INSIDER BUYING: As promised in Cenveo's conference call last week, CEO Bob Burton is buying more shares in the company. Also buying - Director Leonard Green. According to InsiderScore.com, insiders picked up more than $1.8 million in shares between November 8th and 13th.

Burton purchased 50,595 shares and now holds about 3.5 million shares - a 6.5% stake. Leonard Green purchased 43,500 shares increasing his holdings to 590,900 shares.

Cenveo's stock is up more than 70% over the past 12 months. According to SEC data, current insiders have not sold a single share of stock since Burton took over and there has been plenty of buying - plus grants of shares to key executives and officers.

Ironically, Cenveo's former CEO Paul Reilly received most of the blame for the company's decreasing value before Burton took over. Reilly is making money on Cenveo's rising stock price as Burton turns the company around. Reilly holds 529,473 shares.

BURTON'S RAISE: Last week, Burton extended his employment agreement with Cenveo for an additional two years. In the conference call, he stated that this action further shows his commitment to Cenveo. In a filing with the SEC yesterday, the company indeed communicated Burton's two year extension but also amended his compensation prospects. His base salary will increase from "not less than $950,000 to not less than $1,000,001" and Burton's incentive bonus opportunity will increase from 200% of base salary to 300% of base salary. The bonus is payable on an "all or nothing" basis depending on the achievement of target goals.

Plus, Burton's employment agreement gives him options to purchase 500,000 shares of common stock at an exercise price of $9.52, a restricted stock award of 200,000 shares and an award of 100,000 restricted share units. Each of the equity awards vested in four equal annual installments beginning on September 12, 2006. Cenveo's current stock price is around $20.

BOARD OBSERVATIONS: Last year, Burton moved to make Cenveo's Board more independent by announcing the retirement of Jerry Pickholz and the resignation of Max Harris "in order to ensure that five of our remaining seven directors are 'independent' under the NYSE's listing criteria."

It is interesting to note that Cenveo's Board of Directors is made up of people with close ties to Burton. With Burton as Chairman, the Board consists of Patrice Daniels, Leonard Green, Mark Griffin, Robert Kittel, Robert Obernier and Thomas Oliva.

Patrice Daniels, Partner at Onyx Capital Ventures - Daniels was a former director of World Color Press when Burton was there.

Leonard Green, President of The Green Group - Green has been an advisor to Burton in the past and was party to Burton's original investor group.

Mark Griffin, Founder of the Eagle Hill School - Burton is a Board Trustee at the Eagle Hill School. Griffin was also a former director of World Color Press.

Robert Kittel, Partner of Goodwood - Kittel was a partner with Burton in the takeover of Cenveo and a partner on other deals with Burton Capital Management.

Thomas Oliva, President - Oliva has been with Burton since World Color. He was also an executive at Moore and at Burton Capital Management.

Robert Obernier, Chairman and Chief Executive Officer of Horizon Paper - Obernier was picked by Cenveo's board, Burton Capital Management and Goodwood Inc. when the company took over Sept 12, 2005.

Perhaps, Burton knows that a closely knit Board is required to make the rapid changes needed at Cenveo.