Resignation and Severance Agreement between John F. Petro and Applied Innovation Inc.

Contract Categories: Human Resources › Separation Agreements
Summary

John F. Petro resigns as Chief Technical Officer and from all other positions at Applied Innovation Inc. and its subsidiaries, effective July 10, 2006. The company agrees to treat this resignation as a termination without cause, making Mr. Petro eligible for severance benefits as outlined in Section 9(d) of his May 20, 2002 Employment Agreement. The agreement is accepted by Applied Innovation Inc. and signed by its President and CEO, William H. Largent.

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EX-10.1 2 l21253aexv10w1.htm EX-10.1 EX-10.1  

Exhibit 10.1
July 10, 2006
The Board of Directors
Gentlemen:
I hereby resign as Chief Technical Officer of Applied Innovation Inc. (Applied), and any other offices I may hold with Applied or any of its subsidiaries effective this date.
I understand that this resignation will be treated as a termination without cause by Applied and that I shall be entitled to the severance benefit provided under Section 9(d) of my Employment Agreement dated May 20, 2002.
         
  Sincerely,
 		  
  /s/ John F. Petro    
     
  John F. Petro   
 
Accepted and agreed to as of
July 10, 2006
Applied Innovation Inc.
/s/ William H. Largent
     
By:
  William H. Largent
 
  President and Chief Executive Officer