Document:

Exhibit
10(t)

 

DPL INC.

PARTICIPATION
AGREEMENT

 

This
PARTICIPATION AGREEMENT (“Agreement”) is entered into this 27th day
of March 2007 (the “Effective Date”) among DPL Inc., an Ohio corporation (“DPL”), The Dayton
Power and Light Company, an Ohio corporation (“DP&L”) (collectively,
the “Company”), and Scott J. Kelly (“Executive”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3.           Perquisite
Allowance.    By  executing this Agreement,
Executive shall be entitled to receive a perquisite allowance in the amount of
$20,000 per year (the “Perquisite Allowance”), for each year that (a) Executive
remains designated by the Committee
as eligible to receive the Perquisite Allowance and (b) DPL continues to
make the Perquisite Allowance available to executive-level employees of the
Company. Executive has been designated by the Committee as eligible to receive the Perquisite
Allowance for 2007. The Perquisite Allowance for 2007 shall be paid
as soon as practicable after
the execution of this Participation Agreement. The Perquisite Allowance for
years after 2007 shall be paid to Executive as soon as practicable after the
Committee designates Executive as eligible to

 

 

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

 

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

 

[Signatures on the Following Page]

 

 

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

 

 

	
   

  	
  DPL INC. and

  
	
   

  	
  THE DAYTON POWER AND LIGHT COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul M. Barbas

  
	
   

  	
   

  	
  Paul M. Barbas

  
	
   

  	
   

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Scott J. Kelly

  
	
   

  	
   

  	
  Scott J. KellyExhibit 10(u)

 

DPL INC.

PARTICIPATION AGREEMENT AND WAIVER

 

This
PARTICIPATION AGREEMENT AND WAIVER (“Agreement”) is entered into this 27th
day of February 2006 (the “Effective Date”) among DPL Inc., an Ohio
corporation (“DPL”), The Dayton Power and Light Company,
an Ohio corporation (“DP&L”), and Gary G. Stephenson (“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 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 (“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 and a Change of Control Letter
Agreement with DPL and DP&L (collectively, the “Company”), both dated September 17,
2004 (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

 

1

 

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 any agreement other than the Prior
Agreements, including, but not limited to, the right to receive 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.

 

2

 

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Gary G. Stephenson

  
	
   

  	
  Gary G. Stephenson

  

 

3

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