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Exhibit 10.28
Local Insight Media, LLC
(“LIM”)
Summary Employment Term
Sheet
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Employee
Name:
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James Stirbis
(“Employee”).
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Position/Title:
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Vice President
and Chief Accounting Officer, reporting to LIM’s Chief
Financial Officer.
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Start
Date:
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On or before
February 5, 2007.
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Term:
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Employment is
not subject to any contract and is, therefore, considered to be
“at will.”
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Annual Base
Salary:
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$175,000.
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Annual
Bonus:
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Employee’s target bonus will be 60% of his
annual base salary. The bonus will be paid at the direction of the
Board of Directors upon its determination, in its sole discretion,
of the extent to which LIM’s calendar year operating targets
have been met. LIM’s operating targets will be determined in
the sole discretion of the Board of Directors. It is anticipated
that the bonus will be paid within 120 days following calendar year
end.
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Equity
Grant:
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Employee will
be eligible to participate in the LIM equity compensation plan, as
and when adopted, at a level commensurate with Employee’s
title. The specific terms of Employee’s participation in the
LIM equity participation plan will be determined in the sole
discretion of the Board of Directors.
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Employee
Benefits:
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Employee will
be entitled to participate in all employee benefit plans and
programs applicable to Vice Presidents of LIM, as and when adopted.
Such plans and programs shall include health insurance, dental
insurance, disability insurance, life insurance and a Defined
Contribution (401(k)) Plan, all subject to such contributions by
Employee as the Board of Directors may from time to time determine
in its sole discretion.
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Confidentiality and
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Non-Competition:
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Upon the
commencement of his employment, Employee will sign an Agreement
that establishes his non-disclosure, non-competition and
non-solicitation obligations with respect to LIM and its
subsidiaries (the &l
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