Letter Agreement Regarding Stock Option Grant to Robert D. Biggs by DPL Inc.
This letter agreement between DPL Inc. and Robert D. Biggs confirms that Mr. Biggs will be granted an option to purchase 200,000 common shares of DPL Inc., as previously contemplated in his employment agreement. The exercise price for these options will be set at the fair market value on the date Mr. Biggs signs the attached Stock Option Agreement. Mr. Biggs must sign and return this letter to acknowledge and accept the terms.
Exhibit 10.2
September 20, 2004
Mr. Robert D. Biggs
Executive Chairman
DPL Inc.
1065 Woodman Drive
Dayton, OH 45432
Dear Bob:
You entered into an employment agreement with DPL Inc. and The Dayton Power and Light Company (collectively, the “Companies”) on July 21, 2004, which was effective as of May 16, 2004.
This will confirm that the option to purchase 200,000 common shares of DPL Inc. (the “Option”) contemplated by Section 3(c) your agreement, which has not been granted to date, will be granted on the date you sign the attached Stock Option Agreement (the “Grant Date”). Notwithstanding anything in your agreement to the contrary, the per share exercise price of the Option will be the Fair Market Value (as defined in the DPL Inc. Stock Option Plan) on the Grant Date.
Please execute this letter agreement where indicated below to express your acknowledgement and agreement to the above and return one signed original of this letter agreement to Pamela Holdren.
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| Very truly yours, | ||||
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| DPL Inc. | ||||
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| By: |
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| W August Hillenbrand |
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| Vice Chairman |
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| Acknowledged and Agreed to: |
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| Robert D. Biggs | Dated: |
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