Document:

Registration Rights Agreement, dated as of March 2, 2007

 Exhibit 4.2 
  

 REGISTRATION RIGHTS AGREEMENT 
 by and among 
 VALASSIS COMMUNICATIONS, INC. 
 THE GUARANTORS PARTY HERETO 
 and

 BEAR, STEARNS & CO. INC. 
 BANC OF AMERICA SECURITIES LLC 
 March 2, 2007 
  

 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of March 2, 2007, by and among Valassis Communications, Inc., a Delaware corporation (the “Company”), each of the guarantors listed on Schedule I hereto
(the “Guarantors”) and Bear, Stearns & Co. Inc. and Banc of America Securities LLC (together, the “Initial Purchasers”). The Initial Purchasers have agreed to purchase the Company’s 8 1/4% Senior Notes due 2015 (the “Notes”) pursuant to the Purchase Agreement (as defined
below). 
 This Agreement is made pursuant to the Purchase Agreement, dated February 27, 2007, (the “Purchase
Agreement”), by and among the Company, the guarantors party thereto, and the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Notes, the Company and the Guarantors have agreed to provide the registration
rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 10(m) of the Purchase Agreement. Capitalized terms used herein and not otherwise
defined shall have the meaning assigned to them in the Indenture (the “Indenture”), dated March 2, 2007, by and among the Company, the Guarantors and Wells Fargo Bank, National Association, as Trustee, relating to the
Notes and the Exchange Notes (as defined below). 
 The parties hereby agree as follows: 
 SECTION 1. DEFINITIONS 
 As used in this Agreement,
the following capitalized terms shall have the following meanings: 
 Affiliate: As defined in Rule 144 of the Securities Act.

 Broker-Dealer: Any broker or dealer registered under the Exchange Act. 
 Capital Stock: As defined in the Purchase Agreement. 
 Certificated Securities: Definitive Notes, as defined in the Indenture. 
 Closing
Date: The date hereof. 
 Commission: The United States Securities and Exchange Commission. 
 Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (a) the
filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (b) the maintenance of such Exchange Offer Registration Statement continuously
effective and the keeping of the Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof and (c) the delivery by the Company to the Registrar under the Indenture of Exchange Notes in the same
aggregate principal amount as the aggregate principal amount of Notes properly tendered and not subsequently withdrawn by Holders thereof pursuant to the Exchange Offer. 
 Consummation Deadline: As defined in Section 3(b) hereof. 

 Effectiveness Deadline: As defined in Sections 3(a) and 4(a) hereof. 
 Exchange Act: The United States Securities Exchange Act of 1934, as amended. 
 Exchange Notes: The Company’s 8 1/4% Senior Notes due 2015 and the related guarantees to be issued pursuant to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by
Section 4 hereof. 
 Exchange Offer: The exchange and issuance by the Company of a principal amount of Exchange
Notes (which shall be registered pursuant to the Exchange Offer Registration Statement) equal to the outstanding principal amount of Notes that are properly tendered and not subsequently withdrawn by such Holders in connection with such exchange and
issuance, and evidencing the same continuing Indebtedness. 
 Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus. 
 Exempt Resales: The transactions in which the Initial
Purchasers propose to sell the Notes to certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act and pursuant to Regulation S under the Securities Act. 
 Filing Deadline: As defined in Sections 3(a) and 4(a) hereof. 
 Holders: As defined in Section 2 hereof. 
 Prospectus: The prospectus included in a Registration Statement at the time such Registration Statement is declared effective, as amended or supplemented by any prospectus supplement and by all other
amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
 Recommencement Date: As defined in Section 6(d) hereof. 
 Registration Default: As defined in
Section 5 hereof. 
 Registration Statement: Any registration statement of the Company and the Guarantors relating to
(a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, in each case, (i) that is filed pursuant to the
provisions of this Agreement and (ii) including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
 Regulation S: Regulation S promulgated under the Securities Act. 
 Rule 144: Rule 144 promulgated under the Securities Act. 
 Securities Act: The United States Securities Act of 1933, as amended. 
 Shelf
Registration Statement: As defined in Section 4 hereof. 
  

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 Suspension Notice: As defined in Section 6(d) hereof. 
 TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date of the Indenture. 
 Transfer Restricted Securities: Each (A) Note, until the earliest to occur of (i) the date on which such Note is exchanged in the
Exchange Offer for an Exchange Note which is entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (ii) the date on which such Note has been disposed of in
accordance with a Shelf Registration Statement (and the purchasers thereof have been issued Exchange Notes), or (iii) the date on which such Note is distributed to the public pursuant to Rule 144 under the Securities Act and each
(B) Exchange Note held by a Broker Dealer until the date on which such Exchange Note is disposed of by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration Statement (including the
delivery of the Prospectus contained therein). 
 SECTION 2. HOLDERS 
 A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities. 
 SECTION 3. REGISTERED EXCHANGE OFFER 
 (a) Unless the
Exchange Offer shall not be permitted by applicable law (after the procedures set forth in Section 6(a)(i) below have been complied with) or Commission policy, the Company and the Guarantors shall (i) cause the Exchange Offer Registration
Statement to be filed with the Commission on or prior to 120 days (or if such 120th day is not a business day, then the next succeeding business day) after the Closing Date (such day being the “Filing Deadline”);
(ii) use commercially reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective by the Commission on or prior to 180 days (or if such 180th day is not a business day, then the next succeeding business day)
after the Closing Date (such day being the “Effectiveness Deadline”); (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be reasonably
necessary in order to cause the Exchange Offer Registration Statement to be declared effective, (B) file, if applicable, a post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A under the Securities Act and
(C) cause all reasonably necessary filings, if any, in connection with the registration and qualification of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange
Offer; provided that the Company and the Guarantors shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process or
taxation in any jurisdiction where it is not then so subject; and (iv) as soon as practicable following the effectiveness of such Exchange Offer Registration Statement, commence and Consummate the Exchange Offer. The Exchange Offer shall be on
the appropriate form permitting (i) registration of the Exchange Notes to be offered in exchange for the Notes that are Transfer Restricted Securities and (ii) resales of Exchange Notes by Broker-Dealers that tendered into the Exchange
Offer Notes that such Broker-Dealer acquired for its own account as a result of market making activities or other 

  

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trading activities (other than Notes acquired directly from the Company or any of its Affiliates) as contemplated by Section 3(c) below. 
 (b) The Company and the Guarantors shall use commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective
continuously, and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such
period be less than 20 business days. The Company and the Guarantors shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Notes shall be included in the Exchange Offer
Registration Statement. The Company and the Guarantors shall use commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but
in no event later than 30 business days thereafter, or longer, if required by the federal securities laws (the last day of such period being the “Consummation Deadline”). 
 (c) The Company shall include a “Plan of Distribution” section in the Prospectus contained in the Exchange Offer Registration Statement and
indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that were acquired for the account of such Broker-Dealer as a result of market-making activities or other trading activities (other than Notes acquired directly from
the Company or any Affiliate of the Company), may exchange such Transfer Restricted Securities pursuant to the Exchange Offer. Such “Plan of Distribution” section shall also contain all other information with respect to such sales by such
Broker-Dealers that the Commission may require in order to permit such sales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any such
Broker-Dealer, except to the extent required by the Commission as a result of a change in policy, rules or regulations after the date of this Agreement. 
 Because such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection
with its initial sale of any Exchange Notes received by such Broker-Dealer in the Exchange Offer, the Company and the Guarantors shall permit the use of the Prospectus contained in the Exchange Offer Registration Statement by such Broker-Dealer to
satisfy such prospectus delivery requirement. To the extent necessary to ensure that the prospectus contained in the Exchange Offer Registration Statement is available for sales of Exchange Notes by Broker-Dealers, the Company and the Guarantors
agree to use commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented, amended and current as required by and subject to the provisions of Section 6(a) and (c) hereof and in
conformity with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of 180 days from the Consummation Deadline or such shorter period as will
terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold pursuant thereto. The Company and the Guarantors shall provide sufficient copies of the latest version of such Prospectus to such Broker-Dealers,
as soon as reasonably possible upon request, and in no event later than two business days after such request, at any time during such period. 
  

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 SECTION 4. SHELF REGISTRATION 
 (a) Shelf Registration. If (i) the Company and the Guarantors are not (A) required to file the Exchange Offer Registration Statement or (B) permitted to Consummate the Exchange Offer because the
Exchange Offer is not permitted by applicable law (after the Company and the Guarantors have complied with the procedures set forth in Section 6(a)(i) below) or Commission policy or (ii) if any Holder of Transfer Restricted Securities
shall notify the Company within 20 business days following the consummation of the Exchange Offer that (A) such Holder was prohibited by law or Commission policy from participating in the Exchange Offer; (B) such Holder may not resell the
Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder; or
(C) such Holder is a Broker-Dealer and holds Notes acquired directly from the Company or any of its Affiliates, then the Company and the Guarantors shall use commercially reasonable efforts to file with the Commission a Shelf Registration
Statement (as defined below) to cover resales of the Notes by Holders of the Notes who satisfy certain conditions relating to the provision of information in connection with the Shelf Registration Statement. If obligated to file a Shelf Registration
Statement, the Company and the Guarantors shall: 
 (x) file, on or prior to 30 days after the earlier of (i) the date on which the
Company determines that the Exchange Offer Registration Statement cannot be filed as a result of clause (a)(i) above and (ii) the date on which the Company receives the notice specified in clause (a)(ii) above (such earlier date, the
“Filing Deadline”), a shelf registration statement pursuant to Rule 415 under the Securities Act (which may be an amendment to the Exchange Offer Registration Statement (the “Shelf Registration
Statement”)), relating to all Transfer Restricted Securities held by Holders who have provided the information required by Section 4(b) hereof, and 
 (y) shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or prior to 90 days after the Filing Deadline for the Shelf Registration Statement
(such 90th day the “Effectiveness Deadline”). 
 If, after the Company and the Guarantors have filed an Exchange
Offer Registration Statement that satisfies the requirements of Section 3(a) above, the Company and the Guarantors are required to file and make effective a Shelf Registration Statement solely because the Exchange Offer is not permitted under
applicable federal law (i.e., clause (a)(i) above), then the filing of the Exchange Offer Registration Statement shall be deemed to satisfy the requirements of clause (x) above; provided that, in such event, the Company and the
Guarantors shall remain obligated to meet the Effectiveness Deadline set forth in clause (y). 
 To the extent necessary to ensure that the
Shelf Registration Statement is available for sales of Transfer Restricted Securities by the Holders thereof entitled to the benefit of this Section 4(a) and the other securities required to be registered therein pursuant to
Section 6(b)(ii) hereof, the Company and the Guarantors shall use commercially reasonable efforts to keep any Shelf Registration Statement required by this Section 4(a) continuously effective, supplemented, amended and current as required
by and subject to the provisions of Sections 6(b) and (c) hereof and in conformity with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a
period of at least 

  

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two years (as extended pursuant to Section 6(d) hereof) following the Closing Date, or such shorter period as will terminate when all Transfer
Restricted Securities covered by such Shelf Registration Statement have been sold pursuant thereto. 
 (b) Provision by Holders of Certain
Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until
such Holder furnishes to the Company in writing, within 20 days after receipt of a request therefor, the information specified in Item 507 or Item 508 of Regulation S-K, as applicable, of the Securities Act for use in connection with any
Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder of Transfer Restricted Securities shall be entitled to liquidated damages pursuant to Section 5 hereof unless such Holder shall have provided all
such information in the required times. Each selling Holder agrees to promptly furnish additional information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading.

 SECTION 5. LIQUIDATED DAMAGES 
 (a) If
(i) any Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable Filing Deadline, (ii) any such Registration Statement has not been declared effective by the Commission on or prior to
the applicable Effectiveness Deadline, (iii) the Exchange Offer has not been Consummated on or prior to the Consummation Deadline or (iv) any Registration Statement required by this Agreement is filed and declared effective but thereafter
ceases to be effective or usable for its intended purpose without being succeeded promptly by a post-effective amendment to such Registration Statement that cures such failure and that is itself declared effective within 5 days of filing such
post-effective amendment to such Registration Statement (each such event referred to in clauses (i) through (iv), a “Registration Default”), then the Company and the Guarantors hereby jointly and severally agree to pay
to each Holder of Transfer Restricted Securities liquidated damages in an amount equal to a per annum rate of 0.25% on the principal amount of Transfer Restricted Securities held by such Holder for the period of time that the Registration Default
continues for the first 90-day period immediately following the occurrence of such Registration Default. The amount of the liquidated damages shall increase by an additional per annum rate of 0.25% with respect to each subsequent 90-day period until
all Registration Defaults have been cured, up to a maximum amount of liquidated damages for all Registration Defaults of 1.00% per annum on the principal amount of Transfer Restricted Securities; provided that the Company and the
Guarantors shall in no event be required to pay liquidated damages for more than one Registration Default at any given time. Notwithstanding anything to the contrary set forth herein, (1) upon filing of the Exchange Offer Registration Statement
(and/or, if applicable, the Shelf Registration Statement), in the case of (i) above, (2) upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of
(ii) above, (3) upon Consummation of the Exchange Offer, in the case of (iii) above, or (4) upon the filing of a post-effective amendment to the Registration Statement or an additional Registration Statement that causes the
Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement) to again be declared effective or made usable in the case of (iv) above, the liquidated damages payable with respect to the Transfer Restricted
Securities as a result of such clause (i), (ii), (iii) or (iv), as applicable, shall cease. 
  

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 (b) A Registration Default referred to in Section 5(a) hereof shall be deemed not to have occurred
or be continuing in relation to a Registration Statement or the related prospectus if (i) such Registration Default has occurred as a result of a material event or events relating to the Company or the Guarantors that the Company has determined
in good faith and based on the advice of counsel would need to be disclosed in such Registration Statement or the related prospectus and the Company determines in good faith that such disclosure would adversely affect it (or a proposed transaction
it is seeking to engage in) and (ii) the Company has provided, or caused to be provided, written notice to the Holders that such an event or events have occurred and that a Registration Default would have occurred but for the provisions of this
Section 5(b); provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 45 days, Liquidated Damages shall be payable in accordance with this Section 5 from and including the 46th
day after such Registration Default originally occurred. 
 (c) All accrued liquidated damages shall be paid to the Holders entitled thereto,
in the manner provided for the payment of interest in the Indenture, on each Interest Payment Date, as more fully set forth in the Indenture and the Notes. Notwithstanding the fact that any securities for which liquidated damages are due cease to be
Transfer Restricted Securities, all obligations of the Company and the Guarantors to pay liquidated damages with respect to securities shall survive until such time as such obligations with respect to such securities shall have been satisfied in
full. Notwithstanding anything contained herein or in the Indenture to the contrary, the payment of liquidated damages shall be the only remedy available to holders of Notes for any Registration Default. 
 SECTION 6. REGISTRATION PROCEDURES 
 (a) Exchange
Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantors shall, subject to the provisions of Section 5(b) hereof, (x) comply with all applicable provisions of Section 6(c) below,
(y) use commercially reasonable efforts to effect such exchange and to permit the resale of Exchange Notes by Broker-Dealers that tendered in the Exchange Offer Notes that such Broker-Dealer acquired for its own account as a result of its
market making activities or other trading activities (other than Notes acquired directly from the Company or any of its Affiliates) being sold in accordance with the intended method or methods of distribution thereof, and (z) comply with all of
the following provisions: 
 (i) If, following the date hereof there has been announced a change in Commission policy with
respect to exchange offers such as the Exchange Offer, that in the reasonable opinion of counsel to the Company raises a substantial question as to whether the Exchange Offer is permitted by applicable federal law, the Company and the Guarantors
hereby agree to use commercially reasonable efforts to seek a no-action letter or other favorable decision from the Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such Transfer Restricted Securities. The
Company and the Guarantors hereby agree to pursue the issuance of such a decision to the Commission staff level. In connection with the foregoing, the Company and the Guarantors hereby agree to take all such other commercially reasonable actions as
may be requested by the Commission or otherwise required in connection with the issuance of such decision, including without limitation (A) participating in telephonic conferences with the Commission, (B) delivering to the Commission staff
an analysis prepared by 

  

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counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and
(C) diligently pursuing a resolution (which need not be favorable) by the Commission staff. 
 (ii) As a condition to its
participation in the Exchange Offer, each Holder of Transfer Restricted Securities (including, without limitation, any Holder who is a Broker-Dealer) shall furnish, upon the request of the Company, prior to the Consummation of the Exchange Offer, a
written representation to the Company and the Guarantors (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it
is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring the Exchange Notes
in its ordinary course of business. As a condition to its participation in the Exchange Offer, each Holder using the Exchange Offer to participate in a distribution of the Exchange Notes shall acknowledge and agree that, if the resales are of
Exchange Notes obtained by such Holder in exchange for Notes acquired directly from the Company or an Affiliate thereof, it (1) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the
Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman &
Sterling dated July 2, 1993, and similar no-action letters (including, if applicable, any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of
the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction must be covered by an effective registration statement containing the selling security holder information required by Item 507 or
508, as applicable, of Regulation S-K. 
 (iii) Prior to effectiveness of the Exchange Offer Registration Statement, the
Company and the Guarantors shall provide a supplemental letter to the Commission (A) stating that the Company and the Guarantors are registering the Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital
Holdings Corporation (available May 13, 1988), Morgan Stanley and Co., Inc. (available June 5, 1991) as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and, if
applicable, any no-action letter obtained pursuant to clause (i) above, (B) including a representation that neither the Company nor any of the Guarantors has entered into any arrangement or understanding with any Person to distribute the
Exchange Notes to be received in the Exchange Offer and that, to the best of the Company’s and the Guarantors’ knowledge and belief, each Holder participating in the Exchange Offer is acquiring the Exchange Notes in its ordinary course of
business and has no arrangement or understanding with any Person to participate in the distribution of the Exchange Notes received in the Exchange Offer and (C) including any other commercially reasonable undertaking or representation required
by the Commission as set forth in any no-action letter obtained pursuant to clause (i) above, if applicable. 
 (b) Shelf
Registration Statement. In connection with the Shelf Registration Statement, the Company and the Guarantors shall, subject to the provisions of Section 5(b) hereof, 
  

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 (i) comply with all the provisions of Section 6(c) below and use commercially
reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof (as indicated in the information furnished to the Company
pursuant to Section 4(b) hereof), and pursuant thereto the Company and the Guarantors will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form
shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof, and 
 (ii) issue, upon the request of any Holder or purchaser of Notes covered by any Shelf Registration Statement contemplated by this
Agreement, Exchange Notes having an aggregate principal amount equal to the aggregate principal amount of Notes sold pursuant to the Shelf Registration Statement and surrendered to the Company for cancellation; the Company shall register Exchange
Notes in the Shelf Registration Statement for this purpose and issue the Exchange Notes to the purchaser(s) of securities subject to the Shelf Registration Statement in the names as such purchaser(s) shall designate. 
 (c) General Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the Company and the
Guarantors shall, subject to the provisions of Section 5(b) hereof: 
 (i) use commercially reasonable efforts to keep
such Registration Statement continuously effective and provide all requisite financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that would cause any such
Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company and the Guarantors shall file promptly an
appropriate amendment to such Registration Statement curing such defect, and, if Commission review is required, use commercially reasonable efforts to cause such amendment to be declared effective as soon as practicable; 
 (ii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be
necessary to keep such Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case may be; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to
be filed pursuant to Rule 424 under the Securities Act, and to comply fully with Rules 424, 430A and 462, as applicable, under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended 

  

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method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 
 (iii) advise each Holder promptly and, if requested by such Holder, confirm such advice in writing, (A) when the Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for
amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the
preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto or any document incorporated
by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement in order to make the statements therein not misleading, or that requires the making of any additions to or changes in the
Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or
any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or Blue Sky laws, the Company and the
Guarantors shall use commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 
 (iv) subject to Section 6(c)(i) hereof, if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration
Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (v) if requested by an Initial Purchaser or a Holder named in the Shelf Registration Statement, furnish to such Holder in connection with
such exchange or sale, if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus, which documents will be
subject to the review and comment of such Holders in connection with such sale, if any, for a period of at least three days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such
Registration Statement or Prospectus to which such Holders shall reasonably object within three days after the receipt thereof. A Holder shall be deemed to have reasonably objected to such filing if such Registration Statement, amendment, Prospectus
or supplement, as applicable, as proposed to be filed, contains an 

  

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untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading or fails to comply with the applicable requirements of the Securities Act; 
 (vi) in the case of any Shelf Registration Statement, or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness, make available, at reasonable times, for inspection by
each Holder and any attorney or accountant retained by such Holder, all financial and other records, pertinent corporate documents of the Company and the Guarantors reasonably requested by any such Holder, attorney or accountant and cause the
Company’s and the Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, attorney or accountant in connection with such Shelf Registration Statement or any post-effective amendment
thereto subsequent to the filing thereof and prior to its effectiveness; provided, however, that any information that is designated in writing by the Company or the Guarantors as confidential at the time of delivery of such information shall be kept
confidential by the Holders or any such attorney or accountant, unless such disclosure is made in connection with a court proceeding or required by law; 
 (vii) if requested by any Holders in connection with such exchange or sale, promptly include in any Shelf Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such
information as such Holders may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities; and make all required filings of such
Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be included in such Prospectus supplement or post-effective amendment; 
 (viii) furnish to each Holder in connection with such exchange or sale, without charge, at least one copy of the Shelf Registration
Statement, as first filed with the Commission, and of each amendment thereto, including all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 
 (ix) deliver to each Holder, upon such Holder’s request, without charge, as many copies of the Prospectus (including each preliminary
prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company and the Guarantors hereby consent to the use (in accordance with law) of the Prospectus and any amendment or supplement thereto by each selling
Holder in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 
 (x) upon the request of any Holder, enter into such agreements (including underwriting agreements) and make such representations and warranties customary for offerings of such type as may be reasonably requested and
take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any applicable Shelf Registration Statement contemplated by this Agreement as may be reasonably
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connection with any sale or resale pursuant to any applicable Shelf Registration Statement. In such connection, the Company and the Guarantors shall:

 (A) upon request of any Holder, use commercially reasonable efforts to cause to be furnished, upon the effectiveness of the
Shelf Registration Statement: 
 (1) an opinion, dated the date of effectiveness of the Shelf Registration Statement of
counsel for the Company and the Guarantors covering matters as are customarily covered in opinions requested in underwritten offerings and such other matters as such Holder may reasonably request; and 
 (2) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement from the Company’s independent
accountants, in the customary form and covering matters of the type customarily covered in comfort letters to underwriters in connection with underwritten offerings; and 
 (B) deliver such other documents and certificates as may be reasonably requested by the selling Holders to evidence compliance with the
matters covered in clause (A) above and with any customary conditions contained in any agreement entered into by the Company and the Guarantors pursuant to this clause (xi); 
 (xi) prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders and their counsel in connection
with the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of such jurisdictions as the selling Holders may request and do any and all other commercially reasonable acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement, but in no event for longer than 365 days from the effective date of the Registration Statement;
provided, however, that neither the Company nor any Guarantor shall be required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject it to the service of process in suits or
to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject; 
 (xii) in connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted Securities, reasonably cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and to register such Transfer Restricted Securities in such denominations and such names as the selling Holders
may request at least two business days prior to such sale of Transfer Restricted Securities; 
 (xiii) use commercially
reasonable efforts to cause the disposition of the Transfer Restricted Securities covered by the Registration Statement to be registered with 

  

 - 13 - 

 
or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of
such Transfer Restricted Securities, but in no event for longer than 365 days from the effective date of the Registration Statement, subject to the proviso contained in clause (xii) above; 
 (xiv) provide a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering
such Transfer Restricted Securities and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted Securities which are in a form eligible for deposit with the Depository Trust Company; 
 (xv) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and with regard
to any Shelf Registration Statement for which an underwriter has been engaged, use commercially reasonable efforts to make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the
requirements of Rule 158 under the Securities Act (which need not be audited) covering a twelve-month period beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the
Securities Act); 
 (xvi) cause the Indenture to be qualified under the TIA not later than the effective date of the first
Registration Statement required by this Agreement and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms
of the TIA; and execute and use commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such
Indenture to be so qualified in a timely manner; and 
 (xvii) unless otherwise available through the Commission’s EDGAR
System, provide promptly to each Holder, upon request, each document filed with the Commission pursuant to the requirements of Section 13 or Section 15(d) of the Exchange Act. 
 (d) Restrictions on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of the notice referred to in
Section 6(c)(iii)(C) or any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder will forthwith discontinue
disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until (i) such Holder has received copies of the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such
Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus (in each case, the
“Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s possession which have been
replaced by the Company with more recently dated Prospectuses or (ii) deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such 

  

 - 14 - 

 
Holder’s possession of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of the Suspension Notice. The
time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of days equal to the number of days in the period from and including the date of delivery of
the Suspension Notice to the Recommencement Date. 
 SECTION 7. REGISTRATION EXPENSES 
 (a) All expenses incident to the Company’s and the Guarantors’ performance of or compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement becomes effective, including without limitation: (i) all registration and filing fees and expenses; (ii) all fees and expenses of compliance with federal securities and state Blue Sky or
securities laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses, messenger and delivery services and telephone; (iv) all fees and
disbursements of outside counsel for the Company and the Guarantors; and (v) fees and disbursements of independent certified public accountants of the Company and the Guarantors (including the expenses of any special audit and comfort letters
required by or incident to such performance). 
 The Company will, in any event, bear its and the Guarantors’ internal expenses
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the
Company or the Guarantors. 
 (b) In connection with any Registration Statement required by this Agreement (including, without limitation,
the Exchange Offer Registration Statement and the Shelf Registration Statement), the Company and the Guarantors will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities who are tendering Notes in the Exchange Offer
and/or selling or reselling Notes or Exchange Notes pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as applicable, for the reasonable and actual fees and
disbursements of not more than one counsel, who shall be Paul, Hastings, Janofsky & Walker LLP, unless another firm shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit
such Registration Statement is being prepared. 
 SECTION 8. INDEMNIFICATION 
 (a) The Company and the Guarantors agree, jointly and severally, to indemnify and hold harmless each Holder, its directors, officers and each Person, if
any, who controls such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), from and against any and all losses, claims, damages, liabilities, judgments (including without limitation, any legal
or other expenses incurred in connection with investigating or defending any claim) caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, preliminary prospectus or Prospectus (or any
amendment or supplement thereto) provided by the Company to any Holder or any prospective purchaser of Exchange Notes or registered Notes, or caused by any omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements 

  

 - 15 - 

 
therein, in light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages, liabilities or judgments
are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon information relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders. 
 (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless the Company and the Guarantors, and
their respective directors, officers, partners, employees, representatives and agents and each person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company, or the
Guarantors to the same extent as the foregoing indemnity from the Company and the Guarantors set forth in section (a) above, but only with reference to information relating to such Holder furnished in writing to the Company by or on behalf of
such Holder expressly for use in any Registration Statement, preliminary prospectus or Prospectus (or any amendment or supplement thereto). In no event shall any Holder, its directors, officers or any Person who controls such Holder be liable or
responsible for any amount in excess of the amount by which the total amount received by such Holder with respect to its sale of Transfer Restricted Securities or Exchange Notes pursuant to a Registration Statement exceeds (i) the amount paid
by such Holder for such Transfer Restricted Securities or Exchange Notes and (ii) the amount of any damages that such Holder, its directors, officers or any Person who controls such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. 
 (c) In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the “indemnified party”), the indemnified party shall promptly notify the person against whom such indemnity may be sought (the
“indemnifying person”) in writing. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate
therein, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such
indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the
expense of the indemnified party unless (i) the employment of such counsel shall have been specifically authorized in writing by the indemnifying party, (ii) the indemnifying party shall have failed to assume the defense of such action or
employ counsel reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) include both the indemnified party and the indemnifying party, and the indemnified party shall have
been advised by such counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume
the defense of such action on behalf of the indemnified party). In any such case, the indemnifying party shall not, in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties and all such fees and expenses shall be reimbursed as they
are incurred. Such firm shall be designated in writing by a majority of the Holders, in the case of the parties indemnified pursuant to Section 8(a), and by 

  

 - 16 - 

 
the Company and the Guarantors, in the case of parties indemnified pursuant to Section 8(b). No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened action in respect of which the indemnified party is or could have been a party and indemnity or
contribution may be or could have been sought hereunder by the indemnified party, unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability on claims that are the subject
matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the indemnified party. No indemnifying party shall be liable for any settlement on its behalf,
effectuated without its consent. 
 (d) To the extent that the indemnification provided for in this Section 8 is unavailable to an
indemnified party in respect of any losses, claims, damages, liabilities or judgments referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities or judgments (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on
the other hand, from their sale of Transfer Restricted Securities or (ii) if the allocation provided by clause 8(d)(i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause 8(d)(i) above but also the relative fault of the Company and the Guarantors, on the one hand, and of the Holder, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages,
liabilities or judgments, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors, on the one hand, and of the Holder, on the other hand, shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or such Guarantors, on the one hand, or by the Holder, on the other hand,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and judgments
referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a), any outside legal counsel or other fees or expenses reasonably incurred by such party in connection with investigating
or defending any action or claim. 
 The Company, the Guarantors and each Holder agree that it would not be just and equitable if
contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any outside legal counsel or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any matter, including any action that could have given rise
to such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder, its directors, its officers or any Person, if any, who controls such Holder shall be required to contribute, in the
aggregate, any amount in excess of the amount by which the total received by such Holder with respect to the sale of Transfer 

  

 - 17 - 

 
Restricted Securities or Exchange Notes pursuant to a Registration Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted
Securities or Exchange Notes and (ii) the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to
this Section 8(d) are several in proportion to the respective principal amount of Transfer Restricted Securities or Exchange Notes held by each Holder hereunder and not joint. 
 SECTION 9. RULE 144A AND RULE 144 
 The Company and the Guarantors agree with each Holder, for so long
as any Transfer Restricted Securities remain outstanding and during any period in which the Company or the Guarantors (i) are not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request of any Holder, to such
Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities designated by such Holder or beneficial owner, the information required by Rule
144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and (ii) are subject to Section 13 or 15 (d) of the Exchange Act, to make all filings required thereby in a
timely manner in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144. 
 SECTION 10. MISCELLANEOUS 
 (a) Remedies. The Company acknowledges and agrees that any failure by the Company to comply with its obligations under Sections 3 and 4 hereof may
result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the
Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations under Sections 3 and 4 hereof. The Company further agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate. 
 (b) No Inconsistent Agreements. Neither the Company nor any Guarantor will, on or after the
date of this Agreement, enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither the Company nor any Guarantor
has previously entered into any agreement granting any registration rights with respect to its securities to any Person that would require such securities to be included in any Registration Statement filed hereunder. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s and the Guarantors’ securities under any agreement in effect on the date hereof. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section 

  

 - 18 - 

 
10(c)(i), the Company has obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other
provisions hereof, the Company has obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding Transfer Restricted Securities held by the Company or its Affiliates).
Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose Transfer Restricted Securities are being tendered pursuant to the Exchange Offer, and that does not
affect directly or indirectly the rights of other Holders whose Transfer Restricted Securities are not being tendered pursuant to such Exchange Offer, may be given by the Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities subject to such Exchange Offer. 
 (d) Third Party Beneficiary. The Holders shall be third party beneficiaries
to the agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect their rights or the rights of Holders hereunder. 
 (e) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 
 (i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the
Indenture; and 
 (ii) if to the Company or the Guarantors: 
 Valassis Communications, Inc. 
 19975 Victor
Parkway 
 Livonia, Michigan 48152 
 Attention: Barry P. Hoffman 
 With a copy to: 
 McDermott, Will & Emery LLP 
 340 Madison Avenue 
 New York, NY 10173 
 Attention: Amy S. Leder

 (iii) if to the Initial Purchasers: 
 Bear, Stearns & Co. Inc. 
 Banc of America Securities LLC 
 c/o Bear Stearns & Co. Inc. 
 383
Madison Avenue 
 New York, NY 10179 
 Attention.: Corporate Finance Department 
  

 - 19 - 

 with a copy to: 
 Paul, Hastings, Janofsky & Walker 
 75 East 55 Street 
 New York, NY 10012 
 Attention: Jeffrey J.
Pellegrino 
 All such notices and communications shall be deemed to have been duly given at the time delivered by hand, if personally
delivered; five business days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the
address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of each of the parties, including without limitation and without the need for an express assignment, subsequent Holders; provided, that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Transfer Restricted Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer Restricted Securities in any manner, whether by operation of law or
otherwise, such Transfer Restricted Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities such Person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof. 
 (g) Guarantors. The Company shall cause any of its Subsidiaries that becomes, prior to the consummation of the Exchange Offer, a Guarantor (as
defined in the Indenture) to become party to this Agreement and assume, jointly and severally with the Company and any other Guarantors, the continuing duties and obligations of the Company under this Agreement as if such Subsidiary was an original
signatory to this Agreement on the date hereof. 
 (h) Counterparts. This Agreement may be executed in any number of counterparts and
by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (i) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 (j) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICTS OF LAWS RULES THEREOF. 
 (k) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the 

  

 - 20 - 

 
validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
 (l) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein with respect to the registration rights granted with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 [Signature Pages Follow] 
  

 - 21 - 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	/s/ Barry P. Hoffman
	Name:	 	Barry P. Hoffman
	Title:	 	Executive Vice President
	
	VALASSIS COUPON CLEARING, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS INTERNATIONAL, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	NCH MARKETING SERVICES, INC.
		
	By:	 	/s/ Michelle Carey Jones
	Name:	 	Michelle Carey Jones
	Title:	 	Vice President
	
	NCH NUWORLD SPAIN, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	NCH NUWORLD LLC
	
	 BY: NCH MARKETING SERVICES, INC.,
 ITS MANAGER

		
	BY:	 	/s/ Michelle Carey Jones
	Name:	 	Michelle Carey Jones
	Title:	 	Vice President

			
	COUPON SELECT, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	RELATIONSHIP MARKETING GROUP, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS MANUFACTURING COMPANY
		
	By:	 	/s/ William F. Hogg, Jr.
	Name:	 	William F. Hogg, Jr.
	Title:	 	President
	
	VALASSIS SALES & MARKETING SERVICES, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS DATA MANAGEMENT, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS RELATIONSHIP MARKETING SYSTEMS, LLC
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	General Manager
	
	VCI DIRECT MAIL, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President

			
	PROMOTION WATCH, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VCI ENTERPRISES, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	
	VCI ELECTRONIC COUPONS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	
	ADVO, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	
	MBV, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	ADVO, INVESTMENT COMPANY, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALUE FAIR, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President

			
	MAILCOUPS DIRECT, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	COUPON DISTRIBUTORS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	SHOPWISE.COM, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	MAIL MARKETING SYSTEMS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	
	MAILCOUPS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	

 Accepted and agreed to as of 
 the date first above written: 
  

			
	BEAR, STEARNS & CO. INC.
		
	By:	 	/s/ Lawrence B. Alleto
	Name:	 	Lawrence B. Alleto
	Title:	 	Senior Managing Director
	
	BANC OF AMERICA SECURITIES LLC
		
	By:	 	/s/ Saukok Chu
	Name:	 	Saukok Chu
	Title:	 	Principal
	

 SCHEDULE I 
 GUARANTORS 
 Valassis Coupon Clearing, Inc. 
 Valassis International, Inc. 
 NCH Marketing Services, Inc. 
 NCH NuWorld Spain, Inc. 
 NCH NuWorld, LLC 
 Relationship Marketing Group, Inc. 
 Valassis Manufacturing Company

 Valassis Sales & Marketing Services, Inc. 
 Valassis
Data Management, Inc. 
 Valassis Relationship Marketing Systems, LLC 
 VCI Direct Mail, Inc. 
 Promotion Watch, Inc. 
 VCI
Enterprises, Inc. 
 VCI Electronic Coupons, Inc. 
 Coupon Select,
Inc. 
 ADVO, Inc. 
 MBV, Inc. 
 ADVO Investment Company, Inc. 
 Value Fair, Inc. 
 Mailcoups Direct, Inc. 
 Coupon Distributors, Inc. 
 Shopwise.com, Inc. 
 Mail Marketing Systems, Inc. 
 Mailcoups, Inc.Second Supplemental Indenture, dated as of March 2, 2007

 Exhibit 4.3 
 Execution Copy 
 SECOND SUPPLEMENTAL INDENTURE 
 dated as of March 2, 2007 
 to that
certain 
 INDENTURE dated as of January 12, 1999 
 between 
 VALASSIS COMMUNICATIONS, INC. 
 as Issuer, 
 and 
 THE BANK OF NEW YORK TRUST COMPANY, N.A. 
 as Trustee 
 relating to the Issuer’s 
 6 5/8% Senior
Notes Due 2009 

 THIS SECOND SUPPLEMENTAL INDENTURE, dated as of March 2, 2007 (this “Supplement”),
is entered into between Valassis Communications, Inc., a Delaware corporation (the “Company”), having its principal office at 19975 Victor Parkway, Livonia, Michigan 48152, and The Bank of New York Trust Company, N.A., a national
banking association, as Trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture (as hereinafter defined). 
 WITNESSETH 
 WHEREAS, the Company and the Trustee are parties to that
certain Indenture dated as of January 12, 1999, between the Company and the Trustee (the “Indenture”) pursuant to which the Company has issued Senior Notes due 2009 (the “Notes”); 
 WHEREAS, as of even date herewith, the Company has entered into a Credit Agreement, among the Company, various lenders party thereto from time to
time, Bank of America, N.A., as syndication agent, certain financial institutions as co-documentation agents, Bear Stearns Corporate Lending Inc., as administrative agent and collateral agent, Bear Stearns & Co. Inc. and Bank of America
Securities LLC, as joint lead arrangers, and Bear Stearns & Co. Inc. and Bank of America Securities LLC, as joint bookrunners (as the same may be amended, supplemented or modified from time to time, called the “Credit
Agreement”); 
 WHEREAS, the Credit Agreement requires that the Company’s obligations under the Credit Agreement and
related documents be secured by certain assets of the Company and its Subsidiaries; 
 WHEREAS, in accordance with Section 1008
of the Indenture, Company desires to secure the Notes on a pari passu basis with such secured Indebtedness; 
 WHEREAS, the Company,
the Collateral Agent, and the Subsidiary Grantors (as defined below), have executed and delivered to the Trustee or the Collateral Agent, as applicable, the Security Documents (as defined below) necessary to secure the Notes; 
 WHEREAS, Section 901(f) of the Indenture authorizes the Company and the Trustee, without the consent of any Holder, to amend the Indenture
for the purpose of securing the Notes; 
 WHEREAS, the Company, by appropriate corporate action, has determined to supplement the
Indenture in the manner described below, and all acts or proceedings necessary to authorize and constitute this Supplement a valid and binding agreement in accordance with the terms hereof, have been done and taken; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplement and the Guarantee, Security and Collateral Agency
Agreement. 
 NOW, THEREFORE, the Company and the Trustee, for and in consideration of the premises and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and for the equal and proportionate benefit of all Holders, hereby join in the execution and delivery of this Supplement in order to supplement the Indenture as follows:

 ARTICLE I 
 AMENDMENT 
 Section 1.1 Article I (Definitions) of the Indenture is hereby amended to add
the following definitions in alphabetical order: 
 “Administrative Agent” means Bear Stearns Corporate Lending Inc., as the
administrative agent for the lenders that are party to the Credit Agreement from time to time or such other Person that becomes administrative agent pursuant to the terms of the Credit Agreement. 
 “Collateral” means all property of the Company and the Subsidiary Grantors, now owned or hereafter acquired, upon which a Lien is
purported to be created by any of the Security Documents. 
 “Collateral Agent” means Bear Stearns Corporate Lending Inc.,
as collateral agent for the Secured Parties or such other Person that becomes collateral agent for the Secured Parties pursuant to the terms of the Guarantee, Security and Collateral Agency Agreement. 
 “Credit Agreement” means that certain Credit Agreement, dated as of March 2, 2007, by and among Company, Bank of America, N.A.,
certain financial institutions as co-documentation agents, Bear Stearns Corporate Lending Inc., as administrative agent and collateral agent, Bear Stearns & Co. Inc. and Bank of America Securities LLC, as joint lead arrangers, and Bear
Stearns & Co. Inc. and Bank of America Securities LLC, as joint bookrunners, as the same may be amended, modified or supplemented from time to time in accordance with its terms. 
 “Guarantee, Security and Collateral Agency Agreement” means the Guarantee, Security and Collateral Agency Agreement, dated as of
March 2, 2007, by and among the Collateral Agent, the Company, and the Subsidiary Grantors and acknowledged and agreed to by Bear Stearns Corporate Lending Inc., as administrative agent for the lenders to the Credit Agreement, the Trustee, on
behalf of the Holders, and BNY Midwest Trust Company, as trustee for the holders of the Company’s Senior Convertible Notes, substantially in the form attached hereto as Exhibit E. 
 “Mortgages” means each of the mortgages and deeds of trust made by the Company or any of the Subsidiary Grantors in favor of, or for the
benefit of, the Collateral Agent on behalf of the Secured Parties, in form and substance reasonably acceptable to the Collateral Agent. 
 “Secured Parties” has the meaning set forth in the Guarantee, Security and Collateral Agency Agreement. 
 “Security Documents” means collectively the Guarantee, Security and Collateral Agency Agreement, the Mortgages and all other security documents executed and delivered on or after the Closing Date (as defined in the Credit
Agreement) in respect of the granting of a Lien on any property of the Company or the Subsidiary Grantors to secure the obligations and liabilities of the Company under this Indenture or the Notes. 
  

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 “Subsidiary Grantors” means each U.S. Subsidiary that is or becomes a party to the
Guarantee, Security and Collateral Agency Agreement on or after the Closing Date (as defined in the Credit Agreement). 
 “U.S.
Subsidiary” means any Subsidiary that is organized under the laws of the United States or any political subdivision or territory thereof. 
 Section 1.2 Article Thirteen (Security Arrangements) of the Indenture is hereby created, and Section 1301 shall read as follows: 
 “Section 1301. On the terms and subject to the conditions set forth in the Security Documents, the payment and performance of the obligations of the Company under this Indenture and the Notes issued
hereunder are secured by the Collateral and have the benefit of the Security Documents executed by the Company and each Subsidiary Grantor. The Collateral has been pledged to the Collateral Agent on the terms and subject to the conditions set forth
in the Security Documents for the equal and ratable benefit of the Secured Parties. In addition to all other rights and remedies available to the Trustee and the Holders under the Indenture or at law or in equity, subject to the terms and provisions
of the Guarantee, Security and Collateral Agency Agreement, the Trustee, on its own behalf and for the benefit of the Holders, and/or the Holders of at least 25% in Principal Amount at Maturity of the Outstanding Notes are authorized to enforce the
Security Documents pursuant to their respective terms and provisions.” 
 ARTICLE II 
 ACKNOWLEDGEMENT OF THE TRUSTEE 
 Section 2.1 Trustee Acknowledgment. The Company hereby requests that the Trustee execute and deliver (a) this Supplement and the Guarantee, Security and Collateral Agency Agreement, and (b) accept and agree to
the Security Documents for the benefit and on behalf of itself and the Holders. The Trustee acknowledges receipt of (i) counterparts of the Guarantee, Security and Collateral Agency Agreement executed by all parties thereto and (ii) the
resolutions of the board of directors (or equivalent governing body) of the Company and each of the Subsidiary Grantors, as certified by the Secretary or Assistant Secretary of the Company and each of the Subsidiary Grantors, respectively.

 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1 Effectiveness and Effect. 
 Upon execution hereof by the Company and the Trustee, this Supplement shall become effective. The provisions set forth in this Supplement shall be deemed
to be, and shall be construed as part of, the Indenture. All references to the Indenture in the Indenture or in any other agreement, document or instrument delivered in connection therewith or pursuant thereto shall be deemed to refer to the
Indenture as amended by this Supplement. The Indenture shall remain in full force and effect as modified by this Supplement. 
  

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 Section 3.2 Counterparts. 
 This Supplement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of which shall
together constitute one and the same instrument. 
 Section 3.3 Governing Law. 
 This Supplement shall be governed by and construed in accordance with the laws of the state of New York, as applied to contracts made and performed
within the state of New York. 
 Section 3.4 Trustee. 
 The Trustee makes no representations as to the validity or sufficiency of this Supplement. The recitals and statements herein are deemed to be those of
the Company and not of the Trustee. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be duly executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

					
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	/s/ Barry P. Hoffman
	Name:	 	Barry P. Hoffman
	Title:	 	Executive Vice President
	
	THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee
		
	By:	 	/s/ Roxane Ellwanger
	Name:	 	Roxane Ellwanger
	Title:	 	Assistant Vice President

 EXHIBIT E 
 GUARANTEE, SECURITY AND COLLATERAL AGENCY AGREEMENT

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