Document:

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                                                                   EXHIBIT 10.26

                              AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  This Amended and Restated Management Stockholders Agreement
("Agreement") is entered into as of November 11, 2003, by and among Dex Media,
Inc., a Delaware corporation (the "Company"), Dex Holdings LLC, a Delaware
limited liability company ("Holdings LLC"), and each of the individual
purchasers who become parties hereto from time to time in accordance with the
terms hereof (each individually, a "Management Stockholder," and collectively,
the "Management Stockholders"). These parties are sometimes referred to herein
individually by name or as a "Party" and collectively as the "Parties."

                                    RECITALS:

                  WHEREAS, each of the Management Stockholders is an employee,
executive officer, or director of the Company or one or more subsidiaries of the
Company;

                  WHEREAS, the Company has issued (or may hereafter issue) to
each Management Stockholder shares of the Company's common stock, par value
$0.01 per share ("Common Stock"), as a result of the exercise by such Management
Stockholder of vested options to purchase Common Stock ("Vested Options"), which
options were issued (or may hereafter be issued) to such Management Stockholder
pursuant to the Stock Option Plan of Dex Media, Inc. (the "Stock Option Plan")
or any other employee benefit plan hereafter adopted by the board of directors
of the Company (the "Board");

                  WHEREAS, pursuant to that certain Stock Purchase Agreement,
dated as of the date hereof (the "Management Stock Purchase Agreement"), between
the Company and certain of the Management Stockholders parties thereto, the
Company has issued and sold to such Management Stockholders, and such Management
Stockholders have purchased, the number of shares of Common Stock and the number
of shares of the Company's 5% series A preferred stock, par value $.01 per share
("Preferred Stock", and together with the Common Stock, the "Dex Capital Stock")
designated therein, on the terms and conditions set forth in the Management
Stock Purchase Agreement;

                  WHEREAS, the Company, Holdings LLC and the Management
Stockholders entered into the Management Stockholders Agreement, dated as of
November 8, 2002 (the "Original Management Stockholders Agreement") and now
desire to enter into this Agreement to provide for certain matters with respect
to the ownership and transfer by the Management Stockholders of all shares of
Dex Capital Stock now or hereafter issued to or acquired by the Management
Stockholders as a result of the exercise of Vested Options, their purchase of
such shares pursuant to the Management Stock Purchase Agreement or otherwise
(collectively, the "Restricted Shares").

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                                   AGREEMENT:

                  NOW, THEREFORE, in consideration of the foregoing and the
mutual agreements set forth herein, and other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the Parties hereto,
intending to be legally bound, hereby agree that the Original Management
Stockholders Agreement is amended and restated in its entirety as follows:

         Section 1.        Sales to Third Parties.

                  (a)      Each Management Stockholder hereby agrees that he or
she shall not sell, assign, transfer, convey, pledge or otherwise dispose of
(collectively, "Transfer") any Restricted Shares without the prior written
consent of the Company, which consent shall have been authorized by a majority
of the members of the Board and which consent may be (i) withheld in the sole
discretion of the Board, or (ii) given subject to reasonable terms and
conditions determined by the Board in its sole discretion. Each Management
Stockholder further agrees that in connection with any Transfer consented to by
the Company, the Management Stockholder shall, if requested by the Company,
deliver to the Company an opinion of counsel in form and substance reasonably
satisfactory to the Company and counsel for the Company, to the effect that the
Transfer is not in violation of this Agreement, the Securities Act of 1933, as
amended (the "Securities Act"), or the securities laws of any state. Any
purported Transfer in violation of the provisions of this Section 1 shall be
null and void and shall have no force or effect.

                  (b)      (i)      If a Management Stockholder (the "Offering
Stockholder") shall have received a bona fide offer or offers from a third party
or parties to purchase any Restricted Shares, and the Transfer shall have been
approved pursuant to Section 1(a), prior to selling any Restricted Shares to the
third party or parties, the Offering Stockholder shall deliver the Company a
letter signed by the Offering Stockholder setting forth: (A) the name of the
third party or parties; (B) the prospective purchase price per share of the
Restricted Shares; (C) all material terms and conditions contained in the offer
of the third party or parties; and (D) the Offering Stockholder's offer
(irrevocable by its terms for 60 days following receipt) to sell to the Company
all (but not less than all) of the Restricted Shares covered by the offer of the
third party or parties, for a purchase price per share and on other terms and
conditions not less favorable to the Company than those contained in the offer
of the third party or parties (an "Offer").

                           (ii)     If, upon the expiration of 60 days following
receipt by the Company of the letter described in Section 1(b)(i), the Company
shall not have accepted the Offer, the Management Stockholder may on or prior to
the 90th day following the receipt of such letter sell to the third party or
parties all (but not less than all) of the Restricted Shares covered by the
Offer, for the purchase price and on the other terms and conditions contained in
the Offer.

                           (iii)    If the Company accepts the Offer, the
Company shall, in its discretion, select a closing date (not less than 60 nor
more than 90 days following the date of the Management Stockholder's Offer
letter but in any event subject to the receipt by the Company of all necessary
governmental approvals) for the purchase of Restricted Shares by the Company
(which closing shall, unless otherwise mutually agreed, be consummated at the
principal offices of the Company). On such date, the Management Stockholder
shall transfer the Restricted

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Shares subject to such Offer to the Company, free and clear of all liens and
encumbrances, by delivering to the Company the certificates representing the
Restricted Shares to be purchased, duly endorsed for transfer to the Company or
accompanied by a stock power duly executed in blank, and the Company shall pay
to the Management Stockholder the Offer price.

                  (c)      Notwithstanding the foregoing, nothing in this
Section 1 shall prevent the Transfer of any Restricted Shares by any Management
Stockholder to (i) the Company or Holdings LLC; (ii) any member of a Management
Stockholder's immediate family or trusts for their benefit provided the
Management Stockholder retains the sole and exclusive right to vote or dispose
of any Restricted Shares transferred to the family member or trust; and (iii)
upon a Management Stockholder's death, the Management Stockholder's executors,
administrators, testamentary trustees, legatees and beneficiaries (with
Transfers pursuant to clause (ii) or (iii) being referred to as a "Permitted
Transfer" and the related transferee, a "Permitted Transferee").

                  (d)      Each Management Stockholder agrees that, as a
condition precedent to any Transfer described in this Section 1, each transferee
described in this Section 1 (other than the Company or Holdings LLC) shall
deliver to the Company a copy of this Agreement signed by such transferee.

         Section 2.        Rights to Repurchase Shares.

                  (a)      With respect to all Restricted Shares held by any
Management Stockholder (and its Permitted Transferees), during the period
beginning on the date of the Management Stockholder's Termination of Employment
(as defined below) and ending on the later of (i) the seven month anniversary of
such Termination of Employment; or (ii) the seven month anniversary of the date
of the exercise of any Vested Options held by any Management Stockholder as of
the time of the Management Stockholder's Termination of Employment, the Company
shall have the option to repurchase Restricted Shares held by the Management
Stockholder or his or her successor in interest thereunder ("Call Right"). The
Call Right may be exercised more than once, but must be exercised with respect
to all (but not less than all) of the Restricted Shares outstanding on the date
of any Call Notice (as defined below). The repurchase price payable by the
Company upon exercise of the Call Right ("Repurchase Price") shall be the Fair
Market Value (as defined below) of the Restricted Shares subject to the Call
Right on the date of the Call Notice. The Call Right shall be exercised by
written notice ("Call Notice") to the Management Stockholder given in accordance
with Section 7(f) of this Agreement on or prior to the last date on which the
Call Right may be exercised by the Company. For purposes of this Agreement,
"Termination of Employment" shall mean the time when the employee-employer
relationship between a Management Stockholder and the Company or one of its
subsidiaries is terminated for any reason, with or without cause, including, but
not by way of limitation, a termination by resignation, discharge, death or
retirement, but excluding a termination where there is a simultaneous
reemployment by the Company or one of its subsidiaries. The committee appointed
to administer the Stock Option Plan (the "Committee") or the Board shall
determine the effect of all matters and questions relating to Termination of
Employment, including, but not by way of limitation, all questions of whether a
particular leave of absence constitutes a Termination of Employment.

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                  (b)      In addition, the Company shall have a Call Right
effective immediately prior to any Change in Control (as defined below) to occur
following the date hereof. For purposes of this Agreement: (i) "Change in
Control" shall mean shall mean a change in beneficial ownership or control of
the Company effected through a transaction or series of transactions (other than
an offering of Common Stock to the general public through a registration
statement filed with the Securities and Exchange Commission) whereby any
"person" or related "group" of "persons" (as such terms are used in Sections
13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (other than the Company, any of its subsidiaries, an employee
benefit plan maintained by the Company or any of its subsidiaries, a Principal
Stockholder (as defined below) or a "person" that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control
with, the Company or a Principal Stockholder) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act)
of securities of the Company possessing more than 50% of the total combined
voting power of the Company's securities outstanding immediately after such
acquisition; (ii) "Principal Stockholders" shall mean Carlyle Partners III, L.P.
a Delaware limited partnership; Welsh, Carson, Anderson & Stowe IX, L.P., a
Delaware limited partnership; and each of their respective Affiliates; and (iii)
"Affiliate" shall mean, with respect to any individual, partnership,
corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, governmental authority or
other entity of whatever nature (each, a "Person"), any other Person directly or
indirectly controlling, controlled by, or under common control with, such Person
where "control" shall have the meaning given such term under Rule 405 of the
Securities Act.

                  (c)      Subject to Section 2(f) below, the repurchase of
Restricted Shares pursuant to the exercise of a Call Right shall take place on a
date specified by the Company, but in no event following the later of the 60th
day following the date of the Call Notice or the 10th day following the receipt
by the Company of all necessary governmental approvals. On such date, the
Management Stockholder shall transfer the Restricted Shares subject to the Call
Notice to the Company, free and clear of all liens and encumbrances, by
delivering to the Company the certificates representing the Restricted Shares to
be purchased, duly endorsed for transfer to the Company or accompanied by a
stock power duly executed in blank, and the Company shall pay to the Management
Stockholder the Repurchase Price. The Company and the Management Stockholder
each shall use his, her or its reasonable efforts to expedite all proceedings
contemplated hereunder to obtain a determination of the Repurchase Price of the
Restricted Shares at the earliest practicable date.

                  (d)      (i)      In the case of any transfer of title or
beneficial ownership of Restricted Shares upon default, foreclosure, forfeit,
divorce, court order or otherwise, other than by a voluntary decision on the
part of a Management Stockholder (each, an "Involuntary Transfer"), the
Management Stockholder shall promptly (but in no event later than two days after
the Involuntary Transfer) furnish written notice (the "Involuntary Transfer
Notice") to the Company indicating that the Involuntary Transfer has occurred,
specifying the name of the person to whom the shares were transferred (the
"Involuntary Transferee"), giving a detailed description of the circumstances
giving rise to, and stating the legal basis for, the Involuntary Transfer.

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                           (ii)     Upon the receipt of the Involuntary Transfer
Notice, and for 60 days thereafter, the Company shall have the right to
repurchase, and the Involuntary Transferee shall have the obligation to sell,
all (but not less than all) of the Restricted Shares acquired by the Involuntary
Transferee for a repurchase price equal to the Fair Market Value of such
Restricted Shares as of the date of the Involuntary Transfer (the "Involuntary
Transfer Repurchase Price" and such right, the "Involuntary Transfer Repurchase
Right"). The Involuntary Transfer Repurchase Right shall be exercised by written
notice (the "Involuntary Transfer Repurchase Notice") to the Involuntary
Transferee given in accordance with Section 7(f) of this Agreement on or prior
to the last date on which the Involuntary Transfer Repurchase Right may be
exercised by the Company.

                           (iii)    Subject to Section 2(f) below, the
repurchase of Restricted Shares pursuant to the exercise of the Involuntary
Transfer Repurchase Right shall take place on a date specified by the Company,
but in no event following the later of the 60th day following the date of the
date of the Involuntary Transfer Repurchase Notice or the 10th day following the
receipt by the Company of all necessary governmental approvals. On such date,
the Involuntary Transferee shall transfer the Restricted Shares subject to the
Involuntary Transfer Repurchase Notice to the Company, free and clear of all
liens and encumbrances, by delivering to the Company the certificates
representing the Restricted Shares to be purchased, duly endorsed for transfer
to the Company or accompanied by a stock power duly executed in blank, and the
Company shall pay to the Involuntary Transferee the Involuntary Transfer
Repurchase Price. The Company and the Involuntary Transferee each shall use his,
her or its reasonable efforts to expedite all proceedings contemplated hereunder
to obtain a determination of the Involuntary Transfer Repurchase Price of the
Restricted Shares at the earliest practicable date. If the Involuntary
Transferee does not transfer the Restricted Shares to the Company as required,
the Company will cancel such Restricted Shares and deposit the funds in a
non-interest bearing account and make payment upon delivery.

                  (e)      The "Fair Market Value" of Restricted Shares, as of
any date of determination, shall be determined by the Board as follows:

                           (i)      If such Restricted Shares are listed on one
or more National Securities Exchanges (within the meaning of the Exchange Act),
each such Restricted Share so listed to be repurchased shall be valued at the
closing price of such Restricted Share on the principal exchange on which such
shares are then trading on the most recent trading day preceding such date of
determination;

                           (ii)     If such Restricted Shares are not traded on
a National Securities Exchange but is quoted on Nasdaq or a successor quotation
system and such Restricted Shares are listed as a National Market Issue under
the NASD National Market System, each such Restricted Share to be repurchased
shall be valued at the mean between the closing representative bid and asked
prices for such Restricted Share on the most recent trading day preceding such
date of determination as reported by Nasdaq or such successor quotation system;
or

                           (iii)    If such Restricted Shares are not publicly
traded on a National Securities Exchange and are not quoted on Nasdaq or a
successor quotation system, the Fair

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Market Value of such Restricted Shares to be repurchased shall be determined in
good faith by the Committee or the Board.

                  (f)      Notwithstanding anything to the contrary herein,

                           (i)      The Company shall not be permitted to
purchase any Restricted Shares held by any Management Stockholder or Involuntary
Transferee upon exercise of the Call Right or the Involuntary Transfer
Repurchase Right if the Board determines that:

                                    (A)      The purchase of Restricted Shares
would render the Company or its subsidiaries unable to meet their obligations in
the ordinary course of business taking into account any pending or proposed
transactions, capital expenditures or other budgeted cash outlays by the
Company, including, without limitation, any proposed acquisition of any other
entity by the Company or any of its subsidiaries;

                                    (B)      The Company is prohibited from
purchasing the Restricted Shares by applicable law restricting the purchase by a
corporation of its own shares; or

                                    (C)      The purchase of Restricted Shares
would constitute a breach of, default, or event of default under, or is
otherwise prohibited by, the terms of any loan agreement or other agreement or
instrument to which the Company or any of its subsidiaries is a party (the
"Financing Documents") or the Company is not able to obtain the requisite
consent of any of its senior lenders to the purchase of the Restricted Shares.

The events described in (A) through (C) above each constitute a "Repurchase
Disability."

                           (ii)     In the event of a Repurchase Disability, the
Company shall notify in writing the Management Stockholder or Involuntary
Transferee with respect to whom the Call Right or the Involuntary Transfer
Repurchase Right has been exercised (a "Disability Notice"). The Disability
Notice shall specify the nature of the Repurchase Disability. The Company shall
thereafter repurchase the Restricted Shares described in the Call Notice or
Involuntary Transfer Repurchase Notice as soon as reasonably practicable after
all Repurchase Disabilities cease to exist (or the Company may elect, but shall
have no obligation, to cause its nominee to repurchase the Restricted Shares
while any Repurchase Disabilities continue to exist). In the event the Company
suspends its obligations to repurchase the Restricted Shares pursuant to a
Repurchase Disability, (A) the Company shall provide written notice to each
applicable Management Stockholder or Involuntary Transferee as soon as
practicable after all Repurchase Disabilities cease to exist (the "Reinstatement
Notice"); (B) the Fair Market Value of the Restricted Shares subject to the Call
Notice or Involuntary Transfer Repurchase Notice shall be determined as of the
date the Reinstatement Notice is delivered to the Management Stockholder or
Involuntary Transferee, which Fair Market Value shall be used to determine the
Repurchase Price or Involuntary Transfer Repurchase Price in the manner
described above; and (C) the repurchase shall occur on a date specified by the
Company within 10 days following the determination of the Fair Market Value of
the Restricted Shares to be repurchased as provided in subsection (B) above.

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Section 3.        Bring-Along Rights.

                  (a)      If Holdings LLC (or, following any liquidation or
dissolution of Holdings LLC, holders of 51% or more of the outstanding shares of
Dex Capital Stock) (such party, the "Seller Party") at any time, or from time to
time, in one transaction or a series of related transactions, proposes to
Transfer shares of Dex Capital Stock (or rights to acquire Dex Capital Stock) to
one or more Persons (a "Third Party Purchaser"), then the Seller Party shall
have the right (a "Bring-Along Right"), but not the obligation, to require each
Management Stockholder to tender for purchase to the Third Party Purchaser, on
the same terms and conditions as apply to the Seller Party, a number of
Restricted Shares and Vested Options (including any options that vest as a
result of the consummation of the Transfer to the Third Party Purchaser) that,
in the aggregate, equal the lesser of (A) the number derived by multiplying (1)
the total number of Restricted Shares owned by the Management Stockholder
(including Restricted Shares issuable in respect of all Vested Options held by
the Management Stockholder whether or not exercised and including any options
that vest as a result of the consummation of the Transfer to the Third Party
Purchaser); by (2) a fraction, the numerator of which is the total number of
shares of Dex Capital Stock to be sold by the Seller Party in connection with
the transaction or series of related transactions and the denominator of which
is the total number of the then outstanding shares of Dex Capital Stock and
Vested Options held by the Seller Party; or (B) the number of shares as the
Seller Party shall designate in the Bring-Along Notice (as defined below).

                  (b)      If the Seller Party elects to exercise its
Bring-Along Right under this Section 3 with respect to the Restricted Shares
held by the Management Stockholders, the Seller Party shall notify each
Management Stockholder in writing (collectively, the "Bring-Along Notices").
Each Bring-Along Notice shall set forth: (i) the proposed amount and form of
consideration and terms and conditions of payment offered by the Third Party
Purchaser(s) and a summary of any other material terms pertaining to the
Transfer ("Third Party Terms"); and (ii) the number of Restricted Shares and
Vested Options that the Seller Party elects each Management Stockholder to sell
in the Transfer. The Bring-Along Notices shall be given at least five days
before the closing of the proposed Transfer.

                  (c)      Upon the giving of a Bring-Along Notice, each
Management Stockholder shall be obligated to sell the number of Restricted
Shares and Vested Options set forth in each Management Stockholder's Bring-Along
Notice on the Third Party Terms.

                  (d)      At the closing of the Transfer to any Third Party
Purchaser(s) pursuant to this Section 3, the Third Party Purchaser(s) shall
remit to the Management Stockholder the consideration for the total sales price
of the Dex Capital Stock and Vested Options held by the Management Stockholder
sold pursuant hereto minus any consideration to be escrowed or otherwise held
back in accordance with the Third Party Terms, and minus the aggregate exercise
price of any Vested Options being Transferred by the Management Stockholder to
the Third Party Purchaser(s), against delivery by the Management Stockholder of
certificates for Dex Capital Stock, duly endorsed for Transfer or with duly
executed stock powers and an instrument evidencing the transfer or the
cancellation of the Vested Options subject to the Bring-Along Right reasonably
acceptable to the Company, and the compliance by the Management Stockholder with
any other conditions to closing generally applicable to the Seller Party and all
other holders of Dex Capital Stock selling shares in the transaction.

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         Section 4.        Tag-Along Rights.

                  (a)      Subject to the prior exercise of the Company's Call
Right pursuant to Section 2(b), if the Seller Party at any time proposes to
Transfer shares of Dex Capital Stock (or rights to acquire Dex Capital Stock) to
a Third Party Purchaser, in a single Transfer or a series of related Transfers
constituting a Change in Control, then each Management Stockholder shall have
the right (the "Tag-Along Right") to require that the proposed Third Party
Purchaser purchase from such Management Stockholder up to the number of whole
Restricted Shares (including any Restricted Shares issuable upon the exercise of
Vested Options or any options that vest as a result of the consummation of the
Transfer to the Third Party Purchaser) equal to the number derived by
multiplying (x) the total number of shares of Dex Capital Stock that the
proposed Third Party Purchaser has agreed or committed to purchase, by (y) a
fraction, the numerator of which is the total number of Restricted Shares
(including any Restricted Shares issuable upon the exercise of Vested Options
(including options that vest as a result of the consummation of the Transfer to
the Third Party Purchaser)) owned by the Management Stockholder, and the
denominator of which is the aggregate number of shares of Dex Capital Stock
owned by the Seller Party, the Management Stockholder and all other holders of
Dex Capital Stock who have exercised a Tag-Along Right similar to the rights
granted to the Management Stockholder in this Section 4 (including any
Restricted Shares issuable upon the exercise of all Vested Options (including
options that vest as a result of the consummation of the Transfer to the Third
Party Purchaser)). The intent of this computation is to accord to the Management
Stockholder the right to sell the same percentage of its holdings of Dex Capital
Stock as the Seller Party is entitled to sell in such transaction. Any
Restricted Shares purchased from the Management Stockholder pursuant to this
Section 4(a) shall be purchased upon the same terms and conditions as such
proposed Transfer by the Seller Party.

                  (b)      The Seller Party shall notify each Management
Stockholder in writing in the event the Seller Party proposes to make a Transfer
or series of Transfers giving rise to a Tag-Along Right at least seven (7)
business days prior to the date on which the Seller Party expects to consummate
such Transfer (the "Sale Notice") which notice shall specify the number of
shares of Dex Capital Stock which the Third Party Purchaser intends to purchase
in such Transfer. The Tag-Along Right may be exercised by any Management
Stockholder by delivery of a written notice to the Seller Party proposing to
sell Restricted Shares (the "Tag-Along Notice") within five (5) business days
following receipt of the Sale Notice from the Seller Party. The Tag-Along Notice
shall state the number of Restricted Shares that the Management Stockholder
proposes to include in such Transfer to the proposed Third Party Purchaser (not
to exceed the number as determined above). In the event that the proposed Third
Party Purchaser does not purchase the specified number of Restricted Shares from
the Management Stockholder on the same terms and conditions as specified in the
Sale Notice, then the Seller Party shall not be permitted to sell any shares of
Dex Capital Stock to the proposed Third Party Purchaser unless the Seller Party
purchases from the Management Stockholder such specified number of Restricted
Shares on the same terms and conditions as specified in such Sale Notice.

                  (c)      At the closing of the Transfer to any Third Party
Purchaser pursuant to this Section 4, the Third Party Purchaser shall remit to
each Management Stockholder who exercised its Tag-Along Right the consideration
for the total sales price of the Dex Capital Stock held by such Management
Stockholder sold pursuant hereto minus any such consideration to be

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escrowed or otherwise held back in accordance with the Third Party Terms and
minus the aggregate exercise price of any Vested Options being Transferred by
the Management Stockholder to the Third Party Purchaser, against delivery by the
Management Stockholder of certificates for Dex Capital Stock, duly endorsed for
Transfer or with duly executed stock powers and an instrument evidencing the
transfer or the cancellation of the Vested Options subject to the Tag-Along
Right reasonably acceptable to the Company, and the compliance by the Management
Stockholder with any other conditions to closing generally applicable to the
Seller Party and all other holders of Dex Capital Stock selling shares in the
transaction.

         Section 5.        Cooperation.

                  (a)      In the event that any Seller Party exercises its
rights pursuant to Section 3, each Management Stockholder shall consent to and
raise no objections against the transaction, and if the transaction is
structured as a sale of stock, each Management Stockholder shall take all
actions that the Board reasonably deems necessary or desirable in connection
with the consummation of the transaction. Without limiting the generality of the
foregoing, each Management Stockholder agrees to (i) consent to and raise no
objections against the transaction; (ii) execute any stock purchase agreement,
merger agreement or other agreement entered into with the Third Party Purchaser
with respect to the transaction setting forth the Third Party Terms and any
ancillary agreement with respect thereto; (iii) shall vote the Dex Capital Stock
held by the Management Stockholder in favor of the transaction; and (iv) shall
refrain from the exercise of dissenters' appraisal rights with respect to the
transaction.

                  (b)      If the Company or the holders of the Company's
securities enter into any negotiation or transaction for which Rule 506 (or any
similar rule then in effect) promulgated under the Securities Act, may be
available with respect to the negotiation or transaction (including a merger,
consolidation, or other reorganization), each Management Stockholder shall, if
requested by the Company, appoint a purchaser representative (as defined in Rule
501 of the Securities Act) reasonably acceptable to the Company. If the
purchaser representative is designated by the Company, the Company shall pay the
fees of the purchaser representative, but if any Management Stockholder appoints
another purchaser representative, the Management Stockholder shall be
responsible for the fees of the purchaser representative so appointed.

                  (c)      Each Management Stockholder shall bear its pro-rata
share of the costs of any transaction in which it sells Restricted Shares or
Vested Options (based upon the number of Restricted Shares and Vested Options
held by the Management Stockholder that are sold in such transaction) to the
extent such costs are incurred for the benefit of all holders of Dex Capital
Stock and Vested Options and are not otherwise paid by the Company or the
acquiring party.

         Section 6.        Termination.  This Agreement shall terminate on the
first to occur of:

                  (a)      The date the Company consummates an underwritten
public offering of at least $500,000,000 of Common Stock by the Company pursuant
to an effective registration statement filed by the Company with the United
States Securities and Exchange Commission (other than on Forms S-4 or S-8 or
successors to such forms) under the Securities Act;

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                  (b)      The complete liquidation of the Company or an
agreement for the sale, lease or other disposition by the Company of all or
substantially all of the Company's assets; or

                  (c) The execution of a resolution of the Board terminating
this Agreement

provided, however, that, except as set forth in subsection (c), in no event
shall this Agreement terminate prior to November 8, 2005.

         Section 7.        Miscellaneous.

                  (a)      Legends. Each certificate representing the Restricted
Shares shall bear the following legends:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "ACT"), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
                  SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
                  REGISTRATION STATEMENT UNDER THE ACT AND SAID LAWS OR AN
                  EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF."

                  "THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO ADDITIONAL
                  RESTRICTIONS ON TRANSFER AND CERTAIN OTHER AGREEMENTS SET
                  FORTH IN THE AMENDED AND RESTATED MANAGEMENT STOCKHOLDERS
                  AGREEMENT OF THE COMPANY ENTERED INTO AS OF NOVEMBER 11, 2003.
                  A COPY OF SUCH AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY
                  THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST."

                  (b)      Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the Parties hereto and their respective
legal representatives, heirs, legatees, successors and assigns and shall also
apply to any Restricted Shares acquired by any Management Stockholder after the
date hereof.

                  (c)      Specific Performance, Etc. Each Party, in addition to
being entitled to exercise all rights provided herein or granted by law,
including recovery of damages, shall be entitled to specific performance of the
Party's rights under this Agreement. Each Party agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach
by the Party of the provisions of this Agreement and each Party hereby agrees to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

                  (d)      Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the state of Delaware.

                  (e)      Interpretation. The headings of the Sections
contained in this Agreement are solely for the purpose of reference, are not
part of the agreement of the Parties and shall not affect the meaning or
interpretation of this Agreement.

                                       10

<PAGE>

                  (f)      Notices. All notices and other communications
provided for or permitted hereunder shall be in writing and shall be deemed to
have been duly given and received when delivered by overnight courier or hand
delivery, when sent by telecopy, or five days after mailing if sent by
registered or certified mail (return receipt requested) postage prepaid, to the
Parties at the following addresses (or at such other address for any Party as
shall be specified by like notices, provided that notices of a change of address
shall be effective only upon receipt thereof).

                           (i)      If to the Company at:

                                    Dex Media, Inc.
                                    198 Inverness Drive West
                                    Englewood, CO 80112
                                    Attention: Vice President of Human Resources
                                    Facsimile: (303) 784-1964

                                    with copies to Holdings LLC at the address
                                    set forth below and:

                                    Latham & Watkins LLP
                                    885 Third Avenue
                                    New York, New York
                                    Attention: R. Ronald Hopkinson
                                    Facsimile: (212) 751-4864

                           (ii)     If to Holdings LLC at:

                                    Carlyle Management Group
                                    520 Madison Avenue
                                    41st Floor
                                    New York, New York 10022
                                    Attention: James A. Atwood, Jr.
                                    Facsimile: (212) 381-4901

                                    and

                                    Welsh, Carson, Anderson & Stowe
                                    320 Park Avenue
                                    Suite 2500
                                    New York, New York 10022
                                    Attention: Anthony J. de Nicola
                                    Facsimile: (212)  893-9548

                                    with a copy to Latham & Watkins LLP, at the
                                    address set forth above.

                           (iii)    If to a Management Stockholder, to the
address set forth on the Management Stockholder's signature page hereto.

                                       11

<PAGE>

                  (g)      Recapitalization, Exchange, Etc. Affecting the
Company's Stock. The provisions of this Agreement shall apply, to the full
extent set forth herein, with respect to any and all shares of Dex Capital Stock
and all of the shares of capital stock of the Company or any successor or assign
of the Company (whether by merger, consolidation, sale of assets, business
combination or otherwise) that may be issued in respect of, in exchange for, or
in substitution of such Dex Capital Stock and shall be appropriately adjusted
for any stock dividends, splits, reverse splits, combinations,
recapitalizations, and the like occurring after the date hereof.

                  (h)      Counterparts. This Agreement may be executed in two
or more counterparts, each of which shall be deemed to be an original and all of
which together shall be deemed to constitute one and the same agreement.

                  (i)      Severability. In the event that any one or more of
the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal, or unenforceable in any respect for any
reason, the validity, legality, and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not
be in any way impaired thereby.

                  (j)      Amendment. This Agreement may be amended by
resolution of the Board provided the amendment has been approved by Holdings
LLC. At any time hereafter, additional Management Stockholders may be made
parties hereto by executing a signature page in the form attached as Exhibit A
hereto, which signature page shall be countersigned by the Company and shall be
attached to this Agreement and become a part hereof without any further action
of any other Party hereto.

                  (k)      Tax Withholding. The Company shall be entitled to
require payment in cash or deduction from other compensation payable to any
Management Stockholder of any sums required by federal, state, or local tax law
to be withheld with respect to the issuance, vesting, exercise, repurchase, or
cancellation of any Restricted Share or any option to purchase Restricted
Shares.

                  (l)      No Employment Rights. Nothing contained in this
Agreement (i) obligates the Company or any Affiliate of the Company to employ
any Management Stockholder in any capacity whatsoever; or (ii) prohibits or
restricts the Company or any Affiliate of the Company from terminating the
employment, if any, of any Management Stockholder at any time or for any reason
whatsoever and each Management Stockholder hereby acknowledges and agrees that,
except as may otherwise be set forth in any written agreement between the
Company and such Management Stockholder, neither the Company nor any other
person has made any representations or promises whatsoever to such Management
Stockholder concerning his or her employment or continued employment by the
Company or any Affiliate of the Company.

                  (m)      Offsets. The Company shall be permitted to offset and
reduce from any amounts payable to a Management Stockholder the amount of any
indebtedness or other obligation or payment owing to the Company by the
Management Stockholder.

                  (n)      Entire Agreement. This writing constitutes the entire
agreement of the Parties with respect to the subject matter hereof.

                                       12

<PAGE>

                            [signature pages follow]

                                       13

<PAGE>

                  IN WITNESS WHEREOF, the undersigned have executed this
Agreement on the date first written above.

                                    DEX MEDIA, INC.

                                    By:    /s/ George Burnett
                                         -------------------------------
                                    Its: George Burnett, CEO and President

                                    DEX HOLDINGS LLC

                                    By:    /s/ George Burnett
                                         -------------------------------
                                    Its: George Burnett, Vice President

                  Each Management Stockholder has agreed to be bound by the
terms of this Agreement by execution and delivery of the signature page set
forth as Exhibit A hereto.

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Francis Barker hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                        /s/ Francis B. Barker
                                    -------------------------------
                                    Francis Barker

Accepted:

DEX MEDIA, INC.

By:    /s/ George Burnett
     ---------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:    /s/ George Burnett
     ---------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Anthony Basile hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                         /s/ Anthony Basile
                                    ---------------------------------
                                    Anthony Basile

Accepted:

DEX MEDIA, INC.

By:    /s/ George Burnett
     ---------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:    /s/ George Burnett
     ---------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, George Burnett hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                         /s/ George Burnett
                                    ---------------------------------
                                    George Burnett

Accepted:

DEX MEDIA, INC.

By:    /s/ Robert M. Neumeister
       ---------------------------------------------------
Its: Robert M. Neumeister, EVP and Chief Financial Officer

DEX HOLDINGS LLC

By:    /s/ Robert M. Neumeister
     -----------------------------------------------------
Its: Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Frank M. Eichler hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                         /s/ Frank M. Eichler
                                    ------------------------------------------
                                    Frank M. Eichler

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Robert Houston hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                          /s/ Robert Houston
                                    --------------------------------
                                    Robert Houston

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Margaret Le Beau hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                         /s/ Margaret Le Beau
                                    ----------------------------------
                                    Margaret Le Beau

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ---------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ---------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Linda Martin hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                         /s/ Linda A. Martin
                                    ------------------------------------
                                    Linda Martin

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ---------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ---------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, John W. Meyer hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                         /s/ John W. Meyer
                                    ----------------------------
                                    John W. Meyer

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Marilyn B. Neal hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                          /s/ Marilyn B. Neal
                                    ---------------------------------
                                    Marilyn Neal

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Robert M. Neumeister, Jr.
hereby agrees to become a party to, be bound by the obligations of, and receive
the benefits of, that certain Amended and Restated Management Stockholders
Agreement of Dex Media, Inc. originally dated as of November 8, 2002 by and
among Dex Media, Inc., Dex Holdings LLC and certain other parties named therein,
as amended from time to time thereafter.

                                          /s/ Robert M. Neumeister, Jr.
                                    -----------------------------------
                                    Robert M. Neumeister, Jr.

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, the Elizabeth Anne
Neumeister Trust (the "EAN Trust") hereby agrees to become a party to, be bound
by the obligations of, and receive the benefits of, that certain Amended and
Restated Management Stockholders Agreement of Dex Media, Inc. originally dated
as of November 8, 2002 by and among Dex Media, Inc. (the "Company"), Dex
Holdings LLC ("Holdings LLC") and certain other parties named therein, as
amended from time to time thereafter (the "MSA"). The EAN Trust, the Company and
Holdings LLC hereby acknowledge and agree that unless the context clearly
indicates otherwise (a) for purposes of Section 2 of the MSA relating to
"Termination of Employment", the "Management Stockholder" for purposes of the
MSA shall be Robert M. Neumeister, Jr., and (b) for all other purposes under the
MSA (as it relates to the EAN Trust), the EAN Trust shall be considered, and
shall have the rights and obligations of, a "Management Stockholder".

                                    ELIZABETH ANNE NEUMEISTER TRUST

                                          /s/ Mary Anne Neumeister
                                    ----------------------------------
                                    Trustee

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, the Jennifer Lee
Neumeister Trust (the "JLN Trust") hereby agrees to become a party to, be bound
by the obligations of, and receive the benefits of, that certain Amended and
Restated Management Stockholders Agreement of Dex Media, Inc. originally dated
as of November 8, 2002 by and among Dex Media, Inc. (the "Company"), Dex
Holdings LLC ("Holdings LLC") and certain other parties named therein, as
amended from time to time thereafter (the "MSA"). The JLN Trust, the Company and
Holdings LLC hereby acknowledge and agree that unless the context clearly
indicates otherwise (a) for purposes of Section 2 of the MSA relating to
"Termination of Employment", the "Management Stockholder" for purposes of the
MSA shall be Robert M. Neumeister, Jr., and (b) for all other purposes under the
MSA (as it relates to the JLN Trust), the JLN Trust shall be considered, and
shall have the rights and obligations of, a "Management Stockholder".

                                    JENNIFER LEE NEUMEISTER TRUST

                                          /s/ Mary Anne Neumeister
                                    ----------------------------------
                                    Trustee

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Scott Pomeroy hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                          /s/ Scott Pomeroy
                                    -------------------------------
                                    Scott Pomeroy

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Bradley Richards hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                          /s/ Bradley Richards
                                    ----------------------------------
                                    Bradley Richards

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President

<PAGE>

                                    EXHIBIT A

                                 SIGNATURE PAGE
                           TO THE AMENDED AND RESTATED
                        MANAGEMENT STOCKHOLDERS AGREEMENT
                                       OF
                                 DEX MEDIA, INC.

                  By execution of this signature page, Kristine Shaw hereby
agrees to become a party to, be bound by the obligations of, and receive the
benefits of, that certain Amended and Restated Management Stockholders Agreement
of Dex Media, Inc. originally dated as of November 8, 2002 by and among Dex
Media, Inc., Dex Holdings LLC and certain other parties named therein, as
amended from time to time thereafter.

                                          /s/ Kristine Shaw
                                    ------------------------------
                                    Kristine Shaw

Accepted:

DEX MEDIA, INC.

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, CEO and President

DEX HOLDINGS LLC

By:      /s/ George Burnett
     ----------------------------------
Its: George Burnett, Vice President<PAGE>

                                                                   EXHIBIT 10.27

                                STOCK OPTION PLAN
                                       OF
                                 DEX MEDIA, INC.

         Dex Media, Inc., a Delaware corporation (the "Company"), hereby adopts
this Stock Option Plan of Dex Media, Inc. The purposes of this Plan are as
follows:

         (1)      To further the growth, development and financial success of
the Company and its Subsidiaries (as defined herein), by providing additional
incentives to Employees, Consultants and Independent Directors (as such terms
are defined below) of the Company and its Subsidiaries who have been or will be
given responsibility for the management or administration of the Company's (or
one of its Subsidiaries') business affairs, by assisting them to become owners
of Common Stock, thereby benefiting directly from the growth, development and
financial success of the Company and its Subsidiaries.

         (2)      To enable the Company (and its Subsidiaries) to obtain and
retain the services of the type of professional, technical and managerial
Employees, Consultants and Independent Directors considered essential to the
long-range success of the Company (and its Subsidiaries) by providing and
offering them an opportunity to become owners of Common Stock under Options,
including, in the case of certain employees, Options that are intended to
qualify as "incentive stock options" under Section 422 of the Code (as defined
herein).

                                   ARTICLE I.
                                   DEFINITIONS

         Whenever the following terms are used in this Plan, they shall have the
meaning specified below unless the context clearly indicates to the contrary.
The singular pronoun shall include the plural where the context so indicates.

         Section 1.1       "Affiliate" shall mean, with respect to any Person,
any other Person directly or indirectly controlling, controlled by, or under
common control with, such Person where "control" shall have the meaning given
such term under Rule 405 of the Securities Act.

         Section 1.2       "Board" shall mean the Board of Directors of the
Company.

         Section 1.3       "Code" shall mean the Internal Revenue Code of 1986,
as amended.

         Section 1.4       "Committee" shall mean the Committee appointed as
provided in Section 6.1.

         Section 1.5       "Common Stock" shall mean the common stock, par value
$0.01 per share, of the Company.

         Section 1.6       "Company" shall mean Dex Media, Inc., a Delaware
corporation. In addition, "Company" shall mean any corporation assuming, or
issuing new employee stock options in substitution for, Incentive Stock Options
outstanding under the Plan in a transaction to which Section 424(a) of the Code
applies.

<PAGE>

         Section 1.7       "Consultant" shall mean any consultant or adviser if:

                  (a)      The consultant or adviser renders bona fide services
to the Company or a Subsidiary;

                  (b)      The services rendered by the consultant or adviser
are not in connection with the offer or sale of securities in a capital-raising
transaction and do not directly or indirectly promote or maintain a market for
the Company's securities; and

                  (c)      The consultant or adviser is a natural person who has
contracted directly with the Company or a Subsidiary to render such services.

         Section 1.8       "Corporate Event" shall mean, as determined by the
Committee (or by the Board, in the case of Options granted to Independent
Directors) in its sole discretion, any transaction or event described in Section
7.1(a) or any unusual or nonrecurring transaction or event affecting the
Company, any Affiliate of the Company, or the financial statements of the
Company or any Affiliate of the Company, including, but not limited to, the
consummation of the Dex West Transaction, or any change in applicable laws,
regulations, or accounting principles.

         Section 1.9       "Dex West Transaction" shall mean the transaction
contemplated by that certain Rodney Purchase Agreement dated as of August 19,
2002 entered into by and among Qwest Dex, Inc., Qwest Services Corporation,
Qwest Communications International, Inc. and Dex Holdings LLC.

         Section 1.10      "Director" shall mean a member of the Board.

         Section 1.11      "Eligible Representative" for an Optionee shall mean
such Optionee's personal representative or such other person as is empowered
under the deceased Optionee's will or the then applicable laws of descent and
distribution to represent the Optionee hereunder.

         Section 1.12      "Employee" shall mean, with respect to any entity,
any employee of such entity (as defined in accordance with the regulations and
revenue rulings then applicable under Section 3401(c) of the Code).

         Section 1.13      "Exchange Act" shall mean the Securities Exchange Act
of 1934, as amended.

         Section 1.14      "Fair Market Value" of a share of Common Stock as of
a given date shall be:

                  (a)      The closing price of a share of Common Stock on the
principal exchange on which such shares are then trading, if any (or as reported
on any composite index which includes such principal exchange), on the most
recent trading day prior to such determination date; or

                  (b)      If Common Stock is not traded on an exchange, the
mean between the closing representative bid and asked prices for a share of
Common Stock on the most recent

                                       2

<PAGE>

trading day prior to such determination date as reported by Nasdaq or, if Nasdaq
is not then in existence, by its successor quotation system; or

                  (c)      If Common Stock is not publicly traded on an exchange
and not quoted on Nasdaq or a successor quotation system, the fair market value
of a share of Common Stock as determined in good faith by the Board or the
Committee.

         Section 1.15      "Incentive Stock Option" shall mean an Option that
conforms to the applicable provisions of Section 422 of the Code and that is
designated as an Incentive Stock Option by the Committee.

         Section 1.16      "Independent Director" shall mean a member of the
Board who is not an Employee of the Company or any of its Subsidiaries.

         Section 1.17      "Initial Public Offering" shall mean the first
issuance by the Company of any class of common equity securities that is
required to be registered (other than on a Form S-8) under Section 12 of the
Exchange Act.

         Section 1.18      "Non-Qualified Stock Option" shall mean an Option
which is not an "incentive stock option" within the meaning of Section 422 of
the Code.

         Section 1.19      "Officer" shall mean an officer of the Company, as
defined in Rule 16a-l(f) under the Exchange Act, as such Rule may be amended
from time to time.

         Section 1.20      "Option" shall mean an option granted under the Plan
to purchase Common Stock. An Option shall, as determined by the Committee, be
either an Incentive Stock Option or a Non-Qualified Stock Option; provided,
however, that any Option granted to an individual who is not an Employee of the
Company or one of its Subsidiaries shall be a Non-Qualified Stock Option.

         Section 1.21      "Optionee" shall mean an Employee, Consultant or
Independent Director to whom an Option is granted under the Plan.

         Section 1.22      "Person" shall mean an individual, partnership,
corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, governmental authority or
other entity of whatever nature.

         Section 1.23      "Plan" shall mean this Stock Option Plan of Dex
Media, Inc., as amended from time to time.

         Section 1.24      "Principal Stockholders" shall mean Carlyle Partners
III, L.P., a Delaware limited partnership; Welsh, Carson, Anderson & Stowe IX,
L.P., a Delaware limited partnership; and each of their respective Affiliates.

         Section 1.25      "Rule 16b-3" shall mean that certain Rule 16b-3
promulgated under the Exchange Act, as such Rule may be amended from time to
time.

         Section 1.26      "Securities Act" shall mean the Securities Act of
1933, as amended.

                                       3

<PAGE>

         Section 1.27      "Stock Option Agreement" shall have the meaning set
forth in Section 4.1

         Section 1.28      "Stockholders Agreement" shall mean an agreement by
and between the Optionee and the Company which contains certain restrictions and
limitations applicable to the shares of Common Stock acquired upon Option
exercise (and/or to other shares of Common Stock, if any, held by the Optionee
during the term of such agreement), the terms of which shall be determined by
the Board in its discretion.

         Section 1.29      "Subsidiary" of any entity shall mean any corporation
in an unbroken chain of corporations beginning with such entity if each of the
corporations other than the last corporation in the unbroken chain then owns
stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

         Section 1.30      "Termination of Consultancy" shall mean the time when
the engagement of an Optionee as a Consultant to the Company or a Subsidiary is
terminated for any reason, with or without cause, including, but not by way of
limitation, by resignation, discharge, death or retirement, but excluding a
termination where there is a simultaneous commencement of employment with the
Company or any Subsidiary. The Committee, in its sole discretion, shall
determine the effect of all matters and questions relating to Termination of
Consultancy.

         Section 1.31      "Termination of Directorship" shall mean the time
when an Optionee who is an Independent Director ceases to be a Director for any
reason, including but not by way of limitation, a termination by resignation,
failure to be elected or appointed, death or retirement. The Board, in its sole
discretion, shall determine the effect of all matters and questions relating to
Termination of Directorship.

         Section 1.32      "Termination of Employment" shall mean the time when
the employee-employer relationship between an Optionee and the Company (or one
of its Subsidiaries) is terminated for any reason, with or without cause,
including, but not by way of limitation, a termination by resignation,
discharge, death or retirement, but excluding a termination where there is a
simultaneous reemployment by the Company (or one of its Subsidiaries). The
Committee shall determine the effect of all matters and questions relating to
Termination of Employment, including, but not by way of limitation, the question
of whether a Termination of Employment resulted from a discharge for good cause,
and all questions of whether a particular leave of absence constitutes a
Termination of Employment; provided, however, that, with respect to Incentive
Stock Options, a leave of absence shall constitute a Termination of Employment
if, and to the extent that, such leave of absence interrupts employment for the
purposes of Section 422(a)(2) of the Code and the then applicable regulations
and revenue rulings under Section 442(a)(2) of the Code.

                                  ARTICLE II.
                             SHARES SUBJECT TO PLAN

         Section 2.1       Shares Subject to Plan. The shares of stock subject
to Options shall be shares of Common Stock. Subject to Section 7.1, the
aggregate number of such shares which may be issued upon exercise of Options
shall not exceed 234,591 shares of Common Stock.

                                       4

<PAGE>

         Section 2.2       Unexercised Options. If any Option (or portion
thereof) expires or is canceled without having been fully exercised, the number
of shares subject to such Option (or portion thereof) but as to which such
Option was not exercised prior to its expiration or cancellation may again be
optioned hereunder, subject to the limitations of Section 2.1.

                                  ARTICLE III.
                               GRANTING OF OPTIONS

         Section 3.1       Eligibility. Subject to Section 3.2, any (a) Employee
of the Company or one of its Subsidiaries; (b) Consultant; or (c) Independent
Director shall be eligible to be granted Options.

         Section 3.2       Qualification of Incentive Stock Options.
Notwithstanding Section 3.1, no Incentive Stock Option shall be granted to any
person who is not an Employee of the Company or one of its Subsidiaries.

         Section 3.3       Granting of Options to Employees and Consultants

                  (a)      The Committee shall from time to time:

                           (i)      Select from among the Employees and
Consultants of the Company and any of its Subsidiaries (including those to whom
Options have been previously granted under the Plan) such of them as in its
opinion should be granted Options;

                           (ii)     Determine the number of shares to be subject
to such Options granted to such Employees and Consultants and, subject to
Section 3.2, determine whether such Options are to be Incentive Stock Options or
Non-Qualified Stock Options; and

                           (iii)    Determine the terms and conditions of such
Options, consistent with the Plan.

                  (b)      Upon the selection of an Employee or Consultant of
the Company or any of its Subsidiaries to be granted an Option pursuant to
Section 3.3(a), the Committee shall instruct the corporate secretary or another
authorized Officer of the Company to issue such Option and may impose such
conditions on the grant of such Option as it deems appropriate. Without limiting
the generality of the preceding sentence, the Committee may require as a
condition to the grant of an Option to such an Employee or Consultant that such
Employee or Consultant surrender for cancellation some or all of the unexercised
Options which have been previously granted to him or her. An Option the grant of
which is conditioned upon such surrender may have an Option price lower (or
higher) than the Option price of the surrendered Option, may cover the same (or
a lesser or greater) number of shares as the surrendered Option, may contain
such other terms as the Committee deems appropriate and shall be exercisable in
accordance with its terms, without regard to the number of shares, price, period
of exercisability or any other term or condition of the surrendered Option.

                                       5

<PAGE>

         Section 3.4       Granting of Option to Independent Directors

                  (a)      The Board shall from time to time:

                           (i)      Select from among the Independent Directors
(including those to whom Options have previously been granted under the Plan)
such of them as in its opinion should be granted Options;

                           (ii)     Determine the number of shares to be subject
to such Options granted to such selected Independent Directors; and

                           (iii)    Determine the terms and conditions of such
Options, consistent with the Plan; provided, however, that all Options granted
to Independent Directors shall be Non-Qualified Stock Options.

                  (b)      Upon the selection of an Independent Director to be
granted an Option pursuant to Section 3.4(a), the Board shall instruct the
corporate secretary or another authorized Officer of the Company to issue such
Option and may impose such conditions on the grant of such Option as it deems
appropriate. Without limiting the generality of the preceding sentence, the
Board may require as a condition to the grant of an Option to an Independent
Director that the Independent Director surrender for cancellation some or all of
the unexercised Options which have been previously granted to him or her. An
Option the grant of which is conditioned upon such surrender may have an Option
price lower (or higher) than the Option price of the surrendered Option, may
cover the same (or a lesser or greater) number of shares as the surrendered
Option, may contain such other terms as the Board deems appropriate and shall be
exercisable in accordance with its terms, without regard to the number of
shares, price, period of exercisability or any other term or condition of the
surrendered Option.

                                  ARTICLE IV.
                                TERMS OF OPTIONS

         Section 4.1       Stock Option Agreement. Each Option shall be
evidenced by a written Stock Option Agreement, which shall be executed by the
Optionee and an authorized Officer of the Company and which shall contain such
terms and conditions as the Committee (or the Board, in the case of Options
granted to Independent Directors) shall determine, consistent with the Plan.
Stock Option Agreements evidencing Incentive Stock Options shall contain such
terms and conditions as may be necessary to qualify such Options as "incentive
stock options" within the meaning of Section 422 of the Code.

         Section 4.2       Exercisability of Options

                  (a)      Each Option shall become exercisable according to the
terms of the applicable Stock Option Agreement; provided, however, that by a
resolution adopted after an Option is granted the Committee (or the Board, in
the case of Options granted to Independent Directors) may, on such terms and
conditions as it may determine to be appropriate, accelerate the time at which
such Option or any portion thereof may be exercised.

                                       6

<PAGE>

                  (b)      Except as otherwise provided in the applicable Stock
Option Agreement, no portion of an Option which is unexercisable at Termination
of Employment or Termination of Directorship, as applicable, shall thereafter
become exercisable.

                  (c)      To the extent that the aggregate Fair Market Value of
stock with respect to which "incentive stock options" (within the meaning of
Section 422 of the Code, but without regard to Section 422(d) of the Code) are
exercisable for the first time by an Optionee during any calendar year (under
the Plan and all other incentive stock option plans of the Company or any
Subsidiary thereof) exceeds $100,000, such options shall be treated and taxable
as Non-Qualified Stock Options. The rule set forth in the preceding sentence
shall be applied by taking options into account in the order in which they were
granted, and the stock issued upon exercise of options shall designate whether
such stock was acquired upon exercise of an Incentive Stock Option. For purposes
of these rules, the Fair Market Value of stock shall be determined as of the
date of grant of the Option granted with respect to such stock.

         Section 4.3       Option Price The price of the shares subject to each
Option shall be set by the Committee (or the Board, in the case of Options
granted to Independent Directors); provided, however, that in the case of an
Incentive Stock Option, the price per share shall be not less than 100% of the
Fair Market Value of such shares on the date such Option is granted; and
provided, further, that in the case of an individual then owning (within the
meaning of Section 424(d) of the Code) more than 10% of the total combined
voting power of all classes of stock of the Company, the price per share shall
not be less than 110% of the Fair Market Value of such shares on the date such
Incentive Stock Option is granted.

         Section 4.4       Expiration of Options. No Option may be exercised to
any extent by anyone after the first to occur of the following events:

                  (a)      The expiration of ten years from the date the Option
was granted; or

                  (b)      With respect to an Incentive Stock Option in the case
of an Optionee owning (within the meaning of Section 424(d) of the Code), at the
time the Incentive Stock Option was granted, more than 10% of the total combined
voting power of all classes of stock of the Company or any Subsidiary, the
expiration of five years from the date the Incentive Stock Option was granted.

         Section 4.5       At-Will Employment. Nothing in the Plan or in any
Stock Option Agreement hereunder shall confer upon any Optionee any right to
continue in the employ of, or as a Consultant for, the Company or any
Subsidiary, or shall interfere with or restrict in any way the rights of the
Company and any Subsidiary, which are hereby expressly reserved, to discharge
any Optionee at any time for any reason whatsoever, with or without cause,
except to the extent expressly provided otherwise in a written agreement between
the Optionee and the Company or any Subsidiary.

                                   ARTICLE V.
                               EXERCISE OF OPTIONS

         Section 5.1       Person Eligible to Exercise. During the lifetime of
the Optionee, only he or she may exercise an Option (or any portion thereof);
provided, however, that the Optionee's

                                       7

<PAGE>

Eligible Representative may exercise his or her Option during the period of the
Optionee's disability (as defined in Section 22(e)(3) of the Code)
notwithstanding that an Option so exercised may not qualify as an Incentive
Stock Option. After the death of the Optionee, any exercisable portion of an
Option may, prior to the time when such portion becomes unexercisable under the
Plan or the applicable Stock Option Agreement, be exercised by his or her
Eligible Representative.

         Section 5.2       Partial Exercise. At any time and from time to time
prior to the time when the Option becomes unexercisable under the Plan or the
applicable Stock Option Agreement, the exercisable portion of an Option may be
exercised in whole or in part; provided, however, that the Company shall not be
required to issue fractional shares and the Committee (or the Board, in the case
of Options granted to Independent Directors) may, by the terms of the Option,
require any partial exercise to exceed a specified minimum number of shares.

         Section 5.3       Manner of Exercise. An exercisable Option, or any
exercisable portion thereof, may be exercised solely by delivery to the
corporate secretary of all of the following prior to the time when such Option
or such portion becomes unexercisable under the Plan or the applicable Stock
Option Agreement:

                  (a)      Notice in writing signed by the Optionee or his or
her Eligible Representative, stating that such Option or portion is exercised,
and specifically stating the number of shares with respect to which the Option
is being exercised;

                  (b)      A copy of the Stockholders Agreement signed by the
Optionee or Eligible Representative, as applicable;

                  (c)      Full payment for the shares with respect to which
such Option or portion is thereby exercised:

                           (i)      In cash or by personal, certified, or bank
cashier check; or

                           (ii)     With the consent of the Committee (or the
Board, in the case of Options to Independent Directors), (A) shares of Common
Stock which have been owned by the Optionee for at least six months duly
endorsed for transfer to the Company with a Fair Market Value on the date of
delivery equal to the aggregate exercise price of the Option or exercised
portion thereof; (B) except with respect to Incentive Stock Options, shares of
the Common Stock issuable to the Optionee upon exercise of the Option, with a
Fair Market Value on the date of Option exercise equal to the aggregate Option
price of the shares with respect to which such Option or portion is thereby
exercised; (C) following an Initial Public Offering, delivery of a notice that
the Optionee has placed a market sell order with a broker with respect to shares
of Common Stock then issuable upon exercise of the Option, and that the broker
has been directed to pay a sufficient portion of the net proceeds of the sale to
the Company in satisfaction of the Option exercise price; or (D) any combination
of the consideration listed in this subsection (c);

                  (d)      The payment to the Company (in cash or by personal,
certified or bank cashier or by any other means of payment approved by the
Committee) of all amounts necessary to satisfy any and all federal, state and
local tax withholding requirements arising in connection with the exercise of
the Option;

                                       8

<PAGE>

                  (e)      Such representations and documents as the Committee
(or the Board, in the case of Options granted to Independent Directors) deems
necessary or advisable to effect compliance with all applicable provisions of
the Securities Act, Exchange Act and any other federal or state securities laws
or regulations. The Committee (or the Board, in the case of Options granted to
Independent Directors) may, in its sole discretion, also take whatever
additional actions it deems appropriate to effect such compliance including,
without limitation, placing legends on share certificates and issuing
stop-transfer orders to transfer agents and registrars; and

                  (f)      In the event that the Option or portion thereof shall
be exercised pursuant to Section 5.1 by any person or persons other than the
Optionee, appropriate proof of the right of such person or persons to exercise
the Option or portion thereof.

         Section 5.4       Conditions to Issuance of Stock Certificates. The
shares of stock issuable and deliverable upon the exercise of an Option, or any
portion thereof, may be either previously authorized but unissued shares or
issued shares which have then been reacquired by the Company. A certificate of
shares will be delivered to the Optionee at the Company's principal place of
business within thirty days of receipt by the Company of the written notice and
payment, unless an earlier date is agreed upon. Notwithstanding the above, the
Company shall not be required to issue or deliver any certificate or
certificates for shares of stock purchased upon the exercise of any Option or
portion thereof prior to fulfillment of all of the following conditions:

                  (a)      The admission of such shares to listing on any and
all stock exchanges on which such class of stock is then listed;

                  (b)      The execution by the Optionee and delivery to the
Company of a Stockholders Agreement in the Company's customary form;

                  (c)      The completion of any registration or other
qualification of such shares under any state or federal law or under the rulings
or regulations of the Securities and Exchange Commission or any other
governmental regulatory body, which the Committee (or the Board, in the case of
Options granted to Independent Directors) shall, in its sole discretion, deem
necessary or advisable;

                  (d)      The obtaining of any approval or other clearance from
any state or federal governmental agency which the Committee (or the Board, in
the case of Options granted to Independent Directors) shall, in its sole
discretion, determine to be necessary or advisable; and

                  (e)      The payment to the Company of all amounts which it is
required to withhold under federal, state or local law in connection with the
exercise of the Option.

         Section 5.5       Rights as Stockholders. The holder of an Option shall
not be, nor have any of the rights or privileges of, a stockholder of the
Company in respect of any shares purchasable upon the exercise of any part of an
Option unless and until such holder has signed a Stockholders Agreement and
certificates representing such shares have been issued by the Company to such
holder.

                                       9

<PAGE>

         Section 5.6       Transfer Restrictions. Shares acquired upon exercise
of an Option shall be subject to the terms and conditions of a Stockholders
Agreement. In addition, the Committee (or the Board, in the case of Options
granted to Independent Directors), in its sole discretion, may impose further
restrictions on the transferability of the shares purchasable upon the exercise
of an Option as it deems appropriate. Any such restriction shall be set forth in
the respective Stock Option Agreement and may be referred to on the certificates
evidencing such shares. The Committee may require the Employee to give the
Company prompt notice of any disposition of shares of stock, acquired by
exercise of an Incentive Stock Option, within two years from the date of
granting such Option or one year after the transfer of such shares to such
Employee. The Committee may direct that the certificates evidencing shares
acquired by exercise of an Incentive Stock Option refer to such requirement.

                                   ARTICLE VI.
                                 ADMINISTRATION

         Section 6.1       Committee. Prior to an Initial Public Offering, the
Committee shall be the Compensation Committee of the Board. Following an Initial
Public Offering, if any, the full Board shall administer the Plan unless and
until there is appointed a Compensation Committee (or another committee or a
subcommittee of the Board assuming the functions of the Committee under the
Plan) that shall consist solely of two or more Independent Directors appointed
by and holding office at the pleasure of the Board, each of whom is both a
"non-employee director" as defined by Rule 16b-3 and an "outside director" for
purposes of Section 162(m) of the Code. Appointment of Committee members shall
be effective upon acceptance of appointment. Committee members may resign at any
time by delivering written notice to the Board. Vacancies in the Committee may
be filled by the Board in its sole discretion. Any action required or permitted
to be taken by the Committee hereunder or under any Stock Option Agreement may
be taken by the Board.

         Section 6.2       Delegation of Authority. The Committee may, but need
not, from time to time delegate some or all of its authority to grant Options
under the Plan to a committee or subcommittee consisting of one or more members
of the Committee or of one or more Officers of the Company; provided, however,
that the Committee may not delegate its authority to grant Options to
individuals (a) who are subject on the date of the grant to the reporting rules
under Section 16(a) of the Exchange Act, (b) whose compensation the Committee
determines is, or may become, subject to the deduction limitations set forth in
Section 162(m) of the Code or (c) who are Officers of the Company who are
delegated authority by the Committee hereunder. Any delegation hereunder shall
be subject to the restrictions and limits that the Committee specifies at the
time of such delegation, and the Committee may at any time rescind the authority
so delegated or appoint a new delegatee. At all times, the delegatee appointed
under this Section 6.2 shall serve in such capacity at the pleasure of the
Committee.

         Section 6.3       Duties and Powers of the Committee. It shall be the
duty of the Committee to conduct the general administration of the Plan in
accordance with its provisions. The Committee shall have the power to interpret
the Plan and the Options and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to
interpret, amend or revoke any such rules. Notwithstanding the foregoing, the
full Board, acting by a majority of its members in office, shall conduct the
general administration of the Plan

                                       10

<PAGE>

with respect to Options granted to Independent Directors. Any such
interpretations and rules in regard to Incentive Stock Options shall be
consistent with the terms and conditions applicable to "incentive stock options"
within the meaning of Section 422 of the Code. All determinations and decisions
made by the Committee under any provision of the Plan or of any Option granted
thereunder shall be final, conclusive and binding on all persons.

         Section 6.4       Compensation, Professional Assistance, Good Faith
Actions. The members of the Committee shall receive such compensation, if any,
for their services hereunder as may be determined by the Board. All expenses and
liabilities incurred by the members of the Committee or the Board in connection
with the administration of the Plan shall be borne by the Company. The Committee
or the Board may employ attorneys, consultants, accountants, appraisers, brokers
or other persons. The Committee, the Company and its Officers and Directors
shall be entitled to rely upon the advice, opinions or valuations of any such
persons. All actions taken and all interpretations and determinations made by
the Committee and the Board in good faith shall be final and binding upon all
Optionees, the Company and all other interested persons. No member of the Board
shall be personally liable for any action, determination or interpretation made
in good faith with respect to the Plan or the Options, and all members of the
Board shall be fully protected by the Company in respect to any such action,
determination or interpretation.

                                  ARTICLE VII.
                                OTHER PROVISIONS

         Section 7.1       Changes in Common Stock; Disposition of Assets and
Corporate Events

                  (a)      Subject to Section 7.1(d), in the event that the
Committee (or the Board, in the case of Options granted to Independent
Directors) determines that any dividend or other distribution (whether in the
form of cash, Common Stock, other securities, or other property),
recapitalization, reclassification, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, liquidation, dissolution, or sale, transfer, exchange or other
disposition of all or substantially all of the assets of the Company, or
exchange of Common Stock or other securities of the Company, issuance of
warrants or other rights to purchase Common Stock or other securities of the
Company, or other similar corporate transaction or event, in the Committee's
sole discretion (or in the case of Options granted to Independent Directors, the
Board's sole discretion), affects the Common Stock such that an adjustment is
determined by the Committee (or the Board, in the case of Options granted to
Independent Directors) to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan or with respect to an Option, then the Committee (or the Board,
in the case of Options granted to Independent Directors) shall, in such manner
as it may deem equitable, adjust any or all of:

                           (i)      The number and kind of shares of Common
Stock (or other securities or property) with respect to which Options may be
granted under the Plan (including, but not limited to, adjustments of the
limitations in Section 2.1 on the maximum number and kind of shares which may be
issued);

                                       11

<PAGE>

                           (ii)     The number and kind of shares of Common
Stock (or other securities or property) subject to outstanding Options;

                           (iii)    The exercise price with respect to any
Option; and

                           (iv)     The financial or other "targets" specified
in each Stock Option Agreement for determining the exercisability of Options.

                  (b)      Subject to Section 7.1(d) and the terms of
outstanding Stock Option Agreements, upon the occurrence of a Corporate Event,
the Committee (or the Board, in the case of options granted to Independent
Directors), in its sole discretion, is hereby authorized to take any one or more
of the following actions whenever the Committee (or the Board, in the case of
Options granted to Independent Directors) determines that such action is
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan or with respect
to any Option under this Plan, to facilitate such Corporate Event or to give
effect to such changes in laws, regulations or principles:

                           (i)      In its sole discretion, and on such terms
and conditions as it deems appropriate, the Committee (or the Board, in the case
of Options granted to Independent Directors) may provide, either by the terms of
the applicable Stock Option Agreement or by action taken prior to the occurrence
of such Corporate Event and either automatically or upon the Optionee's request,
for either the purchase of any such Option for an amount of cash, securities, or
other property equal to the amount that could have been attained upon the
exercise of the vested portion of such Option (and such additional portion of
the Option as the Board or Committee may determine) immediately prior to the
occurrence of such transaction or event, or the replacement of such vested (and
other) portion of such Option with other rights or property selected by the
Committee (or the Board, in the case of Options granted to Independent
Directors) in its sole discretion;

                           (ii)     In its sole discretion, the Committee (or
the Board, in the case of Options granted to Independent Directors) may provide,
either by the terms of the applicable Stock Option Agreement or by action taken
prior to the occurrence of such Corporate Event, that the Option (or any portion
thereof) cannot be exercised after such event;

                           (iii)    In its sole discretion, and on such terms
and conditions as it deems appropriate, the Committee (or the Board, in the case
of Options granted to Independent Directors) may provide, either by the terms of
the applicable Stock Option Agreement or by action taken prior to the occurrence
of such Corporate Event, that for a specified period of time prior to such
Corporate Event, such Option shall be exercisable as to all shares covered
thereby or a specified portion of such shares, notwithstanding anything to the
contrary in this Plan or the applicable Stock Option Agreement;

                           (iv)     In its sole discretion, and on such terms
and conditions as it deems appropriate, the Committee (or the Board, in the case
of Options granted to Independent Directors) may provide, either by the terms of
the applicable Stock Option Agreement or by action taken prior to the occurrence
of such Corporate Event, that upon such event, such Option (or any portion
thereof) be assumed by the successor or survivor corporation, or a parent or

                                       12

<PAGE>

subsidiary thereof (including without limitation any common parent of the
Company and any other company or companies), or shall be substituted for by
similar options, rights or awards covering the stock of the successor or
survivor corporation, or a parent or subsidiary thereof (including without
limitation any common parent of the Company and any other company or companies),
with appropriate adjustments as to the number and kind of shares and prices; and

                           (v)      In its sole discretion, and on such terms
and conditions as it deems appropriate, the Committee (or the Board, in the case
of Options granted to Independent Directors) may make adjustments in the number
and type of shares of Common Stock (or other securities or property) subject to
outstanding Options (or any portion thereof) and/or in the terms and conditions
of (including the exercise price), and the criteria included in, outstanding
Options and Options which may be granted in the future.

                  (c)      Subject to Section 7.1(d), the Committee (or the
Board, in the case of Options granted to Independent Directors) may, in its sole
discretion, include such further provisions and limitations in any Stock Option
Agreement as it may deem equitable and in the best interests of the Company and
its Affiliates.

                  (d)      With respect to Incentive Stock Options, no
adjustment or action described in this Section 7.1 or in any other provision of
the Plan shall be authorized to the extent that such adjustment or action would
cause the Plan to violate Section 422(b)(1) of the Code or any successor
provisions thereto, unless the Committee determines that the Plan and/or the
Options are not to comply with Section 422(b)(1) of the Code. The number of
shares of Common Stock subject to any Option shall always be rounded up to the
next higher whole number.

         Section 7.2       Options Not Transferable. No Option or interest or
right therein or part thereof shall be liable for the debts, contracts or
engagements of the Optionee or his or her successors in interest or shall be
subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary
or involuntary or by operation of law, by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect;
provided, however, that nothing in this Section 7.2 shall prevent transfers by
will or by the applicable laws of descent and distribution.

         Section 7.3       Amendment, Suspension or Termination of the Plan. The
Plan may be wholly or partially amended or otherwise modified, suspended or
terminated at any time or from time to time by the Board or the Committee.
However, without stockholder approval within 12 months before or after such
action no action of the Board or the Committee may, except as provided in
Section 7.1, increase any limit imposed in Section 2.1 on the maximum number of
shares which may be issued on exercise of Options, reduce the minimum Option
price requirements of Section 4.3(a), or extend the limit imposed in this
Section 7.3 on the period during which options may be granted. Except as
provided by Section 7.1, neither the amendment, suspension nor termination of
the Plan shall, without the consent of the holder of the Option, alter or impair
any rights or obligations under any Option theretofore granted. No Option may be
granted during any period of suspension nor after termination of the Plan, and
in

                                       13

<PAGE>

no event may any Option be granted under this Plan after the expiration of ten
years from the date the Plan is adopted by the Board.

         Section 7.4       Effect of Plan Upon Other Option and Compensation
Plans. The adoption of this Plan shall not affect any other compensation or
incentive plans in effect for the Company or any Affiliate. Nothing in this Plan
shall be construed to limit the right of the Company or any Affiliate (a) to
establish any other forms of incentives or compensation for directors or
employees of the Company (or any Affiliate); or (b) to grant or assume options
otherwise than under this Plan in connection with any proper corporate purpose,
including, but not by way of limitation, the grant or assumption of options in
connection with the acquisition by purchase, lease, merger, consolidation or
otherwise, of the business, stock or assets of any corporation, firm or
association.

         Section 7.5       Approval of Plan by Stockholders. This Plan will be
submitted for the approval of the Company's stockholders within 12 months after
the date of the Board's initial adoption of this Plan. No Option may be
exercised to any extent by anyone unless and until the Plan is so approved by
the stockholders, and if such approval has not been obtained by the end of said
12-month period, the Plan and all Options theretofore granted shall thereupon be
canceled and become null and void.

         Section 7.6       Titles. Titles are provided herein for convenience
only and are not to serve as a basis for interpretation or construction of the
Plan.

         Section 7.7       Conformity to Securities Laws. The Plan is intended
to conform to the extent necessary with all provisions of the Securities Act and
the Exchange Act and any and all regulations and rules promulgated by the
Securities and Exchange Commission thereunder to the extent the Company or any
Optionee is subject to the provisions thereof. Notwithstanding anything herein
to the contrary, the Plan shall be administered, and Options shall be granted
and may be exercised, only in such a manner as to conform to such laws, rules
and regulations. To the extent permitted by applicable law, the Plan and Options
granted hereunder shall be deemed amended to the extent necessary to conform to
such laws, rules and regulations.

         Section 7.8       Governing Law. To the extent not preempted by federal
law, the Plan shall be construed in accordance with and governed by the laws of
the state of Delaware.

         Section 7.9       Severability. In the event any portion of the Plan or
any action taken pursuant thereto shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provisions had not been included, and the illegal or invalid action shall be
null and void.

                                       14

<PAGE>

                                    * * * * *

         I hereby certify that the foregoing Plan was duly adopted by the Board
of Directors of Dex Media, Inc. as of November 8, 2002.

         Executed as of February 27, 2003.

                                       /s/ George Burnett
                                     ---------------------------
                                     Officer

                                       15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]