Half of DPL directors' pay to be in stock
Dayton Business Journal
DPL Inc., and its utility subsidiary Dayton Power and Light, are changing the way they pay non-employee directors next year by directing half of their compensation into company stock.
The change will not include Paul Barbas, incoming president and chief executive officer of the two companies. His first day is Oct. 2 and he will receive a base salary of $480,000, according to U.S. Securities and Exchange Commission filings. He also will receive a signing bonus of $150,000 and 19,000 shares of restricted stock, which will vest in 2009 and 2011 if he is still employed by the company.
The plan was approved by the board of directors Sept. 19 and was filed with the SEC Sept. 25.
The new policy takes effect Jan. 1 and mandates that directors will receive $54,000 worth of DPL (NYSE: DPL) stock annually. The directors also are allowed five years to build up a stake in the company that is worth five times that, or $270,000.
These changes modestly decrease the cash meeting fees paid to the non-employee directors and build stock into the compensation plan. Currently, the compensation is all cash, although the directors are encouraged to use some of the fees to buy DPL stock. The directors will still receive a $54,000 cash retainer annually, which is down slightly from the $55,000 they current are paid. Overall, the total amount the directors receive will be unchanged.
DP&L, the utility unit of DPL, provides service to more than 500,000 customers in west central Ohio and sells wholesale electricity in the eastern United States.
E-mail dayton@bizjournals.com. Call 222-6900.
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