Document:

Exhibit 10(x)

 

DPL INC.

PARTICIPATION AGREEMENT

 

This
PARTICIPATION AGREEMENT (“Agreement”) is entered
into this 13th day of January 2007
(the “Effective Date”) among DPL Inc., an Ohio corporation (“DPL”), The Dayton
Power and Light Company, an Ohio corporation (“DP&L”) (collectively, the “Company”),
and Daniel J. McCabe (“Executive”).

 

WHEREAS, DPL has an
executive compensation program (the “Program”),
generally effective as of January 1, 2006;

 

WHEREAS, the Program
provides benefits pursuant to the following plans which have been approved by
the Compensation Committee of the Board of Directors of DPL (the “Committee”) and adopted by the Board of Directors of DPL (the “Board”):
the DPL Inc. Severance Pay and
Change of Control Plan, the DPL Inc. Supplemental Executive Defined Contribution
Retirement Plan, the DPL Inc. 2006 Equity and
Performance Incentive Plan, the DPL Inc. Executive Incentive Compensation Plan
(the “EICP”), the DPL Inc. 2006 Deferred
Compensation Plan for Executives and the DPL Inc. Pension Restoration
Plan (collectively, the “Plans”);

 

WHEREAS, Executive’s
participation in the Plans and eligibility for the benefits provided thereunder
requires execution of this Agreement; and

 

WHEREAS, DPL desires to
provide Executive benefits in addition to those provided by the Program, as
described herein.

 

NOW THEREFORE, in
consideration of the promises and agreements contained herein and other good
and valuable consideration, the sufficiency and receipt of which are
hereby acknowledged, and intending to be legally
bound, Executive agrees as follows:

 

1.             Effective Date.    This
Agreement is effective on the Effective Date and will continue in effect as provided
herein.

 

2.             Participation in the Plans.    DPL
confirms that Executive has been designated by the Committee and the Board to
participate in each of the Plans pursuant to the terms thereof as of the date Executive
commences his employment, contingent on his execution of this Agreement.
Executive is eligible to receive additional benefits as such are provided to
other similarly situated employees of the Company
from time to time.

 

3.             Perquisite Allowance.    By
executing this Agreement, Executive shall be entitled to receive a perquisite
allowance in the amount of $20,000 per year (the “Perquisite Allowance”), for
each year that (a) Executive remains designated
by the Committee as eligible to receive the
Perquisite Allowance and (b) DPL continues to make the Perquisite
Allowance available to executive-level employees of the Company. Executive has
been designated by the Committee as eligible to receive the Perquisite
Allowance for 2007. The Perquisite Allowance for 2007 shall be paid as soon as
practicable after the commencement of Executive’s employment but no later than 30 days after
executive commences employment. The Perquisite Allowance for years after 2007 shall be paid to

 

 

Executive as soon as
practicable after the Committee designates Executive as eligible to receive the
Perquisite Allowance for that year. The Perquisite
Allowance will not be deemed “compensation,” as that term is defined under any
of the Plans, nor under any other plan, practice, program or policy of the
Company or any of its affiliates, as in effect from time to time.

 

5.             Signing Bonus.    By
executing this Agreement, Executive shall be entitled to receive a one-time
signing bonus in the amount of $50,000 (the “Signing
Bonus”). The Signing Bonus shall be paid in a lump sum within ten
(10) business days after the commencement of Executive’s
employment.

 

6.             Non-Solicitation.    As
a condition to his eligibility to participate in the Program, Executive
hereby agrees that during his employment and for a period of two years
following his termination of employment with the Company, Executive will not (a) solicit for
employment with himself or any firm or entity with which he is associated, any
employee of the Company, its subsidiaries or affiliates, or otherwise disrupt,
impair, damage or interfere with the Company’s, its subsidiaries’ or affiliates’
relationships with their employees or (b) solicit for Executive’s own
behalf or on behalf of any other person(s), any retail customer of the Company,
its subsidiaries or affiliates, that has purchased products or services from
the Company, its subsidiaries or affiliates, at any time (i) with respect to
solicitation during employment, during the Executive’s employment or (ii) with
respect to solicitation after termination of employment, in the twelve months
preceding the date on which Executive’s employment with the Company, its
subsidiaries or affiliates is terminated or that the Company, its
subsidiaries or affiliates are actively soliciting or have
known plans to solicit, for the purpose of marketing or distributing
any product, pricing or service competitive with any product, pricing or service
then offered by the Company, its subsidiaries or affiliates or which the
Company, its subsidiaries or affiliates have known plans to
offer.

 

[Signatures on the Following Page]

 

 

IN
WITNESS WHEREOF, the
parties hereto
have executed
this Agreement
on the
date first
written above.

 

 

	
   

  	
  DPL
  INC. and

  
	
   

  	
  THE DAYTON POWER
  AND LIGHT
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul M. Barbas

  
	
   

  	
   

  	
  Paul M. Barbas

  
	
   

  	
   

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Daniel J. McCabe

  
	
   

  	
   

  	
  Daniel J. McCabeExhibit 10(uu)

 

DPL INC.

AMENDED AND RESTATED

NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNITS
AGREEMENT

 

(Granted Under the 2006 Equity and
Performance Incentive Plan)

 

The Amended
and Restated Non-Employee Director Restricted Stock Units Agreement (the “Agreement”),
effective as of                             ,
2007, between DPL Inc., an Ohio corporation (“DPL”), and                           ,
a non-employee member of the Board of Directors of DPL and The Dayton Power and
Light Company (the “Grantee”), which set forth the terms and conditions
applicable to Restricted Stock Units granted to the Grantee under the 2006
Equity and Performance Incentive Plan (the “Plan”), is amended to comply with
the provisions of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and as so amended is restated in its entirety to provide
as follows:

 

ARTICLE
I - GRANT OF RESTRICTED STOCK UNITS

 

Subject to and upon the terms, conditions and
restrictions set forth in this Agreement and in the Plan, DPL hereby grants to
the Grantee as of the Date of Grant                     
Restricted Stock Units (the “Restricted Stock Units”), which shall become
non-forfeitable in accordance with Article III hereof.  Each Restricted Stock Unit shall represent
one hypothetical share of DPL’s common stock, par value of $0.01 per share (a “Common
Share”), and shall at all times be equal in value to one Common Share.

 

ARTICLE II - RESTRICTIONS ON TRANSFER OF RESTRICTED STOCK
UNITS

 

Neither the Restricted Stock Units granted hereby nor
any interest therein or in the Common Shares related thereto shall be
transferable other than by will or pursuant to the laws of descent and
distribution prior to payment of the Common Shares underlying this grant of
Restricted Stock Units.

 

ARTICLE
III - VESTING OF RESTRICTED STOCK UNITS

 

Section 3.1   The
Restricted Stock Units shall become non-forfeitable on April 15 of the
calendar year immediately following the calendar year of the Date of Grant (the
“Vesting Date”) if the Grantee shall have remained a member of the Board of
Directors of DPL and the Dayton Power and Light Company (collectively, the “Board”)
until the Vesting Date.

 

Section 3.2   Notwithstanding
the provisions of Section 3.1, (a) all of the Restricted Stock Units
shall immediately become non-forfeitable if the Grantee’s service on the Board
is terminated due to death or Disability (as defined below), (b) all of
the Restricted Stock Units shall immediately become non-forfeitable if a Change
of Control 

 

 

occurs, and (c) a pro-rata portion of the
Restricted Stock Units shall immediately become non-forfeitable if the Grantee
ceases to be a member of the Board prior to the Vesting Date for any reason
other than as set forth in (a) and (b) above and any remaining
Restricted Stock Units shall be immediately forfeited and of no further force
or effect (each of the events set forth in (a), (b) and (c), being
referred to herein as a “Vesting Event”). 
For purposes of this Agreement, “Disability” means a Grantee’s inability to perform the duties
required on a full-time basis for a period of six consecutive months because of
physical or mental illness or other physical or mental disability or
incapacity.

 

ARTICLE
IV- PAYMENT OF RESTRICTED STOCK UNITS

 

Subject to Article V, the Restricted Stock Units
that have become non-forfeitable pursuant to Article III above shall be
paid in Common Shares transferred to the Grantee as soon as practicable
following the earlier of (a) the Vesting Date, or (b) the occurrence
of a Vesting Event; provided, however, to the extent the Grantee
has a right to receive payment pursuant to this Article IV and the event
triggering the right to payment would subject the Grantee to taxation under Section 409A(a) of
the Code, then notwithstanding anything to the contrary in this Article IV,
issuance of the Common Shares underlying the Restricted Stock Units will be
made, to the extent necessary to comply with the provisions of Section 409A
of the Code, to the Grantee on the earlier of (a) the Grantee’s “separation
from service” with DPL and its Subsidiaries (determined in accordance with Section 409A);
and further  provided, that if the Grantee is a “specified
employee” (within the meaning of Section 409A) at the time of such
separation from service, the Grantee’s date of issuance of the Common Shares
shall be the date that is the first day of the seventh month after the date of
the Grantee’s separation of service with DPL, (b) the Vesting Date, or (c) the
Grantee’s death.

 

ARTICLE
V - DEFERRAL

 

Section 5.1   Ability
to Defer.  Notwithstanding Article IV
above, the Grantee may elect to defer receipt of all or any portion of the
non-forfeitable Restricted Stock Units, which will be credited to a bookkeeping
account in the Grantee’s name.

 

Section 5.2   Elections.  An election pursuant Section 5.1 must be
made in writing and delivered to DPL no later than December 31 of the
calendar year immediately preceding the calendar year in which the services
giving rise to the grant of these Restricted Stock Units commence to be
performed.  If the Grantee does not file
an election form by the specified date, he or she will receive the Restricted
Stock Units when they otherwise would have been paid pursuant to Article IV.

 

Section 5.3   Crediting
to Accounts.  If a Grantee elects to
defer receipt of the non-forfeitable Restricted Stock Units, there will be
credited to the Grantee’s account as of the day such Common Shares underlying
the non-forfeitable Restricted Stock Units would have been paid, a number of
deferred units (the “Deferred Units”) equal to the number of Common Shares that
would otherwise have been delivered to the Grantee pursuant to Article IV
on such date.  The Deferred Units
credited to the Grantee’s 

 

2

 

account (plus any additional shares credited pursuant
to Article VI below) will represent the number of Common Shares that DPL  will issue to the Grantee at the end of
the deferral period.  All Deferred Units
will be 100% non-forfeitable at all times.

 

Section 5.4   Deferral
Period.  The Deferred Units will be
subject to a deferral period beginning on the date of crediting to the Grantee’s
account and ending upon such period as the Grantee may have elected.  The period of deferral will be for a minimum
period of one year, except in the case where the Grantee elects a deferral
period determined by reference to his or her termination of service on the
Board.  The Grantee may elect payment in
a lump sum or payment in up to five equal annual installments.  The Grantee may change the period of deferral
by filing a subsequent election with DPL  at
least twelve months before the date of the previously elected payment date and
the newly elected payment date (or payment commencement date) must be at least
five years after the previously elected payment date (or the previously elected
payment commencement date); provided, however, that such
modification shall not be effective until at least twelve months after the date
on which such modification was made. 
During the deferral period, the Grantee will have no right to transfer
any rights under his or her Deferred Units and will have no other rights of
ownership therein.

 

Section 5.5   Early
Payment.  Notwithstanding the
foregoing provisions or any deferral election made by the Grantee, (a) in
the event that the Grantee has not received or commenced receiving payment of
the Deferred Units at the time of his or her termination of service on the
Board, the Deferred Units will be paid or commence to be paid to the Grantee on
such termination of service, according to the Grantee’s existing payment
election relating to payment in a lump sum or in annual installments; provided,
however, that if, upon the Grantee’s termination of service on the Board,
the value of the Grantee’s Deferred Units is less than $100,000, such Deferred
Units will be immediately paid to the Grantee in full in a single lump sum
payment of Common Shares, (b) if a Change of Control occurs or in the
event of the Grantee’s death or Disability (as defined in Section 3.2
above), the amount of the Grantee’s account will immediately be paid to the
Grantee (or his or her beneficiary or beneficiaries, as the case may be) in
full in a single lump sum payment of Common Shares and (c) in the event of
an unforeseeable emergency, as defined in Section 409A of the Code, that
is caused by an event beyond the control of the Grantee and that would result
in severe financial hardship to the Grantee if acceleration was not permitted,
the Committee will accelerate the payment of Common Shares to the Grantee in
the Grantee’s account, but only up to the amount necessary to meet the unforeseeable
emergency (including amounts necessary to pay any Federal, state or local taxes
or penalties reasonably anticipated to result from the payment) after taking
into account the extent to which the unforeseeable emergency is or may be
relieved through reimbursement or compensation by insurance or otherwise, or by
liquidation of the Grantee’s assets (to the extent the liquidation of such
assets would not itself cause severe financial hardship).

 

3

 

ARTICLE
VI - DIVIDEND, VOTING AND OTHER RIGHTS

 

The Grantee shall have no rights of ownership in the
Restricted Stock Units or the Deferred Units and shall have no right to vote
them until the date on which the Restricted Stock Units or the Deferred Units,
as the case may be, are transferred to the Grantee pursuant to Article IV,
Section 5.4, or Section 5.5.  While
the Restricted Stock Units or Deferred Units are still outstanding, on the date
that DPL pays a cash dividend to holders of Common Shares generally, the
Grantee shall be entitled to a number of additional whole Restricted Stock
Units or Deferred Units, as the case may be, determined by dividing (i) the
product of (A) the dollar amount of the cash dividend paid per Common
Share on such date and (B) the total number of Restricted Stock Units or
Deferred Units, as the case may be (including dividend equivalents paid
thereon) previously credited to the Grantee as of such date, by (ii) the
Market Value per Share on such date. 
Such dividend equivalents shall be subject to the same terms and
conditions and shall be settled or forfeited in the same manner and at the same
time and will be deferred until the end of the same deferral period as the
Restricted Stock Units or Deferred Units, as the case may be, to which the
dividend equivalents were credited.

 

ARTICLE
VII - DILUTION AND OTHER ADJUSTMENTS

 

In the event of any change in the aggregate number of
outstanding Common Shares by reason of (a) any stock dividend, stock
split, combination of shares, recapitalization or other change in the capital
structure of DPL, or (b) any merger, consolidation, spin-off, split-off,
spin-out, split-up, reorganization, partial or complete liquidation or other
distribution of assets, issuance of rights or warrants to purchase securities,
or (c) any other corporate transaction or event having an effect similar
to any of the foregoing, then the Committee shall adjust the number of
Restricted Stock Units or Deferred Units, as the case may be, then held by the
Grantee in such manner as to prevent the dilution or enlargement of the rights
of the Grantee that would otherwise result from such event.  Furthermore, in the event that any
transaction or event described or referred to in the immediately preceding
sentence shall occur or in the event of a Change of Control, the Committee may
provide in substitution of any or all of the Grantee’s rights under this
Agreement, such alternative consideration as the Committee may determine in
good faith to be equitable under the circumstances.  Such adjustments made by the Committee shall
be conclusive and binding for all purposes of this Agreement.

 

ARTICLE
VIII - COMPLIANCE WITH SECTION 409A OF THE CODE

 

To the extent applicable, it is intended that this
Agreement and the Plan comply with the provisions of Section 409A of the
Code, so that the income inclusion provisions of Section 409A(a)(1) do
not apply to the Grantee.  This Agreement
and the Plan shall be administered in a manner consistent with this intent.  Reference to Section 409A of the Code is
to Section 409A of the Internal Revenue Code of 1986, as amended, and will
also include any regulations, or any other formal guidance, promulgated with
respect to such Section by the U.S. Department of the Treasury or the
Internal Revenue Service.

 

4

 

ARTICLE
IX - MISCELLANEOUS

 

Section 9.1   Compliance
with Law.  The Company shall make
reasonable efforts to comply with all applicable federal and state securities
laws; provided, however, notwithstanding any other provision of
this Agreement, the Company shall not be obligated to issue any Common Shares
pursuant to this Agreement if the issuance thereof would result in a violation
of any such law.

 

Section 9.2   Interpretation.  The contents of this Agreement are subject in
all respects to the terms and conditions of the Plan as approved by the Board
of Directors and the shareholders of DPL, which are controlling.  The interpretation and construction by the
Board of any provision of the Plan or this Agreement shall be final and
conclusive upon the Grantee, the Grantee’s estate, executor, administrator,
beneficiaries, personal representative and guardian and DPL and its successors
and assigns.  Unless otherwise indicated,
the capitalized terms used in this Agreement shall have the same meanings as
set forth in the Plan.

 

Section 9.3   Fractional
Shares.  Any fractional share earned
under this Agreement will be rounded up or down to the nearest whole share.

 

Section 9.4   Successors
and Assigns.  This Agreement, and the
terms and conditions of the Plan, shall bind, and inure to the benefit of the
Grantee, the Grantee’s estate, executor, administrator, beneficiaries, personal
representative and guardian and DPL and its successors and assigns.

 

Section 9.5   Governing
Law.  This Agreement shall be
governed by the laws of the State of Ohio.

 

Section 9.6   Amendments.  Any amendment to the Plan shall be deemed to
be an amendment to this Agreement to the extent that the amendment is
applicable hereto.  The terms and
conditions of this Agreement may not be modified, amended or waived, except by
an instrument in writing signed by a duly authorized executive officer at
DPL.  Notwithstanding the foregoing, no
amendment shall adversely affect the rights of the Grantee under this Agreement
without the Grantee’s consent.

 

Section 9.7   Severability.  In the event that one or more of the
provisions of this Agreement shall be invalidated for any reason by a court of
competent jurisdiction, any provision so invalidated shall be deemed to be
separable from the other provisions hereof, and the remaining provisions hereof
shall continue to be valid and fully enforceable.

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]