Document:

<PAGE>

EXHIBIT 10.23(f)

                                    AMENDMENT
                                       TO
                              EMPLOYMENT AGREEMENT

     THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made July 8,
2002 by and between Valassis Communications, Inc. (the "Corporation") and
William F. Hogg, Jr. (the "Executive").

     WHEREAS, the Corporation and the Executive entered into that certain
Employment Agreement effective as of March 18, 1992, as amended on December 22,
1995, January 20, 1997, December 23, 1998, January 5, 2001 and January 11, 2002
(the "Employment Agreement"); and

     WHEREAS, the Corporation and the Executive desire to amend the Employment
Agreement to, among other things, extend the term of employment and provide for
the grant of stock options to the Executive.

     NOW, THEREFORE, in consideration of the mutual covenants and promises
herein contained, the parties hereto agree as follows:

     1.  Section 1.(b) of the Employment Agreement shall be amended to read in
its entirety as follows:

         "The Employment Period shall commence as of March 18, 1992 (the
     "Effective Date") and shall continue until the close of business on
     September 30, 2006."

     2.  The following sentence shall be added to Section 3.(a) of the
Employment Agreement:

         "The Executive's Annual Base Salary, payable on a biweekly basis,
     shall be at the annual rate of not less than $250,000 effective January 1,
     2003."

     3.  Section 3. of the Employment Agreement shall be amended to add a new
subsection 3.(g) to read in its entirety as follows:

         "(g). Stock Options. The Executive shall be eligible to receive
     non-qualified options to purchase an aggregate of 350,000 shares of Common
     Stock of the Corporation pursuant to the Corporation's 2002 Long-Term
     Incentive Plan (or such other plan applicable to executives of the
     Corporation in effect from time to time) (each, an "Option" and
     collectively, the "Options"). The Options shall be granted by the
     Corporation in eight (8) semi-annual installments consisting of 43,750
     Options each on April 1 and October 1 (each April 1 and October 1 shall be
     referred to herein as a "Date of Grant") commencing on October 1, 2002
     through April 1, 2006. Each Option shall have a strike price equal to the
     Fair Market Value (as defined in the Corporation's applicable stock option
     plan) of the Corporation's Common Stock on the Date of Grant and shall
     become fully vested five (5) years from such Date of Grant and exercisable
     for two (2) years thereafter, with the same terms and conditions as the
     Corporation's then current standard non-qualified stock option agreement
     for executives, except as provided below. The Options shall also vest in
     accordance with the following stock performance targets for the
     Corporation's Common Stock: One third of each Option grant shall vest upon
     the Corporation's Common Stock achieving

<PAGE>

     a market price of five dollars ($5.00) per share greater than the Fair
     Market Value of the Corporation's Common Stock on the Date of Grant;
     One-third of each Option grant shall vest upon the Corporation's Common
     Stock achieving a market price of ten dollars ($10.00) per share greater
     than the Fair Market Value of the Corporation's Common Stock on the Date of
     Grant; and the remaining one third of each Option grant shall vest upon the
     Corporation's Common Stock achieving a market price of fifteen dollars
     ($15.00) per share greater than the Fair Market Value of the Corporation's
     Common Stock on the Date of Grant; provided, however, that in no event
     shall an Option be exercised for the first six (6) months following a Date
     of Grant. Notwithstanding the foregoing, (A) upon a Change of Control (as
     defined in the Corporation's applicable stock option plan), (x) all shares
     with respect to which any Option granted prior to the Change of Control
     shall become fully exercisable and (y) any remaining Options not previously
     granted shall be immediately granted and become vested and fully
     exercisable with a strike price equal to the Fair Market Value of the
     Corporation's Common Stock on the day that is ninety (90) days prior to the
     public announcement of the Change of Control; and (B) upon termination of
     Executive's employment by the Corporation other than for Cause, (x) all
     shares with respect to which any Option granted shall become vested and
     fully exercisable and (y) any remaining Options not previously granted
     shall be immediately granted and become fully exercisable with a strike
     price equal to the Fair Market Value on the applicable Date of
     Termination."

     4.  An additional sentence to Section 3.(e) shall be added to read as
follows:

         "The Corporation shall furnish to the Executive financial planning,
     tax and estate preparation services."

     5.  The Employment Agreement shall be amended to add a new Section 7 to
read in its entirety as follows, and the subsequent Sections of the Agreement
shall be renumbered accordingly:

     "7. Excise Taxes.

         (a) In the event it shall be determined that any payment or benefit
     provided under this Agreement, together with any other payments or benefits
     Executive is entitled to receive by reason of a Change in Control of the
     Company or a termination of his employment with the Company (collectively,
     the "Payments") would be subject to the excise tax imposed by Section 4999
     of the Internal Revenue Code of 1986 ("Code") or any successor provision,
     or any interest or penalties are incurred by Executive with respect to such
     excise tax (such excise tax, together with any such interest and penalties,
     hereinafter collectively referred to as the "Excise Tax"), the Company
     shall pay Executive, at least 10 days prior to the time payment of any such
     Excise Tax is due, an additional amount (the "Gross-Up Payment") such that
     the net amount retained by Executive, after deduction of any Excise Tax and
     any federal, state and local taxes imposed on the Gross-Up Payment, shall
     be equal to the Excise Tax imposed on the Payments.

         (b) For purposes of determining whether any of the Payments will be
     subject to the Excise Tax and the amount of such Excise Tax, (1) the
     Payments shall be treated as "parachute payments" within the meaning of
     Section 280G(b)(2) of the Code, and all "excess parachute payments" within
     the meaning of Section 280G(b)(1) of the Code shall be treated as subject
     to the Excise Tax, unless in the opinion of tax counsel selected by the
     Company and acceptable to Executive the Payments (in whole or in

<PAGE>

     part) do not constitute parachute payments or excess parachute payments or
     are otherwise not subject to the Excise Tax, (2) the amount of the Payments
     which shall be treated as subject to the Excise Tax shall be equal to the
     amount of "excess parachute payments" within the meaning of Section
     280G(b)(1) (after applying clause (1) above), and (3) the value of any
     non-cash benefits or any deferred payment or benefit shall be determined by
     the Company's independent auditors in accordance with the principles of
     Section 280G(d)(3) and (4) of the Code. For purposes of determining the
     amount of the Gross-Up Payment, Executive shall be deemed to pay federal
     income taxes at the highest marginal rate in the calendar year in which the
     Gross-Up Payment is to be made and state and local income taxes at the
     highest marginal rate in the state and locality of Executive's residence on
     the date of payment, net of the maximum reduction in federal income taxes
     which could be obtained from deduction of such state and local taxes.

         (c) In the event that the Excise Tax is subsequently determined to be
     less than the amount taken into account hereunder at the time of
     termination of employment, Executive shall repay to the Company at the time
     that the amount of such reduction in Excise Tax is finally determined, the
     portion of the Gross-Up Payment attributable to such reduction (plus the
     portion of the Gross-Up Payment attributable to the Excise Tax). In the
     event that the Excise Tax is determined to exceed the amount taken into
     account hereunder at the time of the termination of employment (including
     by reason of any payment the existence or amount of which cannot be
     determined at the time of the Gross-Up Payment), the Company shall make an
     additional Gross-Up Payment in respect of such excess (plus any interest
     and penalties payable with respect to such excess) at the time that the
     amount of such excess is finally determined. Executive shall notify the
     Company of any audit by the Internal Revenue Service of Executive's federal
     income tax return for the year in which a payment under this Agreement is
     made within ten (10) days of Executive's receipt of notification of such
     audit. In addition, Executive shall also notify the Company of the final
     resolution of such audit within ten (10) days of such resolution."

<PAGE>

     6.  An additional sentence to renumbered Section 10.(a) shall be added to
read as follows:

         "This Agreement shall be governed by and construed in accordance with
     the laws of the State of Michigan, without reference to principles of
     conflict of laws."

     7.  All other terms of the Employment Agreement shall remain in full force
and effect.

     8.  This instrument, together with the Employment Agreement, contains the
entire agreement of the parties with respect to the subject matter hereof.

     IN WITNESS WHEREOF, the Executive and the Corporation have caused this
Agreement to be executed as of the day and year first above written.

                                           /s/ Valassis Communications, Inc.
                                           ------------------------------------

                                           /s/ Valassis Manufacturing Company
                                           ------------------------------------

                                           /s/ William F. Hogg, Jr.
                                           ------------------------------------<PAGE>

EXHIBIT 10.24

                  DOCUMENT CONTAINS GENERATED TABLE OF CONTENTS

                          VALASSIS COMMUNICATIONS, INC.
                            SUPPLEMENTAL BENEFIT PLAN

<PAGE>

                                   CERTIFICATE

     I, Barry P. Hoffman, Secretary of Valassis Communications, Inc., hereby

certify that the attached document is a correct copy of Valassis Communications,

Inc. Supplemental Benefit Plan, effective September 15, 1998.

     Dated this 15th day of December 1998.

                                                    /s/ Barry P. Hoffman
                                              ----------------------------------
                                                       Barry P. Hoffman
                                                        as Aforesaid

                                                       (Corporate Seal)

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                       <C>
SECTION 1                                                                 1
         Introduction                                                     1
                  The Plan, Effective Date                                1
                  Purpose                                                 1
                  Plan Year                                               1
                  Plan Administration                                     1
                  Unfunded Nature of the Plan                             1
                  Gender and Number                                       1

SECTION 2                                                                 2
         Eligibility and Participation                                    2
                  Eligibility                                             2
                  Participation                                           2

SECTION 3                                                                 3
         Retirement Dates                                                 3
                  Normal Retirement Date                                  3
                  Disability Retirement Date                              3
                  Employment Termination Date                             3

SECTION 4                                                                 4
         Bases of Benefits                                                4
                  General                                                 4
                  Credited Service                                        4
                  Earnings                                                4
                  Final Average Earnings                                  4

SECTION 5                                                                 5
         Supplemental Benefits                                            5
                  Amount of Supplemental Benefits                         5
                  Accrual of Supplemental Benefits                        5

SECTION 6                                                                 6
         Termination Before Retirement                                    6
                  No Benefits Payable                                     6
                  Pre-Retirement Benefit                                  6

SECTION 7                                                                 8
         Payment of Supplemental Benefits                                 8
                  Retirement                                              8
                  Termination Before Retirement                           8
                  Payments After Death                                    8
                  Beneficiary                                             8

SECTION 8                                                                 9
         General Provisions                                               9
                  Interests Not Transferable                              9
                  Controlling Law                                         9
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<S>                                                                      <C>
                  Reemployment                                            9
                  Facility of Payment                                     9
                  Employment Rights                                       9
                  Action by the Company                                   9
                  Review of Benefit Determinations                        9
                  Decision of Plan Administrator Final                   10
                  Other Benefits                                         10
                  Covenant Not to Compete or Solicit                     10

SECTION 9                                                                11
         Amendment and Termination                                       11
</TABLE>

                                      -ii-

<PAGE>

                          VALASSIS COMMUNICATIONS, INC.
                            SUPPLEMENTAL BENEFIT PLAN

                                    SECTION 1

                                  Introduction

1.1.   The Plan, Effective Date. Valassis Communications, Inc. Supplemental
Benefit Plan (the "plan") was established by Valassis Communications, Inc. (the
"company") effective September 15, 1998 (the "effective date").

1.2.   Purpose. The purpose of the plan is to provide supplemental benefits for
eligible corporate officers and other employees of the company.

1.3.   Plan Year. The plan is administered on the basis of a plan year (the
"plan year") beginning each January 1 and ending on the next following December
31.

1.4.   Plan Administration. The plan is administered by one or more employees
appointed by the company (the "plan administrator"). The plan administrator may
adopt such rules of procedure and regulations as in its opinion may be necessary
for the proper and efficient administration of the plan and as are consistent
with the provisions of the plan. The plan administrator also may allocate or
delegate to any person such of the powers, rights and duties reserved to the
plan administrator as it may consider necessary or desirable to properly carry
out plan administration.

1.5.   Unfunded Nature of the Plan. The plan is intended to constitute an
unfunded plan within the meaning of Section 201(2) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), with benefits paid from the
general assets of the company. The plan constitutes only a promise by the
company to pay benefits in the future.

1.6.   Gender and Number. Where the context admits, words in the masculine
gender will include the feminine and neuter genders, the plural will include the
singular and the singular will include the plural.

                                                                               3

<PAGE>

                                    SECTION 2

                          Eligibility and Participation

2.1.   Eligibility. An employee of the company will become a participant in the
plan if he meets both of the following requirements:

       (a)  He is a member of a select group of management or highly compensated
            employees;

       (b)  He is designated as a participant in the plan by the
            Compensation/Stock Option Committee of the company.

2.2.   Participation. A participant in the plan will continue as such until the
later to occur of his termination of employment with the company and all
corporations, partnerships, trades or businesses treated as a part of a
"controlled group" of which the company is a member, under Section 414(b), (c),
(m) or (o) of the Internal Revenue Code of 1986, as amended ("the Code") (each
an "affiliate"), or the distribution of all benefits, if any, to which he is
entitled under the plan. However, a participant's right to accrue benefits under
the plan is subject to the terms of the plan, including Section 9.

                                                                               4

<PAGE>

                                    SECTION 3

                                Retirement Dates

3.1.   Normal Retirement Date. A participant's "normal retirement date" will be
the date on which the participant retires or is retired from the employ of the
company and all affiliates. A participant leaving the employ of the company and
all affiliates after attaining age 65 years and for reasons other than
disability or termination for cause will be presumed to have retired.

3.2.   Disability Retirement Date. A participant's "disability retirement date"
will be the date on which the participant is retired from the employ of the
company and all affiliates because of disability. A participant will be
considered to have incurred a "disability" for purposes of the plan if the
disability qualifies him for long-term disability benefits under the company's
long-term disability plan (or would qualify the participant for such benefits if
the participant had enrolled in that plan).

3.3.   Employment Termination Date. A participant's "employment termination
date" means one of the following dates that applies in the participant's case:

       (a)  the participant's normal retirement date or disability retirement
            date if he retires under the plan on either such date;

       (b)  the date of the participant's termination of employment with the
            company and all affiliates, if such termination occurs other than by
            retirement under the plan and for a reason other than the
            participant's death; or

       (c)  the date the participant's employment with the company and all
            affiliates terminates because of the participant's death.

                                                                               5

<PAGE>

                                    SECTION 4

                                Bases of Benefits

4.1.   General. Supplemental benefits payable under the plan with respect to a
participant will be based on the participant's credited service and final
average earnings, both as defined below.

4.2.   Credited Service. For purposes of the plan, a participant's "credited
service" means the sum of the following:

       (a)  the participant's last continuous period of employment with the
            company and any of its affiliates;

       (b)  the period during which the participant is deemed to have continued
            employment with the company and any of its affiliates beyond his
            actual employment termination date pursuant to an employment
            agreement in effect with respect to the participant; and

       (c)  such other period or periods of employment with the company and its
            affiliates (and any predecessor thereto) as are designated as
            "credited service" by the company in writing.

A participant's credited service will include all completed years and months of
credited service, any additional service in excess of a completed month will be
counted as a full month of credited service, and if the participant's number of
months of credited service (in excess of full years of credited service) is more
than six, that number of whole months will be rounded to one full year.

4.3.   Earnings. A participant's "earnings" means, during any period of credited
service, his base pay, exclusive of any bonuses, commissions or other
compensation of any kind. For any year, if a participant makes a deferral
election relating to his base pay under a plan of the company, the amount
deferred pursuant to the election will be counted as base pay for that year
under this plan.

4.4.   Final Average Earnings. A participant's "final average earnings" means
the annual average of his earnings for the 36-month period ending on the
participant's employment termination date (as defined in Subsection 3.3). Such
average is computed by dividing the total of the participant's earnings for the
applicable 36-month period by three (3). If a participant's total period of
employment is less than 36 months, the participant's earnings during his period
of employment will be divided by the number of years (and any fraction of a
year) for which he had earnings.

                                                                               6

<PAGE>

                                    SECTION 5

                              Supplemental Benefits

5.1.   Amount of Supplemental Benefits. Subject to the conditions and
limitations of the plan, if a participant retires or is retired on his normal
retirement date, or is retired on a disability retirement date, the participant
will be entitled to a supplemental benefit payable for a period of ten years, in
an annual amount equal to one and one-half percent of the participant's final
average earnings multiplied by the participant's number of years of credited
service. Supplemental benefits are payable in accordance with Section 7.

5.2.   Accrual of Supplemental Benefits. The amount of any increase in a
participant's supplemental benefits attributable to a particular plan year will
accrue entirely on the last day of that plan year, or such earlier date during
that plan year in which his employment with the company and all affiliates
terminates.

                                                                               7

<PAGE>

                                    SECTION 6

                          Termination Before Retirement

6.1.   No Benefits Payable. If a participant's employment with the company and
all affiliates is terminated for cause, no benefits will be payable under the
plan to, or with respect to, such participant. A participant's employment with
the company and all affiliates will be considered to have been terminated "for
cause" if such employment is terminated for such reasons as defined in the
participant's employment contract with the company.

6.2.   Pre-Retirement Benefit. A participant will be entitled to a vested
benefit if the participant meets any one of the following requirements:

       (a)  prior to retirement, the participant's employment with the company
            and all affiliates is voluntarily or involuntarily terminated for a
            reason other than for cause, provided that the participant had
            completed at least twelve months of employment with the company.

       (b)  if a participant is involuntarily terminated within one year of a
            "Change of Control," as defined below.

A participant described above will be entitled to a supplemental benefit
(commencing as soon as practicable after employment terminates) in an amount
determined in accordance with Section 5 as if the participant's employment
termination date or the date of the Change of Control, if applicable, were his
normal retirement date, but based on the participant's final average earnings
and credited service as at his employment termination date or the date of the
Change of Control, if applicable. A "Change of Control" shall mean the
occurrence of any of the following events, as a result of one transaction or a
series of transactions:

       (i)   any "person" (as that term is used in Sections 13(d) and 14(d) of
       the Securities Exchange Act of 1934, but excluding Valassis
       Communications, Inc. ("Parent") and any qualified or non-qualified plan
       maintained by Parent) becomes the "beneficial owner" (as defined in Rule
       13d-3 promulgated under such Act), directly or indirectly, of securities
       of Parent representing more than 20% of the combined voting power of
       Parent's then outstanding securities;

       (ii)  individuals who constitute a majority of the Board of Directors of
       Parent immediately prior to a contested election for positions on the
       Board cease to constitute a majority as a result of such contested
       election;

       (iii) Parent is combined (by merger, share exchange, consolidation, or
       otherwise) with another corporation and as a result of such combination,
       less than 75% of the outstanding securities of the surviving or resulting
       corporation are owned in the aggregate by the former shareholders of
       Parent; or

       (iv)  Parent sells, leases, or otherwise transfers all or substantially
       all of its properties or assets to another person or entity.

                                                                               8

<PAGE>

                                    SECTION 7

                        Payment of Supplemental Benefits

7.1.   Retirement. If a participant retires or is retired on a retirement date,
the participant's supplemental benefits will be paid to him for a period of ten
years, on a semi-annual basis, with the first payment due on the last day of the
calendar month next following the calendar month in which the participant's
retirement date occurs, and with the final payment to be the twentieth such
semi-annual payment. Each semi-annual payment will be in an amount equal to
one-half of the annual amount determined under subsection 5.1.

7.2.   Termination Before Retirement. If a participant's employment termination
occurs other than by retirement under the plan, but he qualifies for a
supplemental benefit under subsection 6.2, the participant's supplemental
benefit will be paid to him on the same basis described in subsection 7.1, with
payments commencing on the last day of the calendar month following the calendar
month in which the participant's termination date occurs.

7.3.   Payments After Death. If a participant dies while employed, the amount of
supplemental benefits that would have been payable to him shall be paid to his
beneficiary (as defined in subsection 7.4) or, if none, to his estate. If a
participant dies after retirement or other termination of employment entitling
him to supplemental benefits, those benefits shall continue to be paid to the
participant's beneficiary until a total of 20 semi-annual payments have been
made to the participant and his beneficiary (or the participant's estate, if
there is no beneficiary). Payments made to a participant's beneficiary shall be
payable on the same basis as payments would have been made to the participant;
payments to a participant's estate may, in the company's discretion, be
accelerated and paid in a present value lump sum to the estate.

7.4.   Beneficiary.  A participant's "beneficiary" under this plan means:

       (a)  his spouse and/or children, if any, on the date of the participant's
            death, or

       (b)  his estate and/or trust.

                                                                               9

<PAGE>

                                    SECTION 8

                               General Provisions

8.1.   Interests Not Transferable. Except as may be required by the tax
withholding provisions of the laws of the United States or any state, the
interests of participants and the beneficiaries of deceased participants are not
subject to the claims of their creditors and may not be voluntarily or
involuntarily transferred, assigned, alienated or encumbered.

8.2.   Controlling Law. To the extent not superseded by federal law, the laws of
Michigan will be controlling in all matters relating to the plan.

8.3.   Successor to the Company. The term "company" as used in the plan will
include any successor to the company by reason of merger, consolidation, the
purchase of all or substantially all of the company's assets or otherwise.

8.4.   Reemployment. If a participant or former participant is reemployed by the
company after his employment termination date (or actual employment termination
date, if applicable) then, unless and to the extent specified otherwise by the
Board of Directors of the company, the participant will be treated as a new
employee for all purposes of the plan.

8.5.   Facility of Payment. Any amounts payable hereunder to any person under
legal disability or who, in the judgment of the plan administrator, is unable to
properly manage his affairs may be paid to the legal representative of such
person or may be applied for the benefit of such person in any manner which the
plan administrator may select.

8.6.   Employment Rights. Establishment of the plan will not be construed to
give any participant the right to be retained in the service of the company or
of any affiliate, or to any benefits or payments not specifically provided by
this plan.

8.7.   Action by the Company. Any action required of or permitted by the company
under the plan will be by resolution of its Board of Directors or any person or
persons, or a committee, authorized by resolution of its Board of Directors.

8.8.   Review of Benefit Determinations. The plan administrator will provide
notice in writing to any participant, beneficiary or other person whose claim
for benefits under the plan is denied and the plan administrator shall afford
such participant, beneficiary or other person a full and fair review of the plan
administrator's decision, if so requested.

8.9.   Decision of Plan Administrator Final. Subject to applicable law, any
interpretation of the provisions of the plan and any decision on any matter
within the discretion of the plan administrator made by the plan administrator
in good faith shall be binding on all persons. A misstatement or other mistake
of fact shall be corrected when it becomes known and the plan administrator
shall make such adjustment on account thereof as the plan administrator
considers equitable and practicable.

8.10.  Other Benefits. A participant entitled to benefits under this plan will
also be entitled, for the same period benefits are payable under the plan, to
continued medical, prescription and dental benefits on terms similar to those
provided under company-sponsored plans.

8.11.  Covenant Not to Compete or Solicit. A participant receiving benefits
under this plan shall not offer or sell any products or services, including
without limitation, a free-standing insert business, directly competitive in any
market with the businesses of the company, nor shall he render services to any
firm, person or corporation so competing with the company, nor shall he have any
interest, direct or indirect, in any business that is so competing with the

                                                                              10

<PAGE>

businesses of the company; provided, however, that ownership of five percent
(5%) or less of any class of debt or equity securities which are publicly traded
shall not be a violation of this covenant. Such participant shall not, directly
or indirectly, (i) solicit any employee of the company with a view to inducing
or encouraging such employee to leave the employ of the company for the purpose
of being hired by the participant or any employer affiliated with the
participant or (ii) solicit, take away, attempt to take away, or otherwise
interfere with the company's business relationships with any of its respective
customers. A participant so competing or soliciting, as defined in this Section
8.11, shall forfeit participation in this plan and shall receive no further
benefits thereunder.

                                                                              11

<PAGE>

                                    SECTION 9

                            Amendment and Termination

While the company expects to continue the plan, it must necessarily reserve the
right to amend the plan from time to time or to terminate the plan at any time,
in accordance with the procedures set forth in subsection 8.7 and subject to the
following:

       (a)  no amendment may reduce the supplemental benefits a participant has
            accrued under the plan up to the date the amendment is made by the
            Board of Directors of the company but which had not become payable
            prior to that date, and no amendment may reduce any benefits which
            became payable under the plan to a participant or beneficiary prior
            to that date (whether or not payment of such benefits had
            commenced);

       (b)  if the plan is terminated by the Board of Directors of the company:

            (i)  the supplemental benefits which became payable to any
                 participant or beneficiary prior to the date of termination of
                 the plan (whether or not payment of such benefits had
                 commenced) will continue to be paid by the company as if the
                 plan as in effect immediately prior to the date of the
                 termination of the plan had continued in effect thereafter; and

            (ii) the supplemental benefits a participant has accrued under the
                 plan up to the date of termination of the plan but which had
                 not become payable prior to that date will be paid by the
                 company only if such participant subsequently qualifies for
                 such benefits, assuming the plan as in effect immediately prior
                 to the date of its termination had continued in effect
                 thereafter, and any benefits which would have been payable to
                 the beneficiary of a participant if the plan had not been
                 terminated (but only with respect to the supplemental benefits
                 the participant had accrued up to the date of the termination
                 of the plan) will be paid by the company as if the plan had
                 continued in effect thereafter.

Reference above to supplemental benefits a participant has accrued under the
plan up to the date of an amendment to the plan or the termination of the plan,
but which had not become payable prior to that date, means the supplemental
benefits, if any, such participant would be entitled to receive under the plan
after his employment termination date, assuming that the plan as in effect
immediately prior to the date of such amendment or termination of the plan had
continued in effect, that the participant's years of credited service up to the
date of such amendment or termination of the plan will not increase and,
consequently, that the participant's final average earnings at his employment
termination date will equal his final average earnings as of the date of such
amendment or termination of the plan.

                                                                              12

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