Document:

Exhibit 10.8

    

    

    

    DexYP Severance Program

     Executive Vice Presidents and Above

     

    Effective January 1, 2018

     

    

    
      
        

    

    Contents

    
       

      	
              Introduction to your EVP Severance Program

            	
              1

            
	 	 
	
              Eligibility

            	
              1

            
	 	 
	
              Separations

            	
              3

            
	 	 
	
              Severance Pay and Other Benefits

            	
              5

            
	 	 
	
              Section 409A

            	
              8

            
	 	 
	
              Administrative Information

            	
              8

            
	 	 
	
              Your Rights Under ERISA

            	
              10

            
	 	 
	
              Miscellaneous

            	
              13

            
	 	 
	
              Appendix A

            	
              17

            

       

      

    

  

  
    
      

  

  
  
    Introduction to your EVP Severance Program

     

    The DexYP Severance Program for Executive Vice Presidents and Above (the “EVP Plan” or “EVP Severance Program”) as amended and restated herein is effective January 1,
      2018 (the “Effective Date”), and shall continue in effect (as it may be further amended from time to time) until terminated as hereinafter provided.

     

    The EVP Severance Program provides you with severance pay and certain other benefits if you separate from service with the Company under specific circumstances
      described in this plan document and summary plan description.

     

    About this document

     

    This summary plan description (“SPD”) describes the Severance Benefits available to eligible employees who experience a Qualifying
        Separation (as defined under “Separations”) on or after the Effective Date.

    

    

    The EVP Severance Program as set forth in this document supersedes all pre-Effective Date versions of any DexYP severance program for executive vice presidents and
      above and all related predecessor plans, policies or programs that purport to provide severance or separation pay or benefits to employees at the level of Executive Vice President and above maintained by Dex Media, Inc.; Dex Media Holdings, Inc.;
      SuperMedia Inc.; YP Holdings, LLC; or their respective Affiliates (as defined under “Miscellaneous”) or predecessors.

     

    This SPD can help you better understand and use your benefits. It is intended to comply with U.S. Department of Labor requirements and other applicable federal laws and applicable state laws. The EVP Plan is not intended to supersede any written Employment Agreements (as defined below) of the Company to the extent such
      agreements exist. This document is intended to constitute both the EVP Plan’s written plan document and the summary plan description under ERISA.

     

    References to the “Company” in this SPD mean Dex Media Holdings, Inc., d.b.a. DexYP, and its subsidiaries that are Participating
        Companies in the EVP Plan. In addition to Dex Media Holdings, Inc., the term Participating Companies includes Dex Media, Inc.

     

    References to “you” or “your” refer to a covered employee only. Other terms have the meaning specified in this

    SPD. Such terms appear in bold face throughout the text.

    

    

    EVP Severance Program contacts

     

    Contact the Dex Media Severance Administration Team via email at AskHR@dexyp.com for:

    

    

    	

          	•	
            Information on how the EVP Plan works

          

     

    	

          	•	
            To verify eligibility for Severance Benefits (as defined under “Severance Pay and Other Benefits”), as defined below

          

     

    	

          	•	
            To ensure your completed Legal Release (as defined under “Eligibility” section) has been received by the Company

          

    

    

    Eligibility

     

    You are eligible under this EVP Plan if...

     

    You are employed directly by a Participating Company, have at least one (1) day of service, and meet all of the following Eligibility

        Criteria:

     

    

    
      1

      
        

    

    	

          	•	
            Immediately prior to the date of your separation from service (the “Termination Date”) you are a regular, full-time employee of the Company serving in a
              position of Executive Vice President, or a more senior position (hereinafter referred to as an “EVP”);

          

     

    	

          	•	
            Your employment is terminated due to a Qualifying Separation;

          

     

    	

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            You promptly return all property of the Company and pay all amounts, if any, that you owe to the Company or agree to have all such amounts deducted from
              the Severance Benefits to be paid under the EVP Severance Program;

          

     

    	

          	•	
            You timely execute and return a general legal release in such form and containing such terms and conditions as may be required by the Company (the “Legal Release”),

              within sixty (60) days of the Termination Date and do not revoke such release within the time permitted under applicable state or federal law, and reaffirm in writing in the Legal Release your obligations under any existing agreements or commitments concerning non-competition, non-solicitation, non-disparagement, confidentiality, trade secrets and intellectual property (collectively, “Company Protection Obligations”); provided that if you are not bound by such Company Protection Obligations as of the Termination
                Date, the Company may require that the Legal Release include Company Protection Obligations to which it
              requires newly-hired EVP’s to commit prior to their employment with Company; and

          

     

    	

          	•	
            You are not in one of the excluded categories listed below.

          

     

    You are not eligible under this EVP Plan if...

     

    	

          	•	
            You are not included within the Eligibility Criteria as described above.

          

     

    	

          	•	
            You voluntarily terminate your employment, except under circumstances that constitute Good Reason (as defined under “Separations”).

          

    

    

    	

          	•	
            You are terminated by the Company for Cause (as defined under “Separations”).

          

     

    	

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            You are an employee who is subject to an employment agreement with the Company that does not provide for participation in the EVP Plan.

          

     

    	

          	•	
            Your employment is terminated due to retirement, death or disability.

          

     

    	

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            You are a temporary, project, supplemental, contract, seasonal, occasional, or contingent employee, or any other individual retained for a fixed duration.

          

     

    	

          	•	
            You are classified by the Company as an independent contractor or consultant, regardless of what any other person or authority may determine about your employment status.

          

     

    	

          	•	
            You are a service provider whose pay is reported on Internal Revenue Service (IRS) Form 1099 rather than IRS Form W-2, without regard to any retroactive change in such reporting.

          

     

    	

          	•	
            You are paid through the accounts payable system rather than the payroll system of the Company.

          

     

    	

          	•	
            You are paid by either a third-party temporary services company (a temp agency) or a third-party service provider that is not a Participating Company.

          

     

    	

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            You are retained by the Company under a contract or agreement that specifies that you are not eligible for benefits under Company-provided severance plans,
              or that you are not eligible to participate in this EVP Plan.

          

     

    	

          	•	
            You are on an approved long-term disability (LTD) when your employment terminates.

          

     

    	

          	•	
            You are on an unapproved absence from work when your employment terminates.

          

     

    	

          	•	
            You refuse to work during your notification period when asked to do so.

          

     

    

    
      2

      
        

    

    If you are included in one or more of the ineligible classifications listed above, you will not be covered by the EVP Severance Program for the period in which you are included in the ineligible
      classification, regardless of any retroactive change in your classification by or pursuant to an order of any governmental or other authority (such as a court or the IRS).

    

    In addition, if the Company determines that you have: (a) violated a Company Protection Obligation or otherwise violated any of the terms and conditions of the Legal Release you execute following your Termination Date, (b) violated any of the terms and conditions of any other material agreement between you and the Company, or (c) otherwise engaged in conduct that may adversely affect the Company’s reputation or business relations, you will not be eligible to participate in the EVP Severance Program, and you will be liable for reimbursing the Company for any Severance Benefits previously received pursuant
      to the EVP Severance Program. Such determinations are made in the sole discretion of the Company as an employer and not as a fiduciary decision.

    

    

    When eligibility ends

     

    Eligibility ends when your employment with the Company ends for any reason (including retirement or death), or when you transfer to or otherwise become a member of an ineligible class described in the “You
      are not eligible under this EVP Plan if” section above.

     

    Separations

     

    Qualifying Separations

     

    You have a Qualifying Separation if your employment is terminated:

    

    

    	

          	•	
            By the Company for reasons other than Cause. “Cause” means: (i) employee’s willful and continued failure substantially to perform the duties of his or her
              position (other than as a result of total or partial incapacity due to physical or mental illness or as a result of a termination by executive for Good Reason, as hereinafter defined), (ii) any willful act or omission by employee constituting
              dishonesty, fraud or other malfeasance, which in any such case is demonstrably (and, in the case of other malfeasance, materially) injurious to the financial condition or business reputation of the Company,
              or (iii) employee’s conviction of a felony under the laws of the United States or any state thereof or any other jurisdiction in which the Company conducts business which materially impairs the value
              of employee’s services to the Company. For purposes of this definition, no act or failure to act shall be deemed “willful” unless effected by employee not in good faith and without a reasonable belief
              that such action or failure to act was in or not opposed to the best interests of the Company.

          

     

    or

     

    	

          	•	
            By you for Good Reason. “Good Reason” means that the Company causes, without such employee’s consent: (a) material
              diminution in (i) employee’s then current title, but only if such diminution accompanies a diminution in employee’s position, duties or responsibilities, or (ii) employee’s then-current position, duties or responsibilities; or (b) the
              assignment to employee of duties and responsibilities that are inconsistent, in a material respect, with the scope of duties and responsibilities associated with employee’s then current position; or (c) material reduction in such employee’s
              total compensation opportunity under any and all base salary, annual incentive, long-term incentive, stock award and other compensatory plans and programs made available to employee by Company in
              connection with his or her employment, except for any such reduction that reasonably proportionately adversely impacts all other similarly situated employees eligible for Severance Benefits under this
              EVP Plan, or (d) material relocation of employee’s principal workplace without his or her consent (for purposes of this section, “material relocation” shall mean
              a relocation of employee’s principal workplace by a distance that exceeds fifty (50) miles), or (e) at the time of a Change in Control, the successor or acquiring company fails or refuses to assume the
              obligations of the Company under this EVP Plan. Notwithstanding the foregoing, Good Reason shall be found to exist
              only if the employee has provided written notice to the Company of the condition giving rise to Good Reason within ninety (90) days following the occurrence
              of the condition giving rise to Good Reason, the Company does not cure such condition within thirty (30) days
              following the receipt of such notice from employee, and employee resigns within one-hundred and eighty (180) days following the initial existence of such condition.

          

     

    

    
      3

      
        

    

    If you indicate a willingness to be involuntarily terminated in connection with a reduction in force or similar staffing exercise, you will be considered to experience a Qualifying Separation only if you
      are actually selected by the Company to be involuntarily terminated. Your voluntary termination of employment at or about the time of the reduction in force will not be considered a Qualifying Separation.

    

    

    Neither the EVP Plan nor the EVP Plan Administrator determines whether you will be or have been involuntarily terminated for reasons other than Cause or whether you have voluntarily terminated due Good Reason. Such determinations are made in the sole discretion of the Company as

      an employer and not as a fiduciary.

     

    Ineligible separations

     

    Your termination will not be considered a Qualifying Separation for EVP Plan purposes if:

    

    

    	

          	•	
            You are offered a position with any DexYP company (even if such company is not a Participating Company) at or around the time the Company terminates your
              employment.

          

     

    	

          	•	
            It is a voluntary termination of employment other than for Good Reason.

          

     

    	

          	•	
            It is an involuntary termination of employment that is characterized (at the time of termination or subsequently) by the Company as a termination for misconduct or for Cause, regardless of any contrary characterization or re-characterization of your termination by any other person or governmental authority (such as a court).

          

     

    	

          	•	
            You do not have a period of unemployment following your termination of employment with the Company. For example:

          

     

    	

          	➢	
            You transfer or terminate employment so that you can begin another position with any of the following:

          

     

    	

          	◾	
            The same Company.

          

     

    	

          	◾	
            Another Related Employer (whether or not it is a Participating Company). A “Related Employer” is any corporation,
              partnership, joint venture or other entity in which Dex Media Holdings, Inc. or its subsidiaries directly or indirectly hold a 10% or greater ownership interest.

          

     

    	

          	◾	
            An unrelated company or other entity that enters into a transaction with the Company (for example, in a purchase of stock or assets; a spin-off, reorganization or similar transaction; a
              contribution to a joint venture; or a contract to outsource a function previously performed in-house).

          

     

    	

          	➢	
            You transfer to or become employed by any other company or entity because of or in connection with a termination of all or part of an outsourcing arrangement, whether the arrangement ends early or follows its normal course.

          

     

    	

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            It is a voluntary or involuntary termination upon your turning down an offer of employment with an entity that enters into a transaction with the Company (for example, a purchase of stock or
              assets; a spin-off, reorganization or similar transaction; a contribution to a joint venture; or a contract to outsource a function previously performed in-house), or with a Company outsourcing
              customer or vendor.

          

     

    	

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            You revoke your Legal Release within 7 calendar days of signing the Legal Release.

          

     

    	

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            You refuse to continue to work for the Company during your notification period, if asked by the Company to do so.

          

     

    

    
      4

      
        

    

    No duplication of other severance program benefits

     

    If you are entitled to receive a payment or benefit under this EVP Plan and you are also entitled to receive a payment or benefit under similar circumstances from the Company

      or an Affiliate under another plan or agreement, then the Company in its discretion may reduce the amount of the corresponding payment or adjust the
      corresponding benefit to which you or your estate would be entitled under this EVP Plan if and to the extent necessary or appropriate in order to avoid an unintended duplication of any such payment or
      benefit. The preceding sentence shall not apply to reduce any severance payment or benefit to the extent the EVP Plan Administrator determines, following application of all applicable exemptions and
      exclusions, that the reduction or offset would accelerate the taxation of any payment or benefit pursuant to Section 409A (as later defined under “Section 409A”).

     

    Separation agreement and release

     

    No benefits are payable under this EVP Plan unless you sign and deliver the Legal Release to the EVP Plan Administrator or

      its delegate by the earlier of (1) sixty (60) days after your Termination Date or (2) the deadline established by the Company, and you do not subsequently revoke the Legal Release.

    

    

    The Legal Release is a document prepared by the Company in its capacity as your employer (and not as a fiduciary), with terms satisfactory to the Company in its sole discretion. The Legal Release will include, among other things:

     

    	

          	•	
            A legally-binding release and waiver of specified claims you may have as of the date of the release relating to your employment, which will be set forth in the document.

          

     

    	

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            A deadline for delivery of the Legal Release.

          

     

    	

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            Other provisions as the Company deems necessary or appropriate to protect its reasonable business interests, such as commitments regarding confidentiality, non-solicitation and non-competition.

          

     

    The Company may use different forms of Legal Releases from one business unit or Participating
        Company to another and from one employee to another, as determined by the Company in its sole discretion as an employer (and not as a fiduciary).

     

    Severance Pay and Other Benefits

     

    Overview

     

    You will forfeit your right to severance pay and other benefits if you do not sign and deliver the Legal Release at the time and in the manner required by the EVP Plan.

     

    You must satisfy the EVP Severance Program’s eligibility requirements, experience a Qualifying Separation, sign and deliver the Legal

        Release at the time and in the manner required by the EVP Plan, and not revoke the Legal Release, in order to be eligible for the following “Severance Benefits”:

     

    	

          	•	
            Cash severance pay as described in the “Salary Continuation Severance Pay” section below.

          

     

    	

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            Prorated and target bonus(es) as described in the “Separation Bonus Payments” section below.

          

     

    	

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            Company provided basic life insurance coverage for up to 18 months.

          

     

    	

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            Outplacement Service Benefits as described in the “Outplacement Service Benefits” section below.

          

     

    

    
      5

      
        

    

    Salary Continuation Severance Pay

     

    Your cash severance pay is the amount described in the “Salary Continuation Severance” section of Appendix A, as applicable. The Company will commence severance payments to you within 60 days after your Termination Date or as soon thereafter as administratively practicable, and not before the eighth calendar day following your delivery of the timely signed Legal Release.
      Severance payments are made in equal installments for the period specified in Appendix A on the Company’s regular payroll schedule as in effect from time to time. If the 60-day period for your release
      consideration stretches across two calendar years, then any Salary Continuation Severance payments that would have been paid after the eighth calendar day following your delivery of the timely signed Legal Release and

      before the end of the calendar year in which you terminate will be paid instead in a lump sum on the first payroll date occurring in the subsequent calendar year.

     

    Separation Bonus Payments

     

    Your separation bonus payment is the amount described the “Target Bonus Severance,” “Target Change in Control Bonus Severance,” and “Pro-rata Bonus Payment” sections of Appendix A, as applicable. Any separation bonus payment shall be made as
      follows:

     

    	

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            The Target Bonus Severance or Target Change in Control Bonus Severance, as applicable, will be paid in equal installments for the same period and at the same time as the Salary Continuation Severance, described above.

          

     

    	

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            The Pro-rata Bonus Payment will be paid in a lump sum in the calendar year after the calendar year containing your Termination Date (generally at the same time bonuses are otherwise paid under the
              applicable bonus program).

          

     

    The Company shall withhold from any Severance Benefits hereunder any federal and state income and payroll taxes as required by applicable law.

    

    

    Outplacement Service Benefits

     

    You will receive Outplacement Services Benefits at no cost to you for the period described in Appendix A. This service is offered through external professionals in the outplacement field who will help you
      find and make the transition to a position with another company, become self-employed or work as a consultant. This service can give you the competitive advantage you need to find your next position in today’s market, by helping you to understand the
      new opportunities and pitfalls of a modern day job search; teaching you how individuals are learning about and landing opportunities today; and offering proven career strategies that could potentially shorten your job search. Outplacement Service Benefits may include:

     

    	

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            One-on-one consulting

          

     

    	

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            Developing resumes

          

     

    	

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            Interviewing techniques

          

     

    	

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            Networking tips

          

     

    	

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            Career Resource Network (CRN) online tools and resources

          

     

    	

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            Job leads and job development

          

     

    	

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            Access to SkillSoft courses

          

     

    	

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            Strategies for negotiation and evaluating job offers

          

     

    

    
      6

      
        

    

    COBRA and other benefits after your employment terminates

     

    Following your termination of employment, you are not eligible to participate in any Company health and welfare or retirement benefit plans except as specifically provided in such plans or as required by
      COBRA rules or other applicable law. This is true even if you experience a Qualifying Separation, and even if you sign and deliver the Legal Release at the time and in
      the manner required by this EVP Plan.

     

    If you have a vested benefit in a 401(k) or pension program, that benefit will be paid according to the provisions of the applicable plan.

     

    With respect to group health plan benefits (e.g., medical, prescription drug, dental, vision, EAP, and health care flexible spending account), you and your covered dependents will have access to continuation coverage as required by applicable
      COBRA rules. You will be responsible for paying the full cost of your COBRA coverage.

     

    With respect to other types of insurance, you may be able to arrange for post-termination insurance coverage in certain circumstances by contacting the insurance carrier, administrator or vendor.

    

    

    Contact information for the administrators and vendors for the Company benefit programs is listed in the chart below.

     

    	 	
            Benefit Plan

          	 	
            Administrator/ Vendor

          	 	
            Phone Number

          	 	
            Web Address

          
	 	
            Pension

          	 	
            Mercer (former Dex One and former Dex Media)

          	 	
            888-867-5963

          	 	
            http://www.mypensioncenter.com/DexMedia

          
	 	
            Milliman (former SuperMedia)

          	 	
            866-767-1212

          	 	
            http://millimanbenefits.com

          
	 	
            Savings/401(k)

          	 	
            Fidelity

          	 	
            800-835-5095

          	 	
            http://www.netbenefits.com

          
	 	
            Health benefits through COBRA

          	 	
            DexYP COBRA Center

          	 	
            866-206-5751

          	 	
            https://www.mybenefits.WageWorks.com

          
	 	
            Life Insurance

          	 	
            MetLife

          	 	
            800-638-6420

          	 	
            www.metlife.com/mybenefits

          
	 	
            Accident Insurance and Critical Illness Insurance

          	 	
            MetLife

          	 	
            800-638-6420

          	 	
            www.metlife.com/mybenefits

          
	 	
            Home & Auto Insurance

          	 	
            MetLife, Group Policy No: 0002021821

          	 	
            800-438-6388

          	 	
            https://autohome.metlife.com

          
	 	
            Travelers, Group Policy No: 62640

          	 	
            888-695-4640

          	 	
            https://pijas.travelers.com/affinityhome/affinit yHome.html?sponsor=dexmedia

          
	 	
            Liberty Mutual, Group Policy No: 113377

          	 	
            800-524-9400

          	 	
            http://www.libertymutual.com/dexmedia

          

     

    

    
      7

      
        

    

    	 	
            Benefit Plan

          	 	
            Administrator/ Vendor

          	 	
            Phone Number

          	 	
            Web Address

          
	 	
            Group Legal Insurance

          	 	
            ARAG North America, Group Policy No: 17842

          	 	
            800-247-4184

          	 	
            https://www.araglegalcenter.com

          
	 	
            Pet Insurance

          	 	
            Veterinary Pet Insurance (VPI), Group Policy No: 2822

          	 	
            877-738-7874

          	 	
            http://www.petinsurance.com/dexmedia

          
	 	
            Tuition Assistance

          	 	
            EdLink/EdAssist

          	 	
            800-732-2235

          	 	
            http://tamsonline.org/dexmedia

          
	 	
            Career Services

          	 	
            Lee Hecht Harrison

          	 	
            888-899-9306

          	 	
            http://www.LHH.com

          

     

    Section 409A

     

    The EVP Plan is intended to be exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended (“Section

        409A”). The EVP Plan will be interpreted and administered consistently with this intent. Any installment payment will be treated as a series of separate payments for purposes of Section 409A and the exceptions thereunder. In no event will any payment be made hereunder later than the end of the second calendar year following the year in which you terminated employment with the Company. If your Severance Benefits are subject to Section 409A and the period for your release consideration stretches across two
      consecutive calendar years, then to the extent necessary to comply with Section 409A, the payment will be delayed until the later calendar year.

     

    In addition, if the EVP Plan Administrator determines in accordance with Sections 409A and 416(i) of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder
      that (a) an EVP is a Key Employee of the Company on his or her Termination Date and (b) following application of all applicable exceptions and exclusions under Section 409A, a delay in all or a portion of the
      Severance Benefits (“409A Delay Amount”) provided under this EVP Plan is necessary in order to comply with Code Section 409A(a)(2)(B), then any such 409A Delay Amount shall

      be delayed for a period of six (6) months following the EVP’s Termination Date (such delayed distribution period referred to herein as the “409A Delay Period”). In such
      event, any 409A Delay Amount that would otherwise be due and payable to the EVP during the 409A Delay Period shall be paid to the EVP in a lump sum amount within the
      first five calendar days of the month immediately following the end of the 409A Delay Period. For purposes of this provision, the term “Key Employee” shall mean an employee who, on the EVP Plan’s
      Identification Date, is a key employee as defined in Section 416(i) of the Code without regard to paragraph (5) thereof. For purposes of this provision, the term “Identification Date” shall mean each December 31. If an EVP is identified as a Key
      Employee on an Identification Date, then the EVP shall be considered a Key Employee for purposes of this EVP Plan during the period beginning on the first April 1 following a particular Identification Date and ending on the following March 31.

    

    

    For purposes of this EVP Plan, the term “separation from service” has the meaning set forth in Section 409A and the regulations issued thereunder.

     

    Administrative Information

     

    This section contains important information about how your benefits are administered and funded.

     

    

    
      8

      
        

    

    Plan name/identification

     

    The EVP Plan is an employer-sponsored welfare benefit plan governed by the Employee Retirement Income Security Act of 1974, as amended (ERISA). The official EVP Plan name

      is the “DexYP Severance Program for Executive Vice Presidents And Above” and it is part of the DexYP Severance Program. The purpose of the EVP Plan is to provide Severance
        Benefits to eligible employees. The plan number for the DexYP Severance Program, of which the EVP Plan is a component is 513.

     

    	 	
            Plan Sponsor

          	 	
            Dex Media Holdings, Inc.

             2200 West Airfield Drive

            P.O. Box 619810

            D/FW Airport, Texas 75261

             EIN: 13-2740040

          
	 	
            EVP Plan Administrator

             (named fiduciary)

          	 	
            Dex Media Holdings, Inc. Employee Benefits and Asset Management Committee

            2200 West Airfield Drive

            P.O. Box 619810

            D/FW Airport, Texas 75261

             972-453-7000

          
	 	
            Initial Claims Administrator

          	 	
            Dex Media Severance Administration Team

             2200 West Airfield Drive

            P.O. Box 619810

            D/FW Airport, Texas 75261

             972-453-7000

          
	 	
            Participating Companies

          	 	
            Dex Media Holdings, Inc. and Dex Media, Inc. are Participating Companies.

          
	 	
            Agent for Service of Legal

             Process

          	 	
            CT Corporation System

             350 North St. Paul

             Suite 2900

            Dallas, Texas 75201

             

            

            Service of legal process may also be made upon the EVP Plan Administrator.

          
	 	
            EVP Plan Year

          	 	
            January 1 through December 31

          

     

    Authority of the EVP Plan Administrator

     

    The Company’s Employee Benefits and Asset Management Committee shall serve as the administrator of the EVP Plan (the “EVP Plan
        Administrator”) for all purposes, including serving as named fiduciary of the EVP Plan under ERISA. Contact information for the EVP Plan Administrator is
      included in the EVP Plan “Administrative Information” section of this EVP Plan. Any member of the Company’s Employee Benefits
      and Asset Management Committee shall recuse himself or herself from consideration of the application of this EVP Plan to them.

     

    The EVP Plan Administrator has complete discretionary authority to administer and interpret the EVP Plan and to decide any and all matters arising under the EVP Plan, including, without limitation, the right and authority to:

    

    

    	

          	•	
            Make findings of fact.

          

     

    	

          	•	
            Determine eligibility for participation, benefits and other rights under the EVP Plan and to decide all claims under the EVP Plan.

          

     

    	

          	•	
            Determine whether any election or notice requirement or other administrative procedure under the EVP Plan has been adequately observed.

          

     

    

    
      9

      
        

    

    	

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            Determine the proper recipient, and the amount, of any EVP Plan benefits.

          

     

    	

          	•	
            Remedy possible ambiguities, inconsistencies or omissions by general rule or particular decision.

          

     

    	

          	•	
            Otherwise interpret the EVP Plan in accordance with its terms.

          

     

    The EVP Plan Administrator may delegate any or all of its authority and responsibilities under the EVP Plan. To the extent the EVP
        Plan Administrator delegates its administrative powers or duties to any other individual or entity (including the Initial Claims Administrator), such individual or entity shall have the discretionary
      authority, as described above, to exercise such powers or duties.

     

    The EVP Plan Administrator (and, to the extent applicable, its delegate) has full and absolute discretion in the exercise of each and every aspect of its authority under the EVP Plan. Notwithstanding any provision of law or any explicit or implicit provision of this document or any action taken, or ruling or decision made, by the EVP Plan Administrator in the
      exercise of any of its powers and authorities under the EVP Plan, all actions, rulings and decisions shall be binding, final and conclusive as to all parties other than the Company,
      including without limitation all employees and dependents, regardless of whether the EVP Plan Administrator or one or more of its members may have an actual or potential conflict of interest with respect to
      the subject matter of the action, ruling, or decision. No final action, ruling, or decision of the EVP Plan Administrator (or the Initial Claims Administrator) shall
      be subject to de novo review in any judicial proceeding; and no final action, ruling, or decision of the EVP Plan Administrator (or the Initial Claims Administrator) may be set aside unless it is held to have been arbitrary and capricious by a final judgment of a court having jurisdiction with respect to the issue.

     

    Funding and source of contributions

     

    Severance pay and benefits are provided solely from the Company’s general assets, and the right of any person to receive the benefits provided by the EVP Plan shall be solely an unsecured claim against the general assets of the Company. No portion of the EVP Severance Program is funded.

     

    The Company has the absolute right in its discretion to transfer or assign its obligations to provide benefits under this EVP Plan to another entity in connection
      with a transaction in which the Company transfers all or a portion of a business unit or an outsourcing arrangement, joint venture or other business transaction. The Company
      is not required to establish any special fund or trust for purposes of paying benefits under the EVP Severance Program.

     

    Your Rights Under ERISA

     

    As a participant in the EVP Severance Program, you are entitled to certain rights and protections under ERISA. ERISA provides that all EVP Plan participants are
      entitled to:

    

    

    	

          	•	
            Examine, without charge, at the EVP Plan Administrator’s office and at other specified locations, such as worksites and applicable union halls, all documents governing the EVP Plan, including applicable collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the EVP Plan with the U.S. Department of Labor and available at the Public Disclosure Room of
              the Employee Benefits Security Administration.

          

     

    	

          	•	
            Obtain, upon written request to the EVP Plan Administrator, copies of documents governing the operation of the EVP Severance Program, including applicable
              collective bargaining agreements, the latest annual report (Form 5500 Series), and updated summary plan description. The EVP Plan Administrator may make a reasonable charge for the copies.

          

     

    In addition to creating rights for EVP Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the EVP Plan. The people who
      operate your EVP Plan, called “fiduciaries” of the EVP Plan, have a duty to do so prudently and in the interest of you and other EVP
        Plan participants and beneficiaries. No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under
      ERISA.

     

    

    
      10

      
        

    

    If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain without charge copies of relevant documents and to appeal any denial, all within certain time schedules.

     

    Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of EVP Plan documents or the latest annual report from the EVP
        Plan and do not receive it within 30 days, you may file suit in a federal court. In such a case, the court may require the EVP Plan Administrator to provide the materials and pay you up to $110 a
      day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the EVP Plan Administrator. If you have a claim for benefits which is denied or ignored, in
      whole or in part, you may file suit in a state or federal court.

     

    If you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal
      fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

     

    If you have any questions about the EVP Severance Program, you should contact the EVP Plan Administrator.

     

    If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the EVP Plan Administrator, you should contact the nearest office of
      the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or write to:

     

    Division of Technical Assistance and Inquiries Employee

     Benefits Security Administration

    U.S. Department of Labor

    200 Constitution Avenue N.W. Washington,

    D.C. 20210

    

    

    You also may obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

     

    If a claim is denied

     

    Any questions concerning eligibility to participate in the EVP Severance Program and the payment of benefits under the EVP Severance Program should be directed to
      the EVP Plan Administrator. Disagreements about benefit eligibility or benefit amounts can arise. The Company has formal claim procedures in place for the EVP Severance Program. Neither the filing of a claim nor an appeal entitles you to a new deadline for delivering the signed Legal Release.

     

    The chart below outlines the process that applies if you have a claim or an appeal for an EVP Severance Program benefit. You may designate an authorized representative to represent you in the proceedings.
      All claims for benefits under the EVP Severance Program must be submitted, in writing, to the EVP Plan Administrator within ninety (90) days following the Company’s termination of your employment.

     

    

    
      11

      
        

    

    	 	 	 	
            Claims Procedure

          
	 	
            Step 1:

          
	 	
            How to file a claim

          	 	
            The EVP Plan Administrator has delegated its authority to determine initial claims to the Initial Claims Administrator. To file a claim, send a letter to:

             

            DexYP Severance Administration Team

             2200 West Airfield Drive

            P.O. Box 619810

            D/FW Airport, Texas 75261

             

            You must include:

            •         A description of the benefits for which you are applying.

            •         The reason(s) why the benefits should be granted.

            •         Relevant documentation.

          
	 	
            When you will be

             notified of the claims

             decision

          	 	
            You will be notified of the decision within 90 days after the Initial Claims Administrator receives your letter (180 days, when special circumstances apply).

          
	 	
            Failure to provide

             sufficient information

          	 	
            The Initial Claims Administrator will notify you of the deadline to submit additional information, if applicable.

          
	 	
            How you will be

             notified of the claim

             decision

          	 	
            If your claim is approved, the Initial Claims Administrator will notify you in writing.

             

            If your claim is denied, in whole or in part, the Initial Claims Administrator will notify you in writing. The written denial notice will contain the
              following information:

            •         The specific reason(s) for the denial.

            •         References to the EVP Plan provisions on which the denial was based.

            •         A description of any additional material or information you need to submit to complete the claim.

            •         A description of the EVP Plan’s appeal procedures and a statement regarding your right to bring a civil action under ERISA Section 502(a)
              following an adverse benefit determination on review.

             

            If a response to your claim for benefits (or notice of an extension for such decision) is not received within ninety (90) days, the claim should be considered denied and you may appeal the denial in accordance with the appeal procedure
              provided in this Section.

          
	 	
            Step 2:

          
	 	
            About appeals and

             exhausting your

             administrative rights

          	 	
            Before you can bring any action at law or in equity to recover EVP Plan benefits, you must exhaust this administrative appeal process. Specifically, you
              must file a timely appeal as explained in this Step 2 and the appeal must be finally denied by the EVP Plan Administrator or its delegate.

          
	 	
            How to file an appeal

          	 	
            If your initial claim is denied and you want to appeal it, you must submit the appeal in writing to the EVP Plan Administrator or its delegate within 60 days after the date your initial claim was
              denied. You may review pertinent documents and submit evidence and arguments in writing to the EVP Plan Administrator or its delegate. To file your appeal, write to the EVP Plan Administrator or its delegate at the address specified on your claim denial notice.

             

            Your appeal must include the following information:

            •         A copy of the claim denial notice.

            •         Your reason(s) for appealing (such as a statement of why you disagree with the denial of the claim).

            •         Reference to the specific provision in the EVP Severance Program on which the appeal is based.

          

     

    

    
      12

      
        

    

    	 	 	 	
            •         Any other information, documents, etc. that you believe support your appeal.

            As part of the appeals process, you or your duly authorized representative may submit written comments, documents, records and other information related to the claim. You will be provided, upon request and free of charge, reasonable access
              to and copies of all documents, records, and other information (all of which must not be privileged) relevant to the benefit claim.

          
	 	
            When you will be

             notified of the appeal

             decision

          	 	
            The EVP Plan Administrator or its delegate will review your appeal, taking into consideration all comments, documents, records and other information you have submitted. The EVP Plan Administrator or its delegate will notify you of its decision within 60 days receiving your appeal (120 days, when special circumstances apply).

             

            If your appeal is approved, the EVP Plan Administrator or its delegate will notify you in writing.

             

            If your appeal is denied, in whole or in part, the EVP Plan Administrator or its delegate will notify you in writing. The written denial notice will
              contain the following information:

            •         The specific reason(s) for denial.

            •         References to the EVP Plan provisions on which the denial was based.

            •         A statement regarding documents, records and other information that you are entitled to receive on request and free of charge.

            •         A statement regarding your right to bring a civil action for benefits under ERISA Section 502(a).

             

            If a decision on appeal is not received within the periods specified above, you should consider the claim and appeal denied. If you want to file a suit under ERISA, you must do so within 180 days after your appeal is denied and the suit
              must be filed in the federal courts of Tarrant County, Texas.

          
	 	
            Step 3:

          
	 	
            How to proceed if

             necessary

          	 	
            The decision on your appeal is final. As a result, the EVP Plan Administrator or its delegate will not review your matter again. You have a right to bring a civil action if your claim is denied on
              appeal.

             

            Keep in mind that before you can bring any action at law or in equity to recover EVP Plan benefits, you must exhaust the administrative claim and appeal
              process described above. Specifically, you must file a timely claim as explained in Step 1, file a timely appeal as explained in Step 2, and the appeal must be finally denied by the EVP Plan Administrator or

              its delegate. Only then may you file suit to recover EVP Plan benefits and you must do so within 180 days after your appeal is denied and the suit must be filed in the federal courts of
              Tarrant County, Texas.

          

     

    Miscellaneous

     

    Payment to others in the event of your death or incapacity

     

    If you have satisfied all applicable requirements for the receipt of benefits under this EVP Plan (including delivery of the signed Legal Release) and you die
      before the entire amount of your cash severance has been paid in accordance with the EVP Plan, the unpaid portion of your cash severance will be paid to your estate but with no change in timing or form. If you
      have satisfied all applicable requirements for the receipt of benefits under this EVP Plan (including delivery of the signed Legal Release) and you are a minor, or you
      become physically or mentally incapacitated before the entire amount of your cash severance has been paid in accordance with the EVP Plan, the unpaid portion of the benefit will be paid to a person authorized
      to manage your affairs, as determined by the EVP Plan Administrator, but with no change in timing or form. This may be your legal representative or guardian, your spouse, a child, a parent or other blood
      relative, or someone with whom you live. Any such payment to your estate or to a person authorized to manage your affairs will completely discharge the obligation of the Company under the EVP Plan.

     

    

    
      13

      
        

    

    No assignment of benefits

     

    Except as described under “The Company’s right of recovery” below or as required by law, your EVP Severance Program benefits belong to you and may not be sold,
      assigned, transferred, pledged, garnished or encumbered and shall not be liable for or subject to debts, contracts, liabilities, engagements or torts of any person. Any attempt to do so shall be void. This does not prohibit the direct deposit of EVP Plan benefits to your savings, checking or other deposit account or the payment of benefits to your estate in the event of your death or to others as described under the “Severance Pay and Other Benefits”
      section.

    

    

    No vested rights

     

    All terms of the EVP Plan are legally enforceable. However, the EVP Plan is not a contract of employment. Neither this EVP
        Severance Program nor any action taken hereunder shall be construed as: (i) giving any employee the right to continue in the employ of the Company or (ii) interfering in any way with the absolute,
      unfettered right of the Company to terminate any employee’s employment at any time for any reason, whether for Cause or otherwise, or with or without notice. The EVP
      Plan is not a guarantee of any particular benefit. No individual has a vested right to eligibility for or payment of any benefit under this EVP Plan, except for benefits which have become due and payable in
      accordance with the express terms of the EVP Plan.

    

    

    Impact of re-employment

     

    If you become entitled to EVP Plan benefits following your termination and you are re-employed by the Company (or by another company under circumstances that would
      have otherwise resulted in you not having a Qualifying Separation as described in the “Separations” section above), the special rules described below may apply. These special rules will apply only if your
      re-employment occurs during your Severance Benefit Period (as defined in Appendix A).

    

    

    	

          	•	
            Any Company-paid Outplacement Service Benefits not yet rendered will immediately cease.

          

     

    	

          	•	
            The portion of your Severance Benefits that has not been paid at the time of your re-employment will be forfeited.

          

    

    

    Your re-employment will not affect the Legal Release you signed. Your Legal Release will remain enforceable, to the extent allowed by law.

     

    Your Severance Benefit Period begins at the end of the month in which your employment with the Company is terminated, and spans the number of full (7-day) weeks
      calculated as described in Appendix A.

     

    The Company’s right of recovery

     

    If, for any reason, a benefit is paid that is larger than the amount allowed by the EVP Severance Program, the Company has a right to recover the excess amount from
      you (or from the person or agency that received or holds this benefit). This excess amount is subject to a constructive trust in favor of the Company. The person receiving or holding EVP Plan benefits must produce any instruments or papers necessary to ensure this right of recovery.

     

    The EVP Plan Administrator is authorized to determine whether you owe any amount of money (including any amount due as the result of a benefit overpayment) to the Company
      or to any benefit plan maintained by the Company and, if so, to determine the precise amount you owe. If the EVP Plan Administrator determines that you owe any
      amount, then the amount of your severance payment(s) may be reduced by the amount you owe. The EVP Plan Administrator also shall have the authority and discretion, if the amount you owe exceeds your total Severance Benefits, to cause the amount of any other cash benefit under any other program (including, without limitation, any cash in lieu of notice) to likewise be offset by the amount you owe, to the extent it
      exceeds your severance payment.

     

    

    
      14

      
        

    

    The preceding paragraphs shall not apply to reduce any severance payment or benefit to the extent the EVP Plan Administrator determines, following application of all applicable
      exemptions and exclusions, that the reduction or offset would accelerate the taxation of any payment or benefit pursuant to Section 409A.

    

    

    The Company’s right to use your social security number for administration of benefits

     

    The Company retains the right to use your social security number for benefit administration purposes, including tax reporting. State laws which restrict the use of social
      security numbers for benefit administration purposes do not apply to ERISA-covered plans such as this EVP Severance Program.

     

    Plan amendment and termination/reservation of rights

     

    The Company has the absolute right in its discretion to amend, modify, suspend or terminate the EVP Severance Program, in whole or in part, at any time and with or
      without advance notice to employees. Any amendment, modification or termination of the EVP Plan must be adopted in writing by the EVP Plan Administrator.

    

    

    Except as expressly provided in a particular amendment to the EVP Plan, any individual who does not complete at least one hour of active employment with the Company on

      or after the effective date of the amendment shall have his or her benefits, if any, determined only in accordance with the provisions of the EVP Plan as in effect before the effective date of the amendment.

     

    If a Change in Control (as defined in Appendix A) of the Company occurs, the EVP Plan may not, without the consent of the
      eligible EVP(s) on the date of a Change in Control, be amended or terminated in a manner that results in a reduction or termination of any benefits payable or otherwise made available under this EVP Severance Program
      during the two-year period following the Change in Control. Any amendments made by the Company during the two-year period following the Change in Control will be given the maximum possible effect in any interpretation of this provision.

     

    Notwithstanding any provisions of this EVP Severance Program to the contrary, the Company reserves the right, to the extent the Company

      deems necessary or advisable in its sole discretion, to unilaterally amend or modify this EVP Plan as may be advisable to endeavor to render the Severance Benefits provided

      under this EVP Plan in a manner which qualifies for an exemption from or complies with Section 409A of the Code; provided, however, that the Company makes no representation, and explicitly disclaims any obligation to ensure that the benefits provided under this EVP Plan will be exempt from or comply with Section 409A of the Code.

     

    If you separate from service and receive Severance Benefits under this EVP Plan or any other Company plan, you
      acknowledge and understand that the Company and/or Affiliates can adopt new or modified programs or benefits in the future that may be more or less advantageous than
      this current EVP Plan and other Company benefit plans, depending on individual circumstances. You should not expect or assume that any new or modified programs or
      benefits will be extended on a retroactive basis to anyone who separates from service and receives benefits under this EVP Plan or any other Company plan.

    

    

    Other Information

     

    As used in this EVP Severance Program, reference to Affiliate(s) shall mean any individual or entity directly or indirectly controlling, controlled by or under
      common control with, the specified individual or entity. For purposes of this EVP Plan, the direct or indirect ownership of over fifty percent (50%) of the outstanding voting securities of an entity, or the right to receive over fifty percent (50%)
      of the profits or earnings of an entity shall be deemed to constitute control. Such other relationships as in fact result in actual control over the management, business and affairs of an entity shall also be deemed to constitute control.

     

    

    
      15

      
        

    

    This EVP Severance Program is governed by and shall be construed in accordance with the Internal Revenue Code, ERISA, and to the extent not preempted by ERISA, with the laws of the State of Texas.

    

    

    EXECUTION

     

    Dex Media Holdings, Inc. has caused this EVP Plan document and summary plan description for the DexYP Severance Program – Executive Vice Presidents and Above to be executed by
      its duly authorized officer this the              day of March, 2018.

    
       

      

      	
              DEXYP

            	
               

            
	
               

            	
               

            
	By:	 	
               

            
	 	
               Debra M. Ryan, EVP - Chief Human Resources Officer

            	 

       

      

    

    
      16

      
        

    

    Appendix A

     

    If you are eligible to receive benefits under this EVP Severance Program you will receive the benefits described under “Regular Severance Benefits”, below, unless
      your Termination Date occurs within two (2) years following a Change in Control, as defined below, in which case you shall be entitled to the benefits described under
      “Change in Control Severance Benefits”, below. In addition, if your Termination Date occurs after the commencement of negotiations with a potential acquirer or business
      combination partner but prior to an actual Change in Control, and an actual Change in Control with such acquirer or business combination partner occurs within one year
      after your Termination Date, then your Termination Date shall be deemed to have occurred within two years following a Change in
        Control and you shall be entitled to Change in Control Severance Benefits described below.

    

    

    These benefits will be provided in accordance with the terms and conditions of this EVP Plan.

     

    Regular Severance Benefits

     

    	 	
            Salary Continuation

             Severance

          	 	 	
            Target Bonus Severance

          	 	 	
            Pro Rata Bonus for Year of Separation

             under Company Bonus Plan

          	 
	 	
            Installment payments equal to 78 Weeks of Pay payable in equal installments on the Company’s regular payroll schedule over a period of 78 Weeks (“Regular
              Salary Continuation Severance”).

          	 	 	
            One and one-half (1.5) times the employee’s target bonus under the applicable short- term incentive bonus plan in effect on the Termination Date, payable in equal installments on the Company’s regular payroll schedule over a period of 78 Weeks (“Target Bonus Severance”).

          	 	 	
            If employee has worked at least ninety (90) days of the current calendar year at the Termination Date, a prorated bonus (prorated based on number of days worked in the current year) determined in
              accordance with the applicable short-term incentive bonus plan in effect and actual performance for the entire performance period, payable in the calendar year following the calendar year that includes the Termination

                Date (generally at such time as bonuses are otherwise paid under such bonus program) (“Pro Rata Bonus Severance”).

          	 

     

    Change in Control Severance Benefits

     

    	 	
            Salary Continuation

             Severance

          	 	 	
            Target Bonus Severance

          	 	 	
            Pro Rata Bonus for Year of Separation

             under Company Bonus Plan

          	 
	 	
            Installment payments equal to 104 Weeks of Pay payable in equal installments on the Company’s regular payroll schedule over a period of 104 Weeks (“Change
              in Control Salary Continuation Severance”).

          	 	 	
            Two (2) times the employee’s target bonus under the applicable short-term incentive bonus plan in effect on the Termination Date, payable in equal installments on the Company’s regular payroll schedule over a period of 104 Weeks (“Target Change in Control Bonus Severance”).

          	 	 	
            If employee has worked at least ninety (90) days of the current calendar year at the Termination Date, a prorated bonus (prorated based on number of days worked in the current year) determined in
              accordance with the applicable short-term incentive bonus plan in effect and actual performance for the entire performance period, payable in the calendar year following the calendar year that includes the Termination

                Date (generally at such time as bonuses are otherwise paid under such bonus program) (“Pro Rata Bonus Severance”).

          	 

     

    

    
      17

      
        

    

    Definitions

     

    For purposes of calculating Severance Benefits, the following definitions or applications shall be used.

     

    Bonus. Reference to bonus or to a bonus plan means your participation in the Company’s annual short-term cash incentive plan applicable to you, if any,
      subject to the terms and conditions in effect immediately preceding (a) in the case of involuntary termination by the Company, any notice from the Company to you of
      your involuntary termination, or (b) in the case of a termination of employment by you for Good Reason, the first incidence of a condition giving rise to such Good Reason.
      Nothing in this EVP Plan creates any obligation of the Company to create or maintain any such bonus or bonus plan.

     

    Change in Control. For purposes of determining whether Change in Control Severance Benefits are payable, a Change in Control shall mean the occurrence of any of the following events:

    

    

    	

          	i.	
            Any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding
              securities under an employee benefit plan of the Company, or any company owned directly or indirectly by the shareholders of the Company in substantially the
              same proportions as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities;

          

    

    

    	

          	ii.	
            During any period of twelve (12) consecutive months, individuals who at the beginning of such period constitute the Board of Directors of the Company (the “Board”), and any new director (other than a director designated by a person (as
              defined above) who has entered into an agreement with the Company to effect a transaction described in subsections (i), (iii) or (iv) of this definition) whose election by the Board or nomination for
              election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose
              election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof;

          

    

    

    	

          	iii.	
            The shareholders of the Company have approved a merger or consolidation of the Company with any other company and all other required governmental approvals
              of such merger or consolidation have been obtained, other than (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing
              to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 60% of the combined voting power of the voting securities of the Company or

              such surviving entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in
              which no person (as defined above) becomes the beneficial owner (as defined above) of more than 30% of the combined voting power of the Company’s then outstanding securities;

          

    

    

    	

          	iv.	
            The shareholders of the Company have approved a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, and all other required governmental approvals of such transaction have been obtained; or

          

     

    	

          	v.	
            Any other event that would be required to be reported as a “Change in Control” on Form 8-K under the Exchange Act or which the Board determines constitutes a Change in Control.

          

     

    Week of Pay. In determining salary continuation Severance Benefits a “Week of Pay” means employee’s annual base
      salary for one year’s service at the rate in effect immediately preceding (i) in the case of involuntary termination by the Company, any notice from the Company to you
      of your involuntary termination, or (ii) in the case of a termination of employment by you for Good Reason, the first incidence of a condition giving rise to such Good Reason,
      in either case divided by 52.

     

    

    
      18

      
        

    

    Severance Benefit Period

     

    Your Severance Benefit Period is the number of weeks of Salary Continuation Severance you are entitled to receive in accordance with the above chart, as applicable.

    

    

    Outplacement Services Benefits Period

     

    Outplacement services are provided at no cost to you and includes assistance with career transition consulting. This benefit expires at the earliest of:

    

    

    	

          	•	
            The date of your re-employment or death;

          

     

    	

          	•	
            Twelve (12) months after the date of your separation from the Company; or

          

     

    	

          	•	
            One (1) year from the date you first engage in using the outplacement service benefits.

          

     

    

     

    

    
      19SEPARATION AGREEMENT AND
RELEASE

 

This Separation
Agreement and Release (“Agreement”) is made as of August 29, 2020, by and between Jianli Deng (“Employee”)
and AB International Group Corp., a Nevada corporation (the “Company”). Employee and the Company shall collectively
be referred to herein as the “Parties”, and each individually as a “Party.”

 

RECITALS

 

WHEREAS,
Employee was employed by the Company, among other positions, as its Chief Marketing Officer;

 

WHEREAS,
Employee and the Company executed a Secretary and Treasurer Employment Agreement dated on or about July 31, 2018 (the “Employment
Agreement”);

 

WHEREAS,
Employee ceased to be an employee and officer of the Company, effective August 29, 2020 (the “Separation Date”); and

 

WHEREAS, the
Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the
Employee may have against the Company and any of the Releasees (as defined below), including, but not limited to, any and all claims
arising out of or in any way related to the Employment Agreement and Employee’s employment with or separation from the Company.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the mutual promises made herein, the Company and Employee hereby agree as follows:

 

1. 
Departure. Employee hereby acknowledges and agrees that he ceased to be (i) an employee
of Company and (ii) an officer of Company, in each case, effective as of the Separation Date.

 

2. 
Termination of Employment Agreement. The Parties acknowledge and agree that upon receipt
of the fully executed counterparts of this Agreement and receipt by Employee of the Indebtedness Payment (described below), the
obligations under the Employment Agreement shall terminate and be of no further force or effect.

 

3.   
Payment. In full satisfaction of all amounts due Employee, the Company agrees to pay
Employee the total sum of $110,000 USD (“Indebtedness Payment”) within five (5) business days of entering into this
Agreement.

 

4. 
Payment of Salary and Receipt of All Benefits. Except for the Indebtedness Payment,
Employee acknowledges and represents that the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time
off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses,
commissions, stock, stock options, vesting, and any and all other benefits and
compensation due to Employee through the Separation Date.

 

    	 		 

    	 

    

 

5.  
Release of Claims. Employee agrees that the Indebtedness Payment represents settlement
in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees,
agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees,
divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”).
Employee, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever
voluntarily releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue,
any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently
known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions,
acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement, including, without limitation:

 

a. 
any and all claims relating to or arising from Employee’s employment relationship with
the Company and the termination of that relationship;

 

b. 
any and all claims relating to, or arising from, Employee’s right to purchase, or actual
purchase of shares of stock of the Company, including, any claims for fraud, misrepresentation, breach of fiduciary duty, breach
of duty under applicable state corporate law, and securities fraud under any state or federal law;

 

c. 
any and all claims for wrongful discharge of employment; termination in violation of public
policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith
and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud;
negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage;
unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false
imprisonment; conversion; and disability benefits;

 

d. 
any and all claims for violation of any federal, state, or municipal statute, including, but
not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans
with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination
in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker
Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Immigration Control
and Reform Act;

 

		e.	any and all claims for violation of the federal or any state constitution;

 

f. 
any and all claims arising out of any other laws and regulations relating to employment or
employment discrimination;

 

    	 	2	 

    	 

    

 

g. 
any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding
or other tax treatment of any of the proceeds received by Employee as a result of this Agreement;

 

		h.	any and all claims airing under the Employment Agreement and/or its

termination; and

 

		i.	any and all claims for attorneys’ fees and costs.

 

Employee agrees that the release
set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released.
This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot
be released as a matter of law, including, but not limited to, Employee’s right to file a charge with or participate in a
charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government
agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that
any such filing or participation does not give Employee the right to recover any monetary damages against the Company; Employee’s
release of claims herein bars Employee from recovering such monetary relief from the Company. Employee represents that he/she has
made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter
waived or released by this Section.

 

6.   
Acknowledgment of Waiver of Claims under ADEA. Employee acknowledges that he is waiving
and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 ("ADEA"), and that
this waiver and release is knowing and voluntary. Employee acknowledges that the consideration given for this waiver and release
is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that he/she has been
advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one
(21) days within which to consider this Agreement; (c) he has seven (7) days following his execution of this Agreement to revoke
this Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this
Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver
under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by
federal law. In the event Employee signs this Agreement and returns it to the Company in less than the 21-day period identified
above, Employee hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering
this Agreement.

 

7. 
 Employee’s Acknowledgment of Tax Liability. Employee hereby acknowledges and
agrees as follows: (a) nothing in this Agreement constitutes tax advice; (b) the Company does not take any responsibility, or have
any liability to Employee with respect to Employee’s tax liability and/or Employee’s personal tax reporting; (c) Employee
has been given the opportunity and encouraged to consult with Employee’s own attorney and to seek professional tax advice
prior to execution of this Agreement; and (d) Employee agrees to indemnify the Company and hold it harmless from any liability
for income taxes, interest or penalties that may be imposed as a result of under-payment or non-payment of income taxes on any amounts
paid Employee under the terms of this Agreement

 

    	 	3	 

    	 

    

 

8. 
No Pending or Future Lawsuits. Employee represents that he has no lawsuits, claims,
or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees.
Employee also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity
against the Company or any of the other Releasees.

 

9.   
Non-Disparagement. Each Party shall at all times refrain from taking actions or making
statements, written or oral, that denigrate, disparage, or defame the goodwill or reputation of the other Party. Employee further
agrees not to make any negative statement to third parties or Company employees relating to the Employee’s employment or
any aspect of the business of the Company and not to make any statements to third parties or Company employees about the circumstances
of the termination of Employee’s employment, or about Releasees, except as may be required by a court or governmental authorities.
Employee shall direct any inquiries by potential future employers to the Company’s human resources department.

 

10. 
Confidential Information. Employee recognizes and acknowledges that by reason of his
prior employment with the Company, he has access to confidential information of the Company and its affiliates, including, without
limitation, information and knowledge pertaining to business methods, inventions, innovations, designs, ideas, plans, trade secrets,
proprietary information, advertising, sales and profit figures, contact lists, and relationships between the Company and its affiliates,
customers, clients, employees, licensees, suppliers, and others who have business dealings with the Company and its affiliates
(“Confidential Information”). Employee acknowledges that such Confidential Information is a valuable and unique asset
and covenants that he will not disclose any such Confidential Information to any person for any reason whatsoever without the prior
written authorization of the Company, unless such information is in the public domain through no fault of the Employee or except
as, and to the extent as, may be required by law.

 

11.  
Non-solicitation; Non-association. The Employee hereby acknowledges and agrees that
he has been exposed to a significant amount of Confidential Information concerning the Company’s, business methods, operations,
employment relationships, and customers while engaged under this Agreement, that such information might be retained by the Employee
and that the protection of the Company’s exclusive rights to such Confidential Information and the benefits flowing from
it can best be ensured by means of a restriction on the Employee’s activities. Therefore, the Employee agrees that for a
period of three years, he shall not engage in the following activities:

 

(a)   
He shall not solicit, divert, or initiate any contact (or attempt to solicit, divert, or initiate
any contact) with any relationship of the Company or any affiliate with whom Employee dealt (including any customers or vendors),
for the purpose of doing business in the same lines of business as the Company, and further will not solicit or initiate any contact
with any potential relationship of the Company or affiliate, that the Employee solicited or contacted while engaged by the Company.

 

    	 	4	 

    	 

    

 

(b)   
He shall not directly solicit the employment of or hire any employee of the Company or affiliate
and will not attempt to persuade any employee to leave the employment or consulting relationship of the Company or such affiliate.

 

12. 
Equitable Relief. Employee acknowledges that the restrictions contained in Section
11 hereof are reasonable and necessary to protect the legitimate interests of the Company and that any violation of such restrictions
would result in irreparable injury to the Company. If the period of time or other restrictions specified in these Sections should
be adjudged unreasonable at any proceeding, then the period of time or such other restrictions shall be reduced by the elimination
or reduction of such portion thereof so that such restrictions may be enforced in a manner adjudged to be reasonable. Employee
acknowledges that the Company shall be entitled to preliminary and permanent injunctive relief for a violation of any such restrictions
without having to prove actual damages or to post a bond; Company shall also be entitled to an equitable accounting of all earnings,
profits and other benefits arising from such violation, which rights shall be cumulative and in addition to any other rights or
remedies to which Company may be entitled in law or equity.

 

13. 
No Admission of Liability. Employee understands and acknowledges that this Agreement
constitutes a compromise and settlement of any and all actual or potential disputed claims by Employee. No action taken by the
Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of
the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability
whatsoever to Employee or to any third party.

 

14. 
Costs. The Parties shall each bear their own costs, attorneys’ fees, and other
fees incurred in connection with the preparation of this Agreement.

 

15. 
Authority. The Company represents and warrants that the undersigned has the authority
to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement.
Employee represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through
him to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims
of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein.

 

16.  
No Representations. Employee represents that he has had an opportunity to consult with
an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Employee has not
relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement.

 

17.  
Severability. In the event that any provision or any portion of any provision hereof
or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal,
unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision.

 

18.  
 Attorneys’ Fees. Except with regard to a legal action challenging or seeking
a determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party

 

    	 	5	 

    	 

    

 

brings an action to enforce
or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including
the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such
an action.

 

19.    
Entire Agreement. This Agreement represents the entire agreement and understanding
between the Company and Employee concerning the subject matter of this Agreement and Employee’s employment with and separation
from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements
and understandings concerning the subject matter of this Agreement and Employee’s relationship with the Company.

 

20. 
No Oral Modification. This Agreement may only be amended in a writing signed by Employee
and the Company’s Chief Executive Officer.

 

21. 
Governing Law. This Agreement shall be governed by the laws of the State of Nevada,
without regard for choice-of-law provisions. Employee consents to personal and exclusive jurisdiction and venue in the State of
Nevada.

 

22.  
Effective Date. Employee understands that: a) this Agreement shall be null and void
if not executed by him within twenty one (21) days; and b) Employee may revoke this agreement within seven days following his execution
of it. This Agreement will become effective on the eighth (8th) day after Employee signs this Agreement, so long as it has been
signed by the Parties and has not been revoked by either Party before that date (the “Effective Date”). If Employee
declines to sign this agreement or revokes it within 7 days of his execution, this Agreement shall be null and void, and Employee
shall return the Indebtedness Payment to the Company.

 

23.  
Counterparts. This Agreement may be executed in counterparts and by facsimile, and
each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement
on the part of each of the undersigned.

 

24.    
Breach by Employee. Employee specifically agrees that the Company’s payments
to Employee under this Agreement are made in return for Employee’s obligations set forth in this Agreement. Employee further
agrees that if he breaches any of the obligations set forth in this Agreement, such a breach would cause harm to Company and its
business, for which the Company may recover damages.

 

25.  
Voluntary Execution of Agreement. Employee understands and agrees that he executed
this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with
the full intent of releasing all of his/her claims against the Company and any of the other Releasees. Employee acknowledges that:
(a) he has read this Agreement; (b) he has been represented in the preparation, negotiation, and execution of this Agreement by
legal counsel of his/her own choice or has elected not to retain legal counsel; (c) he understands the terms and consequences of
this Agreement and of the releases it contains; and (d) he is fully aware of the legal and binding effect of this Agreement.

 

    	 	6	 

    	 

    

 

IN WITNESS WHEREOF, the Parties have executed this
Agreement on the date first set forth above.

 

AB INTERNATIONAL GROUP CORP.

 

/s/ Chiyuan Deng

By: Chiyuan Deng

Its: CEO

 

 

 

 

 

/s/ Jianli Deng

Jianli Deng

    	 	7

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