R.R. DONNELLEY & SONS COMPANY
PERFORMANCE UNIT AWARD
This Performance Unit Award (“Award”) is granted as of February 27, 2004, by R. R. Donnelley & Sons Company (the
“Company”) to Mark A. Angelson (“Grantee”) and is hereby clarified in certain respects. This Award is made pursuant to the
terms of the letter agreement, dated as of November 8, 2003 and as modified and clarified on March 24, 2005, between the
Company and Grantee (the “Employment Agreement”).
1. Grant of Award . The Company hereby credits to Grantee 300,000 stock units (the “Initial Performance Units”), subject to
the restrictions and on the terms and conditions set forth herein. This Award is made pursuant to the provisions of the R. R.
Donnelley & Sons Company 2004 Performance Incentive Plan (“2004 PIP”). Capitalized terms not defined herein shall have the
meanings specified in the 2004 PIP. Grantee shall indicate acceptance of this Award by signing and returning a copy hereof.
2. Determination of Achievement; Distribution of Award .
(a) The number of shares of common stock, par value $1.25 per share, of the Company (the “ Common Stock ”)
payable in respect of one-half of the Initial Performance Units will be determined based on the performance of the
Company against the “Cost Savings Matrix,” and one-half will be determined based on the performance of the Company
against the “Normalized Earnings Per Share Matrix”, each as shown on Attachment A hereto. Promptly following February
27, 2007 and March 31, 2007, respectively (or promptly following such earlier date as of which, pursuant to Section 4
hereof, a determination of the attainment by the Company of the targets set forth on the Cost Savings Matrix and/or the
Normalized Earnings Per Share Matrix is to be made), the Committee (as defined in the 2004 PIP) shall determine whether
and to what extent the Cost Savings and Normalized Earnings Per Share targets have been met.
(b) Distribution with respect to this Award shall be made to Gr