Document:

exv10w19

EXHIBIT 10.19

DEX ONE CORPORATION

RESTORATION PLAN

Effective January 1, 2011

 

 

EXHIBIT 10.19

DEX ONE CORPORATION RESTORATION PLAN

EFFECTIVE JANUARY 1, 2011

	1.	 	Purpose.

     Dex One Corporation (formerly R.H. Donnelley Corporation) previously established the R.H.
Donnelley Corporation Restoration Plan, effective as of January 1, 2009 (the “Plan”) to benefit
highly compensated employees whose matching contributions or transition contributions under the Dex
One Corporation 401(k) Plan are limited by Code Section 401(a)(17) or Code Section 415. Dex One
Corporation, by adoption of this document, amends and restates the Plan effective as of January 1,
2011, except that the Plan’s name change shall be effective immediately.

	2.	 	Definitions.
	 
	 	 	The following terms used in the Plan shall have the meanings set forth below:

	 	(a)	 	“Account” shall mean the Participant’s notional account under this Plan.
	 
	 	(b)	 	“Administrator” shall mean the Compensation and Benefits Committee or its duly
authorized delegate. References herein to the Administrator shall be deemed to include
its delegate, if any.
	 
	 	(c)	 	“Beneficiary” shall mean the person or persons designated by the Participant in
accordance with Section 9.
	 
	 	(d)	 	“Board” shall mean the Board of Directors of Dex One Corporation.
	 
	 	(e)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended.
	 
	 	(f)	 	“Company” shall mean Dex Media, Inc. and Dex One Corporation and any of its
direct or indirect subsidiaries that adopt the Plan. Company shall also mean Dex One
Service, Inc. as of January 1, 2011.
	 
	 	(g)	 	“Compensation and Benefits Committee” shall mean the Compensation and Benefits
Committee of the Board.
	 
	 	(h)	 	“Eligible Employee” shall mean any person employed by the Company who is (i)
within a ‘select group of management or highly compensated employees’ within the
meaning of ERISA, and (ii) whose transition contribution (or for Plan Years 2009 and
2010, whose matching contribution) under the Qualified Dex One 401(k) Plan is limited
because of application of Code Section 401(a)(17) or Code Section 415. Notwithstanding
the foregoing, a person’s status as an “Eligible Employee” may be terminated in
accordance with Section 3(c).
	 
	 	(i)	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended.
	 
	 	(j)	 	“Investment Direction” shall mean the choice of Investments made upon the
Participant’s election pursuant to Section 5(b).

 

 

	 	(k)	 	“Investments” shall mean the investment options that are made available as the
mechanism to calculate hypothetical investment performance on the Transition Credits
and Matching Credits credited to each Participant’s Account under the Plan.
	 
	 	(l)	 	“Matching Credit” shall mean, for Plan Years beginning before December 31,
2010, the amount equal to (i) the maximum amount of matching contributions that
hypothetically could have been credited to the Participant’s Qualified Dex One 401(k)
Plan account for the Plan Year before taking into account the restrictions of Code
Sections 401(a)(17) and 415; less (ii) the maximum amount of matching contribution that
hypothetically could have been made to the Participant’s Qualified Dex One 401(k) Plan
account for the Plan Year taking into account Code Sections 401(a)(17) and 415. Only
Eligible Employees who make pre-tax deferrals to the Qualified Dex One 401(k) Plan in
an amount equal to the Code Section 402(g) limit for the Plan Year shall receive a
Matching Credit for the Plan Year.
	 
	 	 	 	For Plan Years beginning on and after January 1, 2011, no Eligible Employee shall
receive a Matching Credit under the Plan.
	 
	 	(m)	 	“Participant” shall mean any Eligible Employee of the Company who received
Transition Credits or Matching Credits pursuant to Section 4. The term “Participant”
shall also mean former employees of the Company who have Account balances.
	 
	 	(n)	 	“Plan Year” shall mean each calendar year.
	 
	 	(o)	 	“Qualified Dex One 401(k) Plan” shall mean the Dex One 401(k) Plan (formerly
the R.H. Donnelly 401(k) Plan), as amended.
	 
	 	(p)	 	“Separation from Service” shall mean the Participant’s “separation from
service” within the meaning of Code Section 409A(a)(2)(A)(i) and applicable regulations
and other guidance thereunder.
	 
	 	(q)	 	“Transition Credit” shall mean the amount equal to (i) the transition
contributions that would have been credited to the Participant’s Qualified Dex One
401(k) Plan account for the Plan Year before taking into account the restrictions of
Code Sections 401(a)(17) and 415; less (ii) the transition contributions credited to
the Participant’s Qualified Dex One 401(k) Plan account for the Plan Year.

	3.	 	Eligibility and Participation.

	 	(a)	 	Eligible Employees. Active participation in the Plan shall be limited
to Eligible Employees.
	 
	 	(b)	 	Continuation of Participation. If a Participant ceases to be an
Eligible Employee in a succeeding Plan Year, then such Participant shall remain
eligible only to continue the deferral of prior Transition Credits and Matching Credits
as and to the extent permitted under the Plan and under Code Section 409A, but shall
not be eligible to receive Transition Credits and Matching Credits under the Plan after
ceasing to be an Eligible Employee.

3

 

	 	(c)	 	Termination of Participation. The Administrator shall be specifically
empowered to terminate the Participant’s status as an Eligible Employee if the
Administrator determines, in its sole and absolute discretion, that such termination is
necessary, appropriate or desirable, including without limitation, any such termination
premised on the Administrator’s determination or belief that continuation of such
Eligible Employee status is, could or might jeopardize the Plan’s classification as a
“top hat” pension benefit plan (within the meaning of Section 11(b)). Any such
Administrator action shall be taken only in compliance with Section 409A and shall be
communicated to the individual. Except as permitted by Code Section 409A and
applicable guidance thereunder, the Administrator shall not require that any
distributions of Accounts be made in connection with the termination of a Participant’s
status as an Eligible Employee.

	4.	 	Provisions Relating to Transition and Matching Credits.

	 	(a)	 	Timing of Credit. Each Plan Year, a Transition Credit (and for Plan
Years beginning before December 31, 2010, a Matching Credit) will be credited to the
Account of each Participant no later than the last day of that Plan Year.
	 
	 	(b)	 	Special Rule Applicable to Transition Credits. No Eligible Employee
may receive Transition Credits for any Plan Year beginning on or after December 31,
2013. Only Eligible Employees who are eligible to receive transition contributions
under the Qualified Dex One 401(k) Plan shall receive a Transition Credit.
	 
	 	(c)	 	No Matching Credits for Plan Years After 2010. No Matching Credits
will be provided for periods beginning on and after January 1, 2011.

	5.	 	Accounts.

	 	(a)	 	Bookkeeping Accounts. The Company shall establish a separate
bookkeeping account for each Participant and from time to time shall enter therein the
amount to be credited to the Participant’s Account. Within each Participant’s
bookkeeping Account, separate subaccounts shall be maintained to the extent the
Administrator determines it to be necessary or desirable for the administration of the
Plan. Each Participant’s Account shall be credited with the Participant’s Transition
Credits and Matching Credits and shall be credited (or charged, as the case may be)
with the hypothetical investment results determined pursuant to the Participant’s
Investment Directions.
	 
	 	(b)	 	Investments and Investment Direction.

	 	(i)	 	Subject to the provisions of paragraphs (ii) through (iii) below,
amounts credited to an Account shall be deemed to be invested, pursuant to the
Participant’s Investment Direction, in one or more hypothetical Investments as
may be authorized from time to time by the Administrator. The Administrator may
from time to time change or discontinue any hypothetical Investment vehicle
available under the Plan in its discretion. The Participant’s Account shall be
adjusted from time to time with the hypothetical gains, losses and earnings on
the hypothetical Investments.
	 
	 	(ii)	 	Subject to the rules established by the Administrator and subject
to the provisions of this Subsection, a Participant may reallocate amounts
credited to his or her

4

 

	 	 	 	Account among one or more of such hypothetical Investment vehicles by filing
with the Administrator a notice in such form and in accordance with such
procedures as the Administrator shall determine from time to time. The
Administrator may in its discretion restrict allocation into or reallocation
into or out of any hypothetical Investment or specify minimum or maximum
amounts that may be allocated or reallocated.
	 
	 	(iii)	 	The Company may, in its discretion, establish one or more
grantor trusts or purchase one or more insurance or annuity products and deposit
therein amounts of cash, or other property not exceeding the amount of the
Company’s obligations with respect to a Participant’s Account. If the Company
invests such amounts in a manner that corresponds to the Participant’s
Investment Directions, the amounts of hypothetical income and appreciation and
depreciation in value of the Participant’s Account shall be equal to the actual
income on, and appreciation and depreciation of, the amounts so invested.
Notwithstanding the provisions of this paragraph, the Company is not and shall
not be required to make any investment in connection with the Plan or any
Participant’s Investment Direction under the Plan.

	 	(c)	 	Valuation of Accounts. Accounts shall be valued monthly.

	6.	 	Settlement of Accounts.

     A Participant’s Account shall be distributed to the Participant in the seventh (7th
) month following the Participant’s Separation From Service in a single cash lump sum payment.

	7.	 	Claim and Appeal Procedures.
	 
	 	 	The following claim and appeal procedure shall apply with respect to the Plan:

	 	(a)	 	Filing of a Claim for Benefits. If the Participant or Beneficiary (the
“claimant”) believes that he or she is entitled to benefits under the Plan which are
not being paid to him or which are not being accrued for his or her benefit, he or she
shall file a written claim with the Administrator.
	 
	 	(b)	 	Notification to Claimant of Decision.

	 	(i)	 	Within a reasonable time not to exceed 90 days after receipt of a
claim by the Administrator (or within 180 days if special circumstances require
an extension of time), the Administrator shall notify the claimant of its
decision with regard to the claim. In the event of such special circumstances
requiring an extension of time, there shall be furnished to the claimant prior
to expiration of the initial 90-day period written notice of the extension,
which notice shall set forth the special circumstances and the date by which the
decision shall be rendered.
	 
	 	(ii)	 	In the case of a claim for benefits related to disability where
disability is not determined by a third party (such as the Company’s disability
insurer or by the Social Security Administration), then the Administrator will
respond within a reasonable period of time not to exceed 45 days after receipt
of the claim. The Administrator may extend this initial period by an additional
30-day period,

5

 

	 	 	 	provided that the Administrator notifies the claimant in writing prior to the
end of the initial 45-day period. If, prior to the end of the first 30-day
extension period the Administrator determines that, due to matters beyond its
control, a decision cannot be rendered within that extension period, the
period for making the determination may be extended for up to an additional 30
days, provided that the Administrator notifies the claimant, prior to the
expiration of the first 30-day extension period. The notice of any extension
under this paragraph shall set forth the circumstances requiring an extension,
the date as of which the Plan Administrator expects to render a decision, the
standards on which entitlement to a benefit is based, the unresolved issues
that prevent a decision on the claim, and the additional information needed to
resolve the claim. If the Administrator needs additional information from the
claimant to process the claim, the claimant will have at least 45 days to
provide the specified information, and the deadline for the Administrator to
respond to the claim will be tolled until the claimant provides the
information.
	 
	 	(iii)	 	If such claim shall be wholly or partially denied, notice
thereof shall be in writing and worded in a manner calculated to be understood
by the claimant, and shall set forth:

	 	A.	 	The specific reason or reasons for the denial;
	 
	 	B.	 	Specific reference to pertinent provisions of the
Plan on which the denial is based;
	 
	 	C.	 	A description of any additional material or
information necessary for the claimant to perfect the claim and an
explanation of why such material or information is necessary;
	 
	 	D.	 	An explanation of the procedure for review of the
denial and the time limits applicable to such procedures, including a
statement of the claimants right to bring civil action under ERISA
§502(a) following an adverse benefit determination on review; and
	 
	 	E.	 	In the case of claim for disability benefits where
disability is not determined by a third party, if an internal rule,
guideline, protocol or other similar criterion was relied upon, a
statement that such rule, etc., was relied upon and either a copy of such
rule or a statement that such a rule was relied upon, and that a copy
will be provided free of charge.

	 	(c)	 	Procedure for Appeal and Review.

	 	(i)	 	Within 60 days following receipt by the claimant of notice
denying his or her claim (or 180 days for a claim relating to disability
benefits where disability is not determined by a third party), in whole or in
part, or, if such notice shall not be given, within 60 days following the last
date on which such notice could have been timely given, the claimant may appeal
denial of the claim by filing a written application for review with the
Administrator. Following such request for review, the Administrator shall fully
and fairly review the original decision denying the

6

 

	 		 	claim.Prior to the decision of the Administrator following such review, the
claimant shall be given an opportunity to review relevant documents, records,
and other information free of charge and to submit written comments,
documents, records, and other information relating to the claim for benefits.
Any documents or information submitted by the claimant shall be taken into
account by the reviewer regardless of whether it was submitted or considered
in the initial benefit determination.
	 
	 	(ii)	 	If the claim is for disability related benefits where disability
is not determined by a third party, the review will be conducted by a person who
was neither the individual who made the initial determination or a subordinate
of that person. The individual reviewing the decision shall not afford any
deference to the initial adverse benefit determination. If the initial
determination was based on a medical judgment, the Administrator will consult
with a health care professional who was not involved in the original
determination. This professional will have appropriate training and experience
in the field of medicine involved in the judgment. The Administrator will
identify to claimant medical or vocational experts whose advice was obtained in
connection with the initial determination.

	 	(d)	 	Decision on Review. The decision following such review of a claim
denied in whole or in part shall be made in the following manner:

	 	(i)	 	If the Administrator is a committee or board of trustees that
holds regularly scheduled meetings at least quarterly, the Administrator shall
make its decision on appeal no later than the date of the meeting of the
Administrator that immediately follows the Plan’s receipt of a request for
review, unless the request for review is filed within 30 days preceding the date
of such meeting. If the request for review is filed within 30 days preceding
the date of such meeting, the Administrator shall make its decision on review no
later than the date of the second meeting following the plan’s receipt of the
request for review. If special circumstances (such as the need to hold a
hearing) require a further extension of time for processing, the Administrator’s
decision on appeal shall be rendered not later than the third meeting of the
Administrator following the Plan’s receipt of the request for review. If such
an extension of time for review is required because of special circumstances,
the Administrator shall provide the claimant with written notice of the
extension, describing the special circumstances and the date as of which the
Administrator’s decision will be made, prior to the commencement of the
extension. The Administrator shall notify the claimant of the Administrator’s
decision on appeal as soon as possible, but not later than 5 days after the
benefit determination is made.
	 
	 	 	 	If the Administrator is not a committee or board of trustees that holds
regularly scheduled meetings at least quarterly, the Administrator shall make
its decision on the appeal within a reasonable period of time, but in no event
no later than 60 days (or 45 days for a claim relating to disability benefits
where disability is not determined by a third party) after its receipt of the
request for review. The Administrator may extend this initial period for
responding to the claim by an additional 60-day period (or 45-day period for a
claim relating to disability benefits where disability is not determined by a
third party), provided that the

7

 

	 	 	 	Administrator notifies the claimant in writing prior to the end of the initial
60-day period (or 45-day period for a claim relating to disability benefits
where disability is not determined by a third party) of the need for the
extension and the date by which a determination will be made.
	 
	 	(ii)	 	With respect to a claim that is denied in whole or in part,
notice of the decision following such review shall be written in a manner
calculated to be understood by the claimant and shall set forth:

	 	A.	 	The specific reason or reasons for the decision;
	 
	 	B.	 	Specific reference to pertinent provisions of the
Plan on which the decision is based;
	 
	 	C.	 	Statement that the claimant is entitled to receive,
upon request and free of charge, reasonable access to and copies of all
documents relevant to the claimant’s claim; and
	 
	 	D.	 	Statement describing the claimant’s right to bring
an action under Section 502(a) of ERISA; and
	 
	 	E.	 	In the case of claim for benefits related to
disability where disability is not determined by a third party:

     (1) If an internal rule, guideline, protocol or other similar criterion
was relied upon, the notice shall include a statement that such rule, etc.,
was relied upon, and either a copy of such rule or a statement that such a
rule was relied upon, and that a copy will be provided free of charge; and

     (2) The notice shall include the following statement: “You and your
plan may have other voluntary alternative dispute resolution options, such as
mediation. One way to find out what may be available is to contact your local
U.S. Department of Labor office and your state insurance regulatory agency.”

	 	(iii)	 	The decision of the Administrator shall be final and binding
upon all Participants, Beneficiaries and other persons.

	 	(e)	 	Action by Authorized Representative of Claimant. All actions set forth
in this Section 7 to be taken by the claimant may likewise be taken by a representative
of the claimant duly authorized by him to act on his or her behalf on such matters.
The Administrator may require such evidence as it may reasonably deem necessary or
advisable of the authority of any such representative.
	 
	 	(f)	 	Exhaustion of Administrative Remedies and Deadline for Filing Suit. A
claimant must exhaust his or her administrative remedies under the Plan before filing a
suit for benefits, and until the claimant exhausts such remedies he or she shall be
barred from filing suit to recover benefits under the Plan. A claimant who has
exhausted his or her administrative remedies must file suit no later than 180 days
after the Administrator makes a final determination to deny the claim pursuant to
Section 7(d), and a claimant who fails to file suit within such time limit shall be
forever barred from filing suit to recover on the claim.

8

 

	8.	 	Amendment, Termination and Adjustments.

     The Compensation and Benefits Committee shall have the power to amend or terminate the Plan at
any time for any reason, provided that no such action shall have the effect of (i) reducing the
value of or otherwise compromising any Participant’s Account as of the date of such amendment or
termination, or (ii) changing the provisions of the Plan applicable to any Participant or
Beneficiary in a manner that would trigger the additional taxes provided under Code Section
409A(a)(1)(B). Notwithstanding the foregoing, the Compensation and Benefits Committee shall have
the power to amend this Plan from time to time without the consent of any Participant or other
party to the extent the Compensation and Benefits Committee deems necessary or appropriate to
preserve the intended tax treatment of benefits payable hereunder.

	9.	 	Designation of Beneficiary.

     Each Participant shall have the right to designate one or more Beneficiaries to receive
payment of the Participant’s Account in the event of the Participant’s death before the
Participant’s Account has been fully distributed to the Participant. A Participant shall designate
one or more Beneficiaries by executing the beneficiary designation form prescribed from time to
time by the Administrator and filing the same with the Administrator. Any such designation may be
changed at any time by execution of a new designation in accordance with this Section. If no such
designation is on file with the Administrator at the time of the death of the Participant or if
such designation is not effective for any reason, as determined by the Administrator, then the
designated Beneficiary or Beneficiaries to receive such benefit shall be the Participant’s
surviving spouse, if any, or, if none, the Participant’s estate. No Beneficiary designation or
change thereto shall be effective until it has been received by the Administrator.

	10.	 	Administration.

	 	(a)	 	The Plan shall be administered by the Administrator. The Administrator shall
have the discretionary powers and authority as are necessary for the proper
administration of the Plan, including, but not limited to, the discretionary power and
authority to:

	 	(i)	 	Determine whether an individual is an Eligible Employee;
	 
	 	(ii)	 	Interpret the Plan and other documents, decide questions and
disputes, supply omissions, and resolve inconsistencies and ambiguities arising
under the Plan and other documents, which interpretations and decisions shall be
final and binding on all Participants and beneficiaries;
	 
	 	(iii)	 	Make any other determinations that it believes necessary or
advisable for the administration of the Plan;
	 
	 	(iv)	 	Establish rules, regulations and forms of agreements and other
instruments relating to the administration of the Plan not inconsistent with the
Plan;
	 
	 	(v)	 	Maintain any records necessary in connection with the operation
of the Plan;
	 
	 	(vi)	 	Retain counsel, employ agents, and provide for such clerical,
accounting, actuarial, and consulting services as it deems necessary or
desirable to assist it in the administration of the Plan;

9

 

	 	(vii)	 	Make benefit payments and determine benefit decisions upon
claims and appeal to the extent it has the authority to make such claim and
appeal determinations under Section 7; and
	 
	 	(viii)	 	Otherwise administer the Plan in accordance with its terms.

	 	(b)	 	In its absolute discretion, the Administrator may delegate all or any part of
its authority hereunder and other administrative duties of the Administrator to an
employee or a committee composed of employees of the Company and/or members of the
Board and all reference to the Administrator in the Plan shall be deemed to include any
such delegate to the extent authorized by such delegation. Decisions and determinations
made by the Administrator or a director or employee or committee of directors or
employees acting within the scope of authority delegated by the Administrator shall be
final and binding upon all persons. No determination of the Administrator in one case
shall create a bias or retroactive adjustment in any other case.
	 
	 	(c)	 	The costs of administering the Plan shall be borne by the Company unless and
until the Administrator notifies Participants that such costs will be imposed on
Participants. No costs may be charged to or against Participant Accounts
retroactively. Any costs charged against Participants Accounts shall be allocated in
an equitable manner as determined by the Administrator.
	 
	 	(d)	 	Each member of the Administrator shall be entitled to, in good faith, rely or
act upon any report or other information furnished to him or her by any director,
officer or other employee of the Company, the Company’s independent certified public
accountants, or any executive compensation consultant, legal counsel, or other
professional retained by the Company to assist in the administration of the Plan. To
the maximum extent permitted by law, no member of the Administrator, nor any person to
whom ministerial duties have been delegated, shall be liable to any person for any
action taken or omitted in connection with the interpretation and administration of the
Plan.
	 
	 	(e)	 	To the extent permissible under applicable laws, the Company shall indemnify
all of its employees and directors involved in the administration of the Plan against
any and all claims, losses, damages, costs and expenses, including attorney’s fees,
incurred by them, and any liability, including any amounts paid in settlement with
their approval, arising from their action or failure to act, except when the same is
judicially determined to be attributable to their gross negligence or willful
misconduct.

	11.	 	General Provisions.

	 	(a)	 	Funding. The Plan is unfunded. All benefits will be paid from the
general assets of the Company.
	 
	 	(b)	 	“Top Hat” Pension Benefit Plan. The Plan is an “employee pension
benefit plan” within the meaning of ERISA. However, the Plan is unfunded and maintained
for a select group of management or highly compensated employees of the Company and,
therefore, it is intended that the Plan will be exempt from Parts 2, 3 and 4 of Title I
of ERISA. The Plan is not intended to qualify under Section 401(a) of the Code.

10

 

	 	(c)	 	Assignment. Other than by will or the laws of descent and
distribution, no right, title or interest of any kind in the Plan shall be transferable
or assignable by a Participant or his or her Beneficiary or be subject to alienation,
anticipation, encumbrance, garnishment, attachment, levy, execution or other legal or
equitable process, nor subject to the debts, contracts, liabilities, engagements or
torts of any Participant or his or her Beneficiary. Any attempt to alienate, sell,
transfer, assign, pledge, garnish, attach or take any other action subject to legal or
equitable process or encumber or dispose of any interest in the Plan shall be void.
	 
	 	(d)	 	Receipt and Release. Payments (in any form) to any Participant or
Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof,
be in full satisfaction of all claims to which the payments relate against the Company
or any affiliate or subsidiary thereof, and the Administrator may require such
Participant or Beneficiary to execute a receipt and release to such effect.
	 
	 	(e)	 	Unsegregated Funds; Unsecured General Creditor Status Of Participant.

	 	(i)	 	Any Account established under this Plan shall be hypothetical in
nature and shall be maintained for bookkeeping purposes only so that gains,
losses and earnings relating to the hypothetical investment of each
Participant’s Account can be credited (or charged, as the case may be). Neither
the Plan nor any of the Accounts (or subaccounts) established hereunder shall
represent the ownership of or beneficial interest in any actual funds or assets.
The right of any person to receive one or more payments under the Plan shall be
an unsecured claim against the general assets of the Company and no Participant
or Beneficiary shall have an interest in, or lien or prior claim upon, any
property of the Company by reason of any rights of such party, or obligations
owed to such party, under the Plan. Any liability of the Company to any
Participant or Beneficiary with respect to a right to payment shall be based
solely upon contractual obligations created by the Plan. No party shall be
deemed to be a trustee of or with respect to any amounts to be paid under the
Plan. Nothing contained in the Plan, and no action taken pursuant to its
provisions, shall create or be construed to create a trust of any kind or a
fiduciary relationship between the Company and a Participant or any other
person.
	 
	 	(ii)	 	The Company shall be under no obligation to segregate Transition
Credits or Matching Credits and participation in the Plan shall constitute an
acknowledgment and agreement by the Participant that such unsegregated funds
belong absolutely and unconditionally to the Company and are subject to the
claims of the Company’s general creditors.
	 
	 	(iii)	 	The Company may (but shall not be obligated to) establish a
trust or trusts, or such other investment or accounting devices as the
Administrator shall deem appropriate, advisable or desirable, which may take the
form of grantor trusts, may be revocable or irrevocable, and may have
independent trustees. If any such trusts or other devices are established
(including but not limited to trusts or devices described in Section 5(b)(iii)),
then so long as they are maintained, the assets of such trusts or devices will
be subject to the claims of creditors of the Company in the event the Company
becomes insolvent. To the extent that the assets of such trusts or other
devices are insufficient to pay benefits due under the

11

 

	 	 	 	Plan, such benefits shall be paid by the Company from its general assets.
Neither Participants, their Beneficiaries, nor their successors or legal
representatives shall have any right, actual or beneficial, other than the
right of an unsecured general creditor, against the Company or against any of
such trusts or other devices in respect of any portion of a Participant’s
Account. Any trust or other investment or accounting device established in
connection with this Plan shall be designed and administered in a manner that
will not cause amounts to become taxable under Code Section 409A(b).

	 	(f)	 	Reservation of Rights. Nothing in the Plan shall be construed to (i)
limit in any way the right of the Company to terminate a Participant’s employment with
the Company; or (ii) be evidence of any agreement or understanding, expressed or
implied, that the Company will employ a Participant at any particular rate of
remuneration.
	 
	 	(g)	 	Withholding and Reporting. To the extent permitted under Code Section
409A and applicable regulations and other guidance thereunder, the Company shall have
the right to deduct or withhold from any and all deferrals and from all payments
hereunder any taxes required by law to be withheld from a Participant or Beneficiary
with respect to such payments. Each Participant’s Matching Credits and Transition
Credits shall be reported annually on IRS Form W-2 or IRS Form 1099 as may be required
by law. To the extent permitted under Code Section 409A and applicable regulations and
other guidance thereunder, the Administrator may accelerate the time or schedule of
payment of any portion of the Account in order to pay taxes due or required to be
withheld in connection with the Account, including but not limited to additional taxes
that become due pursuant to Code Section 409A.
	 
	 	(h)	 	Delay of Payments. Notwithstanding the provisions of Section 7, the
Company may delay any payment due to the Participant or Beneficiary hereunder if the
Administrator determines that the delay is permitted under Code Section 409A and
applicable guidance thereunder and that the delay is necessary (i) to comply with
Federal securities laws or other applicable laws, (ii) to preserve the Company’s
deduction with respect to the payment, or (iii) to preserve the Company’s ability to
continue as a going concern.
	 
	 	(i)	 	Number and Gender. Wherever appropriate herein, words used in the
singular shall be considered to include the plural and words used in the plural shall
be considered to include the singular. The masculine gender, where appearing in the
Plan, shall be deemed to include the feminine gender.
	 
	 	(j)	 	Headings. The headings of sections and paragraphs herein are included
solely for convenience, and if there is any conflict between such headings and the text
of the Plan, the text of the Plan shall control.
	 
	 	(k)	 	Deferred Compensation. The Company intends that amounts payable to a
Participant or Beneficiary pursuant to the Plan shall not be included in income for
federal, state, or local income tax purposes until the benefits are actually paid or
delivered to such Participant or Beneficiary. Accordingly, this Plan shall be
interpreted and administered consistently with the requirements of Code Section 409A,
as amended or supplanted from time to time, and current and future guidance thereunder.

12

 

	 	(l)	 	No Tax Representations. The Company and the Administrator do not
represent or guarantee to any Participant or Beneficiary that any particular federal or
state income, payroll or other tax treatment will result from the Participant’s
participation in this Plan. The Participant or Beneficiary is solely responsible for
the proper tax reporting and timely payment of any income tax or interest for which the
Participant or Beneficiary is liable as a result of the Participant’s participation in
this Plan.
	 
	 	(m)	 	Binding Effect. The Plan shall be binding upon and inure to the
benefit of the Company, its successors and assigns, and on Participants and
Beneficiaries and their respective heirs, executors and legal representatives.
	 
	 	(n)	 	Severability. If any provision of the Plan should for any reason be
declared invalid or unenforceable by a court of competent jurisdiction, the remaining
provisions shall nevertheless remain in full force and effect but shall be interpreted
and administered consistently with the requirements of Code Section 409A.
	 
	 	(o)	 	Applicable Law. The Plan shall be construed in accordance with and
governed by the laws of the State of Delaware to the extent not superseded by federal
law.

	12.	 	Adoption and Execution.

     The amendments in this amended and restated Plan were approved and adopted by the Compensation
and Benefits Committee of the Board of Directors of Dex One Corporation on July 27, 2010. Dex One
Service, Inc.’s participation in this Plan as of January 1, 2011, was approved by the Employee
Benefits Committee on September 15, 2010. As evidence of its adoption of this amendment and
restatement of the Plan, the undersigned Company has caused this instrument to be signed by its
duly authorized representative this 15th day of December, 2010.

	 	 	 	 	 
	 	DEX ONE CORPORATION

 	 
	 	By  	/s/
Gretchen Zech 	 
	 	 	On behalf of the Compensation and Benefits Committee 	 
	 	 	 	 
	 

13exv10w34

EXHIBIT 10.34

STAND-ALONE RESTRICTED STOCK AWARD AGREEMENT

*  *  *  *  *

Participant: Atish Banerjea

Grant Date: January 18, 2011

Number of Shares of

Restricted Stock Granted: 50,000

*  *  *  *  *

     THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date
specified above, is entered into by and between Dex One Corporation, a corporation organized in the
State of Delaware (the “Company”), and the Participant specified above.

     This Restricted Stock Award is granted to the Participant on a stand-alone basis, outside the
Dex One Corporation Equity Incentive Plan, as amended (the “Plan”), as a material
inducement for the Participant to accept the position of Senior Vice President and Chief Technology
Officer of the Company. Notwithstanding the foregoing, it is intended that all of the terms and
conditions of the Plan that would otherwise have been applicable to this Restricted Stock Award had
this Restricted Stock Award been granted under the Plan (except as otherwise expressly provided
herein) be applicable to this Restricted Stock Award, and accordingly, references to the Plan are
made herein for such purpose and those terms are incorporated herein by reference. The Plan is
attached as Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the Securities and
Exchange Commission on February 4, 2010.

     NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth
and for other good and valuable consideration, the parties hereto hereby mutually covenant and
agree as follows:

     1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in
all respects to the terms and provisions of the Plan (including, without limitation, any amendments
thereto adopted at any time and from time to time unless such amendments are expressly intended not
to apply to the Restricted Stock Award provided hereunder), all of which terms and provisions are
made a part of and incorporated in this Agreement as if they were each expressly set forth herein.
Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed
thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and
that the Participant has read the Plan carefully and fully understands its content. In the event
of any conflict between the terms of this Agreement and the terms of the Plan, the terms of this
Agreement shall control. Without limiting the generality of the preceding sentences, the number of
shares of Common Stock subject to this Restricted Stock Award shall be subject to adjustment as
provided in Section 5.7 of the Plan. Notwithstanding the foregoing,

 

 

no amendment to the Plan or
this Agreement, or the exercise of any discretion by the Company, the Committee, the Board or
otherwise with respect to interpreting or administering the Plan and/or this Agreement which would
impair the rights of the Participant shall be effective with respect to this Restricted Stock Award
unless specifically agreed to by the Participant in an advance writing. In addition, any provision
of the Plan which provides that the decisions and interpretation of the Company, the Committee, the
Board or otherwise are final, binding and conclusive (or any other language of similar effect)
shall not be applicable to this Restricted Stock Award to the extent that the exercise of the
powers thereunder would be inconsistent with the economic intent of this Agreement.

     2. Grant of Restricted Stock Award. The Company hereby grants to the Participant, as
of the Grant Date specified above, the number of shares of Restricted Stock specified above.
Except as otherwise provided by the Plan, the Participant agrees and understands that nothing
contained in this Agreement provides, or is intended to provide, the Participant with any
protection against potential future dilution of the Participant’s interest in the Company for any
reason, and no adjustments shall be made for ordinary dividends in cash or other property,
distributions or other rights in respect of any such shares, except as otherwise specifically
provided for in the Plan or this Agreement. Subject to Section 5 hereof, the Participant shall
have the rights of a stockholder in respect of the shares underlying this Restricted Stock Award.

     3. Vesting.

          (a) The Restricted Stock subject to this grant shall become unrestricted and vested as
follows, subject to the Participant’s continued service with the Company or its Subsidiaries on
each applicable Vesting Date (as provided below):

	 	 	 	 	 
	Vesting Date	 	Number of Shares	 
	January 18, 2012
	 	 	16,667	 
	January 18, 2013
	 	 	16,667	 
	January 18, 2014
	 	 	16,666	 

Except as provided in Sections 3(b) and 3(c) hereof, there shall be no proportionate or partial
vesting in the periods prior to each Vesting Date and all vesting shall occur only on the
appropriate Vesting Date specified above, subject to the Participant’s continued service with the
Company or any of its Subsidiaries on each applicable vesting date.

          (b) Accelerated Vesting; Committee Discretion. Notwithstanding the foregoing, in the
event of the Participant’s termination of service with the Company and its Subsidiaries by the
Company without “Cause,” by the Participant for “Good Reason” (each as defined in
the Dex One Corporation Severance Plan — Senior Vice President (Effective as Amended October 14,
2010), as the same may hereafter be amended and/or superseded from time to time)(the “SVP
Severance Plan”)), or as a result of the Participant’s death or Disability, then the portion of
the Participant’s unvested Restricted Stock hereunder that would have

2

 

become vested on the next
Vesting Date (as set forth above) immediately following such termination had the Participant
remained in the service of the Company and its Subsidiaries through such Vesting Date shall become
immediately vested as of the date of such termination. In addition to the foregoing, the Committee
may, in its sole discretion, provide for accelerated vesting of the Restricted Stock at any time
and for any reason.

          (c) Change in Control. Notwithstanding the provisions of Sections 3(a) and 3(b)
hereof, in the event of the Participant’s termination of service with the Company and its
Subsidiaries by the Company without Cause or by the Participant for Good Reason within three (3)
months prior to or two (2) years following a “Change in Control” (as defined in the SVP
Severance Plan), any unvested Restricted Stock remaining outstanding hereunder shall become fully
and immediately vested on the date of such termination (or the date of the Change in Control, if
such termination occurs within three (3) months prior to such Change in Control). In addition to
the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of this
Restricted Stock Award at any time and for any reason. The parties hereto agree that if other
officers, directors or employees of the Company have outstanding Restricted Stock Awards or similar
awards which vest upon a Change in Control (either by the terms of the applicable award agreement
or through the act of the Committee, the Board or otherwise), than, notwithstanding the foregoing,
this Restricted Stock Award shall vest as to 100% of the unvested portion of this Restricted Stock
Award as of the Change in Control. The parties further acknowledge and agree that to the extent
that this Restricted Stock Award remains unvested upon a termination of Executive’s employment in
which the first sentence of this Section 3(c) could be applicable, this Restricted Stock Award
shall not terminate until the last date on which this Restricted Stock Award could vest in
accordance with this Section 3(c).

          (d) Forfeiture. Except as otherwise provided herein (including, without limitation,
the accelerated vesting provisions set forth herein) and subject to the Committee’s discretion to
accelerate vesting hereunder, all unvested shares of Restricted Stock shall be immediately
forfeited upon the Participant’s termination of service with the Company and its Subsidiaries for
any reason.

     4. Period of Restriction; Delivery of Unrestricted Shares. During the applicable
period of restriction, the Restricted Stock shall bear a legend as determined to be necessary by
the Committee to evidence the applicable restrictions hereunder. When shares of Restricted Stock
awarded by this Agreement become vested, the Participant shall be entitled to receive unrestricted
shares and if the Participant’s stock certificates contain legends restricting the transfer of such
shares, the Participant shall be entitled to receive new stock certificates free of such legends
(except any legends requiring compliance with securities laws).

     5. Dividends and Other Distributions; Voting. The Participant shall be entitled to
receive all dividends and other distributions paid with respect to the Restricted Stock, provided
that any such dividends or other distributions will be subject to the same vesting requirements as
the underlying Restricted Stock and shall be paid at the time the Restricted Stock becomes vested
pursuant to Section 3 hereof. If any dividends or distributions are paid in shares, the shares
shall be deposited with the Company and shall be subject to the same restrictions on
transferability and forfeitability as the Restricted Stock with respect to which they were paid.
The Participant may exercise full voting rights with respect to the Restricted Stock granted
hereunder.

3

 

     6. Non-Transferability. The shares of Restricted Stock, and any rights and interests
with respect thereto, issued under this Agreement shall not, prior to vesting, be sold, exchanged,
transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary of
the Participant), other than by testamentary disposition by the Participant or the laws of descent
and distribution. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise
dispose of or hypothecate in any way any of the Restricted Stock, or the levy of any execution,
attachment or similar legal process upon the Restricted Stock, contrary to the terms and provisions
of this Agreement and/or the Plan shall be null and void and without legal force or effect.

     7. Governing Law. All questions concerning the construction, validity and
interpretation of this Agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware, without regard to the choice of law principles thereof.

     8. Withholding of Tax. The Company shall have the power and the right to deduct or
withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any
federal, state, local and foreign taxes of any kind (including, but not limited to, the
Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary
to be withheld or remitted to comply with the Code and/or any other applicable law, rule or
regulation with respect to the Restricted Stock and, if the Participant fails to do so, the Company
may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be
issued pursuant to this Agreement. Any statutorily required withholding obligation with regard to
the Participant may be satisfied by reducing the amount of cash or shares of Common Stock otherwise
deliverable to the Participant hereunder or by any other method, as selected by the Participant, as
provided in Section 5.5 of the Plan.

     9. Section 83(b). If the Participant properly elects (as required by Section 83(b) of
the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for
federal income tax purposes in the year of issuance the Fair Market Value of such shares of
Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the
Company to pay to the Company upon such election, any federal, state or local taxes required to be
withheld with respect to the Restricted Stock. If the Participant shall fail to make such payment,
the Company shall, to the extent permitted by law, have the right to deduct from any payment of any
kind otherwise due to the Participant any federal, state or local taxes of any kind required by law
to be withheld with respect to the Restricted Stock, as well as the rights set forth in Section 8
hereof. The Participant acknowledges that it is the Participant’s sole responsibility, and not the
Company’s, to file timely and properly the election under Section 83(b) of the Code and any
corresponding provisions of state tax laws if the Participant elects to make such election, and the
Participant agrees to timely provide the Company with a copy of any such election.

     10. Securities Representations. The shares of Restricted Stock are being issued to
the Participant and this Agreement is being made by the Company in reliance upon the following
express representations and warranties of the Participant. The Participant acknowledges,
represents and warrants that:

          (a) The Participant has been advised that the Participant may be an “affiliate” within the
meaning of Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”),

4

 

and in this connection the Company is relying in part on the Participant’s representations set
forth in this Section 10.

          (b) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities
Act, the shares of Restricted Stock must be held indefinitely unless an exemption from any
applicable resale restrictions is available or the Company files an additional registration
statement (or a “re-offer prospectus”) with regard to the shares of Restricted Stock and the
Company is under no obligation to register the shares of Restricted Stock (or to file a “re-offer
prospectus”).

          (c) If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities
Act, the Participant understands that (i) the exemption from registration under Rule 144 will not
be available unless (A) a public trading market then exists for the Common Stock of the Company,
(B) adequate information concerning the Company is then available to the public, and (C) other
terms and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any sale of
the shares of vested Restricted Stock hereunder may be made only in limited amounts in accordance
with the terms and conditions of Rule 144 or any exemption therefrom.

     11. Entire Agreement; Amendment. This Agreement, together with the Plan, contains the
entire agreement between the parties hereto with respect to the subject matter contained herein,
and supersedes all prior agreements or prior understandings, whether written or oral, between the
parties relating to such subject matter. This Agreement may only be modified or amended by a
writing signed by both the Company and the Participant, except as specifically provided in the Plan
(as limited by this Agreement).

     12. Notices. Any notice hereunder by the Participant shall be given to the Company in
writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel
(or its designee) of the Company, or, if not available, the Board. Any notice hereunder by the
Company shall be given to the Participant in writing and such notice shall be deemed duly given
only upon receipt thereof at such address as the Participant may have on file with the Company.

     13. Acceptance. The Participant shall forfeit the Restricted Stock if the Participant
does not execute this Agreement within a period of 60 days from the date that the Participant
receives this Agreement (or such other period as the Committee shall provide).

     14. No Right to Service. Nothing in this Agreement shall interfere with or limit in
any way the right of the Company or its Subsidiaries to terminate the Participant’s service at any
time, for any reason and with or without Cause.

     15. Transfer of Personal Data. The Participant authorizes, agrees and unambiguously
consents to the transmission by the Company (or any Subsidiary) of any personal data information
related to the Restricted Stock awarded under this Agreement for legitimate business purposes.
This authorization and consent is freely given by the Participant.

     16. Compliance with Laws. The issuance of the Restricted Stock or unrestricted shares
pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements
of any foreign and U.S. federal and state securities laws, rules and regulations (including,
without limitation, the provisions of the Securities Act, the Exchange Act and in each

5

 

case any
respective rules and regulations promulgated thereunder) and any other law or regulation applicable
thereto. The Company shall not be obligated to issue the Restricted Stock or any of the shares
pursuant to this Agreement if any such issuance would violate any such requirements. The Company
represents that it is not restricted from granting the award contemplated under this Agreement for
any reason. The Company shall register the shares subject to this award on an S-8 or S-3 (or other
appropriate registration statement).

     17. Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the
shares of Restricted Stock are intended to be exempt from the applicable requirements of Section
409A of the Code and shall be limited, construed and interpreted in accordance with such intent as
is reasonable under the circumstances.

     18. Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be
binding upon, and be enforceable by the Company and its successors and assigns. The Participant
shall not assign (except in accordance with Section 6 hereof) the Restricted Stock or any part of
this Agreement without the prior express written consent of the Company.

     19. Headings. The titles and headings of the various sections of this Agreement have
been inserted for convenience of reference only and shall not be deemed to be a part of this
Agreement.

     20. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which shall constitute one and the same
instrument.

     21. Further Assurances. Each party hereto shall do and perform (or shall cause to be
done and performed) all such further acts and shall execute and deliver all such other agreements,
certificates, instruments and documents as either party hereto reasonably may request in order to
carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated thereunder.

     22. Severability. The invalidity or unenforceability of any provisions of this
Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the
remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any
provision of this Agreement in any other jurisdiction, it being intended that all rights and
obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

     23. Acquired Rights. The Participant acknowledges and agrees that: (a) the Company
may terminate or amend the Plan at any time, subject to the limitations contained in the Plan or
this Agreement; (b) the award of Restricted Stock made under this Agreement is completely
independent of any other award or grant and is made at the sole discretion of the Company; (c) no
past grants or awards (including, without limitation, the Restricted Stock awarded hereunder) give
the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits
granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be
considered as part of such salary in the event of severance, redundancy or resignation.

6

 

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

	 	 	 	 	 
	 	DEX ONE CORPORATION

 	 
	 	By:  	/s/ Gretchen Zech
 	 
	 	 	Name:  	Gretchen Zech 	 
	 	 	Title:  	Senior Vice President, Human Resources 	 
	 
	 	PARTICIPANT

 	 
	 	/s/ Atish Banerjea
 	 
	 	Atish Banerjea 	 
	 	 	 
	 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}]]