EXHIBIT 10.23(e)
AMENDMENT
TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made January
11, 2002 by and between Valassis Communications, Inc. (the "Corporation") and
Xxxxxxx X. Xxxx, Xx. (the "Executive").
WHEREAS, the Corporation and the Executive entered into that certain
Employment Agreement effective as of March 18, 1992, as amended on December 22,
1995, January 20, 1997, December 23, 1998 and January 5, 2001 (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 March 18, 1992 (the
"Effective Date") and shall continue until the close of business on
September 30, 2004."
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, Manufacturing."
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 $225,000
effective July 1, 2001."
4. Valassis Manufacturing Company ("VMC") is hereby added as a party to
the Employment Agreement.
5. All other terms of the Employment Agreement shall remain in full force
and effect.
6. This instrument, together with the Employment Agreement, contains the
entire agreement of the parties with respect to the subject matter hereof.
IN WITNESS WHEREOF, the Executive and the Corporation have caused this
Agreement to be executed as of the day and year first above written.
/s/ Valassis Communications, Inc.
---------------------------------------
/s/ Valassis Manufacturing Company
---------------------------------------
/s/ Xxxxxxx X. Xxxx, Xx.
---------------------------------------