exhibit 10. 8 securities purchase agreement by and among ennis, inc., the stockholders of independent printing company, inc., and bradford equities management, l. l. c., as representative of the sellers dated january 27, 2017 this form of agreement shall be kept confidential pursuant to the terms of the confidentiality agreement entered into by the recipient hereof with respect to the subject matter hereof. table of contents page article i certain definitions 1 section 1. 1 certain definitions 1 section 1. 2 interpretation 10 article ii purchase and sale 11 section 2. 1 purchase and sale of shares of common stock 11 section 2. 2 purchase price 11 section 2. 3 closing and deliverables 11 section 2. 4 closing date payment amount 14 section 2. 5 withholding 17 article iii representations and warranties of the sellers relating to the company 18 section 3. 1 organization and qualification 18 section 3. 2 authorization 18 section 3. 3 non - contravention 18 section 3. 4 governmental consents 18 section 3. 5 capitalization ; subsidiaries 19 section 3. 6 financial statements ; undisclosed liabilities 19 section 3. 7 absence of certain developments 20 section 3. 8 compliance with laws ; governmental authorizations ; licenses ; etc. 22 section 3. 9 litigation 22 section 3. 10 taxes 22 section 3. 11 environmental matters 24 section 3. 12 employee matters 25 section 3. 13 employee benefit matters 26 section 3. 14 intellectual property rights 28 section 3. 15 contracts 28 section 3. 16 insurance 30 section 3. 17 real property 30 section 3. 18 related party transactions 31 section 3. 19 brokers 31 section 3. 20 inventory 31 section 3. 21 accounts receivable 31 section 3. 22 customers and suppliers 31 section 3. 23 product warranties and services 31 section 3. 24 banking facilities 32 section 3. 25 no additional representations 32 article iv representations and warranties of the sellers relating to the sellers and the securities of the company 32 section 4. 1 organization ; authorization ; no conflicts 32 section 4. 2 execution ; delivery ; enforceability 33 section 4. 3 filings and approvals 33 section 4. 4 title to the shares 33 section 4. 5 litigation 33 page article i certain definitions 1 article i certain definitions section 1. 1 certain definitions 1 section 1. 1 certain definitions section 1. 2 interpretation 10 section 1. 2 interpretation article ii purchase and sale 11 article ii purchase and sale section 2. 1 purchase and sale of shares of common stock