Resignation and Severance Agreement between Gerard B. Moersdorf, Jr. and Applied Innovation Inc.

Summary

Gerard B. Moersdorf, Jr. resigns as President and CEO of Applied Innovation Inc., effective January 24, 2005, but remains Chairman of the Board. The company agrees to treat this as a termination without cause, entitling Mr. Moersdorf to a severance benefit under his Employment Agreement, which includes continuation of his annual salary of $324,500 for 12 months. The agreement is accepted by Applied Innovation Inc. and signed by its President and CEO.

EX-10.15 4 l12519aexv10w15.txt EXHIBIT 10.15 EXHIBIT 10.15 January 24, 2005 The Board of Directors of Applied Innovation Gentlemen: I hereby resign as President and Chief Executive Officer of Applied Innovation Inc. (Applied), and any other offices I may hold with Applied or any of its subsidiaries effective this date, except as Chairman of the Board of Directors of Applied or any of its subsidiaries. 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 October 19, 2000, which provides for continuation of my basic salary (annual rate of $324,500) for 12 months from this date. Sincerely, /s/ Gerard B. Moersdorf, Jr. - ----------------------------------------- Gerard B. Moersdorf, Jr. Accepted and agreed to as of January 24, 2005 Applied Innovation Inc. /s/ William H. Largent - ----------------------------------------- By: William H. Largent President and Chief Executive Officer