EX-10.1






Exhibit 10.1




EMPLOYMENT AGREEMENT




THIS EMPLOYMENT AGREEMENT (“Agreement”), made and entered into this 10th day of
August, 2009 (the “Effective Date”), by and between Ferrellgas, Inc. (the “Company”) and Stephen L.
Wambold (the “Executive”);



WITNESSETH THAT:




WHEREAS, the Company wishes to continue to assure itself of the continuity of the Executive’s
services; and



WHEREAS, the Company and the Executive now desire to enter into this Agreement relating to the
Executive’s continued employment with the Company;



NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, IT IS
HEREBY AGREED by and between the parties as follows:



1. Certain Definitions. In addition to terms otherwise defined herein, the following
capitalized terms used in this Agreement shall have the meanings specified:




	(a)	 	Board. The term “Board” means the Board of Directors of the Company.






	(b)	 	Cause. The term “Cause” means:






	 	(i)	 	the willful and continued failure by the Executive to substantially perform
his duties for the Company (other than any such failure resulting from the Executive’s
being disabled) within a reasonable period of time after a written demand for
substantial performance is delivered to the Executive by the Board, which demand
specifically identifies the manner in which the Board believes that the Executive has
not substantially performed his duties;






	 	(ii)	 	the willful engaging by the Executive in conduct which is demonstrably and
materially injurious to the Company, monetarily or otherwise;






	 	(iii)	 	the engaging by the Executive in egregious misconduct involving serious
moral turpitude to the extent that, in the reasonable judgment of the Board, the
Executive’s credibility and reputation no longer conform to the standard of the
Company’s executives; or






	 	(iv)	 	the Executive’s material breach of a material term of this Agreement.






For purposes of this Agreement, no act, or failure to act, on the Executive’s part shall be
deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and
without reasonable belief that the Executive’s action or omission was in the best interest
of the Company.




	(c)	 	Change in Control. The term “Change in Control” means the first to occur of any of
the following that occurs after the Effective Date:






	 	(i)	 	any merger or consolidation of the Company in which the Company is not the
survivor;






	 	(ii)	 	any sale of all or substantially all of the common stock of Ferrell
Companies, Inc. by the Ferrell Companies, Inc. Employee Stock Ownership Trust;






	 	(iii)	 	a sale of all or substantially all of the common stock of the Company;






	 	(iv)	 	a replacement of the Company as the General Partner of Ferrellgas Partners,
L.P.;






	 	(v)	 	a public sale of at least 51 percent of the equity of Ferrell Companies,
Inc.; or






	 	(vi)	 	such other transaction designated as a Change in Control by the Board.






	(d)	 	Confidential Information. For purposes of this Agreement, the term “Confidential
Information” shall include (i) all non-public information (including, without limitation,
information regarding litigation and pending litigation) concerning the Company and the
affiliates which is acquired by or disclosed to the Executive during the course of his
employment with the Company and (ii) all non-public information concerning any other person or
company that was shared with the Company or an affiliate of the Company that is subject to an
agreement to maintain the confidentiality of such information.






	(e)	 	COBRA. The term “COBRA” means continuing group health coverage required by section
4980B of the Code or sections 601 et. seq. of the Employee Retirement Income
Security Act of 1974, as amended.






	(f)	 	Code. The term “Code” means the Internal Revenue Code of 1986, as amended.






	(g)	 	Good Reason. The term “Good Reason” means any of the following which occur after the
Effective Date without the consent of the Executive:






	 	(a)	 	A reduction in excess of 10% in the Executive’s Salary (as defined in
paragraph 4(a)) or target incentive potential as in effect as of the Effective Date,
as the same may be modified from time to time in accordance with this Agreement;






	 	(b)	 	A material diminution in the Executive’s authority, duties or
responsibilities as in effect as of the Effective Date, as the same may be modified
from time to time in accordance with this Agreement;






	 	(c)	 	The relocation of the Executive’s principal office location to a location
which is more than 50 highway miles from the location of the Executive’s principal
office location as in effect on the Effective Date (or such subsequent principal
location agreed to by the Executive); or






	 	(d)	 	The Company’s material breach of any material term of this Agreement.






Notwithstanding any other provision of this Agreement to the contrary, the Executive’s
Termination Date shall not be considered to be on account of Good Reason unless the
Executive provides notice of the event or condition that the Executive believes to
constitute Good Reason within 180 days after the date on which the event first occurs or
the condition first exists, the Company does not cure such event or condition within 30
days following the date the Executive provides notice and the Executive resigns his
employment with the Company and its affiliates for Good Reason within the Agreement Term.




	(h)	 	Termination Date. The term “Termination Date” with respect to the Executive means
the date on which the Executive’s employment with the Company and its affiliates terminates
for any reason, including voluntary resignation. If the Executive becomes employed by the
entity into which the Company is merged, or the purchaser of substantially all of the assets
of the Company, or a successor to such entity or purchaser, the Executive’s Termination Date
shall not be treated as having occurred for purposes of this Agreement until such time as the
Executive terminates employment with the successor and its affiliates (including, without
limitation, the merged entity or purchaser). If the Executive is transferred to employment
with an affiliate (including a successor to the Company, and regardless of whether before, on,
or after a Change in Control), such transfer shall not constitute the Executive’s Termination
Date for purposes of this Agreement. To the extent that any payments or benefits under the
Agreement are subject to section 409A of the Code and are paid or provided on account of the
Executive’s Termination Date, the determination as to whether the Executive has had a
Termination Date (or other termination of employment or separation from service) shall be made
in accordance with section 409A of the Code and the guidance issued thereunder.





2. Agreement Term. Subject to the terms and conditions of this Agreement, the Company
hereby agrees to employ the Executive during the Agreement Term (as defined below) and the
Executive hereby agrees to remain in the employ of the Company and to provide services during the
Agreement Term in accordance with this Agreement. Unless terminated sooner in accordance with this
Agreement, the “Agreement Term” shall be the period beginning on the Effective Date and ending on
December 31, 2012 and, thereafter, the Agreement Term will be automatically extended for successive
12-month periods, unless one party to this Agreement provides notice of non-renewal to the other at
least 180 days before the last day of then current Agreement Term. Notwithstanding the foregoing,
if a Change in Control occurs during the Agreement Term (as it may be extended from time to time),
the Agreement Term shall continue for a period of twenty-four calendar months beyond the calendar
month in which such Change in Control occurs and, following an extension in accordance with this
sentence, the Agreement Term shall expire without further action by any party. Notwithstanding the
foregoing, in all cases, the Agreement Term shall terminate on the Executive’s Termination Date.



3. Performance of Duties. The Executive agrees that during the Agreement Term from
and after the Effective Date, while the Executive is employed by the Company, the Executive will
devote the Executive’s full business time, energies and talents to serving the Company, at the
direction of the Board. The Executive shall have such duties and responsibilities as may be
assigned to the Executive from time to time by the Board, shall perform all duties assigned to the
Executive faithfully and efficiently, subject to the direction of the Board, and shall have such
authorities and powers as are inherent to the undertakings applicable to the Executive’s position
and necessary to carry out the responsibilities and duties required of the Executive hereunder. The
Executive will perform the duties required by this Agreement at the Company’s principal place of
business unless the nature of such duties requires otherwise. Notwithstanding the foregoing,
during the Agreement Term, the Executive may devote reasonable time to activities other than those
required under this Agreement, including activities of a charitable, educational, religious or
similar nature (including professional associations) to the extent such activities do not, in the
reasonable judgment of the Board, inhibit, prohibit, interfere with or conflict with the
Executive’s duties under this Agreement or conflict in any material way with the business of the
Company and its affiliates; provided, however, that the Executive shall not serve on the board of
directors of any business (other than the Company or its affiliates) or hold any other position
with any business without receiving the prior written consent of the Board.



4. Compensation. During the Agreement Term, while the Executive is employed by the
Company, the Executive shall be compensated for the Executive’s services as follows:




	 	(a)	 	The Executive shall receive, for each 12-consecutive month period beginning
on November 1, 2009 and each anniversary thereof, a base annual salary (“Salary”) at
the rate of $500,000. The Salary shall be payable in accordance with the regular
payroll practices of the Company. The Executive’s rate of Salary shall be reviewed
annually by the Board; provided that the Executive’s rate of Salary will not be
reduced.






	 	(b)	 	The Executive shall be eligible to participate in employee benefit plans and
programs maintained from time to time by the Company for the benefit of similarly
situated senior management employees, subject to the terms and conditions of such
plans.






	 	(c)	 	The Executive shall be entitled to bonuses from the Company as determined in
the sole discretion of by the Board.






	 	(d)	 	The Executive shall be reimbursed by the Company, on terms and conditions
that are substantially similar to those that apply to other similarly situated senior
management employees of the Company and in accordance with the Company’s expense
reimbursement policy, for reasonable out-of-pocket expenses for entertainment, travel,
meals, lodging and similar items which are consistent with the Company’s expense
reimbursement policy and actually incurred by the Executive in the promotion of the
Company’s business; provided, however, that, the reimbursement of any such expenses
that are taxable to the Executive shall be made on or before the last day of the year
following the year in which the expense was incurred and the amount of the expenses
eligible for reimbursement during one year will not affect the amount of expenses
eligible for reimbursement in any other year, and the right to reimbursement shall not
be subject to liquidation or exchange for any other benefit.





5. Rights and Payments Upon Termination. The Executive’s right to benefits and
payments, if any, for periods after the Executive’s Termination Date shall be determined in
accordance with this Section 5. Additionally, a signed Agreement and Release will be required of
the Executive before payments will be made to the Executive under this agreement.




	 	(a)	 	Minimum Payments. If the Executive’s Termination Date occurs during the
Agreement Term for any reason, the Executive shall be entitled to the following
payments, in addition to any payments or benefits to which the Executive may be
entitled under the following provisions of this Section 5 (other than this paragraph
5(a)) or the express terms of any employee benefit plan or as required by law:






	 	(i)	 	the Executive’s earned but unpaid Salary for the period
ending on the Executive’s Termination Date;






	 	(ii)	 	the Executive’s accrued but unpaid vacation pay for the
period ending with the Executive’s Termination Date, as determined in
accordance with the Company’s policy as in effect from time to time, and all
other amounts earned and owed to the Executive through and including the
Termination Date;






	 	(iii)	 	the Executive’s unreimbursed business expenses; and






	 	(iv)	 	any amounts payable to the Executive under the terms of any
employee benefit plan.






Payments to be made to the Executive pursuant to subparagraphs 5(a)(i) and (ii)
shall be made within 30 days after the Executive’s Termination Date in a lump sum,
payments to be made pursuant to subparagraph 5(a)(iii) shall be paid in accordance
with paragraph 4(d) and amounts payable pursuant to subparagraph 5(a)(iv) shall be
paid in accordance with the terms of the applicable employee benefit plan. Except
as may be otherwise expressly provided to the contrary in this Agreement or as
otherwise provided by law, nothing in this Agreement shall be construed as
requiring the Executive to be treated as employed by the Company following the
Executive’s Termination Date for purposes of any employee benefit plan or
arrangement in which the Executive may participate at such time.




	 	(b)	 	Termination by the Company for Cause; Termination for Death or Disability.
If the Executive’s Termination Date occurs during the Agreement Term and is a result
of (i) the Company’s termination of the Executive’s employment on account of Cause or
for disability, or (ii) the Executive’s death, then, except as described in paragraph
5(a) or as agreed in writing between the Executive and the Company, neither the
Executive nor any other person shall have any right to payments or benefits under this
Agreement (and the Company shall have no obligation to make any such payments or
provide any such benefits) for periods after the Executive’s Termination Date.






	 	(c)	 	Termination Other than for Cause; Termination for Good Reason. If the
Executive’s Termination Date occurs during the Agreement Term and is a result of the
Executive’s termination of employment (i) by the Company for any reason other than
Cause (and is not on account of the Executive’s death, disability, the Executive’s
voluntary resignation, or the mutual agreement of the parties or otherwise as pursuant
to paragraph 5(d)), or (ii) by the Executive for Good Reason, the Executive shall be
entitled to the following payments and benefits:






	 	(i)	 	A payment equal to two times the Executive’s Salary in effect
immediately prior to the Termination Date without regard to any reduction
thereof in contemplation of the Termination Date.






	 	(ii)	 	A payment equal to two times the Executive’s target bonus, at
his target bonus rate in effect immediately prior to the Termination Date
without regard to any reduction thereof in contemplation of the Termination
Date.






	 	(iii)	 	For the two year period following the Termination Date, the
Executive shall be entitled to receive continuing group medical coverage for
himself and his dependents (on a non-taxable basis, including if necessary,
payment of any gross-up payments necessary to result in net non-taxable
benefits), which coverage is not materially less favorable to the Executive
than the group medical coverage which was provided to the Executive by the
Company or its affiliates immediately prior to the Termination Date. To the
extent applicable and to the extent permitted by law, any continuing coverage
provided to the Executive and/or his dependents pursuant to this subparagraph
(iii) shall be considered part of, and not in addition to, any coverage
required under COBRA.






	 	(iv)	 	The Executive will be provided with a lump sum payment of
$12,000 for professional outplacement services.






Notice by the Company that the term of this Agreement will not be renewed, and any
subsequent termination of the Executive’s employment at or after the end of the
Agreement Term, will not result in the Executive being eligible for any payments or
benefits contemplated by this paragraph 5(c). Subject to the terms and conditions
of this Agreement, payments pursuant to subparagraphs (i) and (ii) next above shall
be made in substantially equal monthly installments beginning within five days
following the Termination Date. To the extent that the Company is required to make
any gross-up payments to the Executive in order to provide the benefits described
in subparagraph (iii) on a non-taxable basis, such payments shall be made in the
month that the Executive otherwise has taxable income as a result of such benefits,
but in no event later than the end of the year in which the Executive pays the
related taxes.




	 	(d)	 	Termination for Voluntary Resignation, Mutual Agreement or Other Reasons. If
the Executive’s Termination Date occurs during the Agreement Term and is a result of
the Executive’s voluntary resignation, the mutual agreement of the parties, or any
reason other than those specified in paragraphs 5(b) or (c) above, then, except as
described in paragraph 5(a) or as agreed in writing between the Executive and the
Company, the Executive shall have no right to payments or benefits under this
Agreement (and the Company shall have no obligation to make any such payments or
provide any such benefits) for periods after the Executive’s Termination Date.





6. Mitigation. The Executive shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise. None of the
Company or any of its affiliates shall be entitled to set off against the amounts payable to the
Executive under this Agreement any amounts owed to the Company or any of its affiliates by the
Executive, any amounts earned by the Executive in other employment after his Termination Date, or
any amounts which might have been earned by the Executive in other employment had he sought such
other employment.



7. Confidentiality. Except as may be required by the lawful order of a court or
agency of competent jurisdiction, except as necessary to carry out his duties to the Company and
its affiliates, and except to the extent that the Executive otherwise has express written
authorization from the Company, the Executive agrees to keep secret and confidential indefinitely,
all Confidential Information, and not to disclose the same, either directly or indirectly, to any
other person, firm, or business entity, or to use it in any way. The Executive shall, during the
continuance of the Executive’s employment with the Company and its affiliates, use the Executive’s
best endeavors to prevent the unauthorized publication or misuse of any Confidential Information.
To the extent that any court or agency seeks to have the Executive disclose Confidential
Information, he shall promptly inform the Company, and he shall take reasonable steps to prevent
disclosure of Confidential Information until the Company has been informed of such requested
disclosure and the Company has an opportunity to respond to such court or agency. To the extent
that the Executive obtains information on behalf of the Company or any of the affiliates that may
be subject to attorney-client privilege as to the Company’s attorneys, the Executive shall take
reasonable steps to maintain the confidentiality of such information and to preserve such
privilege. Nothing in the foregoing provisions of this Section 7 shall be construed so as to
prevent the Executive from using, in connection with his employment for himself or an employer
other than the Company or any of the affiliates, knowledge which was acquired by him during the
course of his employment with the Company and the affiliates, and which is generally known to
persons of his experience in other companies in the same industry.



8. Tax Payments. If:




	(a)	 	any payment or benefit to which the Executive is entitled from the Company, any affiliate, or
trusts established by the Company or by any affiliate (the “Payments,” which shall include,
without limitation, the vesting of an option or other non-cash benefit or property) are
subject to the tax imposed by section 4999 of the Code or any successor provision to that
section; and






	(b)	 	reduction of the Payments to the amount necessary to avoid the application of such tax would
result in the Executive retaining an amount that is greater than the amount he would retain if
the Payments were made without such reduction but after the reduction for the amount of the
tax imposed by section 4999 of the Code;





then the Payments shall be reduced to the extent required to avoid application of the tax imposed
by section 4999 of the Code. The Executive shall be entitled to select the order in which payments
are to be reduced in accordance with the preceding sentence. Determination of whether Payments
would result in the application of the tax imposed by section 4999 of the Code , and the amount of
reduction that is necessary so that no such tax would be applied, shall be made, at the Company’s
expense, by the independent accounting firm employed by the Company immediately prior to the
occurrence of the Change in Control. Notwithstanding the foregoing, in no event shall the
Executive be entitled to exercise any discretion with respect to the reduction of payments that are
subject to section 409A of the Code and any such payments shall be reduced, if applicable, in the
order in which they would otherwise be paid or provided (with the payments to be made first being
reduced first) and cash payments shall be reduced prior to any non-cash payments or benefits.



9. Other Benefits. Except as may be otherwise specifically provided in an amendment
of this Agreement adopted in accordance with Section 13, the Executive shall not be eligible to
participate in or to receive any benefits pursuant to the terms of any severance pay or termination
pay arrangement of the Company (or any affiliate of the Company), including any arrangement of the
Company (or any affiliate of the Company) providing benefits upon involuntary termination of
employment.



10. Withholding. All payments to the Executive under this Agreement will be subject
to all applicable withholding of applicable taxes.



11. Assistance with Claims. The Executive agrees that, for the period beginning on
the Effective Date, and continuing for a reasonable period after the Executive’s Termination Date,
the Executive will assist the Company and its affiliates in defense of any claims that may be made
against the Company or its affiliates and will assist the Company and its affiliates in the
prosecution of any claims that may be made by the Company or its affiliates, to the extent that
such claims may relate to services performed by the Executive for the Company or its affiliates.
The Executive agrees to promptly inform the Company if he becomes aware of any lawsuits involving
such claims that may be filed against the Company or its affiliates. The Company agrees to provide
legal counsel to the Executive in connection with such assistance (to the extent legally
permitted), and to reimburse the Executive for all of his reasonable out-of-pocket expenses
associated with such assistance, including travel expenses. For periods after the Executive’s
employment with the Company terminates, the Company agrees to provide reasonable compensation to
the Executive for such assistance. The Executive also agrees to promptly inform the Company if he
is asked to assist in any investigation of the Company or its affiliates (or their actions) that
may relate to services performed by the Executive for the Company or its affiliates, regardless of
whether a lawsuit has then been filed against the Company or its affiliates with respect to such
investigation. Any compensation payable to the Executive pursuant to this Section 11 for services
provided to the Company shall be paid within ten days after the Executive provides the applicable
services. To the extent that any reimbursements to be provided pursuant to this Section 11 are
taxable to the Executive, such reimbursements shall be paid to the Executive only if (a) the
expenses are incurred and reimbursable pursuant to a reimbursement plan that provides an
objectively determinable nondiscretionary definition of the expenses that are eligible for
reimbursement and (b) the expenses are incurred within two years following the Termination Date.
With respect to any expenses that are reimbursable pursuant to the preceding sentence, the amount
of the expenses that are eligible for reimbursement during one calendar year may not affect the
amount of reimbursements to be provided in any subsequent calendar year, the reimbursement of an
eligible expense shall be made on or before the last day of the calendar year following the
calendar year in which the expense was incurred, and the right to reimbursement of the expenses
shall not be subject to liquidation or exchange for any other benefit. 



12. Nonalienation. The interests of the Executive under this Agreement are not
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors of the Executive or the Executive’s beneficiary.



13. Amendment. This Agreement may be amended or canceled only by mutual agreement of
the parties in writing without the consent of any other person. So long as the Executive lives, no
person, other than the parties hereto, shall have any rights under or interest in this Agreement or
the subject matter hereof.



14. Applicable Law. The provisions of this Agreement shall be construed in accordance
with the laws of the State of Kansas, without regard to the conflict of law provisions of any
state.



15. Severability. The invalidity or unenforceability of any provision of this
Agreement will not affect the validity or enforceability of any other provision of this Agreement,
and this Agreement will be construed as if such invalid or unenforceable provision were omitted
(but only to the extent that such provision cannot be appropriately reformed or modified).



16. Obligation of Company. Except as otherwise specifically provided in this
Agreement, nothing in this Agreement shall be construed to affect the Company’s right to modify the
Executive’s position or duties, compensation, or other terms of employment, or to terminate the
Executive’s employment. Nothing in this Agreement shall be construed to require the Company or any
other person to take steps or not take steps (including, without limitation, the giving or
withholding of consents) that would result in a Change in Control.



17. Waiver of Breach. No waiver by any party hereto of a breach of any provision of
this Agreement by any other party, or of compliance with any condition or provision of this
Agreement to be performed by such other party, will operate or be construed as a waiver of any
subsequent breach by such other party of any similar or dissimilar provisions and conditions at the
same or any prior or subsequent time. The failure of any party hereto to take any action by reason
of such breach will not deprive such party of the right to take action at any time while such
breach continues.



18. Successors, Assumption of Contract. This Agreement is personal to the Executive
and may not be assigned by the Executive without the written consent of the Company. However, to
the extent that rights or benefits under this Agreement otherwise survive the Executive’s death,
the Executive’s heirs and estate shall succeed to such rights and benefits pursuant to the
Executive’s will or the laws of descent and distribution; provided that the Executive shall have
the right at any time and from time to time, by notice delivered to the Company, to designate or to
change the beneficiary or beneficiaries with respect to such benefits. This Agreement shall be
binding upon and inure to the benefit of the Company and any successor of the Company, subject to
the following:




	(a)	 	The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the
Company to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such succession had taken
place.






	(b)	 	After a successor assumes this Agreement in accordance with this Section 18, only such
successor shall be liable for amounts payable after such assumption, and no other companies
(including, without limitation, the Company and any other predecessors) shall have liability
for amounts payable after such assumption.






	(c)	 	If the successor is required to assume the obligations of this Agreement under subparagraph
18(a), the successor shall execute and deliver to the Executive a written acknowledgment of
the assumption of the Agreement.





19. Notices. Notices and all other communications provided for in this Agreement
shall be in writing and shall be delivered personally or sent by registered or certified mail,
return receipt requested, postage prepaid (provided that international mail shall be sent via
overnight or two-day delivery), or sent by facsimile or prepaid overnight courier to the parties at
the addresses set forth below. Such notices, demands, claims and other communications shall be
deemed given:




	(a)	 	in the case of delivery by overnight service with guaranteed next day delivery, the next day
or the day designated for delivery;






	(b)	 	in the case of certified or registered U.S. mail, five days after deposit in the U.S. mail;
or






	(c)	 	in the case of facsimile, the date upon which the transmitting party received confirmation of
receipt by facsimile, telephone or otherwise;





provided, however, that in no event shall any such communications be deemed to be given later than
the date they are actually received. Communications that are to be delivered by the U.S. mail or
by overnight service or two-day delivery service are to be delivered to the addresses set forth
below:



to the Company:




Gene Caresia


Vice President, Human Resources


7500 College Blvd., Suite 1000


Overland Park, Kansas 66210



or to the Executive:




Stephen L. Wambold


15405 Knox


Overland Park, KS 66221



Each party, by written notice furnished to the other party, may modify the applicable delivery
address, except that notice of change of address shall be effective only upon receipt.



20. Arbitration of All Disputes. Any controversy or claim arising out of or relating
to this Agreement (or the breach thereof) shall be settled by final, binding and non-appealable
arbitration in Overland Park, Kansas by three arbitrators. Except as otherwise expressly provided
in this Section 20, the arbitration shall be conducted in accordance with the rules of the American
Arbitration Association (the “Association”) then in effect. One of the arbitrators shall be
appointed by the Company, one shall be appointed by the Executive, and the third shall be appointed
by the first two arbitrators. If the first two arbitrators cannot agree on the third arbitrator
within 30 days of the appointment of the second arbitrator, then the third arbitrator shall be
appointed by the Association.



21. Survival of Agreement. Except as otherwise expressly provided in this Agreement,
the rights and obligations of the parties to this Agreement shall survive the termination of the
Executive’s employment with the Company.



22. Entire Agreement. Except as otherwise provided herein, this Agreement constitutes
the entire agreement between the parties concerning the subject matter hereof and supersedes all
prior or contemporaneous agreements, if any, between the parties relating to the subject matter
hereof, including, but not limited to, the Amended and Restated Change in Control Agreement dated
March 5, 2008; provided, however, that nothing in this Agreement shall be construed to limit any
policy or agreement that is otherwise applicable relating to confidentiality, rights to inventions,
copyrightable material, business and/or technical information, trade secrets, solicitation of
employees, interference with relationships with other businesses, competition, and other similar
policies or agreement for the protection of the business and operations of the Company and its
affiliates.



23. Code Section 409A. Notwithstanding any other provision of this Agreement to the
contrary, if any payment or benefit hereunder is subject to section 409A of the Code, if such
payment or benefit is to be paid or provided on account of the Executive’s separation from service
(within the meaning of section 409A of the Code), and if such payment or benefit is required to be
made or provided prior to the first day of the seventh month following the Employee’s separation
from service, and if the Executive is a specified employee (within the meaning of section
409A(a)(2)(B) of the Code), such payment or benefit shall be paid or provided on the later of (a)
the first day of the seventh month following the Executive’s separation from service or (b) the
date on which such payment or benefit would otherwise be paid or provided pursuant to the terms of
this Agreement.



24. Counterparts. This Agreement may be executed in two or more counterparts, any one
of which shall be deemed the original without reference to the others.



IN WITNESS THEREOF, the Executive has hereunto set his hand, and the Company has caused these
presents to be executed in its name and on its behalf, all as of the Effective Date.



	 
	/s/ Stephen L. Wambold
	EXECUTIVE

	FERRELLGAS, INC.

	By Stephen L. Wambold

Its President and Chief Operating Officer

Date 8/10/2009