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                                                                 EXHIBIT 10.5(f)

                                    AMENDMENT
                                       TO
                              EMPLOYMENT AGREEMENT

              THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made
January 4, 2000 by and between Valassis Communications, Inc. (the "Corporation")
and Richard P. Herpich (the "Executive").

              WHEREAS, the Corporation and the Executive entered into that
certain Employment Agreement effective as of January 17, 1994, as amended June
30, 1994, December 19, 1995, February 18, 1997, December 30, 1997 and December
15, 1998 (the "Employment Agreement"); and

              WHEREAS, the Corporation and the Executive desire to amend the
Employment Agreement to extend the term of employment under the Employment
Agreement.

              NOW THEREFORE, in consideration of the above recitals, the parties
hereto agree as set forth below.

              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 January 17, 1994
              (the "Effective Date") and shall continue until the close of
              business on December 31, 2002."

              2. Section 2(a) of the Employment Agreement shall be amended to
read in its entirety as follows:

                    "(a)  Position.  During the Employment Period, the Executive
              shall serve as Executive Vice President of Manufacturer Services."

              3. The first sentence of Section 3(a) of the Employment Agreement
shall be amended to read as follows:

                    "The Executive's Annual Base Salary ("Annual Base Salary"),
              payable on a biweekly basis, shall be at the annual rate of not
              less than $250,000 effective January 1, 2000."

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

              5. 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.

                                                   VALASSIS COMMUNICATIONS, INC.

                                                   By:
                                                      --------------------------
                                                   Name:
                                                        ------------------------
                                                   Title:
                                                         -----------------------

                                                   -----------------------------
                                                         Richard P. Herpich

                                       2<PAGE>   1

                                                                EXHIBIT 10.10(d)

                                    AMENDMENT
                                       TO
                              EMPLOYMENT AGREEMENT

              THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made
December 22, 1999 by and between Valassis Communications, Inc. (the
"Corporation") and Richard N. Anderson (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, 1994, December 15, 1995 and December 11, 1998 (the "Employment
Agreement"); and

              WHEREAS, the Corporation and the Executive desire to amend the
Employment Agreement to extend the term of employment under the Employment
Agreement.

              NOW THEREFORE, in consideration of the above recitals, the parties
hereto agree as set forth below.

              1. The first sentence of Section 3(a) of the Employment Agreement
shall be amended to read as follows:

                    "The Executive's Annual Base Salary ("Annual Base Salary"),
              payable on a biweekly basis, shall be at the annual rate of not
              less than $335,000 effective January 1, 2000."

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

              3. 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.

                                                   VALASSIS COMMUNICATIONS, INC.

                                                   By:
                                                      --------------------------
                                                   Name:
                                                        ------------------------
                                                   Title:
                                                         -----------------------

                                                   -----------------------------
                                                         Richard N. Anderson<PAGE>   1

                                                                EXHIBIT 10.11(d)

                                    AMENDMENT
                                       TO
                              EMPLOYMENT AGREEMENT

              THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made
December 16, 1999 by and between Valassis Communications, Inc. (the
"Corporation") and Alan F. Schultz (the "Executive").

              WHEREAS, the Corporation and the Executive entered into that
certain Employment Agreement effective as of March 18, 1992, as amended on
January 3, 1995, December 19, 1995 and September 15, 1998 (the "Employment
Agreement"); and

              WHEREAS, the Corporation and the Executive desire to amend the
Employment Agreement to extend the term of employment under the Employment
Agreement.

              NOW THEREFORE, in consideration of the above recitals, the parties
hereto agree as set forth below.

              1. The first sentence of Section 3(a) of the Employment Agreement
shall be amended to read as follows:

                    "The Executive's Annual Base Salary ("Annual Base Salary"),
              payable on a biweekly basis, shall be at the annual rate of not
              less than $600,000 effective January 1, 2000."

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

              3. 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.

                                                   VALASSIS COMMUNICATIONS, INC.

                                                   By:
                                                      --------------------------
                                                   Name:
                                                        ------------------------
                                                   Title:
                                                         -----------------------

                                                   -----------------------------
                                                           Alan F. Schultz<PAGE>   1
                                                                     EXHIBIT 4.3

                                 REVOLVING NOTE
$25,000,000                                               Minneapolis, Minnesota
                                                               December 27, 1999

                  For value received, the undersigned, The Sportsman's Guide,
Inc., a Minnesota corporation (the "Borrower"), hereby promises to pay on the
Termination Date under the Credit Agreement (defined below), to the order of
Norwest Bank Minnesota, National Association, a national banking association
(the "Lender"), at its main office in Minneapolis, Minnesota, or at any other
place designated at any time by the holder hereof, in lawful money of the United
States of America and in immediately available funds, the principal sum of
Twenty-Five Million Dollars and No Cents ($25,000,000) or, if less, the
aggregate unpaid principal amount of all Revolving Advances made by the Lender
to the Borrower under the Credit Agreement (defined below) together with
interest on the principal amount hereunder remaining unpaid from time to time,
computed on the basis of the actual number of days elapsed and a 360-day year,
from the date hereof until this Note is fully paid at the rate from time to time
in effect under the Credit and Security Agreement of even date herewith (as the
same may hereafter be amended, supplemented or restated from time to time, the
"Credit Agreement") by and between the Lender and the Borrower. The principal
hereof and interest accruing thereon shall be due and payable as provided in the
Credit Agreement. This Note may be prepaid only in accordance with the Credit
Agreement.

                  This Note is issued pursuant, and is subject, to the Credit
Agreement, which provides, among other things, for acceleration hereof. This
Note is the Revolving Note referred to in the Credit Agreement. This Note is
secured, among other things, pursuant to the Credit Agreement and the Security
Documents as therein defined, and may now or hereafter be secured by one or more
other security agreements, mortgages, deeds of trust, assignments or other
instruments or agreements.

                  The Borrower hereby agrees to pay all costs of collection,
including reasonable attorneys' fees and legal expenses if this Note is not paid
when due, whether or not legal proceedings are commenced.

                  Presentment or other demand for payment, notice of dishonor
and protest are expressly waived.

                                    THE SPORTSMAN'S GUIDE, INC.

                                    By /s/ David M. Kolkind
                                       --------------------------------
                                         David M. Kolkind
                                         Its Vice President Finance/Treasurer

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