First Amendment to Employment Agreement - Norman C. Smith

EXHIBIT 10.16

First Amendment
To The
Employment Agreement
By and Between
Commemorative Brands, Inc.

And

Norm Smith

     This Agreement amends the agreement between Commemorative Brands, Inc. (the “Company”) and Norm Smith (the “Executive”) captioned Employment Agreement dates as of January 14, 2000, and as amendment in effect on the date immediately prior to the effective date hereof (the “Employment Agreement”). All capitalized terms used in this Agreement shall have the meaning ascribed to them in the Employment Agreement, unless expressly provided herein.

     For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

	1.		The parties hereto agree that the Executive shall not be bound by the provisions of Section 6.13 of the Agreement and Plan of Merger dated as of December 24, 2003 by and among American Achievement Corporation (“AAC”) AAC Holding Corp, AAC Acquisition Corp. and the stockholders of AAC party hereto; provided that this Section 1 shall in no way affect the obligations of the Executive under the Employment Agreement.
	2.		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.

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     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.