EMPLOYMENT AGREEMENT

 

                                                               EXHIBIT 10(iii)28

                              EXECUTIVE RETENTION

                                      AND

                              EMPLOYMENT AGREEMENT
                              --------------------
                                        

     AGREEMENT, effective as of August 1, 1994, between NYNEX Corporation, a
Delaware corporation (the "Company"), and Frederic V. Salerno, an individual
(the "Executive").

     In consideration of the mutual agreements and covenants contained herein,
the Company and the Executive hereby agree as follows:

1.   Executive Duties.  The Company hereby employs the Executive and the
     ----------------                                                   
Executive hereby agrees to serve the Company in the capacity of Vice Chairman
and that the Executive's entire business time and best efforts during the Term
of Employment (as hereinafter defined) will be devoted to the performance of the
Executive's duties, as now or hereafter assigned to the Executive by the Board
of Directors, the Chairman of the Board, or the President of the Company.

2.   Term of Employment.  The term of employment (the "Term of Employment")
     ------------------                                                    
shall commence on August 1, 1994 and shall continue until December 31, 1996 and
thereafter shall continue day to day.

3.   Compensation.  Except as hereinafter provided, the Company shall pay to the
     ------------                                                               
Executive, and the Executive shall accept from the Company, for the services and
duties to be rendered and performed by the Executive during the Term of
Employment:

     (a)  Base Compensation.  During the Term of Employment, base compensation
          -----------------                                                   
          at an annual rate not less than his current rate (subject to
          applicable withholding and other taxes), (i) payable in equal monthly
          installments on or before the first day of the month following each of
          the months during such period, and (ii) as subsequently adjusted by
          the Board of Directors of the Company.

     (b)  Short Term Incentive Plan.  During the Term of Employment, the
          -------------------------                                     
          Executive shall participate in the Company's Senior Management Short
          Term Incentive Plan (the "STIP"), if any, as a tier (D+) equivalent or
          higher member of the Senior Management Compensation Group.

     (c)  Long Term Incentive Plan.  During the Term of Employment, the
          ------------------------                                     
          Executive shall participate in the NYNEX Senior Management Long Term
          Incentive Plan (the "LTIP"), if any, as a tier (D+) equivalent or
          higher member of the Senior Management Compensation Group.

(d)  Stock Options.  During the Term of Employment, the Executive will be
     -------------                                                       
     eligible to participate in the NYNEX Stock Option Plan to the extent
     options are offered to tier (D+) equivalent or higher members of the Senior
     Management Compensation Group.

     (e)  Other Compensation.  During the Term of Employment, the Executive
          ------------------                                               
          shall participate in any NYNEX Senior Management Plans as a tier D+
          equivalent or higher member of the Senior Management Compensation
          Groups that are initiated in lieu of or in addition to 3(a), (b) or
          (c).

     (f)  Retention Award.  As of January 3, 1994, the Company will award the
          ---------------                                                    
          Executive 9513 shares of restricted stock (the "Award"), pursuant to
          the terms of the NYNEX 1987 Restricted Stock Award Plan, (1987 Plan)
          under the following terms:

           (i) dividends on the Award will be used to purchase additional shares
               of restricted stock (the additional shares and the Awarded shares
               shall be referred to collectively as the "Retention Award");

          (ii) the shares which comprise the Retention Award shall be subject to
               the terms and conditions provided in the 1987 Plan;

         (iii) the Restriction Period for the Retention Award as defined in
               the 1987 Plan shall end when the Executive:

               (A)  voluntarily separates from service with the Company with the
                    consent of the Chairman of the Company;

               (B)  dies; or

               (C)  is terminated without cause.

     (g)  Benefits.  In addition to the Base Compensation, STIP, LTIP, Other
          --------                                                          
          Compensation and Stock Option Plan grants and awards payable to the
          Executive pursuant to this paragraph 3, the Company shall provide the
          following benefits to the Executive during the Term of Employment:

          (i)  The Executive, to the extent eligible, shall participate in the
               Company's current and future employee benefit plans and programs
               for members of the Senior Management Compensation Group and
               employees generally in accordance with the terms of such plans
               and programs.

(ii) The Executive, as a member of the Senior Management Compensation Group as
     defined by the NYNEX Board of Directors, shall be entitled to all
     perquisites and benefits available to members of the Senior Management
     Compensation Group of the Company.

     (h)  Termination of Payments and Severance Pay.  If the Term of Employment
          -----------------------------------------                            
          is terminated, compensation and benefits under this subparagraph 3
          shall be paid as follows:

         (i)  If the Executive voluntarily separates from service with the
              Company without the consent of the Chairman of the Company:

               (A)  the Company shall make no further payments to the Executive
                    under sub-paragraph 3(a) for any period of time subsequent
                    to the date of such separation;

               (B)  grants and awards previously made to the Executive under the
                    LTIP, STIP and the Stock Option Plan shall be governed by
                    the terms of those plans;

               (C)  the Retention Awards provided for under sub-paragraph 3(f),
                    shall be forfeited;

               (D)  all benefits provided under sub-paragraphs 3(e) and 3(g)
                    shall cease as of the date of such separation, except as may
                    be provided in the plans and programs; and

               (E)  the Executive shall not be entitled to severance pay
                    pursuant to the NYNEX Executive Serverance Pay Plan
                    ("Severance Pay Plan").

         (ii) If the Executive voluntarily separates from service with the
              Company with the consent of the Chairman of the Company:

               (A)  the Company shall make payments to the Executive under sub-
                    paragraph 3(a) for any period of time subsequent to the date
                    of separation through December 31, 1996, and shall make no
                    further payments to the Executive under sub-paragraph 3(a)
                    for any period of time subsequent to December 31, 1996;

               (B)  grants and awards previously made to the Executive pursuant
                    to the LTIP, STIP, and the Stock Option Plan shall be
                    governed by the terms of those plans as if the Executive was
                    employed and served the Company through December 31, 1996;
               (C)  the restrictions on the Retention Awards, provided for under
                    sub-paragraph 3(f), shall lapse;

               (D)  all benefits provided under sub-paragraphs 3(e) and 3(g)
                    shall be governed by the terms of the 

                    plans and programs as if the Executive was employed and
                    served the Company through December 31, 1996; and

               (E)  the Executive shall be entitled to severance pay pursuant to
                    the Severance Pay Plan 7 days after the Executive signs the
                    release provided for in the Severance Pay Plan.

        (iii)  If the Executive dies:

               (A)  the Company shall make payments to the Executive under sub-
                    paragraph 3(a) for any period of time subsequent to the date
                    of death through December 31, 1996, and shall make no
                    further payments to the Executive's estate or beneficiary
                    under sub-paragraph 3(a) for any period of time subsequent
                    to December 31, 1996;

               (B)  grants and awards previously made to the Executive pursuant
                    to the LTIP, STIP and the Stock Option Plan shall be
                    governed by the terms of those plans as if the Executive was
                    employed and served the Company through December 31, 1996;

               (C)  the restrictions on the Retention Awards provided for, under
                    sub-paragraph 3(f), shall lapse;

               (D)  all benefits provided under sub-paragraphs 3(e) and 3(g)
                    shall be governed by the terms of the plans and programs as
                    if the Executive was employed and served the Company through
                    December 31, 1996; and

               (E)  the Executive's Estate or beneficiary shall be entitled to
                    severance pay pursuant to the Severance Pay Plan 7 days
                    after the Executive's Estate or beneficiary sign the release
                    provided for in the Severance Pay Plan.

          (iv) If the Executive's employment is terminated for cause as defined 
               in Paragraph 4 below:

               (A)  the Company shall make no further payments to the Executive
                    under sub-paragraph 3(a) for period of time subsequent to
                    the date of such termination;

               (B)  grants and awards previously made to the Executive pursuant
                    to the LTIP, STIP and the Stock Option Plan shall be
                    governed by the terms of those plans;

               (C)  the Retention Awards, provided for under sub-paragraph 3(f),
                    shall be forfeited;

               (D)  all benefits provided under sub-paragraphs 3(e) and 3(g)
                    shall cease as of the date of such termination except as may
                    be provided in the plans and programs; and

               (E)  the Executive shall not be entitled to severance pay
                    pursuant to the Severance Pay Plan.

          (v)  If the Executive becomes and remains totally disabled:

               (A)  the Company shall pay the monthly payments specified in sub-
                    paragraph 3(a) to the Executive, (i) pursuant to the terms
                    of the Company's Short Term Disability Plan for the period
                    of time specified in such Plan, (ii) and shall continue such
                    payments for any period of time subsequent to the cessation
                    of payments or a portion thereof pursuant to the Company's
                    Short Term Disability Plan through December 31, 1996, and
                    (iii) after December 31, 1996, shall make further payments
                    to the Executive under sub-paragraph 3(a) for any period of
                    time subsequent to December 31, 1996 only pursuant to the
                    terms of the Company's Short Term Disability Plan;

               (B)  grants and awards previously made to the Executive pursuant
                    to the LTIP, STIP, and the Stock Option Plan shall be
                    governed by the terms of those plans as if the Executive was
                    employed and served the Company through December 31, 1996;

               (C)  the Retention Awards provided for under sub-paragraph 3(f)
                    shall be continued until the expiration of the Term of
                    Employment; and

               (D)  all benefits provided under sub-paragraphs 3(e) and 3(g)
                    shall continue to be provided until the expiration of the
                    Term of Employment;

               (E)  the Severance Pay Plan shall be continued until the
                    expiration of the Term of Employment.

          (vi) If the Executive's employment is terminated by the Company
               without cause:

               (A)  the Company shall make payments to the Executive under sub-
                    paragraph 3(a) for any period of time subsequent to the date
                    of termination through December 31, 1996, and shall make no
                    further payments to the Executive under sub-paragraph 3(a)
                    for any period of time subsequent to December 31, 1996;

               (B)  grants and awards previously made to the Executive pursuant
                    to the LTIP, STIP, and the Stock Option Plan shall be
                    governed by the terms of those plans as if the Executive was
                    employed and served the Company through December 31, 1996;

               (C)  the restrictions on the Retention Awards provided for under
                    sub-paragraph 3(f) shall lapse;

               (D)  all benefits provided under sub-paragraphs 3(e) and 3(g)
                    shall be governed by the terms of the plans and programs as
                    if the Executive was employed and served the Company through
                    December 31, 1996; and

               (E)  the Executive shall be entitled to severance pay pursuant to
                    the Severance Pay Plan 7 days after the Executive signs the
                    release provided for the Severance Pay Plan.

4.   Termination of Employment
     -------------------------

     (a)  The Executive may voluntarily terminate employment with the Company at
          any time with or without cause at the sole discretion of the employee.

     (b)  The Executive's employment may be terminated by the Company at any
          time with or without cause at the sole discretion of the Company.  The
          Company shall give the Executive 90 days' notice if the Executive's
          employment is being terminated without cause.  If the Company
          terminates the Executive's employment without cause and without 90
          days notice, not withstanding the provisions of 3(g)(vi)(A), the
          Company will pay the Executive's Base Compensation for each day that
          the period between notice and termination of employment is less than
          90 days.  The term "cause" as used in this Agreement shall mean
          grossly incompetent performance or substantial or continuing
          inattention to or neglect of the duties and responsibilities assigned
          to the Executive, as determined in the sole discretion and judgment of
          the Chairman and Chief Executive Officer of the Company; fraud,
          misappropriation, embezzlement, involving the Company or any of its
          subsidiaries or Affiliates; or commission of any felony of which the
          Executive is finally adjudged guilty in a court of competent
          jurisdiction; or a breach of Paragraph 8 (Non-Competition and Non-
          Solicitation), 9 (Intellectual Property and Proprietary Information),
          10 (Company Rules; Code of 

          Business Conduct), or 11 (Modification of Final Judgment) of this
          Agreement. In the event that the Company terminates the employment of
          the Executive for cause, it will state in writing the grounds for such
          termination and provide this statement to the Executive within 10
          business days after the date of termination, except that, in the event
          that the reason for termination for cause is grossly incompetent
          performance or substantial or continuing inattention to or neglect of
          the duties and responsibilities assigned to the Executive, the Company
          will give the Executive 60 calendar days prior written notice and an
          opportunity to cure the performance within these 60 calendar days.
          Evidence of such cause or evidence of other cause discovered after the
          notice may also be considered to support the termination decision and
          will, by itself, be sufficient to constitute cause.

5.   Expenses.  In accordance with the Company's usual practices and procedures,
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the Company agrees to reimburse the Executive for reasonable travel expenses
(other than normal commutation expenses) and other reasonable out-of-pocket
expenses directly related to the Executive's work for the Company.

6.   Holidays and Vacation.  The Executive shall have the same holidays per
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calendar year recognized by the Company for its management employees (presently
11).  During each calendar year during the Term of Employment, the Executive
shall have an aggregate of 4 Management Personal Days and 5 weeks vacation.
Notwithstanding the foregoing, such Management Personal Days and vacation days
shall be scheduled at such times and in such number with due regard to the needs
of the business.  The Executive agrees to use his best efforts to take or use
all accrued and to be accrued vacation and excused work days prior to December
31, 1996, and the Company will not be obligated to pay the Executive for any
accrued but unused vacation or excused work days after December 31, 1996 in
excess of five weeks.

7.   Capacity.
     -------- 

     (a)  The Executive hereby warrants and represents that the Executive is
          legally capable and now physically capable (with or without reasonable
          accommodation) of performing the duties contemplated in this Agreement
          and that such performance will not violate any agreements the
          Executive has with, or breach any duties owed to, any other employer
          or organization.

     (b)  The Company hereby warrants and represents that this Agreement has
          been duly and validly authorized, executed, and delivered.

8.   Non-Competition and Non-Solicitation.
     ------------------------------------ 

     (a)  Without the prior written consent of the Company, the Executive shall
          not, during the Term of Employment and for a period of two years from
          the date of termination of employment with the Company, or its
          Affiliates, either for himself or as an agent, partner, joint venturer
          or employee of any Person, other than the Company, or its Affiliates,
          or in any other capacity, directly or indirectly:

           (i) engage in Competitive Services for any Customer or any
               Prospective Customer; or

          (ii) contact, solicit or attempt to solicit, whether for the
               Executive's own account or for the account of any Person other
               than the Company, or its Affiliates, any Customer or any
               Prospective Customer; or

         (iii) induce away from the Company, or its Affiliates, or facilitate
               the inducement away from the Company, or its Affiliates of, any
               personnel of the Company, or its Affiliates, or interfere with
               the faithful discharge by such personnel of their contractual and
               fiduciary obligations to serve the interests of the Company, or
               its Affiliates and their Customers; or

          (iv) invest in or otherwise be connected with, in any manner, any
               Person that provides or intends to provide products or services
               of the type provided by the Company or its Affiliates for any
               Customers or any Prospective Customer.

     (b)  For the purposes of this Paragraph 8, the following terms shall have
          the following definitions:

           (i) "Affiliate" of a Person means any Person directly or indirectly
               controlling, controlled by, or under common control with, such
               other Person.

          (ii) "Customer" means any Person for whom the Company or its
               Affiliates performed Competitive Services within the 18 months
               immediately preceding such engagement, contact, solicitation
               attempted solicitation or inducement, or the Executive's
               termination of employment.

         (iii) "Competitive Services" means any business activity of the
               Company or its Affiliates which is, being conducted or planned
               during the Term of Employment or was being conducted or planned
               by the Company or its Affiliates at the time of the Executive's
               termination of employment.

          (iv) "Person" means an individual, a corporation, a partnership, and
               association, a trust or any other entity, including a government
               or political subdivision or an agency or instrumentality thereof.

           (v) "Prospective Customer" means any Person to whom the Company or
               its Affiliates submitted, or assisted in the submission of, a
               proposal for Competitive Services during the 18 months
               immediately preceding such (x) engagement, contact, solicitation,
               attempted solicitation or inducement, or (y) the Executive's
               termination of employment.

     (c)  Ownership of less than 5% of the securities in a publicly traded
          corporation shall not constitute a violation of this Agreement.

     (d)  Notwithstanding the foregoing, the Executive may, at any time, submit
          in writing a request for permission to participate in any facet of the
          Telecommunications Business.  Such request shall set forth in detail
          the specifics of such participation, including job or venture
          description, geographic scope and such other information appropriate
          for an informed decision by the Company.  The Company can request
          further information concerning such proposed undertaking.  The Company
          will respond as soon as reasonably possible, giving due consideration
          to the completeness of the request and information provided by the
          Executive.  Such request should be submitted in writing to the
          Chairman of the Company.  The final decision to grant or deny such
          request shall be at the sole discretion of the Company, limited only
          by the overall intent of this paragraph 8(d) that the Executive not
          compete and assist in any way any present or potential competitor of
          the Company, its present or future affiliates, subsidiaries, partners
          or joint ventures during this two-year period.

9.   Intellectual Property and Proprietary Information.  The Executive has
     -------------------------------------------------                    
executed the NYNEX Employee Agreement Regarding Intellectual Property and
Proprietary Information which is attached hereto as Appendix A and made a part
of this Agreement.

10.  Company Rules: Code of Business Conduct.  The Executive agrees to abide by
     ---------------------------------------                                   
all of the rules applicable to Company employees as such rules are made known to
the Executive from time to time.  The Executive has received and read the
publication entitled the NYNEX Code of Business Conduct.

11.  Modification of Final Judgment.  The Executive has received and read the
     ------------------------------                                          
publication entitled NYNEX Policy for Compliance with the Modification of Final
Judgment (August 1988) and has executed the Acknowledgment attached thereto.
Such Acknowledgment is attached hereto as Appendix B and made a part of this
Agreement.

12.  Additional Remedies.  In addition to any other rights or remedies, whether
     -------------------                                                       
legal, equitable or otherwise, which each of the parties may have:

     (a)  The Executive acknowledges that Paragraph 8, 9, 10 and 11 of this
          Agreement are essential to the continued good will and profitability
          of the Company and its Affiliates and further acknowledges that the
          application and operation thereof shall not involve a substantial
          hardship upon the Executive's future livelihood.  Should any court or
          arbitrator determine that any or all of such paragraphs of this
          Agreement are unenforceable in respect of scope, duration or
          geographic area, such court or arbitrator shall substitute, to the
          extent enforceable, provisions similar thereto or other provisions, so
          as to provide to the Company and its Affiliates, to the fullest extent
          permitted by applicable law, the benefits intended by this Agreement.

     (b)  The parties hereto further recognize that irreparable damage to the
          Company and its Affiliates will result in the event that Paragraphs 8,
          9, 10 and 11 of this Agreement are not specifically enforced and that
          monetary damages will not adequately protect the Company and its
          Affiliates from a breach of this Agreement.  If any dispute arises
          concerning the violation by the Executive of this Agreement, the
          parties hereto agree that an injunction may be issued restraining such
          violation pending the determination of such controversy, and no bond
          or other security may be required in connection therewith.

13.  Waiver.  Failure to insist upon strict compliance with any of the terms,
     ------                                                                  
covenants or conditions hereof shall not be deemed a waiver of such term,
covenant or condition, nor shall any waiver or relinquishment of any right or
power hereunder at any one or more times be deemed a waiver or relinquishment of
such right or power at any other time or times.

14.  Reformation and Severability.  The Executive and the Company agree that the
     ----------------------------                                               
agreements contained herein shall each constitute a separate agreement
independently supported by good and adequate consideration, shall each be
severable from the other provisions of the Agreement, and shall survive the
Agreement.  If an arbitrator or court of competent jurisdiction determines that
any terms, provision or portion of this 

Agreement is void, illegal or unenforceable, the other terms, provisions and
portions of this Agreement shall remain in full force and effect and the terms,
provisions and portions that are determined to be void, illegal or unenforceable
shall be limited so that they shall remain in effect to the extent permissible
by law.

15.  Notices.  All notices and other communications hereunder shall be in
     -------                                                             
writing and shall be deemed to have been duly given if delivered by hand or
messenger, transmitted by telex or telegram or mailed by registered or certified
mail, return receipt requested and postage prepaid, as follows:

     (a)  If to the Company, to:
               NYNEX Corporation
               1113 Westchester Avenue
               White Plains, New York  10604
               Attention:  Executive Vice President
                and General Counsel

     (b)  If to the Executive, to:
               Frederic V. Salerno
               8 Commodore Avenue
               Rye, New York 10580.

or to such other person or address as either of the parties shall designate to
the other from time to time by similar notice.

16.  Assignability.  This Agreement is personal in nature.  The Executive shall
     -------------                                                             
have no right to assign or transfer this Agreement.  In the event of any
attempted assignment or transfer by the Executive of the Executive's duties an
obligations contrary to this paragraph, all the Executive's rights under this
Agreement shall be forfeited, and the Company shall have no further liability
under this Agreement.  The Company may assign or transfer its rights under this
Agreement only to an Affiliate of the Company.  No assignment by the Company
shall relieve the Company of the liabilities and responsibilities created by
this Agreement.

17.  Entire Understanding.  This Agreement constitutes the entire understanding
     --------------------                                                      
between the Company and the Executive with respect to the subject matter hereof,
superseding any and all prior written or oral understandings which may have
existed.

18.  Amendment.  This Agreement may be amended or modified, in whole or in part,
     ---------                                                                  
only by an agreement in writing signed by the Company and the Executive.

19.  Headings.  The headings in this Agreement are inserted for convenience of
     --------                                                                 
reference only and are not to be considered in the construction of the
provisions herein.

20.  Governing Law.  This Agreement shall be governed by, and construed in
     -------------                                                        
accordance with, the laws of the State of New York without regard to the
principles of conflicts of laws of that State.

21.  Arbitration.  Any disputes under this Agreement shall be submitted to
     -----------                                                          
Arbitration.  The Arbitration shall be conducted under the rules of the American
Arbitration Association.

22.  Conflict.  In the event of any conflict between the terms of this Agreement
     --------                                                                   
and any benefit plan or program in which the Executive participates, or with the
terms of any other contract that the Executive has with the Company or an
Affiliate, the terms of this Agreement shall control.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
and delivered as of the 12th day of August, 1994.

EXECUTIVE                           COMPANY

FREDERIC V. SALERNO                   BY WILLIAM C. FERGUSON
-------------------                     --------------------
FREDERIC V. SALERNO                     WILLIAM C. FERGUSON

NEW YORK TELEPHONE CO.                                               APPENDIX A

                               EMPLOYEE AGREEMENT

                                   REGARDING

               INTELLECTUAL PROPERTY AND PROPRIETARY INFORMATION

F. V. SALERNO                                                         B00000000

          IN CONSIDERATION of my employment or my continued employment at will
by New York Telephone; and in further consideration of New York Telephone's
award to me, while employed by New York Telephone, of an inventor's honorarium
for the specific assignment to New York Telephone of each original U.S. Patent
Application:

A.   I hereby assign and agree to assign to New York Telephone, all my right,
     title and interest in and to all inventions, discoveries, improvements,
     ideas, computer or other apparatus programs and related documentation, and
     other works of authorship (hereinafter each designated "Intellectual
     Property"), whether or not patentable, copyrightable or susceptible to
     other forms of protection, which during the period of my employment by New
     York Telephone I may make, create, develop, write or conceive, whether
     during or outside of regular working hours, either solely or jointly with
     another, in whole or in part, either:

     1. in the course of such employment, or
     2. relating to the business or research or development of New York
        Telephone or of any NYNEX company, or
     3. with the use of the time, material, private or proprietary information,
        or facilities of New York Telephone or of any NYNEX company.

B.   I further agree, without charge to New York Telephone, but at its expense:

     1. to disclose promptly to New York Telephone all such Intellectual
        Property,
     2. to promptly, at the request of New York Telephone, execute a specific
        assignment to New York Telephone of any right, title and interest to
        such Intellectual Property, including priority rights arising from
        patent applications, and
     3. to do anything else reasonably necessary to enable New York Telephone to
        secure patents, copyrights or other forms of protection for such
        Intellectual Property in the United States and in other countries.

C.   I further agree that I will keep in confidence and will not, except as
required in the conduct of the business of New York Telephone, or as authorized
in writing on behalf of New York Telephone, publish, disclose or use, or
authorize anyone else to publish, disclose or use, during said period of my
employment and subsequent thereto, any private or proprietary information which
I may in any way acquire, learn, develop or create by reason of my employment by
New York Telephone and that when my employment terminates, I will relinquish all
documents and records containing such information to New York Telephone.

D.   I further agree that the various provisions of this Agreement:

     1. shall be interpreted in accordance with New York law,
     2. shall be binding upon my heirs, executors, administrators and assigns,
     3. shall be deemed separable from each other, and the invalidity of one
        provision shall not affect the validity of any other provision, and
     4. shall not be deemed to provide or imply the duration or other terms and
        conditions of my employment.

E.   I hereby acknowledge that I have on this day received a copy of this
     Agreement.

                                      SSN   ###-##-####
                                 
                                 
Frederic V. Salerno  7/7/87           Frederic V. Salerno-President & CEO
---------------------------           -----------------------------------
EMPLOYEE SIGNATURE AND DATE           EMPLOYEE NAME (PRINT) AND TITLE

WITNESSED BY:

Maria E. Cabezas     7/7/87           Maria E. Cabezas - Executive Asst.
---------------------------           ----------------------------------
SUPERVISORY SIGNATURE AND DATE        SUPERVISORY NAME (PRINT)AND TITLE

                                                   APPENDIX B

 

MODIFICATION OF FINAL JUDGMENT
------------------------------

 

CERTIFICATE
-----------

               The undersigned hereby (1) acknowledges receipt of a copy of the
            1982 United States v. Western Electric, Modification of Final
            Judgment and a written directive setting forth Company policy
            regarding compliance with the antitrust laws and with such
            Modification of Final Judgment, (2) represents that the undersigned
            has read such Modification of Final Judgment and directive and
            understands those provisions for which the undersigned has
            responsibility, (3) acknowledges that the undersigned has been
            advised and understands that non-compliance with such policy and
            Modification of Final Judgment will result in appropriate
            disciplinary measures determined by the Company and which may
            include dismissal, and (4) acknowledges that the undersigned has
            been advised and understand that non-compliance with the
            Modification of Final Judgment may also result in conviction for
            contempt of court and imprisonment and/or fine.

            Date       April 1, 1987
                 -------------------

            Signature   F. V. Salerno
                      ---------------

            Name (printed)   F. V. Salerno
                           ---------------

            Title    President and Chief Executive Officer
                  ----------------------------------------

            Department   Executive
                       -----------

 

Basic Info X:

Name: EMPLOYMENT AGREEMENT
Type: Employment Agreement
Date: March 24, 1995
Company: NYNEX CORP
State: Delaware

Other info:

Date:

  • August 1 , 1994
  • January 3 , 1994
  • December 31 , 1996
  • August 1988
  • 12th day of August , 1994
  • April 1 , 1987

Organization:

  • Board of Directors of the Company
  • NYNEX Senior Management Plans
  • Senior Management Compensation Groups
  • NYNEX Board of Directors
  • Senior Management Compensation Group of the Company
  • Company's Short Term Disability Plan
  • Term of Employment
  • NYNEX Employee Agreement Regarding Intellectual Property
  • NYNEX Code of Business Conduct
  • NYNEX Policy for Compliance
  • American Arbitration Association
  • New York Telephone
  • United States v. Western Electric
  • Modification of Final Judgment

Location:

  • Delaware
  • Westchester Avenue White Plains
  • U.S.
  • United States
  • New York Telephone

Money:

  • # # #

Person:

  • FREDERIC V. SALERNO WILLIAM C. FERGUSON
  • Frederic V. Salerno-President
  • Maria E. Cabezas
  • F. V. Salerno

Percent:

  • 5 %