American Achievement Group Holding Corp.
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT - NORMAN C. SMITH
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<TYPE>EX-10.16
<SEQUENCE>4
<FILENAME>d41473exv10w16.htm
<DESCRIPTION>FIRST AMENDMENT TO EMPLOYMENT AGREEMENT - NORMAN C. SMITH
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<DIV align="right" style="font-size: 10pt; margin-top: 18pt">EXHIBIT 10.16</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">First Amendment<BR>
To The<BR>
Employment Agreement<BR>
By and Between<BR>
Commemorative Brands, Inc.
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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">And

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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Norm Smith

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement amends the agreement between Commemorative Brands, Inc. (the &#147;Company&#148;) and
Norm Smith (the &#147;Executive&#148;) captioned Employment Agreement dates as of January&nbsp;14, 2000, and as
amendment in effect on the date immediately prior to the effective date hereof (the &#147;Employment
Agreement&#148;). All capitalized terms used in this Agreement shall have the meaning ascribed to them
in the Employment Agreement, unless expressly provided herein.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:
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    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The parties hereto agree that the Executive shall not be bound by the
provisions of Section&nbsp;6.13 of the Agreement and Plan of Merger dated as of December
24, 2003 by and among American Achievement Corporation (&#147;AAC&#148;) AAC Holding Corp,
AAC Acquisition Corp. and the stockholders of AAC party hereto; provided that this
Section&nbsp;1 shall in no way affect the obligations of the Executive under the
Employment Agreement.</TD>
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<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as expressly modified herein, the Employment Agreement, and all
of its terms and provisions, shall remain unchanged and in full force and effect.
This Agreement may be executed in two or more counterparts, each of which shall
constitute the same instrument.</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of page intentionally left blank.&#093;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intending to be legally bound, the parties have signed this Agreement, to take effect on the
date on which it is signed by the second of the parties.
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<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
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    <TD colspan="3" align="left"><B>The Executive:</B> <BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Norman C. Smith
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Date: 4-5-04&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><B>The Company:<BR>
<BR>
American Achievement Corporation</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mac LaFollette
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mac LaFollette&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">Date:</TD>
    <TD colspan="2" valign="top" align="left">&nbsp;4/9/04&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Acknowledged and agreed with respect to Section&nbsp;1 <BR>
<BR>
<B>AAC Holding Corp.</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Richard C. Dresdale
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Richard C. Dresdale&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">Date:</TD>
    <TD colspan="2" valign="top" align="left">&nbsp;4/12/04&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
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