Document:

Exhibit 10.1

DPL INC.

PARTICIPATION AGREEMENT

This PARTICIPATION AGREEMENT (“Agreement”)
is entered into this 30th day of June, 2006 (the “Effective Date”) among
DPL Inc., an Ohio corporation (“DPL”), The Dayton Power and Light Company, an
Ohio corporation (“DP&L”), and Fred Boyle (“Executive”).

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

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

WHEREAS, Executive’s participation in the
Plans and eligibility for the benefits provided thereunder requires execution
of this 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 (b) is eligible to
receive additional benefits as such are provided to other similarly situated
employees of the Company from time to time.

3.    Perquisite Allowance. By executing
this Agreement, Executive shall be entitled to receive a perquisite allowance
in the amount of $20,000 per year (the “Perquisite Allowance”), for each year
that (a) Executive remains designated by the Committee as eligible to
receive the Perquisite Allowance and (b) DPL continues to make the
Perquisite Allowance available to executive-level employees of the Company. Executive
has been designated by the Committee as eligible to receive the Perquisite
Allowance for 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.

4.    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 DPL and DP&L, 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.

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

 

 

	
  

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  DPL INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  By:

  	
   

  	
  /s/ James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Name: James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  THE DAYTON POWER AND LIGHT COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  By:

  	
   

  	
  /s/ James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Name: James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  By:

  	
   

  	
  /s/ Fred Boyle

  
	
     

  	
   

  	
     

  	
   

  	
  Fred BoyleExhibit 10.2

DPL INC.

PARTICIPATION AGREEMENT AND WAIVER

This PARTICIPATION AGREEMENT AND WAIVER (“Agreement”)
is entered into this 29th day of June 2006 (the “Effective Date”)
among DPL Inc., an Ohio corporation (“DPL”), The Dayton Power and Light Company,
an Ohio corporation (“DP&L”), and John J. Gillen (“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 21, 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
Agreement 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 Agreement, including the rights to (a) receive
the benefits or his obligations with respect to Executive’s relocation from
Philadelphia, Pennsylvania to Dayton, Ohio as described on Schedule
A attached hereto, (b) purchase
from the Company, to the extent not yet purchased, up to a total of 30,000 DPL
common shares at an exercise price of $25.00 per share pursuant to the terms of
Executive’s Management Stock Option Agreement, dated December 29, 2004, a
copy of which is attached hereto as Exhibit A,
(c) receive from DPL an option to purchase up to a total of 20,000 common
shares of DPL upon the earlier of (i) the date Executive relocates his
primary residence and his family to the Dayton, Ohio area or (ii) the
occurrence of a Change of Control (as defined in the DPL Inc. Severance Pay and
Change of Control Plan), and (d) 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:

  	
   

  	
  /s/ James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Name: James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  THE DAYTON POWER AND LIGHT COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  By:

  	
   

  	
  /s/ James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Name: James V. Mahoney

  
	
     

  	
   

  	
     

  	
   

  	
  Title: President and CEO

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
  By:

  	
   

  	
  /s/ John J. Gillen

  
	
     

  	
   

  	
     

  	
   

  	
  John J. Gillen

  

 

 

 

Schedule
A

The Company agrees
to provide the following benefits with respect to Executive’s relocation from
the Philadelphia, Pennsylvania area to the Dayton, Ohio area (the “Relocation”)
until Executive relocates to the Dayton, Ohio area:

(i)   reimbursement for reasonable expenses
incurred in relocating Executive’s family and single family residence from a
single location in the Philadelphia, Pennsylvania area to the Dayton, Ohio
area;

(ii)  reimbursement for (A) rental of temporary
furnished housing in the greater Dayton, Ohio area and expenses for utilities
associated with the rental property and (B) for travel between the Dayton,
Ohio area and the Philadelphia, Pennsylvania area, including reimbursement for
mileage, airfare and airport parking charges;

(iii) reimbursement for customary real estate
commissions incurred in connection with the sale of Executive’s current
residence in the Philadelphia, Pennsylvania area and for the cost of an
appraisal for a residence in the Dayton, Ohio area;

(iv) upon the closing of the sale of Executive’s
Philadelphia area residence, the Company’s payment of a moving incentive bonus
equal to 3% of the sale price of Executive’s Philadelphia residence up to a
maximum bonus of $50,000;

(v)  use of a Company car; and

(vi) to the extent any of the foregoing payments or
reimbursements are subject to income taxes or other taxes similar to income
taxes, the Company shall pay Executive an additional amount sufficient to gross
him up for the amount of such taxes.

In the event that
Executive terminates his employment for any reason or his employment is
terminated by the Company for “Cause” as hereinafter defined, within one year
after the date of the Relocation, Executive shall fully reimburse the Company
for any payments made by the Company pursuant to the terms set forth in
provisions (i) through (vi) above. For purposes of this Schedule A, “Cause”
shall mean (a) proven commission of a felony, (b) proven
embezzlement, (c) the proven illegal use of drugs, or (d) if no
Change of Control (as defined in the DPL Inc. Severance Pay and Change of
Control Plan) has occurred other than the commencement of a tender offer and/or
the entering into of an agreement referred to in items (ii) or (iii) of
the definition of Change of Control, the willful and continuous failure by
Executive to substantially perform his duties with the Company (other than any
such failure resulting from his physical or mental illness or other physical or
mental incapacity) as determined in good faith by the Board of Directors. Notwithstanding
the foregoing, Cause shall not be deemed to exist unless and until there shall
have been delivered to Executive 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 him and an opportunity for him, together with his

 

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 he was guilty
of conduct set forth above in clauses (a), (b), (c) or (d) of the
first sentence of this definition and specifying the particulars thereof in
detail. For purposes of this definition, no act or failure to act on Executive’s
part shall be considered “willful” unless it is done, or omitted to be done, by
him in bad faith or without reasonable belief that his action or omission was
in the best interests of the Company.

 

 

 

Exhibit A

Gillen
Management Stock Option Agreement

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