<PAGE>
 
                              M E M O R A N D U M


To: Russell V. Corsini, Jr.                     Date: October 25, 1996
                              
                              
From:  Robert J. Murray                    Subject: Employment
                                                    Agreement
 

The following is an outline of the employment agreement between you and NEBS.
The provisions illustrated below constitute the total benefits which will be
provided to you as part of your agreement.

1.   PAY/STATUS INFORMATION
     ----------------------

     (a) Your last day of regular work in Groton will be November 1, 1996.  You
     will then work on special projects as mutually agreed.

     (b) You will receive your current, regular pay (on a monthly basis) for a
     period of eight (8) months following your last day of work in Groton.  This
     will encompass the period of November 2, 1996 through June 30, 1997.

     (c) You will continue your employment with NEBS  from July 1, 1997 to July
     24, 2003 with compensation equal to $4,166.66 per month, or $50,000 on an
     annualized basis. This compensation will be paid to you on a monthly basis
     until such time you reach the age of 60 (subject to (d) below).  You would
     then be eligible to officially retire from active employment with NEBS and
     begin collecting retirement benefits and applicable fringe benefits.

     (d) You will be paid $50,000 by NEBS from July 1, 1997 through June 30,
     1998 regardless of any other employment you may obtain during that period.
     After June 30, 1998, however, if you obtain employment (before your
     official retirement from NEBS) comparable to your current position and
     compensation, this package will end.  For purposes of this agreement,
     comparable employment shall be defined as follows: a position that pays a
     base salary of at least $200,000 annually; if a position you obtain
     includes a bonus, any bonus amounts in excess of 50% of your base salary
     shall be counted as part of base salary for purposes of determining
     comparable employment under this agreement.  If you obtain a position that
     pays a base salary of $150,000 or more, your annual compensation from NEBS
     shall be reduced on a dollar for dollar basis, except that you shall be
     paid no less than $10,000 annually during the term of this agreement as
     long as your position is not comparable as defined above.  The $200,000
     salary figure used to define comparable employment
<PAGE>
 
                                                         Russell V. Corsini, Jr.
                                                                October 25, 1996
                                                                          Page 2

     shall be adjusted annually beginning in calendar year 1998 according to the
     Social Security Cost of Living Adjustment. You agree that you shall be
     responsible for reporting to NEBS any change in your position that would
     require an adjustment in compensation under this agreement.
 
2.   PAYCHECK DISTRIBUTION
     ---------------------

     (a) If you have your pay automatically deposited, this process will
     continue through your final separation or retirement date. Your paystub
     will be mailed to your home on regularly scheduled paydays.

     (b) If you do not have automatic deposit, your paycheck will be mailed to
     your home.

3.   EXECUTIVE BONUS DISTRIBUTION
     ----------------------------
 
     You will be eligible to receive a FY97 Executive Bonus payout, prorated
     through November 1, 1996, if such a payout is earned based on the
     attainment of the Company's FY97 revenue and earnings goals at such time as
     all other payments are made under the plan.


4.   OUTPLACEMENT ASSISTANCE
     -----------------------
 
     (a) You will receive appropriate stationery items to assist in resume
     preparation and job search process.


     (b) To assist you in your search for a new job, NEBS will provide you with
     outplacement counseling at a cost not to exceed 15% of your base pay
     ($202,700 x .15 = $30,405), by a company of your choice, through June 30,
     1998.

5.   MEDICAL/DENTAL PLAN
     -------------------

     (a) Continuation Should you leave the Company before age 60:
         --------------------------------------------------------

     Medical/Dental/Vision Plan Coverage available to NEBS employees (if
     applicable) will remain in effect through your last day worked (including
     your time as an employee under this agreement) plus 30 days. Normal payroll
     deductions for your share of the premium will continue to be deducted from
     your pay on a pretax basis. Any other payments available to employees, such
     as the benefit bonus, shall be paid to you (if you are eligible).

     Should you become eligible for group medical/dental coverage from a new
     employer, please notify Corporate Compensation and Benefits.
<PAGE>
 
                                                         Russell V. Corsini, Jr.
                                                                October 25, 1996
                                                                          Page 3



     Should you leave the Company before age 60 you will be provided with
     appropriate COBRA information.

6.   FRINGE BENEFIT ELIGIBILITY
     --------------------------

     You will be eligible for the benefits described in the Fringe Benefits
     Summary for NEBS Officers if you remain actively employed by the Company
     through retirement as described in Section 2.

     These are some of the post-retirement benefits currently available to
     retired NEBS officers upon attainment of early retirement at age 60:


                   *   Health Insurance
                   *   Dental Insurance
                   *   Lahey Clinic Physicals
                   *   NEBS Matching Gift Program


     Please note the following additional provisions of your fringe benefit
     eligibility:

     In the event of your death, medical/dental insurance will continue for your
     spouse until her death, subject to a change in NEBS' group benefit
     policies. Coverage for any other eligible dependents will continue until
     they reach the age of 19 (25 if full-time students).

     Your group life benefit will be based on your annualized salary in force at
     the time of your death.

     You will remain eligible for employee discounts while you are employed by
     NEBS.

     You will remain eligible to participate in the NEBS Matching Gifts program
     while you are employed by NEBS.
 
7.   FLEXIBLE SPENDING ACCOUNTS
     --------------------------

     Payroll deductions for Health Care Flexible Spending Accounts will continue
     during your employment on a pre-tax basis, if elected.

8.   LIFE INSURANCE
     --------------

     Your basic, supplemental, and dependent life insurance will end effective
     with your retirement date or date you leave the Company before age 60.
     While you are
<PAGE>
 
                                                         Russell V. Corsini, Jr.
                                                                October 25, 1996
                                                                          Page 4



     employed by the Company your group life plan will be based on your
     annualized salary in force at the time of your death.

9.   ACCIDENTAL DEATH AND DISMEMBERMENT
     ----------------------------------

     Your coverage under this plan ends on your retirement date or date you
     leave the Company before age 60. There is no conversion opportunity under
     this plan.

10.  BUSINESS TRAVEL ACCIDENT INSURANCE
     ----------------------------------

     Your coverage under this program ends on your retirement date or date you
     leave the Company before age 60. There is no conversion opportunity under
     this plan.
 
11.  DISABILITY PROGRAMS
     -------------------

     Short-Term Disability coverage ceases on your retirement date or date you
     leave the Company before age 60. Long-Term Disability insurance ceases 31
     days after your retirement date or date you leave the Company before age
     60. There is no conversion opportunity under these plans.

12.  INVESTMENT PLUS 401(k) PLAN
     ---------------------------

     If you are currently participating in the Investment Plus Plan your
     contributions will cease on your retirement date or date you leave the
     Company before age 60. If you have an account balance, you will receive
     more information regarding your plan distribution options within six weeks
     of your termination date.

     If you have any questions, please call Seth Canter, Corporate Compensation
     and Benefits Department, (508) 448-6111, Ext. 3446.

13.  STOCK OPTIONS
     -------------

     As you possess unexercised grants, you will have until the official end of
     the option(s) or July 24, 2003, whichever is earlier, to exercise those
     options. Your stock option grants will continue to vest during your
     employment.

14.  PENSION BENEFITS
     ----------------

     You will receive a retirement benefit in accordance with the NEBS
     retirement plans as amended from time to time.  According to the plan(s) in
     effect at the time of this agreement, your benefit would be based on 21+
     years of service with the Company (assuming you remain at NEBS in the
     status described above until age 60).  Your actual retirement benefit under
     this plan would be calculated by averaging your
<PAGE>
 
     earnings over the highest
     five years of compensation of the last ten years of your employment.

     Your estimated retirement benefit is as follows:
          ---------                                  

          * Effective July 25, 2003 you will be eligible for an "early"
            retirement benefit of approximately $3,504.21 per month.

          * Effective July 25, 2008 you will be eligible for the retirement
            benefit of approximately $5,153.00 per month.

     Please note that the above figures are used for illustrative purposes only
     and that your actual benefits at the time of your retirement may differ.
     Should you wish additional information regarding your NEBS' pension
     benefits, please contact Seth Canter in the Corporate Compensation and
     Benefits Department.
 
15.  VACATION
     --------

     You will continue to earn vacation time through June 30, 1997. You will be
     paid for the vacation time you have accrued as of June 30, 1997 in a
     separate check. No vacation time will be accrued after July 1, 1997.
 
16.  FINANCIAL COUNSELING
     --------------------

     You may continue to use the financial planning services of G. W. Wade, Inc.
     while you are employed by NEBS.

17.  EMPLOYEE ASSISTANCE PROGRAM
     ---------------------------

     You and your eligible dependents may continue to use this benefit during
     your separation period. The name and telephone number of the EAP consultant
     are as follows:

                    Laupheimer Associates
                    (800) 558-5509

18.  HOME ADDRESS
     ------------

     In order for the Company to distribute income tax statements, Investment
     Plus statements, pension benefits, and other distributions, it is essential
     for your to keep the Human Resources Department informed of your correct
     home address by writing to:
<PAGE>
 
                                                         Russell V. Corsini, Jr.
                                                                October 25, 1996
                                                                          Page 6


               NEBS, Inc.
               Attn:  Marsha Beers
               Corporate Compensation and Benefits Dept.
               500 Main Street
               Groton, MA  01471

19.  USE AND DISCLOSURE OF TRADE SECRETS AND OTHER CONFIDENTIAL
     ----------------------------------------------------------
     INFORMATION.
     ------------

     You represent that to the best of your knowledge, you do not now have, and
     you agree that you shall promptly return to NEBS, anything tangible or
     electronically kept or stored which constitutes, represents, evidences or
     records any trade secret or other confidential information of NEBS,
     retaining no copies thereof. You agree that you will not any time after
     November 1, 1996, directly or indirectly, use or disclose to any person any
     trade secrets or other confidential information of NEBS.

     The term "trade secret or other confidential information" shall mean any
     secret or confidential scientific, design, process, procedures, formula,
     invention or improvement, including without limitation, marketing plans or
     strategies, product development plans, business acquisition plans, new
     personnel acquisition plans, technical processes, research and development
     processes, and each of the Company's customer lists. Also, this includes
     and is not limited to any new market development plans and/or plans for
     strategic alliances either domestic or international.

     If you enter into any employment with a competitor of NEBS prior to June
     30, 1998, or if you use or disclose trade secrets or other confidential
     information of NEBS as defined in the preceding paragraph at any time, your
     severance pay and benefits will be immediately terminated. Companies or
     other entities that shall be considered competitors of NEBS for purposes of
     this section shall be determined by NEBS in its sole discretion.

If you have any questions regarding your benefits please contact Seth Canter at
Groton ext. 3446.

New England Business Service, Inc.

By:  /s/ Robert J. Murray                         Dated: December 5, 1996
    ---------------------                                ----------------
     Robert J. Murray             
                                  
     /s/ Russell V. Corsini, Jr.                  Dated: December 10, 1996
    ----------------------------                         -----------------
     Russell V. Corsini, Jr.