MAGNETEK INC
EX-10.9
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<TYPE>EX-10.9
<SEQUENCE>13
<FILENAME>a03-4286_1ex10d9.htm
<DESCRIPTION>EX-10.9
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.9</font></b></p>

<h1 style="margin:0in .5in .25in;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">CHANGE OF CONTROL AGREEMENT</font></b></h1>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Change of Control Agreement (&#147;Agreement&#148;) is entered into on July
29, 2003 by and between Marty J. Schwenner, an individual (the &#147;Officer&#148;), and
Magnetek, Inc., a Delaware corporation (the &#147;Company&#148;).</font></p>

<p align="center" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RECITALS</font></u></p>

<p style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Board of Directors of the Company (the &#147;Board&#148;) recognizes
that the possibility of a Change of Control (as hereinafter defined) exists and
that the threat or the occurrence of a Change of Control can result in
significant distractions of its key management personnel because of the
uncertainties inherent in such a situation;</font></p>

<p style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Board has determined that it is essential and in the best
interest of the Company and its stockholders to retain the services of the
Officer in the event of a threat or occurrence of a Change of Control and to
ensure the Officer&#146;s continued dedication and efforts in such event without
undue concern for personal financial and employment security; and</font></p>

<p style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, in order to induce the Officer to remain in the employ of the
Company, particularly in the event of a threat or the occurrence of a Change of
Control, the Company desires to enter into this Agreement with the Officer to
provide the Officer with certain benefits in the event his or her employment is
terminated as a result of, or in connection with, a Change of Control.</font></p>

<p align="center" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGREEMENT</font></u></p>

<p style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW THEREFORE, in consideration of the mutual
covenants set forth herein, and for other good and valuable consideration,
receipt of which is hereby acknowledged, the parties do hereby agree as
follows:</font></p>

<p style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Term of
Agreement</u>.&#160; This Agreement shall
commence as of the date hereof and shall continue in effect until December 31,
2004; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>,
that on December 31, 2004 and on each anniversary thereof, the term of this
Agreement shall automatically be extended for one year unless either the
Company or the Officer shall have given written notice to the other prior
thereto that the term of this Agreement shall not be so extended; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">further</font></i>,
<i><font style="font-style:italic;">however</font></i>,
that notwithstanding any such notice by the Company or the Officer not to
extend, the term of this Agreement shall not expire prior to the second
anniversary of a Change of Control Date.&#160;
The benefits payable pursuant to Section&nbsp;2 hereof shall be due in
all events if a Change of Control occurs during the term of this Agreement, and
a Change of Control will be deemed to have occurred during the term hereof if
an agreement for a transaction resulting in a Change of Control is entered into
during the term hereof, notwithstanding that the Change of Control Date occurs
after the expiration of the term of this Agreement.</font></p>

<p style="margin:12.0pt 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Benefits Upon Change of Control</u>.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Events Giving Rise to Benefits</u>.&#160; The Company agrees to pay or cause to be
paid to the Executive the benefits specified in this Section&nbsp;2 if
(i)&nbsp;there is a Change of Control, and (ii)&nbsp;within the Change of
Control Period, (a)&nbsp;the Company or the Successor terminates the employment
of the Executive for any reason other than Cause, death or Disability or
(b)&nbsp;the Executive voluntarily terminates employment for Good Reason.</font></p>

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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Benefits Upon Termination of
Employment</u>.&#160; If the Executive is
entitled to benefits pursuant to this Section&nbsp;2, the Company agrees to pay
or provide to the Executive as severance payment, the following:</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A single lump sum payment, payable
in cash within five days of the Termination Date (or if later, the Change of
Control Date), equal to the sum of:</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the accrued portion of any of the
Executive&#146;s unpaid base salary and vacation through the Termination Date and
any unpaid portion of the Executive&#146;s bonus for the prior fiscal year; plus</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a portion of the Executive&#146;s bonus
for the fiscal year in progress, prorated based upon the number of days elapsed
since the commencement of the fiscal year and calculated assuming that 100% of
the target under the bonus plan is achieved; plus</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an amount equal to the Executive&#146;s
Base Compensation times the Compensation Multiplier.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Continuation, on the same basis as if
the Executive continued to be employed by the Company, of Benefits for the
Benefit Period commencing on the Termination Date.&#160; The Company&#146;s obligation hereunder with respect to the foregoing
Benefits shall be limited to the extent that the Executive obtains any such
benefits pursuant to a subsequent employer&#146;s benefit plans, in which case the
Company may reduce the coverage of any Benefits it is required to provide the
Executive hereunder as long as the aggregate coverage and benefits of the
combined benefit plans is no less favorable to the Executive than the Benefits
required to be provided hereunder.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Outplacement services to be provided
by an outplacement organization of national repute, which shall include the
provision of office space and equipment (including telephone and personal
computer) but in no event shall the Company be required to provide such
services for a value exceeding 17% of the Executive&#146;s Base Compensation.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Accelerated vesting of all outstanding
stock options and of all previously granted restricted stock awards.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160;
When used in this Agreement, the following terms have the meanings set
forth below:</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Base Compensation</u>&#148;
means the sum of (i)&nbsp;the Executive&#146;s annual salary in effect on the
earlier of the Change of Control Date and the Termination Date and
(ii)&nbsp;100% of the target under the bonus plan for the fiscal year during
which the Change of Control Date occurs.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Benefits</u>&#148; means
benefits that would be available under any health and welfare plan of the
Company on the Termination Date.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Benefit Period</u>&#148;
means 18 months.</font></p>

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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Cause</u>&#148;
means:&#160; (A)&nbsp;conviction of a felony
or misdemeanor involving moral turpitude, or (B)&nbsp;willful gross neglect or
willful gross misconduct in carrying out the Executive&#146;s duties, resulting in
material economic harm to the Company or any Successor.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Change of Control</u>&#148;
means (i)&nbsp;any event described in Section&nbsp;11.2 of the 1999 Stock
Incentive Plan of the Company or any event so defined in any stock incentive or
similar plan adopted by the Company in the future unless, in either case, such
event occurs in connection with a Distress Sale and (ii)&nbsp;any event which
results in the Board ceasing to have at least a majority of its members be
&#147;continuing directors.&#148;&#160; For this
purpose, a &#147;continuing director&#148; means a director of the Company who held such
position on July&nbsp;29, 2003 or who thereafter was appointed or nominated to
the Board by a majority of continuing directors.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Change of Control
Date</u>&#148; means the date on which a Change of Control is consummated.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Change of Control Period</u>&#148; means the period
commencing on the earlier of (i)&nbsp;180 days prior to the Change of Control
Date and (ii)&nbsp;the announcement of a transaction expected to result in a
Change of Control, and ending on the second anniversary of the Change of
Control Date.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Code</u>&#148; means the Internal Revenue Code of 1986,
as amended.&#160; References herein to a
specific section of the Code shall be deemed to include comparable or analogous
provisions of state, local and foreign law.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Compensation
Multiplier</u>&#148; means 1.5.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Disability</u>&#148; means
the inability of the Executive due to illness (mental or physical), accident,
or otherwise, to perform his or her duties for any period of 180 consecutive
days, as determined by a qualified physician.</font></p>

<p style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Distress
Sale</u>&#148; means a Change of Control occurring within 18 months of any of the
following:&#160; (i)&nbsp;the Company&#146;s
independent public accountants shall have made a &#147;going concern&#148; qualification
in their audit report (other than by reason of extraordinary occurrences, such
as material litigation, not attributable to poor management practices); (ii)&nbsp;the
Company shall lack sufficient capital for its operations by reason of
termination of its existing credit lines or the Company&#146;s inability to secure
credit facilities upon acceptable terms; or (iii)&nbsp;the Company shall have
voluntarily sought relief under, consented to or acquiesced in the benefit of
application to it of the Bankruptcy Code of the United States of America or any
other liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, suspension of payments or similar
laws, or shall have been the subject of proceedings under such laws (unless the
applicable involuntary petition is dismissed within 60 days after its filing).</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Good Reason</u>&#148;
means (A)&nbsp;without the Executive&#146;s prior written consent, assignment to the
Executive of duties materially inconsistent in any respect with his or her
position immediately prior to the Change of Control Date or any other action by
a Successor that results in a material diminution in the Executive&#146;s position,
authority, duties, responsibilities, annual base salary or target bonus when
compared with the same immediately prior to the Change of Control Date; or
(B)&nbsp;assignment of the Executive, without his or her prior written </font></p>


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<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consent,
to a place of business that is not within the metropolitan area of the
Executive&#146;s current place of business.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Stay and Pay
Agreement</u>&#148; means a &#147;stay and pay&#148; or retention agreement entered into in
contemplation of a sale by the Company of a division or business unit.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Successor</u>&#148; means
any acquiror of all or substantially all of the stock, assets or business of
the Company.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Termination Date</u>&#148;
means the last day of the Executive&#146;s employment.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Eligibility; Effect on Other
Agreements and Plans.</u></font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event the Executive is also a party
to a Stay and Pay Agreement or severance agreement and becomes entitled to any
payment thereunder, this Agreement shall be null and void and the Executive
shall not be entitled to any payment or benefit hereunder.&#160; Nothing in this Agreement shall prevent or
limit the Executive&#146;s continuing or future participation in any benefit, bonus,
incentive or other plan or program provided by the Company and for which the
Executive may qualify, nor shall anything herein limit or reduce such rights as
the Executive may have under any other agreements with the Company.&#160; Amounts that are vested benefits or that the
Executive is otherwise entitled to receive under any plan or program of the
Company shall be payable in accordance with such plan or program, except as explicitly
modified by this Agreement.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Plan Amendments</u>.&#160; The Company shall adopt such amendments to
its employee benefit plans and insurance policies, including, without
limitation, the Plans, as are necessary to effectuate the provisions of this
Agreement.&#160; If and to the extent any
benefits under Section&nbsp;2 are not paid or payable or otherwise provided to
the Executive or his or her dependents or beneficiaries under any such plan or
policy (whether due to the terms of the plan or policy, the termination thereof,
applicable law, or otherwise), then the Company itself shall pay or provide for
such benefits (including any gross-up needed to account for the less favorable
tax treatment if the payments are made from the Company and not from the Plans
or other employee benefit plans).</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Golden Parachute Tax</u>.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
the Value (as hereinafter defined) attributable to the payments and benefits
provided in Section&nbsp;2 above, without regard to this Section&nbsp;5
(&#147;Agreement Payments&#148;), in combination with the Value attributable to other
payments or benefits in the nature of compensation to or for the benefit of
Executive (including but not limited to the value attributable to accelerated
vesting of options and, collectively with Agreement Payments, &#147;Payments&#148;)
would, but for this Section&nbsp;5, constitute an &#147;excess parachute payment&#148;
under Code Section&nbsp;280G, then Agreement Payments will be made to the
Executive under Section&nbsp;2 hereof only to the extent provided in this
Section 5.&#160; If (i)&nbsp;the excess of
the Value of all Payments over the sum of all taxes (including but not limited
to income and excise taxes under Code Section&nbsp;4999) that would be payable
by the Executive with respect to such Payments, is equal to or greater than
110% of (ii)&nbsp;the excess of the greatest Value of all such Payments that
could be paid to or for the benefit of the Executive and not result in an
&#147;excess parachute payment&#148; (the &#147;Cap&#148;), over the amount of taxes that would be
payable by Executive thereon, then the full amount of Agreement Payments shall
be paid to the Executive.&#160; Otherwise,
Agreement Payments </font></p>

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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be made only to the extent that such payments
cause the Value of all Payments to equal the Cap.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
purposes of this Section&nbsp;5, the Company and the Executive hereby
irrevocably appoint the persons who constituted the Compensation Committee of
the Board immediately prior to the Change of Control, or a three person panel
named by a majority of them, as arbitrators (the &#147;Arbitrators&#148;) to make all
determinations required under this Section&nbsp;5, including but not limited to
the Value of all Payments (and the components thereof) and the amount and
nature of any reduction of Agreement Payments required by this
Section&nbsp;5.&#160; For purposes of this
Section 5, &#147;Value&#148; shall mean value as determined by the Arbitrators applying
the valuation procedures and methodologies established pursuant to Code
Section&nbsp;280G, including any non-binding interpretive guidance as the
Arbitrators determine appropriate.&#160; The
determinations of the Arbitrators shall be final and binding on both the
Company and Executive, and their successors, assignees, heirs and
beneficiaries, for purposes of determining the amount payable under
Section&nbsp;2.&#160; All fees and expenses
of the Arbitrators (including attorneys&#146; and accountants&#146; fees) shall be borne
by the Company.&#160; The arbitrators will be
compensated, to the extent they are not then members of the Board&#146;s
Compensation Committee, at the rates at which they would have been compensated
for their work as Committee members in effect immediately prior to the Change
of Control Date.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Employment At-Will</u>.&#160; Notwithstanding anything to the contrary contained herein, the
Executive&#146;s employment with the Company is not for any specified term and may
be terminated by the Executive or by the Company at any time, for any reason,
with or without cause, without liability except with respect to the payments
provided hereunder or as required by law or any other contract or employee
benefit plan.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General</u>.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u>.&#160; This document constitutes the final,
complete, and exclusive embodiment of the entire agreement and understanding
between the parties related to the subject matter hereof and supersedes and
preempts any prior or contemporaneous understandings, agreements, or
representations by or between the parties, written or oral.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns</u>.&#160; This Agreement is intended to bind and inure
to the benefit of and be enforceable by the Executive and the Company, and
their respective successors and assigns, except that the Executive may not assign
any of his or her duties hereunder and he or she may not assign any of his or
her rights hereunder without the prior written consent of the Company.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendments</u>.&#160; No amendments or other modifications to this
Agreement may be made except by a writing signed by both parties.&#160; No amendment or waiver of this Agreement
requires the consent of any individual, partnership, corporation or other
entity not a party to this Agreement.&#160;
Nothing in this Agreement, express or implied, is intended to confer
upon any third person any rights or remedies under or by reason of this
Agreement.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Amounts Due</u>.&#160; The Executive acknowledges that no payments
or benefits whatsoever shall become due hereunder in the absence of a Change of
Control.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Mitigation Obligation</u>.&#160; The parties hereto expressly agree that the
payment of the benefits by the Company to the Executive in accordance with the
terms of this </font></p>


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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;">&nbsp;</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement
will be liquidated damages, and that the Executive shall not be required to
mitigate the amount of any payment provided for in this Agreement by seeking
other employment or otherwise, nor shall any profits, income, earnings or other
benefits from any source whatsoever create any mitigation, offset, reduction or
any other obligation on the part of the Executive hereunder or otherwise except
as expressly provided in Sections&nbsp;2(b)(ii) and 4(a).</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Changes to Benefits</u>.&#160; In the event that, within 90 days of the
execution of this Agreement, the Company enters into an agreement for a Change
of Control in connection with a merger to be accounted for as a &#147;pooling of
interests,&#148; the Board will be entitled to modify or reduce the payments or
benefits due hereunder, or to abrogate this Agreement entirely, if and to the
extent that Ernst &amp; Young opines to the Board such measures are necessary
in order to ensure that the proposed merger will be accounted for as a &#147;pooling
of interests.&#148;&#160; The Board will have no
such authority after such 90-day period and, in the event such merger
does not eventuate or is ultimately not accounted for as a &#147;pooling of
interests,&#148; this Agreement, with or without any action by the Board or the
Executive, shall be automatically reinstated.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Choice of Law</u>.&#160; All questions concerning the construction,
validity and interpretation of this Agreement will be governed by the laws of
the State of Tennessee without giving effect to principles of conflicts of law.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>ERISA</u>.&#160; This Agreement is pursuant to the Company&#146;s
severance plan for Executives (the &#147;Plan&#148;) which is unfunded and maintained by the
Company primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees.&#160; The Plan constitutes an employee welfare
benefit plan (&#147;Welfare Plan&#148;) within the meaning of Section&nbsp;3(1) of the
Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;).&#160; Any payments pursuant to this Agreement
which could cause the Plan not to constitute a Welfare Plan shall be deemed
instead to be made pursuant to a separate &#147;employee pension benefit plan&#148;
within the meaning of Section&nbsp;3(2) of ERISA as to which the applicable
portions of the document constituting the Plan shall be deemed to be
incorporated by reference.&#160; None of the
benefits hereunder may be assigned in any way.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representation</u>.&#160; The Executive acknowledges that he has had
the opportunity to consult with counsel before executing this Agreement.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Mutual Non-Disparagement</u>.&#160; The Company and subsidiaries agree, and the
Company shall use its best efforts to cause its respective executive officers
and directors to agree, that they will not make or publish any statement
critical of the Executive, or in any way adversely affecting or otherwise
maligning the Executive&#146;s reputation.&#160;
The Executive agrees that he or she will not make or publish any
statement critical of the Company, its affiliates and their respective
executive officers and directors, or in any way adversely affecting or
otherwise maligning the business or reputation of the Company, its affiliates
and subsidiaries and their respective officers, directors and employees.</font></p>

<p align="left" style="line-height:normal;margin:12.0pt 0in .0001pt;page-break-after:avoid;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Arbitration</u>.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as provided in Section&nbsp;5
hereof, any disputes or claims arising out of or concerning the Executive&#146;s
employment or termination by the Company, whether arising under theories of
liability or damages based upon contract, tort or statute, will be determined
exclusively by arbitration before a single arbitrator in accordance with the
employment arbitration rules of the American Arbitration Association, except as
modified by this Agreement.&#160; </font></p>


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<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
arbitrator&#146;s decision will be final and binding on both parties.&#160; Judgment upon the award rendered by the
arbitrator may be entered in any court of competent jurisdiction.&#160; In recognition of the fact that resolution
of any disputes or claims in the courts is rarely timely or cost effective for
either party, the Company and the Executive enter this mutual agreement to
arbitrate in order to gain the benefits of a speedy, impartial and
cost-effective dispute resolution procedure.&#160;
The parties further intend that the arbitration hereunder be conducted
in as confidential a manner as is practicable under the circumstances, and
intend for the award to be confidential unless that confidentiality would
frustrate the purpose of the arbitration or render the remedy awarded
ineffective.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any arbitration will be held in Los
Angeles, California.&#160; The arbitrator
must be an attorney with substantial experience in employment matters, selected
by the parties alternately striking names from a list of five such persons provided
by the American Arbitration Association (AAA) office located nearest to the
place of employment, following a request by the party seeking arbitration for a
list of five such attorneys with substantial professional experience in
employment matters.&#160; If either party
fails to strike names from the list, the arbitrator will be selected from the
list by the other party.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each party will have the right to
take the deposition of one individual and any expert witness designated by the
other party.&#160; Each party will also have
the right to propound requests for production of documents to any party and the
right to subpoena documents and witnesses for the arbitration.&#160; Additional discovery may be made only where
the arbitrator selected so orders upon a showing of substantial need.&#160; The arbitrator will have the authority to
entertain a motion to dismiss and/or a motion for summary judgment by any party
and will apply the standards governing such motions under the Federal Rules of
Civil Procedure.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company and the Executive agree
that they will attempt, and they intend that they and the arbitrator should use
their best efforts in that attempt, to conclude the arbitration proceeding and
have a final decision from the arbitrator within 120 days from the date of
selection of the arbitrator; <i><font style="font-style:italic;">provided, however</font></i>, that the arbitrator
will be entitled to extend such 120-day period for one additional 120-day
period.&#160; The arbitrator will deliver a
written award with respect to the dispute to each of the parties, who must
promptly act in accordance therewith.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will pay any and all
reasonable fees and expenses incurred by the Executive in seeking to obtain or
enforce any rights or benefits provided by this Agreement, including all
reasonable attorneys&#146; and experts&#146; fees and expenses, accountants&#146; fees and
expenses, and court costs (if any) that may be incurred by the Executive in
pursuing a claim for payment of compensation or benefits or other right or
entitlement under this Agreement, <i><font style="font-style:italic;">provided</font></i> that the Executive is successful
as to material issues, resulting in an award of at least $50,000.&#160; In addition, the Company will pay without
regard to the results of the arbitration all costs and fees not normally
associated with a civil proceeding, such as any fees charged by the arbitrator
or any room rental charges.</font></p>

<p align="left" style="margin:12.0pt 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In a contractual claim under this
Agreement, the arbitrator must act in accordance with the terms and provisions
of this Agreement and applicable legal principles and will have no authority to
add, delete or modify any term or provision of this Agreement.&#160; In addition, the arbitrator will have no
authority to award punitive damages under any circumstances unless repudiating
the arbitrator&#146;s authority to do so would cause this arbitration clause to be
ruled ineffective under applicable law.</font></p>


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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the date it is last executed below by either party.</font></p>

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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="54%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:205.9pt;width:54.98%;">
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  <td width="100%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Marty J. Schwenner</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:9.06%;">
  <p align="left" style="font-size:1.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
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  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.94%;">
  <p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Marty J. Schwenner</font></p>
  </td>
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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.06%;">
  <p align="left" style="font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.94%;">
  <p align="left" style="font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
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 <tr>
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  <p align="left" style="font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
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  <p align="left" style="font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
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  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.94%;">
  <p align="left" style="font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
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  <p align="left" style="font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
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  <p align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MAGNETEK,
  INC.</font></b></p>
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  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.94%;">
  <p align="left" style="font-size:12.0pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.06%;">
  <p align="left" style="line-height:normal;margin:0in -.5in .0001pt 0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:90.94%;">
  <p align="left" style="line-height:normal;margin:0in -.5in .0001pt 0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Andrew G. Galef</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="left" style="line-height:normal;margin:0in -.5in .0001pt 20.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&nbsp;Andrew G. Galef</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="left" style="line-height:normal;margin:0in -.5in .0001pt 20.0pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&nbsp;&nbsp;&nbsp;Chairman and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="left" style="line-height:normal;margin:0in -.5in .0001pt 257.75pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div align="left" style="line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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