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EXHIBIT 10.16
LETTER AGREEMENT - KRIS G.
RADHAKRISHNAN
May 8, 2008
Commemorative
Brands, Inc.
Re:
Change of Control Payment and Contingent Purchase of CIP
Units
This
letter sets forth the agreement between you and American
Achievement Corporation (the “ Company ”) with
respect to the following:
1. In
the event that a Change of Control (as defined below) occurs on or
before February 8, 2009, and you are employed by the Company or any
of its subsidiaries at the time such Change of Control occurs, the
Company will pay to you $300,000 in cash upon consummation of such
Change of Control (the “ Change of Control Payment
”). The Company will pay the Change of Control
Payment by wire transfer of immediately available funds to such
account as you specify within five (5) business days of the
occurrence of the Change of Control, subject to any tax or other
amounts required to be withheld by the Company under applicable
law. For purposes of this letter, a “ Change of
Control ” shall mean any “Change of Control”
as defined in the Company’s Amended and Restated Cash
Incentive Plan attached as Exhibit A hereto (the “
CIP ”).
2. In
the event that a Change of Control does not occur on or before
February 8, 2009, and you are employed with the Company or any of
its subsidiaries as of February 8, 2009, you agree that on such
date you will purchase 1,942 units (the “ Units
”) issued pursuant to the CIP at a purchase price equal to
$206.00 per Unit. Notwithstanding the provisions of the
CIP, such Units shall be deemed fully vested on the date they are
acquired by you, and if so acquired, shall remain vested and
outstanding whether or not you remain an employee of the Company or
any of its subsidi
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