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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A


Proxy Statement Pursuant to Section 14(a) of the
the
Securities Exchange Act of 1934 (Amendment No.          )

Filed by the Registrant ☒
Filed by a Party other than the Registrant  ☐
Check the appropriate box:

Filed by the Registrantý

Filed by a Party other than the Registranto

Check the appropriate box:

o


Preliminary Proxy Statement

o


Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

ý


Definitive Proxy Statement

o


Definitive Additional Materials

o


Soliciting Material under §240.14a-12

THRYV HOLDINGS, INC.

(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
DEX MEDIA, INC.

(Name of Registrant as Specified In Its Charter)


(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

ý


No fee required.

o
 ☐


Fee paid previously with preliminary materials.
 ☐
Fee computed on table belowin exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1)Title of each class of securities to which transaction applies:
(2)Aggregate number of securities to which transaction applies:
(3)Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
(4)Proposed maximum aggregate value of transaction:
(5)Total fee paid:

o


Fee paid previously with preliminary materials.

o


Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.



(1)


Amount Previously Paid:
(2)Form, Schedule or Registration Statement No.:
(3)Filing Party:
(4)Date Filed:

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LOGO



NOTICETABLE OF ANNUAL MEETING OF STOCKHOLDERSCONTENTS


To be held on May 14, 2014



        Dear Stockholders:

        We are pleased

Letter to invite you to attend the 2014 Annual Meeting of Stockholders of Dex Media, Inc. (the "Company," "Dex Media," "we," "us" or "our") to be held on Wednesday, May 14, 2014, at 10:30 a.m., local time, at our headquarters at 2200 West Airfield Drive, P.O. Box 619810 D/FW Airport, Texas 75261. The meeting will be held for the following purposes:

            1.     To elect eight directors to serve until the 2015 Annual Meeting of Stockholders;

            2.     To approve, on an advisory basis, the Company's executive compensation;

            3.     To recommend, on an advisory basis, the frequency of advisory votes to approve the Company's executive compensation;

            4.     To ratify the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for 2014; and

            5.     To transact such other business as may properly come before the Annual Meeting.

        Information concerning the matters to be voted upon at the Annual Meeting is set forth in the accompanying proxy statement. Holders of record of the Company's common stock as of the close of business on March 17, 2014 are entitled to notice of, and to vote at, the Annual Meeting. A list of such stockholders will be available at the Annual Meeting, and during the ten days prior to the Annual Meeting, at our headquarters located at the address above.

        We are pleased to take advantage of the Securities and Exchange Commission's "notice and access" rules, which allow companies to furnish proxy materials to their stockholders over the Internet. We believe these rules allow us to provide you with the information you need while lowering the costs of delivery and reducing the environmental impact of our annual meeting. On or about April 3, 2014, we mailed a Notice of Internet Availability of Proxy Materials to our stockholders containing instructions on how to access the proxy statement and vote online, and made proxy materials available to our stockholders over the Internet. Instructions for requesting paper or e-mail copies of the proxy materials are contained in the Notice of Internet Availability of Proxy Materials.

        Your vote is important.

TO OUR STOCKHOLDERS:
You are cordially invited to attend the 2022 Annual Meeting of Stockholders of Thryv Holdings, Inc., which will be held virtually at https://www.virtualshareholdermeeting.com/THRY2022 on June 9, 2022 at 9 a.m. Central Time. The Annual Meeting will be held in a virtual meeting format only and you will not be able to attend in person. Instructions for accessing the virtual meeting platform online are included in the proxy statement for this meeting.
The matters expected to be acted upon at the Annual Meeting are described in the accompanying Notice of Annual Meeting of Stockholders and proxy statement. The Annual Meeting materials include the notice, proxy statement, our annual report, and proxy card.
Your vote is important. Whether or not you plan to attend the Annual Meeting we hope you willvirtually, please cast your vote as promptlysoon as possible.




By Order of the Board of Directors,

GRAPHIC
Raymond R. Ferrell
Executive Vice President,
General Counsel and Corporate Secretary

D/FW Airport, Texas
April 3, 2014


IMPORTANT

Whetherpossible by Internet, telephone or, if you received a paper proxy card and voting instructions by mail, by completing and returning the enclosed proxy card in the postage-prepaid envelope to ensure that your shares will be represented. Your vote by written proxy will ensure your representation at the Annual Meeting regardless of whether you attend virtually. Returning the proxy does not you planaffect your right to attend the meeting in person, pleaseAnnual Meeting virtually or to vote over the Internet at www.proxyvote.com promptly so that your shares may be voted in accordance with your wishes. If you request paper or e-mail copies ofvirtually during the proxy materials (which include a proxy card), you may also vote by completing, signingAnnual Meeting.

Sincerely,

Lesley Bolger
Chief Legal Officer & Human Resources and returning the proxy card by mail.

Executive Vice President, Chief Compliance Officer and Secretary
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING TO BE HELD ON JUNE 9, 2022. THE PROXY STATEMENT AND ANNUAL REPORT ARE AVAILABLE AT https://www.virtualshareholdermeeting.com/THRY2022.

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2200 West Airfield Drive
P.O. Box 619810
DFW Airport, Texas 75261
Notice of Annual Meeting of Stockholders
TIME AND DATE:
June 9, 2022 at 9 a.m. Central Time

General Information about

PLACE:
Our 2022 Annual Meeting of Stockholders (the “Annual Meeting”) will be a virtual stockholder meeting, conducted via live audio webcast, a format designed to increase stockholder access, reduce the environmental impact of a physical meeting, save Thryv and our stockholders time and money and, during the current global pandemic, ensure the safety of participants. In addition to online attendance, this format provides stockholders with the opportunity to hear all portions of the official meeting, submit written questions during the meeting, and vote online during the open poll section of the meeting. You are invited to attend the live webcast of our meeting, vote your shares and submit questions at www.virtualshareholdermeeting.com/THRY2022. To join the meeting, you will need the 16-digit control number that is printed on your Notice Regarding the Availability of Proxy Materials (“Notice”). When accessing our Annual Meeting, please allow ample time for online check-in, which will begin at 8:45 a.m., Central Time, on June 9, 2022. If a bank, brokerage firm, or other nominee holds your shares, you should contact that organization for additional information.
ITEMS OF BUSINESS:
1.
Elect two Class II directors of Thryv Holdings, Inc., each to serve a three-year term expiring at the 2025 annual meeting of stockholders and until such director’s successor is duly elected and qualified.
2.
Ratify the appointment of Grant Thornton LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022.
3.
Approve, on a non-binding advisory basis, the compensation of our named executive officers.
4.
Transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof.
RECORD DATE:
Only stockholders of record at the close of business on April 13, 2022 (the “Record Date”) are entitled to notice of, and to attend and vote at, the Annual Meeting and Voting

1any adjournments or postponements thereof.

Questions and Answers about the Annual Meeting and Voting

1

Corporate Governance

PROXY VOTING:
6

Introductory Note—Merger

On or about April 28, 2022, we will mail to stockholders of Dex One Corporation and SuperMedia Inc. 

6

Board Composition, Responsibilities and Leadership Structure

6

Board Committees

7

Corporate Governance Principles

9

Risk Oversight

9

Communications with the Board

9

Director Independence

10

Code of Conduct

10

Related Person Transactions

10

Election of Directors (Item No. 1)

12

Executive and Director Compensation

16

Compensation Discussion and Analysis

16

Compensation and Benefits Committee Report

26

Executive Compensation

27

Summary Compensation Table

27

Grants of Plan-Based Awards Table—2013

29

Additional Information Relating to Summary Compensation Table and Grants of Plan-Based Awards Table—2013

29

Outstanding Equity Awards at 2013 Fiscal Year-End Table

30

Option Exercises and Stock Vested—2013

30

Pension Benefits Table—2013

31

Potential Payments Upon Termination or Change in Control

31

Compensation and Benefits Committee Interlocks and Insider Participation

39

Director Compensation

39

Advisory Vote Approving the Company's Executive Compensation (Item No. 2)

43

Advisory Vote Determining the Frequency of Advisory Votes to Approve the Company's Executive Compensation (Item No. 3)

45

Stock Ownership Information

46

Stock Ownership of Certain Beneficial Owners and Management

46

Section 16(a) Beneficial Ownership Reporting Compliance

48

Audit and Finance Committee

49

Audit and Finance Committee Report

49

Principal Accountant Fees and Services

49

Ratification of Appointment of Independent Registered Public Accounting Firm (Item No. 4)

51

Householding of Materials

52

Other Information

52

How to Raise a Matter at a Meeting or Nominate Membersrecord as of the Board of Directors

52Record Date (other than those who previously requested electronic or paper delivery on an ongoing basis) a Notice with instructions for accessing our proxy materials and voting instructions over the Internet, by telephone, or by mail. We expect that our proxy statement and other proxy materials will be available to stockholders on this same date. Further information regarding voting rights and the matters to be voted upon is presented in the accompanying proxy statement.
This Notice of the Annual Meeting, proxy statement, and form of proxy are being first distributed and made available to stockholders on or about April 28, 2022.
WHETHER OR NOT YOU PLAN TO ATTEND THE VIRTUAL ANNUAL MEETING, WE ENCOURAGE YOU TO VOTE AND SUBMIT YOUR PROXY THROUGH THE INTERNET OR BY TELEPHONE OR REQUEST AND SUBMIT YOUR PROXY CARD AS SOON AS POSSIBLE, SO THAT YOUR SHARES MAY BE REPRESENTED AT THE MEETING.
By Order of the Board of Directors,

Lesley Bolger
Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary
April 28, 2022

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1

GENERAL

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PROXY STATEMENT
FOR THE 2022 ANNUAL MEETING OF STOCKHOLDERS
INFORMATION ABOUT THE ANNUAL MEETINGSOLICITATION AND VOTING

        This

The accompanying proxy statement provides information in connection with the solicitationis solicited on behalf of proxies by the board of directors (the "Board") of Dex Media,Thryv Holdings, Inc. (the "Company," "Dex Media," "we," "us" or "our") for use at the Company's 2014our 2022 Annual Meeting of Stockholders, or Annual Meeting, to be held virtually at www.virtualshareholdermeeting.com/THRY2022 on June 9, 2022 at 9 a.m. Central Time, and any adjournment or postponement or adjournment thereof (the "Annual Meeting").

        Holdersthereof. The Notice of recordInternet Availability of the Company's common stock as of the close of business on March 17, 2014, are entitled to vote atProxy Materials and this proxy statement for the Annual Meeting. Each holderMeeting, or Proxy Statement, and the accompanying form of recordproxy were first distributed and made available on the Internet to stockholders on or about April 28, 2022. An annual report for the fiscal year ended December 31, 2021 is available with this Proxy Statement by following the instructions in the Notice of Internet Availability of Proxy Materials. In this Proxy Statement, we refer to Thryv Holdings, Inc. as of March 17, 2014,“Thryv,” “Company,” “we,” or “us.” References to our website in this Proxy Statement are not intended to function as hyperlinks and the information contained on our website is entitlednot intended to one vote for each share of common stock held. On March 17, 2014, there were 17,637,461 shares of common stock outstanding.

        Pursuant to "notice and access" rules adopted by thebe incorporated into this Proxy Statement.

INTERNET AVAILABILITY OF PROXY MATERIALS
In accordance with U.S. Securities and Exchange Commission, ("SEC"),or SEC, rules, we are using the Company has elected to provide access to itsInternet as our primary means of furnishing proxy materials over the Internet. Accordingly, on or about April 3, 2014, we mailedto stockholders. Consequently, most stockholders will not receive paper copies of our proxy materials. We will instead send these stockholders a Notice of Internet Availability of Proxy Materials (the "Notice")with instructions for accessing the proxy materials, including our Proxy Statement and annual report, and voting via the Internet. The Notice of Internet Availability of Proxy Materials also provides information on how stockholders may obtain paper copies of our proxy materials if they so choose. We believe this rule makes the proxy distribution process more efficient, less costly, and helps in conserving natural resources.
GENERAL INFORMATION ABOUT THE MEETING
PURPOSE OF THE ANNUAL MEETING
You are receiving this Proxy Statement because our board of directors is soliciting your proxy to all stockholdersvote your shares at the Annual Meeting with respect to the proposals described in this Proxy Statement. This Proxy Statement includes information that we are required to provide to you pursuant to the rules and regulations of the SEC and is designed to assist you in voting your shares.
RECORD DATE; QUORUM
Only holders of record as of our common stock at the close of business on March 17, 2014. This Notice includes: (i) instructions on how to access our proxy materials electronically; (ii)April 13, 2022, or the date, time and location of the Annual Meeting; (iii) a description of the matters intended toRecord Date, will be acted upon at the Annual Meeting; (iv) a list of the materials being made available electronically; (v) instructions on how a stockholder can request to receive paper or e-mail copies of the proxy materials; (vi) any control/identification numbers that a stockholder needs to access the proxy; and (vii) information about attending the Annual Meeting and voting in person. We encourage our stockholders to take advantage of the availability of the proxy materials over the Internet to help lower the costs of delivery and reduce the environmental impact of our Annual Meeting.

        No business can be conducted at the Annual Meeting unless a majority of all shares entitled to vote are either present in person or represented by proxy at the Annual Meeting. As far asAt the close of business on the Record Date, we know, the only mattershad 34,234,787 shares of common stock outstanding and entitled to be brought beforevote. For ten days prior to the Annual Meeting, are those referred to in this proxy statement. If any additional matters are presented at the Annual Meeting, the persons named as proxies may vote your shares in their discretion.


QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING

What am I voting on at the Annual Meeting?

    1.
    The election of eight directors to serve until the 2015 Annual Meeting of Stockholders;

    2.
    the approval, on an advisory basis,a complete list of the Company's executive compensation;

    3.
    the recommendation, on an advisory basis, on the frequency of advisory votes on the Company's executive compensation;

    4.
    the ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for 2014; and

    5.
    any other matters that may properly be presented at the Annual Meeting.

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What does the Board of Directors recommend with respect to the matters to be presented at the Annual Meeting?

        The Board of Directors recommends a vote:

            1.     FOR the election of all of the nominees to the Company's Board of Directors;

            2.     FOR the approval, on an advisory basis, of the Company's executive compensation;

            3.     ONE YEAR on the recommendation, on an advisory basis, on the frequency of advisory votes to approve the Company's executive compensation; and

            4.     FOR the ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for 2014.

Who is entitled to vote?

        You arestockholders entitled to vote at the Annual Meeting if you owned the Company shares (directly in your name or in "street name," as defined below) as of the close of business on March 17, 2014, the record datewill be available for the Annual Meeting. On that date, 17,637,461 shares of our common stock were outstanding and entitledexamination by any stockholder for any purpose relating to vote at the Annual Meeting and no shares ofduring ordinary business hours at our preferred stock were outstanding. Each share of common stock is entitledheadquarters, at 2200 West Airfield Drive, DFW Airport, Texas 75261. If, due to one vote on each proposalCOVID-19, our headquarters are closed during the ten days prior to properly come before the Annual Meeting.

What is the difference between holding shares directly as a stockholder of record and holding shares in "street name"?

        Most of our stockholders hold their shares through a broker, bank or other nominee rather than directly in their own name. As summarized below, there are differences between shares held of record and those held beneficially or in "street name."

        Registered Stockholders.    If your shares are registered directly in your name with our transfer agent, you are considered the stockholder of record with respect to those shares, and a notice containing instructions on how to access our proxy statement and annual report online was sent directly to you. As the stockholder of record, you have the right to vote your shares as described herein.

        Beneficial Stockholders.    If your shares are held by a bank, broker or other agent as your nominee, you are considered the beneficial owner of shares held in "street name," and the notice containing instructions on how to access our proxy statement and annual report online was forwarded to you by your bank, broker or agent who is considered the stockholder of record with respect to those shares.

How can I vote my shares?

        Registered Stockholders.    If you hold shares in your own name, you may vote by proxy before the Annual Meeting, by signing and returning a completed proxy card or in person at the Annual Meeting.

        Beneficial Stockholders.    If you hold your shares in street name, your bank, broker or other agent willstockholder may send you, as the beneficial owner, a separate package describing the procedure for voting your shares. You should follow the instructions provided by your bank, broker or agent to vote your shares.

Can I change my vote or revoke my proxy?

        Registered Stockholders.    You may change your vote or revoke your proxy at any time prior to the taking of the vote at the Annual Meeting by: (i) sending a written notice of revocationrequest to the Corporateour Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary (at the address of the Company set forth on the first page of this Proxy Statement)


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prior to your shares being voted; (ii) delivering another duly executed proxy bearingat 2200 West Airfield Drive, P.O. Box 619810, DFW Airport, Texas, 75261, and we will arrange a later date (which automatically revokes the earlier proxy); or (iii) voting in person at the Annual Meeting.

        Beneficial Stockholders.    You may change your vote by submitting new voting instructions to your bank, broker or other agent following the instructions they provided, or, if you have obtained a legal proxy from your bank, broker or other agent giving you the right to vote your shares, by attending the Annual Meeting and voting in person.

Who will count the vote at the Annual Meeting?

        Representatives of Broadridge Financial Solutions will tabulate the vote and serve as inspector of election at the Annual Meeting.

What vote is required to approve each proposal?

        Item No. 1—Election of Directors.    Each director will be elected by the vote of the majority of the votes cast when a quorum is present. A "majority of the votes cast" means that the number of votes cast "for" a director exceeds the number of votes cast "against" that director. "Votes cast" excludes abstentions and any votes withheld by banks and brokers in the absence of instructions from street name holders ("broker non-votes"). Your broker or nominee will not be permitted to vote on the election of directors without specific instructions as to how to vote from the beneficial owner. As a result, if you hold your shares through a broker or nominee, they will not be voted in the election of directors, unless you affirmatively vote your shares in accordance with the voting instructions provided by that institution.

        Item No. 2—Advisory Vote on the Company's Executive Compensation and Item No. 4—Ratification of Appointment of Ernst & Young LLP.    The affirmative vote of a majority of the shares present at the Annual Meeting in person or by proxy is required to approve, on an advisory basis, the Company's executive compensation (Item No. 2) and ratify the appointment of our independent registered public accounting firm (Item No. 4). Abstentions have the same effect as votes cast against Item Nos. 2 and 4. Broker non-votes will be voted in and for Item No. 4, and will have no effect on the outcome of the vote on Item No. 2.

        Item No. 3—Advisory Vote on the Frequency of Advisory Votes to Approve the Company's Executive Compensation.    The frequency of the advisory vote on the Company's executive compensation (Item No. 3) receiving a majority of votes cast (every one, two or three years) will be considered the frequency recommended by stockholders. Abstentions and broker non-votes have no effect on such vote.

        Although the advisory votes on Items Nos. 2 and 3 are non-binding as provided by law, our Board will review the results of the votes and, consistent with our record of stockholder engagement, will take them into account in making a determination concerning executive compensation and the frequency of advisory votes on executive compensation.

        Any other matter.    Any other matter that properly comes before the Annual Meeting will require the approval of the majority of the shares present in person or represented by proxy and entitled to vote at the Annual Meeting.

What constitutes a quorumway for the Annual Meeting?

stockholder to inspect the list.

The presence of the holders of a majority of the outstandingvoting power of the shares of our common stock entitled to vote at the Annual Meeting as of the Record Date must be present at the Annual Meeting in order to hold the Annual Meeting and conduct business. This presence is called a quorum. Your shares are counted as present at the Annual Meeting if you are present and vote in person at the Annual Meeting or if you have properly submitted a proxy.
VOTING RIGHTS; REQUIRED VOTE
In deciding all matters at the Annual Meeting, as of the close of business on the Record Date, each share of common stock represents one vote. We do not have cumulative voting rights for the election of directors. You may vote all shares owned by you as of the Record Date, including (i) shares held directly in your name as the stockholder of record and (ii) shares held for you as the beneficial owner in street name through a broker, bank, trustee, or other nominee.
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Stockholder of Record: Shares Registered in Your Name. If, on the Record Date, your shares were registered directly in your name with our transfer agent, Computershare, Inc., then you are considered the stockholder of record with respect to those shares. As a stockholder of record, you may vote at the Annual Meeting or vote by telephone, through the Internet or, if you request or receive paper proxy materials, by filling out and returning the proxy card.
Beneficial Owner: Shares Registered in the Name of a Broker or Nominee. If, on the Record Date, your shares were held in an account with a brokerage firm, bank, or other nominee, then you are the beneficial owner of the shares held in street name. As a beneficial owner, you have the right to direct your nominee on how to vote the shares held in your account, and your nominee has enclosed or provided voting instructions for you to use in directing it on how to vote your shares. However, the organization that holds your shares is considered the stockholder of record for purposes of voting at the Annual Meeting. Because you are not the stockholder of record, you may not vote your shares at the Annual Meeting unless you request and obtain a valid proxy from the organization that holds your shares giving you the right to vote the shares at the Annual Meeting.
Each director will be elected by a plurality of the votes cast, which means that the two individuals nominated for election to our board of directors at the Annual Meeting receiving the highest number of “FOR” votes will be elected. You may vote “FOR ALL”, “WITHHOLD ALL”, or vote “FOR ALL EXCEPT” one or more of the nominees you specify. Ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022 will be by the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the matter. The compensation of our named executive officers will be approved by a non-binding advisory vote by the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the matter.
RECOMMENDATIONS OF OUR BOARD OF DIRECTORS ON EACH OF THE PROPOSALS SCHEDULED TO BE VOTED ON AT THE ANNUAL MEETING
PROPOSAL
BOARD
RECOMMENDATION
PROPOSAL 1
The election of the Class II directors named in this Proxy Statement
For All Nominees
PROPOSAL 2
The ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022
For
PROPOSAL 3
Non-binding advisory vote on the compensation of our named executive officers
For
ABSTENTIONS; BROKER NON-VOTES
Abstentions occur when shares present at the Annual Meeting are marked “Abstain.” Under Delaware law, abstentions are counted as present and entitled to vote for purposes of determining whether a quorum is necessarypresent. Abstentions are considered shares present and entitled to constitutevote on Proposal No. 2 and Proposal No. 3, and, thus, will have the same effect as a quorum. Abstentionsvote “Against” Proposal No. 2 and Proposal No. 3. At the Annual Meeting, withhold votes will have no effect on Proposal No. 1.
Broker non-votes occur when shares held by a broker for a beneficial owner are not voted because the broker did not receive voting instructions from the beneficial owner and lacked discretionary authority to vote the shares. Under Delaware law, broker non-votes are counted as present and entitled to vote for purposes of determining whether a quorum.


Tablequorum is present. However, brokers have limited discretionary authority to vote shares that are beneficially owned. While a broker is entitled to vote shares held for a beneficial owner on “routine” matters without instructions from the beneficial owner of Contents

What happens if I sign, datethose shares, absent instructions from the beneficial owner of such shares, a broker is not entitled to vote shares held for a beneficial owner on “non-routine” matters. At our Annual Meeting, only Proposal No. 2 is considered a routine matter and return my proxy but dobrokers have discretionary authority to vote shares that are beneficially owned on Proposal No. 2. If a broker chooses not specify how I want myto vote shares voted on onefor or more ofagainst Proposal No. 2, it would have the proposals?

        Regardless of your form of ownership, your proxy will be countedsame effect as a vote "FOR" all of the director nominees; "FOR" Item Nos. 2 and 4; and "1 Year" for Item“Against” Proposal No. 3.

What happens if I do not vote my shares?

        Registered Stockholders.    Your shares will not be voted2. The other proposals presented at the Annual Meeting.

        Beneficial Stockholders.    YourMeeting are non-routine matters and therefore broker or nominee may vote yournon-votes are not deemed to be shares only on those proposals on which it has discretion to vote. Your broker or nominee does not have discretionentitled to vote on and will have no effect on Proposal No. 1 and Proposal No. 3.

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VOTING INSTRUCTIONS; VOTING OF PROXIES
VOTE BY INTERNET
AT THE ANNUAL MEETING
VOTE BY TELEPHONE
OR INTERNET
VOTE BY MAIL
You may vote via the virtual meeting website—any stockholder can attend the Annual Meeting by visiting https://www.virtualshareholdermeeting.com/
THRY2022, where stockholders may vote and submit questions during the meeting. The meeting starts at 9 a.m. Central Time. Please have your 16-Digit Control Number to join the Annual Meeting. Instructions on how to attend and participate via the Internet, including how to demonstrate proof of stock ownership, are posted at www.proxyvote.com.
You may vote by telephone or through the Internet—in order to do so, please follow the instructions shown on your proxy card.
You may vote by mail—if you request or receive a paper proxy card and voting instructions by mail, simply complete, sign, and date the enclosed proxy card and promptly return it in the envelope provided or, if the envelope is missing, please mail your completed proxy card to Vote Processing, c/o Broadridge Financial Solutions, Inc., 51 Mercedes Way, Edgewood, New York 11717. Your completed, signed, and dated proxy card must be received prior to the Annual Meeting.
Votes submitted by telephone or through the Internet must be received by 11:59 p.m. Eastern Time on June 8, 2022. Submitting your shares on non-routine matters such asproxy, whether by telephone, through the election of directorsInternet or, Items Nos. 2 and 3. However,if you request or receive a paper proxy card, by mail will not affect your broker or nominee does have discretionright to vote at the Annual Meeting should you decide to attend the Annual Meeting virtually. If you are not the stockholder of record, please refer to the voting instructions provided by your sharesnominee to direct your nominee on routine matters such as Item No. 4. To be sure your shares are voted in the manner you desire, you should instruct your broker or nominee how to vote your shares.

How Your vote is my proxy voted on mattersimportant. Whether or not identified on the proxy form or in this Proxy Statement?

        Other than the four items of business described in this Proxy Statement, our Board presently knows of no other matters to be presented for action at the Annual Meeting. Neither did we receive timely notice of any nomination for a director, nor did we receive timely notice of any other matter intended to be raised by any stockholder at the Annual Meeting. Accordingly, the proxy form confers upon the persons named on the proxy form authority to vote your shares in their discretion upon any other matter that may properly come before the Annual Meeting.

What do I need to do if I plan to attend the Annual Meeting in person?

        If you plan to attend the Annual Meeting, we urge you to vote by proxy to ensure that your vote is counted.

All proxies will be voted in person,accordance with the instructions specified on the proxy card. If you must provide proof ofsign a physical proxy card and return it without instructions as to how your ownershipshares should be voted on a particular proposal at the Annual Meeting, your shares will be voted in accordance with the recommendations of our common stock and a formboard of personal identification for admission to the Annual Meeting. directors stated above.
If you do not vote and you hold your shares in street name, and you also wish to be ableyour broker does not have discretionary power to vote your shares, your shares may constitute “broker non-votes” (as described above) and will not be counted in determining the number of shares necessary for approval of certain of the proposals. However, broker non-votes will be counted for the purpose of establishing a quorum for the Annual Meeting.
If you receive more than one proxy card, your shares are registered in more than one name or are registered in different accounts. To make certain all of your shares are voted, please follow the instructions included on each proxy card and vote each proxy card by telephone, through the Internet, or by mail. If you requested or received paper proxy materials and you intend to vote by mail, please complete, sign, and return each proxy card you received to ensure that all of your shares are voted.
We recommend that you vote your shares in advance of the meeting as instructed above, even if you plan to attend the Annual Meeting virtually.
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REVOCABILITY OF PROXIES
A stockholder of record who has given a proxy may revoke it at any time before it is exercised at the Annual Meeting by:
delivering to our Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary by mail a written notice stating that the proxy is revoked;
signing and delivering a proxy bearing a later date;
voting again by telephone or through the Internet; or
attending virtually and voting during the Annual Meeting (although attendance at the Annual Meeting will not, by itself, revoke a proxy).
Please note, however, that if your shares are held of record by a broker, bank, or other nominee and you wish to revoke a proxy, you must obtain acontact that firm to revoke any prior voting instructions.
EXPENSES OF SOLICITING PROXIES
We will pay the expenses of soliciting proxies, including preparation, assembly, printing, and mailing of this Proxy Statement, the proxy, executed in your favor, from your bank or broker. All stockholders asand any other information furnished to stockholders. Following the original mailing of the record date are invited to attend, although seatingsoliciting materials, we and our agents, including directors, officers, and other employees, without additional compensation, may be limited.

Who is bearingsolicit proxies by mail, email, telephone, facsimile, by other similar means, or in person. Following the costoriginal mailing of this proxy solicitation and how is the solicitation effected?

        The Company is soliciting your proxy and is paying the cost of such solicitation, including preparing this proxy statement and the proxy card and the costs of any mailing. The Company maymaterials, we will request banks, brokers, and other custodians, nominees, and fiduciariesother record holders to forward copies of these proxythe soliciting materials to their principalspersons for whom they hold shares and to request authority for the executionexercise of proxies. The Company mayIn such cases, we, upon the request of the record holders, will reimburse such personsholders for their expenses in so doing.

Under what circumstances canreasonable expenses. If you choose to access the proxy materials or vote through the Internet, you are responsible for any Internet access charges you may incur.

VOTING RESULTS
Voting results will be tabulated and certified by the inspector of elections appointed for the Annual MeetingMeeting. The preliminary voting results will be adjourned?

        Adjournments mayannounced at the Annual Meeting. The final results will be madetallied by the inspector of elections and filed with the SEC in a current report on Form 8-K within four business days of the Annual Meeting.

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CORPORATE GOVERNANCE
We are committed to good corporate governance practices. These practices provide an important framework within which our board of directors and management pursue our strategic objectives for the purposebenefit of among other things, soliciting additional proxies. Any adjournment may be made from time to time by approvalour stockholders.
INDEPENDENCE OF DIRECTORS
The listing rules of the holders ofNasdaq Stock Market LLC, or Nasdaq, generally require that a majority of the shares present in personmembers of a listed company’s board of directors be independent. In addition, the listing rules generally require that, subject to specified exceptions, each member of our audit, compensation, and nominating and corporate governance committees be independent.
Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning his or represented by proxyher background, employment, and entitled to vote at the Annual Meeting (whether or not a quorum exists) without further notice other than by an announcement made at the Annual Meeting. Weaffiliations, our board of directors has determined that Amer Akhtar, Bonnie Kintzer, Ryan O’Hara, John Slater, Lauren Vaccarello and Heather Zynczak do not currently intend to seek an adjournmenthave a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is “independent” as that term is defined under the applicable rules and regulations of the Annual Meeting.

When are stockholder proposals due for inclusion inSEC and the Company's proxy statement forlisting standards of Nasdaq. In making these determinations, our board of directors considered the 2015 Annual Meeting of Stockholders?

        In order to be considered for inclusion in the Company's proxy materials for the 2015 Annual Meeting of Stockholders, a stockholder proposal must be received in writing bycurrent and prior relationships that each non-employee director has with our Company at Dex


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Media Inc., 2200 West Airfield Drive, P.O. Box 619810, D/FW Airport, TX 75261, Attention: Corporate Secretary, no later than the close of business on December 4, 2014, and otherwise comply with Rule 14a-8 under the Securities Exchange Act of 1934.

        Our Bylaws provide that stockholders may propose business to be conducted at an annual meeting of stockholders and/or nominate individuals to be elected to the Board of Directors at an annual meeting of stockholders if such proposal or nomination is made pursuant to timely notice in writing to the Secretary of the Company at the address set forth on the cover page of this Proxy Statement. To be timely, a stockholder's notice shall be delivered to or mailed and received at the our principal executive offices not less than 90 days nor more than 120 days in advance of the anniversary date of the immediately preceding annual meeting; provided, however, that in the event that the annual meeting is called for a date that is not within 30 days before or after such anniversary date, notice by the stockholder in order to be timely must be so received not later than the close of business on the 10th day following the day on which notice of the date of the annual meeting was first mailed or public disclosure of the date of the annual meeting was first made, whichever first occurs. Such stockholder's notice shall set forth all of the information described in Section 11 of our Bylaws. A copy of our Bylaws is available upon request by any of our stockholders from the Secretary of the Company.


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CORPORATE GOVERNANCE

Introductory Note—Merger of Dex One Corporation and SuperMedia Inc.

        On December 5, 2012, Dex One Corporation ("Dex One") entered into an Amended and Restated Agreement and Plan of Merger (the "Merger Agreement") with SuperMedia Inc. ("SuperMedia"), Newdex Inc. ("Newdex"), and Spruce Acquisition Sub, Inc., a direct wholly owned subsidiary of Newdex ("Merger Sub"). The Merger Agreement provided that, upon the terms and subject to the conditions set forth therein, (i) Dex One would merge with and into Newdex, with Newdex as the surviving entity and (ii) immediately thereafter, Merger Sub would merge with and into SuperMedia, with SuperMedia as the surviving entity, and become a direct wholly owned subsidiary of Newdex (the "Merger"). As a result of the Merger, Newdex, as successor to Dex One, would be renamed Dex Media, Inc. and become a newly listed company. The Merger Agreement further provided that if either Dex One or SuperMedia were unable to obtain the requisite consents to the Merger from their respective stockholders to consummate the transactions on an out-of-court basis, the Merger could be effected through voluntary pre-packaged plans of reorganization under Chapter 11 of Title 11 of the United States Code ("Chapter 11" or the "Bankruptcy Code"). Because neither Dex One nor SuperMedia were able to obtain the requisite consents to complete the Merger out of court, each of Dex One and SuperMediacompany and all other facts and circumstances our board of directors deemed relevant in determining their domestic subsidiaries voluntarily filed pre-packaged bankruptcy petitions under Chapter 11 on March 18, 2013, in the United States Bankruptcy Court for the Districtindependence.

BOARD LEADERSHIP STRUCTURE
The board of Delaware (the "Bankruptcy Court") and requested confirmation of their respective joint pre-packaged Chapter 11 plans (the "Prepackaged Plans"), seekingdirectors is committed to effect the Merger and related transactions contemplated by the Merger Agreement.

        On April 29, 2013, the Bankruptcy Court held a hearing and entered separate orders confirming each of the Prepackaged Plans. On April 30, 2013, Dex One and SuperMedia consummated the Merger and other transactions contemplated by the Merger Agreement and emerged from Chapter 11 protection. Effective with the emergence from bankruptcy and the consummation of the Merger, each share of Dex One common stock was converted into 0.2 shares of common stock of Dex Media and each share of SuperMedia common stock was converted into 0.4386 shares of common stock of Dex Media. The common stock of Dex Media was listed on the NASDAQ Stock Market. As the Merger was completed on April 30, 2013, we did not hold an annual meeting of stockholders in 2013.


Board Composition, Responsibilities and Leadership Structure

        Our Board of Directors was substantially constituted as part of the Merger. Pursuant to the terms of the Merger Agreement, following the consummation of the Merger, the Board of Directors of Dex Media consisted of ten members comprising: (i) five then-current Dex One non-employee directors, including Jonathan B. Bulkeley, Richard L. Kuersteiner, W. Kirk Liddell, Mark A. McEachen, and Alan F. Schultz, as chairman of the Board of Dex Media; (ii) four then-current SuperMedia non-employee directors designated by SuperMedia, including Thomas D. Gardner, Thomas S. Rogers, John Slater, and Douglas D. Wheat; and (iii) Peter J. McDonald then-current director and Chief Executive Officer of SuperMedia, as the President and Chief Executive Officer ("Chief Executive Officer" or "CEO") of Dex Media.

        The Board of Directors is responsible for overseeing the affairspromoting effective, independent governance of the Company. The Board held nine meetings since the formationboard of our Company on April 30, 2013 to December 31, 2013. Each director attended at least 90% of the meetings of the Board and of the standing committees on which he served since April 30, 2013. The Board currently consists of ten directors. Our Bylaws provide, however, that the Board may increase or decrease the size of the Board and fill any vacancies.

        As reflecteddirectors believes it is in our Corporate Governance Guidelines, while the Board does not presently require all its members to attend annual meetings of stockholders, it does encourage its members to do so and the non-executive Chairman is expected to attend all meetings of stockholders. The Board is sensitive


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to stockholder access concerns and will periodically monitor and reassess this policy to ensure it remains open and available for stockholder communications.

        The Board has determined that the appropriate leadership structure for the Board at this time is for a non-management director to serve as non-executive Chairman of the Board. The Board reserves the right to review this policy from time to time to assess whether a non-executive Chairman continues to serve the best interests of the stockholders and the Company for the board of directors to have the flexibility to select the best director to serve as Chairman at any given time, regardless of whether that director is an independent director or the Chief Executive Officer.

During fiscal year 2021, prior to November 30, 2021, Jason Mudrick served as our Chairman. In connection with Mr. Mudrick’s resignation from the board of directors effective November 30, 2021, the board of directors determined that it was in the best interests of the stockholders and the Company for Mr. Walsh to serve as our Chairman as well as our Chief Executive Officer and for Mr. Slater to serve as Lead Independent Director.
The board of directors believes that this structure is effective and best for the Company at this point in time for several reasons. Mr. Walsh has been the Chief Executive Officer and a director since October 2014. Mr. Walsh also holds a significant number of shares of our common stock. The board of directors believes that as a long-term executive officer, director and significant stockholder, Mr. Walsh is well qualified to serve as our Chairman and Chief Executive Officer, and his interests are aligned with the Company’s stockholders. Furthermore, Mr. Walsh has extensive experience and knowledge of the Company and in the areas of SaaS software and small and medium sized businesses. Mr. Walsh is the person with primary responsibility for our stockholders.

day-to-day operations and the execution of our strategies. Because our performance is one of the most important topics at meetings of the board of directors, Mr. Walsh is well-suited to chair these discussions. This allows him to highlight important issues without unnecessary procedural delay. It also allows him to provide the proper context and background, including access to members of management and Company and industry reports, for each issue considered by the board of directors. Mr. Walsh’s extensive knowledge of the Company and involvement with day-to-day activities also helps ensure effective risk oversight for the Company. Mr. Walsh adheres to an “open door” policy in his communications with members of the board of directors and talks frequently with board members. Furthermore, board members are encouraged to freely communicate with any member of management at any time. The non-executiveboard of directors also believes it is beneficial, in terms of its relationship with employees, stockholders, customers, business partners and others, to provide a single voice for the Company through Mr. Walsh. Having one person serve as both our Chairman is responsibleand Chief Executive Officer demonstrates for ensuringour employees, stockholders, customers, business partners and others that the quality, quantityCompany is under strong leadership, with a single person setting the tone and timelinesshaving primary responsibility for managing our operations. Having a single leader for both the Company and the board of directors eliminates the potential for confusion or duplication of efforts, and provides clear leadership for our Company. In addition, in Mr. Walsh, the

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board of directors has found an effective leader who is able to facilitate open and productive discussion, effectively utilize each individual director’s unique perspective and expertise, lead the board of directors in innovative and creative problem solving and, by virtue of his personal investment in the Company, to represent the interests of our stockholders as a whole.
To help ensure the independence of the flowboard of information betweendirectors, our management andLead Independent Director has assumed certain responsibilities pertaining to the Board enables the Board to fulfill its functions and fiduciary duties in an efficient and effective manner. Our non-executive Chairman is elected annually by a majorityoperation of the independent directors upon a recommendation from the Corporate Governance Committee. Our non-executive Chairmanboard of directors. The Lead Independent Director presides over all executive sessions of the non-employeenon-management directors following every Board meeting (which sessions are not attended by management) and advises the Board, in consultation with the CEO and other independent directors, as to Board schedules and agendas. The Board has also determined that our non-executive Chairman shall be available to consult with stockholders and call meetings of the independentboard of directors when appropriate. See our Corporate Governance Guidelines in the absence of the Chairman, serves as the principal liaison to the non-management directors and consults with the Chief Executive Officer regarding information to be sent to the board of directors, meeting agendas and establishing meeting schedules. In order to give a significant voice to our non-management directors, our non-management directors will meet regularly in executive session in 2022.
COMMITTEES OF OUR BOARD OF DIRECTORS
Our board of directors has established an audit committee, a compensation committee, and a nominating and corporate governance section of our website at http://www.dexmedia.com/company/corporate-governance/ for additional information on the leadership structure of the Board.


Board Committees

committee. The Board maintains three standing committees—an Auditcomposition and Finance Committee, a Compensation and Benefits Committee and a Corporate Governance Committee. Each Committee operates under a charter that has been approved by the Board. A copyresponsibilities of each committee are described below.


Each of these committees has a written charter is posted in the corporate governance sectionapproved by our board of our website at http://www.dexmedia.com/company/corporate-governance/. Each Committee may delegate the authority granted to it under its charter to a subcommittee, in order to ensure compliance with legal and regulatory obligations, timely decision making or for other purposes.

        The following table below sets forth the composition of our Board committees in 2013.


Audit and
Finance
Committee
Compensation and
Benefits
Committee
Corporate
Governance
Committee

Jonathan B. Bulkeley

ü

Thomas D. Gardner

üü

Richard L. Kuersteiner

üü

W. Kirk Liddell

ü(Chair)

Mark A. McEachen

ü(Chair)(1)ü

Thomas S. Rogers

ü

John Slater

ü

Douglas D. Wheat

ü(Chair)

(1)
In January 2014, Mr. McEachen resigned as the Chairmandirectors. Copies of the Compensation and Benefits Committee and the Board appointed Mr. Gardner to serve as the Committee Chairman.

    Audit and Finance Committee

        The Audit and Finance Committee has overall responsibilitycharters for the integrity of our financial reporting process, including oversight of the preparation of financial statements and related financial information and the annual independent audit of such statements, as well as responsibility for our


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system of internal controls, internal audit process, risk assessment and management processes and compliance function. In addition, the Audit and Finance Committee has responsibility for reviewing proposed and existing financing arrangements (and compliance with governing documents) and for making recommendations to the Board regarding financing requirements for the Company and sources for such financing.

        The Audit and Finance Committee also prepares the Audit and Finance Committee Report that the SEC rules require be included in our annual proxy statement. This report is on page 49 of this proxy statement.

        The Board of Directors has unanimously determined that Jonathan B. Bulkeley and W. Kirk Liddell, each a present member of the Audit and Finance Committee, qualify as "audit committee financial experts" and possess "accounting or related financial management expertise" within the meaning of all applicable laws and regulations. In addition, the Board has unanimously determined that all present members of the Audit and Finance Committee are financially literate and, as stated below, independent as that term is used in Item 407(a) of regulation S-K.

        The Audit and Finance Committee met six times between April 30, 2013 and December 31, 2013.

    Compensation and Benefits Committee

        The Compensation and Benefits Committee is responsible for the oversight of our executive and non-management director compensation practices and programs and the administration of our compensation and benefit plans for employees (including senior management) and non-management directors.

        The Compensation and Benefits Committee is responsible for reviewing and approving all aspects of the compensation paid to our Chief Executive Officer, our Chief Financial Officer and the three other most highly paid executive officers and our other executive officers identified as Section 16(a) reporting persons. The Compensation and Benefits Committee also approves all arrangements providing for the payment of benefits following a change of control of the Company or severance following a termination of employment.

        The Compensation and Benefits Committee also prepares the Compensation and Benefits Committee Report that SEC rules require be included in our annual proxy statement. This report is on page 26 of this proxy statement.

        The Compensation and Benefits Committee is comprised entirely of directors who satisfy NASDAQ listing standards and the standards of independence established by our Board of Directors.

        The Compensation and Benefits Committee met 27 times between April 30, 2013 and December 31, 2013.

    Corporate Governance Committee

        The Corporate Governance Committee oversees the Board candidate selection, assessment and nomination process, makes recommendations to the Board regarding corporate governance policies, guidelines and procedures and in coordination with the Audit and Finance Committee, establishes and administers policies with respect to corporate responsibility and ethical business practices.

        The Corporate Governance Committee is composed entirely of directors who satisfy NASDAQ listing standards and the standards of independence established by our Board of Directors.

        The Corporate Governance Committee met six times between April 30, 2013 and December 31, 2013.


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    Special Committee

        In October 2013, our Board established a special committee of the Board of Directors, comprising Messrs. Mark A. McEachen, Thomas D. Gardner and John Slater, to assist the management in its preparation of the 2014 annual operating budget of the Company. The special committee held three meetings in 2013.


Corporate Governance Principles

        The Board of Directors has adopted policies and procedures to ensure effective governance of the Company. Our corporate governance materials, including our Corporate Governance Guidelines, the charters of each of the standing committees of the Board and our Code of Conduct for directors, finance employees and all employees, may be viewed in the corporate governance section of our website at http://www.dexmedia.com/company/corporate-governance/. We will also provideavailable, without charge, copies of any of the foregoing informationupon request in print upon written request of our stockholders to the Office of the Corporate Secretary, Dex Media, Inc., P.O. Box 619810, 2200 West Airfield Drive, D/FW Airport, Texas 75261.

        The Corporate Governance Committee reviews our Corporate Governance Guidelines on a regular basis and proposes modifications to the principles and other key governance practices as warranted for adoption by the Board.


Risk Oversight

        Senior management is responsible for identifying and prioritizing enterprise risks facing the Company. The Board of Directors, in turn, is responsible for ensuring that material risks are managed appropriately. The Board of Directors as a whole has responsibility for risk oversight, with reviews of certain areas being conducted by the relevant Board committees. The Board and its committees regularly review material strategic, operational, financial and reporting, succession and compensation, and compliance risks with senior management. The Audit and Finance Committee is responsible for discussing our overall risk assessment and risk management practices, as set forth in the Audit and Finance Committee's charter. The Audit and Finance Committee also performs a central oversight role with respect to financial and compliance risks, and periodically reports on its findings to the full Board. In addition, the Audit and Finance Committee is responsible for assessing risk related to our capital structure, significant financial exposures and our risk management and major insurance programs, and regularly evaluates financial risks associated with such programs. The Compensation and Benefits Committee considers risk in connection with its design of compensation programs for our executives.


Communications with the Board

        Our Board welcomes communications from stockholders and other interested parties. Stockholders and other interested parties may contact the Board by writing to Peter J. McDonald, Chief Executive Officer and President, c/o Dex Media,Thryv Holdings, Inc., 2200 West Airfield Drive, P.O. Box 619810, DFW Airport, Texas 75261. 75261, Attn: Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary, or in the “Investor Relations” section of our website, which is located at https://investor.thryv.com. Directors serve on these committees until their resignations or until otherwise determined by our board of directors.

AUDIT COMMITTEE
The primary purposes of our audit committee are to assist the Board’s oversight of:
audits of our financial statements;
the integrity of our financial statements;
our process relating to risk management and the conduct and systems of internal control over financial reporting and disclosure controls and procedures;
the qualifications, engagement, compensation, independence, and performance of our independent auditor; and
the performance of our internal audit function.
Our audit committee consists of Mr. Akhtar, Mr. Slater and Ms. Zynczak, with Mr. Slater serving as chair of the audit committee. Each of Mr. Slater and Ms. Zynczak qualifies as an “audit committee financial expert” as such term has been defined by the SEC in Item 407(d) of Regulation S-K. Our board of directors has affirmatively
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determined that Mr. Akhtar, Mr. Slater and Ms. Zynczak meet the definition of an “independent director” for the purposes of serving on the audit committee under applicable Nasdaq rules and Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our audit committee is governed by a charter that complies with the Nasdaq listing rules. The audit committee met four times in 2021.
COMPENSATION COMMITTEE
The primary purposes of our compensation committee are to assist the board of directors in overseeing our management compensation policies and practices, including:
determining and approving the compensation of our executive officers; and
producing an annual report regarding the Compensation Discussion and Analysis included in the Company’s proxy statement and annual report on Form 10-K.
Our compensation committee consists of Ms. Kintzer, Mr. Slater and Ms. Vaccarello, with Ms. Kintzer serving as chair of the compensation committee. Each member of the compensation committee qualifies as an independent director under the Nasdaq listing rules. Our compensation committee is governed by a charter that complies with the rules of Nasdaq. The compensation committee met five times in 2021.
NOMINATING AND CORPORATE GOVERNANCE COMMITTEE
The primary purposes of our nominating and corporate governance committee are:
making recommendations to the board of directors regarding nomination of individuals as members of the board of directors and its committees;
assisting the board of directors with identifying individuals qualified to become board of directors members; and
determining corporate governance practices and related matters.
Our nominating and corporate governance committee consists of Mr. Akhtar, Mr. O’Hara and Ms. Vaccarello, with Mr. O’Hara serving as chair of the nominating and corporate governance committee. Each member of the compensation committee qualifies as an independent director under the Nasdaq listing rules. The nominating and corporate governance committee is governed by a charter that complies with the rules of Nasdaq. The nominating and corporate governance committee met four times in 2021.
OUR BOARD OF DIRECTORS’ ROLE IN RISK OVERSIGHT
Our board of directors has primary responsibility for the oversight of our risk management and, either as a whole or through the audit committee, discusses with management our major risk exposures, their potential impact on our business and the steps we take to manage them. This risk oversight process includes the audit committee of the board of directors (i) identifying major risk areas and (ii) presenting such exposure to the board of directors to assess our risk identification, risk management and mitigation strategies with respect to areas of potential material risk, including operations, finance, legal, regulatory, cybersecurity, strategic, and reputational risk.
At each regular meeting of the audit committee of our board of directors, of which there were four in 2021, our management provides reports relating to existing and emerging risks at our Company, including, as appropriate, risk assessments, cyber and data security risks, privacy updates and any security incidents. The Company’s internal Governance, Risk, Ethics and Compliance Committee also meets quarterly to discuss cyber and data security risks.
BOARD AND COMMITTEE MEETINGS AND ATTENDANCE
Our board of directors and its committees meet regularly throughout the year, and also hold special meetings and act by written consent from time to time. During fiscal year 2021, our board of directors met five times, the audit committee met four times, the compensation committee met five times and the nominating and corporate governance committee met four times. During fiscal 2021, each member of our board of directors attended at least 75% of the aggregate of all meetings of our board of directors and of all meetings of committees of our board of directors on which such member served that were held during the period in which such director served.
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BOARD ATTENDANCE AT ANNUAL STOCKHOLDERS’ MEETING
Our policy is to invite and encourage each member of our board of directors to be present at our annual meeting of stockholders. The 2021 Annual Meeting was our first annual meeting, and all directors attended the 2021 Annual Meeting.
COMMUNICATION WITH DIRECTORS
Stockholders and other interested parties may contact the independentwho wish to communicate with our board of directors, non-management members of our Boardboard of directors as a group, a committee of our board of directors, or a specific member of our board of directors (including our Chairperson or Lead Independent Director) may do so in writting addressed to the attention of our Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary.
All communications are reviewed by the Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary and provided to the members of our board of directors as appropriate. Unsolicited items, sales materials, abusive, threatening, or otherwise inappropriate materials, and items unrelated to the duties and responsibilities of our board of directors will not be provided to directors.
The address for these communications is:
Thryv Holdings, Inc.
2200 West Airfield Drive
P.O. Box 619810,
DFW Airport, Texas 75261,
Attn: Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer
and Secretary
CODE OF ETHICS AND BUSINESS CONDUCT
We have adopted a Code of Ethics and Business Conduct that applies to all our employees and the members of our board of directors. Our Code of Ethics and Business Conduct is posted on the “Investors” section of our website, which is located at https://investor.thryv.com under “Governance Documents” in the “Governance” section of our website. We intend to satisfy the disclosure requirements regarding amendment to, or waiver from, a provision of our Code of Ethics and Business Conduct by posting such information on our website at the address and location specified above.
CORPORATE SOCIAL RESPONSIBILITY
Our culture is shaped by our core values, which are as follows:
Client Devoted
DONE3 (Make a Clear Commitment, Deliver on Your Commitment, and Follow-Up to Ensure Satisfaction)
Act Like You Own the Place
Invest in Our People
Under Promise, Over Deliver
Making Money is a Byproduct of Helping People
Think Long-Term; Act with Passion and Integrity
As part of our core value of “invest in our people”, we support various initiatives. We strive to ensure our work environment reflects diversity, fairness and meritocracy. Our Diversity and Inclusion Council provides a voice for our diverse employees to share insights, communicate with leadership, and generate ideas and actions to enhance and impact diversity at the Company. The Diversity and Inclusion Council plans and sponsors events to celebrate diversity and inclusion and create opportunities for networking and mentorship within diverse groups.
We prioritize and invest in creating opportunities to help employees grow and build their careers through training and development programs. These include online and on-the-job learning formats.
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Our Emerging Leaders Program is designed to help identify and develop future leaders. Once identified, Emerging Leaders are provided focused leadership and management skill development programs – instructor-led, online and on-the-job.
Our New Manager Training Program is provided to newly promoted managers to develop and enhance their people management and leadership skills. This program aims to set up newly promoted people managers for success while developing a network of colleagues from which to draw support and counsel.
Our Tuition Assistance Program supports lifelong learning of all employees. Through a generous reimbursement program, eligible employees who have been with the Company a minimum of six months may seek continuous education and personal development to support their career aspirations while contributing to our collective growth and success. Eligible coursework may be aimed at achievement of an Associate’s, Bachelor or Master’s degree or may be specialized in various certificate/certification programs. We require participants in the Tuition Assistance Program to remain with the Company for one year following completion of their education program.
ENVIRONMENTAL MANAGEMENT
The preferred source of fiber used in the pulp for directory paper comes from residual chips and other byproducts produced by the lumber industry when logs are converted into lumber. The chips become paper pulp instead of being burned or going into landfills. Not only is it beneficial to the environment but it benefits the economy of many regions that depend on the lumber industry. Our paper suppliers primarily source paper from certified sustainable forestry practices. In 2020, Thryv moved to a remote work from home environment, further decreasing our carbon footprint by reducing carbon emissions from cars and energy use in office buildings.
Thryv has moved away from placing directories on every doorstep and implemented a targeted distribution to give printed directories of business ads and listings only to the people who use the printed directories. We have also extended the life of our printed directories from 12 months to 18 or 24 months, and formatted our printed directories to be smaller. As a result, Thryv, in cooperation with the various telephone companies, has dramatically reduced the number of white page residential listings books that are printed and distributed and established digital versions of its directories to further reduce the number of directories printed on paper.
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NOMINATIONS PROCESS AND DIRECTOR QUALIFICATIONS
NOMINATION TO THE BOARD OF DIRECTORS
Candidates for nomination to our board of directors are selected by our board of directors based on the recommendation of the nominating and corporate governance committee in accordance with the committee’s charter, our fourth amended and restated certificate of incorporation and second amended and restated bylaws, and the criteria established by the committee regarding director candidate qualifications. The nominating and corporate governance committee is responsible for identifying, screening and recommending candidates to the entire board of directors for membership. In recommending candidates for nomination, the nominating and corporate governance committee considers candidates recommended by directors, officers, employees, stockholders, and others, using the same criteria to evaluate all candidates. Evaluations of candidates generally involve a review of background materials, internal discussions, and interviews with selected candidates. When deemed prudent, the committee may also engage consultants or third-party search firms to assist in identifying and evaluating potential nominees.
In accordance with the terms of our amended and restated stockholders’ agreement, as described below under “Certain Relationships and Related Party Transactions”, at the time of our direct listing in October 2020, Amer Akhtar, Jason Mudrick, Ryan O’Hara, Lauren Vaccarello and Heather Zynczak were nominated for election to the board of directors by certain entities affiliated with Mudrick Capital Management, L.P. (“Mudrick Capital”), Bonnie Kintzer was nominated by GoldenTree Asset Management LP (“GoldenTree”) and John Slater was nominated by Paulson & Co. Inc. (“Paulson”). As described further in this Proxy Statement, our board of directors has nominated Mr. O’Hara and Ms. Zynczak for re-election at the Annual Meeting.
Currently, the nomination rights of Paulson and GoldenTree have expired. Additionally, Mudrick Capital’s nomination rights have decreased to two nominees. For 2022, Mudrick Capital did not elect to re-nominate any directors.
Additional information regarding the process for properly submitting stockholder nominations for candidates for membership on our board of directors is set forth below under “Additional Information—Stockholder Proposals to Be Presented at Next Annual Meeting.”
DIRECTOR QUALIFICATIONS; DIVERSITY
The nominating and corporate governance questions committee is responsible for reviewing with the board of directors, on an annual basis, the appropriate characteristics, skills and experience required for the board of directors as a whole and its individual members. In evaluating the suitability of individual candidates (both new candidates and current members of the board of directors), the nominating and corporate governance committee, in recommending candidates for election, and the board of directors, in approving (and, in the case of vacancies, appointing) such candidates, take into account many factors, including ability to make independent analytical inquiries, general understanding of marketing, finance and other elements relevant to the success of a publicly traded company in today’s business environment, experience in the Company’s industry and with relevant social policy concerns, understanding of the Company’s business on a technical level, other board service and educational and professional background. Each candidate nominee must also possess fundamental qualities of intelligence, honesty, good judgment, high ethics and standards of integrity, fairness and responsibility. The board of directors evaluates each individual in the context of the board of directors as a whole, with the objective of assembling a group that can best perpetuate the success of the business and represent stockholder interests through the exercise of sound judgment using its diversity of experience in these various areas. In determining whether to recommend a director for re-election, the nominating and corporate governance committee also considers the director’s past attendance at meetings and participation in and contributions to the activities of the board of directors. The nominating and corporate governance committee and the board of directors will take into account the nature of and time involved in a director’s service on other boards and/or committees in evaluating the suitability of individual director candidates and current directors and making its recommendations to the Company’s stockholders.
The board of directors evaluates each individual in the context of the board of directors as a whole, with the objective of assembling a group that can best perpetuate the success of the business and represent stockholder interests through the exercise of sound judgment using its diversity of background and experience. Our nominating and corporate governance committee may also consider such other concernsfactors as it may deem, from time to time, to be in our Company’s and stockholders’ best interests.
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The following table shows certain diversity information for the members of our board of directors as of the date indicated.
BOARD DIVERSITY MATRIX (AS OF APRIL 13, 2022)
Total Number of Directors
7
Female
Male
Non-Binary
Did Not
Disclose
Gender
Part I: Gender Identity
Directors
3
4
0
0
Part II: Demographic Background
African American or Black
0
0
0
0
Alaskan Native or Native American
0
0
0
0
Asian
0
1
0
0
Hispanic or Latinx
0
0
0
0
Native Hawaiian or Pacific Islander
0
0
0
0
White
3
3
0
0
Two or More Races or Ethnicities
0
0
0
0
LGBTQ+
0
Did Not Disclose Demographic Background
0
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PROPOSAL NO. 1 ELECTION OF DIRECTORS
Our board of directors currently consists of seven directors and is divided into three classes. Each class serves for three years, with the terms of office of the respective classes expiring in successive years. Directors in Class II will stand for election at the Annual Meeting. The terms of office of directors in Class I and Class III do not expire until the annual meetings of stockholders held in 2024 and 2023, respectively. At the recommendation of our nominating and corporate governance committee, our board of directors proposes that each of the two Class II nominees named below, each of whom is currently serving as a director in Class II, be elected as a Class II director for a three-year term expiring at the 2025 annual meeting of stockholders and until such director’s successor is duly elected and qualified or until such director’s earlier death, resignation, disqualification, or removal. Each director will be elected by writinga plurality of the votes cast, which means that the two individuals nominated for election to Alan F. Schultz,our board of directors at the Annual Meeting receiving the highest number of “FOR” votes will be elected.
Shares represented by proxies will be voted “FOR” the election of each of the two nominees named below, unless the proxy is marked to withhold authority to so vote. If any nominee for any reason is unable to serve or for good cause will not serve, the proxies may be voted for such substitute nominee as the proxy holder might determine. Each nominee has consented to being named in this Proxy Statement and to serve if elected. Proxies may not be voted for more than two directors. Stockholders may not cumulate votes for the election of directors.
NOMINEES TO OUR BOARD OF DIRECTORS
The nominees and their ages, occupations, and length of service on our board of directors as of the date of this Proxy Statement, are provided below.
Ryan O’Hara
Mr. O’Hara, age 53, has served as a director since September 2020. Mr. O’Hara has served as an advisor to Apollo Global Management in the technology and media sectors since January 2020. From June to December 2019, Mr. O’Hara served as the Chief Executive Officer of Shutterfly, Inc., where he also served as a director from June to October 2019. Previously, from January 2015 to June 2019, Mr. O’Hara served as the Chief Executive Officer of Move Inc./Realtor.com. Mr. O’Hara has also served as a board member on the board of REA Group Limited from June 2017 to April 2019. Prior to 2015, Mr. O’Hara also served in senior management roles at the Madison Square Garden Company and Gemstar–TV Guide International, Inc., and worked at Nestlé S.A., Fox Cable Networks, British Sky Broadcasting Group, and PricewaterhouseCoopers LLP. Mr. O’Hara currently serves on the board of Offerpad and TKB Critical Technologies, and the advisory council for the Stanford University Center on Longevity. Mr. O’Hara holds a Bachelor of Arts degree in Economics from Stanford University, a Master of Business Administration from Harvard Business School and the Director Certificate from Harvard Business School. We believe Mr. O’Hara is qualified to serve on our board of directors because of his significant experience with technology and recurring revenue models, and his deep experience serving on the board of directors of both public and private companies.
Heather Zynczak
Ms. Zynczak, age 50, has served as a director since September 2020. Ms. Zynczak served as the Chief Marketing Officer of Pluralsight, Inc., a technology learning platform for enterprises from August 2016 to October 2020. Previously, Ms. Zynczak served as the Chief Marketing Officer of Domo Inc., a cloud operating system for businesses, from 2012 to 2016. Previously, Ms. Zynczak also held executive positions at enterprise technology companies, including SAP SE and Oracle Corporation, and she served as a business consultant for Accenture plc, The Boston Consulting Group and Booz Allen Hamilton Inc. Ms. Zynczak has served as a director of ExpertVoice, Demandbase and Digital Transformation Opportunities since March 2021, and served as a director of SaltStack, Inc. from October 2018 to October 2020. Ms. Zynczak holds a Bachelor of Business Administration degree in Finance from The University of Texas at Austin and holds a Master of Business Administration from The Wharton School at the University of Pennsylvania. We believe that Ms. Zynczak is qualified to serve on our board of directors because of her substantial digital marketing and technology experience, including key roles in building successful SaaS companies, and her board level experience.
CONTINUING DIRECTORS
The directors who are serving for terms that end after the Annual Meeting and their ages, occupations, and length of service on our board of directors as of the date of this Proxy Statement are provided below.
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Joseph A. Walsh (Class III director)
Mr. Walsh, age 59, is our Chairman and Chief Executive Officer. He has served as Chairman since December 2021, and as Chief Executive Officer and a Director since October 2014. Mr. Walsh also serves as the Chief Executive Officer and Chairman of Walsh Partners, a private company focused on investments and advisory services, from January 2012 and has served as the Chairman of Cambium Learning Group, a leading educational technology company, from June 2012 to December 2018. Mr. Walsh also previously served as President and CEO of Yellowbook, Inc. We believe Mr. Walsh is qualified to serve on our board of directors because he brings a wealth of leadership experience, particularly in the areas of SaaS software, small and medium sized business (“SMB”) marketing and strategic direction, and because of the operational expertise and continuity that he brings to our board of directors as our Chief Executive Officer.
Amer Akhtar (Class I director)
Mr. Akhtar, age 52, has served as a director since September 2020. Mr. Akhtar served as the Chief Executive Officer of Celential.ai Inc., a venture-funded provider of AI-based recruiting solutions from January 2020 to January 2022. From April 2019 to October 2019, Mr. Akhtar served as the Chief Revenue Officer of DeepMap Inc., a high definition mapping software provider for autonomous driving. From April 2016 to March 2019, Mr. Akhtar was the Chief Operating Officer, Head of U.S. and advisor to the CEO of XPT Inc., or XPT, a division of the electric vehicle company NIO, Inc. Prior to joining XPT, from November 2014 to April 2016, Mr. Akhtar was VP and General Manager of Yahoo Small Business, a technology business focused on e-commerce and online presence. Mr. Akhtar has also served as a board member of Zeuss Inc. from 2014 to 2019 and as an advisory board member of PayActiv Inc., a financial wellness platform, since 2014. Mr. Akhtar also spent almost a decade at Automatic Data Processing, Inc., or ADP, including from 2009 to 2013, in which he was Managing Director and Country President for ADP in Shanghai, China. Mr. Akhtar graduated from Amos Tuck School of Business at Dartmouth College. We believe that Mr. Akhtar is qualified to serve on our board of directors because of his technology and software expertise, and his deep experience with SMBs.
Bonnie Kintzer (Class I director)
Ms. Kintzer, age 60, has served as a director since September 2020. Ms. Kintzer has served as the President and Chief Executive Officer of Trusted Media Brands, Inc., a media and direct marketing company since April 2014. Ms. Kintzer has also served as a director of Trusted Media Brands, Inc. since April 2014, and a director of SilverSPAC since September 2021. Previously, Ms. Kintzer served as Chief Executive Officer for Women’s Marketing Inc. from April 2010 to March 2014, where she also served as a director from September 2009 to December 2015. Ms. Kintzer served as Chairperson of the Reader’s Digest Foundation until March 2022, as a director of Union Savings Bank from October 2020 to March 2022, and currently serves as Chairperson of the 40 Million Story Campaign for United Through Reading. Ms. Kintzer also serves as a member of the board of directors for the Children’s Learning Center of Fairfield County and is Chair of the MPA – The Association of Magazine Media. Ms. Kintzer holds a Master of Business Administration from Harvard Business School and a Bachelor of Arts degree from Clark University. We believe that Ms. Kintzer is qualified to serve on our board of directors due to her relevant leadership experience in the digital marketing arena, and, more specifically, with the rebranding of the Reader’s Digest Association into a digital-first company.
John Slater (Class III director)
Mr. Slater, age 49, has served as a director since July 2016 and as Lead Independent Director since December 2021. He has served as the Chief Investment Officer for Hum Capital Inc. since September 2021. Mr. Slater previously served on our board of directors from 2013 to 2015. Mr. Slater served as Managing Director, Head of Credit at GPI Capital L.P from January 2020 to December 2020. From 2009 to November 2019, Mr. Slater was a partner at Paulson, focusing on investments in the media, telecom and technology sectors. Prior to Paulson, Mr. Slater served as Vice President at Lehman Brothers Holdings, Inc. in the Global Trading Strategies Group and as a senior director of finance at NextSet Software, Inc. Mr. Slater holds both his Bachelor and Master of Arts degrees from the University of Cambridge and his Master of Business Administration from INSEAD, France. We believe Mr. Slater is qualified to serve on our board of directors because of his extensive background in accounting, technology sector investing and operations, and capital markets, and his board level experience.
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Lauren Vaccarello (Class I director)
Ms. Vaccarello, age 38, has served as a director since September 2020. Ms. Vaccarello served as the Chief Marketing Officer of Talend S.A., a data integration and data integrity company from July 2019 to October 2021. Previously, Ms. Vaccarello served as the Vice President of Customer Engagement and Vice President of Marketing at Box, Inc., a cloud content management company, from July 2015 to October 2018. From August 2014 to July 2015, Ms. Vaccarello served as the Senior Vice President of Marketing of Sysomos Inc. Ms. Vaccarello has also held executive leadership roles at the AdRoll Group and Salesforce.com, Inc. Ms. Vaccarello has served as a director of SalesHood Inc. since July 2019. Ms. Vaccarello holds a Bachelor of Science degree in Marketing from Emerson College. We believe that Ms. Vaccarello is qualified to serve on our board of directors because of her expertise in digital marketing and her success in growing several SaaS companies.
NON-EMPLOYEE DIRECTOR COMPENSATION
Our non-employee directors receive an annual retainer for board and committee service of $100,000, and each committee chairperson receives an additional annual fee of $20,000. Beginning in 2022, the Lead Independent Director also receives an additional annual fee of $35,000.
Annual cash retainers for board, Lead Independent Director and committee chair service are paid on a quarterly basis in advance.
Mr. Walsh, our Chairman and Chief Executive Officer, does not receive compensation for his services as a director. See “Compensation Tables - Summary Compensation Table” for a discussion of the compensation earned by Mr. Walsh during fiscal year 2021.
Director Compensation - Fiscal Year 2021
Name
Fees
Earned or
Paid in
Cash
($)
Stock
Option
Awards
($)
All Other
Compensation
($)
Total
($)
Amer Akhtar
100,000
100,000
Bonnie Kintzer
120,000
120,000
Jason Mudrick(1)
100,000
100,000
Ryan O’Hara
120,000
120,000
John Slater
120,000
120,000
Lauren Vaccarello
100,000
100,000
Heather Zynczak
100,000
100,000
(1)
Mr. Mudrick resigned from the board of directors on November 30, 2021.
OUR BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR ALL NOMINEES” IN THE ELECTION OF THE CLASS II DIRECTORS
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PROPOSAL NO. 2 RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
On April 11, 2022, our audit committee dismissed Ernst & Young LLP (“Ernst and Young”) our previous independent registered public accounting firm for the years ended December 31, 2013 through 2021. On April 14, 2022, our audit committee engaged Grant Thornton LLP (“Grant Thornton”) as our independent registered public accounting firm for the year ending December 31, 2022. Although we are not required to seek stockholder approval of this appointment, it has been our practice to do so.
The ratification of the selection of Grant Thornton as our independent registered public accounting firm for the year ending December 31, 2022 requires the affirmative vote of a majority of the voting power of the shares present or represented by proxy at the Annual Meeting and voting affirmatively or negatively on the proposal. In the event that Grant Thornton is not ratified by our stockholders, the audit committee will review its future selection of Grant Thornton as our independent registered public accounting firm.
Representatives of Ernst & Young and Grant Thornton are expected to be present at the Annual Meeting and they will be given an opportunity to make a statement at the Annual Meeting if they desire to do so and will be available to respond to appropriate questions.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FEES AND SERVICES
We regularly review the services and fees from our independent registered public accounting firm. These services and fees are also reviewed with our audit committee annually.
During the fiscal years ended December 31, 2020 and 2021, aggregate fees for services and related expenses provided by Ernst & Young LLP were as follows:
 
Fiscal Year Ended
December 31, 2020
($ in thousands)
Fiscal Year Ended
December 31, 2021
($ in thousands)
Audit Fees(1)
$3,617
$7,465
Audit-Related Fees(2)
164
Tax Fees(3)
57
All Other Fees(4)
2
36
Total Fees
$3,783
$7,558
(1)
“Audit fees” include fees billed for professional services rendered for the integrated audit of our annual consolidated financial statements, reviews of our quarterly condensed consolidated financial statements, consents, and services that are normally provided in connection with regulatory filings or requirements. Audit fees also include accounting consultations and research related to the integrated audit.
(2)
“Audit-related fees” include fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under “Audit Fees.” These include services related to the preparation for compliance with section 404 of the Sarbanes-Oxley Act of 2002 and accounting matters in connection with acquisitions.
(3)
“Tax fees” include fees billed for tax compliance, consultation and planning services
(4)
“All other fees” includes fees billed for publications and online subscriptions.
CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
As noted above, on April 11, 2022, our audit committee dismissed Ernst & Young as our independent registered public accounting firm, and on April 14, 2022, our audit committee engaged Grant Thornton as our independent registered public accounting firm for the year ending December 31, 2022.
The reports of Ernst and Young on our consolidated financial statements for the years ended December 31, 2021 and 2020 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
During our two most recent fiscal years and subsequent interim period through April 11, 2022, there were (1) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) between us and Ernst and Young on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedures, which disagreements if not resolved to the satisfaction of Ernst and Young would have caused Ernst and Young to make reference to the subject matter of the disagreements in their reports on our consolidated financial statements for such periods and (2) no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).
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We provided a copy of the foregoing disclosures to Ernst and Young and requested that Ernst and Young furnish us with a letter addressed to the SEC stating whether or not it agreed with the statements made herein. A copy of the letter furnished in response to that request was filed as Exhibit 16.1 to a Form 8-K filed with the SEC on April 15, 2022.
During our two most recent fiscal years and subsequent interim period through April 14, 2022, neither the Company, nor anyone acting on its behalf, consulted Grant Thornton regarding either (1) the application of accounting principles to specified transactions, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and no written report or oral advice was provided to the Company by Grant Thornton that Grant Thornton concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (2) any matter that was the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).
POLICY ON AUDIT COMMITTEE PRE-APPROVAL OF AUDIT AND PERMISSIBLE NON-AUDIT SERVICES OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Our audit committee’s policy is to pre-approve all audit and permissible non-audit services provided by the independent registered public accounting firm, the scope of services provided by the independent registered public accounting firm, and the fees for the services to be performed. These services may include audit services, audit-related services, tax services, and other services. Pre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. The independent registered public accounting firm and management are required to periodically report to the audit committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval, and the fees for the services performed to date.
All of the services relating to the fees described in the table above were approved by our audit committee.
OUR BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE RATIFICATION OF THE APPOINTMENT OF GRANT THORNTON LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2022
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REPORT OF THE AUDIT COMMITTEE
The purpose of our audit committee is to assist our board of directors with oversight of (i) the integrity of the Company’s financial statements, (ii) compliance with legal and regulatory requirements, (iii) the Company’s independent auditor’s qualifications and independence, and (iv) the performance of the Company’s independent auditor and internal audit function. Our audit committee’s principal responsibility is one of oversight. Our management is responsible for determining that our financial statements are complete, accurate, and in accordance with generally accepted accounting principles and establishing satisfactory internal control over financial reporting. The independent auditor is responsible for auditing our financial statements and the effectiveness of our internal control over financial reporting. Our internal and outside counsel are responsible for assuring compliance with laws and regulations and our corporate governance policies.
In the performance of its oversight function, our audit committee has:
reviewed and discussed the audited financial statements of the Company for the fiscal year ended December 31, 2021 with management and Ernst & Young LLP;
discussed with Ernst & Young LLP the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board Dex Media,(“PCAOB”) and the SEC; and
received the written disclosures and the letter from Ernst & Young LLP required by applicable requirements of the PCAOB regarding the independent accountant’s communications with our audit committee concerning independence and has discussed with Ernst & Young LLP its independence.
Based on these reviews and discussions, we recommended to our board of directors the inclusion of the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on March 15, 2022.
THE AUDIT COMMITTEE
Amer Akhtar
John Slater, Chair
Heather Zynczak
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EXECUTIVE OFFICERS
The names of our executive officers, their ages as of the date of this Proxy Statement and their positions are shown below.
NAME
AGE
POSITION
Joseph A. Walsh
59
Chairman and Chief Executive Officer
Paul D. Rouse
63
Chief Financial Officer, Executive Vice President and Treasurer
Gordon Henry
61
Chief Strategy Officer and Executive Vice President
James Mccusker
59
Chief Revenue Officer and Executive Vice President
John Wholey
57
Chief Operations & Information Officer and Executive Vice President
Lesley Bolger
43
Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary
Our board of directors chooses executive officers, who then serve at the discretion of our board of directors. There is no family relationship between any of the directors or executive officers and any of our other directors or executive officers. The biographical information for our Chairman and Chief Executive Officer, Mr. Joseph A. Walsh, is provided above under “Continuing Directors”.
Paul D. Rouse
Mr. Rouse has served as our Chief Financial Officer, Executive Vice President and Treasurer since November 2014. Mr. Rouse previously served as the Chief Financial Officer for Apple and Eve, LLC from March 2012 to October 2014. Prior to joining Apple and Eve, LLC, Mr. Rouse was the Vice President of Finance, Corporate and Business Development and Treasurer of Yellowbook, Inc. Mr. Rouse graduated from Long Island University with a Bachelor of Science degree in Accounting.
Gordon Henry
Mr. Henry has served as our Chief Strategy Officer and Executive Vice President since September 2019. Mr. Henry previously served as our Chief Marketing Officer and Executive Vice President from October 2014 to September 2019. Mr. Henry also previously served as Head of Mergers and Acquisition and Corporate Consulting for Walsh Partners from January 2014 to September 2014. Prior to his tenure at Walsh Partners, Mr. Henry served as Vice President and General Manager at Deluxe Corp. and Chief Marketing Officer for Yellowbook, Inc. Mr. Henry received his Bachelor of Arts from Yale University and his master of business administration from the Wharton School at the University of Pennsylvania.
James McCusker
Mr. McCusker has served as our Chief Revenue Officer and Executive Vice President since September 2015. Mr. McCusker previously served as our Vice President of Expansion Channel Sales from May 2015 to September 2015. Before joining Thryv, Mr. McCusker was Chief Sales Officer at eLocal.com from October 2014 to May 2015 and President and Chief Sales Officer of hibu, Inc. (“hibu”), formerly Yellowbook, Inc., from April 2012 to March 2013. Mr. McCusker also previously served various roles at Yellowbook, Inc., including Chief of Sales and Vice President of Sales. Mr. McCusker received his bachelor’s degree in Business Administration from LaSalle University.
John Wholey
Mr. Wholey has served as our Chief Operations & Information Officer and Executive Vice President since January 2015. Prior to that role, Mr. Wholey previously served as an advisor to the Company from November 2014 to January 2015. Mr. Wholey previously served as Vice President/Head of Contact Centers in the U.S. and U.K. for hibu and its predecessor, Yellowbook, Inc. from February 2000 to October 2014. Mr. Wholey received his bachelor’s degree in Industrial Engineering from Worcester Polytechnic Institute and his Master of Business Administration in Finance from Drexel University.
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Lesley Bolger
Ms. Bolger has served as our Chief Legal Officer & Human Resources and Executive Vice President, since October 2021, and our Chief Compliance Officer and Secretary since June 2019. Ms. Bolger previously served as our Vice President of Corporate Counsel since June 2020, as our Assistant Vice President of Corporate Counsel from July 2019 to June 2020, as our Assistant General Counsel from July 2017 to June 2019 and as our Senior Counsel from December 2006 to July 2017. Ms. Bolger received her Bachelor of Arts degree in Finance, her Master of Business Administration and her Juris Doctorate from Texas Tech University.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT
The following table sets forth, as of April 13, 2022, certain information with respect to the beneficial ownership of our common stock for each of our executive officers, each of our directors, all of our directors and executive officers as a group and each person we know to be the beneficial owner of more than 5% of our common stock.
In accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities and includes the shares of common stock issuable pursuant to options and warrants that are exercisable or settled within 60 days of April 13, 2022. Shares of common stock issuable pursuant to options and warrants are deemed outstanding for computing the percentage of the class beneficially owned by the person holding such securities but are not deemed outstanding for computing the percentage of the class beneficially owned by any other person. The percentage of beneficial ownership for the following table is based on 34,234,787 shares of common stock outstanding as of April 13, 2022.
The business address of each beneficial owner is c/o Thryv Holdings, Inc., 2200 West Airfield Drive, P.O. Box 619810, DFW Airport, Texas 75261. In addition, any questions or concerns regarding financial reporting, internal controls, accounting or other financial matters may be forwarded to W. Kirk Liddell, Chair75261, unless otherwise indicated below.
Name of Beneficial Owner
Number of
Shares
Shares
that
may be
Acquired
within
60 Days
Number of
Shares
Beneficially
Owned
Percentage of
Outstanding
Shares
5% Stockholders:
 
 
 
 
Affiliates of Mudrick(1)
6,939,333
6,939,333
20.3%
FMR LLC (2)
3,675,268
3,675,268
10.7%
Wasatch Advisors, Inc.(3)
2,408,803
 
2,408,803
7.0%
Affiliates of Paulson(4)
2,137,944
2,137,944
6.2%
BlackRock, Inc.(5)
2,185,526
2,185,526
6.4%
Yosemite Sellers Representative LLC (“Yosemite”)(6)
1,804,715
1,804,715
5.3%
Named Executive Officers and Directors:
 
 
 
 
Joseph A. Walsh(7)
1,933,785
462,963
2,396,748
6.9%
Paul D. Rouse(8)
28,851
172,558
201,409
*
Gordon Henry(9)
8,291
191,808
200,099
*
James McCusker(10)
13,851
187,558
201,409
*
John Wholey(11)
101,851
99,558
201,409
*
Amer Akhtar(12)
1,000
13,889
14,889
*
Bonnie Kintzer(13)
837
13,889
14,726
*
Ryan O’Hara(14)
1,250
13,889
15,139
*
John Slater(15)
13,889
13,889
Lauren Vaccarello(15)
13,889
13,889
Heather Zynczak(16)
840
13,889
14,279
*
Directors and Executive Officers as a Group (12 persons)(18)
2,091,794
1,244,774
3,336,568
9.4%
*
Represents beneficial ownership of less than 1% of total shares of common stock outstanding.
(1)
Consists of 809,780 shares of common stock held of record by Blackwell Partners LLC Series A, 1,067,321 shares of common stock held of record by Boston Patriot Batterymarch St. LLC, 935,872 shares of common stock held of record by Mudrick Distressed Opportunity Drawdown Fund II, L.P., 2,072,911 shares of common stock held of record by Mudrick Distressed Opportunity Fund Global, L.P., 204,793 shares of common stock held of record by P. Mudrick LTD, 66,043 shares of common stock held of record by Verto Direct Opportunity GP, LLC, and 1,782,613 shares of common stock held of record by Verto Direct Opportunity II, L.P. Jason Mudrick is the founder, general partner and Chief Investment Officer of Mudrick Capital. Mr. Mudrick through Mudrick Capital, is responsible for the voting and investment decisions relating to such shares of common stock. Each of the aforementioned entities and individuals disclaims beneficial ownership of the shares of the common stock held of record by any other entity or individual explicitly named in this footnote except to the extent of such entity or individual’s pecuniary interest therein, if any. The address of each of the entities and individuals explicitly named in this footnote is c/o Mudrick Capital Management, L.P., 527 Madison Avenue, 6th Floor, New York, NY 10022. Share ownership is based on a Form 4 dated April 14, 2022.
(2)
FMR LLC currently holds 3,675,268 shares of the Company. Abigail P. Johnson is a Director, the Chairman and the Chief Executive Officer of FMR LLC. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through
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trusts, of Series B voting common shares of FMR LLC, representing 49% of the Auditvoting power of FMR LLC. The Johnson family group and Finance Committee, c/o Dex Media, Inc., 2200 West Airfield Drive, P.O. Box 619810, DFW Airport, Texas 75261. All appropriate inquiriesall other Series B shareholders have entered into a shareholders’ voting agreement under which all Series B voting common shares will be forwarded directly tovoted in accordance with the addressee. Persons wishing to submit anonymous, confidential inquiries or comments regardingmajority vote of Series B voting common shares. Accordingly, through their ownership of voting common shares and the Company may do so through www.dexmedia.ethicspoint.com, our web-based reporting system, by simply followingexecution of the instructions on


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that site. These procedures for communications between independent members of our Board and interested parties were approved by the independent and non-management members of our Board.


Director Independence

        Our Corporate Governance Guidelines state the Board's objective that at least two-thirds of theshareholders’ voting agreement, members of the BoardJohnson family may be independentdeemed, under NASDAQ listing standards and applicable law. To be considered "independent", the BoardInvestment Company Act of Directors must make an affirmative determination, by1940, to form a resolution of the Board as a whole, that the director being reviewed has no material relationship with the Company that interferes with the exercise of independent judgment in carrying out the duties of a director. In each case, the Board broadly considers all relevant facts and circumstances.

        The Board has determined that seven of eight directors who are standing for re-election, Jonathan B. Bulkeley, Thomas D. Gardner, W. Kirk Liddell, Thomas S. Rogers, Alan F. Schultz, John Slater, and Douglas D. Wheat, are independent under applicable NASDAQ and SEC rules. Peter J. McDonald is not an independent director because he is our President and Chief Executive Officer.


Code of Conduct

        Our Board has adopted a Code of Conduct applicable to our directors, senior management including the principal executive officer, principal financial officer and principal accounting officer, and all other employees. The Code of Conduct is available on our website at http://www.dexmedia.com/company/corporate-governance/. Any waiver of any provision of the Code of Conduct madecontrolling group with respect to any directorFMR LLC. The business address for FMR LLC is 245 Summer Street, Boston, Massachusetts 02210. Share ownership is based on Amendment No. 1 to Schedule 13G dated March 10, 2022.

(3)
The business address for Wasatch Advisors, Inc. is 505 Wakara Way, Salt Lake City, UT 84108. Share ownership is based upon Schedule 13G dated February 10, 2022.
(4)
Consists of 2,137,944 shares of common stock held of record by funds affiliated with Paulson & Co. Inc. Paulson manages the funds. In its role as manager, Paulson possesses voting and investment power over the securities that are owned by the funds. John Paulson is the controlling person of Paulson. Each of Paulson and John Paulson may be deemed to indirectly beneficially own the securities directly owned by the funds. The address of each of the entities and individuals explicitly named in this footnote is c/o Paulson & Co. Inc., 1133 Avenue of the Americas, New York, NY 10036. Share ownership is based on Schedule 13G dated February 14, 2022.
(5)
The business address for BlackRock, Inc. is 55 East 52nd Street New York, NY 10055. Share ownership is based on Schedule 13G dated February 4, 2022.
(6)
Mr. Stephen A. Feinberg indirectly controls Yosemite. Mr. Feinberg disclaims any beneficial ownership of the shares held by Yosemite, except to the extent of his pecuniary interest therein. Pursuant to a Pledge Agreement, dated as of June 30, 2017 (the “Indemnification Agreement”), Yosemite has granted a pledge over the shares to secure payment of certain taxes relating to uncertain tax positions for which Yosemite has indemnified the Company pursuant to the Indemnification Agreement. If Yosemite is required to pay the Company any amounts pursuant to the Indemnification Agreement, Yosemite may elect to pay such amounts in cash and/or shares. The address of the entity explicitly named in this footnote is c/o Cerberus Capital Management L.P, ATTN: Office of the General Counsel, 875 Third Ave., 11th Floor, New York, NY 10022. Share ownership is based on information available as of the date of the Record Date.
(7)
Consists of 1,625,206 shares held by a trust over which Mr. Walsh has sole voting power, 308,579 shares owned directly by Mr. Walsh, and 462,963 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(8)
Consists of 28,851 shares owned directly by Mr. Rouse and 172,558 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(9)
Consists of 8,291 shares owned directly by Mr. Henry and 191,808 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(10)
Consists of 13,851 shares owned directly by Mr. McCusker and 187,558 issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(11)
Consists of 101,851 shares owned directly by Mr. Wholey and 99,558 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(12)
Consists of 1,000 shares owned directly by Mr. Akhtar and 13,889 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(13)
Consists of 837 shares owned directly by Ms. Kintzer and 13,889 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(14)
Consists of 1,250 shares owned directly by Mr. O’Hara and 13,889 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(15)
Consists of 13,889 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(16)
Consists of 840 shares owned by Ms. Zynczak and 13,889 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
(17)
Includes ownership of 1,238 shares owned directly by executive officer Lesley Bolger, Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary and 46,995 shares issuable pursuant to options that are exercisable within 60 days of April 13, 2022.
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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Set forth below is a description of certain relationships and related person transactions between us or our subsidiaries and our directors, executive officerofficers or holders of more than 5% of our voting securities.
Amended and Restated Stockholders’ Agreement
The Company entered into an amended and restated stockholders agreement with certain entities affiliated with Mudrick Capital Management, L.P., GoldenTree Asset Management LP and Paulson & Co. Inc. (each, together with its controlled affiliates that own Company securities, a “Nominating Stockholder Group”) and certain entities affiliated with Cerberus Capital Management L.P. (Cerberus and its controlled affiliates that own Company securities, together with the Nominating Stockholder Groups, each a “Stockholder Group”, and together the “Stockholder Groups”), for the purpose of providing for certain rights and obligations of the Company will be promptly posted on our website at the same link as the Code of Conduct itself and will be disclosed in the next periodic report required to be filed with the SEC.


Related Person Transactions

        The Corporate Governance Committee, in consultation with the Audit and Finance Committee, is charged with the responsibility of reviewing, approving and overseeing all transactions with related persons (as defined in the SEC regulations). The Corporate Governance Committee periodically reassesses any related-person transactions entered into by the Company to ensure their continued appropriateness. This responsibility is set forth in the Corporate Governance Committee's Charter.

        The Corporate Governance Committee considers all relevant factors when determining whether to approve a related person transaction including, without limitation, the following:

    the sizeeach of the transactionstockholders party thereto upon and after the amount payable to a related person;

    the natureconsummation of the interest of the related person in the transaction;

    whether the transaction was undertaken in the ordinary course of business; and

    whether the transaction involves the provision of goods or services to the Company that are available from unrelated third parties and, if so, whether the transaction isour direct listing which occurred on terms and made under circumstances that are at least as favorable to the Company as would be available in comparable transactions with or involving unrelated third parties.

        On November 15, 2013, certain subsidiaries of the Company commenced offers to repurchase bank debt below par. The offers expired on November 25, 2013 and the Company successfully repurchased bank debt at each of its four operating subsidiaries and retired approximately $137.1 million in principal amount of bank debt for approximately $101 million in cash consideration. Franklin Resources, Inc. ("FRI"), Paulson & Co. ("Paulson") and Restructuring Capital Associates, L.P. ("RCA"), entities known by the Company to beneficially own 5% or more of the Company's outstanding common stock, participated in the offers. RCA, Franklin and Paulson tendered


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and the Company repurchased $17.7 million, $16.3 million and $10.3 million in bank debt, respectively. RCA, Franklin and Paulson received the proceeds of approximately $13.3 million, $12.4 million and $6.4 million, respectively. The bank debt repurchases were carried out in the ordinary course of business, pursuantOctober 1, 2020. Pursuant to the terms of the Company's amended and restated credit facilities,stockholders’ agreement, each Nominating Stockholder Group, for so long as it and were offered to debt holders on the same terms and conditions. The Corporate Governance Committee, in consultation with the Audit and Finance Committee, reviewed and approved these transactions.


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ELECTION OF DIRECTORS (ITEM NO. 1)

        The Company's by-laws provide that the number of directors will be determined by our Board of directors from time to time, provided that the number of directors may not be less than three. The Board of Directors set the number of directors to serve on the Board after the Annual Meeting at eight directors.

        Eachshares of our current directors is serving a term that expires atcommon stock outstanding, has the Annual Meeting. Eachright to nominate one director for every 10% of the director nominees listed belowoutstanding common stock held by such Nominating Stockholder Group. The amended and restated stockholders’ agreement includes provisions enabling the Stockholder Groups to require us, at our expense, to register shares of our common stock that they hold under certain circumstances, including the requirement to file a “shelf” registration. The amended and restated stockholders’ agreement also provides that we will be elected if he receivespay certain expenses of these electing holders relating to such registrations.

Currently, the votenomination rights of the majority of the votes cast, meaning he will be elected if he receives more "For" votes than "Against" votes. Each nominee elected as a director will continue in office until the 2015 Annual Meeting of StockholdersPaulson and until his successor has been duly electedGoldenTree have expired. Additionally, Mudrick Capital’s nomination rights have decreased to two nominees. For 2022, Mudrick Capital did not elect to re-nominate any directors. Additional information regarding nomination rights is set forth above under “Nomination Process and qualified or until his earlier death, resignation or removal. If any nominee becomes unableDirector Qualifications—Nomination to serve, proxies will be voted for the election of such other person as the Board of DirectorsDirectors.”
Review, Approval or Ratification of Transactions with Related Parties
We maintain a written policy relating to the approval of related person transactions. Pursuant to our policy, a “related person transaction” is a transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships, in which (i) the Company or any of its subsidiaries is or will be a participant, (ii) the aggregate amount involved will or may designate, unlessbe expected to exceed $120,000 in any fiscal year, and (iii) any related person has or will have a direct or indirect interest. Our audit committee will review and approve or ratify all related person transactions between us and (i) our directors, director nominees or executive officers, (ii) any 5% record or beneficial owner of our voting securities, or (iii) any immediate family member of any person specified in (i) or (ii) above. The audit committee will review all related person transactions and, where the Board chooses to reduceaudit committee determines that such transactions are in our best interests, approve such transactions in advance of such transaction being given effect.
In the numbercourse of directors.

        The Corporate Governance Committeeits review and approval or ratification of a related party transaction, the audit committee will, in its judgment, consider in light of the Boardrelevant facts and circumstances whether the transaction is, or is not inconsistent with, our best interests, including consideration of Directorsvarious factors enumerated in the policy.

Any member of the audit committee who is responsible for making recommendationsa related person with respect to a transaction under review will not be permitted to participate in the discussions or approval or ratification of the transaction. However, such member of the audit committee will provide all material information concerning the transaction to the Board concerning nomineesaudit committee. Our policy also includes certain exceptions for election as directorstransactions that need not be reported and nomineesprovides the audit committee with the discretion to pre-approve certain transactions.
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EXECUTIVE COMPENSATION
COMPENSATION DISCUSSION AND ANALYSIS
This Compensation Discussion and Analysis describes the compensation program for Board vacancies. When assessing a director candidate's qualifications, the Corporate Governance Committee considers the candidate's expertise (including industry background), independence, and integrity, as well as skills relating to operations, finance, marketing and technology. In addition, the Committee looks at the overall composition of the Board and how a candidate would contribute to the overall synergy and collaborative process of the Board. The Committee has not established specific minimum eligibility requirements for candidates other than integrity, the commitment to act in the best interests of all stockholders and ensuring that a substantial majority of the Board remains independent. Our Corporate Governance Guidelines provide that the Corporate Governance Committee will consider director candidates recommended by stockholders provided such recommendations comply with our BylawsPrincipal Executive Officer, our Principal Financial Officer, and the process set forth in this proxy statement. In assessing such candidates, the Corporate Governance Committee will consider the same criteria described above. Seenext three most highly-compensated executive officers (other than our Corporate Governance Guidelines, which may be viewed in the corporate governance section of our website at http://www.dexmedia.com/company/corporate-governance/, for additional information on the selection of director candidates.

        Each of the director nominees listed below is an incumbent director whose nomination to serve on the Board was recommended by Corporate Governance Committee and approved by the Board. Each of the director nominees has indicated a willingness to serve as a director if elected.

JONATHAN B. BULKELEY

        Mr. Bulkeley, 53, has served on the Dex Media Board of Directors since April 2013; he previously served as a Director of Dex One from January 2010 to April 2013, and was non-executive Chairman of the Dex One Board of Directors from September 2010 to August 2011. Mr. Bulkeley founded Blue Square Capital Management LLC, which operates the Blue Square Small Cap Value Fund, a hedge fund investing in global small and microcap equities, in March 2009 and has served as its Chief Investment Officer since inception. Mr. Bulkeley also served as ChiefPrincipal Executive Officer and Principal Financial Officer) who were serving in such capacity as of Scanbuy Inc., a global leader in visual navigationDecember 31, 2021, or our “named executive officers” or “NEOs”. Our named executive officers for the wireless industry, from March 2006 to August 2010. Mr. Bulkeley also previously has servedfiscal 2021 were:

Joseph A. Walsh, who serves as Chief Executive Officer of barnesandnoble.com, and Chairman and Chief Executive Officer;
Paul D. Rouse, who serves as Chief Financial Officer, of Lifeminders, an online direct marketing company. Mr. Bulkeley currentlyExecutive Vice President and Treasurer;
Gordon Henry, who serves on the board of Spark Networks, Inc. During the past five years, Mr. Bulkeley has also been a director of The Reader's Digest Association, Inc. and Excelsior LaSalle Property Fund, Inc.

        Mr. Bulkeley brings to the Board management and operational experience with companies in all phases of business development and experience with our Company's business and industry.


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THOMAS D. GARDNER

        Mr. Gardner, 56, has served on the Dex Media Board of Directors since April 2013; he previously served as a Director of SuperMedia from December 2009 to April 2013. He is a trustee for Guideposts, and previously served as a trustee for Northern Westchester Hospital and Reader's Digest Foundation. He served as executive vice president of Reader's Digest Association, Inc. from 2006 to 2007, and was president of Reader's Digest International from 2003 to 2007. Prior to holding those positions, he held numerous other positions with Reader's Digest Association, Inc. from 1992 to 2007, including president, North American Books and Home Entertainment; president, global marketing; senior vice president, corporate strategy and U.S. new business development; vice president, marketing, Reader's Digest USA; and director, corporate planning. From 1989 to 1992, Mr. Gardner was a management consultant for McKinsey & Co. Other experience includes time with General Foods Corporation in product management, desserts division, and with Yankelovich, Skelly and White, Inc., industrial and corporate communications division, in project management.

        Mr. Gardner's experience in the publishing industries, including his several senior positions at Reader's Digest, gives him an understanding of the opportunities and challenges associated with our business. In addition, Mr. Gardner brings an understanding of financial issues to the Board and the Audit and Finance Committee.

W. KIRK LIDDELL

        Mr. Liddell, 64, has served on the Dex Media Board of Directors since April 2013; he previously served as a Director of Dex One from January 2010 to April 2013. Mr. Liddell previously served as interim Principal Executive Officer of Dex One, from May 2010 to September 2010. Mr. Liddell has served as President, Chief ExecutiveStrategy Officer and Director of Irex Corporation, the parent corporation of a specialty contracting network serving commercial, industrial, marine and residential customers, since 1984. Prior to joining Irex Corporation, Mr. Liddell was an associate at Covington & Burling in Washington, D.C., where he practiced corporate law with a focus on bank regulation, securities and antitrust.

        Mr. Liddell brings to the Board operational experience as the chief executive of a company directly interfacing with local businesses and consumers. In addition, Mr. Liddell brings an understanding of financial issues to the Board and the Audit and Finance Committee.

PETER J. MCDONALD

        Mr. McDonald, 63, has been Dex Media's president and chief executive officer and has served on the Dex Media Board of Directors since April 2013; he previously was president and chief executive officer and served as a director of SuperMedia since December 2010. From October 4, 2010 until December 9, 2010, Mr. McDonald served as SuperMedia Inc.'s interim chief executive officer. Prior to joining SuperMedia, Mr. McDonald held various positions at R.H. Donnelley Corporation (predecessor to Dex One), including as president and chief operating officer from 2004 through 2008. From 2002 to 2008, Mr. McDonald served as senior vice president and president of Donnelley Media. Mr. McDonald served as a director of R.H. Donnelley between 2001 and 2002. Previously, Mr. McDonald served as president and chief executive officer of SBC Directory Operations, a publisher of yellow pages directories, from 1999 to 2000. He was president and chief executive officer of Ameritech Publishing's yellow pages business from 1994 to 1999, when Ameritech was acquired by SBC. Prior to that, Mr. McDonald was president and chief executive officer of DonTech and served in a variety of sales positions at R.H. Donnelley, after beginning his career at National Telephone Directory Corporation. He is also a member of the board of the Local Search Association, where he previously served as Chairman.

Executive Vice President;

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        Mr. McDonald's over 35 years of experience in the yellow pages directory advertising and publication industry gives him unique knowledge of the opportunities and challenges associated with our business. Mr. McDonald's familiarity with our business and industry and the various market participants provides invaluable insight and advice to our Board.

THOMAS S. ROGERS

        Mr. Rogers, 59, has served on the Dex Media Board of Directors since April 2013; he previously served as a Director of SuperMedia from 2006 to April 2013. Mr. Rogers currentlyJames McCusker, who serves as presidentChief Revenue Officer and chiefExecutive Vice President; and

John Wholey, who serves as Chief Operations & Information Officer and Executive Vice President.
This Compensation Discussion and Analysis describes the material elements of our executive officercompensation program during fiscal year 2021. It also provides an overview of TiVo Inc., a providerour executive compensation philosophy, core principles, and objectives. Finally, it analyzes how and why the compensation committee of television-based interactive and entertainment services, a position he has held since July 2005. He also currently serves on theour board of directors of TiVo Inc. Mr. Rogers previously served as chairman ofarrived at the board of Teleglobe International Holdings, Ltd., a provider of international voice, data, internet and mobile roaming services, from November 2004 to February 2006. He also has served as chairman of TRget Media LLC, a media industry investment and operations advisory firm, since July 2003. Mr. Rogers served as the senior operating executivespecific compensation determinations for media and entertainment for Cerberus Capital Management, a large private equity firm, from 2004 to July 2005. Prior to holding that position, he served as chairman and chief executive officer of Primedia, Inc., a print, video and online media company, from October 1999 to April 2003. From January 1987 until October 1999, Mr. Rogers held positions with the National Broadcast Company, Inc., including president of NBC Cable and executive vice president.

        As a long-term member of the board of SuperMedia Mr. Rogers has a familiarity with our business that makes him uniquely qualified to serve as a director of Dex Media. As president and chief executive officer of a public company, Mr. Rogers has significant exposure to, and we benefit from his experiences related to, the opportunities and challenges associated with our business. Additionally, his service on other public company boards allows the Company to leverage his experiences with, among other things, appropriate oversight and corporate governance matters.

ALAN F. SCHULTZ

        Mr. Schultz, 55, has served on the Dex Media Board of Directors since April 2013 and currently serves as the non-executive Chairman of the Board; he previously served as a Director of Dex One from 2005 to April 2013, and was non-executive Chairman of the Dex One Board of Directors from August 2011 to April 2013 and from June 2010 to September 2010. Mr. Schultz served as non-executive Chairman of the Board of Valassis Communications, Inc., a respected leader within the marketing services and promotional media industries, from January 1, 2012 to February 4, 2014, following his retirement as President and Chief Executive Officer effective December 31, 2011. From 1997 through December 2011, Mr. Schultz served as Chairman, President and Chief Executive Officer of Valassis. Prior to that, Mr. Schultz held numerous executive positions in sales, marketing, operations and finance with Valassis. He has served on the Board of Directors of the Ad Council and the American Advertising Federation. Mr. Schultz joined Valassis from Deloitte and Touche in 1984.

        Mr. Schultz brings to the Board experience as the chief executive officer of a publicly-held marketing services company servicing both national and local businesses. Mr. Schultz also has significant experience with the Company's business and industry.

JOHN SLATER

        Mr. Slater, 40, has served on the Dex Media Board of Directors since April 2013; he previously served as a director of SuperMedia from January 2010 to April 2013. Mr. Slater currently serves as a Senior Vice President at Paulson where he focuses on investments in the media, telecom and technology sectors. Mr. Slater joined Paulson in January 2009. Previously, he was a vice president at Lehman Brothers and Barclays Capital where he worked from 2004 to 2008 in the global trading


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strategies group, focusing on investments in the media and other sectors. Prior to Lehman Brothers and Barclays Capital, Mr. Slater was senior director, finance and strategy at NextSet Software Inc., a financial trading systems software vendor. He started his career as an associate consultant at Burlington Consultants, a strategy consultancy based in London.

        Mr. Slater brings leadership, financial experience and a background in the media, telecom and technology industries to the Board. Mr. Slater's exposure to companies in the media, telecom and technology industries provides valuable insight to the Board regarding industry trends that affect our Company. Mr. Slater also brings to the Board the perspective of large institutional investors.

DOUGLAS D. WHEAT

        Mr. Wheat, 63, has served on the Dex Media Board of Directors since April 2013; he previously served as the Chairman of the Board of Directors of SuperMedia from July 2010 to April 2013, including Executive Chairman from August 2010 to December 2010. He serves as Chairman of AMN Healthcare Services, Inc., one of the leading temporary healthcare staffing companies in the world. Mr. Wheat previously served as a director of Playtex Products, Inc. from 1995 to 2007 (including serving as its chairman from 2004 to 2006). Mr. Wheat has served as a member of the boards of directors of Dr. Pepper/Seven-Up Companies, Inc., Thermadyne Industries, Inc., Sybron International Corporation, Smarte Carte Corporation, Nebraska Book Corporation, and ALC Communications Corporation. Since 2008, he has served as Managing Partner of Southlake Equity Group (formerly Challenger Equity Group), a private investment firm. Prior to Southlake Equity Group, he served as president of Haas Wheat & Partners, a private investment firm specializing in strategic equity investments and leveraged buyouts of middle market companies from 1992 to 2006. Mr. Wheat also held various leadership and senior management positions at Grauer & Wheat and Donaldson Lufkin & Jenrette Securities Corporation earlier in his career.

        Mr. Wheat's extensive experience serving on public company boards, including as chairman of three public boards, and his expertise in a variety of financial matters make him uniquely qualified to serve on our Board. Additionally, Mr. Wheat's experiences have provided him with critical knowledge with respect to, among other things, appropriate oversight and related actions utilized in the Board environment, including concerning corporate governance matters.

OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
A VOTE "FOR"
THE ELECTION OF ALL OF THE DIRECTOR NOMINEES


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EXECUTIVE AND DIRECTOR COMPENSATION

Compensation Discussion and Analysis

This discussion and analysis of our compensation program for named executive officers should be read in conjunction withfor fiscal 2021, including the accompanying tables and text disclosingkey factors that the compensation awarded to, earned by or paid to the named executive officers.

committee considered in deciding their compensation.

Compensation of the named executive officers is determined under the Company's compensation programPhilosophy and Compensation Program Objectives
Our goal for senior executives. This program is governed by the Compensation and Benefits Committee of the Board of Directors, referred to below as the "Committee." While the Committee determines the compensation of all of the Company's executive officers, this discussion and analysis focuses on the executive officers listed in the Summary Compensation Table and other compensation tables that follow, referred to herein as the "Named Executive Officers" or "NEOs."

    Executive Summary

        Background.    Dex Media was formed on April 30, 2013 through the Merger which brought together Dex One and SuperMedia, two major providers of local, social, and mobile marketing solutions to businesses in communities across the United States. Dex Media's consumer services include online and mobile search portals and applications, as well as local printed yellow pages directories, white page directories, community, and companion directories in various markets across the U.S.

        In addition to bringing the two companies together in 2013, we experienced a challenging business environment throughout the year. Challenges included an industry trend of decreased demand for print based advertising and broader uneven economic trends impacting the Company's core retail customer segment. These trends in particular resulted in Dex Media's experiencing a decline in revenue. In addition, Dex Media is highly leveraged, with long-term debt greater than revenue. Repaying a large portion of that debt was a key focus of our Company following the Merger.

        Dex Media's 2013 executive compensation program is best understoodto attract, motivate, retain and reward a talented, entrepreneurial, and creative team of executives who will provide leadership for our success in the context of the Mergerdynamic and these business trends. 2013 was bothcompetitive markets. Our compensation philosophy is rooted in pay-for-performance, and provides a transitional and transformational yearbalanced compensation program that rewards employees for the Company.achievement of our financial, operational and strategic goals. We believe that the most effective program will provide a competitive base salary with annual short-term and long-term incentives based on company and individual performance.

For fiscal year 2021, our executive compensation programs focused on both top-line and bottom-line performance, all while continuing our post-Merger integration activities. We redefined our strategy and worked to transformworking on transforming our business from a principally print-based advertising and media companypositioning the Company to a multi-platformbe the leading provider of SaaS marketing solutions provider, introducing digital solutions that are relevant and valuablecloud-based tools for SMBs.
For 2021, our compensation committee approved a compensation design and target compensation opportunities, comprising a mix of fixed and variable cash compensation, including base salaries, a short-term cash incentive plan and an overachievement cash plan. Our annual incentive design included metrics tied to our customers. Throughoutfinancial growth plan. In light of historically significant stock option awards granted to our NEOs under our 2016 Stock Incentive Plan, the compensation committee determined not to award any long-term incentives in fiscal year 2021 to any of our NEOs. In October 2021, our compensation committee retained Lyons Benenson as its designated compensation consultant and is currently evaluating its approach to long-term incentive compensation for fiscal year 2022. The elements of the 2021 compensation program are described in more detail below.
Within the context of the overall objectives of our compensation programs, we focusedtypically determine the specific amounts of compensation to be paid to each of our NEOs based on integrating two organizations, we right-sized a number of factors:
the organization (people, facilitiesperformance of our NEOs in prior years;
the roles and resources), re-negotiated multiple key contractsresponsibilities of our NEOs;
the individual experience and movedskills of our NEOs;
for each named executive officer, other than our Chief Executive Officer, the evaluations and recommendations of our Chief Executive Officer;
the amounts of compensation being paid to single ITour other NEOs; and financial platforms.
internal equity.
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        Compensation Philosophy

What We Pay and Objectives.    Dex Media'sWhy: Elements of Compensation
Our executive compensation program is designed to reward executives for Company and individual performance through awards of annual and long-term incentives. Annual and long-term incentives encourage our executive officers to achieve the Company's financial, operational and strategic goals and reward individual and Company performance. Our compensation program is also intended to be competitive with companies both within and outside our peer companiesindustry so that we can attract and retain highly qualified personnel and recognize their knowledge, skills and attributes. To increase the retentive power of the compensation program, annual and long-term goals are established at challenging but achievable levels. Finally, we strive totop talent. We design our compensation programplans to be transparent to our executive officers and to shareholders,stockholders, and to evidencesupport positive governance principles.

        2013 Compensation Design.    Following Accordingly, we believe that each element of our executive compensation program serves each of our objectives to a greater or lesser extent.

The following table sets forth the Merger,primary elements of our executive compensation program for fiscal year 2021, including a description of how each element fits into the Committee approved an annual incentive design for the remainderoverall compensation of 2013 that largely replicated the annual incentive approach that had been in place previously at Dex One and SuperMedia. This annual incentive design included metrics tied to the financial plan that had been approved as part of the Merger plan. The Committee also approved long-term incentives covering 2013 through 2015 that include a strong cash component, a restricted


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stock component and a stock option component.our NEOs. These programscompensation elements are described in more detail later in this section. Theunder “Components of Our NEO Compensation Program”:

What it Does-How it
Works
2021 Plan Metrics-
Weighting
Base Salary
Basic element of competitive pay.
Not applicable.
Influences annual incentive value (base salary × target annual incentive %).
Short-Term Incentive Plan: Cash
Performance-based compensation element with a variable payout potential based on corporate and individual performance.
EBITDA-25%
Free Cash Flow-25%
SaaS Revenues-25%
Individual Performance-25%
Intended to motivate and reward executive officers for the achievement of annual (short-term) business objectives.
Over Performance Plan: Cash
Incremental cash incentive plan designed as an overachievement program to our Short-Term Incentive Plan.. Only begins to pay once maximum target is achieved under the Short-Term Incentive Plan.
EBITDA-25%
Free Cash Flow-25%
SaaS Revenues-50%
Performance-based compensation element with variable payout potential based on company financial performance.
Intended to motivate and reward executive officers for the overachievement of annual business objectives.
Long-Term Equity Incentive Compensation
Historically, we have granted options to acquire shares of our common stock that vest over a 3-year period. No new options were granted to our NEOs in 2020 or 2021, however our compensation committee has engaged an external compensation consultant to review and advise on our long-term equity incentive compensation strategy.
Not applicable.
We adopted an Employee Stock Purchase Plan in 2020 that, beginning in 2021, permits all eligible employees to
Not applicable.
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What it Does-How it
Works
2021 Plan Metrics-
Weighting
elect up to a 15% discount on the fair market value of shares in the Company, subject to a reasonable cap.
Designed to retain executives and align their interests with those of the Company’s stockholders.
Executive Physical
Executive officers receive annual reimbursement for a comprehensive medical examination up to $3,000 for EVP and the actual cost of the executive physical for the Chief Executive Officer.
Not applicable.
Retirement Benefits
A 401(k) retirement savings plan enables all employees, including executive officers, to contribute a portion of their compensation with a company matching contribution.
Not applicable.
Employment and Severance Benefits
CEO Employment Agreement provides for salary, incentive opportunities and severance benefits.
Not applicable.
Thryv, Inc. Severance Plan-Executive Vice Presidents and Above (“EVP Severance Plan”) provides for severance benefits equal to a multiple of salary and target short-term incentive award in the event of certain qualifying terminations of employment.
Executive Compensation Process-Compensation Committee also updated the peer group used to benchmark
Our compensation for executive officers, adopted stock ownership guidelines for executive officers and non-management directors and negotiated a three year extension to the CEO's employment agreement. All of these items are described in more detail in this Compensation Discussion and Analysis.

    Roles of the Compensation and Benefits Committee, Management and Consultant

        The Committeecommittee is responsible for reviewing and making individual compensation determinations for our Chief Executive Officer and other executive officers. Such determinations are presented to the board of directors for its review. Our compensation committee annually reviews and approves the corporate goals, objectives, and other key measures relevant to compensation of our Chief Executive Officer.

Our compensation committee reviews and approves or recommends amendments to our incentive compensation and equity-based compensation plans. Our compensation committee oversees the administration of the cash and equity-based incentive compensation plans to ensure consistency with our compensation policies, objectives, and programs with respect to plan participation, including, but not limited to, salary, annual cash incentives,approving general size of overall awards, designating eligible participants, approving awards, appointing plan administrators and reviewing their performance, and imposing any limitations, restrictions and conditions upon awards. Our compensation committee also reviews performance-based awards, such as those payable under our short-term incentive and over performance plans as well as our long-term incentive awards of cash or stock andplan, prior to any other awards madepayout to the CEO and senior management (which includes all executive officers as defined in Rule 16a-1(f)ensure that performance under the Securities Exchange Act of 1934). All key decisionsplan is sufficient to merit an award, and payments are presented tomade in accordance with the full Board for review and, in the case of the CEO, for ratification. The Committee receives assistance from two sources—its independentplan terms.
Our compensation consulting firm, Semler Brossy Consulting Group LLC ("Semler Brossy"), and the Company's internal executive compensation staff.

        Semler Brossy has been retained by, and reports directly to, the Committee, and does not have any other consulting engagements with management or the Company. Specifically, the Committee regularly seeks independent advice from Semler Brossy on current trends in compensation design, including overall levels of compensation, the appropriateness of peer group companies, the relative weightings of compensation elements and the value of particular performance measures on which to base compensation. Within this framework, Semler Brossy has been directed to work collaborativelycommittee works with management to make pay determinations and to ensure sufficient understandingthat our programs are competitive and meet our compensation objectives.

Our compensation committee is authorized to retain, in its discretion, the services of one or more executive compensation advisors to assist with the Company's businessestablishment and compensation programs.

        With respect to compensation for Dex Media's CEO, Semler Brossy provides competitive market CEO compensation data for the Committee's consideration. In accumulating these relevant data, Semler Brossy relies on its understandingreview of Dex Media's business andour compensation programs and related policies. Historically, our compensation committee has not regularly engaged the services of an executive compensation advisor in reviewing and establishing our compensation programs and related policies. Our compensation committee has not previously considered formal compensation market data nor has it formally

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benchmarked total executive compensation or individual compensation elements against a peer group. Instead, we based compensation levels on the collective experience of the members of our board of directors, compensation committee and our Chief Executive Officer, their business judgment and their experiences in recruiting and retaining executives.
In October 2021, the compensation committee directly engaged Lyons Benenson & Company Inc. (“Lyons Benenson”) as its independent researchcompensation consultant to assist the compensation committee on the full range of executive and analysis. Semler Brossydirector compensation matters that occur in the ordinary course of business. Such engagement includes, among other things, reviewing and potentially modifying our compensation philosophy, strategy and program and providing on-going advice and counsel to the compensation committee on the status of the compensation program and any opportunities for improvement that might exist therein, including the development a new peer group for compensation benchmarking purposes.
Components of Our NEO Compensation Program
We believe that a substantial portion of our executive compensation should be based on Company performance. We also believe it is essential for our executives to have a meaningful equity stake linked to our long-term performance; therefore, we created compensation packages that aimed to foster this culture. As such, other than base salary, compensation of our NEOs has largely been comprised of short-term incentive pay linked to our financial performance and individual contributions and long-term equity incentive compensation. Other factors we have historically considered in evaluating executive compensation included internal pay equity, external market and competitive information, assessment of individual performance, level of responsibility, and the overall expense of the program.
Base Salary
Base salary has represented the fixed component of our executive officers’ compensation. As mentioned above, our compensation committee is responsible for reviewing and making individual executive officers’ compensation determinations. In consultation with our management, our compensation committee evaluates the performance of executive officers in light of agreed upon measures and determines and approves, or recommends to our board of directors for approval, executive officers’ compensation, including annual base salary levels, but does not meetautomatically increase these levels each year. We believe that base salary increases at the executive officer level are generally warranted when (i) the employee has had a significant increase in job responsibilities, (ii) the employee’s base salary is not viewed as externally competitive or internally equitable or (iii) individual performance and career growth support an increase to base salary.
Our compensation committee reviewed 2020 performance for our NEOs and approved a 3% merit increase for our current executive committee members effective in March 2021, except for Mr. Wholey who received a 5.8% merit increase in recognition for his oversight of both the Company’s operations and information technology to align with market and internal peers. The 2021 base salaries for our NEOs were as follows:
Named Executive Officers
2021 Base
Salary
Joseph A. Walsh
$1,060,900
Paul D. Rouse
$521,673
Gordon Henry
$417,338
James McCusker
$417,338
John Wholey
$405,000
Short-Term Incentive Plan - Cash Incentive
We provide our NEOs with the CEOopportunity to earn annual, performance-based cash compensation under our Short-Term Incentive Plan (our “STI”). Payouts under our STI are determined annually by our compensation committee based on each NEO’s target incentive and performance against pre-determined performance measures.
Our compensation committee follows the same benchmarking and decision-making process with respect to his compensation.

        For other executive officers'STI awards as it does with base salary. Our compensation the chief human resources officer works with the CEOcommittee may reassess our target annual incentive for each NEO from time to develop the CEO's compensation recommendations to the Committee. In developing these recommendations, the CEO considers the Company's overall performance, each individual's scope of responsibility, competitive market compensation data, individual performance, and the CEO's assessment of the individual's current and future potential contributions. Semler Brossy provides the Committee with its independent view of the CEO's compensation recommendations.

    Compensation Positioning

        Peer Group Companies.    The Committee intends that the compensation opportunity available to executive officers be competitive with the compensation offered by similar companies. Following the Merger in 2013, the Committee reexamined the peer group in consultation with its independent compensation consulting firm, Semler Brossy. The Committee-approved peer group includes companies in the Advertising (GICS Industry 25401010) and Publishing (GICS Industry 25401040) subcategories of Media companies with trailing four quarter revenues between $1.0 billion and $2.5 billion that are similar to our Company. The peer group is used to provide market references in establishing the total compensation opportunity for our executive officers. For 2013, this group comprised:

IAC/InterActiveCorpJohn Wiley & Sons Inc.
Valassis Communications, Inc.Meredith Corporation
Scholastic CorporationThe McClatchy Company
The New York Times CompanyLamar Advertising Company
time.
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        Target Marketplace Positioning.    The Committee's stated objective is to position an executive's total direct remuneration opportunity, assuming

Our compensation committee approved the target annual incentive, performance within a 10% to 15% range above or below the median of the competitive marketlevels and payout parameters for the executive's position. Actual total direct remuneration will vary fromSTI for fiscal year to year and may be below or above2021 in May 2021. The target depending on both the Company's performance and the executive's performance relative to pre-established objectives.

        Although the Committee reviews peer group data to provideannual incentive for 2021 is a framepercentage of reference for decision-making, the Committee did not rely exclusively on peer group data in setting the terms of the 2013 compensation programs. Similarly, the Committee did not set total direct remuneration or its component parts at levels designed to achieve a mathematically precise market position, nor is there a commitment or understanding to provide executives with compensation at any specific level, or within any specific range with respect to the peer group.

    Elements of Compensation

        Total direct remuneration for Dex Media's executive officers is comprised ofeach individual’s base salary as of December 31, 2021, subject to proration based on changes in position or salary. In fiscal year 2021, the STI target annual incentive compensation and long-term incentive compensation.

        Base Salary.    Dex Media provides its executive officers an annual base salary to compensate them for services rendered during the year; base salary is a fundamental component of compensation and is necessary to attract and retain talented executive officers. The executive officers' base salaries are reviewed annually by the Committee, but do not automatically increase each year.

        In August of 2013, the Committee adjusted base salaries for executive officers to reflect increased or changed responsibilities following the Merger. These base salary levels were effective May 1, 2013, to coincide with the completion of the Merger. Annualized base salary ratesincentives for each of our NEOs, expressed as a percentage of each NEO’s base salary, were as follows:

Named Executive Officers
Target Annual
Incentive
(STI)
Joseph A. Walsh
100%
Paul D. Rouse
70%
Gordon Henry
70%
James McCusker
70%
John Wholey
70%
There were three performance metrics in our STI for fiscal year 2021. Below is a description of those metrics and our threshold, target and maximum performance levels and respective payouts under the plan.
1.
EBITDA (25%). This performance metric supports our focus on maintaining margin trends and reflects the board approved budget from December 8, 2020, which represents the budget guiding principles and financial projections of the Company for fiscal year 2021. EBITDA is a non-GAAP financial metric, defined as earnings before interest, tax, depreciation and amortization.
2.
Free Cash Flow (“FCF”) (25%). This performance metric supports our goal of generating value for our shareholders. FCF targets reflect the board approved budget from December 8, 2020, which represents the budget guiding principles and financial projections of the Company for fiscal year 2021. FCF is a non-GAAP financial metric, defined as net cash provided by operating activities less capital expenditures. FCF does not include certain tax liabilities, settlement of liability stock option awards and certain investments in growth opportunities, including merger and acquisitions and relisting activities.
3.
Reported SaaS Gross Revenue (25%). This performance metric was added for fiscal year 2021 to support our goal of transitioning in a SaaS business. Saas Gross Revenue targets reflect the board approved budget from December 8, 2020, which represents the budget guiding principles and financial projections of the Company for fiscal year 2021.
4.
Individual Performance (25%). This performance metric supports our goal of pay for performance. Individual annual goals (which are designed to propel Company performance and objectives) are determined by our Chief Executive Officer for all NEOs other than the Chief Executive Officer. The Chief Executive Officer’s individual annual goals are determined by the compensation committee. The attainment of each NEO’s annual goals is based on an individual performance assessment by our Chief Executive Officer (for all NEOs other than himself) and ratified by the compensation committee; the attainment of our Chief Executive Officer’s individual goals is based on an individual performance assessment by our compensation committee for our Chief Executive Officer. In fiscal year 2021, the Company established a minimum EBITDA threshold (or gate) of $250 million for this performance metric. This means that if EBITDA for fiscal year 2021 was below $250 million, no incentive award would be earned for the Individual Performance metric (i.e. 25% of the STI payout opportunity would not be funded).
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The below table reflects in detail the respective payouts per performance level for the EBITDA, Reported SaaS Gross Revenue and FCF performance (collectively, the “Company Performance”) metrics under our STI for fiscal year 2021.
EBITDA
(in millions)
% of EBITDA
Component
Payout
FCF
(in millions)
% of FCF
Component
Payout
Reported
SaaS
Gross
Revenue
(in millions)
% of
SaaS
Revenue
Component
Payout
$268.00
10%
Threshold
$141.90
10%
$140.40
10%
$269.00
20%
 
$142.90
20%
$141.40
20%
$270.00
30%
 
$143.90
30%
$142.40
30%
$271.00
40%
 
$144.90
40%
$143.40
40%
$272.00
50%
 
$145.90
50%
$144.40
50%
$273.00
60%
 
$146.90
60%
$145.40
60%
$274.00
70%
 
$147.90
70%
$146.40
70%
$275.00
80%
 
$148.90
80%
$147.40
80%
$276.00
90%
 
$149.90
90%
$148.40
90%
$277.00
100%
Target
$150.90
100%
$149.40
100%
$278.50
105%
 
$151.90
105%
$150.40
105%
$280.00
110%
 
$152.90
110%
$151.40
110%
$281.50
115%
 
$153.90
115%
$152.40
115%
$283.00
120%
 
$154.90
120%
$153.40
120%
$284.50
125%
Maximum
$155.90
125%
$154.40
125%
On February 17, 2022, our compensation committee reviewed the Company’s performance against the pre-established metrics for fiscal year 2021. The compensation committee determined that for fiscal year 2021, EBITDA achieved $304.23 million, FCF achieved $155.23 million and Reported SaaS Gross Revenue achieved $171.97 million resulting in the maximum payout of 125.0% for EBITDA and Reported SaaS Gross Revenue and a payout of 122.0% for FCF for the Company Performance component (accounting for 75% of the total award) and that the Individual Performance component (accounting for 25% of the total award) for all NEOs beginningwas at target (100%). A few of the 2021 individual goals included “Growing SaaS engagement by 20%”, “Achieving SaaS revenue growth by greater than 12.3%” and “Achieving a minimum of 35% save rate of Thryv clients that call to cancel”. The resulting incentive payments for 2021 STI to NEOs are detailed in the table below:
Named Executive Officers
2021 STI
Joseph A. Walsh
$1,253,851
Paul D. Rouse
$431,587
Gordon Henry
$345,269
James McCusker
$345,269
John Wholey
$335,062
Over Performance Plan-Cash Incentive
We provide our NEOs with the opportunity to earn additional annual, performance-based cash compensation under our Over Performance Plan (our “OPP”). The OPP is intended to motivate and reward executive officers for the overachievement of annual business objectives. Payouts under our OPP are determined annually by our compensation committee based on each NEO’s overachievement of target incentive and performance against pre-determined Company financial performance measures. Our compensation committee may reassess our target OPP incentive for each NEO from time to time.
Our compensation committee approved the target incentives, performance levels and payout parameters for our OPP for fiscal year 2021 in May 1, 2013 were:2021. The OPP target incentive is expressed as a percentage of each individual’s base salary.
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In fiscal year 2021, the OPP target annual incentives for each of our NEOs, expressed as a percentage of each NEO’s base salary, were as follows:
Named Executive Officers
Target Annual
Incentive
(OPP)
Joseph A. Walsh
100%
Paul D. Rouse
70%
Gordon Henry
70%
James McCusker
70%
John Wholey
70%
Over Performance Plan Metrics and Performance for Fiscal Year 2021
There were three performance metrics in our OPP for fiscal year 2021. Below is a description of those metrics and our threshold, target and maximum performance levels and respective payouts under the plan.
1.
EBITDA (25%). This performance metric supports our focus on maintaining margin trends and reflects the board approved budget from December 8, 2020, which represents the budget guiding principles and financial projections of the Company for fiscal year 2021. EBITDA is a non-GAAP financial metric, defined as earnings before interest, tax, depreciation and amortization.
2.
Free Cash Flow (25%). This performance metric supports our goal of generating value for our shareholders. FCF targets reflect the board approved budget from December 8, 2020, which represents the budget guiding principles and financial projections of the Company for fiscal year 2021. FCF is a non-GAAP financial metric, defined as net cash provided by operating activities less capital expenditures. FCF does not include certain tax liabilities, settlement of liability stock option awards and certain investments in growth opportunities, including merger and acquisitions and relisting activities.
3.
Reported SaaS Gross Revenue (25%). This performance metric was added for fiscal year 2021 to support our goal of transitioning in a SaaS business. Saas Gross Revenue targets reflect the board approved budget from December 8, 2020, which represents the budget guiding principles and financial projections of the Company for fiscal year
Our OPP plan only pays out if we have achieved greater than maximum performance under the STI plan; in fact, threshold level of performance for each metric under the OPP is equal to or greater than the maximum performance achievement levels under our STI Plan. The below table reflects in detail the respective payouts per performance level for each performance metric under our OPP for fiscal year 2021.
EBITDA
(in millions)
% of
EBITDA
Component
Payout
FCF
(in millions)
% of
FCF
Component
Payout
Reported
SaaS
Gross
Revenue
(in millions)
% of
SaaS
Revenue
Component
Payout
$284.50
 
Threshold
$155.90
 
$154.40
 
$286.50
13%
 
$157.90
13%
$156.40
13%
$288.50
25%
 
$159.90
25%
$158.40
25%
$290.50
38%
 
$161.90
38%
$160.40
38%
$292.50
50%
 
$163.90
50%
$162.40
50%
$294.50
63%
 
$165.90
63%
$164.40
63%
$296.50
75%
 
$167.90
75%
$166.40
75%
$298.50
88%
 
$169.90
88%
$168.40
88%
$300.50
100%
 
$171.90
100%
$170.40
100%
$302.50
113%
 
$173.90
113%
$172.40
113%
$304.50
125%
 
$175.90
125%
$174.40
125%
$306.50
138%
 
$177.90
138%
$176.40
138%
$308.50
150%
 
$179.90
150%
$178.40
150%
$310.50
163%
 
$181.90
163%
$180.40
163%
$312.50
175%
 
$183.90
175%
$182.40
175%
$314.50
188%
 
$185.90
188%
$184.40
188%
$316.50
200%
No Cap
$187.90
200%
$186.40
200%
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Name
 Salary 

Peter J. McDonald

 $977,000 

Samuel D. Jones

 $514,000 

Del Humenik

 $500,000 

Frank P. Gatto

 $430,000 

Matthew J. Stover(1)

 $385,000 

Cody Wilbanks(1)

 $437,800 

(1)
Mr. Wilbanks resigned as
On February 17, 2022, our compensation committee reviewed the Company's Executive Vice President—General CounselCompany’s performance against the pre-established metrics for fiscal year 2021. The compensation committee determined that for fiscal year 2021, EBITDA achieved $304.23 million or 124% payout incentive, FCF achieved $155.23 million or 0% payout incentive, and Corporate Secretary, effective asReported SaaS Gross Revenue achieved $171.97 million or 110% of August 1, 2013. Mr. Stover resigned aspayout incentive. There is not an Individual Performance component for the Company's Executive Vice President—Marketing, effective January 3, 2014.
OPP. The resulting incentive payments for 2021 OPP to NEOs are detailed in the table below:

        Annual
Named Executive Officers
2021 OPP
Joseph A. Walsh
$912,374
Paul D. Rouse
$314,047
Gordon Henry
$251,237
James McCusker
$251,237
John Wholey
$243,810

Long-Term Equity Incentive Compensation (Short-term Incentive).    Dex Media provides its
We have historically provided our executive officers with the opportunity to earn variable cashlong-term equity incentive compensation in the form of non-qualified stock options under our 2016 Stock Incentive Plan (“2016 Plan”). On September 3, 2020, our board of directors approved our 2020 Incentive Award Plan (“2020 Plan”), which became effective on September 23, 2020, and under which we may award long-term equity incentive grants. Following the effectiveness of our 2020 Plan, no future grants can be awarded under our 2016 Plan; however, all outstanding awards under the Company's Short-term Incentive program (STI). 2016 Plan remain outstanding in accordance with the terms of the applicable award agreements and our 2016 Plan. In addition, any shares of common stock that are forfeited or lapse unexercised under the 2016 Plan are added to the pool for issuance under the 2020 Plan.
The purpose of the STIlong-term equity awards is to reward executive officers for performance during a single fiscal year, and to provide incentives for themour executives to achieve Dex Media's annualour long-term financial and operational goals as measured against specific performance criteria relative to Dex Media's overall business results. Payouts under the STI are determined annually by the Committee based on the executive officer's target incentive and performance against pre-determined performance measures.


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        Annual incentive opportunities for executive officers are expressed as a percentage of base salary. The Committee may reassess the target annual incentive for each executive officer from time to time. Annualized incentive opportunities for the NEOs effective as of May 1, 2013 were:

Name
Target Annual Incentive
(as a % of Base Salary)

Peter J. McDonald

100%

Samuel D. Jones

85%

Del Humenik

70%

Frank P. Gatto

70%

Matthew J. Stover

70%

Cody Wilbanks

70%

        For 2013, the Committee refocused the design of the STI for executive officers to reward Company financialthem for sustained improvements in performance with an emphasis on sales performance. The Company's 2012 annual incentive metrics included EBITDA and Ad Sales, each with a 50% weighting. For 2013, four metrics were included inover the annual incentive plan: EBITDA; Free Cash Flow; Print Ad Sales; and Digital Ad Sales, each with a 25% weighting. Ad Sales were separated to measure Print Ad Sales and Digital Ad Sales distinctly, each with an equal weighting to EBITDA and Free Cash Flow in the annual incentive plan, which supported the goal of emphasizing sales performance.

        Each of the four metrics was assigned a threshold, target and maximum performance value. Below the threshold performance level, which for all metrics was 85% of the target performance level, no incentive would be earned. Similarly, the maximum payout for any metric was 200% for performance at or above 120% of target.

        To support the plan design and facilitate the payout calculations, several breakpoints were established between threshold and target, and between target and maximum performance levels. The performance breakpoints are shown in the table below:

 
 Threshold  
  
 Target  
 Maximum 

Performance as a Percent of Target:

  85% 90% 95% 100% 110% 120%

Calculated STI Payout Value:

  30% 50% 90% 100% 150% 200%

        Performance levels that fall in between the specified breakpoints above would result in a calculated payout based on straight-line interpolation between the two breakpoints.

Corporate Performance Metrics


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Incentive Award Based on Performance
Metric and Weighting
30% of target100% of target200% of target

EBITDA (25%)

$735 million$865 million$1,038 million

Free Cash Flow (25%)

$349 million$411 million$493 million

Print Ad Sales (25%)

$1,348 million$1,586 million$1,903 million

Digital Ad Sales (25%)

$559 million$658 million$790 million

        On March 10, 2014 the Committee reviewed the Company's performance against the pre-established metrics for 2013. The Committee determined that: EBITDA results were at 93.4% of target, resulting in a 19.3% payout for this measure; Free Cash Flow results were at 102.3% of target, resulting in a 27.9% payout for this measure; Print Ad Sales were at 95.1% of target, resulting in a 22.6% payout for this measure; and Digital Ad Sales results were below the threshold for any payout for this measure, i.e., 0% payout. Given the performance described above, the total payout percent for the 2013 STI Plan was 69.8% overall. The resulting incentive payments to Named Executive Officers are detailed in the table below:

Name
 2013 STI Paid
in March 2014
 

Peter J. McDonald

 $457,745 

Samuel D. Jones

 $204,697 

Del Humenik

 $163,982 

Frank P. Gatto

 $141,025 

Matthew J. Stover

 $126,266 

        On March 10, 2014 the Committee also approved a special award to the Named Executive Officers in the amounts set forth below. The special award for the NEOs excepting the CEO were recommended by the CEO and approved by the Committee. The special award for the CEO was recommended by the Committee and approved by the full Board. The basis for the special award was two-fold: 1) integration performance (leadership in merger integration; significant results achieved in integrating each function, team, processes and platforms) and 2) team selection and retention (has chosen the right members for his/her team and has retained them post-merger; and continues to build an effective team aligned with the Company's plan for growth). In approving these awards, the Committee desired to reward the integration related performance noting that the STI design focused on four areas of operational performance.

Name
 Special Awards
Paid in March 2014
 

Peter J. McDonald

 $30,000 

Samuel D. Jones

 $15,000 

Del Humenik

 $13,000 

Frank P. Gatto

 $11,000 

Matthew J. Stover

 $0 

        Long-term Incentives.    As of the effective date of the Merger, the Company assumed all of the obligations of SuperMedia under the SuperMedia 2009 Long-Term Incentive Plan. Also as of the effective date of the Merger, the Company, as successor-in-interest to Dex One, assumed all of the obligations of Dex One under the Dex One Corporation Equity Incentive Plan, which is now known as the Dex Media, Inc. Equity Incentive Plan (the "EIP").


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        On September 5, 2013, the Company amended and restated the SuperMedia 2009 Long-Term Incentivelong term. Our 2016 Plan and adopted it in the form of the Dex Media, Inc. Amended and Restated Long-Term Incentiveour 2020 Plan (the "LTIP"). The LTIP and EIP are intended to advance the best interests of the Company, itsour affiliates and itsour stockholders by providing those persons who have substantial responsibility for the management and growth of the CompanyThryv and itsour affiliates with additional performance incentives and an opportunity to obtain or increase their proprietary interestequity ownership in the Company, thereby encouraging them to continue in their employment or affiliation withstrengthening the Company or its affiliates. The LTIPalignment between the interests of our executives and EIPour shareholders. Our 2016 Plan and our 2020 Plan are administered by the Committee and will terminate no later than ten years after their respective adoption.

        On September 5, 2013,compensation committee with oversight from the Boardboard of Directors and the Committee approved a new long-term incentive program compriseddirectors.

Equity Awards in Fiscal Year 2021
None of awards of restricted stock,our NEOs were awarded non-qualified stock options or any other form of equity under our 2020 Plan in fiscal year 2021. Our compensation committee has engaged an outside compensation consultant that is currently evaluating whether any equity awards should be issued to our NEOs in 2022.
STOCK OWNERSHIP AND RETENTION GUIDELINES
In November 2020, the compensation committee adopted stock ownership and long-term cash underretention guidelines pursuant to which all NEOs and non-employee directors are expected to retain 60% of Company stock acquired upon the LTIPexercise of options granted by the Company (net of tax and EIP. exercise price). The stock ownership guidelines are in effect beginning with the November 18, 2019 grants awarded to our NEOs and the October 15, 2020 grants awarded to our non-employee directors. All future grants made to our NEOs and non-employee directors will be subject to these stock ownership guidelines.
The Compensation Committee regularly monitors compliance with these guidelines, and as of December 31, 2021, all NEOs, including the CEO, and all independent directors were in compliance with this retention guideline. The guidelines may be amended from time to time in the discretion of the compensation committee.
RISK ASSESSMENT OF COMPENSATION POLICIES
During 2021, management reviewed existing incentive compensation programs in which NEOs participate in order to confirm that such programs do not create risks that are reasonably likely to have a material adverse effect on the Company. Lyons Benenson, the Company’s external compensation consult, also reviewed the
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Company’s 2021 compensation philosophy, policies and program in order to conduct a risk assessment of the Company’s compensation arrangements. Based on the information furnished by management and Lyons Benenson’s understanding of the current program and arrangements, Lyons Benenson concluded that there is no undue risk in the program.
ANTI-HEDGING POLICY
Under Thryv’s Insider Trading Policy, members of the approved structure restrictedboard of directors and all employees (including officers) of the Company, as well as certain of their family members and entities over which they exert control, are prohibited from engaging in any hedging transactions or otherwise engaging in short sales of Thryv securities.
TAX CONSIDERATIONS
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), generally limits the amount we may deduct from our federal income taxes for compensation paid to our named executive officers and former named executive officers to $1 million per individual per year. Our compensation committee will continue to monitor regulatory developments and consider the potential effects of Section 162(m) of the Code on the deductibility of compensation paid to our executives. Although our compensation committee is mindful of the benefits of tax deductibility when determining executive compensation, we believe that we should not be constrained by the requirements of Section 162(m) where those requirements would impair our flexibility in attracting and retaining the highest level of talented and experienced executive officers and in compensating our executive officers in a manner that best promotes our mission and strategic objectives.
ACCOUNTING FOR STOCK-BASED COMPENSATION
We follow Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“FASB ASC Topic 718”), for our stock-based compensation awards. FASB ASC Topic 718 requires us to measure the compensation expense for all stock-based payment awards made to our employees and independent members of our board of directors, including options to purchase shares of our common stock and non-qualified stock options will only be granted in 2013 for the three year period and the cash component will be provided each year. While the Committee reserves the ability to grant equity to NEOs in 2014 and 2015, the intent of the 2013-2015 design is that no additional equityother stock-based awards, will be made to NEOs except in the case of a promotion or new hire.

        2013 Restricted Stock Program.    The restricted stock awards made under the LTIP and EIP vest on December 31, 2015. The following NEOs were awarded shares of restricted stock on September 5, 2013, in the following amounts on the terms and conditions set forth in their respective restricted stock award agreements:

Executive Officer
 Restricted Stock
Awards
 Restricted Stock
Award Grant
Date Value
 

Peter J. McDonald

  50,000 $512,500 

Samuel D. Jones

  33,300 $341,325 

Del Humenik

  24,400 $250,100 

Frank P. Gatto

  22,200 $227,550 

Matthew J. Stover

  20,000 $205,000 

        2013 Non-Qualified Stock Option Program.    The non-qualified stock option awards made under the LTIP and EIP vest over four years in equal installments of one-fourth on March 31, 2014, March 31, 2015, March 31, 2016 and March 31, 2017. The following NEOs were awarded stock options on September 5, 2013, at an exercise price of $10.25, in the following amounts on the terms and conditions set forth in their respective stock option award agreements:

Executive Officer
 Stock Options Stock Options
Grant Date
Value(1)
 

Peter J. McDonald

  125,000 $696,250 

Samuel D. Jones

  83,300 $463,981 

Del Humenik

  61,100 $340,327 

Frank P. Gatto

  55,600 $309,692 

Matthew J. Stover

  50,000 $278,500 

(1)
Value basis presented here is based upon on the grant date Black-Scholes valuation model at $5.57 fair“fair value” of these awards. This calculation is performed for accounting purposes and reported in the executive compensation tables below required by the federal securities laws, even though the recipient of the awards may never realize any value per share.
from their awards.

        2013-2015 Cash Long-term Incentive Plan.    On September 5, 2013,

Compensation Committee Interlocks and Insider Participation
None of the Committee establishedmembers of our compensation committee currently are, or have been, an officer or employee of the performance objectivesCompany. None of our named executive officers currently serve, or in the past year have served, as a member of the board of directors or compensation committee (or other board committee performing equivalent functions) of any entity that has one or more of its named executive officers serving on our board of directors or compensation committee.
Report of the Compensation Committee
The compensation committee has reviewed and other termsdiscussed with management the Compensation Discussion and Analysis provided above. Based on this review and discussion, the compensation committee recommended to the board of directors that the Compensation Discussion and Analysis be included in this Proxy Statement for filing with the SEC.
Compensation Committee:
Bonnie Kintzer, Chair
John Slater
Lauren Vaccarello
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COMPENSATION TABLES
The section below contains information, both narrative and tabular, regarding the compensation paid to our NEOs for the Company's 2013-2015 Cash Long-term Incentive Plan (the "2013-2015 Cash LTIP"),fiscal year 2021.
Summary Compensation Table
The following table sets forth the compensation paid or earned for the fiscal years ending December 31, 2019, 2020 and 2021, as applicable, by our NEOs:
Name and Principal Position
Fiscal
Year
Salary
($)(a)
Non-Equity
Incentive Plan
Compensation
($)(b)
Option
Awards
($)(c)
All Other
Compensation
($)(d)
Total
($)
Joseph A. Walsh
Chairman & CEO
2021
1,052,581
2,166,225
49,905
3,268,711
2020
1,030,000
2,189,265
811,288
49,858
4,080,411
2019
1,021,923
1,662,163
9,176,400
16,869,514
28,730,000
 
 
 
 
 
 
 
Paul D. Rouse
Chief Financial Officer, EVP & Treasurer
2021
517,582
745,634
16,920
1,280,136
2020
506,479
753,565
75,921
17,180
1,353,145
2019
502,507
572,131
931,520
1,814,368
3,820,526
 
 
 
 
 
 
 
Gordon Henry
Chief Strategy Officer & EVP
2021
414,065
596,506
16,920
1,027,491
2020
405,183
602,851
75,921
2,744
1,086,699
2019
402,006
457,705
931,520
1,696,790
3,488,021
 
 
 
 
 
 
 
James McCusker
Chief Revenue Officer & EVP
2021
414,066
596,506
16,920
1,027,492
2020
405,183
562,851
75,921
16,330
1,060,285
2019
402,006
457,705
931,520
1,696,790
3,488,021
 
 
 
 
 
 
 
John Wholey
Chief Operations & Information Officer & EVP
2021
398,989
578,872
13,920
991,781
2020
382,673
569,360
95,921
16,330
1,064,284
2019
379,672
432,277
931,520
1,696,790
3,440,259
(a)
Amounts reported in this column represent the actual salary earned by each of our NEOs.
(b)
Amounts reported in this column for Messrs. Walsh, Rouse, Henry, McCusker and Wholey represent the cash incentive awards paid under our STI and OPP for fiscal years 2019, 2020 and 2021. See “Short-Term Incentive Plan – Cash Incentive” and “Over Performance Plan - Cash Incentive” in our Compensation Discussion and Analysis for further detail.
(c)
We did not grant equity awards to our NEOs in fiscal years 2020 and 2021. Amounts included for 2020 reflect the incremental fair value of repriced options, computed in accordance with FASB ASC Topic 718.
(d)
All Other Compensation for fiscal year 2021 consisted of the following (all amounts in dollars):
Name
401(k)
Matching
Contributions
($)(1)
Allowance
($)(2)
Executive
Physicals
($)(3)
Total
 
 
 
 
 
Joseph A. Walsh
13,920
30,000
5,985
49,905
Paul D. Rouse
13,920
3,000
16,920
Gordon Henry
13,920
3,000
16,920
James McCusker
13,920
3,000
16,920
John Wholey
13,920
13,920
(1)
Amounts reported in this column represent the matching contribution made by the Company under the Company’s tax-qualified 401(k) retirement plan in 2021.
(2)
For Mr. Walsh, amount includes an expense allowance of $30,000 for the maintenance of a remote office and miscellaneous expenses incurred.
(3)
Executive officers receive annual reimbursement for a comprehensive medical examination up to $3,000 for EVPs and the actual cost of the physical for the Chief Executive Officer.
Retirement Savings Benefits
We offer a 401(k) retirement savings plan to all employees, including all NEOs, to enable them to contribute a portion of their base salary and earned STI award. We provide an employer contribution match up to statutory limits, which was suspended in May 2020, but reinstated for fiscal year 2021.
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Other Employee Benefits
Benefits are part of the overall competitive compensation program designed to attract and retain employees, including our NEOs. The NEOs participate in the same benefit programs as the general employee population, with the additional benefit made to them for annual executive physical examinations. Our NEOs have the option of submitting reimbursements for the annual physical examination benefit, which provides eligible executives with a comprehensive medical examination once per year. Our compensation committee will continue to periodically review and evaluate personal benefits provided to the NEOs.
Broad-Based Benefits Programs and Perquisites
All full-time employees, including our NEOs, may participate in our health and welfare benefit programs, including medical, dental and vision care coverage, disability insurance and life insurance. Our NEOs are also eligible to participate in our employee stock purchase plan, beginning in fiscal year 2021, on the same terms as our eligible employees. In fiscal year 2021, our NEOs also received certain perquisites and personal benefits set forth in the “Summary Compensation Table” above. We provide these benefits to retain and attract talented executives with the skills and experience to further our long-term strategic plan.
NEO Employment Agreements and Arrangements
From time to time, we entered into employment agreements and arrangements in order to attract and retain key executives. Mr. Walsh is the only NEO party to an employment agreement with us.
Applicable Non-Competition and Non-Solicitation Covenants
Each NEO is bound by a non-competition agreement during his or her respective period of employment and would be bound to such agreement for a paymentperiod of incentive compensation to the


Tabletwelve months following his or her termination of Contents

Company's executive officers and to other eligible employees. These incentive compensation payments are determined by the Company's achievement of specified performance metrics determined at the start of each performance year.

        The 2013-2015 Cash LTIP comprises three performance periods. Each of 2013 (post-Merger), and fiscal 2014 and 2015 represents one performance period, with 2013 measured onemployment for any reason. As a pro rata basis from the effective datepart of the Merger through December 2013. If, at the end of a measurement period, the Company's performance against the specified performance metrics results in an award being payable to any participating executive officer, the payment of such award shall be made in December of the following year. Performance objectives fornon-competition agreement, each of the 2014NEOs would also be subject to employee non-solicitation/no-hire covenants for twelve months following termination of his or her employment for any reason.

Grants of Plan-Based Awards Fiscal Year 2021
 
 
Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards
All Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)(2)
Exercise or
Base
Price of
Option
Awards
($/Share)(2)
Grant
Date
Fair
Value of
Option
Awards(3)
Name
 
Grant
Date
Threshold
($)(1)
Target
($)(1)
Maximum
($)(1)
Joseph A. Walsh
STI
1/1/2021
334,750
1,030,000
1,351,875
OPP
1/1/2021
103,000
SIP
1/1/201
Paul D. Rouse
STI
1/1/2021
164,606
354,535
465,328
OPP
1/1/2021
35,454
SIP
1/1/2021
Gordon Henry
STI
1/1/2021
135,635
292,137
382,429
OPP
1/1/2021
29,214
SIP
1/1/2021
James McCusker
STI
1/1/2021
135,635
292,137
382,429
OPP
1/1/2021
29,214
SIP
1/1/2021
John Wholey
STI
1/1/2021
131,625
283,500
372,094
OPP
1/1/2021
28,350
SIP
1/1/2021
(1)
For fiscal year 2021 Thryv added SaaS Revenue as a third financial metric to reflect our focus on SaaS growth, in addition to EBITDA and FCF for the 2021 STI and OPP programs. Amounts shown represent threshold, target and maximum payouts under our STI, and threshold payout under our OPP. The OPP is an incremental incentive plan to the STI and is only funded after the STI achieves maximum payout. The OPP is not capped and therefore does not have a target or maximum achievement level. For fiscal 2021, an award would only pay out pursuant to our OPP if EBITDA exceeded $284.5MM, FCF exceeded $155.9MM and SaaS Revenue exceeded $154.4MM.
(2)
There were no grants of equity to NEOs during 2021.
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Outstanding Equity Awards at Fiscal Year-End Fiscal Year 2021
The following table provides information regarding all outstanding stock options held by each individual as of December 31, 2021.
 
 
Option Awards
Name
Grant
Date
Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#)
Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#)
Option
Exercise
Price ($)(4)
Option
Expiration
Date
Joseph A. Walsh
11/18/2019(1)
277,778
771,605
13.82
11/18/2029
Paul D. Rouse
11/14/2016(2)
136,521
3.68
11/14/2026
11/18/2019(3)
111,111
13.82
11/18/2029
Gordon Henry
9/26/2016(2)
154,771
3.68
9/26/2026
11/18/2019(3)
111,111
13.82
11/18/2029
James McCusker
9/26/2016(2)
150,521
3.68
9/26/2026
11/18/2019(3)
111,111
13.82
11/18/2029
John Wholey
9/26/2016(2)
62,521
3.68
9/26/2026
11/18/2019(3)
111,111
13.82
11/18/2029
(1)
Stock option grant originally awarded to Mr. Walsh on November 18, 2019. On November 23, 2020, the board of directors and compensation committee approved an option repricing (the “Option Repricing”), which, contingent upon each NEO’s written consent, lowered the exercise price of the relevant options from $16.20 to $13.82 per share and implemented a delayed vesting scheduled for those options granted in 2019, effective December 29, 2020. Mr. Walsh consented to the stock option repricing and subsequent restarting of the monthly vesting schedule to begin January 1, 2021, provided he remains in continuous service with the Company, and subject to accelerated vesting in the event of Mr. Walsh’s termination without cause or resignation for good reason, in each case, within six months prior to, or 12 months following, a change in control.
(2)
Stock option grants awarded to Mr. Rouse on November 14, 2016 and stock option grants awarded to Messrs., Henry, McCusker and Wholey on September 26, 2016 vested in three equal installments on each of January 1, 2018, January 1, 2019 and January 1, 2020.
(3)
Stock option grants originally awarded to Messrs. Rouse, Henry, McCusker and Wholey on November 18, 2019. In connection with the Option Repricing, the exercise price of the relevant options was lowered from $16.20 to $13.82 per share and a delayed vesting scheduled was implemented for those options granted in 2019, effective December 29, 2020. All NEOs consented to the Option Repricing and subsequent restarting the vesting schedule for Messrs. Rouse, Henry, McCusker and Wholey to vest in three equal installments on each of January 1, 2022, January 1, 2023 and January 1, 2024, provided each NEO remains in continuous service with the Company.
(4)
For applicable grants, reflects the revised exercise price of $13.82 per share pursuant to the Option Repricing.
Option Exercises and 2015 performance periods are determinedStock Vested-Fiscal Year 2021
The following table provides information regarding vested stock options exercised by each NEO in Fiscal Year 2021.
Name
Number of
Shares
Acquired on
Exercise
(#)(1)
Value Realized on
Exercise
($)(2)
Joseph A. Walsh
61,728
411,726
Paul D. Rouse
11,000
184,680
Gordon Henry
7,750
197,073
James McCusker
12,000
334,920
John Wholey
100,000
1,927,000
(1)
Messrs. Walsh, Rouse, Henry, McCusker and Wholey all elected to exercise and hold some of their vested options. Mr. Walsh exercised and held 61,728 shares granted under his November 18, 2019 grant at an exercise price of $13.82 on March 18, 2021. Mr. Rouse elected to exercise and hold 5,000 shares on March 3, 2021; 3,000 shares on March 4, 2021, 2,000 shares on March 17, 2021 and 1,000 shares on October 27, 2021, all at an exercise price of $3.68 per share. Mr. Henry elected to exercise and hold 2,750 shares on September 17, 2021 and 5,000 shares on September 21, 2021 at an exercise price of $3.68. Mr. McCusker elected to exercise and hold 12,000 shares on August 24, 2021 at an exercise price of $3.68. Mr. Wholey elected to exercise and hold 100,000 shares on February 16, 2021 at an exercise price of $3.68 per share.
(2)
The fair market value of a share of our common stock was $22.95 on February 11, 2021; $20.73 on March 3, 2021; $18.15 on March 4, 2021; $19.00 on March 17, 2021; $20.49 on March 18, 2021; $31.59 on August 24, 2021; $29.47 on September 17, 2021; $28.91 on September 21, 2021 and $29.06 on October 27, 2021.
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Pension Benefits
None of our NEOs participated in, and received benefits under, any pension or defined benefit retirement plan sponsored by the CommitteeCompany during the fourth calendar quarter of 2013 and 2014, respectively.

        The total target incentive opportunity for each of 2013 (pro rata), 2014 and 2015 performance periodsfiscal year 2021.

Nonqualified Deferred Compensation
Our NEOs did not participate in, or earn any benefits under, the 2013-2015 Cash LTIP for the following s executive officers is set forth below:

Executive Officer
 2013 Target
Award
 2014 Target
Award
 2015 Target
Award
 

Peter J. McDonald

 $750,000 $1,125,000 $1,125,000 

Samuel D. Jones

 $500,000 $750,000 $750,000 

Del Humenik

 $367,000 $750,000 $750,000 

Frank P. Gatto

 $334,000 $500,000 $500,000 

Matthew J. Stover

 $300,000 $450,000 $450,000 

        For 2013, performance under the Cash LTIP is based on: (i) 2013 pro-forma adjusted Free Cash Flow (defined as cash from operations, less additions to fixed assets and capitalized software adjusted for the impacts of certain unique items, including the historical results of SuperMedia prior to the Merger and excluding merger transaction costs), which comprises 50% of the total award opportunity; and (ii) 2013 fourth quarter Digital Ad Sales, which comprises 50% of the total award opportunity.

        Each of these metrics was assigned a threshold, target and maximum performance and payout level. For both Free Cash Flow and 2013 fourth quarter Digital Ad Sales, the threshold performance level was set at 85% of target performance. Similarly, the maximum performance level was set at 115% of target. The payout for Free Cash Flow at or above the maximum level of performance was 125%. The maximum payout for 2013 fourth quarter Digital Ad Sales at the maximum performance level was 125%. To facilitate payout calculations, performance in between these breakpoints would be calculated using straight line interpolation (i.e., between threshold and target or between target and maximum).

 
 Threshold Target Maximum 

Performance as a Percent of Target:

  85% 100% 115%

Calculated Cash LTIP Payout—Free Cash Flow:

  75% 100% 125%

Calculated Cash LTIP Payout—2013Fourth Quarter Digital Ad Sales:

  75% 100% 125%

        On March 11, 2014, the Committee reviewed the Company's performance against the pre-established metrics for 2013. The Committee determined that: 2013 fourth quarter Digital Ad Sales results were at 95.8% of target, resulting in a 46.5% payout, and adjusted Free Cash Flow results were at 107% of target, resulting in a 55.8% payout. Given the performance and relative weights described above, the total payout for the 2013 Cash LTIP was 102.4% of target.

    President and CEO Employment Agreement and Severance Payments

        In December 2010 SuperMedia entered into an Employment Agreement with Peter J. McDonald in connection with his appointment as SuperMedia President and Chief Executive Officer. On December 19, 2013,nonqualified deferred compensation plan sponsored by the Company entered into an Amended and Restated Employment Agreement

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with Mr. McDonald in connection with his service as our President and Chief Executive Officer (the "Employment Agreement"). The Employment Agreement expires on December 31, 2016. The agreement will renew automatically for one-year periods until either party gives the other party a notice of non-renewal. The agreement provides for an annual base salary of $1,050,000 beginning on January 1, 2014 (and a pro-rated annual base salary of $977,000 until December 31, 2013), and Mr. McDonald is eligible to earn a target annual short-term incentive award of 100% of his base salary. For a description of the material terms of Mr. McDonald's Employment Agreement, see "Executive Compensation—Potential Payments Upon Termination or Change in Control—Presidentof Control - Fiscal Year 2021

The following table summarizes the potential payments and CEO Employment Agreement."

benefits that each of Messrs. Walsh, Rouse, Henry, McCusker, and Wholey (the “Current NEOs”) would be entitled to receive upon termination of employment under various circumstances and upon a change of control of the Company. In each case, the table assumes the Current NEO’s termination or the change of control occurred on December 31, 2021. The Companytable below does not include benefits provided on a non-discriminatory basis to salaried employees generally, including accrued vacation, and amounts payable under tax-qualified plans.

Name & Event
Cash
Severance
($)
STI
Awards
($)(3)
Benefits
Continuation
($)(4)
Accelerated
Vesting of
Stock
Options
($)
Outplacement
($)(5)
Total
($)
Joseph A. Walsh
 
 
 
 
 
 
Resignation without Good Reason or Termination for Cause
Resignation for Good Reason or Termination without Cause(1)
2,121,800
1,253,851
3,375,651
Death(1)
2,121,800
1,253,851
3,375,651
Disability(1)
2,121,800
1,253,851
3,375,651
Resignation for Good Reason, Termination without Cause in connection with a Change in Control(1)
4,243,600
1,253,851
21,072,533
26,569,984
Paul D. Rouse
 
 
 
 
 
 
Resignation without Good Reason or Termination for Cause
Resignation for Good Reason or Termination without Cause(2)
1,330,266
431,587
1,581
7,250
1,770,684
Death
Disability
Resignation for Good Reason or Termination without Cause in connection with a Change in Control(2)
1,773,688
431,587
1,581
7,250
2,214,106
Gordon Henry
 
 
 
 
 
 
Resignation without Good Reason or Termination for Cause
Resignation for Good Reason or Termination without Cause(2)
1,064,212
345,269
1,266
7,250
1,417,997
Death
Disability
Resignation for Good Reason or Termination without Cause in connection with a Change in Control(2)
1,418,949
345,269
1,266
7,250
1,772,734
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Name & Event
Cash
Severance
($)
STI
Awards
($)(3)
Benefits
Continuation
($)(4)
Accelerated
Vesting of
Stock
Options
($)
Outplacement
($)(5)
Total
($)
James McCusker
 
 
 
 
 
 
Resignation without Good Reason or Termination for Cause
Resignation for Good Reason or Termination without Cause(2)
1,064,212
345,269
1,265
7,250
1,417,996
Death
Disability
Resignation for Good Reason or Termination without Cause in connection with a Change in Control(2)
1,418,949
345,269
1,265
7,250
1,772,773
John Wholey
 
 
 
 
 
 
Resignation without Good Reason or Termination for Cause
Resignation for Good Reason or Termination without Cause(2)
1,032,750
335,062
1,194
7,250
1,376,256
Death
Disability
Resignation for Good Reason or Termination without Cause in connection with a Change in Control(2)
1,377,000
335,062
1,194
7,250
1,720,506
(1)
Pursuant to the Walsh Employment Agreement, in the event that Mr. Walsh’s employment is terminated by the Company without cause, by reason of Mr. Walsh’s resignation for good reason, by reason of Mr. Walsh’s death or disability, or as a result of the Company’s non-renewal of the employment term, Mr. Walsh is entitled to a lump sum cash severance amount equal to one times (1x) the sum of his annual base salary and target STI award. Mr. Walsh would also be entitled to a pro-rated STI award for the year in which his employment terminates (based on actual performance). In the event that Mr. Walsh’s employment is terminated by the Company without cause, by reason of his resignation for good reason, or as a result of the Company’s non-renewal of the employment term, in each case, within 6 months prior to and 12 months following a change in control, his lump sum cash severance amount would be increased to two times (2x) the sum of his annual base salary and target STI award.
(2)
Pursuant to the EVP Severance Plan, in the event that Messrs. Rouse’s, Henry’s, McCusker’s or Wholey’s employment is terminated by the Company without cause or by reason of their resignation for good reason, they would be entitled to a cash severance amount equal to (i) 78 weeks’ of base pay, payable in equal installments on the Company’s regular payroll schedule over the 78 weeks, and (ii) one and one-half (1.5) times their target STI award payable in equal installments on the Company’s regular payroll over a period of 78 weeks. They would also be entitled to a pro-rated STI award for the year in which their employment terminates (based on actual performance). In the event that Messrs. Rouse’s, Henry’s, McCusker’s or Wholey’s employment is terminated by the Company without cause or by reason of their resignation for good reason, in each case, within 2 years following a change in control, their cash severance amount would be increased to (i) 104 weeks’ of base pay, payable in equal installments on the Company’s regular payroll schedule over 104 weeks, and (ii) two (2) times their target STI award payable in equal installments on the Company’s regular payroll period over a period of 104 weeks.
(3)
Amounts reported in this column were calculated on the basis of short-term cash incentive awards paid under our STI for 2020 performance, which were approved on March 8, 2021 and paid on March 26, 2021.
(4)
For Messrs. Rouse, Henry, McCusker, and Wholey, represents continuation of Company-paid life insurance coverage for up to 18 months in the event that their employment is terminated by the Company without cause or by reason of their resignation for good reason, pursuant to the terms of the EVP Severance Program.
(5)
For Messrs. Rouse, Henry, McCusker and Wholey, represents 12 months of Company-paid outplacement benefits in the event their employment is terminated by the Company without cause or by reason of their resignation for good reason pursuant to the terms of the EVP Severance Program.
(6)
Pursuant to the term of Mr. Walsh’s stock option grants, in the event that Mr. Walsh’s employment is terminated by the Company without cause, or Mr. Walsh resigns for good reason, in either case within six months prior to or 12 months following a “change in control”, all outstanding unvested stock options held by Mr. Walsh will immediately vest and become exercisable as of the date of such termination (or change in control, if later).
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Severance
We do not have employment agreements with any executive officersNEOs except for Mr. McDonald. Messrs. Jones, Humenik, and GattoWalsh. Other NEOs are eligible to receive executive severance benefits pursuant to, and are subject to certain restrictive covenants under, our EVP Severance Plan. Our EVP Severance Plan provides benefits to certain of our executives serving in the SuperMedia'sposition of Executive Transition Plan, dated asVice President or a more senior position in the event of May 26, 2010 (the "Executive Transition Plan"). Effective astermination of their employment under the consummation of the Merger, the Company assumed all obligations of SuperMedia under this plan.circumstances described in our EVP Severance Plan. The Executive TransitionEVP Severance Plan was designed primarily to encourage executives to remain employed bywith the Company by providing certain severance protection against involuntary termination of employment with additional severance protection applicable to a termination of employment in connection with a change in control.
Each of Messrs. Rouse, Henry, McCusker and Wholey participate in the EVP Severance Plan. The EVP Severance Plan includes salary continuation severance and target STI award severance for qualifying separations and enhanced salary continuation severance and target STI award severance in the event of a change in control. For additional information about this plan,the potential payments and benefits that each of Messrs. Rouse, Henry, McCusker and Wholey would be entitled to receive pursuant to the EVP Severance Plan upon a qualifying separation or change in control, see "Executive Compensation—“Compensation Tables - Potential Payments Upon Termination or Change in Control—Executive Transition Plan." of Control - Fiscal Year 2021.”
Mr. McDonaldWalsh does not participate in and is not entitled to receive any payments or other benefits under the Executive TransitionEVP Severance Plan. Under histhe Walsh Employment Agreement, Mr. McDonaldWalsh is entitled to receive payments upon the termination of his employment under certain circumstances. These payments are described under "Potential“Compensation Tables - Potential Payments Upon Termination or Change in Control—Control - Fiscal Year 2021.”
Joseph A. Walsh Employment Agreement
In connection with Mr. Walsh’s appointment as our President and CEOChief Executive Officer, Mr. Walsh and the Company entered into an Amended and Restated Employment Agreement."

2013 Pension Benefits

        CertainAgreement, dated as of September 26, 2016 (the “Walsh Employment Agreement”). The Walsh Employment Agreement provides for an initial term until December 31, 2019, during which Mr. Walsh is entitled to a base salary at a fixed annual rate and an annual award of one hundred percent of his base salary subject to annual performance objectives. The term of employment is automatically extended, upon the same terms and conditions, for successive periods of one year, unless either party gives notice of intention to not renew the employment term. The agreement also provides for a notice and 30-day cure period prior to termination with cause. The Company may terminate without cause immediately upon written notice. Mr. Walsh is entitled to a stipend each month to maintain a remote office.

Under the Walsh Employment Agreement, Mr. Walsh’s employment continues until the earlier of his resignation (with or without good reason), death or disability or termination by the Company (with or without cause). If the Company terminates Mr. Walsh’s employment with cause, Mr. Walsh resigns without good reason, or Mr. Walsh’s employment terminates because he does not renew his employment term, Mr. Walsh is entitled to receive the following: (i) any unpaid base salary through the date of termination, (ii) reimbursement for any unreimbursed business expenses incurred through the date of termination, (iii) any accrued but unused vacation time in accordance with our NEOs participatepolicy, (iv) except in the case of termination for cause, any accrued but unpaid bonus for the most recently completed year (or most recently completed period in the case of bonus plans covering periods shorter than a year) under our short term cash incentive plans and (v) all other payments, benefits or fringe benefits that Mr. Walsh is entitled to receive under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan, program, grant or the Walsh Employment Agreement (collectively, (i) through (v) the “accrued benefits”).
If the Company sponsored pension plans,terminates Mr. Walsh’s employment other than for cause, Mr. Walsh resigns for good reason, Mr. Walsh’s employment terminates due to his death or disability, or Mr. Walsh’s employment terminates because the SuperMedia Pension Plan for Management Employees,Company does not renew Mr. Walsh’s employment term, conditioned on Mr. Walsh signing a release of claims in favor of the SuperMedia Excess Pension Plan, the Dex One Retirement Account and Pension Benefit Equalization Plan. These plans provide benefitsCompany (except with respect to the Named Executive Officers. Theseaccrued benefits), the Company will pay Mr. Walsh (or his estate, as applicable), (i) any accrued benefits, (ii) a pro-rated bonus for the year (or period in the case of bonus plans are frozencovering periods shorter than a year) in which Mr. Walsh’s employment terminates, such bonus to be determined based on actual performance and neither accept new participants nor accrue additional benefits. Brief descriptions ofconsistent with senior executives who remain employed with the plans are provided below.

        The SuperMedia Pension Plan for Management Employees (the "Management Plan").    The Management Plan is a noncontributory, tax-qualified pension plan for salaried employees who previously participated in Verizon pension plans prior to SuperMedia's spin-off from Verizon in 2006. Benefits payable to NEOs are equal to 1.35% of eligible pay for each year of pension accrual service,Company, and then prorated based on the highest average annualnumber of calendar days of such year (or period) elapsed through the date of Mr. Walsh’s employment is terminated, payable at the same time as bonuses are paid to other senior executives for the year (or period) and (iii) a cash severance amount equal to one times (1x) the sum of (x) his

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base salary during any five consecutive years of employment, up to the applicable IRS limit. Each of the Named Executive Officers who participate in the Management Plan has his or her benefits under the plan calculated under the highest average pay formula.

        Benefits under the Management Plan are payableand (y) target bonus, which amount shall be paid in a lump sum promptly after termination. If the Company terminates Mr. Walsh’s employment other than for cause, Mr. Walsh resigns for good reason, or an annuity, atMr. Walsh’s employment terminates because the participant's election. LumpCompany does not renew Mr. Walsh’s employment term, in each case within 6 months prior to or 12 months following a change in control, (1) his cash severance amount will be increased to two times (2x) the sum benefits are generally equal to the greater of the participant's cash balance account or the actuarial value of the highest average pay formula, if applicable. Annuity benefits are generally equal to the greater of the actuarial value of a participant's cash balance account or the highest average pay formula, if applicable.

        Under the Management Plan, a participant must have 75 points (age plus years of service) with at least 15 years of service to(i) his base salary, and (ii) his target bonus, which amount shall be retirement eligible. For retirement-eligible participants who retire before reaching age 55, the pension benefit is reduced 3% for each year up to a maximum of 18%. Of our current Named Executive Officers, only Mr. Jones and Mr. Gatto are retirement eligible under this plan.


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        The SuperMedia Excess Pension Plan ("Excess Plan").    The Excess Plan is an unfunded non-qualified plan that provides supplemental retirement benefits to the participating Named Executive Officers and other eligible employees. The Excess Plan provides benefits under the same formulas as the Management Plan, but only with respect to compensation that cannot be taken into account under the Management Plan because it exceeds the applicable IRS limit. Benefits under the Excess Plan are payablepaid in a lump sum promptly after termination, and are paid following(2) the initial options granted to him on September 26, 2016 would immediately vest. In addition, the terms of Mr. Walsh’s outstanding option award agreements, also provide for immediately vesting of his options upon a participant's termination of employment. Benefits under the Excess Plan may not be paid to the participating Named Executive Officers or other key employees until at least six months following termination of theirhis employment with the Company. Of our current Named Executive Officers, only Mr. Jones and Mr. Gatto are retirement eligible under this plan.

        Dex One Retirement Account.    The Dex One Retirement Account is a non-contributory, tax-qualified defined benefit pension plan that provides benefits under a "cash balance" formula. Under this formula, pension benefits were based on the participant's notional account balance. Of our current Named Executive Officers, only Mr. Humenik has a balance in this plan.

        Dex One PBEP.    The Pension Benefit Equalization Plan of Dex One ("Dex One PBEP"), is an unfunded, non-qualified plan that covers participants in the Dex One Retirement Account whose benefits under the Dex One Retirement Account were limited by the qualified plan rules. Dex One PBEP benefits were based on the participant's notional account balance. The participant's notional account balance under the Dex One PBEP is equal to the excess of (1) the participant's "uncapped" notional account balance determined in accordance with the Dex One Retirement Account disregarding the Internal Revenue Code Section 415 limit on benefits and Section 401(a)(17) limit on compensation, over (2) the participant's notional account balance under the Dex One Retirement Account. We will pay the benefits from our general assets in the form of a lump sum that is equivalent to the Dex One PBEP notional account balance. Of our current Named Executive Officers, only Mr. Humenik has a balance in this plan.

    401(k) plans

        Following the Merger, our NEOs were eligible to participate in the SuperMedia Savings Plan. Participants could elect to contribute to this plan on a pre-tax and/or post-tax basis and receive a Company matching contribution of up to 3% of eligible compensation, which includes base salary and annual short-term incentives, subject to applicable Internal Revenue Service limitations. Management employees are eligible for an additional Company matching contribution under the plan of up to 3% of eligible compensation if Company performance criteria, established by the Committee, are met. Since 2011, based on the Company's relative achievement against these measures, the Committee determined that no supplemental contributions would be made, although the plan still allows for the discretionary match. Effective January 1, 2014, the Company will provide a Company match at 100% on the first 3% of eligible employee contributions and 50% on next 3% of eligible employee contributions for an effective maximum match rate of 4.5%.

    Benefit Programs and Perquisites

        Benefits are part of the overall competitive compensation program designed to attract and retain employees, including executives. The NEOs participate in the same benefit programs as the general employee population, with certain additional benefits made available to them described in footnote (i) to the Summary Compensation Table below. The perquisites and other personal benefits provided by the Company without cause or a resignation by Mr. Walsh with good reason, in either case, within 6 months prior to or 12 months following a change in control.

The Walsh Employment Agreement defines “cause” as Mr. Walsh’s (i) willful misconduct with regard to the NEOs are consistent withCompany or his performance of his duties for the Company's philosophyCompany; (ii) embezzlement or misappropriation of attracting and retaining exemplary executive talent and include annual physical examinations, financial planning resources and services and flexible allowances. The Company provides perquisites and other personal benefits because it is in the best interestsassets of the Company and its stockholders. The Committee periodically reviews(not including a good faith dispute over expense reimbursements) or fraud against the levelsCompany; (iii) conviction of, perquisites and other personal benefits provided to the NEOs.


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    Business Protection Terms

        The named executives are subject to significant contractual restrictions intended to prevent them from taking actions that could potentially harm the business, particularly after termination of employment. These business protections include obligations not to compete, not to hire away employees, not to interfere with relationships with suppliers and customers, not to disparage Dex Media, not to reveal confidential information, and to cooperate with the Company in litigation. Business protection provisions are included in the Company's Code of Conduct, Mr. McDonald's Employment Agreement and standard form releases that are required to be executed before the Company makes severance payments to any employee, including executive officers.

    Tax Deductibility

        Section 162(m) of the Internal Revenue Code places a limit of $1,000,000 on the amount of compensation the Company may deduct for federal income tax purposes in any one yearnolo contendere with respect to, the chief executive officer and the next four most highly compensated officers (excluding the principal financial officer) who were serving as executive officers asa crime that constitutes a felony or a crime that constitutes a misdemeanor involving moral turpitude; (iv) material breach of the last dayWalsh Employment Agreement or any applicable restrictive covenants; (v) willful refusal to attempt in good faith to perform his duties; (vi) willful and material violation of the Company’s generally applicable year. Performance based compensation that meets certain requirements is excluded from this limitation.

        The Committee considers the anticipated tax treatmentpolicies, including but not limited to the Companyany employment handbook and to our executive officers of various payments and benefits. However, the deductibility of certain compensation payments depends upon the timing of an executive's vesting or exercise of previously granted awards, as well as interpretations and changes in the tax laws and other factors beyond the committee's control. For these and other reasons, including the need to maintain flexibility in compensating executive officers in a manner designed to promote varying corporate goals, the Committee will not necessarily, or in all circumstances, limit executive compensation to that which is deductible under Section 162(m) and has not adopted a policy requiring that all compensationethics code, if such violation can reasonably be deductible.

        The Committee will also consider various practicable alternatives to preserving the deductibility of compensation payments and benefits to the extent consistent with its other compensation objectives. The Committee may establish performance criteria in an effort to ensure the deductibility of short-term cash incentives and also the deductibility of compensation resulting from equity awards made under the long-term incentive plan. Base salary does not qualify as performance based compensation under Section 162(m).

    Stock Ownership Guidelines

        Our Board of Directors has implemented stock ownership guidelines applicable to both the Company's executive officers and directors. The Executive Stock Ownership Guidelines apply to the President and CEO and Executive Vice Presidents of the Company who are also subject to Section 16 of the Securities Exchange Act of 1934. Under these Guidelines, the covered executives are required to hold 60% of the net shares (after tax) they receive upon the vesting of any incentive award granted after August 1, 2013, that is denominated in, and ultimately settled in, shares or units of common stock of the Company. The Director Stock Ownership Guidelines apply to all of our non-management directors. These Guidelines provide that the non-management directors are required to hold a minimum of 10,000 shares or units of common stock of the Company granted after August 1, 2013, as equity awards to non-management directors, and until the minimum 10,000-share threshold has been achieved and the non-management directors are prohibited from selling shares or units of common stock of the Company, except to the extent required to pay taxes on applicable equity grants.

    Hedging Transactions

        As part of the Company's Code of Conduct, we have a policy prohibiting employees from engaging in transactions involving risks associated with the fluctuations in the Company's share price.


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    Risk Considerations

        The Committee conducted an assessment of the Company's compensation policies and practices to identify any potential risk arising from such policies and practices that could be reasonably likelyexpected to have a material adverse effect on the Company. Company’s business or reputation; or (vii) willful and repeated failure to attempt to follow in good faith the lawful directives of the board of directors. With respect to any termination by reason of any of (iv) through (vii), prior to termination, Mr. Walsh will be given written notice detailing the specific cause event, and he will be entitled to a 30-day cure period following receipt of such notice, following which, if the cause event in question is not cured, he will be terminated for cause (subject to certain specified limitations on the opportunities to cure any cause event that is substantially the same as a previous occurrence).

The assessment coveredWalsh Employment Agreement defines “good reason” as the occurrence of any of the following events, without Mr. Walsh’s express written consent, unless such events are fully corrected in all compensation elements and included an analysis of overall compensation costs (total costs, variable incentive costs vs. fixed compensation costs), compensation plan participationmaterial respects by employee group, metrics and performance goals. No potential risks that could be reasonably likely to have a material adverse effect were identified.


Compensation and Benefits Committee Report

        The Compensation and Benefits Committee has reviewed and discussed with management the Compensation Discussion and Analysis included in this proxy statement and, based on such review and discussions, has recommendedCompany within 30 days following written notification by Mr. Walsh to the Board (andCompany of the Board has accepted such recommendation)occurrence of one of the reasons set forth below: (i) material diminution in Mr. Walsh’s duties, authorities or responsibilities or reporting lines as set forth in the Walsh Employment Agreement (other than temporarily while physically or mentally incapacitated or as required by applicable law), provided, however, that implementation by the Compensation Discussionboard of directors of its authority on hiring and Analysis be includedfiring as specified in this proxy statement.

        This Compensation and Benefits Committee Report shallthe Employment Agreement will not be deemeda violation of this clause (i); (ii) material diminution in base salary or target awards; or (iii) the Company’s material breach of its obligations to Mr. Walsh under the Walsh Employment Agreement. Mr. Walsh is required to provide the Company with a written notice detailing the specific circumstances alleged to constitute “good reason” within 90 days after the first occurrence of such circumstances, and actually terminate employment within 30 days following the expiration of the Company’s 30-day cure period described above.

Mr. Walsh has also agreed to customary restrictions with respect to the use of our confidential information and has agreed that all intellectual property developed or conceived by Mr. Walsh while he is employed by us that relates to our business shall belong exclusively to us. During the term of Mr. Walsh’s employment with us and during the six-month period immediately thereafter, Mr. Walsh has agreed not to directly or indirectly, own manage, operate, control, be "filed"employed by or render services to any person, firm, corporation or other entity that is engaged in competition with us. Mr. Walsh has also agreed that during the term of his employment with us and during the one-year period immediately thereafter, Mr. Walsh will not solicit or hire any of our employees or interfere with the SECrelationship between us and any of its vendors, joint ventures or subject tolicensors.
2021 Pay Ratio Disclosure
As required by Section 18953(b) of the Securities ExchangeDodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of 1934.

CompensationSEC Regulation S-K, we are providing the following information relating to the ratio of the median of the annual total compensation of all of our employees (other than our Chief Executive Officer) and Benefits Committee

    Thomas D. Gardner, Chairman
    Mark A. McEachen
    Richard L. Kuersteiner
    Thomas S. Rogers


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Executive Compensation

The following tables and accompanying narrative should be read in conjunction with "Compensation Discussion and Analysis" above.


Summary Compensation Table

        The following table summarizes the 2013 post-Mergerannual total compensation of our NEOs including: Peter J. McDonald, President and Chief Executive Officer; Samuel D. Jones, Executive Vice President—Chief Financial Officer, Joseph Walsh.

For fiscal year 2021, the median of the annual total compensation of all our employees (other than our CEO) was $92,155; and Treasurer; Del Humenik, Executive Vice President—Sales and Marketing; Frank P. Gatto, Executive Vice President—Operations; Matthew J. Stover, former Executive Vice President—Marketing, and Cody Wilbanks, former Executive Vice President—General Counsel and Corporate Secretary. Mr. Wilbanks resigned as the Company's Executive Vice President—General Counsel and Corporate Secretary, effective as of August 1, 2013. Mr. Stover resigned as the Company's Executive Vice President—Marketing, effective January 3, 2014.

Name and Principal
Position(a)
 Year(b) Salary
$(c)
 Bonus
$(d)
 Stock
Awards
$(e)
 Option/
SAR
Awards
$(f)
 Non-Equity
Incentive Plan
Compensation
$(g)
 Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
$(h)
 All Other
Compensation
$(i)
 Total
$(j)
 

Peter J. McDonald

  2013  638,423  30,000  512,500  696,250  2,457,745  0  25,250  4,360,168 

President and CEO

                            

Samuel D. Jones

  
2013
  
335,688
  
15,000
  
341,325
  
463,981
  
1,404,697
  
0
  
34,793
  
2,595,484
 

EVP—Chief Financial Officer and Treasurer

                            

Del Humenik

  
2013
  
326,642
  
13,000
  
250,100
  
340,327
  
963,982
  
457
  
31,585
  
1,926,093
 

EVP—Sales and Marketing

                            

Frank P. Gatto

  
2013
  
281,015
  
11,000
  
227,550
  
309,692
  
941,025
  
0
  
86,005
  
1,856,287
 

EVP—Operations

                            

Matthew J. Stover

  
2013
  
251,622
  
0
  
205,000
  
278,500
  
926,266
  
0
  
40,064
  
1,701,452
 

Former EVP—Marketing

                            

Cody Wilbanks

  
2013
  
116,185
  
0
  
0
  
0
  
600,000
  
0
  
2,922,230
  
3,638,416
 

Former EVP—General Counsel and Corporate Secretary

                            

(c)
Represents salary earned for the applicable period from May 1, 2013.

(d)
Represents the special award to the Named Executive Officers based on integration performance and team selection and retention. See "Compensation Discussion and Analysis—Elements of Compensation—Annual Incentive Compensation (Short-term Incentive)" above for a further explanation of these awards.

(e)
(f) Theannual total compensation amounts reported in the "Stock Awards" and "Option/SAR Awards" columns reflect the grant date value of awards computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation Stock Compensation ("ASC Topic 718"), and exclude the impact of estimated forfeitures related to service based vesting conditions. The fair value of a stock award is equal to the closing price of our stock on the grant date. Our Black-Scholes assumptions for financial statement purposes are described in Note 11 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. See "Compensation Discussion and Analysis—Elements of Compensation—Long-term Incentives" above for a further explanation of our long-term incentive awards.

(g)
Amounts reported in this column represent the Company's short-term incentive award paid for performance under our STI plan. The amounts shown for 2013 performance were paid in March 2014. See "Grants of Plan-Based Awards Table—2013" below and "Compensation Discussion and Analysis—Elements of Compensation—Annual Incentive Compensation (Short-term Incentive)" above for further explanation of our annual incentive awards.

Additional plan based amounts reported in this column represent earnings under the 2012-2013 SuperMedia Cash Long-term Incentive Program ("2012-2013 Cash LTIP"). The 2012-2013 Cash LTIP comprised a two-year performance


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    period, with each of the fiscal years 2012 and 2013 representing one measurement period. The executive's incentive opportunity for each of the 2012 and 2013 was equal to 50% of the total target incentive opportunity. Following a change in control of SuperMedia, awards under 2012-2013 Cash LTIP were paid out at the maximum award level six months after the change in control, contingent on the participants' continued employment with the Company (subject to certain exceptions).

    Amounts exclude payments made immediately following the change in control of SuperMedia after the completion of the Merger under the SuperMedia's 2013 annual Short Term Incentive Plan for the period from January 1 through April 30, 2013, for the following NEOs:Chief Executive Officer, Mr. McDonald, $320,005; Mr. Jones, $120,002; Mr. Humenik, $112,002; Mr. Gatto, $99,557; Mr. Stover, $89,602, and Mr. Wilbanks, $105,792.

    Amounts also exclude payments made immediately following the change in control of SuperMedia after the completion of the Merger under the 2013-2014 SuperMedia Cash Long-term Incentive Program ("2013-2014 Cash LTIP") for the period from January 1 through April 30, 2013. Under the 2013-2014 Cash LTIP, following the change in control of SuperMedia, long term cash awards were paid out on a pro rata basis and adjusted for performance. The performance through April 30, 2013 was approved at 100% of target and paid on a pro rata basis to the following NEOs: Mr. McDonald, $164,384; Mr. Jones, $108,493; Mr. Humenik, $72,329; Mr. Gatto, $72,329; Mr. Stover, $72,329, and Mr. Wilbanks, $54,247.

(h)
Amounts listed as "Change in Pension Value and Nonqualified Deferred Compensation Earnings" reflect the change during the year in the actual present value of each NEO's pension benefit, if any. For Mr. Jones, his change in the Management Plan decreased by $96,903 and his change in the Excess Plan decreased by $17,994, resulting in an aggregate decrease of $114,897 between both plans. For Mr. Gatto, his change in the Management Plan decreased by $149,084, and his change in the Excess Plan increased by $641, resulting in an aggregate decrease of $148,443 between both plans.

(i)
The "All Other Compensation" column for 2013 includes the following (all amounts in dollars):

 
 Financial
Planning
($)(1)
 Company
Contributions to
Savings Plan
($)(2)
 Flexible
Allowance
($)(3)
 Physical
Examination
($)(4)
 Other
($)(5)
 Total
($)(6)
 

Peter J. McDonald

  0  7,650  17,600  0  0  25,250 

Samuel D. Jones

  13,535  7,650  10,400  3,208  0  34,793 

Del Humenik

  13,535  7,650  10,400  0  0  31,585 

Frank P. Gatto

  13,535  7,650  10,400  2,134  52,286  86,005 

Matthew J. Stover

  0  6,700  10,400  0  22,964  40,064 

Cody Wilbanks

  0  7,650  5,200  0  2,909,380  2,922,230 

(1)
Financial planning and tax counseling services, generally provided by The Ayco Company, L.P., to assist them with tax and regulatory compliance.

(2)
"Company Contributions to Savings Plan" represent the Company's contributions under our 401(k) Plan,Walsh, as reported by our plan record keepers prior to audit and any adjustments. The 401(k) plan is a tax-qualified defined contribution plan.

(3)
Flexible allowance benefits are paid in cash on a semi-monthly basis and are for use at executive's discretion in lieu of a car allowance or otherwise. These earnings represent payments from May 1, 2013.

(4)
Executive physical benefits comprise of a thorough annual executive physical exam whereby the Company reimburses the executive for expenses out of pocket and above insurance coverage.

(5)
For Mr. Gatto, the aggregate amount includes $32,757 paid in premiums for whole life insurance and $19,529 in reimbursement for taxes associated with the portion of the life insurance premiums that the Company pays on behalf of Mr. Gatto. This benefit is a carry-over benefit that was provided to Mr. Gatto by Verizon prior to and after SuperMedia spun off from Verizon in 2006. For Mr. Stover, the aggregate amount includes $14,387 paid in premiums for whole life insurance and $8,577 in reimbursement for taxes associated with the portion of the life insurance premiums that the Company pays on behalf of Mr. Stover. This benefit is a carry-over benefit that was provided to Mr. Stover by Verizon prior to and after SuperMedia spun off from Verizon in 2006.

For Mr. Wilbanks, this includes severance compensation pursuant to the Company's Executive Transition Plan in conjunction with the change in control of SuperMedia following the completion of the Merger. These payments and values are comprised of: (a) a $1,488,520 cash payment representing two times his base salary plus his 2013 target annual incentive component short-term incentive opportunity; (b) a $77,245 cash payment representing a pro-rata portion of his 2013 target annual incentive component short-term incentive opportunity (May 1, 2013 - July 31, 2013); and (c) $1,343,616 representing the value of certain other severance payments, perquisites, and continuing benefits pursuant to the Executive Transition Plan. Of the $1,343,616 amount, $1,047,558 was a pension payment under the Management Plan and $137,999 was pension payment under the Excess Plan. For additional information, see "Potential Payment Upon Termination or Change in Control—Executive Transition Plan."


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Grants of Plan-Based Awards Table—2013

        The following table provides information regarding equity and non-equity incentive plan-based awards granted to each individual included in the Summary Compensation Table (other than Mr. Wilbanks, who resigned effective August 1, 2013, priorabove was $3,268,711. Based on this information, the ratio of the annual total compensation of our CEO to the awards' grant date) formedian of the year endedannual total compensation of all our employees was 35 to 1.

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To identify our median employee, we took the following steps:
We selected December 31, 2013.

 
  
  
  
  
  
 All Other
Stock
Awards:
Number
of
Shares of
Restricted
Stock (#)
(f)
  
  
  
 
 
  
  
  
  
  
 All Other
Option/SAR
Awards:
Number of
Securities
Underlying
Options/SARs (#)
(g)
  
  
 
 
  
  
 Estimated Future Payouts
Under Non-Equity Incentive
Plan Awards
 Exercise
or Base
Price of
Option/SAR
Awards ($/Sh)
(h)
 Grant
Date Fair
Value of
Stock and
Option/SAR
Awards ($)
(i)(2)
 
Name
(a)
  
 Grant
Date
(b)
 Threshold
($)
(c)(1)
 Target
($)
(d)(1)
 Maximum
($)
(e)(1)
 

Peter J. McDonald

 STI  05/01/13  196,738  655,795  1,311,589             

 LTI Cash  09/05/13  562,500  750,000  937,500             

 NQSO  09/05/13              125,000  10.25  696,250 

 RSA  09/05/13           50,000        512,500 

Samuel D. Jones

 

STI

  
05/01/13
  
87,978
  
293,262
  
586,523
             

 LTI Cash  09/05/13  375,000  500,000  625,000             

 NQSO  09/05/13              83,300  10.25  463,981 

 RSA  09/05/13           33,300        341,325 

Del Humenik

 

STI

  
05/01/13
  
70,479
  
234,932
  
469,863
             

 LTI Cash  09/05/13  275,250  367,000  458,750             

 NQSO  09/05/13              61,100  10.25  340,327 

 RSA  09/05/13           24,400        250,100 

Frank P. Gatto

 

STI

  
05/01/13
  
60,612
  
202,041
  
404,082
             

 LTI Cash  09/05/13  250,500  334,000  417,500             

 NQSO  09/05/13              55,600  10.25  309,692 

 RSA  09/05/13           22,200        227,550 

Matthew J. Stover

 

STI

  
05/01/13
  
54,269
  
180,897
  
361,795
             

 LTI Cash  09/05/13  225,000  300,000  375,000             

 NQSO  09/05/13              50,000  10.25  278,500 

 RSA  09/05/13           20,000        205,000 

2021, the last day of our 2021 fiscal year, as the determination date for purposes of identifying our median employee.
(1)
Amounts shown represent threshold, targetWe selected our median employee based on 2,088 full-time and maximum payouts under (a) the STI Plan—See "Compensation Discussion and Analysis—Elements of Compensation—Annual Incentive Compensation (Short-term Incentive)" and (b) 2013-2015 Cash LTI Plan—See "Compensation Discussion and Analysis—Elements of Compensation—Long-term Incentives—2013-2015 Cash Long-Term Incentive Plan" above for a detailed explanationpart-time U.S. employees who were actively employed as of the performance measures, performance objectives and relative weightings used bydetermination date.
We identified our median employee using 2021 gross payroll earnings, excluding our CEO. Such compensation was annualized for employees who did not work the Committeeentire fiscal year. All employees, except for our CEO, were ranked from lowest to determine actual 2013 payout amounts.

(2)
Grant date fair value calculated in accordance with FASB ASC Topic 718.


Additional Information Relating to Summary Compensation Table
and Grants of Plan-Based Awards Table—2013

        The following narrative regarding the Employment Agreement and other compensation arrangements includes certain background information to provide the reader with a better understanding of the compensation amounts shown in the Summary Compensation Table and Grants of Plan-Based Awards Table—2013 above. It should be read in conjunctionhighest with the footnotes to those tables and "Compensation Discussion and Analysis" above.

        Employment Agreement and Other Compensation Arrangements.    On December 19, 2013, the Company entered into the Employment Agreement with Peter J. McDonald in connection with his service as our President and Chief Executive Officer. The Employment Agreement expires on December 31, 2016. The agreement will renew automatically for one-year periods until either party

median employee determined from this list.

TableWe excluded approximately 400 employees of Contents

gives the other party a notice of non-renewal. The agreement provides for an annual base salary of $1,050,000 beginning on January 1, 2014 (and a pro-rated annual base salary of $977,000 until December 31, 2013), and Mr. McDonald is eligible to earn a target annual short-term incentive award of 100% of his base salary.

        The Company does not have employment agreements with any executive officers except for Mr. McDonald. Messrs. Jones, Humenik, and Gatto are eligible to receive severance benefits and are subject to certain restrictive covenants under the Executive Transition Plan. The Executive Transition PlanSensis Holding Limited, which was designed primarily to encourage executives to remain employedacquired by the Company by providing certain severance protection against involuntary termination of employment with additional severance protection applicable to a termination of employment in connection with a change in control. For additional information about this plan, see "Executive Compensation—Potential Payments Upon Termination or Change in Control—Executive Transition Plan." Mr. McDonald does not participate in, and is not entitled to receive any payments or other benefits under, the Executive Transition Plan. Under his Employment Agreement, Mr. McDonald is entitled to receive payments upon the termination of his employment under certain circumstances. These payments are described under "Potential Payments upon Termination or Change in Control—President and CEO Employment Agreement."

        The Employment Agreement and the Executive Transition Plan are incorporated by reference as exhibits to our Annual Report on Form 10-K for the year ended December 31, 2013.


Outstanding Equity Awards at 2013 Fiscal Year-End Table

        The following table provides information regarding all outstanding stock options and restricted stock shares held by each individual included in the Summary Compensation Table as of December 31, 2013.

 
  
 Options Awards Stock Awards 
Name
(a)
 Grant
Date
(b)
 Number of
Securities
Underlying
Unexercised
Options
(#)
Exercisable
(c)(1)
 Number of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable
(d)(1)
 Option
Exercise
Price
($)
(e)
 Option
Expiration
Date
(f)
 Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
(g)(2)
 Value of
Shares or
Units of
Stock That
Have Not
Vested
($)
(h)(3)
 

Peter J. McDonald

  09/05/2013    125,000 $10.25  09/05/2023  50,000 $338,600 

Samuel D. Jones

  09/05/2013    83,300 $10.25  09/05/2023  33,300 $225,508 

Del Humenik

  09/05/2013    61,100 $10.25  09/05/2023  24,400 $165,237 

Frank P. Gatto

  09/05/2013    55,600 $10.25  09/05/2023  22,200 $150,338 

Matthew J. Stover

  09/05/2013    50,000 $10.25  09/05/2023  20,000 $135,440 

(1)
All time-vested stock option grants awarded on September 5, 2013, vest in equal, annual installments over four years, beginningThryv on March 31, 2014, and on same day in 2015, 2016, and 2017, subject to the terms of applicable award agreements.

(2)
All restricted stock awards grants awarded on September 5, 2013, vest 100% on December 31, 2015, subject to the terms of applicable award agreements.

(3)
Value of stock award calculated using market closing price of $6.772 as of December 31, 2013, which was the last trading day in the fiscal year 2013.


Option Exercises and Stock Vested—2013

        There were no shares that vested in period beginning May 1, 2013, for individuals named in the Summary Compensation Table. There were no option exercises in period beginning May 1, 2013, by any of the individuals named in the Summary Compensation Table.


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Pension Benefits Table—2013

        The table below shows the actuarial present value of accumulated benefits and the number of years of service credited under the plans as of December 31, 2013, as well as payments made to our Named Executive Officers during 2013.

Name
 Plan Name Number of
Years
Credited
Service(1)
 Present
Value of
Accumulated
Benefit(2)
 Payments
During Last
Fiscal Year
 

Peter J. McDonald(3)

        

Samuel D. Jones

 Management Plan  25.00 $869,496   

 Excess Plan  25.00 $153,842   

Frank P. Gatto

 Management Plan  29.50 $1,140,482   

 Excess Plan  29.50 $56,225   

Del Humenik(4)

 Retirement Account  3.58 $41,349   

 PBEP  3.58 $29,634   

Cody Wilbanks

 Management Plan  21.00 $1,047,558   

 Excess Plan  21.00 $137,999   

Matt Stover

        

(1)
Equal to the number of years credited service under the applicable legacy Verizon plan. Participants in the plans do not receive credit for additional years of service other than for determining retirement eligibility.

(2)
The present value for pension benefits has been calculated2021. We excluded these employees based on the age at which the Named Executive Officer may retire without any reduction in benefits and consistent with the assumptions described in Note 11 to the consolidated financial statements in the Company'sacquisition exception allowed by SEC rules.
Once we identified our median employee, we determined their total annual report on Form 10-Kcompensation for the year ended December 31, 2013.

(3)
Mr. McDonald did not participate in these plans.

(4)
Mr. Humenik had prior service and pension with Dex One; therefore, following the Merger, we account for his pension data. On October 21, 2008, the Compensation and Benefits Committee of the Board of Directors of Dex One authorized the freeze of the R.H. Donnelley Retirement Account and the Company's Pension Benefit Equalization Plan effective as of December 31, 2008. In connection with the freeze, all benefit accruals under these plans ceased as of December 31, 2008, however, all plan balances will remain intact and interest credits on participant account balances, as well as service credits for vesting and retirement eligibility, will continue in accordance with the terms of the plans. See "Executive and Director Compensation—Compensation Discussion Analysis—2013 Pension Benefits" above for a further explanation of our pensions.


Potential Payments Upon Termination or Change in Control

President and CEO Employment Agreement

        The Employment Agreement with our President and Chief Executive Officer provides for payments and benefits to Mr. McDonald in the event his employment is terminated under the circumstances described below. Under the terms of his Employment Agreement, Mr. McDonald does not participate in the Executive Transition Plan described under "Executive Transition Plan" below.

        Termination Without Cause or for Good Reason Unrelated to a Change in Control.    If the Company terminates Mr. McDonald's employment without cause or Mr. McDonald terminates his employment for good reason, other than termination in connection with a change in control, then, subject to his


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satisfaction of certain conditions, Mr. McDonald is entitled to receive the following payments and benefits:

    all accrued benefits, including unpaid base salary earned through the date of termination, unpaid vacation time and unpaid bonus for any fiscal year completed on or prior to the date of termination, and all other vested benefits, including the right to indemnification, due in accordance with then-existing employee benefit plans, other than the Executive Transition Plan, policies and practices ("Accrued Benefits");

    a lump sum cash severance payment equal to 2.0 times the sum of (a) his base salary at the rate in effect when the notice of termination is given, plus (b) an amount equal to his target bonus opportunity (i.e., 100% of base salary) for the year in which the termination occurs;

    a pro-rata portion of the bonus that would have been earned under the Company's annual incentive program, for the year in which the termination occurs, if Mr. McDonald's employment had continued and in accordance with the Company's achievement, if any, of the pre-established performance goals established by the Board or the Committee ("Pro-rated Short-term Bonus");

    any earned but unpaid long-term incentive award that would have been paid within one-year following the termination plus a pro-rata portion of the long-term incentive award that would have been earned under the 2013-2015 Cash LTIP for the year in which the termination occurs if Mr. McDonald's employment had continued and in accordance with the Company's achievement, if any, of the pre-established performance goals ("Pro-rated Long-term Bonus");

    immediate vesting (and, with respect to any cash-settled awards, payout) of a portion of unvested outstanding equity awards (with such portion equal to the difference between (i) a percentage equal to (1) the number of days elapsed from the beginning of the relevant performance period until the termination, divided by (2) the total number of days in the performance period and (ii) the portion, expressed as a percentage, of the equity award that is vested immediately prior to termination) and the ability to exercise such equity awards in accordance with the terms of the award agreements ("Pro-rated Accelerated Equity Vesting"); and

    up to 18 months of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") group health plan continuation coverage, at the Company's expense, if and to the extent that Mr. McDonald or, as applicable, his covered spouse and/or dependents are eligible for and entitled to receive such coverage in accordance with the Company's group health plan(s) and applicable law ("Subsidized COBRA Coverage").

        Under the Employment Agreement, Mr. McDonald is deemed to have been terminated without cause if he is terminated for any reason other than:

    a felony conviction or misdemeanor conviction involving theft, embezzlement, dishonesty or moral turpitude;

    a willful act or omission constituting dishonesty, fraud or other malfeasance;

    willful and continued failure to substantially perform the duties of his position; or

    a breach by Mr. McDonald of his material obligations under the Employment Agreement.

        Mr. McDonald is deemed to have terminated his employment for good reason if the termination follows:

    any diminution in title, position, duties or responsibilities;

    re-assignment of direct reporting relationship to anyone other than the Board;

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    assignment of duties materially inconsistent with scope of duties or responsibilities under the Employment Agreement;

    failure to elect or re-elect Mr. McDonald as a member of the Board so long as the Company or any successor entity remains a publicly traded company;

    a material reduction in annual base salary or target bonus opportunities;

    a required relocation of his principal place of employment of more than 50 miles;

    a failure by any successor entity in a change in control to assume the obligations of the Company under the Employment Agreement (by operation of law or otherwise); or

    a material breach by the Company of any of its obligations under the Employment Agreement.

        Termination in Connection with a Change in Control.    If the Company terminates Mr. McDonald's employment without cause or Mr. McDonald terminates his employment for good reason during the period beginning three months prior to the date of a change in control and ending on the second anniversary of the change in control, then, subject to Mr. McDonald's satisfaction of certain conditions, he is entitled to receive the payments and benefits described above, except that the multiplier for the severance payment will be changed from 2.0 to 3.0, a pro-rata portion of the bonus that would have been earned under the Company's annual incentive program will be based on the greater of target bonus and actual bonus earned, and all unvested equity awards will fully and immediately vest.

        Under the Employment Agreement, a change in control is defined2021 in the same manner that we calculated the total annual compensation of our CEO. The median employee’s total annual compensation was then compared to the total annual compensation of our CEO in 2021 to determine the pay ratio.

Because SEC rules for identifying the median compensated employee allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices and may use different methodologies, exclusions, estimates, and assumptions in the Company's LTIP, as:calculating their own pay ratios.
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        Termination Due to Death or Disability.    If Mr. McDonald's employment terminates due to death or if he is terminated by the Company due to disability, he (or his beneficiary) is entitled to receive:


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        Termination Due to Expiration of Employment Term.    If Mr. McDonald's employment terminates due to the expiration of the employment term under the agreement, he is entitled to receive:

        Voluntary Resignation.    Upon termination of employment due to voluntary resignation, Mr. McDonald is entitled to receive all Accrued Benefits.

        Termination for Cause by the Company.    If the Company terminates Mr. McDonald's employment for cause, Mr. McDonald is entitled to receive Accrued Benefits (other than any unpaid bonus).

        Obligations of Mr. McDonald.    Payment and benefits under the Employment AgreementExchange Act, we are subject to compliance by Mr. McDonaldproviding stockholders with the restrictive covenants in the agreement, including non-disclosure, non-competition and non-solicitation covenants. The non-competition and non-solicitation covenants expire eighteen months after the termination of Mr. McDonald's employment. The non-disclosure covenant does not expire. If Mr. McDonald violates any of these covenants, he will not be entitled to further payments and benefits under the Employment Agreement. All payments or benefits under the Employment Agreement are conditioned on the execution of a general release of claims by Mr. McDonald in favor of the Company, its affiliates, and their officers, directors and employees.

Executive Transition Plan

        Messrs. Jones, Humenik, and Gatto are eligible to receive severance benefits and are subject to certain restrictive covenants under the Executive Transition Plan. Effective as of the consummation of the Merger, the Company assumed all obligations of SuperMedia under this plan. The Executive Transition Plan provides specified payments and other benefits to our NEOs, other than our Chief Executive Officer, in the event the officer's employment is terminated under the circumstances described below. During 2010, the Compensation Committee of SuperMedia amended the Executive Transition Plan to eliminate tax gross-up payments for new participants and bring it into compliance with Section 409A requirements. The Company is not required to provide any payment or benefit under the Executive Transition Plan that duplicates any payment or benefit that an executive officer is entitled to receive under any other Company compensation or benefit plan, award agreement, or other arrangement. Payments and other benefits payable to our Chief Executive Officer in the event his employment is terminated are covered by the terms of his Employment Agreement. For a description of these payments and other benefits, see "President and CEO Employment Agreement" above.


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        Termination Without Cause.    If the Company terminates the employment of an executive officer without cause, unrelated to a change in control, then the officer is entitled to receive the following payments and benefits:

        In addition, the Committee, in its sole discretion, may accelerate vesting of any outstanding long-term incentive awards held by the executive officer.

        Under the Executive Transition Plan, an executive officer is deemed to have been terminated without cause if the executive officer is terminated for any reason other than:

        Termination in Connection with a Change in Control.    If the Company terminates the employment of an executive officer without cause during the period beginning six months prior to the date of a


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change in control (or, if earlier, the date a definitive agreement is signed that would result in a change in control) and ending on the first anniversary of the change in control, or if an executive officer terminates employment for good reason within one year after a change in control, then the officer is entitled to receive the payments and benefits described above, except that the Severance Multiplier is 2.0.

        In the event a change in control occurs, all outstanding long-term incentive awards held by an executive officer will become fully vested if the officer is employed by the Company immediately before the change in control occurs. The payout under any performance-based award will equal the target amount. Under the Executive Transition Plan, a change in control is defined in the same manner as in the LTIP, as described above.

        An executive officer is deemed to have terminated his or her employment for good reason if the termination follows:

        Termination Due to Death or Disability.    If an executive officer's employment terminates due to death or is terminated by the Company due to disability, the officer (or the officer's beneficiary) is entitled to receive a cash payment equal to six months' base salary plus a prorated portion of the officer's target short-term incentive award for the year in which the termination occurs. Vesting of the officer's outstanding long-term incentive awards is subject to the discretion of the Committee. An executive officer whose employment is terminated by the Company due to disability is also entitled to receive two years of continuing group health and welfare benefits (including continued participation in the Company's executive life insurance program and conversion of any life or disability policies) at the Company's expense.

        Obligations of the Officer.    Payment and benefits under the Executive Transition Plan are subject to compliance by the former officer with the restrictive covenants in the Executive Transition Plan, including non-disclosure, non-competition and non-solicitation covenants. The non-competition and non-solicitation covenants expire on the first anniversary of the termination of the officer's employment. The non-disclosure covenant does not expire. If the former officer violates any of these covenants, the officer will not be entitled to further payments and benefits under the Executive Transition Plan and must repay the Company for the payments and the value of benefits previously received under the Executive Transition Plan. All payments or benefits under the Executive Transition Plan are conditioned on the execution of a general release of claims by the former officer in favor of the Company, its affiliates, and their officers, directors and employees.

        Tax Gross-Up Payments.    In the event an executive officer is subject to federal excise taxes for benefits he or she is entitled to under the Executive Transition Plan or otherwise from the Company, the officer is entitled to receive an amount necessary to offset the excise taxes and any related income taxes, penalties and interest. This benefit was grandfathered in 2010; therefore, all new officers that join the Company after January 1, 2010 do not receive tax gross-up payments.


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Restricted Stock Awards and Stock Option Awards

        On September 5, 2013, the Board and the Committee approved restricted stock and stock option awards under the LTIP and EIP. The restricted stock awards vest on December 31, 2015, subject to the terms of the applicable award agreement. All unvested shares of restricted stock will be forfeited upon the employee's termination of employment with the Company for any reason on or before December 31, 2015, except that the Committee, in its sole discretion, may provide for the accelerated vesting of the restricted stock. If the employee terminates employment without cause or for good reason within six months prior to or two years following a change in control, all unvested shares of restricted stock will immediately vest as of the date of such termination.

        The stock option awards vest over four years in equal installments of one-fourth on March 31, 2014, March 31, 2015, March 31, 2016 and March 31, 2017. Any unvested portion of the stock option award will be forfeited upon the employee's termination of employment with the Company for any reason before the date the option vests, except that the Committee, at its sole discretion, may provide for the accelerated vesting of the stock option award. If the employee terminates employment without cause or for good reason within six months prior to or two years following a change in control, any unvested portion of the stock option award will immediately vest on the date of such termination.

        Under the award agreements the change in control is defined as set forth in the Transition Plan, as described above.

2013-2015 Cash Long-Term Incentive Plan

        The Company's 2013-2015 Cash LTIP comprises three performance periods. Each of 2013 (post-Merger), and fiscal years 2014 and 2015 represents one performance period, with 2013 measured on a pro rata basis from the effective date of the Merger through December 2013. If, at the end of a measurement period, the Company's performance against the specified performance metrics results in an award being payable to any participating executive officer, the payment of such award shall be made in December of the following year.

        Following a change in control of the Company, under the 2013-2015 Cash LTIP, awards for the performance period in progress would be deemed to be earned at the target amount and for any performance period that has not been started as of the change in control, potential future awards will be forfeited. Under 2013-2015 Cash LTIP the change in control is defined as set forth in the Transition Plan, as described above.

Pension and Retirement Benefits

        Upon retirement or other termination of employment, certain of the Named Executive Officers are entitled to pension benefits under the Management Plan, the Excess Plan, Dex One Retirement Account and Dex One PBEP. See "Executive and Director Compensation—Executive Compensation—2013 Pension Benefits" for further information regarding the pension benefits payable to the eligible Named Executive Officers under these plans.


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Incremental Value of Payments and Benefits Upon Change in Control ("CIC") and Various Types of Terminations

 
 Mr. McDonald Mr. Jones Mr. Humenik Mr. Gatto Mr. Stover(1) 

Termination Without Cause

 

Compensation

                

Separation Benefits

 $3,908,000 $950,900 $850,000 $731,000 $ 

Short-Term Incentive Cash

 $977,000 $436,900 $350,000 $301,000 $ 

Long Term Incentive Cash

 $750,000 $500,000 $367,000 $334,000 $ 

Restricted Stock

 $84,650 $225,508 $165,237 $150,338 $ 

Stock Options

 $65,213 $289,717 $212,506 $193,377 $ 

Benefits

                

Health & Welfare Benefits

 $30,243 $18,125 $18,449 $12,966 $ 

Executive Life Insurance Program

 $ $ $ $ $ 

Flexible Allowance

 $ $15,600 $15,600 $15,600 $ 

Financial Planning

 $ $13,535 $13,535 $13,535 $ 

Physical Examination

 $ $2,000 $2,000 $2,000 $ 

Outplacement Services

 $ $9,500 $9,500 $9,500 $ 

Excise Tax Gross-Up

 $ $ $ $ $ 
            

Total

 $5,815,105 $2,461,785 $2,003,826 $1,763,316 $ 
            
            

Termination Without Cause or for Good Reason in Conjunction with a Change in Control

 

Compensation

                

Separation Benefits

 $5,862,000 $1,901,800 $1,700,000 $1,462,000 $1,309,000 

Short-Term Incentive Cash

 $977,000 $436,900 $350,000 $301,000 $269,500 

Long Term Incentive Cash

 $750,000 $500,000 $367,000 $334,000 $300,000 

Restricted Stock

 $338,600 $225,508 $165,237 $150,338 $135,440 

Stock Options

 $434,750 $289,717 $212,506 $193,377 $173,900 

Benefits

                

Health & Welfare Benefits

 $30,243 $36,251 $36,897 $25,932 $31,335 

Executive Life Insurance Program

 $ $ $ $ $375,396 

Flexible Allowance

 $ $31,200 $31,200 $31,200 $31,200 

Financial Planning

 $ $27,070 $27,070 $27,070 $27,070 

Physical Examination

 $ $4,000 $4,000 $4,000 $4,000 

Outplacement Services

 $ $9,500 $9,500 $9,500 $9,500 

Excise Tax Gross-Up

 $ $ $ $ $ 
            

Total

 $8,392,593 $3,461,946 $2,903,410 $2,538,417 $2,666,341 
            
            

Death

 

Compensation

                

Separation Benefits

 $ $693,900 $600,000 $516,000 $ 

Short-Term Incentive Cash

 $977,000 $ $ $ $ 

Long Term Incentive Cash

 $750,000 $ $ $ $ 

Restricted Stock

 $84,650 $ $ $ $ 

Stock Options

 $65,213 $ $ $ $ 

Benefits

                

Health & Welfare Benefits

 $30,243 $ $ $ $ 

Executive Life Insurance Program

 $ $ $ $3,660,000 $ 

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 Mr. McDonald Mr. Jones Mr. Humenik Mr. Gatto Mr. Stover(1) 

Flexible Allowance

 $ $ $ $ $ 

Financial Planning

 $ $ $ $ $ 

Physical Examination

 $ $ $ $ $ 

Excise Tax Gross-Up

 $ $ $ $ $ 
            

Total

 $1,907,105 $693,900 $600,000 $4,176,000 $ 
            
            

Disability

 

Compensation

                

Separation Benefits

 $ $693,900 $600,000 $516,000 $ 

Short-Term Incentive Cash

 $977,000 $ $ $ $ 

Long Term Incentive Cash

 $750,000 $500,000 $367,000 $334,000 $ 

Restricted Stock

 $84,650 $225,508 $165,237 $150,338 $ 

Stock Options

 $65,213 $289,717 $212,506 $193,377 $ 

Benefits

                

Health & Welfare Benefits

 $30,243 $36,251 $36,897 $25,932 $ 

Executive Life Insurance Program

 $ $ $ $ $ 

Flexible Allowance

 $ $ $ $ $ 

Financial Planning

 $ $ $ $ $ 

Physical Examination

 $ $ $ $ $ 

Excise Tax Gross-Up

 $ $ $ $ $ 
            

Total

 $1,907,105 $1,745,376 $1,381,640 $1,219,647 $ 
            
            

(1)
Mr. Stover's employment terminated effective January 3, 2014. The amounts represented here are actual payments, future payments, and values.


Compensation and Benefits Committee Interlocks and Insider Participation

        Thomas D. Gardner, Richard L. Kuersteiner, Mark A. McEachen and Thomas S. Rogers served as members of the Compensation and Benefits Committee since April 30, 2013 through December 31, 2013. No such member of that Committee is or has been an officer or employee of the Company and none had interlocking relationships with any other entities of the type that would be required to be disclosed in this proxy statement.


Director Compensation

        The Committee periodically reviews the level and balance of our non-employee director compensation with the input and assistance of its independent compensation consultant. Following the Merger, the Committee and the new Board reviewed the director compensation program and implemented the following revised non-employee director compensation program which took effect as of April 30, 2013, the first day of the term for which the Board was appointed to serve as the Board of the Company:


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Cash Compensation.    The table below shows cash compensation payable to the non-management directors of the Company, except Mr. Slater1, for Board and Board committee services, effective as of April 30, 2013.

Service
 Fee Amount 

Annual Retainer for Board Service

 $75,000 

Annual Retainer for Board Chairman Service

 $100,000 

Annual Audit and Finance Committee Membership Retainer

 $7,500 

Annual Audit and Finance Committee Chairman Retainer

 $25,000 

Annual Compensation and Benefits Committee Membership Retainer

 $7,500 

Annual Compensation and Benefits Committee Chairman Retainer

 $25,000 

Annual Corporate Governance Committee Membership Retainer

 $5,000 

Annual Corporate Governance Committee Chairman Retainer

 $15,000 

Board and Committee Meeting Fee

 $2,000 

        Annual cash director retainers are paid quarterly at the beginning of each quarter and include Board and committee retainers. Board and committee meeting fees are paid on a quarterly basis in arrears based on attendance.

Annual Equity Based Compensation.    Non-management directors, except Mr. Slater, received an annual award of restricted stock equal to $75,000 divided by the closing price of our common stock on the grant date.

        Effective as of the first quarter of 2014, upon the recommendation of the Committee, the Board approved a decrease in the amount of annual awards of restricted stock to $30,000 and corresponding increases in annual cash retainers for the Board service to $120,000 and annual cash retainer for the Board Chairman service to $145,000.

        The following table sets forth certain information regarding the compensation earned by each non-employee director who served on our Board of Directors in 2013, following the consummation of the Merger on April 30, 2013.


Director Compensation—2013

Name(1)
 Fees Earned or
Paid in Cash(2)
 Stock Awards(3) Total 

Jonathan B. Bulkeley(2)

 $185,542   $185,542 

Thomas D. Gardner(2)(4)

 $248,250   $248,250 

Richard L. Kuersteiner(2)

 $244,125   $244,125 

W. Kirk Liddell(2)(3)

 $201,584 $10,000 $211,584 

Mark A. McEachen(2)(4)

 $266,167   $266,167 

Thomas S. Rogers(2)

 $223,375   $223,375 

Alan F. Schultz(2)(3)

 $195,917 $60,000 $255,917 

John Slater

       

Douglas D. Wheat(2)(3)

 $186,250 $60,000 $246,250 

(1)
Peter J. McDonald, our President and Chief Executive Officer, is not included in this table because he was an employee of the Company during 2013 and, therefore, did not receive compensation for his service as a director. See "Executive


1
At his request, Mr. Slater, an officer of Paulson, one of our largest stockholders, has waived all director compensation.

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(2)
Annual cash director Board and committee retainers are paid quarterly at the beginning of each quarter; retainers for the first quarter of 2014 were paid out in December 2013, and are included in the table above.

Prior to the completion of the Merger each of the Compensation Committee of SuperMedia and the Compensation and Benefits Committee of Dex One, granted each non-management director serving on their respective Boards of Directors, an award in cash equal to $70,000 and $75,000, respectively, in lieu of the 2013 annual equity awards, which awards were paid out upon the completion of the Merger (and are included in the amounts shown in the table). In addition, following the Merger, the Board approved an award in cash equal to $5,000 to each of Messrs. Gardner, Rogers and Wheat, the former SuperMedia non-management directors, in lieu of the remaining portion of the 2013 annual stock award payable in cash, with such award payable at the beginning of the third fiscal quarter of 2013 (included in the amounts shown in the table).

In addition to the cash compensation disclosed above, each of Messrs. Jonathan B. Bulkeley, Richard L. Kuersteiner, W. Kirk Liddell, Mark A. McEachen and Alan F. Schultz, the former Dex One directors, received the following cash compensation for their service on the Dex One board of directors prior to the Merger, from January 1, 2013 through April 30, 2013: $36,500; $54,500; $53,333; $56,000 and $66,500, respectively (not included in the amounts shown in the table).

(3)
In recognition of their significant contributions to the completion of the Merger in August 2013, the Board granted each of Mr. Schultz and Mr. Wheat, an award of fully vested restricted stock pursuant to the terms of the EIP, each equal to $50,000 divided by the closing price of the Corporation's common stock on the grant date.

In recognition of their services to the Company, in connection with evaluation of potential strategic transactions, in October 2013, the Board granted each of Mr. Liddell, Mr. Wheat and Mr. Schultz, an award of fully vested restricted Stock pursuant to the terms of the EIP, each equal to $10,000 divided by the closing price of the Corporation's common stock on the grant date.

The amounts in the table represent the aggregate grant date fair value of restricted stock granted to our non-management directors in 2013. Pursuant to the SEC rules, the dollar amounts were computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"), and exclude the impact of estimated forfeitures related to service-based vesting conditions. See Note 11 to the consolidated financial statements in the Company's annual report on Form 10-K for the year ended December 31, 2013, for a description of the assumptions used in determining the accounting expense associated with these awards.

(4)
In October 2013, Board has established a special committee of the Board, comprising Messrs. Mark A. McEachen, Thomas D. Gardner and John Slater, to assist the management in its preparation of the 2014 annual operating budget of the Corporation. The Board approved a meeting attendance fee of $2,000 payable to each such special committee member (other than Mr. Slater) on a per-meeting basis, for each special committee meeting attended. The special committee held three meetings in 2013.

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        The following table sets forth the number of shares held by each of the non-management directors that are standing for re-election at the 2014 Annual Meeting as of March 17, 2014.

Name of Director
Number of
Shares Held(1)(2)

Jonathan B. Bulkeley

16,169

Thomas D. Gardner

11,654

W. Kirk Liddell

32,229

Thomas S. Rogers

11,654

Alan F. Schultz

31,589

John Slater

Douglas D. Wheat

17,131

(1)
Following the Merger, each issued and outstanding share of SuperMedia common stock was converted into 0.4386 shares of Dex Media common stock and Dex One stockholders received 0.2 shares of Dex Media common stock for each share of Dex One common stock that they owned. The table includes SuperMedia and Dex One shares of common stock, as applicable, held by non-management directors prior to the Merger, converted into shares of common stock of Dex Media.

(2)
On January 2, 2014, our non-management directors, except Mr. Slater, received an annual award of fully vested 4,595 shares of restricted stock (equal to $30,000 divided by the closing price of our common stock on the grant date).

(3)
In recognition of their significant contributions to the completion of the Merger, the Board granted each of Mr. Schultz and Mr. Wheat, an award of fully vested 3,260 shares of restricted stock pursuant to the terms of the EIP.

In recognition of their services to the Company, in connection with evaluation of potential strategic transactions, the Board granted each of Mr. Liddell, Mr. Wheat and Mr. Schultz, an award of fully vested 1,460 shares of restricted stock pursuant to the terms of the EIP.


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ADVISORY VOTE APPROVING THE COMPANY'S EXECUTIVE COMPENSATION
(ITEM NO. 2)

        Recently enacted rules enable our stockholders to voteopportunity to approve, on an advisory basis, the compensation of our NEOs as disclosed in this proxy statement.

        Background.    Dex Media was formed on April 30, 2013 through the Merger which brought together Dex One and SuperMedia, two major providers of local, social, and mobile marketing solutions to businesses in communities across the United States. Dex Media's consumer services include online and mobile search portals and applications, as well as local printed yellow pages directories, white page directories, community, and companion directories in various markets across the U.S.

        In addition to bringing the two companies together in 2013, we experienced a challenging business environment throughout the year. Challenges included an industry trend of decreased demand for print based advertising and broader uneven economic trends impacting the Company's core retail customer segment. These trends in particular resulted in Dex Media's experiencing a decline in revenue. In addition, Dex Media is highly leveraged, with long-term debt greater than revenue. Repaying a large portion of that debt was a key focus of our Company following the Merger.

        Dex Media's 2013named executive compensation program is best understood in the context of the Merger and these business trends. 2013 was both a transitional and transformational year for the Company. We focused on both top-line and bottom-line performance, all while continuing our post-Merger integration activities. We redefined our strategy and worked to transform our business from a principally print-based advertising and media company to a multi-platform marketing solutions provider, introducing digital solutions that are relevant and valuable to our customers. Throughout the year, we focused on integrating two organizations, we right-sized the organization (people, facilities and resources), re-negotiated multiple key contracts and moved to single IT and financial platforms.

        Compensation Philosophy and Objectives.    Dex Media's compensation program is designed to reward executives for Company and individual performance through awards of annual and long-term incentives. Annual and long-term incentives encourage our executive officers to achieve the Company's financial, operational and strategic goals and reward individual and Company performance. Our compensation program is also intended to be competitive with our peer companies so that we can attract and retain highly qualified personnel and recognize their knowledge, skills and attributes. To increase the retentive power of the compensation program, annual and long-term goals are established at challenging but achievable levels. Finally, we strive to design our compensation program to be transparent to our executive officers and to shareholders, and to evidence positive governance principles.

        2013 Compensation Design.    Following the Merger, the Committee approved an annual incentive design for the remainder of 2013 that largely replicated the annual incentive approach that had been in place previously at Dex One and SuperMedia. This annual incentive design included metrics tied to the financial plan that had been approved as part of the Merger plan. The Committee also approved long-term incentives covering 2013 through 2015 that include a strong cash component, a restricted stock component and a stock option component. The Committee also updated the peer group used to benchmark compensation for executive officers, adopted stock ownership guidelines for executive officers and non-management directors and negotiated a three year extension to the CEO's employment agreement. All of these items are described in more detail in "Compensation Discussion and Analysis" above.

        For the reasons discussed above, we are asking our stockholders to indicate their support for our executive compensation as described in this proxy statement by voting "FOR"Compensation Discussion and Analysis and the following resolution. Compensation Tables. At our 2021 annual meeting of stockholders, stockholders voted on a non-binding proposal to advise on whether the advisory vote on executive compensation should occur every one, two or three years. As a majority of our stockholders voted in favor of an annual vote, our board of directors decided to annually provide our stockholders with an advisory vote on the compensation of our named executive officers. The next vote on the frequency of the advisory vote on executive compensation will be held at our 2027 annual meeting of stockholders.

This advisory vote is not intended to address any specific item of compensation, but rather the overall


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compensation of our Named Executive Officersnamed executive officers and theour executive compensation philosophy policies and practices, describedas discussed in this proxy statement.

As an advisory basis,vote, this proposal is not binding. However, our board of directors and compensation committee value the opinions expressed by stockholders in their vote on this proposal and will consider the outcome of the vote when making future decisions regarding the compensation of the Named Executive Officers, as disclosed in the Company's Proxy Statement for the 2014 Annual Meeting of Stockholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the compensation tables and any related material disclosed in this proxy statement."

        This vote is advisory, and therefore not binding on the Company, the Board or the Compensation and Benefits Committee. However, the Board and the Compensation and Benefits Committee value the opinions of our stockholders and, to the extent there is any significant vote against the NEO compensation as disclosed in this proxy statement, we will consider such stockholders' concerns and the Compensation and Benefits Committee will evaluate whether any actions are necessary to address those concerns.

named executive officers.

OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
A THAT STOCKHOLDERS VOTE "FOR"
FOR THE APPROVAL, ON AN ADVISORY BASIS, OF THE COMPANY'SCOMPENSATION OF OUR NAMED EXECUTIVE COMPENSATION

OFFICERS
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ADDITIONAL INFORMATION
STOCKHOLDER PROPOSALS TO BE PRESENTED AT NEXT ANNUAL MEETING
Our second amended and restated bylaws provide that, for stockholder nominations to our board of Contents


ADVISORY VOTE DETERMINING THE FREQUENCY
directors or other proposals to be considered at an annual meeting, the stockholder must give timely notice thereof in writing to the Company’s Secretary.

To be timely for our 2023 annual meeting of stockholders, a stockholder’s notice of nomination or other proposal of business must be delivered to or mailed and received by our Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary at our principal executive offices not earlier than February 9, 2023 and not later than March 11, 2023. A stockholder’s notice to our Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary must set forth as to each matter the stockholder proposes to bring before the annual meeting the information required by our second amended and restated bylaws.
Stockholder proposals submitted pursuant to Rule 14a-8 under the Exchange Act and intended to be presented at our 2023 annual meeting of stockholders must be received by us not later than December 29, 2022 in order to be considered for inclusion in our proxy materials for that meeting.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We are subject to the reporting and information requirements of the Exchange Act and as a result file reports, proxy statements and other information with the SEC. The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements and other information regarding registrants, such as Thryv Holdings, Inc., that file electronically with the SEC. We also maintain a website at www.thryv.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not part of this Proxy Statement.
ELECTRONIC DELIVERY OF ADVISORY VOTES TO APPROVE THE COMPANY'S EXECUTIVE COMPENSATION
(ITEM NO. 3)

        Recently enacted rules also enable our stockholdersSTOCKHOLDER COMMUNICATIONS

We encourage you to indicate how frequently we should seek an advisory votehelp us conserve natural resources, as well as significantly reduce printing and mailing costs, by signing up to receive your stockholder communications electronically via e-mail. With electronic delivery, you will be notified via e-mail as soon as future annual reports and proxy statements are available on the compensationInternet, and you can submit your stockholder votes online. Electronic delivery can also eliminate duplicate mailings and reduce the amount of our NEOs, such as Item No. 2 above. By voting on this Item No. 3, stockholders may indicate whether they would prefer an advisory vote on NEO compensation once every one, two or three years (orbulky paper documents you may abstain).

        After careful consideration of this Item, the Board has determined that an advisory vote on executive compensation that occurs every year is the most appropriate alternativemaintain in your personal files. To sign up for the Company at this time, and therefore the Board recommends that you vote for a one-year interval for the advisory vote on executive compensation.

        In formulating its recommendation, the Board considered that an annual advisory vote on executive compensation will allow our stockholders to provide us with their direct input on our compensation philosophy, policies and practices as disclosed in the proxy statement every year. Additionally, an annual advisory vote on executive compensation is consistent with RiskMetric's policy of seeking input from, and engaging in discussions with, our stockholders on corporate governance matters and our executive compensation philosophy, policies and practices. We understand that our stockholders may have different views as to what is the best approach for the Company, and we look forward to hearing from such stockholders on this Item.

        You may cast your vote on your preferred voting frequency by choosing the option of one year, two years, three years or abstain from voting when you vote in response to the resolution set forth below.

    electronic delivery:

Registered Owner"RESOLVED, that the option of once every one year, two years, or three years that receives a majority of votes cast for this resolution will be determined to be the frequency preferred by the stockholders with which the Company is to (you hold a stockholder vote to approve the compensation of the named executive officers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission."

        The option of one year, two years or three years that receives a majority of votes cast by stockholders will be the frequency for the advisory vote on executive compensation that has been recommended by stockholders. However, because this vote is advisory and not binding on the Board or the Compensation and Benefits Committee in any way, the Board may decide that it is in the best interests of our stockholders to hold an advisory vote on executive compensation more or less frequently than the option recommended by the stockholders.

OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
STOCKHOLDERS SELECT "ONE YEAR" ON THE PROPOSAL
RECOMMENDING THE FREQUENCY OF ADVISORY
VOTES TO APPROVR THE COMPANY'S EXECUTIVE COMPENSATION


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STOCK OWNERSHIP INFORMATION

Stock Ownership of Certain Beneficial Owners and Management

        The tables below provide information regarding the beneficial ownership of our common stock asin your own name through our transfer agent, Computershare, Inc., or you are in possession of March 17, 2014, by:

    each of our directorsstock certificates): visit www.computershare.com and nominees;log into your account to enroll.
Beneficial Owner

each of our current Named Executive Officers named in the Summary Compensation Table;

all directors and executive officers as a group; and

each person the Company believes beneficially holds more than 5% of the outstanding (your shares of the Company's common stock based solely on the Company's review of SEC filings.

        Beneficial ownership is determined in accordance with the rules and regulations of the SEC. Unless otherwise indicated and subject to community property laws where applicable, the Company believes that each of the stockholders named in the table below has sole voting and investment power with respect to the shares indicated as beneficially owned. Each of our directors and executive officers beneficially owned less than 1.0%, and all of our directors and executive officers as a group, beneficially owned less than 3.5% of our common stock outstanding as of March 17, 2014.

Directors and Executive Officers

Name of Beneficial Owner(1)
Amount and
Nature of
Beneficial
Ownership(2)

Jonathan B. Bulkeley

16,169

Thomas D. Gardner

11,654

Richard L. Kuersteiner

16,627

W. Kirk Liddell

32,229

Mark A. McEachen

27,744

Alan F. Schultz

31,589

John Slater

Thomas S. Rogers

11,654

Douglas D. Wheat

17,131

Peter J. McDonald(3)(4)

139,618

Samuel D. Jones(3)(4)

73,194

Frank P. Gatto(3)(4)

50,675

Del Humenik(3)(4)

50,141

All directors and executive officers as a group (16 persons)(4)

539,139

(1)
The table does not include information regarding the beneficial ownership of our common stock by Messrs. Stover and Wilbanks, as they are no longer executive officers of the Company; as of August 1, 2013, in the case of Mr. Wilbanks and January 3, 2014, in the case of Mr. Stover.

(2)
Following the Merger, each issued and outstanding share of SuperMedia common stock was converted into 0.4386 shares of Dex Media common stock and Dex One stockholders received 0.2 shares of Dex Media common stock for each share of Dex One common stock that they owned. The table includes SuperMedia and Dex One shares of common stock, as applicable, held by our directors and executive officers priora brokerage firm, a bank, a trustee or a nominee): If you hold shares beneficially, please follow the instructions provided to the Merger, converted into sharesyou by your broker, bank, trustee or nominee.
Your electronic delivery enrollment will be effective until you cancel it. Stockholders who are record owners of common stock of Dex Media.

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(3)
Number reported includes shares of restricted stock for which the executive officer has sole voting power, but no dispositive power (restricted stock vesting on December 31, 2015), as follows: Mr. McDonald (50,000 shares); Mr. Jones (33,300 shares); Mr. Gatto (22,200 shares); and Mr. Humenik (24,400 shares).

(4)
Number reported includes exercisable stock options as follows: Mr. McDonald (50,000 shares); Mr. Jones (33,300 shares); Mr. Gatto (22,200 shares); Mr. Humenik (24,400 shares).

Five Percent Holders

        The following table sets forth information regarding the number and percentage of shares of common stock held by all persons and entities known by the Company to beneficially own 5% or more of the Company's outstanding common stock. The information regarding beneficial ownership of common stock by the entity identified below is included in reliance on reports filed by the entities with the SEC, except that the percentage is based upon the Company's calculations made in reliance upon the number of shares reported to be beneficially owned by the entity in such report and the Company's number of shares of common stock outstanding on March 17, 2014. We know of no other stockholder holding 5% or more of the Company's common stock.

Name and Address of Beneficial Owner
 Amount and
Nature of
Beneficial
Ownership
 Percent
of Class
 

Franklin Resources, Inc.(1)

  2,688,898  15.3%

One Franklin Parkway

       

San Mateo, CA 94403-1906

       

Paulson & Co. Inc.(2)

  
2,231,132
  
12.7

%

1251 Avenue of the Americas, 50th Floor

       

New York, New York 10020

       

Restructuring Capital Associates, L.P(3)

  
1,255,840
  
7.1

%

2 Stamford Plaza, Suite 1501

       

281 Tresser Boulevard

       

Stamford, Connecticut 06901

       

Hayman Capital Management, L.P(4). 

  
1,264,221
  
7.2

%

2101 Cedar Springs Road, Suite 1400

       

Dallas, TX 75201

       

(1)
FRI filed a Schedule 13G/A with the SEC on February 11, 2014 reporting that one or more open- or closed-end investment companies or other managed accounts that are clients of investment managers that are direct and indirect subsidiaries (collectively, the "Investment Management Subsidiaries") of FRI beneficially owned 2,688,898 shares of our common stock. The number of shares of the Company's common stock as to which each reporting person on this Schedule 13G/A and other Investment Management Subsidiaries has sole power to vote or to direct the vote of our common stock is as follows: Franklin Resources, Inc.: 0; Charles B. Johnson: 0; Rupert H. Johnson, Jr.: 0; and Franklin Advisers, Inc.: 2,664,386. The number of shares of the Company's common stock as to which each reporting person on this Schedule 13G/A and other Investment Management Subsidiaries has sole power to dispose or to direct the disposition of our common stock is as follows: Franklin Resources, Inc.: 0; Charles B. Johnson: 0; Rupert H. Johnson, Jr.: 0; and Franklin Advisers, Inc.: 2,688,898

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(2)
According to a Schedule 13D/A filed by Paulson on May 16, 2013, Paulson has sole voting and dispositive power over 2,231,132 shares of our common stock. Paulson, an investment advisor that is registered under the Investment Advisers Act of 1940, furnishes investment advice to and manages investment companies or funds. In its role as investment advisor, or manager, Paulson possesses voting and investment power over the securities that are owned by investment companies and funds. John Paulson is the controlling person of Paulson. Each of Paulson and John Paulson may be deemed to indirectly beneficially own the securities directly owned by investment companies and funds.

(3)
According to a Schedule 13G filed by RCA on February 10, 2014, RCA and James D. Bennett have shared voting and dispositive power over 1,255,840 shares of the Company's common stock. All common stock reported in Schedule 13G is owned by advisory clients of RCA. The following advisory clients have shared voting and dispositive power over the following percentages of Dex Media common stock: Bennett Restructuring Fund, L.P. (4.0%); Bennett Offshore Restructuring Fund, Inc. (2.8%); BRF High Value, L.P (0.3%).

(4)
Hayman Capital Management, L.P., Hayman Investments, L.L.C. and J. Kyle Bass jointly filed a Schedule 13G/A with the SEC on February 14, 2014 reporting that they beneficially owned 5,064,550 shares of our common stock may call Computershare, Inc., our transfer agent, by phone at 1-800-736-3001 or visit www.computershare.com with sole votingquestions about electronic delivery.
“HOUSEHOLDING”—STOCKHOLDERS SHARING THE SAME LAST NAME AND ADDRESS
The SEC has adopted rules that permit companies and dispositive power over all those shares.


Section 16(a) Beneficial Ownership Reporting Compliance

        Section 16(a) ofintermediaries (such as brokers) to implement a delivery procedure called “householding.” Under this procedure, multiple stockholders who reside at the Securities Exchange Act of 1934 requires our directors, certainsame address may receive a single copy of our officersannual report and beneficial ownersproxy materials, including the Notice of more than ten percentInternet Availability of Proxy Materials, unless the affected stockholder has provided contrary instructions. This procedure reduces printing costs and postage fees and helps protect the environment as well.

This year, a number of brokers with account holders who are our common stockstockholders will be “householding” our annual report and proxy materials, including the Notice of Internet Availability of Proxy Materials. A single Notice of Internet Availability of Proxy Materials and, if applicable, a single set of annual report and other proxy
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materials will be delivered to file with the SEC reports of their initial ownership and changes in their ownership of our common stock. We are required to disclose in this proxy statement any late filings of such reports. Based solely on a review of copies of reports filed by the reporting persons furnished to us, or written representations from reporting persons, we believe that the reporting persons complied with all Section 16(a) filing requirements on a timely basis during 2013.


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AUDIT AND FINANCE COMMITTEE

Audit and Finance Committee Report

        The Audit and Finance Committee of the Board of Directors serves as the representative of the Board for general oversight of our financial accounting and reporting, systems of internal control, audit process and monitoring compliance with laws and regulations and standards of business conduct. The Board has adopted a written Charter for the Audit and Finance Committee. Management has responsibility for preparing our financial statements as well as for our financial reporting process. Ernst & Young LLP ("EY"), acting as independent accountant, is responsible for expressingmultiple stockholders sharing an opinion on the conformity of our audited financial statements with generally accepted accounting principles in the United States.

        In this context, the Audit and Finance Committee hereby reports as follows:

            1)    The Audit and Finance Committee has reviewed and discussed the audited financial statements for fiscal 2013 with management.

            2)    The Audit and Finance Committee has also discussed with EY the matters required to be discussed by Auditing Standard No. 61, "Communications with Audit Committees" issued by the Public Company Accounting Oversight Board.

            3)    The Audit and Finance Committee hasaddress unless contrary instructions have been received the written disclosures and the letter from EY required by applicable requirements of the Public Company Accounting Oversight Board regarding EY communications with the Audit and Finance Committee concerning independence and has discussed with EY its independence from the Company and management.

            4)    Based on the review and discussion referredaffected stockholders. Once you have received notice from your broker that it will be “householding” communications to in paragraphs (1) through (3) above, the Audit and Finance Committee recommended to the Board of Directors, and the Board has approved, that the audited financial statements be included in the Annual Report on Form 10-K for the year ended December 31, 2013, for filing with the Securities and Exchange Commission.

        This Audit and Finance Committee Report shall not be deemed to be "filed" with the SECyour address, “householding” will continue until you are notified otherwise or subject to Section 18 of the Securities Exchange Act of 1934.

    Audit and Finance Committee

    W. Kirk Liddell, Chairman
    Jonathan B. Bulkeley
    Thomas D. Gardner


Principal Accountant Fees and Services

        Following the completion of the Merger, the Audit and Finance Committee of the Board conducted a competitive process to review the appointment of the Company's independent registered public accounting firm for the year ending December 31, 2013. As a result of this process, on May 15, 2013, the Audit and Finance Committee engaged Ernst & Young LLP ("EY") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2013, and dismissed KPMG LLP ("KPMG") from that role. KPMG had previously served as the independent registered public accounting firm for Dex One Corporation, the predecessor to the Company.

        EY has been selected by the Audit and Finance Committee to serve as the Company's independent registered public accounting firm for 2014.


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        Aggregate fees for professional services rendered to the Company by EY for the period May 15, 2013 to December 31, 2013, and by KPMG to Dex One and the Company for the years ended December 31, 2012 and December 31, 2013 were as follows:

 
 2013
EY
 2013
KPMG
 2012
KPMG
 

Audit Fees

 $2,022,218 $314,548 $1,306,766 

Audit-Related Fees

 $203,450     

Tax Fees

   $941,650 $282,450 

All Other Fees

   $34,500 $180,959 
        

Total

 $2,225,668 $1,290,698 $1,770,175 
        
        

        Audit Fees.    Audit fees consist principally of fees for the audit of the Company's consolidated financial statements, review of the company's interim consolidated financial statements, the audit of internal control over financial reporting and reorganization matters.

        Audit-Related Fees.    Audit-related fees consist principally of fees for audits of the Company's employee benefit plans.

        Tax Fees.    Tax fees consist principally of fees for services performed in connection with consultations on tax and reorganization tax matters.

        All Other Fees.    All other fees principally consist of costs related to the Merger.

        The Audit and Finance Committee's policy is to require the pre-approval of all audit and non-audit services provided to the Company by its independent registered public accounting firm (except for items exempt from pre-approval requirements under applicable laws and rules). All audit and non-audit services for 2013 were pre-approved by the Audit and Finance Committee.


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RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(ITEM NO. 4)

        Our Audit and Finance Committee, pursuant to its charter, has appointed Ernst & Young LLP ("EY") as our independent registered public accounting firm for the fiscal year 2014.

        While the Audit and Finance Committee is responsible for the appointment, compensation, retention, termination and oversight of the independent registered public accounting firm, the Audit and Finance Committee and our Board are requesting, as a matter of policy, that the stockholders ratify the appointment of EY as our independent registered public accounting firm. The Audit and Finance Committee is not required to take any action as a result of the outcome of the vote on this proposal. However, if the stockholders do not ratify the appointment, the Audit and Finance Committeeuntil you revoke your consent. Stockholders may investigate the reasons for stockholder rejection and may consider whether to retain EY or to appoint another independent registered public accounting firm. Furthermore, even if the appointment is ratified, the Audit and Finance Committee in its discretion may direct the appointment of a different independent registered public accounting firmrevoke their consent at any time duringby calling Broadridge at (866) 540-7095 or writing to Broadridge, Householding Department, 51 Mercedes Way, Edgewood, New York, 11717.

We will bear the year if it determines that suchentire cost of solicitation, including the preparation, assembly, printing and mailing of a change would be inNotice of Internet Availability of Proxy Materials, this Proxy Statement, the best interests of our stockholdersproxy card and any additional soliciting materials furnished to stockholders. Upon written or the Company.

        A formal statement by representatives of EY is not planned for the Annual Meeting. However, EY representatives are expected to be present at the meeting and available to respond to appropriate questions.

OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
A VOTE "FOR"
THE RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS OUR INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM FOR 2014


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HOUSEHOLDING OF MATERIALS

        We participate, and some brokerage firms, banks and other nominee record holders may be participating in the practice of "householding" of proxy materials. This means thatoral request, we are delivering only one copy of the notice and, if applicable, this proxy statement and the annual report to multiple stockholders in the same household. This procedure reduces our printing costs, mailing costs and fees. We will promptly deliver a separate copy of the noticeNotice of Internet Availability of Proxy Materials and, if applicable, thisour annual report and other proxy statement and the annual reportmaterials to any stockholder at a shared address to whom we deliveredwhich a single copy of any of thesethose documents upon request by writing or calling us at the following address or phone number: Dex Media, Inc., P.O. Box 619810, 2200 West Airfield Drive, D/FW Airport, Texas 75261, Attention: Investor Relations; (972) 453-7000. Any stockholder who wants towas delivered. To receive a separate copies in the future, or who is currently receiving multiple copies and would like to receive only one copy for his or her household, should contact us at the above address and phone number. Stockholders who hold shares in "street name" may contact their brokerage firm, bank or other nominee record holder to request information about householding.


OTHER INFORMATION

How to Raise a Matter at a Meeting or Nominate Members of the BoardNotice of Directors

        In order to be included in the Company'sInternet Availability of Proxy Materials and, if applicable, annual report and other proxy materials, for the 2015 Annual Meeting of Stockholders, a stockholder proposal must be received in writing byyou may write our Company at Dex Media Inc., 2200 West Airfield Drive, P.O. Box 619810, D/FW Airport, TX 75261, Attention: CorporateChief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary no later than the close of business on December 4, 2014, and otherwise comply with Rule 14a-8 under the Securities Exchange Act of 1934.

        Our Bylaws provide that stockholders may propose business to be conducted at an annual meeting of stockholders and/or nominate individuals to be elected to the Board of Directors at an annual meeting of stockholders if such proposal or nomination is made pursuant to timely notice in writing to the Secretary of the Company at the address set forth on the cover page of this Proxy Statement. To be timely, a stockholder's notice shall be delivered to or mailed and received at the our principal executive offices not less than 90 days nor more than 120 days in advance of the anniversary date of the immediately preceding annual meeting; provided, however, that in the event that the annual meeting is called for a date that is not within 30 days before or after such anniversary date, notice by the stockholder in order to be timely must be so received not later than the close of business on the 10th day following the day on which notice of the date of the annual meeting was first mailed or public disclosure of the date of the annual meeting was first made, whichever first occurs. Such stockholder's notice shall set forth all of the information described in Section 11 of our Bylaws. A copy of our Bylaws is available upon request by any of our stockholders from the Secretary of the Company.

Whether or not you plan to attend the Annual Meeting, it is important that your shares are represented at the Annual Meeting. Accordingly, we urge you to vote your shares by one of the prescribed methods as soon as possible. Thank you for your prompt attention to this important stockholder responsibility.

By Order of the Board of Directors



Raymond R. Ferrell
Executive Vice President, General Counsel
and Corporate Secretary

D/FW Airport, Texas
April 3, 2014



INFORMATION CONCERNING DEX MEDIA'S 2014 ANNUAL MEETING OF STOCKHOLDERS

        Time and Location.    The 2014 Annual Meeting of Stockholders will begin at 10:30 a.m. local time on Wednesday, May 14, 2014, at our headquarters at 2200 West Airfield Drive, P.O. Box 619810, D/FWDFW Airport, Texas 75261

Directions.

75261.

Any stockholders who share the same address and receive multiple copies of our Notice of Internet Availability of Proxy Materials or annual report and other proxy materials who wish to receive only one copy in the future can contact their bank, broker or other holder of record to request information about householding, or our Chief Legal Officer & Human Resources and Executive Vice President, Chief Compliance Officer and Secretary at the address or telephone number listed above.
OTHER MATTERS
Our board of directors does not presently intend to bring any other business before the Annual Meeting and, so far as is known to our board of directors, no matters are to be brought before the Annual Meeting except as specified in the Notice of Annual Meeting of Stockholders. As to any business that may arise and properly come before the Annual Meeting, however, it is intended that proxies, in the form enclosed, will be voted in respect thereof in accordance with the judgment of the persons voting such proxies.
Directions from D/FW International Airport
 Directions from Dallas
1. From terminals, take North Exit from Airport (State Hwy -97 Spur North/International Parkway N) 1. Take I-35E North toward Denton

2.

 

Take ramp right for TX State Hwy -114 West/John W. Carpenter Freeway toward Ft. Worth/ Grapevine

 

2.

 

Keep left to continue on TX-183 W, follow signs for Texas 183/Texas 114/Irving/DFW Airport

3.

 

Keep Straight onto TX State Hwy -114 South/TX-114 West/John W. Carpenter Freeway; bear right onto TX-114 West

 

3.

 

Keep right to continue on W State Hwy 114 W/TX-114 W, follow signs for Grapevine/Airport North Entry

4.

 

Take exit right on Texan Trail

 

4.

 

Take exit right on Texan Trail

5.

 

Follow the exit ramp to the stop light and turn left

 

5.

 

Follow the exit ramp to the stop light and turn left

6.

 

Proceed until the road ends (approximately a1/2 mile) and turn right onto Airfield Drive

 

6.

 

Proceed until the road ends (approximately a1/2 mile) and turn right onto Airfield Drive

7.

 

At the next stop light, turn left onto West Airfield Dr.

 

7.

 

At the next stop light, turn left onto West Airfield Dr.

8.

 

Upon passing three stop lights you will see Dex Media headquarters on your right (across the street from American Airlines hangar)

 

8.

 

Upon passing three stop lights you will see Dex Media headquarters on your right (across the street from American Airlines hangar)

9.

 

Turn into the guard gate and Dex Media headquarters is straight ahead

 

9.

 

Turn into the guard gate and Dex Media headquarters is straight ahead
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TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY Date Signature (Joint Owners) Date Signature [PLEASE SIGN WITHIN BOX] VOTE BY INTERNET - www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. DEX MEDIA, INC. 2200 WEST AIRFIELD DR. DFW AIRPORT, TX 75261 M72639-P47677 DEX MEDIA, INC. The Board of Directors recommends you vote FOR the election of all of the nominees set forth in the following proposal: 1. Election of Directors Abstain For Against Nominees: ! ! ! 1a. Jonathan B. Bulkeley The Board of Directors recommends you vote FOR the following proposal: For Abstain Against ! ! ! ! ! ! 2. Advisory vote to approve Dex Media's executive compensation. 1b. Thomas D. Gardner ! ! ! 1c. John Slater The Board of Directors recommends you vote 1 Year on the following proposal: 3 Years 2 Years 1 Year Abstain ! ! ! ! ! ! ! ! ! ! 3. Advisory vote on the frequency of votes to approve Dex Media's executive compensation. 1d. W. Kirk Liddell ! ! ! 1e. Thomas S. Rogers The Board of Directors recommends you vote FOR the following proposal: For Abstain Against ! ! ! ! ! ! 1f. Alan F. Schultz 4. Ratification of Ernst & Young LLP as Dex Media's independent registered public accounting firm for 2014. ! ! ! 1g. Douglas D. Wheat ! ! ! 1h. Peter J. McDonald In their discretion the proxies are authorized to vote upon such other business as may properly come before the annual meeting or any postponements or adjournments thereof. No Yes NOTE: Each of the proposals is more fully described in our proxy statement. You can access and review our annual report and proxy statement on the Internet by visiting www.proxyvote.com ! ! Please indicate if you plan to attend this meeting. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer.



Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The notice and proxy statement for the 2014 annual meeting of stockholders and the annual report on Form 10-K for the year ended December 31, 2013, are available at www.proxyvote.com. M72640-P47677 DEX MEDIA, INC. Annual Meeting of Stockholders May 14, 2014 10:30 A.M. This proxy is solicited by the Board of Directors Raymond R. Ferrell and Samuel D. Jones, and each of them, as the true and lawful attorneys, agents and proxies of the undersigned, with full power of substitution and re-substitution, are hereby authorized to represent and to vote all shares of common stock of Dex Media, Inc. held of record by the undersigned on March 17, 2014, at the Annual Meeting of Stockholders to be held at 10:30 A.M., local time, on May 14, 2014, at the headquarters of Dex Media, Inc., located at 2200 W. Airfield Dr., DFW Airport, Texas 75261, and any adjournment or postponement thereof. Any and all proxies heretofore given are hereby revoked. The shares represented by this proxy card will be voted as directed or, if this card contains no specific voting instructions, in accordance with the recommendations of Dex Media, Inc.'s Board of Directors. This proxy authorizes each of Messrs. Ferrell and Jones to vote at his discretion on any other matter that may properly come before the meeting or any adjournment or postponement of the meeting. Continued and to be signed on reverse side


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