Document:

Exhibit 10(b)

 

R  E T E  N  T  I  O  N

A  G  R  E  E  M  E  N  T

 

THIS RETENTION AGREEMENT, made this 25th day of May,  2011, at Dayton, Ohio by and between DPL INC. and THE DAYTON POWER AND LIGHT COMPANY, Ohio corporations, located at 1065 Woodman Drive, Dayton, Ohio 45432, hereinafter referred to as “DPL” and Craig L. Jackson whose address is 1274 Emily Beth Drive, Miamisburg, Ohio, hereinafter referred to as “Employee.”

 

W I T N E S S E T H

 

WHEREAS, DPL has expressed an interest in securing the services of Employee to assist the Company with the successful closing of a pending merger agreement (the “Agreement”) by and between The AES Corporation and DPL Inc. pursuant to the terms and conditions of said Agreement dated as of April 19, 2011; and,

 

WHEREAS, Craig Jackson has expressed his interest to assist DPL with the closing of the Agreement as described above; and,

 

WHEREAS, this agreement is appropriate to define the rights and duties of each party.

 

NOW, THEREFORE, in consideration of the mutual covenants herein, the parties hereby agree as follows:

 

1.                           If Craig Jackson stays in the continuous employ of DPL or one of its subsidiaries from the date of this agreement until 90 days following the successful closing of the Agreement between The AES Corporation and DPL Inc..

 

2.                           In consideration of the services provided by    Employee in Paragraph 1 above, and assuming Employee complies with the terms and conditions set forth in Paragraph 1 above, DP&L agrees to pay Employee a cash retention bonus of $100,000.  This amount is to be paid above and beyond any other bonus or incentive award that Employee is otherwise eligible to receive and shall be paid within thirty (30) days of completing the conditions in Paragraph 1.  Prior to the completion of the conditions set forth in Paragraph 1 above, the retention award will not be prorated under any circumstances, including retirement, disability, voluntary termination or death.

 

3.                           This Retention Agreement is not an employment contract and the Employee remains an “at will” employee of DPL.  However, DPL agrees that it will not unilaterally, constructively or otherwise terminate Employee prior to the satisfaction of the conditions under Paragraph 1 above for the purpose of avoiding the payment of the retention bonus to Employee. Any involuntary termination of Mr. Jackson between the

 

 

period of the closing of the agreement and the 90 day period referenced in paragraph 1 above would result in the full payment of the retention bonus.

 

4.                           This agreement may not be assigned by either party without the prior written consent of all parties.

 

5.                           The contact for notices sent under this agreement are as follows:

 

	
“DP&L”
    	
“Employee”
    
	
The Dayton Power and Light   Company
    	
Craig L. Jackson
    
	
1065 Woodman Drive
    	
1274 Emily Beth Drive
    
	
Dayton, Ohio    45432
    	
Miamisburg, OH 45342
    
	
Attn:
    	
 
    

 

8.                           If any part of this agreement shall be determined to be unenforceable, the balance of this agreement shall be construed to be valid and in full force and effect.

 

9.                           This agreement shall be governed by and construed according to the laws of the State of Ohio.

 

IN WITNESS WHEREOF, the parties have hereunto set their hands to duplicate originals on the day and date first above written.

 

	
 
    	
DPL Inc. and
    
	
 
    	
THE DAYTON POWER AND LIGHT COMPANY
    
	
 
    	
“DPL”
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Its
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
“EMPLOYEE”
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
 
    

 

2ex10_27.htm

EXHIBIT 10.27

United States Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, D.C. 20220

 

July 27, 2011

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.  Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the number of shares of its common stock set forth on Schedule A hereto (the “Warrant”).

 

In connection with the consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009:

 

(a)           The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares;

 

(b)           The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof; and

 

(c)           The Investor hereby acknowledges receipt from the Company of a share certificate for the number of Preferred Shares set forth on Schedule A hereto, equal to the difference between the Preferred Shares represented by the certificate referenced in clause (a) above and the Repurchased Preferred Shares.

 

  

-1-

  

 

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

 

[Remainder of this page intentionally left blank]

 

  

-2-

  

 

In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

 

	 	
UNITED STATES DEPARTMENT OF

	 
	 	THE TREASURY	 
	 	 	 	 
	
 

	
By: 

	/s/ Timothy G. Massad  	 
	 	 	 	 
	 	 	Name:   Timothy G. Massad	 
	 	 	Title:     Assistant Secretary for	 
	 	 	                 Financial Stability	 

 

	 	
COMPANY:

	 
	 	C&F FINANCIAL CORPORATION	 
	 	 	 
	 	 	 
	
 

	
By: 

	/s/ Larry G. Dillon	 
	 	 	 	 
	 	 	Name:   Larry G. Dillon	 
	 	 	Title:     Chairman, President and Chief	 
	 	 	                 Executive Officer	 

                                                     

  

  

  

        

SCHEDULE A

	
General Information:

	 	  
	 	 	 
	
Date of Letter Agreement incorporating the Securities Purchase Agreement:

	 	
January 9, 2009

	 	 	 
	
Name of the Company:

	 	
C&F Financial Corporation

	 	 	 
	
Corporate or other organizational form of the Company:

	 	
Corporation

	 	 	 
	
Jurisdiction of organization of the Company:

	 	
Commonwealth of Virginia

	 	 	 
	
Number and series of preferred stock issued to the Investor at the Closing:

	 	
20,000 shares, Fixed Rate Cumulative Perpetual Preferred Stock, Series A

	 	 	 
	
Number of Initial Warrant Shares:

	 	
167,504

	  	 	  
	
Terms of the Repurchase:

	 	  
	 	 	 
	
Number of Preferred Shares repurchased by the Company:

	 	
10,000 shares

	 	 	 
	
Share certificate number (representing the Preferred Shares previously issued to the Investor at the Closing):

	 	
A-1

	 	 	 
	
Per share Liquidation Amount of Preferred Shares:

	 	
$1,000 per share

	 	 	 
	
Accrued and unpaid dividends on Preferred Shares:

	 	
$100,000.00

	 	 	 
	
Aggregate purchase price for Repurchased Preferred Shares:

	 	
$10,100,000.00

	 	 	 
	
Difference between the Preferred Shares and the Repurchased Preferred Shares:

	 	
10,000 shares

	 	 	 
	
Investor wire information for payment of purchase price:ex10_1.htm

Exhibit 10.1

Bonus Payout for Management

FY 2012 Plan

	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	 	
Performance Band

	 	 	
Payout % of Compensation

	 	 	 	 	 	 	 	 	 	 	 	
Payout components % of Compensation

	 
	  	 	
% of Target

	 	 	
Total

	 	 	
Payout Ratio, percent

	 	 	
Sales

	 	 	
Operating Profit**

	 	 	
Business Milestones

	 
	  	 	
Min

	 	 	
Max

	 	 	
Min

	 	 	
Target

	 	 	
Max

	 	 	
Sales*

	 	 	
Operating Profit**

	 	 	
Business Milestone

	 	 	
Min

	 	 	
Target

	 	 	
Max

	 	 	
Min

	 	 	
Target

	 	 	
Max

	 	 	
Min

	 	 	
Target

	 	 	
Max

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
David Kaysen

	 	 	90	%	 	 	110	%	 	 	30.00	%	 	 	60.00	%	 	 	80.00	%	 	 	60	 	 	 	20	 	 	 	20	 	 	 	18.00	%	 	 	36.00	%	 	 	48.00	%	 	 	6.00	%	 	 	12.00	%	 	 	16.00	%	 	 	6.00	%	 	 	12.00	%	 	 	16.00	%
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Mahedi Jiwani

	 	 	90	%	 	 	110	%	 	 	25.00	%	 	 	50.00	%	 	 	60.00	%	 	 	45	 	 	 	25	 	 	 	30	 	 	 	11.25	%	 	 	22.50	%	 	 	27.00	%	 	 	6.25	%	 	 	12.50	%	 	 	15.00	%	 	 	7.50	%	 	 	15.00	%	 	 	18.00	%
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Susan Holman

	 	 	90	%	 	 	110	%	 	 	20.00	%	 	 	30.00	%	 	 	50.00	%	 	 	45	 	 	 	25	 	 	 	30	 	 	 	9.00	%	 	 	13.50	%	 	 	22.50	%	 	 	5.00	%	 	 	7.50	%	 	 	12.50	%	 	 	6.00	%	 	 	9.00	%	 	 	15.00	%
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Marc Herregraven

	 	 	90	%	 	 	110	%	 	 	20.00	%	 	 	30.00	%	 	 	50.00	%	 	 	45	 	 	 	25	 	 	 	30	 	 	 	9.00	%	 	 	13.50	%	 	 	22.50	%	 	 	5.00	%	 	 	7.50	%	 	 	12.50	%	 	 	6.00	%	 	 	9.00	%	 	 	15.00	%
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Larry Heinemann

	 	 	90	%	 	 	110	%	 	 	20.00	%	 	 	30.00	%	 	 	50.00	%	 	 	60	 	 	 	20	 	 	 	20	 	 	 	12.00	%	 	 	18.00	%	 	 	30.00	%	 	 	4.00	%	 	 	6.00	%	 	 	10.00	%	 	 	4.00	%	 	 	6.00	%	 	 	10.00	%
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Arie Koole

	 	 	90	%	 	 	110	%	 	 	20.00	%	 	 	30.00	%	 	 	50.00	%	 	 	45	 	 	 	25	 	 	 	30	 	 	 	9.00	%	 	 	13.50	%	 	 	22.50	%	 	 	5.00	%	 	 	7.50	%	 	 	12.50	%	 	 	6.00	%	 	 	9.00	%	 	 	15.00	%
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Nancy Kolb

	 	 	90	%	 	 	110	%	 	 	20.00	%	 	 	30.00	%	 	 	50.00	%	 	 	45	 	 	 	25	 	 	 	30	 	 	 	9.00	%	 	 	13.50	%	 	 	22.50	%	 	 	5.00	%	 	 	7.50	%	 	 	12.50	%	 	 	6.00	%	 	 	9.00	%	 	 	15.00	%

 

* Actual Sales adjusted for fluctulations in exchange rates relative to the planned exchange rates

** Operating Profit to exclude non cash charges for depreciation, amortization and stock option grants

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]