Document:

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EXHIBIT 10(e)

                       FORM OF CHANGE OF CONTROL AGREEMENT

                                             [Date:____________________________]

[Name: __________________]
[Title: _________________]
The Dayton Power and Light Company
MacGregor Park
1065 Woodman Park
Dayton, OH  45432

Dear_____________________:

     DPL Inc. ("DPL") and its subsidiary, The Dayton Power and Light Company
("DP&L") hereinafter collectively referred to as the "Company", considers the
establishment and maintenance of a sound and vital management to be essential to
protecting and enhancing the best interests of the Company and its shareholders.
In this connection, the Company recognizes that, as is the case with many
publicly held corporations, the possibility of a Change of Control (as defined
in paragraph 2) can raise distracting and disrupting uncertainties and questions
among management personnel, can interfere with their whole-hearted attention and
devotion to the performance of their duties, and can even lead to their
departure, all to the detriment of the best interests of the Company and its
shareholders. Accordingly, the Board of Directors of DPL (the "Board of
Directors") and the Board of Directors of DP&L have determined that the best
interests of the Company and its shareholders would be served by assuring to
certain executives of the Company, including yourself, the protection provided
by an agreement which defines the respective rights and obligations of the
Company and the executive in the event of a Change of Control.

     In order to effect the foregoing, this letter agreement sets forth the
Company's agreement to extend to you the benefits of its 1986 medical plan and
certain other benefits upon a termination of employment whenever occurring and
to set forth the benefits which the Company agrees will be provided to you in
the event of a Change of Control as described in paragraph 3 below.

1.   OPERATION AND TERM OF AGREEMENT.

     This agreement, which amends and restates in its entirety the existing
letter agreement between the Company and you dated [__________], as amended by
letter agreement dated [__________], shall become effective immediately upon the
execution hereof. This agreement shall continue until May 1, 2002, and shall
automatically renew for each consecutive twelve month period thereafter (I.E.,
May 1st to April 30th), unless either the Company provides you or you provide
the Company a one (1) year prior written notice of its or your intention not to
renew this agreement. Notwithstanding the foregoing, the term of this agreement
shall continue in effect for a period of not less than thirty-six (36) months
after each Change of Control occurring

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during the term of this agreement; and any benefit that accrues to you pursuant
to the terms of this agreement shall continue to be an obligation of the Company
and enforceable by you until paid in full, notwithstanding the subsequent
termination of this agreement; provided however that if the event constituting a
Change of Control is either the commencement of a tender offer, or the entering
into of an agreement referred to in item (ii) or (iii) of paragraph 2, and such
tender offer is still pending or such agreement has not been consummated at the
end of the thirty-six month period applicable to such Change of Control, then
without limitation of the other provisions of this paragraph, such thirty-six
month period shall be extended through the date on which the tender offer or
agreement is either (a) terminated or abandoned or (b) consummated, whichever
occurs first, and the thirty-six month period provided for in paragraph 3.B.
shall also be so extended. If more than one Change of Control occurs during the
term of this agreement, the provisions of this agreement shall be applicable to
each such Change of Control.

1.A. TERMINATION FOR ANY REASON.

     Notwithstanding any other provisions of this agreement to the contrary,
upon termination of employment for any reason at any time, the following shall
be paid or made available to you in compensation for services previously
rendered:

     (i)  Benefits under, or benefits substantially equivalent to benefits
          under, the standard medical plan which was available to management and
          professional employees of the Company in 1986 will be provided to you
          and your spouse for life, and to your dependents for as long as, and
          to the extent that, your dependents would otherwise be covered under
          such plan.

     (ii) The Company shall pay to you in a lump sum in cash not later than the
          fifteenth day following the Date of Termination (as defined in
          paragraph 4) your full base salary through the Date of Termination at
          the rate in effect at the Date of Termination; and also the amount of
          the award or awards, if any, with respect to any completed period or
          periods which, pursuant to the Management Incentive Compensation
          Program or any other Company incentive compensation plan in which you
          are then participating (other than any deferred compensation plan in
          which a contrary installment payment election has been made), has been
          determined to have been earned by you but which has not yet been paid
          to you.

    (iii) The Company shall pay or make available to you all other accrued
          benefits of any kind to which you are, or would otherwise have been,
          entitled through the Date of Termination.

2.   CHANGE OF CONTROL.

     Except as provided in paragraph 1.A. above, no benefits shall be payable
hereunder unless there shall have been a Change of Control, as defined below,
and you are eligible for benefits under paragraph 3 below. For purposes of this
agreement, a `Change of Control' means any change in control of DPL, or its
principal subsidiary, DP&L, of a nature that would be required to be reported in
response to Item 6 (e) of Schedule 14A of Regulation 14A promulgated under the
Securities Exchange Act of 1934, as amended (the `Exchange Act') as determined
by the Board of Directors of DPL in its sole discretion; provided that, without
limitation, such a Change of Control shall be deemed to have occurred if (i) any
'person' (as such term is defined

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in Sections 13 (d) and 14 (d) (2) of the Exchange Act; hereafter, a `Person')
other than DPL or DP&L or an entity then directly or indirectly controlling,
controlled by or under common control with DPL or DP&L is on the date hereof or
becomes or commences a tender offer to become the beneficial owner, directly or
indirectly, of securities of DPL or DP&L representing (A) 15% or more of the
combined voting power of the then outstanding securities of DPL or DP&L if the
acquisition of such beneficial ownership or such tender offer is not approved by
the Board of Directors of DPL prior to the acquisition or the commencement of
such tender offer or (B) 50% or more of such combined voting power in all other
cases; (ii) DPL or DP&L enters into an agreement to merge or consolidate itself,
or an agreement to consummate a `combination' or `majority share acquisition' in
which it is the `acquiring corporation' (as such terms are defined in Ohio Rev.
Code ss. 1701.01 as in effect on December 31, 1990) and in which shareholders of
DPL or DP&L, as the case may be, immediately prior to entering into such
agreement, will beneficially own, immediately after the effective time of the
merger, consolidation, combination or majority share acquisition, securities of
DPL or DP&L or any surviving or new corporation, as the case may be, having less
than 50% of the `voting power' of DPL or DP&L or any surviving or new
corporation, as the case may be, including `voting power' exercisable on a
contingent or deferred basis as well as immediately exercisable `voting power',
excluding any merger of DPL into DP&L or of DP&L into DPL; (iii) DPL or DP&L
enters into an agreement to sell, lease, exchange or otherwise transfer or
dispose of all or substantially all of its assets to any Person other than to a
wholly owned subsidiary or, in the case of DP&L, to DPL or a wholly owned
subsidiary(ies) of DPL; but not including (A) a mortgage or pledge of assets
granted in connection with a financing or (B) a spin-off or sale of assets if
DPL continues in existence and its common shares are listed on a national
securities exchange, quoted on the automated quotation system of a national
securities association or traded in the over-the-counter market; (iv) any
transaction referred to in (ii) or (iii) above is consummated; or (v) those
persons serving as directors of DPL or DP&L on February 1, 2000 (the `Original
Directors') and/or their Successors do not constitute a majority of the whole
Board of Directors of DPL or DP&L, as the case may be (the term `Successors'
shall mean those directors whose election or nomination for election by
shareholders has been approved by the vote of at least two-thirds of the
Original Directors and previously qualified Successors serving as directors of
DPL or DP&L, as the case may be, at the time of such election or nomination for
election).

3.   ENTITLEMENT TO BENEFITS FOLLOWING CHANGE OF CONTROL.

     A. Upon a Change of Control (other than a Change of Control consisting only
of the commencement of a tender offer or the entering into of an agreement
referred to in item (ii) or (iii) of paragraph 2 above), if immediately prior
thereto, you were employed by the Company, you shall be entitled to the benefits
set forth in paragraph 5.A.

     B. Upon a Change of Control consisting only of the commencement of a tender
offer or the entering into of an agreement referred to in item (ii) or (iii) of
paragraph 2 above, then upon any subsequent termination of your employment at
any time within thirty-six months following the occurrence of any such event and
prior to a Change of Control referred to in item (iv) or (v) or the consummation
of a tender offer referred to in item (i) of paragraph 2 above, you shall be
entitled to the benefits set forth in paragraph 5.B., unless such termination is

     (i) by the Company because of your Disability or for Cause;

     (ii) by you; or

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     (iii) because of your death.

Notwithstanding the foregoing sentence and any other provision herein to the
contrary, if (a) the event constituting the Change of Control is only the
commencement of a tender offer or the entering into of an agreement referred to
in item (ii) or (iii) of paragraph 2 above, (b) the tender offer or agreement is
abandoned or terminated, and (c) a majority of the Original Directors and/or
their Successors (as defined in paragraph 2 above) of DPL Inc. determine that
the tender offer or agreement will not effectuate or otherwise result in a
subsequent Change of Control and gives you written notice of such determination,
then, as to that particular event only, a subsequent termination of your
employment will not entitle you to the benefits set forth in paragraph 5.

     For purposes of this agreement, termination of your employment shall be
deemed to have occurred within thirty-six months following the occurrence of a
Change of Control if a Notice of Termination (as defined in paragraph 4) with
respect thereto is given within such three year period.

     C.  As  used  in  this  agreement,  the  terms  "Disability",  "Cause"  and
"Entitlement Date" shall have the meaning set forth below:

          (i)  DISABILITY. "Disability" shall mean, for the purposes of this
               agreement, your inability to perform the duties required of you
               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, followed by the Company giving you
               thirty days' written notice of its intention to terminate your
               employment by reason thereof, and your failure because of
               physical or mental illness or other physical or mental disability
               or incapacity to resume the full-time performance of your duties
               within such period of thirty days and thereafter perform the same
               for a period of two consecutive months.

          (ii) CAUSE. "Cause" shall mean (a) commission of a felony, (b)
               embezzlement, (c) the illegal use of drugs, or (d) the failure by
               you to substantially perform your duties with the Company (other
               than any such failure resulting from your physical or mental
               illness or other physical or mental incapacity) as determined by
               the Board of Directors. Notwithstanding the foregoing, Cause
               shall not be deemed to exist unless and until there shall have
               been delivered to you a copy of a resolution duly adopted by
               written consent of not less than three-fourths of the number of
               directors then in office (after reasonable notice to you and an
               opportunity for you, together with your counsel, to be heard at a
               meeting of the Board of Directors called and held for that
               purpose), finding that in the good faith opinion of the Board of
               Directors you were guilty of conduct set forth above in clauses
               (a), (b), (c) or (d) of the first sentence of this subparagraph
               and specifying the particulars thereof in detail.

          (iii) ENTITLEMENT DATE. "Entitlement Date" shall mean the date of the
               Change of Control entitling you to benefits under paragraph 3.A.
               above (except that if you are entitled to benefits under
               paragraph 3.B. above, the

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               "Entitlement Date" shall mean the "Date of Termination" as
               defined in paragraph 4 below).

4.   NOTICE UPON TERMINATION.

     A. Any termination of your employment by the Company subsequent to a Change
of Control shall be consummated by written Notice of Termination given to you.
For purposes of this agreement, "Notice of Termination" shall mean a notice
given by the Company, which indicates the specific termination provision or
provisions in this agreement relied upon, if any, and sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
your employment.

     B. "Date of Termination" shall mean

          (i)  if your employment is terminated by the Company for Cause, the
               date specified in the Notice of Termination;

          (ii) if your employment is terminated for any other reason, the date
               of such termination.

5.   COMPENSATION FOLLOWING CHANGE OF CONTROL.

     A. If you are entitled to benefits under paragraph 3.A., then the Company
shall pay to you in a lump sum in cash not later than the fifteenth day
following the Entitlement Date (or in the case of payments under (ii), if, and
to the extent the amount of such payments are not known or calculable as of such
due date, as soon as the amount is known and calculable), the amounts determined
as provided below:

          (i)  An amount (the "Additional Compensation Payment") equal to 300%
               of the sum of (1) your annual base salary (which base salary is
               computed before deduction for any deferred compensation or other
               employee deferrals) at the rate in effect as of the Entitlement
               Date plus (2) the average of the last three annual award payments
               made to you under the Company's Management Incentive Compensation
               Plan prior to the Entitlement Date (or for the years you have
               participated in the Plan if less than three), including any
               portion of any such payments which you elected to defer to your
               Standard Deferral Account in the Company's Key Employees Deferred
               Compensation Plan. Notwithstanding the above, you may elect to
               defer payment of all or a portion of the Additional Compensation
               Payment by executing and delivering to the Company prior to
               December 31, 2000 a Deferral Election Form in the form attached
               as Exhibit A, in which event the portion of the Additional
               Compensation Payment so deferred shall be credited to your
               Standard Deferral Account in the Company's Key Employees Deferred
               Compensation Plan.

          (ii) Any amount payable under paragraph 9 hereof.

     In addition, upon any subsequent termination of your employment within 12
months after the Entitlement Date, you shall be entitled to the benefits set
forth in items (i) through (iv)

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of paragraph 5.B. unless such termination is under any of the  circumstances set
forth in items (i) through (iii) of paragraph 3.B.

     B. If you are entitled to benefits under  paragraph  3.B., then the Company
shall  pay you the  amounts  specified  under  paragraph  5.A.  above  plus  the
following:

          (i)  In the event the Date of Termination precedes the completion of a
               period in which, pursuant to the Management Incentive
               Compensation Plan or any other Company incentive compensation
               plan in which you are then participating or have participated
               (except for the MSIP), you could have earned compensation
               thereunder had your employment not been terminated prior to the
               completion of such period, or in the event the Date of
               Termination precedes the determination of compensation that you
               have earned for a completed period under the Management Incentive
               Compensation Plan or other incentive plan (except for the MSIP),
               then, with respect to each such period, you shall be entitled to
               an amount equal to the average of the last three annual award
               payments made to you under the Management Incentive Compensation
               Plan or other incentive plan (except for the MSIP) prior to the
               Date of Termination (or for the years you have participated in
               the Plan if less than three), including any portion of any such
               payments which you elected to defer to your Standard Deferral
               Account in the Company's Key Employees Deferred Compensation
               Plan. Any amount due under this subparagraph (i) shall be paid in
               a lump sum not later than the fifteenth day following the Date of
               Termination, subject however to any contrary deferral election
               you may have made with respect thereto.

          (ii) Anything in the Management Incentive Compensation Plan or any
               action taken by the Board of Directors or any committee of the
               Board of Directors pursuant thereto to the contrary
               notwithstanding, any awards, whether in cash or Company shares,
               made under such plan prior to the Date of Termination which have
               been credited to your account but the payment of which has been
               deferred (except that any deferral election that you have made
               with respect thereto shall remain in force).

         (iii) The Company shall, at its expense, maintain in full force and
               effect for your continued benefit all life insurance, health and
               accident, and disability plans, programs and arrangements in
               which you were entitled to participate immediately prior to the
               Date of Termination, or, if more favorable to you, on the date of
               a prior Change of Control, provided that your continued
               participation is possible under the terms of such plans, programs
               and arrangements. In the event that the terms of any such plan,
               program or arrangement do not permit your continued participation
               or that any such plan, program or arrangement is discontinued or
               the benefits thereunder materially reduced, the Company shall
               arrange to provide, at its expense, benefits to you which are
               substantially similar to those which you were entitled to receive
               under such plan, program or arrangement immediately prior to the
               Date of Termination. The Company's obligation

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               under this subparagraph  (iii) shall terminate on the earliest of
               the following dates:

               (a)  the  third  anniversary  date  of the  Date  of  Termination
                    (except for medical coverage); or

               (b)  the date an essentially equivalent and no less favorable
                    benefit is made available to you at no cost by a subsequent
                    employer.

               At the end of the applicable period of coverage set forth above,
               you shall have the option to have assigned to you, at no cost and
               with no apportionment of prepaid premiums, any assignable
               insurance owned by the Company and relating specifically to you.

          (iv) In the event that because of their relationship to you, members
               of your family or other individuals are covered by a plan,
               program, or arrangement described in subparagraph (iii) above
               immediately prior to the Date of Termination, the provisions set
               forth in the above subparagraph shall apply equally to require
               the continued coverage of such persons; provided, however, that
               if under the terms of any such plan, program or arrangement, any
               such person would have ceased to be eligible for coverage during
               the period in which the Company is obligated to continue coverage
               for you, nothing set forth herein shall obligate the Company to
               continue to provide coverage which would have ceased even if you
               had remained an employee of the Company during such period.

     C. In the event of termination of your employment for any reason after a
Change of Control, the Company shall enable you to purchase the automobile, if
any, which the Company was providing for your use at the Date of Termination at
the wholesale value of such automobile at such time, or to assume the lease
obligation on any such Company automobile leased by the Company.

     D. All Earned Stock Incentive Units (as defined in the Management Stock
Incentive Plan; herein "MSIP") which you earned during the period from the
inception of the MSIP in 1984 through 1991 have accrued to your plan account and
vested in four equal annual installments beginning in 1991. Upon a Change of
Control except for a Change of Control consisting only of the commencement of a
tender offer or the entering into of an agreement referred to in items (ii) or
(iii) of paragraph 2 above, any and all awarded Stock Incentive Units (other
than to the extent related to a completed Incentive Period for which the
determination of the number of Earned Stock Incentive Units has already been
made; and not to exceed the number of Stock Incentive Units comprising the
target award under the applicable Stock Incentive Award regardless of the
potential to earn more than such target award if and as provided in such Stock
Incentive Award), shall be deemed to be Earned Stock Incentive Units which are
vested, and all such Earned Stock Incentive Units including, without limitation,
the 1997 award (which covers the period 1998-2000) and the 1998 award (which
covers the period 1999-2001) shall be payable to you as provided in Section
10(b) (or successor provision) of the MSIP. All capitalized terms in this
paragraph D shall have the same meaning as in the MSIP.

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     E. The benefits provided under this agreement shall not be treated as
damages, but rather shall be treated as severance or other compensation to which
you are entitled under the terms and conditions provided herein. You shall not
be required to mitigate the amount of any benefit provided under this agreement
by seeking other employment or otherwise.

6.   RIGHTS AS FORMER EMPLOYER.

     Nothing contained in this agreement shall be construed as preventing you,
and shall not prevent you, following any termination of your employment whether
pursuant to this agreement or otherwise, from thereafter participating in any
benefit or insurance plans, programs or arrangements (including, without
limitation thereto, any retirement plans or programs) in the same manner and to
the same extent that you, as a former employee of the Company, would have been
entitled to participate had this agreement not have been entered into.

7.   SUCCESSORS.

     The Company shall require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company, by agreement to expressly and
unconditionally assume and agree to perform this agreement in the same manner
and to the same extent that the Company would be required to perform it if no
such succession had taken place. Failure of the Company to obtain such agreement
prior to the effectiveness of such succession shall be a breach of this
agreement and shall entitle you to compensation from the Company in the same
amount and on the same terms as you would be entitled to under paragraph 3.A.
above as if a Change of Control had taken place, except that for purposes of
implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Entitlement Date.

     The above provisions of this paragraph 7 shall not apply to a) a spin-off
or sale of assets, or b) a transaction described in item (ii) of paragraph 2
above involving only DP&L if in each case DPL continues in existence and its
common shares are listed on a national securities exchange, quoted on the
automated quotation system of a national securities association or traded in the
over-the-counter market.

     This agreement shall inure to the benefit of and be enforceable by your
personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If you should die while any amounts would
still be payable to you hereunder if you had continued to live, all such
amounts, unless otherwise provided herein, shall be paid to such beneficiary or
beneficiaries as you shall have designated by written notice delivered to the
Company prior to your death or, failing written notice, to your estate.

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8.    LEGAL FEES.

     The Company shall reimburse you in full for all legal fees and expenses
reasonably incurred by you in connection with this agreement (including, without
limitation, all such fees and expenses, if any, incurred in contesting or
disputing any termination of your employment subsequent to a Change of Control
or in seeking to obtain or enforce any right or benefit provided by this
agreement, regardless of the outcome, unless, in the case of a legal action
brought by you or in your name, a court finally determines that such action was
not brought in good faith by you).

9.   GROSS-UP PAYMENT.

     In the event that any payment pursuant to this agreement or any other
agreement will be subject to the tax (the "Excise Tax") imposed by Section 4999
of the Internal Revenue Code of 1986 ("Code") or any successor or similar
provision, the Company shall pay you an additional amount (the "Gross-Up
Payment") such that the net amount retained by you after deduction of any Excise
Tax on such payments (excluding payments pursuant to this paragraph 9), and
after deduction for any federal, state and local income tax and Excise Tax upon
the payment provided for by this paragraph, shall be equal to the amount of such
payments (excluding payments pursuant to this paragraph 9) before payment of any
Excise Tax (hereinafter the "Excise Tax Compensation Net Payment"). For purposes
of determining whether any of such payments will be subject to the Excise Tax
and the amount of such Excise Tax, any payments or benefits received or to be
received by you in connection with a Change of Control or your termination of
employment shall be treated as "parachute payments" within the meaning of
Section 280G of the Code, and all "excess parachute payments" within the meaning
of Section 280G of the Code shall be treated as subject to the Excise Tax,
unless in the opinion of tax counsel selected by the Company's independent
auditors and acceptable to you such payments or benefits do not constitute
parachute payments or excess parachute payments. For purposes of determining the
amount of the Gross-Up Payment, you shall be deemed to pay all federal income
taxes at the highest marginal rate of federal income taxation in the calendar
year in which the Gross-Up Payment is to be made and state and local income
taxes at the highest marginal rates of taxation in the state and locality of
your residence on the Entitlement Date, net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local
taxes. In the event that the Excise Tax is subsequently determined to be less
than the amount taken into account hereunder at the Entitlement Date, you shall
repay to the Company, at the time that the amount of such reduction in Excise
Tax is finally determined, an amount necessary so that the total payments
hereunder equal the Excise Tax Compensation Net Payment, plus interest on the
amount of such repayment at a rate equivalent to the rate described in Section
280G (d) (4) of the Code. In the event that the Excise Tax is determined to
exceed the amount taken into account hereunder at the Entitlement Date, the
Company shall make an additional Gross-Up Payment in respect of such excess
(plus any interest payable with respect to such excess) at the time that the
amount of such excess is finally determined.

     The Gross-Up Payment shall be paid not later than the fifteenth day
following the Entitlement Date, or, if and to the extent such payment is not
known or calculable as of such date, as soon as the amount is known and
calculable.

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10.  AGREEMENT TO PROVIDE SERVICES.

     In the event that (i) a Person commences a tender offer to become the
beneficial owner, directly or indirectly, of securities of DPL or DP&L
representing fifteen percent (15%) or more of the combined voting power of the
then outstanding securities of DPL or DP&L, as the case may be, or (ii) a Change
of Control occurs consisting of the entering into of an agreement referred to in
item (ii) or (iii) of paragraph 2 above, you agree that you will perform
services for the Company and that you will not voluntarily terminate your
employment with the Company until the first to occur of the following:

     (i)  the abandonment or termination of such tender offer or the transaction
          that is the subject of the agreement; or

     (ii) the occurrence of a Change of Control (other than the commencement of
          the tender offer or the entering into of an agreement referred to in
          item (ii) or (iii) of paragraph 2 above).

11.  FUNDING OF MASTER TRUST.

     Upon a Change of Control, the Company shall immediately transfer to the
Amended and Restated Master Trust dated February 1, 1995, as amended (or to an
Other Trust as defined in such Trust) previously established to secure the
Company's obligations to participants under various Company deferred and
incentive compensation plans, cash in an amount sufficient to fund all payments
which would be made to you hereunder if your employment was terminated on the
date of the Change of Control under circumstances in which payments under
paragraph 5.B. hereof would become due and payable to you, including, without
limitation, cash in an amount sufficient to fund payments of all future medical,
life insurance, accident and disability plans as provided in paragraphs 1.A(i),
5.B. (iii) and (iv) hereof, and the Gross-Up Payment as defined in paragraph 9
above, in each case based on reasonable estimates.

12.  NOTICES.

     All notices required or permitted to be given under this agreement shall be
in writing and shall be mailed (postage prepaid by either registered or
certified mail) or delivered, if to the Company, addressed to

     (a) Prior to a Change of Control, to the Corporate Secretary of the Company
         at:

                           The Dayton Power and Light Company
                           MacGregor Park
                           1065 Woodman Drive
                           Dayton, Ohio  45432
                           Attention: Corporate Secretary

     (b) After a Change of Control, to the Trustees at:

                           Trust Department
                           Bank One, Dayton, National Association
                           Kettering Tower

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                           Dayton, Ohio  45401

                           and

                           Chernesky, Heyman & Kress P.L.L.
                           Suite 1100
                           10 Courthouse Plaza, S.W.
                           Dayton, Ohio  45402
                           Attn:    Richard J. Chernesky, Esq.
                                    Richard A. Broock, Esq.
                                    Frederick J. Caspar, Esq.

and if to you, addressed to

                           [Name:_____________________________________]

                           [Home Address:_____________________________]

                           [__________________________________________]

Any party may change the address to which notices to such party are to be
directed by giving written notice of such change to the other parties in the
manner specified in this paragraph.

13.  MISCELLANEOUS.

     No provision of this agreement may be modified, waived or discharged unless
such waiver, modification or discharge is agreed to in writing, signed by you
and such officer of the Company as may be specifically designated by the Board
of Directors. No waiver by any party hereto at any time of any breach by any
other party hereto of, or of compliance by such other party with, any condition
or provision of this agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or
at any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have
been made by either party which are not set forth expressly in this agreement.

14.  GOVERNING LAW.

     The validity, interpretation, construction and performance of this
agreement shall be governed by the laws of the State of Ohio, without giving
effect to the principles of conflicts of law thereof.

15.  VALIDITY.

     The provisions of this agreement are divisible; if any provision of this
agreement is ruled invalid or unenforceable by any court, such invalidity or
enforceability, shall not affect the validity or enforceability of any other
provision, which shall remain in full force and effect; and such provision shall
be modified by such court consistent with the intent of the parties to the
extent necessary to render it valid and enforceable, if possible.

16.  NO RIGHT TO EMPLOYMENT.

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     Nothing in this agreement shall confer upon you the right to continue
employment with the Company, or obligate you to continue employment with the
Company (except as provided in paragraph 10); nor shall it interfere with the
rights of the Company to discharge you or take other action with respect to you,
subject to the Company's providing the benefits specified herein in accordance
with the terms hereof.

     If this letter correctly sets forth our agreement on the subject matter
hereof, please so confirm by signing and returning the enclosed copy.

                                   Very truly yours,

                                   DPL INC.

                                   By:  ___________________________________

                                   Its: ___________________________________

                                   THE DAYTON POWER AND LIGHT COMPANY

                                   By:  ___________________________________

                                   Its: ___________________________________

Confirmed and agreed to:

________________________________

Date:  _________________________

                                     113<PAGE>

EXHIBIT 10(f)

                                    DPL INC.

                                STOCK OPTION PLAN

Section 1. Purpose

     The purpose of the Plan is to promote the interests of the Company and its
shareholders by (i) attracting and retaining individuals eligible to participate
in the Plan; (ii) motivating such individuals by providing incentive to
contribute to the Company's future success; and (iii) aligning the interests of
such individuals with the interests of the Company's shareholders.

Section 2. Definitions

     The following terms, as used in the Plan, shall have the meaning specified
below. Other capitalized terms shall have the meaning specified in the Plan.

     a.   "BOARD OF DIRECTORS"  means the Board of Directors of the Company,  as
          it may be comprised from time to time.

     b.   "CHANGE OF CONTROL" means Change of Control as defined in Section 10.

     c.   "CODE" means the  Internal  Revenue  Code of 1986,  and any  successor
          statute, as it or they may be amended from time to time.

     d.   "COMMITTEE" means the Compensation and Management Review Committee of
          the Board of Directors or such other committee as may be designated by
          the Board of Directors.

     e.   "COMPANY" means DPL Inc., and any successor thereto.

     f.   "COVERED EMPLOYEE" means a covered employee within the meaning of Code
          Section 162(m)(3).

     g.   "CONSULTANT" means a consultant of the Company or a Subsidiary.

     h.   "DIRECTOR"  means a member of the Board of Directors of the Company or
          of a Subsidiary, whether or not an Employee.

     i.   "EMPLOYEE" means an officer or other key employee of the Company or of
          a Subsidiary. The term also includes any person who, in connection
          with the hiring of such person, has been granted an Option prior to
          the date such person first performs services for the Company or a
          Subsidiary, provided that no Option granted to such a person shall
          become vested prior to the date that such person first performs such
          services.

     j.   "EXCHANGE  ACT" means the  Securities  Exchange  Act of 1934,  and any
          successor statute, as it may be amended from time to time.

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     k.   "FAIR MARKET VALUE" means (i) the average of the highest and lowest
          sale prices of the Shares as reported on the New York Stock Exchange
          Composite Transaction Tape on the relevant date (or if the Shares are
          not then so traded, the average of the highest and lowest sale prices
          of the Shares on the stock exchange or over-the-counter market on
          which the Shares are principally trading on such date), or if no sale
          of the Shares is reported for such date, the next preceding day for
          which there is a reported sale or (ii) if there is no public market
          for the Shares on such date, fair market value as determined by the
          Committee.

     l.   "INSIDER" means any person who is subject to Section 16 of the
          Exchange Act, and any successor statutory provision, as it may be
          amended from time to time.

     m.   "OPTION" means an option granted pursuant to Section 4.

     n.   "OPTION AGREEMENT" means a document described in Section 6 setting
          forth the terms and conditions applicable to an Option granted to a
          Participant.

     o.   "PARTICIPANT" means any Employee,  Director or Consultant who has been
          granted an Option.

     p.   "SHARES"  means  common  shares of the Company or any  security of the
          Company issued in substitution, exchange or lieu thereof.

     q.   "SUBSIDIARY" means (i) any corporation or other entity in which the
          Company, directly or indirectly, controls 50% or more of the total
          combined voting power of such corporation or other entity and (ii) any
          other corporation or other entity in which the Company has a
          significant equity interest, in either case as determined by the
          Committee.

Section 3. Eligibility

     The Committee may grant one or more Options to any Employee, Director or
Consultant designated by it to receive an Option.

Section 4. Options

     The Committee may grant options to purchase a specific number of Shares
exercisable at such time or times and subject to such terms and conditions as
the Committee may determine subject to the Plan, provided that the term of an
Option shall not exceed ten years.

     a.   The exercise price of an Option shall not be less than 100% of the
          Fair Market Value of the Shares on the date the Option is granted.

     b.   The exercise price of an Option shall be paid in cash or check
          (subject to collection); provided that, at the discretion of the
          Committee, the exercise price may also be paid by the tender, by
          either actual delivery or attestation, of Shares acceptable to the
          Committee and valued at their Fair Market Value on the date of
          exercise; through a combination of Shares and cash; or

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<PAGE>

     through such other means as the Committee may determine.  Without  limiting
     the foregoing, to the extent permitted by applicable law:

          (i)  The Committee may, on such terms and conditions as it may
               determine, agree to accept as full or partial payment of the
               exercise price the proceeds of a loan from the Company to the
               Participant. The loan shall be evidenced by the Participant's
               promissory note, which promissory note shall (A) be payable as
               determined by the Committee, (B) be secured by a pledge of the
               Shares acquired upon exercise of the Option, (C) be full recourse
               with respect to the Participant and (D) bear interest at a rate,
               established by the Committee, not less than needed to avoid the
               imputation of income under the Code; and

          (ii) The Committee may, on such terms and conditions as it may
               determine, permit a Participant to elect to pay the exercise
               price by authorizing a third party, pursuant to a brokerage or
               similar arrangement approved in advance by the Committee, to
               simultaneously sell all (or a sufficient portion) of the Shares
               acquired upon exercise of the Option and to remit to the Company
               a sufficient portion of the proceeds from the sale to pay the
               entire exercise price of the Option and any required tax
               withholding resulting therefrom.

     c.   No fractional Shares will be issued or accepted. The Committee may
          impose such other conditions, restrictions and contingencies with
          respect to Shares delivered pursuant to the exercise of an Option as
          it deems desirable.

     d.   Options granted under the Plan are not intended to be incentive stock
          options under Section 422 of the Code.

     e.   The Committee may require or permit Participants to defer the issuance
          or vesting of Shares under such rules and procedures as it may
          establish under the Plan. The Committee may also provide that deferred
          settlements include the payment of, or crediting of interest on, the
          deferral amounts or the payment or crediting of dividend equivalents
          on deferred settlements denominated in Shares.

Section 5. Shares Available under Plan

     a.   Subject to the adjustment provisions of Section 9, the number of
          Shares with respect to which Options may be granted under the Plan
          shall not exceed 8,000,000 Shares; provided that with respect to the
          unexercised portion of any terminated or forfeited Option and Shares
          tendered or withheld to pay the exercise price of an Option and/or any
          required tax withholding with respect to an Option shall be available
          for further Option grants. Additional rules for determining the number
          of Shares granted under the Plan may be adopted by the Committee, as
          it deems necessary and appropriate.

     b.   Subject to the adjustment provisions of Section 9, no single
          Participant shall receive Options with respect to more than 2,500,000
          Shares.

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     c.   The Shares that may be issued pursuant to an Option under the Plan may
          be treasury or authorized but unissued Shares, or Shares may be
          acquired, subsequently or in anticipation of the transaction, in the
          open market to satisfy the requirements of the Plan.

Section 6. Option Agreements

     Each Option under the Plan shall be evidenced by an Option Agreement. Each
Option Agreement shall set forth the terms and conditions applicable to the
Option, as determined by the Committee subject to the Plan, including but not
limited to provisions describing the treatment of an Option in the event of the
termination of a Participant's status as an Employee, Director or Consultant.

Section 7. Amendment and Termination

     The Board of Directors may at any time amend, suspend or terminate the
Plan, in whole or in part, and the Committee may, subject to the Plan, at any
time alter or amend any or all Option Agreements to the extent permitted by
applicable law; provided that no such action shall impair the rights of any
holder of an Option without the holder's consent. Notwithstanding the foregoing,
neither the Board of Directors nor the Committee shall (except pursuant to
Section 9) amend the Plan or any Option Agreement without the approval of the
shareholders of the Company to (i) increase the number of Shares available for
Options in total and to each Participant as set forth in Section 5, (ii)
decrease the exercise price of any Option or (iii) change the definition of
Employee.

Section 8. Administration

     a.   The Plan and all Options shall be administered by the Committee. In
          the absence of the Committee, or to the extent determined by the Board
          of Directors, any action that could be taken by the Committee may be
          taken by the Board of Directors, provided that any such action may be
          taken with respect to Covered Employees only by those members of the
          Board of Directors who are considered "outside directors" within the
          meaning of Treasury Reg. ss.1.162-27(e)(3). A majority of the members
          of the Committee shall constitute a quorum. The vote of a majority of
          a quorum shall constitute action by the Committee.

     b.   The Committee shall have full and complete authority, in its sole and
          absolute discretion, (i) to exercise all of the powers granted to it
          under the Plan, (ii) to construe, interpret and implement the Plan and
          any related document, (iii) to prescribe, amend and rescind rules
          relating to the Plan, (iv) to make all determinations necessary or
          advisable in administering the Plan and (v) to correct any defect,
          supply any omission and reconcile any inconsistency in the Plan. The
          actions and determinations of the Committee on all matters relating to
          the Plan and any Options will be final and conclusive. The Committee's
          determinations under the Plan need not be uniform and may be made by
          it selectively among Participants who receive, or who are eligible to
          receive, Options under the Plan, whether or not such persons are
          similarly situated.

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<PAGE>

     c.   The Committee and others to whom the Committee has allocated or
          delegated authority or duties shall keep a record of all their
          proceedings and actions and shall maintain all such books of account,
          records and other data as shall be necessary for the proper
          administration of the Plan.

     d.   The Company shall pay all  reasonable  expenses of  administering  the
          Plan, including, but not limited to, the payment of professional fees.

     e.   It is the intent of the Company that this Plan and Options hereunder
          satisfy, and be interpreted in a manner that satisfy, (i) in the case
          of Participants who are or may be Insiders, the applicable
          requirements of Rule 16b-3 of the Exchange Act so that such persons
          will be entitled to the benefits of Rule 16b-3, or other exemptive
          rules under Section 16, and will not be subjected to avoidable
          liability thereunder and (ii) the applicable requirements of Code
          Section 162(m). If any provision of this Plan or of any Option
          Agreement would otherwise frustrate or conflict with the intent
          expressed in this Section 8(e), that provision, to the extent
          possible, shall be interpreted and deemed amended so as to avoid such
          conflict. To the extent of any remaining irreconcilable conflict with
          such intent, such provision shall be deemed void as applicable to
          Insiders and/or Covered Employees, as applicable.

     f.   The Committee may appoint such accountants, counsel and other experts
          as it deems necessary or desirable in connection with the
          administration of the Plan.

     g.   Except to the extent prohibited by applicable law or otherwise, the
          Committee may from time to time allocate to one or more of its members
          and delegate to one or more Employees or Directors all or any portion
          of its authority and duties, provided that the Committee may not
          allocate or delegate any discretionary authority with respect to
          substantive decisions or functions regarding the Plan or Options to
          the extent inconsistent with the intent expressed in Section 8(e).

Section 9. Adjustment Provisions

     a.   In the event of any change in the outstanding Shares by reason of a
          stock dividend or stock split, the number of Shares then remaining
          subject to this Plan, and the maximum number of Shares that may be
          issued to any single Participant pursuant to this Plan, including
          those that are then covered by outstanding Options, shall (i) in the
          event of an increase in the number of outstanding Shares, be
          proportionately increased and the price for each Share then covered by
          an outstanding Option shall be proportionately reduced, and (ii) in
          the event of a reduction in the number of outstanding Shares, be
          proportionately reduced and the price for each Share then covered by
          an outstanding Option shall be proportionately increased.

     b.   In the event of any change in the outstanding Shares by reason of a
          recapitalization, merger or consolidation (whether or not the Company
          is the surviving corporation), reorganization, combination or exchange
          of shares or other similar corporate changes or an extraordinary
          dividend in cash or

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<PAGE>

          property, but not including the repurchase or issuance of Shares by
          the Company unrelated to any such corporate change or extraordinary
          dividend, the number and kind of shares subject to this Plan, the
          maximum number of shares that may be issued to any single Participant,
          the number and kind of shares subject to outstanding Options and the
          exercise price thereof shall be adjusted by the Committee as it deems
          appropriate to prevent dilution or enlargement of the rights and
          benefits intended to be conveyed by an Option.

     c.   The Committee shall make any further adjustments as it deems necessary
          to help ensure equitable treatment of any holder of an Option as the
          result of any transaction affecting the securities subject to the Plan
          not described in Section 9(a) or (b), or as is required or authorized
          under the terms of any applicable Option Agreement, provided the
          Committee shall not be permitted under this Section 9(c) to increase
          the number of Shares available for Options in total or to each
          Participant as set forth in Section 5.

     d.   The existence of the Plan and the Options granted hereunder shall not
          affect or restrict in any way the right or power of the Board of
          Directors or the shareholders of the Company to make or authorize any
          adjustment, recapitalization, reorganization or other capital
          structure of its business, any merger or consolidation of the Company,
          any issue of bonds, debentures, preferred or prior preference shares
          ahead of or affecting the Shares or the rights thereof, the
          dissolution or liquidation of the Company or any sale or transfer of
          all or any part of its assets or business, or any other corporate act
          or proceeding.

Section 10. Change of Control

     a.   In the event of a Change of Control, in addition to any action
          required or authorized by the terms of an Option Agreement, the
          Committee may, in its sole discretion, take any of the following
          actions as a result, or in anticipation, of any such event to assure
          fair and equitable treatment of Participants:

          (i)  accelerate time periods for purposes of vesting in, or realizing
               gain from, any outstanding Option granted pursuant to this Plan;

          (ii) offer to purchase any outstanding Option granted pursuant to this
               Plan from the holder for its equivalent cash value, as determined
               by the Committee, as of the date of the Change of Control; or

          (iii)make adjustments or modifications to outstanding Options as the
               Committee deems appropriate to maintain and protect the rights
               and interests of Participants following such Change of Control.

     Notwithstanding the foregoing provisions of this section or any provision
in an Option Agreement to the contrary, in no event shall the Committee be
deemed to have discretion to accelerate or not accelerate or make other changes
in or to any or all Options, in respect of a transaction, if such action or
inaction would be inconsistent with or would

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<PAGE>

otherwise frustrate the intended accounting for a proposed transaction as a
pooling of interest under generally accepted accounting principles.

     b.   A "Change of Control" means any change in control of the Company, or
          its principal subsidiary, The Dayton Power and Light Company ("DP&L"),
          of a nature that would be required to be reported in response to Item
          6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange
          Act as determined by the Board of Directors in its sole discretion;
          provided that, without limitation, such a Change of Control shall be
          deemed to have occurred if: (i) any "person" (as such term is defined
          in Sections 13(d) and 14(d)(2) of the Exchange Act; hereafter, a
          "Person") other than the Company or DP&L or an entity then directly or
          indirectly controlling, controlled by or under common control with the
          Company or DP&L is on the effective date hereof, or becomes the
          beneficial owner, directly or indirectly, of securities of the Company
          or DP&L representing (A) 15% or more of the combined voting power of
          the then outstanding securities of the Company or DP&L if the
          acquisition of such beneficial ownership is not approved by the Board
          of Directors prior to the acquisition or (B) 50% or more of such
          combined voting power in all other cases; (ii) the Company or DP&L
          enters into an agreement to merge or consolidate itself, or an
          agreement to consummate a "combination" or "majority share
          acquisition" in which it is the "acquiring corporation" (as such terms
          are defined in Ohio Rev. Codess.1701.01 as in effect on December 31,
          1990) and in which shareholders of the Company or DP&L, as the case
          may be, immediately prior to entering into such agreement, will
          beneficially own, immediately after the effective time of the merger,
          consolidation, combination or majority share acquisition, securities
          of the Company or DP&L or any surviving or new corporation, as the
          case may be, having less than 50% of the "voting power" of the Company
          or DP&L or any surviving or new corporation, as the case may be,
          including "voting power" exercisable on a contingent or deferred basis
          as well as immediately exercisable "voting power", excluding any
          merger of the Company into DP&L or of DP&L into the Company; (iii) the
          Company or DP&L enters into an agreement to sell, lease, exchange or
          otherwise transfer or dispose of all or substantially all of its
          assets to any Person other than to a wholly-owned subsidiary or, in
          the case of DP&L, to the Company; but not including (A) a mortgage or
          pledge of assets granted in connection with a financing or (B) a
          spin-off or sale of assets if the Company continues in existence and
          its common shares are listed on a national securities exchange, quoted
          on the automated quotation system of a national securities association
          or traded in the over-the-counter market; (iv) any transaction
          referred to in (ii) or (iii) above is consummated; or (v) those
          persons serving as directors of the Company or DP&L on the date this
          Plan is effective (the "Original Directors") and/or their Successors
          do not constitute a majority of the whole Board of Directors of the
          Company or DP&L, as the case may be (the term "Successors" shall mean
          those directors whose election or nomination for election by
          shareholders has been approved by the vote of at least two-thirds of
          the Original Directors and previously qualified Successors serving as
          directors of the Company or DP&L, as the case may be, at the time of
          such election or nomination for election).

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Section 11. Miscellaneous

     a.   NONASSIGNABILITY. Except as otherwise provided in this Plan or by the
          Committee, no Option or benefit or right related thereto shall be
          assignable or transferable except by will or by the laws of descent
          and distribution.

     b.   OTHER PAYMENTS OR AWARDS. Nothing contained in the Plan shall be
          deemed in any way to limit or restrict the Company or a Subsidiary
          from making any award or payment to any person under any other plan,
          arrangement or understanding, whether now existing or hereafter in
          effect.

     c.   PAYMENTS TO OTHER PERSONS. To the extent permitted by law, none of the
          benefits payable under or relating to the Plan shall be subject to the
          claims or legal process of the creditors of a Participant or of his or
          her beneficiary, spouse, prior spouse, or other persons or entity. Any
          payment legally required to be made to any person other than the
          person to whom any amount is made available under the Plan shall be a
          complete discharge of the liability with respect thereto.

     d.   UNFUNDED PLAN. The Plan shall be unfunded. No provision of the Plan or
          any Option Agreement shall require the Company or a Subsidiary, for
          the purpose of satisfying any obligations under the Plan, to purchase
          assets or place any assets in a trust or other entity to which
          contributions are made or otherwise to segregate any assets, nor shall
          the Company or a Subsidiary maintain separate bank accounts, books,
          records or other evidence of the existence of a segregated or
          separately maintained or administered fund for such purposes.
          Participants shall have no rights under the Plan other than as
          unsecured general creditors of the Company or a Subsidiary, except
          that insofar as they may have become entitled to payment of additional
          compensation by performance of services, they shall have the same
          rights as other employees under generally applicable law.

     e.   LIMITS OF LIABILITY. Any liability of the Company or a Subsidiary to
          any Participant with respect to an Option shall be based solely upon
          contractual obligations created by the Plan and the Option Agreement.
          Neither the Company or its Subsidiaries, nor any member of the Board
          of Directors or of the Committee, nor any other person participating
          in any determination of any question under the Plan, or in the
          interpretation, administration or application of the Plan, shall have
          any liability to any party for any action taken, or not taken, in good
          faith under the Plan.

     f.   RIGHTS OF PARTICIPANTS. Status as an eligible Employee, Director or
          Consultant shall not be construed as a commitment that any Option
          shall be granted under this Plan to such eligible Employee, Director
          or Consultant or to eligible Employees, Directors and Consultants
          generally. Nothing contained in this Plan or in any Option Agreement
          shall confer upon any Participant any right to continue in the employ
          or other service of the Company or a Subsidiary or constitute any
          contract or limit in any way the right of the Company or a Subsidiary
          to change such person's compensation or other benefits or to terminate
          the employment or other service of such person with or without cause.

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          Except as provided otherwise in an Option Agreement, a Participant's
          (i) transfer from the Company to a Subsidiary or affiliate of the
          Company, whether or not incorporated, or vice versa, or from one
          Subsidiary to another; (ii) change in status to or from Employee,
          Director or Consultant; or (iii) leave of absence, duly authorized in
          writing by the Company or a Subsidiary, shall not be deemed a
          termination of such Participant's employment or other service.

     g.   RIGHTS AS A SHAREHOLDER. A Participant shall have no rights as a
          shareholder with respect to any Shares covered by an Option until the
          date the Participant becomes the holder of record of such Shares.
          Except as provided in Section 9, no adjustment shall be made for
          dividends or other rights, unless the Option Agreement specifically
          requires such adjustment.

     h.   WITHHOLDING. Applicable taxes, to the extent required by law, shall be
          withheld in respect of all Options. A Participant may satisfy the
          withholding obligation by paying the amount of any taxes in cash,
          check (subject to collection) or Shares, or with the approval of the
          Committee, Shares may be deducted from the payment to satisfy the
          obligation in full or in part. The amount of the withholding and the
          number of Shares to be paid or deducted in satisfaction of the
          withholding requirement shall be determined by the Committee with
          reference to the Fair Market Value of the Shares when the withholding
          is required to be made.

     i.   SECTION  HEADINGS.  The section headings  contained herein are for the
          purpose of  convenience  only,  and in the event of any conflict,  the
          text of the Plan, rather than the section headings, shall control.

     j.   CONSTRUCTION. In interpreting the Plan, the masculine gender shall
          include the feminine, the neuter gender shall include the masculine or
          feminine, and the singular shall include the plural unless the context
          clearly indicates otherwise.

     k.   INVALIDITY. If any term or provision contained herein or in any Option
          Agreement shall to any extent be invalid or unenforceable, such term
          or provision will be reformed so that it is valid, and such invalidity
          or unenforceability shall not affect any other provision or part
          hereof or thereof.

     l.   APPLICABLE LAW. The Plan, the Option Agreements and all actions taken
          hereunder or thereunder shall be governed by, and construed in
          accordance with, the laws of the State of Ohio without regard to the
          conflict of law principles thereof.

     m.   COMPLIANCE WITH LAWS. Notwithstanding anything contained herein or in
          any Option Agreement to the contrary, the Company shall not be
          required to sell or issue Shares hereunder or thereunder if the
          issuance would constitute a violation by the Participant or the
          Company of any provisions of any law or regulation of any governmental
          authority or any national securities exchange; and as a condition of
          any sale or issuance, the Company may require such agreements or
          undertakings, if any, as the Company may deem necessary or advisable
          to assure compliance with any such law or regulation.

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     n.   EFFECTIVE DATE AND TERM. The Plan was adopted by the Board of
          Directors effective as of February 1, 2000, subject to approval by the
          Company's shareholders. The Committee may grant Options prior to
          shareholder approval, provided, however, that Options granted prior to
          such shareholder approval are automatically cancelled if shareholder
          approval is not obtained at or prior to the period ending 12 months
          after the date the Plan is effective and provided further that no
          Option may be exercisable prior to the date shareholder approval is
          obtained. The Plan shall remain in effect until all Options granted
          under the Plan have been exercised or terminated under the terms of
          the Plan and applicable Option Agreements.

                                      123

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