Document:

Exhibit 10(v)

 

DPL INC.

PARTICIPATION
AGREEMENT AND WAIVER

 

This PARTlClPATlON
AGREEMENT AND WAIVER (“Agreement”) is entered into this 23rd 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 Miggie E.
Cramblit (“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 June 9, 2003 (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 her 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.

 

1

 

3.             Termination of Prior Agreements.    Executive,
for herself and her dependents, successors, assigns, heirs, executors and
administrators (and her 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.             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.

 

5.             Non-Solicitation.    As
a condition to her eligibility to participate in the Program, Executive
hereby agrees that during her employment and for a period of two years
following her termination of employment with the Company, Executive will not (a) solicit for
employment with herself or any firm or entity with which she 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.

 

6.             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.

 

[SIGNATURES ON FOLLOWING PAGE]

 

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/ Miggie E. Cramblit

  
	
   

  	
  Miggie E. Cramblit

  

 

3Exhibit 10(w)

 

DPL INC.

PARTICIPATION AGREEMENT AND WAIVER

 

This
PARTlClPATlON AGREEMENT AND WAIVER (“Agreement”) is entered into
this 24th 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 Joseph R. Boni III (“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 with DPL and DP&L
(collectively, the “Company”), dated August 29, 2005 (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.

 

1

 

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 right under any agreement other than the Prior
Agreement, including, but not limited to, the right to (a) receive the
benefits or his obligations with respect to his relocation from Cleveland, Ohio
to Dayton, Ohio as described on Schedule
A  attached hereto and (b) 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.

 

2

 

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Joseph R Boni III

  
	
   

  	
  Joseph R Boni III

  

 

3

 

Schedule
A

 

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

 

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

 

(ii)                                  reimbursement
for up to 270 days rental of temporary housing in the greater Dayton, Ohio area
and for travel between the Dayton, Ohio area and the Cleveland, Ohio area,
including reimbursement for mileage, airfare and airport parking charges, not
to exceed $25,000 in the aggregate;

 

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

 

(iv)                              the Company’s
payment of a moving incentive bonus equal to $20,000;

 

(v)                                 reimbursement
for mileage for driving Executive’s two cars from Cleveland, Ohio to Dayton,
Ohio;

 

(vi)                              a payment in
the amount of $5,000 for miscellaneous relocation expenses incurred by the
Executive; and

 

(vii)                           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:

 

provided, however, that any
amounts paid prior to the date of execution of this Agreement for expenses
described in provisions (ii), (iv) and (vi) above shall be deducted
from the amount remaining payable to Executive for such expenses.

 

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 of
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 (vii) above.
For purposes of this Agreement, “Cause” shall mean (a) proven commission
of a felony, (b) proven embezzlement, (c) the
proven illegal use of drugs, or (d) proven breach of fiduciary duty or responsibility
to the Company. 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

 

4

 

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.

 

5

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