Document:

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                                                                   EXHIBIT 10.20
                                                                  EXECUTION COPY

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (the "Agreement"), effective as of November
8, 2002 (the "Effective Date"), is made by and between George Burnett (the
"Executive") and Dex Media, Inc., a Delaware corporation, and any of its
subsidiaries and affiliates (including without limitation Dex Media East LLC) as
may employ Executive from time to time (collectively, and together with any
successor thereto, the "Company").

                                    RECITALS

         A.       It is the desire of the Company to assure itself of the
                  services of the Executive by engaging the Executive to perform
                  services under the terms hereof.

         B.       The Executive desires to provide services to the Company on
                  the terms herein provided.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements set forth below the parties hereto agree as follows:

1.       CERTAIN DEFINITIONS

         (a)      "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.

         (b)      "Agreement" shall have the meaning set forth in the preamble
                  hereto.

         (c)      "Annual Base Salary" shall have the meaning set forth in
                  Section 3(a).

         (d)      "Board" shall mean the Board of Directors of the Company.

         (e)      The Company shall have "Cause" to terminate the Executive's
                  employment hereunder upon:

                  (i)      The Executive's willful failure to substantially
                           perform the duties set forth in this Agreement (other
                           than any such failure resulting from the Executive's
                           Disability) which is not remedied within 30 days
                           after receipt of written notice from the Company
                           specifying such failure;

                  (ii)     The Executive's willful failure to carry out, or
                           comply with, in any material respect any lawful and
                           reasonable directive of the Board not inconsistent
                           with the terms of this Agreement, which is not
                           remedied within 30 days after receipt of written
                           notice from the Company specifying such failure;

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                  (iii)    The Executive's commission at any time of any act or
                           omission that results in, or that may reasonably be
                           expected to result in, a conviction, plea of no
                           contest, or imposition of unadjudicated probation for
                           any felony or crime involving moral turpitude;

                  (iv)     The Executive's unlawful use (including being under
                           the influence) or possession of illegal drugs on the
                           Company's premises or while performing the
                           Executive's duties and responsibilities under this
                           Agreement; or

                  (v)      The Executive's commission at any time of any act of
                           fraud, embezzlement, misappropriation, material
                           misconduct, or breach of fiduciary duty against the
                           Company (or any predecessor thereto or successor
                           thereof).

         (f)      "Change in Control" shall mean a change in 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 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 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 fifty percent (50%) of the total combined voting power of
                  the Company's securities outstanding immediately after such
                  acquisition.

         (g)      "Common Stock" shall mean common stock of the Company, par
                  value $0.01 per share.

         (h)      "Company" shall have the meaning set forth in the preamble
                  hereto.

         (i)      "Compensation Committee" means the Compensation Committee of
                  the Board.

         (j)      "Date of Termination" shall mean (i) if the Executive's
                  employment is terminated by his death, the date of his death;
                  (ii) if the Executive's employment is terminated pursuant to
                  Section 4(a)(ii) - (vi) either the date indicated in the
                  Notice of Termination or the date specified by the Company
                  pursuant to Section 4(b), whichever is earlier; (iii) if the
                  Executive's employment is terminated pursuant to Section
                  4(a)(vii) or Section 4(a)(viii), the expiration of the
                  then-applicable Term.

         (k)      "Dex West Transaction" shall mean the transaction contemplated
                  by the Rodney Purchase Agreement.

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         (l)      "Directors and Officers Insurance" shall have the meaning set
                  forth in Section 13.

         (m)      A "Disability" shall have occurred when the Executive has been
                  unable to perform his duties because of physical or mental
                  incapacity for a period of at least 180 consecutive days as
                  determined by a medical doctor mutually agreed-upon by the
                  parties hereto.

         (n)      "EBITDA" for a given period shall mean the sum of (i) the
                  consolidated earnings before interest, taxes, depreciation,
                  amortization, and extraordinary items and (ii) any management
                  or similar fees charged to the Company by any Principal
                  Stockholder (but only to the extent such fees are deducted
                  from the earnings described in the preceding subsection (i)),
                  all as reflected on the Company's audited consolidated
                  financial statements for such period.

         (o)      "Effective Date" shall have the meaning set forth in the
                  preamble hereto.

         (p)      "Exchange Act" shall mean the Securities Exchange Act of 1934,
                  as amended from time to time.

         (q)      "Executive" shall have the meaning set forth in the preamble
                  hereto.

         (r)      "Executive Bonus Plan" shall mean the bonus plan to be
                  developed by the Compensation Committee which shall
                  incorporate the targets attached hereto as Exhibit A.

         (s)      "Extension Term" shall have the meaning set forth in Section
                  2(b).

         (t)      The Executive shall have "Good Reason" to resign his
                  employment upon the occurrence of any of the following:

                  (i)      Failure of the Company to continue the Executive in
                           the position of President and Chief Executive Officer
                           (or any other position not less senior to such
                           position);

                  (ii)     A material diminution in the nature or scope of the
                           Executive's responsibilities, duties or authority;

                  (iii)    Failure of the Company to make any material payment
                           or provide any material benefit under this Agreement;
                           or

                  (iv)     The Company's material breach of this Agreement or
                           any Option Agreement;

                  provided, however, that notwithstanding the foregoing the
                  Executive may not resign his employment for Good Reason
                  unless: (A) the Executive provides the Company with at least
                  30 days prior written notice of his intent to resign for Good
                  Reason (which notice is provided not later than the 30th day
                  following the occurrence of the event constituting Good
                  Reason); and (B) the Company has not

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                  remedied the alleged violation(s) within the 30-day period;
                  and, provided, further, that the Executive shall not have Good
                  Reason to terminate his employment due to the failure to
                  consummate all or any portion of the Dex West Transaction; and
                  provided, further, that Executive may resign his employment
                  for Good Reason if in connection with any Change in Control
                  the purchaser does not assume the severance provisions set
                  forth in Section 5 (including corresponding definitions) (or
                  substitute substantially identical severance provisions) with
                  respect to the Executive and if Executive does not accept
                  employment with such purchaser in connection with the Change
                  in Control.

         (u)      "Initial Term" shall have the meaning set forth in Section
                  2(b).

         (v)      "Joint Management Agreement" shall have the meaning set forth
                  in Section 14.

         (w)      "Notice of Termination" shall have the meaning set forth in
                  Section 4(b).

         (x)      "Option Agreement" shall mean an agreement to purchase Common
                  Stock pursuant to the Option Plan.

         (y)      "Option Plan" shall have the meaning set forth in Section
                  3(c).

         (z)      "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.

         (aa)     "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.

         (bb)     "Related Agreements" shall have the meaning set forth in
                  Section 18.

         (cc)     "Rodney Purchase Agreement" shall mean that certain Purchase
                  Agreement by and among Qwest Dex, Inc., Qwest Services
                  Corporation, Qwest Communications International Inc.
                  (collectively, the "Qwest Parties") and Dex Holdings LLC,
                  dated as of August 19, 2002, pursuant to which the Qwest
                  Parties have agreed to sell all of the interests of GPP LLC
                  (as described in the Rodney Purchase Agreement) to Dex
                  Holdings LLC on the terms and conditions set forth therein.

         (dd)     "Securities Act" shall mean the Securities Act of 1933, as
                  amended from time to time.

         (ee)     "Term" shall have the meaning set forth in Section 2(b).

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2.       EMPLOYMENT

         (a)      The Company shall employ the Executive and the Executive shall
                  enter the employ of the Company, for the period set forth in
                  Section 2(b), in the position set forth in Section 2(c), and
                  upon the other terms and conditions herein provided.

         (b)      The initial term of employment under this Agreement (the
                  "Initial Term") shall be for the period beginning on the
                  effective date of this Agreement and ending on December 31,
                  2005, unless earlier terminated as provided in Section 4. The
                  employment term hereunder shall automatically be extended for
                  successive one-year periods (each, an "Extension Term" and,
                  collectively with the Initial Term, the "Term") unless either
                  party gives notice of non-extension to the other no later than
                  90 days prior to the expiration of the then-applicable Term.

         (c)      Position and Duties.

                           (i)      The Executive shall serve as President and
                  Chief Executive Officer of the Company with such customary
                  responsibilities, duties and authority customarily associated
                  with such positions in a company the size and nature of the
                  Company as may from time to time be assigned to the Executive
                  by the Board. Such duties, responsibilities and authority may
                  include services for one or more subsidiaries or affiliates of
                  the Company including, without limitation, services for Dex
                  Media West LLC following the consummation of all or any
                  portion of the Dex West Transaction. The Executive shall
                  report to the Board. The Executive agrees to observe and
                  comply with the Company's rules and policies as adopted by the
                  Company from time to time. The Executive shall devote
                  substantially all his working time and efforts to the business
                  and affairs of the Company; provided, that it shall not be
                  considered a violation of the foregoing for the Executive to
                  (A) with the prior consent of the Board (which consent shall
                  not unreasonably be withheld), serve on corporate, industry,
                  civic or charitable boards or committees, (B) accept speaking
                  engagements and (C) manage his personal affairs, so long as
                  none of such activities significantly interferes with the
                  Executive's duties hereunder.

                           (ii)     As of the Effective Date, the Principal
                  Stockholders shall cause the Executive to be appointed or
                  elected to the Board. During the Term, the Board shall propose
                  the Executive for re-election to the Board and the Principal
                  Stockholders shall vote all of their shares of Common Stock in
                  favor of such re-election.

                           (iii)    The Executive's principal place of
                  employment shall be the Company's offices in the Denver,
                  Colorado metropolitan area.

3.       COMPENSATION AND RELATED MATTERS

         (a)      Annual Base Salary. During the Term, the Executive shall
                  receive a base salary at a rate of $450,000 per annum, which
                  shall be paid in accordance with the

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                  customary payroll practices of the Company (the "Annual Base
                  Salary"). The rate of the Annual Base Salary shall be reviewed
                  annually by the Compensation Committee on or prior to April 4
                  of each year (beginning with April 4, 2004) during the Term
                  and may be increased, but not decreased, upon such review. The
                  Annual Base Salary shall not be decreased at any time during
                  the Term without the Executive's consent, including for the
                  purpose of determining severance benefits under Section 5
                  hereof.

         (b)      Annual Bonus. With respect to each of the Company's fiscal
                  years that end during the Term, the Executive shall be
                  eligible to receive an annual performance-based bonus in
                  accordance with the terms of the Executive Bonus Plan. The
                  Executive Bonus Plan shall provide that (i) if the Company
                  achieves the Bank Case EBITDA Target (as set forth on Exhibit
                  A) for an applicable fiscal year, the Executive's annual bonus
                  shall be payable in an amount equal to 35% of his Annual Base
                  Salary, and (ii) if the Company achieves the Equity Case
                  EBITDA Target (as set forth on Exhibit A) for an applicable
                  fiscal year, the Executive's annual bonus shall be payable in
                  an amount equal to 75% of his Annual Base Salary. The
                  Compensation Committee may, in its sole discretion, provide
                  that the Executive shall be paid additional bonus amount
                  pursuant to the Executive Bonus Plan with respect to any
                  fiscal year (up to maximum aggregate annual bonus of 100% of
                  Annual Base Salary). The Annual Bonus shall be paid to the
                  Executive no later than 90 days following the then applicable
                  fiscal year.

         (c)      Stock Option Plan. As of the Effective Date, the Executive
                  shall be granted an option to purchase 58,648 shares of Common
                  Stock, pursuant to the terms and conditions of the Stock
                  Option Plan of Dex Media, Inc. (the "Option Plan") and an
                  Option Agreement entered into by and between Dex Media, Inc.
                  and the Executive as of the date hereof in substantially the
                  form attached hereto as Exhibit B. In the event that the Dex
                  West Transaction is consummated, then as of the Closing Date
                  (as defined in the Rodney Purchase Agreement), the Executive
                  shall be granted an option to purchase 58,647 shares of Common
                  Stock, pursuant to the terms and conditions of the Option Plan
                  and an Option Agreement entered into by and between the
                  Executive and the Company (or its applicable affiliate).

         (d)      Benefits. During the Term, the Executive shall be entitled to
                  participate in employee benefit plans, programs and
                  arrangements of the Company now (or, to the extent determined
                  by the Board, hereafter) in effect which are applicable to the
                  senior executives of the Company in accordance with their
                  terms including, without limitation, the Dex Media, Inc.
                  Pension Plan and the Dex Media, Inc. 401(k) Savings Plan. Such
                  benefits shall be provided at a level and on terms and
                  conditions consistent with the Executive's position, and shall
                  be no less favorable to the Executive than those benefit
                  levels applying to other senior executives of the Company.

         (e)      Vacation. During the Term, the Executive shall be entitled to
                  paid vacation in accordance with the Company's vacation
                  policies applicable to senior executives

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                  of the Company. Any vacation shall be taken at the reasonable
                  and mutual convenience of the Company and the Executive.

         (f)      Expenses. During the Term, the Company shall reimburse the
                  Executive for all reasonable travel and other business
                  expenses incurred by him in the performance of his duties to
                  the Company in accordance with the Company's expense
                  reimbursement policy.

         (g)      Legal Fees. The Company shall pay or reimburse the Executive
                  for all reasonable attorneys fees incurred by him in
                  connection with the negotiation of this Agreement and any
                  other agreements documenting his employment arrangement with
                  the Company, up to a maximum of $25,000. The Company may, in
                  its discretion, pay or reimburse the Executive for reasonable
                  legal expenses in excess of $25,000.

4.       TERMINATION

         The Executive's employment hereunder may be terminated by the Company
or the Executive, as applicable, without any breach of this Agreement only under
the following circumstances:

         (a)      Circumstances.

                  (i)      Death. The Executive's employment hereunder shall
                           terminate upon his death.

                  (ii)     Disability. If the Executive has incurred a
                           Disability, the Company may give the Executive
                           written notice of its intention to terminate the
                           Executive's employment, provided, however, that such
                           notice shall not be effective prior to the earlier to
                           occur of (A) the first anniversary of the date the
                           Executive incurred the Disability or (B) the
                           expiration of short-term disability benefits pursuant
                           to any applicable Company benefit plan. In that
                           event, the Executive's employment with the Company
                           shall terminate effective on the later to occur of
                           (X) the 30th day after the receipt of such notice by
                           the Executive or (Y) the earlier to occur of the
                           events described in subparagraphs (A) or (B) of this
                           Section 4(a)(ii), provided that prior to the
                           effective date of such termination, the Executive
                           shall not have returned to full-time performance of
                           his duties.

                  (iii)    Termination for Cause. The Company may terminate the
                           Executive's employment for Cause.

                  (iv)     Termination without Cause. The Company may terminate
                           the Executive's employment without Cause.

                  (v)      Resignation for Good Reason. The Executive may resign
                           his employment for Good Reason.

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                  (vi)     Resignation without Good Reason. The Executive may
                           resign his employment without Good Reason upon not
                           less than 60 days advance written notice to the
                           Board.

                  (vii)    Non-extension of Term by the Company. The Company may
                           give notice of non-extension to the Executive
                           pursuant to Section 2(b).

                  (viii)   Non-extension of Term by the Executive. The Executive
                           may give notice of non-extension to the Company
                           pursuant to Section 2(b).

         (b)      Notice of Termination. Any termination of the Executive's
                  employment by the Company or by the Executive under this
                  Section 4 (other than termination pursuant to paragraph
                  (a)(i)) shall be communicated by a written notice to the other
                  party hereto indicating the specific termination provision in
                  this Agreement relied upon, setting forth in reasonable detail
                  the facts and circumstances claimed to provide a basis for
                  termination of the Executive's employment under the provision
                  so indicated, and specifying a Date of Termination which, if
                  submitted by the Executive, shall be at least 30 days
                  following the date of such notice (a "Notice of Termination")
                  provided, however, that the Company may, in its sole
                  discretion, change the Date of Termination to any date
                  following the Company's receipt of the Notice of Termination.
                  A Notice of Termination submitted by the Company may provide
                  for a Date of Termination on the date the Executive receives
                  the Notice of Termination, or any date thereafter elected by
                  the Company in its sole discretion. The failure by the
                  Executive or the Company to set forth in the Notice of
                  Termination any fact or circumstance which contributes to a
                  showing of Cause or Good Reason shall not waive any right of
                  the Executive or the Company hereunder or preclude the
                  Executive or the Company from asserting such fact or
                  circumstance in enforcing the Executive's or the Company's
                  rights hereunder.

         (c)      Company Obligations upon Termination (including due to death
                  or Disability). Upon termination of the Executive's employment
                  (including due to Executive's death or Disability), the
                  Executive (or the Executive's estate) shall be entitled to
                  receive (i) except in the event of the Executive's Disability,
                  any amount of the Executive's Annual Base Salary through the
                  Date of Termination not theretofore paid, (ii) a prorated
                  amount of the Executive's Annual Bonus based on the Company's
                  year-to-date performance through the Date of Termination in
                  relation to the performance targets set forth in the Executive
                  Bonus Plan (such amount to be determined in good faith by the
                  Compensation Committee and payable at such time as Executive's
                  Annual Bonus would otherwise have been payable pursuant to the
                  Executive Bonus Plan), (iii) any expenses owed to the
                  Executive under Section 3(f), (iv) any accrued vacation pay
                  owed to the Executive pursuant to Section 3(e), and (v) any
                  amount arising from the Executive's participation in, or
                  benefits under any employee benefit plans, programs or
                  arrangements under Section 3(d), which amounts shall be
                  payable in accordance with the terms and conditions of such
                  employee benefit plans, programs or arrangements including,
                  where applicable, any death and disability benefits (which
                  death or disability

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                  benefits, to the extent provided by the Joint Management
                  Agreement, shall not be reduced). In the event of the
                  Executive's Disability, in lieu of Annual Base Salary during
                  such period of Disability, Executive shall be entitled to
                  receive any applicable short-term disability benefits pursuant
                  to any applicable Company benefit plan.

5.       SEVERANCE PAYMENTS

         (a)      Termination without Cause, resignation for Good Reason, or
                  non-extension of the Term by the Company. If the Executive's
                  employment shall terminate without Cause pursuant to Section
                  4(a)(iv), for Good Reason pursuant to Section 4(a)(v), or
                  pursuant to non-extension of the Term by the Company pursuant
                  to Section 4(a)(vii), the Company shall, subject to the
                  Executive's execution of a general waiver and release of
                  claims agreement in the Company's customary form:

                  (i)      Continue to pay to the Executive his base salary as
                           described in Section 3(a), in accordance with the
                           Company's regular payroll practices, during the
                           period beginning on the Date of Termination and
                           ending on the earliest to occur of (A) the 18-month
                           anniversary of the Date of Termination; or (B) the
                           first date that the Executive violates any covenant
                           contained in Section 6, 7 or 8; and

                  (ii)     To the extent permitted by the Company's applicable
                           health and welfare benefit plans and programs,
                           continue for 18 months the Executive's coverage under
                           the Company's health and welfare benefit plans and
                           programs in which the Executive was entitled to
                           participate immediately prior to the Date of
                           Termination (or, if the Company amends, replaces or
                           terminates any such plan or program following such
                           Date of Termination, the Company medical and dental
                           plans provided to similarly situated employees), as
                           if the Executive were an active employee during such
                           time, subject to standard employee contributions by
                           the Executive as are required under such plans.

         (b)      Survival. The expiration or termination of the Term shall not
                  impair the rights or obligations of any party hereto, which
                  shall have accrued prior to such expiration or termination.

6.       NON-COMPETITION; NON-SOLICITATION

         (a)      The Executive shall not, at any time during the Term or during
                  the 18-month period following the Date of Termination (the
                  "Restricted Period"):

                  (i)      Directly or indirectly engage in, have any equity
                           interest in, or manage or operate (whether as
                           director, officer, employee, agent, representative,
                           partner, security holder, consultant or otherwise)
                           any of the following

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                           entities, or any subsidiary thereof, or any successor
                           thereto (the "Competitive Entities"):

                                    (A)      Verizon Information Services, a
                                             division of Verizon Communications
                                             Inc.

                                    (B)      BellSouth Advertising & Publishing
                                             Corporation (including L. M. Berry)

                                    (C)      Southwestern Bell Yellow Pages, a
                                             division of SBC Communications Inc.

                                    (D)      Alltel Publishing, a division of
                                             Alltel Corporation

                                    (E)      R. H. Donnelley Inc. (including
                                             Sprint Publishing & Advertising)

                                    (F)      TransWestern Publishing Company LLC

                                    (G)      Yell Group PLC

                                    (H)      Yellow Pages Group Company

                                    (I)      White Directory Publishers, Inc.

                           provided, however, that the Executive shall be
                           permitted to acquire a passive stock or equity
                           interest in such entity provided the stock or other
                           equity interest acquired is not more than five
                           percent (5%) of the outstanding interest in such
                           entity; and provided, further, that, notwithstanding
                           the foregoing, at no time during the Restricted
                           Period may the Executive directly or indirectly
                           engage in, have any equity interest in, or manage or
                           operate (whether as director, officer, employee,
                           agent, representative, partner, security holder,
                           consultant or otherwise) any parent entity or other
                           Affiliate of any of the Competitive Entities to the
                           extent that such parent entity or other Affiliate
                           engages in (or the Executive's services therefor
                           relate to) telephone directory publishing, marketing
                           or advertising (or any other business directly
                           engaged in by the Company during the Restricted
                           Period).

                  (ii)     Directly or indirectly solicit, on his own behalf or
                           on behalf of any other person or entity, the services
                           of any individual who is (or, at any time during the
                           previous two years, was) an employee of the Company
                           (other than an individual who was within the previous
                           two years his personal assistant or secretary), or
                           solicit any of the Company's then employees to
                           terminate employment with the Company; or

                  (iii)    Directly or indirectly, on his own behalf or on
                           behalf of any other person or entity, recruit or
                           otherwise solicit or induce any customer, subscriber
                           or

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                           supplier of the Company to terminate its employment
                           or arrangement with the Company, otherwise change its
                           relationship with the Company, or establish any
                           relationship with the Executive or any of his
                           affiliates for any business purpose deemed
                           competitive with the business of the Company.

         (b)      In the event the terms of this Section 6 shall be determined
                  by any court of competent jurisdiction to be unenforceable by
                  reason of its extending for too great a period of time or over
                  too great a geographical area or by reason of its being too
                  extensive in any other respect, it will be interpreted to
                  extend only over the maximum period of time for which it may
                  be enforceable, over the maximum geographical area as to which
                  it may be enforceable, or to the maximum extent in all other
                  respects as to which it may be enforceable, all as determined
                  by such court in such action.

         (c)      As used in this Section 6, the term "Company" shall include
                  the Company, its parent, related entities, and any of its
                  direct or indirect subsidiaries.

         (d)      The restrictions set forth in Sections 6(a)(i) and (iii) above
                  shall expire prior to the end of the Restricted Period if,
                  following the Executive's Termination of Employment, the
                  Company breaches any of its material obligations to the
                  Executive hereunder, which breach is not fully cured following
                  30 days written notice from the Executive to the Company
                  requesting cure of such breach.

         (e)      The provisions contained in Section 6(a) may be altered and/or
                  waived with the prior written consent of the Board or the
                  Compensation Committee.

7.       NONDISCLOSURE OF PROPRIETARY INFORMATION

         (a)      Except as required in the faithful performance of the
                  Executive's duties hereunder or pursuant to Section 7(c), the
                  Executive shall, during the Term and after the Date of
                  Termination, maintain in confidence and shall not directly or
                  indirectly, use, disseminate, disclose or publish, or use for
                  his benefit or the benefit of any person, firm, corporation or
                  other entity any confidential or proprietary information or
                  trade secrets of or relating to the Company, including,
                  without limitation, information with respect to the Company's
                  operations, processes, protocols, products, inventions,
                  business practices, finances, principals, vendors, suppliers,
                  customers, potential customers, marketing methods, costs,
                  prices, contractual relationships, regulatory status,
                  compensation paid to employees or other terms of employment
                  ("Proprietary Information"), or deliver to any person, firm,
                  corporation or other entity any document, record, notebook,
                  computer program or similar repository of or containing any
                  such Proprietary Information. The Executive's obligation to
                  maintain and not use, disseminate, disclose or publish, or use
                  for his benefit or the benefit of any person, firm,
                  corporation or other entity any Proprietary Information after
                  the Date of Termination will continue so long as such
                  Proprietary Information is not, or has not by legitimate means
                  become, generally known and in the public domain (other than
                  by means

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                  of the Executive's direct or indirect disclosure of such
                  Proprietary Information) and is continued to be maintained as
                  Proprietary Information by the Company. The parties hereby
                  stipulate and agree that as between them, the Proprietary
                  Information identified herein is important, material and
                  affects the successful conduct of the businesses of the
                  Company (and any successor or assignee of the Company).

         (b)      Upon termination of the Executive's employment with the
                  Company for any reason, the Executive will promptly deliver to
                  the Company all correspondence, drawings, manuals, letters,
                  notes, notebooks, reports, programs, plans, proposals,
                  financial documents, or any other documents concerning the
                  Company's customers, business plans, marketing strategies,
                  products or processes. Notwithstanding the foregoing, the
                  Executive may retain documents relating to his personal
                  compensation and entitlements, provided that such documents
                  are retained solely for personal use and are not disclosed to
                  anyone other than the Executive.

         (c)      The Executive may respond to a lawful and valid subpoena or
                  other legal process but shall give the Company the earliest
                  possible notice thereof, shall, as much in advance of the
                  return date as possible, make available to the Company and its
                  counsel the documents and other information sought and shall
                  assist such counsel in resisting or otherwise responding to
                  such process.

         (d)      The Executive agrees not to disparage the Company, any of its
                  products or practices, or any of its directors, officers,
                  agents, representatives, stockholders or affiliates, either
                  orally or in writing, at any time; provided, that the
                  Executive may confer in confidence with his legal
                  representatives and make truthful statements as required by
                  law.

         (e)      The Company agrees to instruct the members of the Board and
                  the executive officers of the Company not to disparage the
                  Executive, either orally or in writing, at any time; provided,
                  that, the Company may confer in confidence with its legal
                  representatives and make truthful statements as required by
                  law.

         (f)      As used in this Section 7, the term "Company" shall include
                  the Company, its parent, related entities, and any of its
                  direct or indirect subsidiaries.

8.       NON-DISPARAGEMENT

         Each of the parties agrees that, during and following the Term, he or
it will not disparage or denigrate to any person any aspect of his or its past
relationship with the other, nor the character of the other or the other's
agents, representatives, products, or operating methods, whether past, present,
or future.

                                       12

<PAGE>

9.       INJUNCTIVE RELIEF

         It is recognized and acknowledged by the Executive that a breach of the
covenants contained in Sections 6, 7 and 8 will cause irreparable damage to
Company and its goodwill, the exact amount of which will be difficult or
impossible to ascertain, and that the remedies at law for any such breach will
be inadequate. Accordingly, the Executive agrees that in the event of a breach
of any of the covenants contained in Sections 6, 7 and 8, in addition to any
other remedy which may be available at law or in equity, the Company will be
entitled to specific performance and injunctive relief.

10.      PARACHUTE TAXES

         The Company shall use its best reasonable efforts to secure the
approval of any payment or benefits paid or provided to the Executive in
connection with the Executive's employment with the Company in such a fashion
that the Executive is not required to pay an excise tax under Section 4999 of
the Code with respect to any such payment or benefit.

11.      ASSIGNMENT AND SUCCESSORS

         The Company may assign its rights and obligations under this Agreement
to any entity, including any successor to all or substantially all the assets of
the Company, by merger or otherwise, and may assign or encumber this Agreement
and its rights hereunder as security for indebtedness of the Company and its
affiliates. The Executive may not assign his rights or obligations under this
Agreement to any individual or entity. This Agreement shall be binding upon and
inure to the benefit of the Company, the Executive and their respective
successors, assigns, personnel and legal representatives, executors,
administrators, heirs, distributees, devisees, and legatees, as applicable.

12.      INDEMNIFICATION AND INSURANCE; LEGAL EXPENSES

         During the Term and so long as the Executive has not breached any of
his obligations set forth in Sections 6, 7 and 8, the Company shall indemnify
the Executive to the fullest extent permitted by the laws of the State of
Delaware, as in effect at the time of the subject act or omission, and shall
advance to the Executive reasonable attorneys' fees and expenses as such fees
and expenses are incurred (subject to an undertaking from the Executive to repay
such advances if it shall be finally determined by a judicial decision which is
not subject to further appeal that the Executive was not entitled to the
reimbursement of such fees and expenses). During the Term, the Executive shall
be entitled to the protection of any insurance policies the Company shall elect
to maintain generally for the benefit of its directors and officers ("Directors
and Officers Insurance") against all costs, charges and expenses incurred or
sustained by him in connection with any action, suit or proceeding to which he
may be made a party by reason of his being or having been a director, officer or
employee of the Company or any of its subsidiaries or his serving or having
served any other enterprise as a director, officer or employee at the request of
the Company (other than any dispute, claim or controversy arising under or
relating to this Agreement). Provided there is no non-de minimis incremental
cost to the Company, for six years following the Date of Termination the
Executive shall be entitled to continued coverage

                                       13

<PAGE>

under Directors and Officers Insurance no less favorable than that (if any)
provided to any other present or former director or officer of the Company.

13.      JOINT MANAGEMENT AGREEMENT

         Notwithstanding any other provision of this Agreement (a) the
Executive's employment shall be subject to the terms and conditions of the Joint
Management Agreement attached hereto as Exhibit C (the "Joint Management
Agreement"), and (b) during the term of the Joint Management Agreement the
Company shall pay to the Executive an annualized base salary in the amount equal
to the excess of (i) $450,000 over (ii) the amount of the annual base salary
paid to the Executive by Qwest Dex, Inc. and its affiliates. This Agreement
shall remain in effect upon the terms and conditions described herein following
the closing of the Dex West Transaction (or, as applicable, following the time
that it is determined that all or any portion of the Dex West Transaction will
not be consummated).

14.      GOVERNING LAW

         This Agreement shall be governed, construed, interpreted and enforced
in accordance with the substantive laws of the state of Delaware, without
reference to the principles of conflicts of law of Delaware or any other
jurisdiction, and where applicable, the laws of the United States.

15.      VALIDITY

         The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

16.      NOTICES

         Any notice, request, claim, demand, document and other communication
hereunder to any party shall be effective upon receipt (or refusal of receipt)
and shall be in writing and delivered personally or sent by telex, telecopy, or
certified or registered mail, postage prepaid, as follows:

         (a)      If to the Company:

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

                  with copies to:

                  The Carlyle Group            Welsh, Carson, Anderson & Stowe
                  520 Madison Avenue           320 Park Avenue
                  41st Floor                   Suite 2500

                                       14

<PAGE>

                  New York, New York 10022     New York, New York 10022
                  Fax: (212) 381-4901          Fax: (212) 893-9562
                  Attn: James A. Attwood       Attn: Anthony J. de Nicola

                  and a copy to:

                  Latham & Watkins, LLP
                  885 Third Avenue
                  New York, New York 10022-4802
                  Fax:  (212) 751-4864
                  Attn:  R. Ronald Hopkinson

         (b)      If to the Executive, to the address set forth on the signature
                  page hereto

or at any other address as any party shall have specified by notice in writing
to the other party.

17.      COUNTERPARTS

         This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original, but all of which together will constitute one
and the same Agreement.

18.      ENTIRE AGREEMENT

         The terms of this Agreement and the other agreements and instruments
contemplated hereby or referred to herein (collectively the "Related
Agreements") are intended by the parties to be the final expression of their
agreement with respect to the employment of the Executive by the Company and may
not be contradicted by evidence of any prior or contemporaneous agreement
(including without limitation any Term Sheet or similar agreement entered into
between the Company and the Executive). The parties further intend that this
Agreement and the Related Agreements shall constitute the complete and exclusive
statement of their terms and that no extrinsic evidence whatsoever may be
introduced in any judicial, administrative, or other legal proceeding to vary
the terms of this Agreement and the Related Agreements.

19.      AMENDMENTS; WAIVERS

         This Agreement may not be modified, amended, or terminated except by an
instrument in writing, signed by the Executive and a duly authorized officer of
Company which expressly identifies the amended provision of this Agreement. By
an instrument in writing similarly executed and similarly identifying the waived
compliance, the Executive or a duly authorized officer of the Company may waive
compliance by the other party or parties with any provision of this Agreement
that such other party was or is obligated to comply with or perform, provided,
however, that such waiver shall not operate as a waiver of, or estoppel with
respect to, any other or subsequent failure. No failure to exercise and no delay
in exercising any right, remedy, or power hereunder preclude any other or
further exercise of any other right, remedy, or power provided herein or by law
or in equity.

                                       15

<PAGE>

20.      NO INCONSISTENT ACTIONS

         The parties hereto shall not voluntarily undertake or fail to undertake
any action or course of action inconsistent with the provisions or essential
intent of this Agreement. Furthermore, it is the intent of the parties hereto to
act in a fair and reasonable manner with respect to the interpretation and
application of the provisions of this Agreement.

21.      CONSTRUCTION

         This Agreement shall be deemed drafted equally by both the parties. Its
language shall be construed as a whole and according to its fair meaning. Any
presumption or principle that the language is to be construed against any party
shall not apply. The headings in this Agreement are only for convenience and are
not intended to affect construction or interpretation. Any references to
paragraphs, subparagraphs, sections or subsections are to those parts of this
Agreement, unless the context clearly indicates to the contrary. Also, unless
the context clearly indicates to the contrary, (a) the plural includes the
singular and the singular includes the plural; (b) "and" and "or" are each used
both conjunctively and disjunctively; (c) "any," "all," "each," or "every" means
"any and all," and "each and every"; (d) "includes" and "including" are each
"without limitation"; (e) "herein," "hereof," "hereunder" and other similar
compounds of the word "here" refer to the entire Agreement and not to any
particular paragraph, subparagraph, section or subsection; and (f) all pronouns
and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the entities or persons referred
to may require.

22.      ARBITRATION

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before an
arbitrator in New York, New York in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the
arbitration award in any court having jurisdiction, provided, however, that the
Company shall be entitled to seek a restraining order or injunction in any court
of competent jurisdiction to prevent any continuation of any violation of the
provisions of Sections 6, 7 and 8 of the Agreement and the Executive hereby
consents that such restraining order or injunction may be granted without
requiring the Company to post a bond. Only individuals who are (a) lawyers
engaged full-time in the practice of law; and (b) on the AAA register of
arbitrators shall be selected as an arbitrator. Within 20 days of the conclusion
of the arbitration hearing, the arbitrator shall prepare written findings of
fact and conclusions of law. It is mutually agreed that the written decision of
the arbitrator shall be valid, binding, final and non-appealable, provided
however, that the parties hereto agree that the arbitrator shall not be
empowered to award punitive damages against any party to such arbitration. The
arbitrator shall require the non-prevailing party to pay the arbitrator's full
fees and expenses or, if in the arbitrator's opinion there is no prevailing
party, the arbitrator's fees and expenses will be borne equally by the parties
thereto. In the event action is brought to enforce the provisions of this
Agreement pursuant to this Section 22, (x) if the Executive prevails in such
action, the Company shall be required to pay the reasonable attorney's fees and
expenses of the Executive and (y) if the Company prevails in such action or if,
in the opinion of the court or arbitrator deciding such action, there is no
prevailing party, each party shall pay his or its own attorney's fees and
expenses.

                                       16

<PAGE>

23.      ENFORCEMENT

         If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws effective during the term of this
Agreement, such provision shall be fully severable; this Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a portion of this Agreement; and the remaining provisions of
this Agreement shall remain in full force and effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance from this
Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable
provision there shall be added automatically as part of this Agreement a
provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid and enforceable.

24.      WITHHOLDING

         The Company shall be entitled to withhold from any amounts payable
under this Agreement any federal, state, local or foreign withholding or other
taxes or charges which the Company is required to withhold. The Company shall be
entitled to rely on an opinion of counsel if any questions as to the amount or
requirement of withholding shall arise.

25.      EMPLOYEE ACKNOWLEDGEMENT

         The Executive acknowledges that he has read and understands this
Agreement, is fully aware of its legal effect, has not acted in reliance upon
any representations or promises made by the Company other than those contained
in writing herein, and has entered into this Agreement freely based on his own
judgment.

26.      DESIGNATION OF BENEFICIARIES

         The Executive shall be entitled to elect beneficiaries with respect to
any applicable benefits or payments provided or referenced hereunder pursuant to
the Company's beneficiary designation form customarily applicable to any such
benefits or payments.

                            [signature page follows]

                                       17

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement on the
date and year first above written.

                                            COMPANY

                                            By:    /s/ Scott Pomeroy
                                                --------------------------------
                                                Name: Scott Pomeroy
                                                Title: Vice President

                                            EXECUTIVE

                                            By:    /s/ George Burnett
                                                --------------------------------
                                                George Burnett

<PAGE>

                                                                       EXHIBIT A

                              EXECUTIVE BONUS PLAN

                           ANNUAL BONUS EBITDA TARGETS

                                  ($ MILLIONS)

                             YEAR ENDING DECEMBER 31

DEX

<TABLE>
<CAPTION>
PROJECTED EBITDA SUMMARY*                2003            2004           2005            2006            2007
-------------------------                ----            ----           ----            ----            ----
<S>                                      <C>             <C>            <C>            <C>             <C>
BANK CASE

Dex East EBITDA                          $364            $365           $373           $  383          $  394

Dex EBITDA                               $906            $917           $939           $  966          $  996

EQUITY CASE

Dex East EBITDA                          $369            $378           $393           $  411          $  430

Dex EBITDA                               $913            $942           $976           $1,020          $1,069
</TABLE>

---------------------------
*        With respect to each calendar year ending prior to the closing of the
Dex West Transaction, the respective Bank Case and Equity Case "Dex East EBITDA"
targets shall apply. With respect to the calendar year in which the closing of
the Dex West Transaction occurs and each calendar year thereafter, the
respective Bank Case and Equity Case "Dex EBITDA" targets shall apply for
purposes of this Agreement. In the event that the Dex West Transaction is not
consummated, the respective Bank Case and Equity Case "Dex East EBITDA" targets
shall apply with respect to all calendar years for purposes of this Agreement.
EBITDA targets shall be adjusted as appropriate to reflect acquisitions,
divestitures and other recapitalizations (other than the Dex West Transaction).

<PAGE>

                                                                       EXHIBIT B

                               [OPTION AGREEMENT]

<PAGE>

                                                                       EXHIBIT C

                          [JOINT MANAGEMENT AGREEMENT]

                                       21<PAGE>

                                                                   EXHIBIT 10.21
                                                                  EXECUTION COPY

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (the "Agreement"), effective as of January 2,
2003 (the "Effective Date"), is made by and between Robert M. Neumeister, Jr.
(the "Executive") and Dex Media, Inc., a Delaware corporation, and any of its
subsidiaries and affiliates (including without limitation Dex Media East LLC) as
may employ Executive from time to time (collectively, and together with any
successor thereto, the "Company").

                                    RECITALS

         A.       It is the desire of the Company to assure itself of the
                  services of the Executive by engaging the Executive to perform
                  services under the terms hereof.

         B.       The Executive desires to provide services to the Company on
                  the terms herein provided.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements set forth below the parties hereto agree as follows:

1.       CERTAIN DEFINITIONS

         (a)      "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.

         (b)      "Agreement" shall have the meaning set forth in the preamble
                  hereto.

         (c)      "Annual Base Salary" shall have the meaning set forth in
                  Section 3(a).

         (d)      "Board" shall mean the Board of Directors of the Company.

         (e)      The Company shall have "Cause" to terminate the Executive's
                  employment hereunder upon:

                  (i)      The Executive's willful failure to substantially
                           perform the duties set forth in this Agreement (other
                           than any such failure resulting from the Executive's
                           Disability) which is not remedied within 30 days
                           after receipt of written notice from the Company
                           specifying such failure;

                  (ii)     The Executive's willful failure to carry out, or
                           comply with, in any material respect any lawful and
                           reasonable directive of the Board not inconsistent
                           with the terms of this Agreement, which is not
                           remedied within 30 days after receipt of written
                           notice from the Company specifying such failure;

<PAGE>

                  (iii)    The Executive's commission at any time of any act or
                           omission that results in, or that may reasonably be
                           expected to result in, a conviction, plea of no
                           contest, or imposition of unadjudicated probation for
                           any felony or crime involving moral turpitude;

                  (iv)     The Executive's unlawful use (including being under
                           the influence) or possession of illegal drugs on the
                           Company's premises or while performing the
                           Executive's duties and responsibilities under this
                           Agreement; or

                  (v)      The Executive's commission at any time of any act of
                           fraud, embezzlement, misappropriation, material
                           misconduct, or breach of fiduciary duty against the
                           Company (or any predecessor thereto or successor
                           thereof).

         (f)      "Change in Control" shall mean a change in 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 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 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 fifty percent (50%) of the total combined voting power of
                  the Company's securities outstanding immediately after such
                  acquisition.

         (g)      "Common Stock" shall mean common stock of the Company, par
                  value $0.01 per share.

         (h)      "Company" shall have the meaning set forth in the preamble
                  hereto.

         (i)      "Compensation Committee" means the Compensation Committee of
                  the Board.

         (j)      "Date of Termination" shall mean (i) if the Executive's
                  employment is terminated by his death, the date of his death;
                  (ii) if the Executive's employment is terminated pursuant to
                  Section 4(a)(ii) - (vi) either the date indicated in the
                  Notice of Termination or the date specified by the Company
                  pursuant to Section 4(b), whichever is earlier; (iii) if the
                  Executive's employment is terminated pursuant to Section
                  4(a)(vii) or Section 4(a)(viii), the expiration of the
                  then-applicable Term.

         (k)      "Dex West Transaction" shall mean the transaction contemplated
                  by the Rodney Purchase Agreement.

                                       2

<PAGE>

         (l)      "Disability" shall mean the absence of the Executive from the
                  Executive's duties with the Company on a full-time basis for a
                  total of three months during any six-month period as a result
                  of incapacity due to mental or physical illness.

         (m)      "EBITDA" for a given period shall mean the sum of (i) the
                  consolidated earnings before interest, taxes, depreciation,
                  amortization, and extraordinary items and (ii) any management
                  or similar fees charged to the Company by any Principal
                  Stockholder (but only to the extent such fees are deducted
                  from the earnings described in the preceding subsection (i)),
                  all as reflected on the Company's audited consolidated
                  financial statements for such period.

         (n)      "Effective Date" shall have the meaning set forth in the
                  preamble hereto.

         (o)      "Exchange Act" shall mean the Securities Exchange Act of 1934,
                  as amended from time to time.

         (p)      "Executive" shall have the meaning set forth in the preamble
                  hereto.

         (q)      "Executive Bonus Plan" shall mean the bonus plan to be
                  developed by the Compensation Committee which shall
                  incorporate the targets attached hereto as Exhibit A.

         (r)      "Extension Term" shall have the meaning set forth in Section
                  2(b).

         (s)      The Executive shall have "Good Reason" to resign his
                  employment upon the occurrence of any of the following:

                  (i)      Failure of the Company to continue the Executive in
                           the position of Executive Vice President and Chief
                           Financial Officer (or any other position not less
                           senior to such position);

                  (ii)     A material diminution in the nature or scope of the
                           Executive's responsibilities, duties or authority;

                  (iii)    Failure of the Company to make any material payment
                           or provide any material benefit under this Agreement
                           or any Option Agreement; or

                  (iv)     The Company's material breach of this Agreement;

                  provided, however, that notwithstanding the foregoing the
                  Executive may not resign his employment for Good Reason
                  unless: (A) the Executive provides the Company with at least
                  30 days prior written notice of his intent to resign for Good
                  Reason (which notice is provided not later than the 30th day
                  following the occurrence of the event constituting Good
                  Reason); and (B) the Company has not remedied the alleged
                  violation(s) within the 30-day period; and, provided, further,
                  that the Executive shall not have Good Reason to terminate his
                  employment due to the failure to consummate all or any portion
                  of the Dex West Transaction; and provided, further, that
                  Executive may resign his employment for Good Reason if

                                       3

<PAGE>

                  in connection with any Change in Control the purchaser does
                  not assume the severance provisions set forth in Section 5
                  (including corresponding definitions) (or substitute
                  substantially identical severance provisions) with respect to
                  the Executive and if Executive does not accept employment with
                  such purchaser in connection with the Change in Control.

         (t)      "Initial Term" shall have the meaning set forth in Section
                  2(b).

         (u)      "Notice of Termination" shall have the meaning set forth in
                  Section 4(b).

         (v)      "Option Agreement" shall mean an agreement to purchase Common
                  Stock pursuant to the Option Plan.

         (w)      "Option Plan" shall have the meaning set forth in Section
                  3(d).

         (x)      "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.

         (y)      "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.

         (z)      "Related Agreements" shall have the meaning set forth in
                  Section 14.

         (aa)     "Rodney Purchase Agreement" shall mean that certain Purchase
                  Agreement by and among Qwest Dex, Inc., Qwest Services
                  Corporation, Qwest Communications International Inc.
                  (collectively, the "Qwest Parties") and Dex Holdings LLC,
                  dated as of August 19, 2002, pursuant to which the Qwest
                  Parties have agreed to sell all of the interests of GPP LLC
                  (as described in the Rodney Purchase Agreement) to Dex
                  Holdings LLC on the terms and conditions set forth therein.

         (bb)     "Securities Act" shall mean the Securities Act of 1933, as
                  amended from time to time.

         (cc)     "Term" shall have the meaning set forth in Section 2(b).

2.       EMPLOYMENT

         (a)      The Company shall employ the Executive and the Executive shall
                  enter the employ of the Company, for the period set forth in
                  Section 2(b), in the position set forth in Section 2(c), and
                  upon the other terms and conditions herein provided.

         (b)      The initial term of employment under this Agreement (the
                  "Initial Term") shall be for the period beginning on the
                  effective date of this Agreement and ending on the third
                  anniversary thereof, unless earlier terminated as provided in
                  Section 4. The employment term hereunder shall automatically
                  be extended for successive one-

                                       4

<PAGE>

                  year periods (each, an "Extension Term" and, collectively with
                  the Initial Term, the "Term") unless either party gives notice
                  of non-extension to the other no later than 90 days prior to
                  the expiration of the then-applicable Term.

         (c)      Position and Duties. The Executive shall serve as Executive
                  Vice President and Chief Financial Officer of the Company with
                  such customary responsibilities, duties and authority as may
                  from time to time be assigned to the Executive by the Board.
                  Such duties, responsibilities and authority may include
                  services for one or more subsidiaries or affiliates of the
                  Company including, without limitation, services for Dex Media
                  West LLC following the consummation of all or any portion of
                  the Dex West Transaction. The Executive shall report directly
                  to the Company's Chief Executive Officer. The Executive shall
                  devote substantially all his working time and efforts to the
                  business and affairs of the Company. The Executive agrees to
                  observe and comply with the Company's rules and policies as
                  adopted by the Company from time to time.

3.       COMPENSATION AND RELATED MATTERS

         (a)      Annual Base Salary. During the Term, the Executive shall
                  receive a base salary at a rate of $325,000 per annum, which
                  shall be paid in accordance with the customary payroll
                  practices of the Company, subject to increase as determined by
                  the Compensation Committee (the "Annual Base Salary").

         (b)      Annual Bonus. With respect to each of the Company's fiscal
                  years that end during the Term, the Executive shall be
                  eligible to receive an annual performance-based bonus in
                  accordance with the terms of the Executive Bonus Plan. The
                  Executive Bonus Plan shall provide that (i) if the Company
                  achieves the Bank Case EBITDA Target (as set forth on Exhibit
                  A) for an applicable fiscal year, the Executive's annual bonus
                  shall be payable in an amount equal to 35% of his Annual Base
                  Salary, and (ii) if the Company achieves the Equity Case
                  EBITDA Target (as set forth on Exhibit A) for an applicable
                  fiscal year, the Executive's annual bonus shall be payable in
                  an amount equal to 75% of his Annual Base Salary. The
                  Compensation Committee may, in its sole discretion, provide
                  that the Executive shall be paid an additional bonus amount
                  pursuant to the Executive Bonus Plan with respect to any
                  fiscal year (up to a maximum aggregate annual bonus of 100% of
                  Annual Base Salary).

         (c)      Signing Bonus. Not later than January 31, 2003, the Company
                  shall pay to the Executive, in cash, a one-time signing bonus
                  in an amount equal to $75,000.

         (d)      Stock Option Plan. As of the Effective Date, the Executive
                  shall be granted an option to purchase 35,189 shares of Common
                  Stock, pursuant to the terms and conditions of the Stock
                  Option Plan of Dex Media, Inc. (the "Option Plan") and an
                  Option Agreement entered into by and between Dex Media, Inc.
                  and the Executive effective as of the date hereof in
                  substantially the form attached hereto as Exhibit B. In the
                  event that the Dex West Transaction is consummated, then as of
                  the Closing Date (as defined in the Rodney Purchase
                  Agreement), the

                                       5

<PAGE>

                  Executive shall be granted an option to purchase 35,188 shares
                  of Common Stock, pursuant to the terms and conditions of the
                  Option Plan and an Option Agreement entered into by and
                  between the Executive and the Company (or its applicable
                  affiliate).

         (e)      Benefits. During the Term, the Executive shall be entitled to
                  participate in employee benefit plans, programs and
                  arrangements of the Company now (or, to the extent determined
                  by the Board, hereafter) in effect which are applicable to the
                  senior executives of the Company in accordance with their
                  terms, including, without limitation, the Dex Media, Inc.
                  Pension Plan and the Dex Media, Inc. 401(k) Savings Plan.

         (f)      Vacation. During the Term, the Executive shall be entitled to
                  paid vacation in accordance with the Company's vacation
                  policies applicable to senior executives of the Company. Any
                  vacation shall be taken at the reasonable and mutual
                  convenience of the Company and the Executive.

         (g)      Expenses. During the Term, the Company shall reimburse the
                  Executive for all reasonable travel and other business
                  expenses incurred by him in the performance of his duties to
                  the Company in accordance with the Company's expense
                  reimbursement policy.

         (h)      Relocation Expenses: In accordance with Company's applicable
                  relocation plans and policies, the Company shall reimburse
                  Executive for all reasonable, documented, out-of-pocket
                  expenses incurred by Executive in connection with his
                  relocation from Park City, Utah to the Denver, Colorado
                  metropolitan area, up to a maximum of $50,000. Such expenses
                  shall include (a) travel, transportation, meal, temporary
                  lodging and similar related moving expenses and (b) closing
                  costs, real estate commissions, attorney's fees and other
                  similar costs incurred in connection with Executive's purchase
                  of any residence in the Denver, Colorado metropolitan area.

4.       TERMINATION

         The Executive's employment hereunder may be terminated by the Company
or the Executive, as applicable, without any breach of this Agreement only under
the following circumstances:

         (a)      Circumstances.

                  (i)      Death. The Executive's employment hereunder shall
                           terminate upon his death.

                  (ii)     Disability. If the Executive has incurred a
                           Disability, the Company may give the Executive
                           written notice of its intention to terminate the
                           Executive's employment. In that event, the
                           Executive's employment with the Company shall
                           terminate effective on the 30th day after receipt of
                           such

                                       6

<PAGE>

                           notice by the Executive, provided that within the 30
                           days after such receipt, the Executive shall not have
                           returned to full-time performance of his duties.

                  (iii)    Termination for Cause. The Company may terminate the
                           Executive's employment for Cause.

                  (iv)     Termination without Cause. The Company may terminate
                           the Executive's employment without Cause.

                  (v)      Resignation for Good Reason. The Executive may resign
                           his employment for Good Reason.

                  (vi)     Resignation without Good Reason. The Executive may
                           resign his employment without Good Reason.

                  (vii)    Non-extension of Term by the Company. The Company may
                           give notice of non-extension to the Executive
                           pursuant to Section 2(b).

                  (viii)   Non-extension of Term by the Executive. The Executive
                           may give notice of non-extension to the Company
                           pursuant to Section 2(b).

         (b)      Notice of Termination. Any termination of the Executive's
                  employment by the Company or by the Executive under this
                  Section 4 (other than termination pursuant to paragraph
                  (a)(i)) shall be communicated by a written notice to the other
                  party hereto indicating the specific termination provision in
                  this Agreement relied upon, setting forth in reasonable detail
                  the facts and circumstances claimed to provide a basis for
                  termination of the Executive's employment under the provision
                  so indicated, and specifying a Date of Termination which, if
                  submitted by the Executive, shall be at least 30 days
                  following the date of such notice (a "Notice of Termination")
                  provided, however, that the Company may, in its sole
                  discretion, change the Date of Termination to any date
                  following the Company's receipt of the Notice of Termination.
                  A Notice of Termination submitted by the Company may provide
                  for a Date of Termination on the date the Executive receives
                  the Notice of Termination, or any date thereafter elected by
                  the Company in its sole discretion. The failure by the
                  Executive or the Company to set forth in the Notice of
                  Termination any fact or circumstance which contributes to a
                  showing of Cause or Good Reason shall not waive any right of
                  the Executive or the Company hereunder or preclude the
                  Executive or the Company from asserting such fact or
                  circumstance in enforcing the Executive's or the Company's
                  rights hereunder.

         (c)      Company Obligations upon Termination. Upon termination of the
                  Executive's employment, the Executive (or the Executive's
                  estate) shall be entitled to receive (i) except in the event
                  of the Executive's Disability, any amount of the Executive's
                  Annual Base Salary through the Date of Termination not
                  theretofore paid, (ii) any expenses owed to the Executive
                  under Section 3(g), (iii) any accrued

                                       7

<PAGE>

                  vacation pay owed to the Executive pursuant to Section 3(f),
                  and (iv) any amount arising from the Executive's participation
                  in, or benefits under any employee benefit plans, programs or
                  arrangements under Section 3(e), which amounts shall be
                  payable in accordance with the terms and conditions of such
                  employee benefit plans, programs or arrangements including, if
                  applicable, any death benefits. In the event of the
                  Executive's Disability, in lieu of Annual Base Salary during
                  such period of Disability, Executive shall be entitled to
                  receive any applicable short-term disability benefits pursuant
                  to any applicable Company benefit plan.

5.       SEVERANCE PAYMENTS

         (a)      Termination due to Death or Disability. If the Executive's
                  employment shall terminate pursuant to Section 4(a)(i) due to
                  the Executive's death, or pursuant to Section 4(a)(ii) due to
                  Executive's Disability, then the Company shall pay to the
                  Executive (or Executive's estate) a prorated amount of the
                  Executive's Annual Bonus based on the Company's year-to-date
                  performance through the Date of Termination in relation to the
                  performance targets set forth in the Executive Bonus Plan
                  (such amount to be determined in good faith by the
                  Compensation Committee and payable at such time as the
                  Executive's Annual Bonus would otherwise have been payable
                  pursuant to the Executive Bonus Plan).

         (b)      Termination without Cause, resignation for Good Reason, or
                  non-extension of the Term by the Company. If the Executive's
                  employment shall terminate without Cause pursuant to Section
                  4(a)(iv), for Good Reason pursuant to Section 4(a)(v), or
                  pursuant to non-extension of the Term by the Company pursuant
                  to Section 4(a)(vii), the Company shall, subject to the
                  Executive's execution of a general waiver and release of
                  claims agreement in the Company's customary form:

                  (i)      Continue to pay to the Executive his base salary as
                           described in Section 3(a), in accordance with the
                           Company's regular payroll practices, during the
                           period beginning on the Date of Termination and
                           ending on the earliest to occur of (A) the first
                           anniversary of the Date of Termination; or (B) the
                           first date that the Executive violates any covenant
                           contained in Section 6 or 7; and

                  (ii)     Pay to the Executive a prorated amount of the
                           Executive's Annual Bonus based on the Company's
                           year-to-date performance through the Date of
                           Termination in relation to the performance targets
                           set forth in the Executive Bonus Plan (such amount to
                           be determined in good faith by the Compensation
                           Committee and payable at such time as Executive's
                           Annual Bonus would otherwise have been payable
                           pursuant to the Executive Bonus Plan).

         (c)      Survival. The expiration or termination of the Term shall not
                  impair the rights or obligations of any party hereto, which
                  shall have accrued prior to such expiration or termination.

                                       8

<PAGE>

6.       NON-COMPETITION; NON-SOLICITATION

         (a)      The Executive shall not, at any time during the Term or during
                  the 12-month period following the Date of Termination (the
                  "Restricted Period") directly or indirectly engage in, have
                  any equity interest in, or manage or operate (whether as
                  director, officer, employee, agent, representative, partner,
                  security holder, consultant or otherwise) any of the following
                  entities, or any subsidiary thereof, or any successor thereto
                  (the "Competitive Entities"):

                  (i)      Verizon Information Services, a division of Verizon
                           Communications Inc.

                  (ii)     BellSouth Advertising & Publishing Corporation
                           (including L. M. Berry)

                  (iii)    Southwestern Bell Yellow Pages, a division of SBC
                           Communications Inc.

                  (iv)     Alltel Publishing, a division of Alltel Corporation

                  (v)      R. H. Donnelley Inc. (including Sprint Publishing &
                           Advertising)

                  (vi)     TransWestern Publishing Company LLC

                  (vii)    Yell Group PLC

                  (viii)   Yellow Pages Group Company

                  (ix)     White Directory Publishers, Inc.

                  provided, however, that the Executive shall be permitted to
                  acquire a passive stock or equity interest in such entity
                  provided the stock or other equity interest acquired is not
                  more than five percent (5%) of the outstanding interest in
                  such entity; and provided, further, that, notwithstanding the
                  foregoing, at no time during the Restricted Period may the
                  Executive directly or indirectly engage in, have any equity
                  interest in, or manage or operate (whether as director,
                  officer, employee, agent, representative, partner, security
                  holder, consultant or otherwise) any parent entity or other
                  Affiliate of any of the Competitive Entities to the extent
                  that such parent entity or other Affiliate engages in (or the
                  Executive's services therefor relate to) telephone directory
                  publishing, marketing or advertising (or any other business
                  directly engaged in by the Company during the Restricted
                  Period).

         (b)      During the Restricted Period, the Executive will not, and will
                  not permit any of his affiliates to, directly or indirectly,
                  recruit or otherwise solicit or induce any employee, customer,
                  subscriber or supplier of the Company to terminate its
                  employment or arrangement with the Company, otherwise change
                  its relationship with the Company, or establish any
                  relationship with the Executive or any of his affiliates for
                  any business purpose deemed competitive with the business of
                  the Company.

                                       9

<PAGE>

         (c)      In the event the terms of this Section 6 shall be determined
                  by any court of competent jurisdiction to be unenforceable by
                  reason of its extending for too great a period of time or over
                  too great a geographical area or by reason of its being too
                  extensive in any other respect, it will be interpreted to
                  extend only over the maximum period of time for which it may
                  be enforceable, over the maximum geographical area as to which
                  it may be enforceable, or to the maximum extent in all other
                  respects as to which it may be enforceable, all as determined
                  by such court in such action.

         (d)      As used in this Section 6, the term "Company" shall include
                  the Company, its parent, related entities, and any of its
                  direct or indirect subsidiaries.

         (e)      The provisions contained in Section 6(a) and Section 6(b) may
                  be altered and/or waived with the prior written consent of the
                  Board or the Compensation Committee.

7.       NONDISCLOSURE OF PROPRIETARY INFORMATION; NON-DISPARAGEMENT

         (a)      Except as required in the faithful performance of the
                  Executive's duties hereunder or pursuant to Section 7(c), the
                  Executive shall, during the Term and after the Date of
                  Termination, maintain in confidence and shall not directly or
                  indirectly, use, disseminate, disclose or publish, or use for
                  his benefit or the benefit of any person, firm, corporation or
                  other entity any confidential or proprietary information or
                  trade secrets of or relating to the Company, including,
                  without limitation, information with respect to the Company's
                  operations, processes, protocols, products, inventions,
                  business practices, finances, principals, vendors, suppliers,
                  customers, potential customers, marketing methods, costs,
                  prices, contractual relationships, regulatory status,
                  compensation paid to employees or other terms of employment
                  ("Proprietary Information"), or deliver to any person, firm,
                  corporation or other entity any document, record, notebook,
                  computer program or similar repository of or containing any
                  such Proprietary Information. The Executive's obligation to
                  maintain and not use, disseminate, disclose or publish, or use
                  for his benefit or the benefit of any person, firm,
                  corporation or other entity any Proprietary Information after
                  the Date of Termination will continue so long as such
                  Proprietary Information is not, or has not by legitimate means
                  become, generally known and in the public domain (other than
                  by means of the Executive's direct or indirect disclosure of
                  such Proprietary Information) and is continued to be
                  maintained as Proprietary Information by the Company. The
                  parties hereby stipulate and agree that as between them, the
                  Proprietary Information identified herein is important,
                  material and affects the successful conduct of the businesses
                  of the Company (and any successor or assignee of the Company).

         (b)      Upon termination of the Executive's employment with the
                  Company for any reason, the Executive will promptly deliver to
                  the Company all correspondence, drawings, manuals, letters,
                  notes, notebooks, reports, programs, plans, proposals,

                                       10

<PAGE>

                  financial documents, or any other documents concerning the
                  Company's customers, business plans, marketing strategies,
                  products or processes.

         (c)      The Executive may respond to a lawful and valid subpoena or
                  other legal process but shall give the Company the earliest
                  possible notice thereof, shall, as much in advance of the
                  return date as possible, make available to the Company and its
                  counsel the documents and other information sought and shall
                  assist such counsel in resisting or otherwise responding to
                  such process.

         (d)      The Executive agrees not to disparage the Company, any of its
                  products or practices, or any of its directors, officers,
                  agents, representatives, stockholders or affiliates, either
                  orally or in writing, at any time; provided, that the
                  Executive may confer in confidence with his legal
                  representatives and make truthful statements as required by
                  law.

         (e)      The Company agrees to instruct the members of the Board and
                  the executive officers of the Company not to disparage the
                  Executive, either orally or in writing, at any time; provided,
                  that, the Company may confer in confidence with its legal
                  representatives and make truthful statements as required by
                  law.

         (f)      As used in this Section 7, the term "Company" shall include
                  the Company, its parent, related entities, and any of its
                  direct or indirect subsidiaries.

8.       INJUNCTIVE RELIEF

         It is recognized and acknowledged by the Executive that a breach of the
covenants contained in Sections 6 and 7 will cause irreparable damage to Company
and its goodwill, the exact amount of which will be difficult or impossible to
ascertain, and that the remedies at law for any such breach will be inadequate.
Accordingly, the Executive agrees that in the event of a breach of any of the
covenants contained in Sections 6 and 7, in addition to any other remedy which
may be available at law or in equity, the Company will be entitled to specific
performance and injunctive relief.

9.       ASSIGNMENT AND SUCCESSORS

         The Company may assign its rights and obligations under this Agreement
to any entity, including any successor to all or substantially all the assets of
the Company, by merger or otherwise, and may assign or encumber this Agreement
and its rights hereunder as security for indebtedness of the Company and its
affiliates. The Executive may not assign his rights or obligations under this
Agreement to any individual or entity. This Agreement shall be binding upon and
inure to the benefit of the Company, the Executive and their respective
successors, assigns, personnel and legal representatives, executors,
administrators, heirs, distributees, devisees, and legatees, as applicable.

                                       11

<PAGE>

10.      GOVERNING LAW

         This Agreement shall be governed, construed, interpreted and enforced
in accordance with the substantive laws of the state of Delaware, without
reference to the principles of conflicts of law of Delaware or any other
jurisdiction, and where applicable, the laws of the United States.

11.      VALIDITY

         The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

12.      NOTICES

         Any notice, request, claim, demand, document and other communication
hereunder to any party shall be effective upon receipt (or refusal of receipt)
and shall be in writing and delivered personally or sent by telex, telecopy, or
certified or registered mail, postage prepaid, as follows:

         (a)      If to the Company:

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

                  with copies to:

                  The Carlyle Group              Welsh, Carson, Anderson & Stowe
                  520 Madison Avenue             320 Park Avenue
                  41st Floor                     Suite 2500
                  New York, New York 10022       New York, New York 10022
                  Fax: (212) 381-4901            Fax:  (212) 893-9562
                  Attn: James A. Attwood         Attn:  Anthony J. de Nicola

                  and a copy to:

                  Latham & Watkins, LLP
                  885 Third Avenue
                  New York, New York 10022-4802
                  Fax: (212) 751-4864
                  Attn: R. Ronald Hopkinson

         (b)      If to the Executive, to the address set forth on the signature
                  page hereto

or at any other address as any party shall have specified by notice in writing
to the other party.

                                       12

<PAGE>

13.      COUNTERPARTS

         This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original, but all of which together will constitute one
and the same Agreement.

14.      ENTIRE AGREEMENT

         The terms of this Agreement and the other agreements and instruments
contemplated hereby or referred to herein (collectively the "Related
Agreements") are intended by the parties to be the final expression of their
agreement with respect to the employment of the Executive by the Company and may
not be contradicted by evidence of any prior or contemporaneous agreement
(including without limitation any Term Sheet or similar agreement entered into
between the Company and the Executive). The parties further intend that this
Agreement and the Related Agreements shall constitute the complete and exclusive
statement of their terms and that no extrinsic evidence whatsoever may be
introduced in any judicial, administrative, or other legal proceeding to vary
the terms of this Agreement and the Related Agreements.

15.      AMENDMENTS; WAIVERS

         This Agreement may not be modified, amended, or terminated except by an
instrument in writing, signed by the Executive and a duly authorized officer of
Company. By an instrument in writing similarly executed, the Executive or a duly
authorized officer of the Company may waive compliance by the other party or
parties with any provision of this Agreement that such other party was or is
obligated to comply with or perform, provided, however, that such waiver shall
not operate as a waiver of, or estoppel with respect to, any other or subsequent
failure. No failure to exercise and no delay in exercising any right, remedy, or
power hereunder preclude any other or further exercise of any other right,
remedy, or power provided herein or by law or in equity.

16.      NO INCONSISTENT ACTIONS

         The parties hereto shall not voluntarily undertake or fail to undertake
any action or course of action inconsistent with the provisions or essential
intent of this Agreement. Furthermore, it is the intent of the parties hereto to
act in a fair and reasonable manner with respect to the interpretation and
application of the provisions of this Agreement.

17.      CONSTRUCTION

         This Agreement shall be deemed drafted equally by both the parties. Its
language shall be construed as a whole and according to its fair meaning. Any
presumption or principle that the language is to be construed against any party
shall not apply. The headings in this Agreement are only for convenience and are
not intended to affect construction or interpretation. Any references to
paragraphs, subparagraphs, sections or subsections are to those parts of this
Agreement, unless the context clearly indicates to the contrary. Also, unless
the context clearly indicates to the contrary, (a) the plural includes the
singular and the singular includes the plural; (b) "and" and "or" are each used
both conjunctively and disjunctively; (c) "any," "all," "each," or "every" means
"any and all," and "each and every"; (d) "includes" and "including" are each

                                       13

<PAGE>

"without limitation"; (e) "herein," "hereof," "hereunder" and other similar
compounds of the word "here" refer to the entire Agreement and not to any
particular paragraph, subparagraph, section or subsection; and (f) all pronouns
and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the entities or persons referred
to may require.

18.      ARBITRATION

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before an
arbitrator in New York, New York in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the
arbitration award in any court having jurisdiction, provided, however, that the
Company shall be entitled to seek a restraining order or injunction in any court
of competent jurisdiction to prevent any continuation of any violation of the
provisions of Sections 6 or 7 of the Agreement and the Executive hereby consents
that such restraining order or injunction may be granted without requiring the
Company to post a bond. Only individuals who are (i) lawyers engaged full-time
in the practice of law; and (ii) on the AAA register of arbitrators shall be
selected as an arbitrator. Within 20 days of the conclusion of the arbitration
hearing, the arbitrator shall prepare written findings of fact and conclusions
of law. It is mutually agreed that the written decision of the arbitrator shall
be valid, binding, final and non-appealable, provided however, that the parties
hereto agree that the arbitrator shall not be empowered to award punitive
damages against any party to such arbitration. The arbitrator shall require the
non-prevailing party to pay the arbitrator's full fees and expenses or, if in
the arbitrator's opinion there is no prevailing party, the arbitrator's fees and
expenses will be borne equally by the parties thereto. In the event action is
brought to enforce the provisions of this Agreement pursuant to this Section 18,
the non-prevailing parties shall be required to pay the reasonable attorney's
fees and expenses of the prevailing parties, except that if in the opinion of
the court or arbitrator deciding such action there is no prevailing party, each
party shall pay its own attorney's fees and expenses.

19.      ENFORCEMENT

         If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws effective during the term of this
Agreement, such provision shall be fully severable; this Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a portion of this Agreement; and the remaining provisions of
this Agreement shall remain in full force and effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance from this
Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable
provision there shall be added automatically as part of this Agreement a
provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid and enforceable.

20.      WITHHOLDING

         The Company shall be entitled to withhold from any amounts payable
under this Agreement any federal, state, local or foreign withholding or other
taxes or charges which the

                                       14

<PAGE>

Company is required to withhold. The Company shall be entitled to rely on an
opinion of counsel if any questions as to the amount or requirement of
withholding shall arise.

21.      EMPLOYEE ACKNOWLEDGEMENT

         The Executive acknowledges that he has read and understands this
Agreement, is fully aware of its legal effect, has not acted in reliance upon
any representations or promises made by the Company other than those contained
in writing herein, and has entered into this Agreement freely based on his own
judgment.

                            [signature page follows]

                                       15

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement on the
date and year first above written.

                                          COMPANY

                                          By:     /s/ George Burnettt
                                              --------------------------------
                                              Name: George Burnett
                                              Title: CEO and President

                                          EXECUTIVE

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

<PAGE>

                                                                       EXHIBIT A

                              EXECUTIVE BONUS PLAN

                           ANNUAL BONUS EBITDA TARGETS

                                  ($ MILLIONS)

                             YEAR ENDING DECEMBER 31

DEX

<TABLE>
<CAPTION>
PROJECTED EBITDA SUMMARY*                2003            2004           2005            2006            2007
-------------------------                ----            ----           ----            ----            ----
<S>                                      <C>             <C>            <C>            <C>             <C>
BANK CASE

Dex East EBITDA                          $364            $365           $373           $  383          $  394

Dex EBITDA                               $906            $917           $939           $  966          $  996

EQUITY CASE

Dex East EBITDA                          $369            $378           $393           $  411          $  430

Dex EBITDA                               $913            $942           $976           $1,020          $1,069
</TABLE>

---------------------------
*        With respect to each calendar year ending prior to the closing of the
Dex West Transaction, the respective Bank Case and Equity Case "Dex East EBITDA"
targets shall apply. With respect to the calendar year in which the closing of
the Dex West Transaction occurs and each calendar year thereafter, the
respective Bank Case and Equity Case "Dex EBITDA" targets shall apply for
purposes of this Agreement. In the event that the Dex West Transaction is not
consummated, the respective Bank Case and Equity Case "Dex East EBITDA" targets
shall apply with respect to all calendar years for purposes of this Agreement.
EBITDA targets shall be adjusted as appropriate to reflect acquisitions,
divestitures and other recapitalizations (other than the Dex West Transaction).

<PAGE>

                                                                       EXHIBIT B

                               [OPTION AGREEMENT]

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