifically grant the Company the right to purchase, or the Management
Stockholder the right to sell, shares of Stock or any Options under the terms
of this Agreement; provided that no such purchase, redemption or
acquisition shall be consummated, and no agreement with respect to any such
purchase, redemption or acquisition shall be entered into, without the prior
approval of the Board.

 

12.                                 Covenant Regarding 83(b)
Election.  Except as the Company may otherwise agree in
writing, the Management Stockholder hereby covenants and agrees that he will
make an election provided pursuant to Treasury Regulation 1.83-2 with
respect to the Stock, including without limitation, the Stock to be acquired
upon each exercise of the Management Stockholder’s Options and any grant of
Restricted Stock; and Management Stockholder further covenants and agrees that
he will furnish the Company with copies of the forms of election the Management
Stockholder files within thirty (30) days after the date hereof, and
within thirty (30) days after each exercise of Management Stockholder’s
Options and with evidence that each such election has been filed in a timely
manner.

 

13.                                 Notice of Change of Beneficiary.  Immediately prior to any transfer of Stock to a Management
Stockholder’s Trust, the Management Stockholder shall provide the Company with
a copy of the instruments creating the Management Stockholder’s Trust and with
the identity of the beneficiaries of the Management Stockholder’s Trust.  The Management Stockholder shall notify the
Company as soon as practicable prior to any change in the identity of any
beneficiary of the Management Stockholder’s Trust.

 

14.                                 Recapitalizations, etc.  The provisions of this Agreement shall apply, to the full extent
set forth herein with respect to the Stock or the Options, to any and all
shares of capital stock of the Company or any capital stock, partnership units
or any other security evidencing ownership interests in any successor or assign
of the Company (whether by merger, consolidation, sale of assets or otherwise)
which may be issued in respect of, in exchange for, or substitution of the
Stock or the Options by reason of any stock dividend, split, reverse split,
combination, recapitalization, liquidation, reclassification, merger,
consolidation or otherwise.

 

15.                                 Management Stockholder’s
Employment by the Company.  Nothing contained in this Agreement or in
any other agreement entered into by the Company and the Management Stockholder
contemporaneously with the execution of this Agreement (subject to, and except
as set forth in, the applicable provisions of any offer letter or letter of
employment provided to the Management Stockholder by the Company or any
employment agreement entered by and between the Management Stockholder and the
Company) (i) obligates the Company or any subsidiary of the Company to
employ the Management Stockholder in any capacity whatsoever or
(ii) prohibits or restricts the Company (or any such subsidiary) from
terminating the employment of the Management Stockholder at any time or for any
reason whatsoever, with or without Cause, and the Management Stockholder hereby
acknowledges and agrees that neither the Company nor any other person has made
any representations or promises whatsoever to the Management Stockholder
concerning the Management Stockholder’s employment or continued employment by
the Company or any subsidiary of the Company.

 

19

 

16.                                 Binding Effect.  The provisions of this Agreement shall be binding upon and accrue
to the benefit of the parties hereto and their respective heirs, legal
representatives, successors and assigns. 
In the case of a transferee permitted under Section 2(a) or
Section 3 (other than clauses (c) or (d) thereof) hereof, such
transferee shall be deemed the Management Stockholder hereunder; provided,
however, that no transferee (including without limitation, transferees
referred to in Section 2(a) or Section 3 hereof) shall derive any
rights under this Agreement unless and until such transferee has delivered to
the Company a valid undertaking and becomes bound by the terms of this
Agreement.

 

17.                                 Amendment.  This Agreement may be amended only by a written instrument signed
by the Parties hereto.

 

18.                                 Closing.  Except as otherwise provided herein, the closing of each purchase
and sale of shares of Stock pursuant to this Agreement shall take place at the
principal office of the Company on the tenth business day following delivery of
the notice by either Party to the other of its exercise of the right to
purchase or sell such Stock hereunder.

 

19.                                 Applicable Law; Jurisdiction;
Arbitration; Legal Fees.

 

(a)                                  The laws of the State of
Delaware applicable to contracts executed and to be performed entirely in such
state shall govern the interpretation, validity and performance of the terms of
this Agreement.

 

(b)                                 In the event of any controversy
among the parties hereto arising out of, or relating to, this Agreement which
cannot be settled amicably by the parties, such controversy shall be finally,
exclusively and conclusively settled by mandatory arbitration conducted
expeditiously in accordance with the American Arbitration Association rules by
a single independent arbitrator.  Such
arbitration process shall take place within 100 miles of the New York City
metropolitan area.  The decision of the
arbitrator shall be final and binding upon all parties hereto and shall be
rendered pursuant to a written decision, which contains a detailed recital of
the arbitrator’s reasoning.  Judgment
upon the award rendered may be entered in any court having jurisdiction
thereof.

 

(c)                                  Notwithstanding the foregoing,
the Management Stockholder acknowledges and agrees that the Company, its
subsidiaries, the Investors and any of their respective Rule 405
Affiliates shall be entitled to injunctive or other relief in order to enforce
the covenant not to compete, covenant not to solicit and/or confidentiality
covenants as set forth in Section 24(a) of this Agreement.

 

(d)                                 In the event of any arbitration
or other disputes with regard to this Agreement or any other document or
agreement referred to herein, each Party shall pay its own legal fees and
expenses, unless otherwise determined by the arbitrator.

 

20.                                 Assignability of Certain Rights
by the Company.  The Company shall have the right to assign
any or all of its rights or obligations to purchase shares of Stock pursuant to
Sections 4, 5 and 6 hereof.

 

20

 

21.                                 Miscellaneous.

 

(a)                                  In this Agreement all references
to “dollars” or “$” are to United States dollars and the masculine pronoun
shall include the feminine and neuter, and the singular the plural, where the
context so indicates

 

(b)                                 If any provision of this
Agreement shall be declared illegal, void or unenforceable by any court of
competent jurisdiction, the other provisions shall not be affected, but shall
remain in full force and effect.

 

22.                                 Withholding.  The Company or its subsidiaries shall have the right to deduct
from any cash payment made under this Agreement to the applicable Management
Stockholder Entities any minimum federal, state or local income or other taxes
required by law to be withheld with respect to such payment.

 

23.                                 Notices.  All notices and other communications provided for herein shall be
in writing.  Any notice or other
communication hereunder shall be deemed duly given (i) upon electronic
confirmation of facsimile, (ii) one business day following the date sent
when sent by overnight delivery and (iii) five (5) business days
following the date mailed when mailed by registered or certified mail return
receipt requested and postage prepaid, in each case as follows:

 

(a)                                  If to the Company, to it at the
following address:

 

Jostens Holding Corp.

c/o Jostens, Inc.

5501 Norman Center Drive

Minneapolis, MN 55437

Attention:  General Counsel

Telecopy:  (952) 830-8492

 

with copies to:

 

Kohlberg Kravis Roberts & Co.

9 West 57th
Street

New York, New
York 10019

Attention:  Alexander Navab

Telecopy:  (212) 750-0003

 

and

 

DLJ Merchant Banking III, Inc.

Eleven Madison Avenue

New York, NY 10010

Attention:  Thompson Dean

Telecopy: (212) 538-0415

 

and

 

21

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention:  Gary I. Horowitz, Esq.

 

Telecopy: 
(212) 455-2502

 

and

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention:  Douglas P. Warner, Esq.

Telecopy:  (212) 310-8007

 

(b)                                 If to the Management
Stockholder, to him at the address set forth below under his signature;

 

or at such other address as either party shall have specified by notice
in writing to the other.

 

24.                                 Confidential Information;
Covenant Not to Compete.

 

(a)                                  In consideration of the Company
entering into this Agreement with the Management Stockholder, the Management
Stockholder hereby agrees effective as of the date of the Management
Stockholder’s commencement of employment with the Company or its Subsidiaries,
without the Company’s prior written consent, the Management Stockholder shall
not, directly or indirectly, (i) at any time during or after the Management
Stockholder’s employment with the Company or its Subsidiaries, disclose any
Confidential Information pertaining to the business of the Company or any of
its Subsidiaries, except when required to perform his or her duties to the
Company or one of its Subsidiaries, by law or judicial process; or (ii) at
any time during the Management Stockholder’s employment with the Company or its
Subsidiaries and for a period of two years thereafter, directly or indirectly
(A) act as a proprietor, investor, director, officer, employee,
substantial stockholder, consultant, or partner in any business that
directly or indirectly competes, at the relevant determination date, with the
business of the Company in, (1)
school photography services or school-related clothing, affinity products and
services, (2) commercial printing and binding, (3) printing services to
companies engaged in direct marketing, (4) fragrance, cosmetics and
toiletries-related sampling or (5) single use packaging for fragrances,
cosmetics and toiletries, in North America in the case of clauses (1) through
(3) and in North America and Europe in the case of clauses (4) and (5),
(B) solicit customers or clients of the Company or any of its Subsidiaries
to terminate their relationship with the Company or any of its Subsidiaries or
otherwise solicit such customers or clients to compete with any business of the
Company or any of its Subsidiaries or (C) solicit or offer employment to
any person who has been employed by the Company or any of its Subsidiaries at any
time during the twelve (12) months immediately preceding the termination
of the Management Stockholder’s employment. 
If the Management Stockholder is bound by any other agreement with the
Company regarding the use or disclosure of Confidential Information, the
provisions of this Agreement shall be read in such a way as to further restrict
and not to permit any more extensive use or disclosure of Confidential
Information.

 

(b)                                 Notwithstanding clause (a)
above, if at any time a court holds that the restrictions stated in such
clause (a) are unreasonable or otherwise unenforceable under

 

22

 

circumstances then existing, the parties hereto agree that the maximum
period, scope or geographic area determined to be reasonable under such
circumstances by such court will be substituted for the stated period, scope or
area.  Because the Management
Stockholder’s services are unique and because the Management Stockholder has
had access to Confidential Information, the parties hereto agree that money
damages will be an inadequate remedy for any breach of this Agreement.  In the event of a breach or threatened
breach of this Agreement, the Company or its successors or assigns may, in
addition to other rights and remedies existing in their favor, apply to any
court of competent jurisdiction for specific performance and/or injunctive
relief in order to enforce, or prevent any violations of, the provisions hereof
(without the posting of a bond or other security).

 

(c)                                  In
the event that the Management Stockholder breaches any of the provisions of
Section 24(a), in addition to all other remedies that may be available to
the Company, such Management Stockholder shall be required to pay to the
Company any amounts actually paid to him or her by the Company in respect of
any repurchase by the Company of the Option or shares of Common Stock
underlying the Option held by such Management Stockholder.

 

25.                                 Termination of Certain
Provisions.

 

The
provisions contained in Section 4 and the portion of any other provision
of this Agreement that incorporates the provisions of Section 4, shall
terminate, and be of no further force or effect upon the consummation of a
Qualified Public Offering.

 

[Signatures on next page.]

 

23

 

IN WITNESS
WHEREOF, the Parties have executed this Agreement as of the date first above
written.

 

	
   

  	
  JOSTENS
  HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David A.
  Tayeh

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  David A.
  Tayeh

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
				

 

 

	
   

  	
  MANAGEMENT
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
  /s/ Marc
  Reisch

  
	
   

  	
   

  	
  Name: Marc
  Reisch

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ADDRESS:

  
	
   

  	
   

  
	
   

  	
  21 Trails
  End

  
	
   

  	
   

  
	
   

  	
  Chappaqua,
  NY 10514Exhibit 10.20

 

EXECUTION COPY

 

RESTRICTED
STOCK AWARD AGREEMENT

(10,405 shares)

 

THIS AGREEMENT
(the “Agreement”) is made effective as of October 4, 2004 (the “Grant
Date”), between Jostens Holding Corp., a Delaware corporation (hereinafter
called the “Company”), and the individual whose name is set forth on the
signature page hereof,  who is an
employee of the Company or an Affiliate (as defined below) of the Company,
hereinafter referred to as the “Employee”. 
Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan (as defined below).

 

WHEREAS, in
connection with the Employee’s employment with the Company or an Affiliate of
the Company, the Company desires to grant the Employee shares of Common Stock,
pursuant to the terms and conditions of this Agreement (the “Restricted Stock
Award”), the 2004 Stock Option Plan for Key Employees of the Company and Its
Subsidiaries (the “Plan”) (the terms of which are hereby incorporated by
reference and made a part of this Agreement), a Management Stockholder’s
Agreement entered into by and between the Company and the Employee as of the
date hereof (the “Management Stockholder’s Agreement”), and a Sale
Participation Agreement entered into by and between Fusion Acquisition LLC, a
Delaware limited liability company (“Fusion”) and the Employee, dated as of the
date hereof (the “Sale Participation Agreement”).

 

WHEREAS, the
Committee has determined that it would be to the advantage and best interest of
the Company and its shareholders to grant the shares of Common Stock provided
for herein to the Employee as an incentive for increased efforts during his or
her employment with the Company or an Affiliate of the Company, and has advised
the Company thereof and instructed the undersigned officer to grant said
Restricted Stock Award;

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other
good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto do hereby agree as follows:

 

1.                                       Grant of the Restricted Stock.  Subject to the terms and conditions of the Plan, the Management
Stockholder’s Agreement (and the agreements incorporated by reference therein),
and the additional terms and conditions set forth in this Agreement, the
Company hereby grants to the Employee 10,405 shares of Common Stock
(hereinafter called the “Restricted Stock”), which shall be 100% vested and
non-forfeitable on the Grant Date.

 

2.                                       Certificates.  Certificates evidencing the Restricted Stock shall be issued by
the Company, registered in the Employee’s name on the stock transfer books of
the Company and delivered to the Employee or to the Employee’s legal guardian
or representative.

 

3.                                       Rights as a Stockholder.  The Employee shall be the record owner of the Restricted Stock
unless or until such Restricted Stock is forfeited pursuant to Section 2
hereof or is otherwise sold or disposed of pursuant to the terms of the
Management Stockholder’s

 

 

Agreement or the Sale Participation
Agreement, and as record owner shall be entitled to all rights of a common
stockholder of the Company.

 

4.                                       Legend on Certificates.  The certificates representing the vested Restricted Stock
delivered to the Employee as contemplated by Section 3(b) above shall bear
the legend set forth in Section 2 of the Management Stockholder’s
Agreement (which shall also be revised to make reference to this Agreement) and
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 Securities and Exchange Commission or any stock
exchange upon which such Common Stock is 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.

 

5.                                       Transferability.  The Restricted Stock may not, at any time prior to becoming
vested pursuant to Section 2 or thereafter, be transferred, sold,
assigned, pledged, hypothecated or otherwise disposed of unless such transfer,
sale, assignment, pledge, hypothecation or other disposition complies with the
provisions of this Agreement, the Management Stockholder’s Agreement or the
Sale Participation Agreement.

 

6.                                       Employee’s Employment by the
Company.  Nothing contained in this Agreement or in
any other agreement entered into by the Company or any of its Subsidiaries and
the Employee, other than the applicable provisions of any offer letter or term
sheet from the Company or any of its Subsidiaries to the Employee or any
employment agreement entered into by and between the Employee and the Company
or any of its Subsidiaries, as applicable,  (i)
obligates the Company or any Subsidiary to employ the Employee in any capacity
whatsoever or (ii) prohibits or restricts the Company or any Subsidiary from
terminating the employment, if any, of the Employee at any time or for any
reason whatsoever, with or without cause, and the Employee hereby acknowledges
and agrees that neither the Company nor any other Person has made any
representations or promises whatsoever to the Employee concerning the
Employee’s employment or continued employment by the Company or any Affiliate
thereof.

 

7.                                       Change in Capitalization.  If, prior to the time the restrictions imposed by Section 2
on the Restricted Stock granted hereunder lapse, the Company shall be
reorganized, recapitalized or restructured, consolidated or merged with another
corporation, or otherwise undergo a significant corporate event, (a) the
Restricted Stock may be adjusted or cancelled and (b) any stock, securities or
other property exchangeable for Common Stock pursuant to such reorganization,
recapitalization, restructuring, consolidation, merger or other corporate
event, shall be deposited with the Company and shall become subject to the
restrictions and conditions of this Agreement to the same extent as if it had
been the original property granted hereby, all pursuant to Sections 8 and 9 of
the Plan.

 

8.                                       Withholding.  It shall be a condition of the obligation of the Company, upon
delivery of Restricted Stock to the Employee, that the Employee pay to the
Company such amount of all such taxes (or make such other settlement in respect
thereof) as may be required for the purpose of satisfying any liability for any
federal, state or local income or other taxes required by law to be withheld
with respect to such Restricted Stock, including payment to the Company upon
the vesting of the Restricted Stock. 
The Company shall be authorized to take

 

2

 

such action as may be necessary, in the
opinion of the Company’s counsel (including, without limitation, withholding
vested Common Stock otherwise deliverable to the Employee and/or withholding
amounts from any compensation or other amount owing from the Company to the
Employee), to satisfy the obligations for payment of the minimum amount of any
such taxes.  In connection with the foregoing, the
Employee may, at his or her option, elect to recognize the fair value of the
Restricted Stock upon the Grant Date pursuant to Section 83 of the
Internal Revenue Code of 1986, as amended. The Employee is hereby advised to
seek his or her own tax counsel regarding the taxation of the grant of
Restricted Stock  made hereunder.

 

9.                                       Limitation on Obligations.  The Company’s obligation with respect to the Restricted Stock
granted hereunder is limited solely to the delivery to the Employee of shares
of Common Stock on the date when such shares are due to be delivered hereunder,
and in no way shall the Company become obligated to pay cash in respect of such
obligation.  This Restricted Stock Award
shall not be secured by any specific assets of the Company or any of its
Subsidiaries, nor shall any assets of the Company or any of its subsidiaries be
designated as attributable or allocated to the satisfaction of the Company’s
obligations under this Agreement.  In
addition, the Company shall not be liable to the Employee for damages relating
to any delays in issuing the share certificates to him (or his designated entities),
any loss of the certificates, or any mistakes or errors in the issuance of the
certificates or in the certificates themselves.

 

10.                                 Securities Laws.  Upon the vesting of any Restricted Stock, the Company may require
the Employee to make or enter into such written representations, warranties and
agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Agreement, consistent with the terms of
the Management Stockholder’s Agreement. 
The granting of the Restricted Stock hereunder shall be subject to all
applicable laws, rules and regulations and to such approvals of any
governmental agencies as may be required.

 

11.                                 Notices.  Any notice to be given under the terms of this Agreement to the
Company shall be addressed to the Company in care of its Secretary, and any
notice to be given to the Employee shall be addressed to him at the address
given beneath his signature hereto.  By
a notice given pursuant to this Section 11, either party may hereafter designate
a different address for notices to be given to him.  Any notice that is required to be given to the Employee shall, if
the Employee is then deceased, be given to the Employee’s personal
representative if such representative has previously informed the Company of
his status and address by written notice under this Section 11.  Any notice shall have been deemed duly given
when enclosed in a properly sealed envelope or wrapper addressed as aforesaid,
deposited (with postage prepaid) in a post office or branch post office
regularly maintained by the United States Postal Service

 

12.                                 Governing Law.  The laws of the State of Delaware shall govern the
interpretation, validity and performance of the terms of this Agreement
regardless of the law that might be applied under principles of conflicts of
laws.

 

13.                                 Restricted Stock Award Subject
to Plan and Other Management Equity Agreements.  The Restricted Stock Award shall be subject to all terms and
provisions of the Plan the Management Stockholder’s Agreement and the Sale
Participation Agreement, to the extent applicable to the Restricted Stock.  In the event of any conflict between this
Agreement

 

3

 

and the Plan, the terms of the Plan shall
control.  In the event of any conflict
between this Agreement or the Plan and the Management Stockholder’s Agreement
and/or the Sale Participation Agreement, the terms of the Management
Stockholder’s Agreement and/or the Sale Participation Agreement shall control.

 

14.                                 Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.

 

[Continued
on next page.]

 

4

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement.

 

 

	
   

  	
  JOSTENS HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David A. Tayeh

  
	
   

  	
   

  	
  Name: David A. Tayeh

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
  /s/ Marc Reisch

  
	
   

  	
  Name: Marc Reisch

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