Document:

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                                                                 Exhibit 10.27.3

                           AMENDMENT NO. THREE TO THE
              ARTHUR J. GALLAGHER & CO. RESTATED 1988 NONQUALIFIED
                                STOCK OPTION PLAN

     THIS AMENDMENT NO. THREE to the ARTHUR J. GALLAGHER & CO. 1988 NONQUALIFIED
STOCK OPTION PLAN (as restated January 22, 1998), dated January 17, 2002, is
made by Arthur J. Gallagher & Co., a Delaware corporation (the "Company").

     WHEREAS, the Arthur J. Gallagher & Co. 1988 Nonqualified Stock Option Plan
(the "Plan") was adopted by the Company's Board of Directors and approved by the
Company's Stockholders in 1988; and

     WHEREAS, the Company's Board of Directors has determined that the Plan
should be amended to increase the number of shares of the Company's Common Stock
subject to the Plan by 3,000,000 from 30,600,000 to 33,600,000 shares.

     NOW, THEREFORE, in consideration of the foregoing and in order to reflect
the approval of the Board of Directors of the Company:

     1. The first sentence of Paragraph 3 of the Plan is hereby amended in its
entirety to read as follows:

     "The shares that may be made subject to options under the Plan shall
     be shares of Common Stock of the Company, one dollar ($1.00) par value
     ("Common Stock"), and the total shares subject to option and issued
     pursuant to this Plan shall not exceed, in the aggregate, 33,600,000
     shares of the Common Stock of the Company."

     2. Except as expressly amended and supplemented by this Amendment, the Plan
is hereby ratified and confirmed in all respects.

     IN WITNESS WHEREOF, the Company has caused its President and Secretary to
execute this Amendment No. Two to the Restated Plan as of the 17th day of
January, 2002.

                                       ARTHUR J. GALLAGHER & CO.

                                       By:      /s/ J. Patrick Gallagher, Jr.
                                                -----------------------------
                                                J. Patrick Gallagher, Jr.
                                                President
ATTEST:

/s/ Michael J. Cloherty
-----------------------
Michael J. Cloherty
Secretary<PAGE>

                                                                 Exhibit 10.28.3

                            AMENDMENT NO. FOUR TO THE
              ARTHUR J. GALLAGHER & CO. RESTATED 1989 NON-EMPLOYEE
                          DIRECTORS' STOCK OPTION PLAN

     THIS AMENDMENT NO. FOUR to the ARTHUR J. GALLAGHER & CO. 1989 NON-EMPLOYEE
DIRECTORS' STOCK OPTION PLAN (as restated January 22, 1998), dated January 17,
2002, is made by Arthur J. Gallagher & Co., a Delaware corporation (the
"Company").

     WHEREAS, the Arthur J. Gallagher & Co. 1989 Non-Employee Directors' Stock
Option Plan (the "Plan") was adopted by the Company's Board of Directors and
approved by the Company's Stockholders in 1989; and

     WHEREAS, the Company's Board of Directors has determined that the Plan
should be amended to increase the number of shares of the Company's Common Stock
subject to the Plan by 300,000 from 1,025,000 to 1,325,000 shares.

     NOW, THEREFORE, in consideration of the foregoing and in order to reflect
the approval of the Board of Directors of the Company:

     1. The first sentence of Section 4 of the Plan is hereby amended in its
entirety to read as follows:

     "The shares that may be made subject to Options under the Plan
     shall be shares of common stock, one dollar ($1.00) par value
     ("Common Stock"), of the Company, and the total number of shares
     subject to the Options and issued pursuant to this Plan shall not
     exceed, in the aggregate, 1,325,000 shares of the Common Stock of
     the Company."

     2. Except as expressly amended and supplemented by this Amendment, the Plan
is hereby ratified and confirmed in all respects.

     IN WITNESS WHEREOF, the Company has caused its President and Secretary to
execute this Amendment No. Three to the Plan as of the 17th day of January,
2002.

                                        ARTHUR J. GALLAGHER & CO.

                                        By:  /s/ J. Patrick Gallagher, Jr.
                                             -----------------------------
                                             J. Patrick Gallagher, Jr.
                                             President
ATTEST:

/s/ Michael J. Cloherty
-----------------------
Michael J. Cloherty
Secretary<PAGE>

EXHIBIT 10.3(g)

                                    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 Robert
L. Recchia (the "Executive").

     WHEREAS, the Corporation and the Executive entered into that certain
Employment Agreement effective as of March 18, 1992, as amended on January 2,
1996, January 3, 1997, December 9, 1998, December 23, 1999, June 8, 2000, March
14, 2001 and December 21, 2001 (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
     December 31, 2008."

     2.  The last sentence of Section 2.(a) shall be amended to read as follows:

         "The Executive's services shall be performed at the Corporation's
headquarters which shall not be more than twenty-five miles from where the
Executive is currently employed unless such requirement is waived by the
Executive."

     3.  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 $375,000 effective January 1, 2003."

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     4.  Section 3.(c) of the Employment Agreement shall be amended to read in
its entirety as follows:

         "Stock Options. The Executive shall be eligible to receive
     non-qualified options to purchase an aggregate of 450,000 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 56,250
     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 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 or by the Executive for Good Reason,
     (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."

     5.  Section 3.(f)(B) shall be amended to read in its entirety as follows:

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

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     6.  Section 5.(b) of the Employment Agreement shall be amended to read in
its entirety as follows:

         "Termination by the Corporation for Cause or by the Executive other
     than for Good Reason. If the Executive's employment shall be terminated for
     Cause during the Employment Period, the Corporation shall have no further
     obligations to the Executive under Section 3 of this Agreement other than
     the obligation to pay the Executive Annual Base Salary through the Date of
     Termination plus the amount of any compensation previously deferred by the
     Executive, in each case to the extent theretofore unpaid and the timely
     payment or provision of Other Benefits. If the Executive terminates
     employment during the Employment Period, excluding a termination for Good
     Reason, the Corporation shall have no further obligations under Section 3
     of this Agreement to the Executive, other than for Accrued Obligations
     (except for the amount described in clause (2) of Section 5(a)(i)) and the
     timely payment or provision of Other Benefits and the Executive shall have
     no liability to the Corporation solely on account of such termination. In
     such case, all such Accrued Obligations shall be paid to the Executive in a
     lump sum in cash within 30 days of the Date of Termination."

     7.  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 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

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     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."

     8.  The first sentence of renumbered Section 12.(a) shall be amended 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."

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

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     10. 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/ Robert L. Recchia
                                    --------------------------------------

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