Cincinnati Bell 2015 Annual Report Download - page 60

below occurs. Regardless of the termination scenario, Messrs. Torbeck, Fox, Simpson, Wilson and
Duckworth will continue to be bound by the non-disclosure, non-compete and non-solicitation
provisions of their employment agreements.
If an executive is terminated by the Company without cause (an involuntary not for cause
termination), the executive will be entitled to the following:
A payment equal to 2.0 times the executive’s base salary;
A payment equal to the present value of an additional two years of participation in the
Company’s Management Pension Plan, if applicable, as though the executive had remained
employed at the same base rate of pay and target bonus;
Continued medical, dental, vision and life insurance benefits during the two-year period
following the executive’s termination of employment on the same basis as any active salaried
employee provided any required monthly contributions are made;
Continued treatment as an active employee during the two-year period following termination
with respect to any outstanding long-term incentive cycles the executive may be participating
in and any unvested stock options will continue to vest under the normal vesting schedule as
though the executive was still an active employee; and
The ability to exercise any vested options for an additional 90 days after the end of the two-
year period.
If an executive is terminated within the one-year period following a change in control, the executive
will be entitled to the following:
A payment equal to 2.5 times the sum of his base salary and annual bonus target in the case
of Messrs. Fox, Simpson, Wilson and Duckworth and 2.99 times in the case of Mr. Torbeck;
If eligible to participate in the Management Pension Plan, a payment equal to the present
value of an additional two years of participation in the Plan as though the executive had
remained employed at the same base rate of pay and target bonus;
Continued medical, dental, vision and life insurance coverage during the two-year period
following the executive’s termination of employment on the same basis as other active
employees provided any required monthly contributions are made;
Full vesting of any options, restricted shares and/or other equity awards and the ability to
exercise such options for the two-year period following termination; and
Full vesting and payout at target amounts of any awards granted under long-term incentive
plan.
If an executive is “terminated” because of his or her death, the executive’s beneficiary will be
entitled to the following:
A payment equal to the bonus accrued and payable to the deceased executive for the current
year;
Full vesting of all options held by the deceased executive and the ability to exercise such
options for the one-year period following the date of the executive’s death; and
Full vesting and payout at target amounts of any awards granted to the deceased executive
under long-term incentive plans.
If an executive is terminated by reason of disability, the executive will be entitled to the following:
A payment equal to the bonus accrued and payable to the disabled executive for the current
year completed;
46