Exchange and Registration Rights AgreementExchange and Registration Rights Agreement • September 1st, 2006 • American Achievement Group Holding Corp. • New York
American Achievement Group Holding Corp., a Delaware corporation (the “Company”), proposes to issue and sell to Goldman, Sachs & Co. and Lehman Brothers Inc. (each, a “Purchaser,” and together, the “Purchasers”) upon the terms set forth in the Purchase Agreement (as defined herein) of $150,000,000 in aggregate principal amount of its 12.75% Senior PIK Notes due October 1, 2012. As an inducement to each Purchaser to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of each Purchaser thereunder, the Company agrees with each Purchaser for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows:
