Document:

Exhibit 10.1

 

DPL INC.

PARTICIPATION
AGREEMENT AND WAIVER

 

This PARTICIPATION AGREEMENT AND WAIVER (“Agreement”)
is entered into this 7th day of March 2006 (the “Effective Date”) between
DPL Inc., an Ohio corporation (“DPL”), The Dayton Power and Light Company (“DP&L”),
and James V. Mahoney (“Executive”).

 

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

 

WHEREAS, the Program provides benefits pursuant to the
following plans that 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 (“EPIP”),
and the DPL Inc. Executive Incentive Compensation Plan (collectively, the “Plans”);

 

WHEREAS, Executive’s participation in the Plans
requires execution of this Agreement in order to be eligible to receive
benefits under such Program; and

 

WHEREAS, Executive previously entered into an
Employment Agreement with DPL and DP&L (collectively, the “Company”), dated
December 14, 2004 (the “Prior Agreement”);

 

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 date hereof and will continue in
effect as provided herein.

 

2.                                       Participation
in the Plans. DPL confirms that Executive (a) has been designated by
the Committee and the Board to participate in each of the Plans pursuant to the
terms thereof, contingent on his execution of this Agreement and, with respect
to the EPIP, its approval by the shareholders of the Company at their annual
meeting on April 26, 2006, and (b) is eligible to receive additional
benefits as such are provided to other similarly situated employees of the
Company from time to time.

 

 

3.                                       Termination
of Prior Agreement. Executive, for himself and his dependents, successors,
assigns, heirs, executors and administrators (and his and their legal
representatives of every kind), and the Company hereby agree that, upon
execution of this Agreement, the Prior Agreements shall terminate and have no
further force and effect.

 

4.                                       Remaining
Rights. Notwithstanding the terms of Section 3 of this Agreement,
Executive and the Company hereby agree that nothing in this Agreement negates
or diminishes Executive’s right under the Prior Agreement to (a) purchase
from the Company, to the extent not yet purchased, up to a total of 100,000
Common Shares of the Company at an exercise price of $15.88 per share pursuant
to the terms of Executive’s Management Stock Option Agreement, dated January 3,
2003, a copy of which is attached hereto as Exhibit A,
(b) purchase from the company, to the extent not yet purchased, up to a
total of 20,000 Common Shares of the Company at an exercise price of $24.90 per
share pursuant to the terms of Executive’s Management Stock Option Agreement,
dated December 21, 2004, a copy of which is attached hereto as Exhibit B, and (c) receive
the amounts payable under the DPL Inc. 2003 Long-Term Incentive Plan that are
payable as the amounts vest.

 

5.                                       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 2006. The Perquisite Allowance
for 2006 shall be paid as soon as practicable after the Effective Date. The
Perquisite Allowance for years after 2006 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.

 

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 DPL, its subsidiaries or affiliates, or
otherwise disrupt, impair, damage or interfere with DPL’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 DPL, its subsidiaries or affiliates, that has purchased products or services
from the DPL, 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 DPL, its subsidiaries or
affiliates is terminated or that DPL, 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 DPL, its subsidiaries or affiliates or which DPL, its subsidiaries
or affiliates have known plans to offer.

 

7.                                       No
Inducement. Executive agrees and acknowledges that no representations,
promises or inducements have been made by the Company to induce Executive to
enter into this Agreement other than as set forth herein.

 

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

 

	
   

  	
   

  	
  DPL INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Robert D. Biggs

  
	
   

  	
   

  	
   

  	
  Title: Executive Chairman

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE DAYTON POWER AND LIGHT

  
	
   

  	
   

  	
  COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Robert D. Biggs

  
	
   

  	
   

  	
   

  	
  Title: Executive Chairman

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James V. Mahoney

  

 

 

Exhibit A

 

Mahoney
Management Stock Option Agreement, dated January 3, 2003

 

 

Exhibit B

 

Mahoney
Management Stock Option Agreement, dated December 21, 2004Exhibit 10.2

 

DPL INC.

PARTICIPATION AGREEMENT AND WAIVER

 

This PARTICIPATION AGREEMENT AND WAIVER (“Agreement”)
is entered into this 6th day of March 2006 (the “Effective Date”) among
DPL Inc., an Ohio corporation (“DPL”), The Dayton Power and Light Company, an
Ohio corporation (“DP&L”), and Arthur G. Meyer (“Executive”).

 

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

 

WHEREAS, the Program provides benefits pursuant to the
following plans that 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, (“EPIP”), the DPL Inc. 2006 Equity and Performance Incentive
Plan, and the DPL Inc. Executive Incentive Compensation Plan (collectively, the
“Plans”);

 

WHEREAS, Executive’s participation in the Plans requires
execution of this Agreement in order to be eligible to receive benefits under
such Program; and

 

WHEREAS, Executive has entered into Letter Agreements
with DPL and DP&L (collectively, the “Company”), dated November 26,
1997 and December 15, 2000, respectively (the
“Prior Agreements”);

 

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 date
hereof and will continue in effect as provided herein.

 

2.                                       Participation in the Plans. DPL confirms that Executive (a) has
been designated by the Committee and the Board to participate in each of the
Plans pursuant to the terms thereof, contingent on his execution of this
Agreement and, with respect to the EPIP, its approval by the shareholders of
the Company at their annual meeting on April 26, 2006, and (b) is
eligible to receive additional benefits as such are provided to other similarly
situated employees of the Company from time to time.

 

 

3.                                       Termination of Prior Agreements. Executive, for himself and his
dependents, successors, assigns, heirs, executors and administrators (and his
and their legal representatives of every kind), and the Company hereby agree
that, upon execution of this Agreement, the Prior Agreements shall terminate
and have no further force and effect.

 

4.                                       Remaining Rights. Notwithstanding the terms of Section 3
of this Agreement, Executive and the Company hereby agree that nothing in this
Agreement negates or diminishes Executive’s rights under any agreement other
than the Prior Agreements, including the rights (a) to receive medical
benefits as described in the letter dated October 28, 1998 from Allen M.
Hill to Executive, a copy of which is attached hereto as Exhibit A;
(b) to receive supplemental executive retirement benefits as described in
a letter dated April 20, 1999, a copy of which is attached hereto as Exhibit B, under the DP&L
Supplemental Executive Retirement Plan, as amended on December 7, 2004; (c) with
respect to any stock incentive units granted under DP&L’s Management Stock
Incentive Plan, as described in and subject to the terms and conditions
contained in the Letter Agreement between the Company and Executive, dated October 3,
1996, to which Executive agreed and accepted October 14, 1996, a copy of
which is attached hereto as Exhibit C,
and as further described in the Letter Agreement between the Company and
Executive, dated April 27, 2001, a copy of which is attached hereto as Exhibit D; and (d) to
purchase from the Company, to the extent not yet purchased, up to a total of
50,000 Common Shares of the Company at an exercise price of $29 5/8 per share
pursuant to the terms of Executive’s Management Stock Option Agreement, dated January 1,
2001, a copy of which is attached hereto as Exhibit E.

 

5.                                       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 2006. The
Perquisite Allowance for 2006 shall be paid as soon as practicable after the
Effective Date. The Perquisite Allowance for years after 2006 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.

 

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 DPL, its
subsidiaries or affiliates, or otherwise disrupt, impair, damage or interfere
with DPL’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 DPL, its subsidiaries or affiliates, that
has purchased products or services from the DPL, 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 DPL, its subsidiaries or
affiliates is terminated or that DPL, 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 DPL, its subsidiaries or affiliates or which
DPL, its subsidiaries or affiliates have known plans to offer.

 

7.                                       No Inducement. Executive agrees and acknowledges that
no representations, promises or inducements have been made by the Company to
induce Executive to enter into this Agreement other than as set forth herein.

 

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

 

	
   

  	
  DPL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: James V. Mahoney

  
	
   

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE DAYTON POWER AND LIGHT

  
	
   

  	
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: James V. Mahoney

  
	
   

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Arthur G. Meyer

  

 

 

Exhibit A

 

Meyer Medical Benefits

 

 

Exhibit B

 

Meyer SERP Letter Agreement

 

 

Exhibit C

 

Meyer SIU Letter Agreement, dated October 3,
1996

 

 

Exhibit D

 

Meyer SIU Letter Agreement, dated April 27,
2001

 

 

Exhibit E

 

Meyer Management Stock Option Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]