Release of Claims Agreement between Cincinnati Bell Inc. and Christopher J. Wilson dated as of March 27, 2023
Exhibit 10.38
RELEASE OF CLAIMS
This RELEASE OF CLAIMS ("Release") is made by and between Christopher J. Wilson (“Employee”) and Cincinnati Bell Inc. d/b/a altafiber ("the Company").
WHEREAS, the Company and Employee entered into an Employment Agreement effective December 1, 2017, as amended (the “Employment Agreement”); and
WHEREAS, the Company desires to exercise its right to terminate the Employment Agreement pursuant to Section 13.D thereof;
WHEREAS, in Section 13.F of the Employment Agreement Employee agreed to execute and refrain from revoking this Release in consideration of and as a condition precedent to receipt of payments and benefits provided under applicable provisions of Section 13.D of the Employment Agreement; and
WHEREAS, on March 8, 2023 the Board of Directors approved a resolution relating to payments and benefits to be provided to Employee upon termination of employment pursuant to Section 13.D of the Employment Agreement (the Board Resolution);
NOW, THEREFORE, in accordance with Section 13.F of the Employment Agreement and the Senior Management Compensation Arrangements segment of the Board Resolution Employee agrees as follows:
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3. In addition to the payments and benefits specified in Section 13.D of the Employment Agreement: (a) Employee will be deemed vested in 40% of the Long Term Incentive Plan (“LTIP”) Units granted to him upon termination of his Employment Agreement pursuant to the terms of the LTIP Unit Award Agreement, made under the Red Fiber Holdings, LLC Long- Term Incentive Plan, provided that, in the event the Red Fiber Holdings, LLC Long-Term Incentive Plan is subsequently amended or superseded, Employee’s vested LTIP Units will
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be carried over to such amended or superseded plan, consistent with other grantees; (b) Employee will receive a lump sum payment of $292,808 (less applicable withholdings) in lieu of his salary for the period April 1, 2023 through December 31, 2023; and (c) subject to Section 13.D(ii) of the Employment Agreement, Employee will receive a lump sum payment of $42,768 (less applicable withholdings), representing the Company’s portion of the cost of 27 months of his medical, dental and vision coverage elections at the rates in effect for 2023.
4. The Company does not, by entering into this Release or otherwise, admit any violation of Title VII, common law, the Ohio Revised Code, contract law, any other statute or law or any of Employee’s rights.
5. Employee acknowledges that he or she continues to be bound by the provisions of the Employment Agreement to the extent such provisions apply to periods following termination of the Employment Agreement pursuant to Section 13.D thereof.
6. Employee acknowledges that the Company has provided a reasonable period of at least twenty-one (21) days to consider this Release. Employee hereby agrees that the above-referenced review period shall not be extended or affected by any material or non-material corrections or amendments to the Release initially presented to Employee by the Company. This Release must be signed and returned not later than 5:00 PM on Friday, April 28, 2023 to Mary Talbot, Chief Legal Officer, 221 E. 4th Street, Cincinnati, OH 45202 ***@***). To be valid, this Release must be signed and returned as stated herein. By law, Employee may revoke this Release within seven (7) days after signing it by providing written notice of revocation to Ms. Talbot at the address specified in this paragraph. Pursuant to Section 13.F of the Employment Agreement, revocation of this Release relieves the Company of the obligation to pay any amount (other than Base Salary accrued through the
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separation-effective date specified in paragraph 1 and any Bonus earned for the year preceding the year in which such separation-effective date occurs), otherwise payable to Employee under Section 13 of said Employment Agreement.
7. EMPLOYEE, BY SIGNING THIS RELEASE, UNDERSTANDS THAT HE OR SHE WILL SEPARATE FROM EMPLOYMENT EFFECTIVE ON THE DATE SPECIFIED IN PARAGRAPH ONE, HAS WAIVED ALL CLAIMS AGAINST THE COMPANY AND ITS EMPLOYEES OR OTHER AGENTS, INCLUDING ALL CLAIMS TO REINSTATEMENT, LOST WAGES, BENEFITS OR PAYMENT OF ATTORNEYS' FEES OR OTHER DAMAGES, AND CERTIFIES THAT EMPLOYEE ENTERS INTO THIS RELEASE KNOWINGLY, VOLUNTARILY AND AFTER HAVING THE OPPORTUNITY AND BEING ADVISED TO CONSULT WITH AN ATTORNEY AND TO REVIEW THIS DOCUMENT IN ITS ENTIRETY. EMPLOYEE STATES AND ADMITS THAT IN EXECUTING THIS RELEASE EMPLOYEE DOES NOT RELY, AND HAS
NOT RELIED, UPON ANY OTHER REPRESENTATION OR STATEMENT MADE BY THE
COMPANY OR BY ANY OF ITS AGENTS, REPRESENTATIVES, OR ATTORNEYS WITH
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REGARD TO THIS RELEASE.
/s/ Christopher J. Wilson |
| Date: | March 27, 2023 |
Christopher J. Wilson |
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Cincinnati Bell Inc. d/b/a altafiber |
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/s/ Mary E. Talbott |
| Date: | March 27, 2023 |
Mary E. Talbott |
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Title: Chief Legal Officer |
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