Exhibit 10.26
ASSIGNMENT AND ASSUMPTION
AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT (the “ Agreement ”) is entered into as
of December 31, 2008 (the “ Effective Date
”), by and between Local Insight Regatta Holdings, Inc., a
Delaware corporation (“ Assignor ”), and Local
Insight Media Holdings, Inc., a Delaware corporation (“
Assignee ”). Assignor and Assignee are each
individually referred to herein as a “ Party ,”
and collectively referred to as the “ Parties
.”
RECITALS
WHEREAS, Assignor desires to assign
to Assignee, and Assignee desires to assume, all Assignor’s
rights and obligations under that certain Employment Agreement (the
“ Employment Agreement ”) dated as of
January 2, 2007, by and between Assignor, as assignee of Local
Insight Media LLC, and Marilyn B. Neal;
NOW THEREFORE, for good and valuable
consideration, the sufficiency of which is hereby acknowledged, the
Parties agree as follows:
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1.
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Assignment
and Assumption .
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1.1 Assignor hereby assigns,
transfers and sets over to Assignee, and Assignee hereby assumes,
all Assignor’s right, title, interest, powers, privileges,
remedies, duties, liabilities and obligations under the Employment
Agreement. As of the Effective Date, Assignee shall b
