Form of Stock Option Agreement

Exhibit 10.12 STOCK OPTION TO: [ ] OPTION DATE: [ ] In order to provide additional incentive through stock ownership for certain key employees of General Binding Corporation and Subsidiaries (" GBC" ) you are hereby granted an Option by GBC, effective as of the date hereof, to purchase [ ] shares of GBC Common Stock at a price per share of $[ ] subject to the terms and conditions set forth in the " General Binding Corporation 1989 Stock Option Plan (" Plan" ). This option must be exercised in parts as provided in the Plan, beginning no sooner than one year hence, and completed no later than eight years hereafter, after which this Option will lapse. No part of this Option is transferable or assignable in whole or in part by you during your lifetime, and no part can be exercised by you after termination or employment except in the event of retirement, death or disability. The manner in which you may exercise this Option is by giving written notice to the Vice President, Secretary and General Counsel of GBC accompanied by either 1.) a check in payment of the option price ($[ ] per share) for the number of shares of the Option being exercised as provided in the Plan, or 2.) tendering a sufficient number of shares of GBC Common Stock with a fair market value equal (subject to adjustment for fractio ...