Document:

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                                                                   Exhibit 10.29
                                                                   -------------

                              TERMINATION AGREEMENT

     This Agreement is made as of the 16th day of January, 2001, between MGI
PHARMA, INC., a Minnesota corporation, with its principal offices at 6300 West
Old Shakopee Road, Suite #110, Bloomington, Minnesota 55438 (the "Company") and
John R. MacDonald ("Employee"), residing at 5975 Ridge Road, Shorewood,
Minnesota 55331.

                                WITNESSETH THAT:

     WHEREAS, this Agreement is intended to specify the financial arrangements
that the Company will provide to the Employee upon Employee's separation from
employment with the Company under any of the circumstances described herein; and

     WHEREAS, this Agreement is entered into by the Company in the belief that
it is in the best interests of the Company and its shareholders to provide
stable conditions of employment for Employee notwithstanding the possibility,
threat or occurrence of certain types of change in control, thereby enhancing
the Company's ability to attract and retain highly qualified people.

     NOW, THEREFORE, to assure the Company that it will have the continued
dedication of Employee notwithstanding the possibility, threat or occurrence of
a bid to take over control of the Company, and to induce Employee to remain in
the employ of the Company, and for other good and valuable consideration, the
Company and Employee agree as follows:

     1. Term of Agreement. The term of this Agreement shall commence on the date
hereof as first written above and shall continue through December 31, 2002;
provided that commencing on January 1, 2002 and each January 1 thereafter, the
term of this Agreement shall automatically be extended for one additional year
unless not later than twelve months prior to such January 1, the Company shall
have given notice that it does not wish to extend this Agreement (which notice
may not, in any event, be given sooner than January 1, 2002); and provided,
further, that notwithstanding any such notice by the Company not to extend, this
Agreement shall continue in effect for a period of 24 months beyond the term
provided herein if a Change in Control (as defined in Section 3(i) hereof) shall
have occurred during such term.

     2. Termination of Employment

     (i) Prior to a Change in Control. Prior to a Change in Control (as defined
in Section 3(i) hereof), the Company may terminate Employee from employment with
the Company at will, with or without Cause (as defined in Section 3(iii)
hereof), at any time.
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     (ii) After a Change in Control

          (a) From and after the date of a Change in Control (as defined in
     Section 3(i) hereof) during the term of this Agreement, the Company shall
     not terminate Employee from employment with the Company except as provided
     in this Section 2(ii) or as a result of Employee's Disability (as defined
     in Section 3(iv) hereof) or his death.

          (b) From and after the date of a Change in Control (as defined in
     Section 3(i) hereof) during the term of this Agreement, the Company shall
     have the right to terminate Employee from employment with the Company at
     any time during the term of this Agreement for Cause (as defined in Section
     3(iii) hereof), by written notice to the Employee, specifying the
     particulars of the conduct of Employee forming the basis for such
     termination.

          (c) From and after the date of a Change in Control (as defined in
     Section 3(i) hereof) during the term of this Agreement: (x) the Company
     shall have the right to terminate Employee's employment without Cause (as
     defined in Section 3(iii) hereof), at any time; and (y) the Employee shall,
     upon the occurrence of such a termination by the Company without Cause, or
     upon the voluntary termination of Employee's employment by Employee for
     Good Reason (as defined in Section 3(ii) hereof), be entitled to receive
     the benefits provided in Section 4 hereof. Employee shall evidence a
     voluntary termination for Good Reason by written notice to the Company
     given within 60 days after the date of the occurrence of any event that
     Employee knows or should reasonably have known constitutes Good Reason for
     voluntary termination. Such notice need only identify the Employee and set
     forth in reasonable detail the facts and circumstances claimed by Employee
     to constitute Good Reason.

Any notice given by Employee pursuant to this Section 2 shall be effective five
business days after the date it is given by Employee.

     3. Definitions

     (i) A "Change in Control" shall mean:

          (a) a change in control of a nature that would be required to be
     reported in response to Item 6(e) of Schedule 14A of Regulation 14A
     promulgated under the Securities Exchange Act of 1934, as amended (the
     "Exchange Act"), or successor provision thereto, whether or not the Company
     is then subject to such reporting requirement;

          (b) any "person" (as such term is used in Sections 13(d) and 14(d) of
     the Exchange Act) is or becomes the "beneficial owner" (as defined in Rule
     13d-3 promulgated under the Exchange Act), directly or indirectly, of
     securities of the Company representing 35% or more of the combined voting
     power of the Company's then outstanding securities;

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          (c) the Continuing Directors (as defined in Section 3(v) hereof) cease
     to constitute a majority of the Company's Board of Directors; provided that
     such change is the direct or indirect result of a proxy fight and contested
     election or elections for positions on the Board of Directors; or

          (d) the majority of the Continuing Directors (as defined in Section
     3(v) hereof) determine in their sole and absolute discretion that there has
     been a change in control of the Company.

     (ii) "Good Reason" shall mean the occurrence of any of the following
events, except for the occurrence of such an event in connection with the
termination or reassignment of Employee's employment by the Company for Cause
(as defined in Section 3(iii) hereof), for Disability (as defined in Section
3(iv) hereof) or for death:

          (a) the assignment to Employee of employment responsibilities which
     are not of comparable responsibility and status as the employment
     responsibilities held by Employee immediately prior to a Change in Control;

          (b) a reduction by the Company in Employee's base salary as in effect
     immediately prior to a Change in Control;

          (c) an amendment or modification of the Company's incentive
     compensation program (except as may be required by applicable law) which
     affects the terms or administration of the program in a manner adverse to
     the interest of Employee as compared to the terms and administration of
     such program immediately prior to a Change in Control;

          (d) the Company's requiring Employee to be based anywhere other than
     within 50 miles of Employee's office location immediately prior to a Change
     in Control, except for requirements of temporary travel on the Company's
     business to an extent substantially consistent with Employee's business
     travel obligations immediately prior to a Change in Control;

          (e) except to the extent otherwise required by applicable law, the
     failure by the Company to continue in effect any benefit or compensation
     plan, stock ownership plan, stock purchase plan, bonus plan, life insurance
     plan, health-and-accident plan or disability plan in which Employee is
     participating immediately prior to a Change in Control (or plans providing
     Employee with substantially similar benefits), the taking of any action by
     the Company which would adversely affect Employee's participation in, or
     materially reduce Employee's benefits under, any of such plans or deprive
     Employee of any material fringe benefit enjoyed by Employee immediately
     prior to such Change in Control, or the failure by the Company to provide
     Employee with the number of paid vacation days to which Employee is
     entitled immediately prior to such Change in Control in accordance with the
     Company's vacation policy as then in effect; or

          (f) the failure by the Company to obtain, as specified in Section 5(i)
     hereof, an assumption of the obligations of the Company to perform this
     Agreement by any successor to the Company.

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     (iii) "Cause" shall mean termination by the Company of Employee's
employment based upon (a) the willful and continued failure by Employee
substantially to perform his duties and obligations (other than any such failure
resulting from his incapacity due to physical or mental illness or any such
actual or anticipated failure resulting from Employee's termination for Good
Reason) or (b) the willful engaging by Employee in misconduct which is
materially injurious to the Company, monetarily or otherwise. For purposes of
this Section 3(iii), no action or failure to act on Employee's part shall be
considered "willful" unless done, or omitted to be done, by Employee in bad
faith and without reasonable belief that his action or omission was in the best
interests of the Company.

     (iv) "Disability" shall mean any physical or mental condition which would
qualify Employee for a disability benefit under the Company's long-term
disability plan.

     (v) "Continuing Director" shall mean any person who is a member of the
Board of Directors of the Company, while such person is a member of the Board of
Directors, who is not an Acquiring Person (as hereinafter defined) or an
Affiliate or Associate (as hereinafter defined) of an Acquiring Person, or a
representative of an Acquiring Person or of any such Affiliate or Associate, and
who (a) was a member of the Board of Directors on the date of this Agreement as
first written above or (b) subsequently becomes a member of the Board of
Directors, if such person's initial nomination for election or initial election
to the Board of Directors is recommended or approved by a majority of the
Continuing Directors. For purposes of this Section 3(v): "Acquiring Person"
shall mean any "person" (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) who or which, together with all Affiliates and Associates of such
person, is the "beneficial owner" (as defined in Rule 13d-3 promulgated under
the Exchange Act) of 20% or more of the shares of Common Stock of the Company
then outstanding, but shall not include the Company, any subsidiary of the
Company or any employee benefit plan of the Company or of any subsidiary of the
Company or any entity holding shares of Common Stock organized, appointed or
established for, or pursuant to the terms of, any such plan; and "Affiliate" and
"Associate" shall have the respective meanings ascribed to such terms in Rule
12b-2 promulgated under the Exchange Act.

     4. Benefits upon Termination under Section 2(ii)(c)

     (i) Upon the termination (voluntary or involuntary) of the employment of
Employee pursuant to Section 2(ii)(c) hereof, Employee shall be entitled to
receive the benefits specified in this Section 4. The amounts due to Employee
under subparagraphs (a), (b) and (c) of this Section 4(i) shall be paid to
Employee not later than one business day prior to the date that the termination
of Employee's employment becomes effective (the "Employment Termination Date").
All benefits to Employee pursuant to this Section 4(i) shall be subject to any
applicable payroll or other taxes required by law to be withheld.

          (a) The Company shall pay to Employee any and all amounts payable to
     Employee pursuant to any standard or general severance policy of the
     Company or its Board of Directors;

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          (b) In lieu of any further base salary payments to Employee for
     periods subsequent to the Employment Termination Date, the Company shall
     pay as severance pay to Employee a lump-sum cash amount equal to
     twenty-four (24) times the Employee's monthly base salary (as in effect in
     the month preceding the month in which the termination becomes effective or
     as in effect in the month preceding the Change in Control, whichever is
     higher);

          (c) The Company shall also pay to Employee all legal fees and expenses
     incurred by Employee as a result of such termination of employment
     (including all fees and expenses, if any, incurred by Employee in seeking
     to obtain or enforce any right or benefit provided to Employee by this
     Agreement whether by arbitration or otherwise); and

          (d) Any and all contracts, agreements or arrangements between the
     Company and Employee prohibiting or restricting the Employee from owning,
     operating, participating in, or providing employment or consulting services
     to, any business or company competitive with the Company at any time or
     during any period after the Employment Termination Date, shall be deemed
     terminated and of no further force or effect as of the Employment
     Termination Date, to the extent, but only to the extent, such contracts,
     agreements or arrangements so prohibit or restrict the Employee; provided
     that the foregoing provisions shall not constitute a license or right to
     use any proprietary information of the Company and shall in no way affect
     any such contracts, agreements or arrangements insofar as they relate to
     nondisclosure and nonuse of proprietary information of the Company
     notwithstanding the fact that such nondisclosure and nonuse may prohibit or
     restrict the Employee in certain competitive activities.

     (ii) Employee shall not be required to mitigate the amount of any payment
provided for in this Section 4 by seeking other employment or otherwise. The
amount of any payment or benefit provided in this Section 4 shall not be reduced
by any compensation earned by Employee as a result of any employment by another
employer or from any other source.

     (iii) In the event that any payment or benefit received or to be received
by Employee in connection with a Change in Control of the Company or termination
of Employee's employment (whether payable pursuant to the terms of this
Agreement or any other plan, contract, agreement or arrangement with the
Company, with any person whose actions result in a Change in Control of the
Company or with any person constituting a member of an "affiliated group" as
defined in Section 280G(d)(5) of the Internal Revenue Code of 1986, as amended
(the "Code"), with the Company or with any person whose actions result in a
Change in Control of the Company (collectively, the "Total Payments")) would be
subject to the excise tax imposed by Section 4999 of the Code or any interest,
penalties or additions to tax with respect to such excise tax (such excise tax,
together with any such interest, penalties or additions to tax, are collectively
referred to as the "Excise Tax"), then Employee shall be entitled to receive
from the Company an additional cash payment (a "Gross-Up Payment") within thirty
business days of such determination in an amount such that after payment by
Employee of all taxes (including such interest, penalties or additions to tax
imposed with respect to such taxes), including any Excise Tax, imposed upon the
Gross-Up Payment, Employee retains an amount of the Gross-Up Payment equal to
the Excise Tax imposed upon the Total Payments. All determinations required to
be made under this Section 4(iii), including whether a Gross-Up Payment is
required and the

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amount of such Gross-Up Payment, shall be made by the independent accounting
firm retained by the Company on the date of the Change in Control (the
"Accounting Firm"), which shall provide detailed supporting calculations both to
the Company and Employee within 15 business days of the Employment Termination
Date, or such earlier time as is requested by the Company. If the Accounting
Firm determines that no Excise Tax is payable by Employee, it shall furnish
Employee with an opinion that Employee has substantial authority not to report
any Excise Tax on his or her federal income tax return.

     Any uncertainty in the application of Section 4999 of the Code at the time
of the initial determination by the Accounting Firm hereunder shall be resolved
in favor of Employee. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that at a later time there will be a
determination that the Gross-Up Payments made by the Company were less than the
Gross-Up Payments that should have been made by the Company ("Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that Employee is required to make a payment of any Excise Tax, the Accounting
Firm shall determine the amount of the Underpayment, if any, that has occurred
and any such Underpayment shall be promptly paid by the Company to or for the
benefit of Employee. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that at a later time there will be a
determination that the Gross-Up Payments made by the Company were more than the
Gross-Up Payments that should have been made by the Company ("Overpayment"),
consistent with the calculations required to be made hereunder. Employee agrees
to refund to the Company the amount of any Overpayment that the Accounting Firm
shall determine has occurred hereunder. Any determination by the Accounting Firm
as to the amount of any Gross-Up Payment, including the amount of any
Underpayment or Overpayment, shall be binding upon the Company and Employee.

     5. Successors and Binding Agreement

     (i) The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company), by agreement in form and substance
satisfactory to Employee, to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. Failure of the
Company to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle Employee to
compensation from the Company in the same amount and on the same terms as
Employee would be entitled hereunder if employee terminated Employee's
employment after a Change in Control for Good Reason, except that for purposes
of implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the date that the termination of Employee's employment
becomes effective. As used in this Agreement, "Company" shall mean the Company
and any successor to its business and/or assets which executes and delivers the
agreement provided for in this Section 5(i) or which otherwise becomes bound by
all the terms and provisions of this Agreement by operation of law.

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     (ii) This Agreement is personal to Employee, and Employee may not assign or
transfer any part of Employee's rights or duties hereunder, or any compensation
due to Employee hereunder, to any other person. Notwithstanding the foregoing,
this Agreement shall inure to the benefit of and be enforceable by Employee's
personal or legal representatives, executors, administrators, heirs,
distributees, devisees and legatees.

     6. Arbitration. Any dispute or controversy arising under or in connection
with this Agreement shall be settled exclusively by arbitration in the
Minneapolis-St. Paul metropolitan area, in accordance with the applicable rules
of the American Arbitration Association then in effect. Judgment may be entered
on the arbitrator's award in any court having jurisdiction.

     7. Modification; Waiver. No provisions of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in a writing signed by Employee and such officer as may be specifically
designated by the Board of Directors of the Company. No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

     8. Notice. All notices, requests, demands and all other communications
required or permitted by either party to the other party by this Agreement
(including, without limitation, any notice of termination of employment and any
notice of intention to arbitrate) shall be in writing and shall be deemed to
have been duly given when delivered personally or received by certified or
registered mail, return receipt requested, postage prepaid, at the address of
the other party, as first written above (directed to the attention of the Board
of Directors and Corporate Secretary in the case of the Company). Either party
hereto may change its address for purposes of this Section 8 by giving 15 days'
prior notice to the other party hereto.

     9. Severability. If any term or provision of this Agreement or the
application hereof to any person or circumstances shall to any extent be invalid
or unenforceable, the remainder of this Agreement or the application of such
term or provision to persons or circumstances other than those as to which it is
held invalid or unenforceable shall not be affected thereby, and each term and
provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

     10. Counterparts. This Agreement may be executed in several counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

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     11. Governing Law. This Agreement has been executed and delivered in the
State of Minnesota and shall in all respects be governed by, and construed and
enforced in accordance with, the laws of the State of Minnesota, including all
matters of construction, validity and performance, and without taking into
consideration the conflict of law provisions of such state.

     12. Effect of Agreement; Entire Agreement. The Company and the Employee
understand and agree that this Agreement is intended to reflect their agreement
only with respect to payments and benefits upon termination in certain cases and
is not intended to create any obligation on the part of either party to continue
employment. This Agreement supersedes any and all other oral or written
agreements or policies made relating to the subject matter hereof and
constitutes the entire agreement of the parties relating to the subject matter
hereof; provided that this Agreement shall not supersede or limit in any way
Employee's rights under any benefit plan, program or arrangements in accordance
with their terms.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed, all as of the date first written above.

                                       MGI PHARMA, INC.

                                       By /s/ Edgar Timberlake
                                          --------------------------------------
                                       Its Vice President, Human Resources &
                                       Administration

                                       EMPLOYEE

                                       /s/ John R. MacDonald
                                       -----------------------------------------
                                       John R. MacDonald

                                       8<PAGE>

                                                                 Exhibit 10.1(c)

                       AMENDMENT NO. 3 TO CREDIT AGREEMENT

     This Amendment dated as of August 9, 2000 by and among Comerica Bank,
Harris Trust and Savings Bank, KeyBank National Association, Michigan National
Bank, Bank One, Michigan (f/k/a NBD Bank) (the "Revolving Credit Banks") and
Comerica Bank, in its capacity as lender of the Swing Line Credit ("Swing Line
Bank") and together with the Revolving Credit Banks (collectively referred to as
the "Banks"), Comerica Bank as agent for the Banks (in such capacity "Agent"),
and Valassis Communications, Inc., a Delaware corporation ("Company").

                                R E C I T A L S:

     A. Banks, Agent and Company entered into that certain Credit Agreement
dated as of November 16, 1998 as previously amended as of November 25, 1998 and
August 19, 1999 ("Agreement").

     B. The requisite Banks, Agent and Company further desire to amend the
Agreement as set forth below.

     The parties agree as follows:

     1. Company has advised Banks that Company or one of its Subsidiaries is
contemplating acquiring 80% of the stock of PreVision Marketing, Inc. (the
"Target") for a purchase price of approximately $65,000,000 (the "Acquisition"),
$30,000,000 of which will be paid in cash at closing, $5,000,000 of which will
be paid in the form of stock of Company at closing and up to $30,000,000 of
which may be paid in 2002, 2003 and 2004 based on the financial performance of
the Target (the "Contingent Payments"). The parties hereby agree that in the
event Company or one of its Subsidiaries purchases any stock of the Target or
becomes obligated to purchase any of the stock of the Target, the total purchase
price of the stock so acquired, including Contingent Payments, shall be counted,
as of the effective date of such purchase or obligation to purchase, for
purposes of determining compliance by Borrower with the covenants set forth in
the Agreement, including, without limitation, the covenants set forth in
Sections 9.6, 9.8 and 9.16 of the Agreement. Nothing set forth in this paragraph
1 shall constitute the approval of the Banks to any terms of the purchase of the
stock of the Target or the acknowledgment or consent by the Banks that the
purchase of the stock of the Target will constitute a Permitted Acquisition.

     2. Sections 9.4, 9.6, 9.7, 9.8 and 9.16 as of the Agreement are amended to
read as follows:

          "9.4 Indebtedness. Subject to the limitation set forth in Section 9.16
     hereof, become or remain obligated for any Debt, except for:

          (a) the Indebtedness;

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          (b) current unsecured trade, utility and non-extraordinary accounts
     payable arising in the ordinary course of Company's or any Subsidiary's
     business (including any such payables assumed by Company or a Subsidiary in
     connection with a Permitted Acquisition) and other Debt arising in the
     ordinary course of Company's or any Subsidiary's business;

          (c) Permitted Senior Debt, Permitted Subordinated Debt and other
     existing Debt as set forth on Schedule 9.4 annexed hereto;

          (d) Debt in respect of taxes, assessment, governmental charges and
     claims for labor, materials or supplies to the extent that payment thereof
     is not required pursuant to Section 8.7 hereof;

          (e) Debt incurred in connection with the making of Investments
     permitted under Section 9.8(b) hereof or in connection with the making of
     an Investment in the form of a loan to Company by a Subsidiary;

          (f) Debt in respect of interest rate exchange, swap, collar or cap or
     similar agreements providing interest rate protection and foreign exchange
     contracts;

          (g) Secured purchase money Debt (including capitalized leases) not to
     exceed $15,000,000 in the aggregate at any time outstanding incurred after
     the date hereof to finance the acquisition of fixed assets, provided that
     (A) such Debt has a scheduled maturity and is not due on demand and (B)
     immediately prior to and after giving effect to the incurrence of such Debt
     no Default or Event of Default has occurred and is continuing; and

          (h) Other unsecured Debt incurred after the date hereof not to exceed
     $10,000,000 in the aggregate at any time, provided that (A) such Debt has a
     scheduled maturity and is not due on demand and (B) immediately prior to
     and after giving effect to the incurrence of such Debt, no Default or Event
     of Default has occurred and is continuing;

     provided, however, in no event shall the Funded Debt of Company and its
     Subsidiaries exceed $600,000,000 in the aggregate at any time."

          "9.6 Acquisitions. Subject to the provisions of Section 9.8 and the
     limitation set forth in Section 9.16 hereof, purchase or otherwise acquire
     or become obligated for the purchase of all or substantially all or any
     material portion of the assets or business interests of any Person, firm or
     corporation, or any of the shares of stock (or other ownership interests)
     of any corporation, trusteeship or association, or any business or going
     concern, or in any other manner effectuate or attempt to effectuate an
     expansion of present business by acquisition, except for acquisition of
     ownership interests in Joint Ventures, Permitted Acquisitions and Permitted
     Mergers, provided, however, in no event

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     shall Permitted Acquisitions and Permitted Mergers made or incurred after
     November 16, 1998, exceed One Hundred Thirty Five Million Dollars
     ($135,000,000) in the aggregate."

          "9.7 Dividends. Declare or pay any dividends in cash or property on or
     make any other distribution in cash or property with respect to any shares
     of its capital stock or other equity interests, whether by reduction of
     stockholders' equity or otherwise, except for (i) dividends and other
     distributions by Subsidiaries to Company, (ii) so long as immediately prior
     thereto and after giving effect thereto no Default and Event of Default has
     occurred and is continuing, cash dividends on the capital stock of Company
     in an amount not to exceed $12,500,000 in the aggregate during any fiscal
     quarter of Company, and (iii) payments of Contingent Payments to the
     shareholders of PreVision Marketing, Inc. (other than Company or any of its
     Subsidiaries or Joint Ventures) in accordance with the terms of (and as
     Contingent Payments are defined in) the August 2000 Stock Purchase
     Agreement among Company, PreVision Marketing, Inc., Clifford Blake, Deidre
     Gerard and Deborah Pine."

          "9.8 Investments. Subject to the limitation set forth in Section 9.16
     hereof, make or allow to remain outstanding any Investment in, or any loans
     or advances to, any Person, firm, corporation or other entity or
     association, other than:

          (a)  Permitted Investments;

          (b)  Investments in Subsidiaries and Joint Ventures existing as of the
               date of this Agreement or established subsequent to the date
               hereof (provided, however, that investments in Subsidiaries shall
               be subject to the provisions of Section 9.6 of this Agreement);

          (c)  Permitted Acquisitions (excluding any Investments owned by the
               target of the Permitted Acquisition not otherwise permitted by
               Section 9.8(e) below);

          (d)  the Investments set forth on Schedule 9.8, hereto;

          (e)  Investments in any Joint Venture owned by the target of a
               Permitted Acquisition upon the effective date of such Permitted
               Acquisition and not made in contemplation of such Permitted
               Acquisition, which shall not exceed One Million Dollars
               ($1,000,000) in the aggregate outstanding at any time for all
               such Investments.

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<PAGE>

          (f)  Investments received in connection with the bankruptcy or
               reorganization of suppliers and customers and in settlement of
               delinquent obligations of, and other disputes with, customers and
               suppliers arising in the ordinary course of business; and

          (g)  Investments in the form of non-cash consideration received in
               connection with a Permitted Transfer in accordance with this
               Agreement;

     provided, however, Company shall not make any of the Investments described
     in clauses (a) through (g) above if immediately prior thereto and after
     giving effect thereto, a Default or Event of Default shall have occurred
     and be continuing; and further provided that in no event shall Investments
     consisting of loans or advances by Company to its Subsidiaries or Joint
     Ventures exceed Fifty Million Dollars ($50,000,000) in the aggregate at any
     time outstanding."

          "9.16 Maximum Subsidiary Investment Amount. Allow the Maximum
     Subsidiary Investment Amount to exceed One Hundred Eighty Five Million
     Dollars ($185,000,000) in the aggregate at any time."

     3. The above amendments shall be effective upon (i) the execution hereof by
the Company and the requisite Banks and (ii) the closing of the Acquisition. In
the event the Acquisition does not close on or before August 31, 2000, this
Amendment shall be deemed null and void.

     4. Company has advised the Banks that it has acquired more than 51% of the
stock of Dawick Enterprises, Inc. ("Dawick") and more than 51% of the membership
interests in The Net's Best, L.L.C. ("Net's Best") but has not satisfied one or
more of the requirements set forth in the definition of "Permitted Acquisitions"
set forth in the Agreement in connection with each such acquisition. The Banks
hereby waive any Event of Default arising under the Agreement and existing as of
the date hereof as a result of Company's failure to satisfy all of the
requirements set forth in the definition of "Permitted Acquisitions" with
respect to such acquisition of the stock of Dawick and the membership interests
in Net's Best. The waivers set forth herein shall not extend to any other
acquisition, matter or Event of Default.

     5. Except as expressly modified hereby, all the terms and conditions of the
Agreement shall remain in full force and effect.

     6. Company hereby represents and warrants that, after giving effect to the
amendments contained herein, (a) execution, delivery and performance of this
Amendment and any other documents and instruments required under this Amendment
or the Agreement are within Company's corporate powers, have been duly
authorized, are not in contravention of law or the terms of Company's
Certificate of Incorporation or Bylaws, and do not require the consent or
approval of any governmental body, agency, or authority; and this Amendment and
any other documents and instruments required under this Amendment or the
Agreement, will be valid and

                                       4

<PAGE>

binding in accordance with their terms; (b) the continuing representations and
warranties of Company set forth in Section 7.1 through 7.7 and 7.19 through 7.22
of the Agreement are true and correct on and as of the date hereof with the same
force and effect as if made on and as of the date hereof; (c) the continuing
representations and warranties of Company set forth in Section 7.18 of the
Agreement are true and correct as of the date hereof with respect to the most
recent financial statements furnished to the Bank by Company in accordance with
Section 8.3 of the Agreement; and (d) no Event of Default, or condition or event
which, with the giving of notice or the running of time, or both, would
constitute an Event of Default under the Agreement, has occurred and is
continuing as of the date hereof.

     7. This Amendment may be executed in several counterparts and each executed
copy shall constitute an original instrument, but such counterparts shall
together constitute one in the same instrument.

                            [continued on next page]

                                       5

<PAGE>

IN WITNESS WHEREOF, the parties execute this Amendment as of August 9, 2000.

COMPANY:                                    VALASSIS COMMUNICATIONS, INC.

                                            By:_________________________________

                                            Its:________________________________

AGENT:                                      COMERICA BANK, As Agent

                                            By:_________________________________

                                            Its:________________________________

REVOLVING CREDIT BANKS:                     COMERICA BANK

                                            By:_________________________________

                                            Its:________________________________

                                            HARRIS TRUST AND SAVINGS BANK

                                            By:_________________________________

                                            Its:________________________________

                                            KEYBANK NATIONAL ASSOCIATION

                                            By:_________________________________

                                            Its:________________________________

                                            MICHIGAN NATIONAL BANK

                                            By:_________________________________

                                            Its:________________________________

                                       6

<PAGE>

                                            BANK ONE, MICHIGAN (f/k/a NBD BANK)

                                            By:_________________________________

                                            Its:________________________________

                                            BANK OF AMERICA

                                            By:_________________________________

                                            Its:________________________________

                                            NATIONAL CITY BANK

                                            By:_________________________________

                                            Its:________________________________

SWING LINE BANK:                            COMERICA BANK

                                            By:_________________________________

                                            Its:________________________________

                                       7

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