Document:

Exhibit 4.1

 

ANTELOPE ENTERPRISE HOLDINGS LTD.

2022 INCENTIVE AWARD PLAN

 

ARTICLE
1

PURPOSE

 

The Plan’s purpose
is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to the Company by providing these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in ARTICLE
11.

 

ARTICLE
2

ELIGIBILITY

 

Service Providers are
eligible to be granted Awards under the Plan, subject to the limitations described herein.

 

ARTICLE
3

ADMINISTRATION AND DELEGATION

 

3.1             
Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers
receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator
also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and
to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects
and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award as it deems necessary or appropriate to administer
the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be final and binding
on all persons having or claiming any interest in the Plan or any Award. The Administrator may institute and determine the terms and conditions
of an Exchange Program.

 

3.2             
Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan
to one or more Committees or officers of the Company or any of its Subsidiaries. The Board may abolish any Committee or re-vest in
itself any previously delegated authority at any time.

 

ARTICLE
4

STOCK AVAILABLE FOR AWARDS

 

4.1             
Number of Shares. Subject to adjustment under Article 7 and the terms of this Article 4, Awards may
be made under the Plan covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares,
Shares purchased on the open market or treasury Shares.

 

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4.2              Share
Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for cash, surrendered to an Exchange
Program, repurchased, canceled without having been fully exercised or forfeited, in any case, in a manner that results in the
Company acquiring Shares at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the
Participant for such Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as
applicable, become or again be available for Award grants under the Plan. Further, Shares delivered (either by actual delivery or
attestation) to the Company by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any
applicable tax withholding obligation (including Shares retained by the Company from the Award being exercised or purchased and/or
creating the tax obligation) will, as applicable, become or again be available for Award grants under the Plan. The payment of
Dividend Equivalents in cash in conjunction with any outstanding Awards shall not count against the Overall Share Limit.

 

4.3             
Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition
of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based
awards granted before such merger or consolidation by such entity or its affiliate in accordance with Applicable Laws. Substitute Awards
may be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards
will not count against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards
under the Plan as provided above). Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the
Company or any Subsidiary combines has shares available under a pre-existing plan approved by shareholders and not adopted in
contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan
(as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock or shares of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares
subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using
such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan,
absent the acquisition or combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition
or combination.

 

4.4             
Non-Employee Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish
compensation for non-employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from
time to time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and
pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem
relevant from time to time. The Administrator may make exceptions to these limits for individual non-employee Directors in extraordinary
circumstances, as the Administrator may determine in its discretion, provided that the non-employee Director receiving such
additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions
involving non-employee Directors.

 

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ARTICLE
5

STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

 

5.1             
General. The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the
Plan. The Administrator will determine the number of Shares covered by each Option and Stock Appreciation Right, the exercise price of
each Option and Stock Appreciation Right and the conditions and limitations applicable to the exercise of each Option and Stock Appreciation
Right. A Stock Appreciation Right will entitle the Participant (or other person entitled to exercise the Stock Appreciation Right) to
receive from the Company upon exercise of the exercisable portion of the Stock Appreciation Right an amount determined by multiplying
the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Stock Appreciation
Right by the number of Shares with respect to which the Stock Appreciation Right is exercised, subject to any limitations of the Plan
or that the Administrator may impose and payable in cash, Shares valued at such Fair Market Value or a combination of the two as the Administrator
may determine or provide in the Award Agreement.

 

5.2              Exercise
Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price and specify the
exercise price in the Award Agreement. Unless otherwise determined by the Administrator, the exercise price will not be less than
100% of the Fair Market Value on the grant date of the Option or Stock Appreciation Right.

 

5.3             
Duration. Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided
that, unless otherwise determined by the Administrator in accordance with Applicable Laws, the term of an Option or Stock Appreciation
Right will not exceed ten years. Notwithstanding the foregoing, if the Participant, prior to the end of the term of an Option or Stock
Appreciation Right, violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant
provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the
Company or any of its Subsidiaries, the right of the Participant and the Participant’s transferees to exercise any Option or Stock
Appreciation Right issued to the Participant shall terminate immediately upon such violation unless the Company otherwise determines.

 

5.4             
Exercise. Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in
a form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation
Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of Shares for which the
Award is exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines,
an Option or Stock Appreciation Right may not be exercised for a fraction of a Share.

 

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5.5             
Payment Upon Exercise. Subject to Section 10.7, any Company insider trading policy (including blackout periods) and Applicable
Laws, the exercise price of an Option must be paid by:

 

(a)              
cash, wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit
the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

 

(b)              
if there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including
telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company
to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s delivery to the Company
of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash
or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required by the
Administrator;

 

(c)              
to the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant valued
at their Fair Market Value;

 

(d)              
to the extent permitted by the Administrator, surrendering Shares then issuable upon the Option’s exercise valued at their Fair
Market Value on the exercise date;

 

(e)              
to the extent permitted by the Administrator, delivery of any other property that the Administrator determines is good and valuable consideration;
or

 

(f)               
to the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

 

ARTICLE
6

RESTRICTED STOCK; RESTRICTED STOCK UNITS

 

6.1              General.
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the
Company’s right to repurchase all or part of such shares at their issue price or other stated or formula price from the
Participant (or to require forfeiture of such shares) if conditions the Administrator specifies in the Award Agreement are not
satisfied before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In
addition, the Administrator may grant to Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture
conditions during the applicable restriction period or periods, as set forth in an Award Agreement. The Administrator will determine
and set forth in the Award Agreement the terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to
the conditions and limitations contained in the Plan.

 

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6.2             
Restricted Stock.

 

(a)              
Dividends. Participants holding Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such Shares,
unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends
or distributions are paid in Shares, or consist of a dividend or distribution to shareholders of property other than an ordinary cash
dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability as the shares of
Restricted Stock with respect to which they were paid.

 

(b)              
Share Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any share
certificates issued in respect of Restricted Stock, together with a share transfer instrument endorsed in blank.

 

6.3             
Restricted Stock Units.

 

(a)              
Settlement. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable
after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election.

 

(b)              
Stockholder Rights. A Participant will have no rights of a shareholder with respect to Shares subject to any Restricted Stock Unit
unless and until the Shares are delivered in settlement of the Restricted Stock Unit.

 

(c)              
Dividend Equivalents. If the Administrator provides, a grant of Restricted Stock Units may provide a Participant with the right
to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in
cash or Shares and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to
which the Dividend Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

ARTICLE
7

OTHER STOCK OR CASH BASED AWARDS

 

Other Stock or Cash Based Awards may be granted
to Participants, including Awards entitling Participants to receive Shares to be delivered in the future and including annual or other
periodic or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise), in each case subject to any conditions
and limitations in the Plan. Such Other Stock or Cash Based Awards will also be available as a payment form in the settlement of other
Awards, as standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash
Based Awards may be paid in Shares, cash or other property, as the Administrator determines. Subject to the provisions of the Plan, the
Administrator will determine the terms and conditions of each Other Stock or Cash Based Award, including any purchase price, performance
goal (which may be based on the Performance Criteria), transfer restrictions, and vesting conditions, which will be set forth in the applicable
Award Agreement.

 

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ARTICLE
8

ADJUSTMENTS FOR CHANGES IN SHARES

AND CERTAIN OTHER EVENTS

 

8.1             
Equity Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article 8,
the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may
include adjusting the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or grant
price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under
this Section 8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the Administrator
will determine whether an adjustment is equitable.

 

8.2             
Corporate Transactions. In the event of any dividend or other distribution (whether in the form of cash, Shares, other securities,
or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation, dissolution,
or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares
or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase Shares or other securities of
the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company or
its financial statements or any change in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions
as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except
that action to give effect to a change in Applicable Law or accounting principles may be made within a reasonable period of time after
such change) and either automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following
actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of
the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any Award granted or
issued under the Plan, (y) to facilitate such transaction or event or (z) give effect to such changes in Applicable Laws or
accounting principles:

 

(a)              
To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to the
amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s
rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise
or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than
zero, then the Award may be terminated without payment;

 

(b)              
To provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

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(c)              
To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;

 

(d)              
To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards and/or with respect
to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article4 hereof on the
maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise price),
and the criteria included in, outstanding Awards;

 

(e)              
To replace such Award with other rights or property selected by the Administrator; and/or

 

(f)               
To provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

8.3             
Administrative Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger,
consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction
or change affecting the Shares or the price of Shares, including any Equity Restructuring or any securities offering or other similar
transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to sixty days before
or after such transaction.

 

8.4             
General. Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have
any rights due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares
of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with
respect to an Equity Restructuring under Section 8.1 above or the Administrator’s action under the Plan, no issuance by the
Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made regarding,
the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements
and the Awards granted hereunder will not affect or restrict in any way the Company’s right or power to make or authorize (i) any
adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger,
consolidation dissolution or liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including
securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may
treat Participants and Awards (or portions thereof) differently under this Article 8.

 

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ARTICLE
9

GENERAL PROVISIONS APPLICABLE TO AWARDS

 

9.1             
Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise, Awards may not be sold,
assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except by will or the laws of descent
and distribution, or, subject to the Administrator’s consent, pursuant to a domestic relations order, and, during the life of the
Participant, will be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, will include
references to a Participant’s authorized transferee that the Administrator specifically approves.

 

9.2             
Documentation. Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines.
Each Award may contain terms and conditions in addition to those set forth in the Plan.

 

9.3             
Discretion. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award.
The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions
thereof) uniformly.

 

9.4             
Termination of Service; Change in Status. The Administrator will determine, in its sole discretion, the effect of all matters and
questions relating to any Termination of Service, including, without limitation, whether a Termination of Service has occurred, whether
a Termination of Service resulted from a discharge for Cause and all questions of whether a particular leave of absence constitutes a
Termination of Service or any other change or purported change in a Participant’s Service Provider status affects an Award and the
extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or
Designated Beneficiary may exercise rights under the Award, if applicable.

 

9.5             
Withholding. Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes
required by law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax liability.
The Company may deduct an amount sufficient to satisfy such tax obligations based on the applicable withholding rates (or such other rate
as may be determined by the Company after considering any accounting consequences or costs) from any payment of any kind otherwise due
to a Participant. Subject to Section 10.7 and any Company insider trading policy (including blackout periods), Participants may satisfy
such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company,
provided that the Company may limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted,
(ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares retained from the
Award creating the tax obligation, valued at their Fair Market Value, (iii) if there is a public market for Shares at the time the
tax obligations are satisfied, unless the Company otherwise determines, (A) delivery (including telephonically to the extent permitted
by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company
sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable and unconditional
instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding;
provided that such amount is paid to the Company at such time as may be required by the Administrator, or (iv) to the extent permitted
by the Company, any combination of the foregoing payment forms approved by the Administrator. If any tax withholding obligation will be
satisfied under clause (ii) of the immediately preceding sentence by the Company’s retention of Shares from the Award creating
the tax obligation and there is a public market for Shares at the time the tax obligation is satisfied, the Company may elect to instruct
any brokerage firm determined acceptable to the Company for such purpose to sell on the applicable Participant’s behalf some or
all of the Shares retained and to remit the proceeds of the sale to the Company or its designee, and each Participant’s acceptance
of an Award under the Plan will constitute the Participant’s authorization to the Company and instruction and authorization to such
brokerage firm to complete the transactions described in this sentence.

 

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9.6             
Amendment of Award; Repricing. The Administrator may amend, modify or terminate any outstanding Award, including by substituting
another Award of the same or a different type or changing the exercise or settlement date. The Participant’s consent to such action
will be required unless (i) the action, taking into account any related action, does not materially and adversely affect the Participant’s
rights under the Award, or (ii) the change is permitted under Article 8.

 

9.7             
Conditions on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions
from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction,
(ii) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied,
including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant has
executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy
any Applicable Laws. The Company’s inability to obtain authority from any regulatory body having jurisdiction, which the Administrator
determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue
or sell such Shares as to which such requisite authority has not been obtained.

 

9.8             
Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable,
free of some or all restrictions or conditions, or otherwise fully or partially realizable.

 

ARTICLE
10

MISCELLANEOUS

 

10.1            No
Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award
will not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The
Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any
liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement.

 

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10.2          
No Rights as Shareholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any
rights as a shareholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares. Notwithstanding
any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company will not be required
to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares may be recorded
in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place legends on stock
certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable Laws.

 

10.3          
Effective Date and Term of Plan. The Plan will become effective on the Effective Date and, unless earlier terminated by the Board,
will remain in effect until the earlier of (i) the earliest date as of which all Awards granted under the Plan have been satisfied
in full or terminated and no Shares approved for issuance under the Plan remain available to be granted under new Awards or (ii) September
30, 2032, but Awards previously granted may extend beyond that date in accordance with the Plan. If the Plan is not approved by the Company’s
stockholders, the Plan will not become effective and no Awards will be granted under the Plan.

 

10.4         
Amendment of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, other than
an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without
the affected Participant’s consent. No Awards may be granted under the Plan during any suspension period or after Plan termination.
Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement,
as in effect before such suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary
to comply with Applicable Laws.

 

10.5          
Provisions for Foreign Participants. The Administrator may modify Awards or establish subplans or procedures under the Plan to
address differences in laws, rules, regulations or customs of various jurisdictions with respect to tax, securities, currency, employee
benefit or other matters.

 

10.6          
Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other
employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any
other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will not
be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator,
director, officer, other employee or agent of the Company or any Subsidiary. The Company will indemnify and hold harmless each director,
officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating
to the Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including
any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission concerning this Plan unless
arising from such person’s own fraud or bad faith.

 

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10.7         
Lock-Up Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering
the offering of any Company securities on a public stock exchange, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to one hundred eighty days following the effective date of a
Company registration, or such longer period as determined by the underwriter.

 

10.8         
Data Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries
and affiliates exclusively for implementing, administering and managing the Participant’s participation in the Plan. The Company
and its Subsidiaries and affiliates may hold certain personal information about a Participant, including the Participant’s name,
address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s);
any Shares held in the Company or its Subsidiaries and affiliates; and Award details, to implement, manage and administer the Plan and
Awards (the “Data”). The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves
as necessary to implement, administer and manage a Participant’s participation in the Plan, and the Company and its Subsidiaries
and affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These
recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data
privacy laws and protections than the recipients’ country. By accepting an Award, each Participant authorizes such recipients to
receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant
may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and
manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding
such Participant, request additional information about the storage and processing of the Data regarding such Participant, recommend any
necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.8 in writing, without
cost, by contacting the local human resources representative. The Company may cancel Participant’s ability to participate in the
Plan and, in the Administrator’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws
the consents in this Section 10.8. For more information on the consequences of refusing or withdrawing consent, Participants may
contact their local human resources representative.

 

10.9         
Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid
provisions had been excluded, and the illegal or invalid action will be null and void.

 

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10.10       Governing
Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant and
the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award
Agreement or other written document that a specific provision of the Plan will not apply.

 

10.11       Governing
Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the British Virgin Islands.

 

10.12       Claw-back
Provisions. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively receives
upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back
policy, including any claw-back policy adopted to comply with Applicable Laws (as set forth in such claw-back policy or the Award Agreement).

 

10.13       Titles
and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s text,
rather than such titles or headings, will control.

 

10.14       Conformity
to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding
anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent
Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws.

 

10.15       Relationship
to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided
in writing in such other plan or an agreement thereunder.

 

10.16       Broker-Assisted
Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under or with
respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5: (a) any Shares to be sold through
the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable; (b) such Shares
may be sold as part of a block trade with other Participants in the Plan in which all participants receive an average price; (c) the
applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting an Award, each Participant
agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to
the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in
cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no obligation to
arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant’s
applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash
sufficient to satisfy any remaining portion of the Participant’s obligation.

 

    12

     

    

 

ARTICLE
11

DEFINITIONS

 

As used in the Plan,
the following words and phrases will have the following meanings:

 

11.1         
 “Administrator” means the Board or a Committee to the extent that the Board’s powers or authority under
the Plan have been delegated to such Committee.

 

11.2         
 “Applicable Laws” means the requirements relating to the administration of equity incentive plans under. federal
and state securities, tax and other applicable laws, rules and regulations applicable to the Company and the jurisdiction where Participants
reside, the applicable rules of any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws
and rules of any country or other jurisdiction where Awards are granted.

 

11.3         
 “Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units or Other Stock or Cash Based Awards.

 

11.4         
 “Award Agreement” means a written agreement evidencing an Award, which may be electronic, that contains such
terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

 

11.5         
 “Board” means the Board of Directors of the Company.

 

11.6         
 “Cause” means (i) if a Participant is a party to a written employment, severance or consulting
agreement with the Company or any of its Subsidiaries or an Award Agreement in which the term “cause” is defined (a
 “Relevant Agreement”), “Cause” as defined in the Relevant Agreement, and (ii) if no
Relevant Agreement exists, (A) willful failure to substantially perform Participant’s duties (other than any such failure
resulting from Participant’s incapacity due to physical or mental illness), after written notice of such performance has been
given to Participant; (B) use of illegal drugs by Participant; (C) commission of a felony, a crime of moral turpitude or a
misdemeanor involving fraud or dishonesty (for avoidance of doubt, a single driving while intoxicated (or other similar charge)
shall not be considered a felony or crime of moral turpitude); (D) the perpetration of any act of fraud or material dishonesty
against or affecting the Company, any of its affiliates, or any customer, agent or employee thereof; (E) material breach of
fiduciary duty or material breach of Participant’s obligations under a written agreement between the Company and Participant,
including without limitation, such a breach of this Agreement; (F) repeated insolent or abusive conduct in the workplace,
including but not limited to, harassment of others of a racial or sexual nature after notice of such behavior; (G) taking any
action which is intended to harm or disparage the Company, holdings, their affiliates, or their reputations, or which would
reasonably be expected to lead to unwanted or unfavorable publicity to the Company or its affiliates; or (H) engaging in any
act of material self-dealing without prior notice to and consent by the Board.

 

    13

     

    

 

11.7         
 “Change in Control” means and includes each of the following:

 

(a)              
A transaction or series of transactions (other than an offering of Shares to the general public through a registration statement filed
with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and
(ii) of subsection (c) below) whereby any “person” or related “group” of “persons” (as such terms
are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an employee benefit
plan maintained by the Company or any of its Subsidiaries or a “person” that, prior to such transaction, directly or indirectly
controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50 % of the total combined
voting power of the Company’s securities outstanding immediately after such acquisition; or

 

(b)              
During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new
Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction
described in subsections (a) or (c) whose election by the Board or nomination for election by the Company’s shareholders was
approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of
the two-year period or whose election or nomination for election was previously so approved) cease for any reason to constitute
a majority thereof; or

 

(c)              
The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or
stock of another entity, in each case other than a transaction:

 

(i)              
which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly
or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately
after the transaction, and

 

(ii)             
after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially
owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior
to the consummation of the transaction.

 

    14

     

    

 

The Administrator shall
have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto.

 

11.8         
 “Code” means the Internal Revenue Code of 1986 of the United States of America, as amended, and the regulations
issued thereunder.

 

11.9         
 “Committee” means one or more committees or subcommittees of the Board, which may include one or more Company
directors or executive officers, to the extent Applicable Laws permit.

 

11.10      “Company”
means Antelope Enterprise Holdings Limited., a British Virgin Islands company with company number 1542549, or any successor.

 

11.11      “Consultant”
means any person, including any adviser, engaged by the Company or its parent or Subsidiary to render services to such entity if the consultant
or adviser: (i) renders bona fide services to the Company; (ii) renders services not in connection with the offer or sale of
securities in a capital-raising transaction and does not directly or indirectly promote or maintain a market for the Company’s securities;
and (iii) is a natural person.

 

11.12      “Designated
Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines,
to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s
effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

11.13      “Director”
means a Board member.

 

11.14      “Disability”
means a permanent and total disability under Section 22(e)(3) of the Code, as amended.

 

11.15      “Dividend
Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares) of
dividends paid on Shares.

 

11.16      “Effective
Date” means September 30, 2022, subject to approval of the Plan by the Company’s stockholders.

 

11.17      “Employee”
means any employee of the Company or its Subsidiaries.

 

11.18      “Equity
Restructuring” means a nonreciprocal transaction between the Company and its shareholders, such as a share dividend, share
split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of Shares (or
other Company securities) or the share price of Common Stock (or other Company securities) and causes a change in the per share value
of the Common Stock underlying outstanding Awards.

 

11.19      “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

11.20      “Exchange
Program” shall mean a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards
of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Holders
would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator,
and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions
of any Exchange Program in its sole discretion.

 

    15

     

    

 

11.21     
 “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: (i) if
the Common Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common
Stock as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a
sale occurred, as reported a source the Administrator deems reliable; (ii) if the Common Stock is not traded on a stock
exchange but is quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred
on such date, then on the last date preceding such date during which a sale occurred, as reported in a source the Administrator
deems reliable; or (iii) in any case the Administrator may determine the Fair Market Value in its discretion.

 

11.22      “Option”
means an option to purchase Shares.

 

11.23      “Other
Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly or partially by referring
to, or are otherwise based on, Shares or other property.

 

11.24      “Overall
Share Limit” means the sum of (i) 600,000 Shares; and (ii) an annual increase on the first day of each calendar year
beginning January 1, 2023 and ending on and including January 1, 2031, equal to the lesser of (A) 3% of the aggregate number
of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (B) such smaller number of
Shares as is determined by the Board.

 

11.25      “Participant”
means a Service Provider who has been granted an Award.

 

11.26      “Performance
Criteria” mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance goals
for a performance period in the Administrator’s sole discretion.

 

11.27      “Plan”
means this 2021 Incentive Award Plan.

 

11.28      “Restricted
Stock” means Shares awarded to a Participant under Article 6 subject to certain vesting conditions and other restrictions.

 

11.29      “Restricted
Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in
cash or other consideration determined by the Administrator to be of equal value as of such settlement date, subject to certain vesting
conditions and other restrictions.

 

    16

     

    

 

11.30      “Securities
Act” means the Securities Act of 1933 of the United States of America, as amended.

 

11.31      “Service
Provider” means an Employee, Consultant or Director.

 

11.32      “Shares”
means the ordinary shares of par value 0.024 per share of the Company.

 

11.33      “Stock
Appreciation Right” means a stock appreciation right granted under Article 5.

 

11.34      “Subsidiary”
means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if
each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities
or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other
entities in such chain.

 

11.35      “Substitute
Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for,
awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any
Subsidiary or with which the Company or any Subsidiary combines.

 

11.36      “Termination
of Service” means the date the Participant ceases to be a Service Provider.

 

* * * * *

 

    17EXHIBIT 10.33
EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Employment Agreement”) is made as of January 1, 2023 (the “Effective Date”), between Ferrellgas, Inc., a Delaware corporation (the “Company”), and James E. Ferrell (“Executive”).  The Executive and the Company are each referred to as a “Party” and collectively the “Parties.”
WHEREAS, the Company desires to employ Executive upon the terms and conditions hereinafter set forth, and Executive desires to accept employment with the Company.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:
1.Employment Term.  The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Employment Agreement for the period commencing as of January 1, 2023 (the “Commencement Date”) and continuing for two (2) years (the “Term”), unless earlier terminated by the Company or Executive pursuant to the provisions set forth in Section 4 hereof.  The Employment Agreement shall automatically terminate on December 31, 2024, unless either Party provides not less than ninety (90) days’ advance written notice prior to the expiration of the Term of this Agreement.  
2.Position and Duties.
(a)Position.  During the Term, the Executive shall serve as President and Chief Executive Officer of the Company. 
(b)Duties.  Executive shall have the normal duties, responsibilities, functions, and authority of the Chief Executive Officer, subject to the power and authority of the Board of Directors of the Company (the “Board”), and Executive shall report to the Board.  Executive shall render to the Company administrative, financial, and other executive and managerial services that are consistent with Executive’s position as the Chief Executive Officer of the Company, as the Board may from time to time direct. Executive shall devote Executive’s full business time and attention (except for vacation periods consistent with the terms of this Employment Agreement and reasonable periods of illness or other incapacity) to the business and affairs of the Company, its Affiliates, and its Subsidiaries.  So long as Executive is employed by the Company, Executive shall not, without prior notification and approval of the Board, which may approve under such procedures as the Board or its executive committee shall from time to time approve, serve on the board of directors of any other company for compensation or remuneration, and Executive shall not undertake, engage in or perform other activities or services for Executive’s personal benefit or for the benefit of any Person other than the Company and its Subsidiaries and Affiliates if such other activities or services interfere with Executive’s performance of Executive’s duties under this Employment Agreement.  Subject to the foregoing provision, nothing in this Employment Agreement shall be construed as preventing Executive from engaging in volunteer services for charitable, educational or civic organizations, serving on the board of directors of other companies without compensation or remuneration, or investing Executive’s personal assets in such a manner as Executive deems to be appropriate, including engaging in activities and investing with Ferrell Capital; provided, however, no such other activity shall conflict with Executive’s obligations under this Employment Agreement or interfere with Executive’s performance of Executive’s duties under this Employment Agreement. 

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3.Compensation and Benefits.
In exchange for services rendered by Executive hereunder, the Company shall provide the following:
(a)Base Salary.  During the Term, Executive’s base salary shall be $955,000.00 per annum, or such higher amount as determined by the Board in its discretion, to be reviewed annually (the “Base Salary”), less required withholdings and taxes, which salary shall be payable by the Company in regular installments in accordance with the Company’s general payroll practices (in effect from time to time). 
(b)Incentive Plans.  Executive shall be eligible to participate in any Company Incentive Plan as such plans are implemented, subject to the terms and conditions thereof, and as such terms and conditions may be established or changed from time to time by the Company in its sole discretion.
(c)Benefits.  Executive shall be included, to the extent eligible under the terms and conditions, as such terms and conditions may be established or changed from time to time by the Board in its sole discretion, in any and all of the Company plans providing benefits for its employees.  Except as otherwise provided herein, nothing contained herein shall obligate the Company to adopt or maintain any benefit plan and nothing herein shall restrict the Company’s right in its sole discretion to adopt, modify or otherwise alter, in whole or in part, any and/or all of its benefit plans, provided that such adoption, abolition, modification or alteration is of general effect and applicable to all of the Company’s employees and/or officers under such plans.
(d)Business Expenses.  During the Term, the Company shall reimburse Executive for all reasonable business expenses incurred by Executive in the course of performing Executive’s duties and responsibilities under this Employment Agreement, which business expenses are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.
(e)Paid Time Off.  During the Term, Executive shall be entitled to twenty-five (25) days of paid time off per calendar year (as prorated for partial years), capped at 200 hours. Paid time off may be taken at such times and intervals as Executive determines, subject to the business needs of the Company.  Executive shall not be entitled to receive any additional compensation from the Company for failure to take paid time off. 
4.Termination of Term.
(a)Termination.  During the Term, Executive’s employment and this Employment Agreement may be terminated by:
(i)Executive’s resignation without Good Reason, which resignation must be accompanied by at least ninety (90) days’ prior written notice;
(ii)Executive’s resignation for Good Reason (as defined below);
(iii)termination by the Company due to Executive’s Disability (as defined below);
(iv)the Company’s termination of Executive’s employment with Cause (as defined below);
(v) the Company’s termination of Executive’s employment without Cause upon at least ninety (90) days’ prior written notice; or
(vi)Executive’s death.  

2
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(b)Notice Period.  During the period following delivery of notice of the Executive’s termination, whether voluntarily by the Executive or by the Company with or without Cause, the Company may, in its sole discretion: (i) require the Executive to perform only such duties as it may allocate to the Executive; (ii) require the Executive not to perform any of the Executive’s duties; (iii) require the Executive not to have any contact with employees, clients or vendors of the Company as the Company shall reasonably determine (except for those employees, clients and vendors of the Company that the Executive had a business relationship with prior to the entry of this Employment Agreement); and (iv) exclude the Executive from the Company premises.
(c)Payment in Lieu of Notice. The Company may, at its absolute discretion, when terminating the Executive’s employment with or without Cause, elect to notify the Executive in writing that it is exercising its right to dismiss the Executive with immediate effect and that it will be making a payment to the Executive in lieu of notice. The Company’s payment in lieu of notice shall be equivalent to the Base Salary which would have been payable or have accrued during the Executive’s notice period.     
(d)Resignation of All Positions. In the event of the termination of Executive’s employment for any reason and regardless of the circumstance, Executive shall be deemed to have resigned from all positions as an officer and as a member of the Board of the Company or any Affiliate immediately upon such termination, and shall promptly execute all documents reasonably requested by the Company in order to effect such resignation(s).  
(e)Termination Payments.
(i)Termination for Cause, upon Executive’s Resignation, upon Death or Disability.  If Executive’s employment hereunder and the Term are terminated pursuant to Sections 4(a)(i), (iii), (iv), or (vi), Executive, or his estate if applicable, shall be entitled to payment of: 
		(A)	Executive’s accrued but unpaid Base Salary through the date of termination; 

		(B)	Executive’s accrued but unused vacation; and

		(C)	any properly documented reimbursable expenses owed to Executive (clauses (A), (B) and (C) of this Section 4(e)(i), collectively, the “Accrued Obligations”).

(ii)Termination by the Company without Cause or by Executive for Good Reason.  If Executive’s employment hereunder and the Term are terminated pursuant to Sections 4(a)(ii) or (v), Executive shall be entitled to the following:
		(A)	payment of Accrued Obligations;

		(B)	a lump sum payment of any amounts remaining under this Employment Agreement; and

		(C)	subject to Executive’s election of and qualification for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), for a period of twelve (12) consecutive months following termination of employment, premium costs for COBRA insurance benefits in the monthly amount the Company was paying toward Executive’s Company-provided group health plan insurance coverage immediately prior to Executive’s cessation of employment. 

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The amounts described in clauses (B) and (C) of this Section 4(e)(ii) will commence to be paid to Executive within sixty (60) days following the date of termination, provided that Executive (or, in the event of Executive’s death, Executive’s estate) has executed and delivered to the Company not later than forty-five (45) days following the date of termination an irrevocable general waiver and release of claims in the form provided by the Company to Executive (or, in the event of Executive’s death, Executive’s estate) after Executive’s termination (the “General Release”) and the latest date on which the General Release is subject to revocation has expired.  The Accrued Obligations shall be paid no later than as required by law or within twenty (20) days following the date of termination, whichever occurs earlier.  As to any amount described in clause (B) of this Section 4(e)(ii) that constitutes “nonqualified deferred compensation” within the meaning of Code Section 409A and the regulations and guidance promulgated thereunder (collectively, “Section 409A”), if the sixty (60) day period begins in one calendar year and ends in a second (2nd) calendar year, payment shall always be paid in the second (2nd) calendar year.  All payments of amounts described in clauses (B) and (C) of this Section 4(e)(ii) are subject to Executive’s continued compliance with the provisions of Sections 5 or 21 hereof.
(f)Mitigation.  Executive is under no obligation to mitigate damages or the amount of any payment provided for hereunder by seeking other employment or otherwise, and the Company shall have no right of offset for any amounts received by Executive from other employment.
(g)Offsets.  The Company may offset any amounts Executive owes to the Company or any of its Affiliates or Subsidiaries against any amounts the Company owes Executive hereunder, to the extent permitted by law.

5.Confidentiality and Restrictive Covenants.  Employee shall comply with all obligations outlined in the Confidentiality and Restrictive Covenants Agreement (attached hereto as Attachment A).
6.Enforcement.  Because Executive’s services are unique and because Executive has access to Confidential Information and Work Product, the parties agree that the Company and its Subsidiaries and Affiliates will suffer irreparable harm from a breach or threatened breach of Sections 5 or 21 by Executive and that money damages would not be an adequate remedy for any such breach or threatened breach of this Employment Agreement.  In the event of any breach or threatened breach of this Employment Agreement, the Company and its Subsidiaries and Affiliates, in addition to other rights and remedies existing in their favor, shall be entitled to specific performance and/or injunctive or other equitable relief from a court of competent jurisdiction in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security).  
7.Executive’s Representations.  Executive hereby represents and warrants to the Company that Executive is not subject to any pending, or to his knowledge any threatened, lawsuit, action, investigation, or proceeding involving Executive’s prior employment or consulting work or the use of any information or techniques of any former employer or contracting party.  Executive hereby acknowledges and represents that he has consulted with independent legal counsel regarding Executive’s rights and obligations under this Employment Agreement and that Executive fully understands the terms and conditions contained herein.
8.Survival.  Sections 5 through 23 shall survive and continue in full force in accordance with their terms notwithstanding the termination of the Term.
9.Notices.  Any notice provided for in this Employment Agreement shall be in writing and shall be (1) personally delivered, sent by reputable overnight courier service, or sent by first class mail, return receipt requested, to the recipient at the address below, and (2) sent by email to the recipient at the address below indicated:
Notices to Executive:
James E. Ferrell
Address and email of file with the Company.

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​
Notices to the Company:
General Counsel (presently, Jordan Burns)
One Liberty Plaza
Liberty, MO 64068
P:816.792.6834 | F:816.792.7449
JordanBurns@ferrellgas.com
​
and 
​
Chairman, Compensation Committee (presently, Edward Newberry)
[edward.newberry@squirepb.com]
​
or such other address or to the attention of such other Person as the recipient party shall have specified by prior written notice to the sending party.  Any notice under this Employment Agreement shall be deemed to have been given when so delivered or sent.
10.Severability.  Whenever possible, each provision of this Employment Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Employment Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other provision of this Employment Agreement or any action in any other jurisdiction, but this Employment Agreement shall be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained herein.
11.Complete Employment Agreement.  This Employment Agreement embodies the complete agreement and understanding among the Parties and supersedes and preempts any prior understandings, agreements, or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in any way.
12.No Strict Construction.  The language used in this Employment Agreement shall be deemed to be the language chosen by the Parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any Party.
13.Counterparts.  This Employment Agreement may be executed in separate counterparts (including by means of pdf signature page), each of which is deemed to be an original, and all of which taken together constitute one and the same agreement.
14.Successors and Assigns.  This Employment Agreement will be binding upon and inure to the benefit of (a) the Company and its successors and assigns, by merger or otherwise, and (b) Executive and the Executive’s heirs and personal representatives.  This Employment Agreement is not assignable by Executive.  The Company may unilaterally assign its rights and obligations under this Employment Agreement to any successor to Company’s rights and obligations hereunder as a result of any change in control, merger, consolidation, restructuring or reorganization or to any other successor to all or substantially all of the securities, business and/or assets of the Company or any of its Affiliates, and Executive shall continue to be bound by the terms and conditions of this Employment Agreement.  In connection with any such assignment by Company, following such assignment, references to “Company” in this Employment Agreement, shall mean the successor to all or substantially all of the securities, business and/or assets of Company or any of its Affiliates to whom this Employment Agreement is assigned.

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15.Choice of Law.  All issues and questions concerning the construction, validity, enforcement, and interpretation of this Employment Agreement shall be governed by, and construed in accordance with, the laws of the State of Missouri, without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Missouri.  
16.Amendment and Waiver.  The provisions of this Employment Agreement may be amended or waived only with the prior written consent of the Company (as approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this Employment Agreement (including, without limitation, the Company’s right to terminate the Term with or without Cause) shall affect the validity, binding effect, or enforceability of this Employment Agreement or be deemed to be an implied waiver of any provision of this Employment Agreement.
17.Insurance.  The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on Executive in any amount or amounts considered advisable.  Executive agrees to cooperate in any medical or other examination, supply any information, and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute such insurance.
18.Tax Matters; Code Section 409A.  
(a)The Company and its respective Subsidiaries and Affiliates shall be entitled to report such income and deduct or withhold from any amounts owing from the Company or any of its Subsidiaries or Affiliates to Executive any federal, state, local, or foreign withholding taxes, excise tax, or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or other payments and benefits from the Company or any of its Subsidiaries or Affiliates (including, without limitation, wages and bonuses).  In the event the Company or any of its Subsidiaries or Affiliates does not make such deductions or withholdings, Executive shall indemnify the Company and its Subsidiaries and Affiliates for any amounts paid with respect to any such Taxes, together (if such failure to withhold was at the written direction of Executive) with any interest, penalties, and related expenses thereto.
(b)The intent of the parties is that payments and benefits under this Employment Agreement either be exempt from or comply with Section 409A, to the extent subject thereto; and, accordingly, to the maximum extent permitted, this Employment Agreement shall be interpreted to be in compliance therewith.  In no event whatsoever shall the Company or any of its Subsidiaries or Affiliates be liable for any additional tax, interest, or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A with respect to this Employment Agreement or otherwise.
(c)Notwithstanding the foregoing, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Employment Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Employment Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  Notwithstanding anything to the contrary in this Employment Agreement, if Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered “nonqualified deferred compensation” under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death, to the extent required under Section 409A.  Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 18(c) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum, without interest, and any remaining payments and benefits due under this Employment Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

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(d)To the extent that reimbursements or other in-kind benefits under this Employment Agreement constitute “nonqualified deferred compensation” for purposes of Section 409A, (i) all such expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive; (ii) any right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
(e)For purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Employment Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Employment Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company, to the extent permitted under Section 409A.
(f)Notwithstanding any other provision of this Employment Agreement to the contrary, in no event shall any payment under this Employment Agreement that constitutes “nonqualified deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise permitted by Section 409A.  
(g)Notwithstanding any other provision of this Employment Agreement to the contrary, in no event shall any payment under this Employment Agreement that constitutes “nonqualified deferred compensation” for purposes of Section 409A be accelerated or delayed in contravention of the regulations under Section 409A. 

19.Waiver of Jury Trial.  As a specifically bargained for inducement for each of the parties hereto to enter into this Employment Agreement (after having the opportunity to consult with counsel), each party hereto expressly waives the right to trial by jury in any lawsuit or proceeding relating to or arising in any way from this Employment Agreement or the matters contemplated hereby.
20.Corporate Opportunity.   Executive shall submit to the Board all material business, commercial, and investment opportunities or offers presented to Executive, or of which Executive becomes aware, at any time during the Term, which opportunities relate to the Company’s business (“Corporate Opportunities”).  Unless approved by the Board, during the Term Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Executive’s own behalf or for Executive’s personal benefit or for the benefit of any Person other than the Company.  
21.Executive’s Cooperation.  During the Term and thereafter, Executive shall reasonably cooperate with the Company and its Subsidiaries and Affiliates in any internal investigation or administrative, regulatory, or judicial proceeding as reasonably requested by the Company or any Subsidiary or Affiliate (including, without limitation, Executive’s being available to the Company and its Subsidiaries and Affiliates upon reasonable notice for interviews and factual investigations, appearing at the Company’s or any Subsidiary’s or Affiliate’s request to give truthful and accurate testimony without requiring service of a subpoena or other legal process, and providing to the Company and its Subsidiaries and Affiliates all pertinent information and turning over to the Company and its Subsidiaries and Affiliates all relevant documents which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s other permitted activities and commitments).  In the event the Company or any Subsidiary or Affiliate requires Executive’s cooperation in accordance with this section following the Term, to the extent permitted by law, the Company shall pay Executive a per diem reasonably determined by the Board and reimburse Executive for reasonable expenses incurred in connection therewith (including reasonable transportation, lodging and meals, upon submission of receipts).  

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22.Arbitration.   Any controversy, claim, cause of action, in law or equity, or dispute involving the Parties (or their affiliated persons or entities) directly or indirectly concerning Executive’s employment or this Employment Agreement including its enforcement, performance, breach, or interpretation, shall be resolved solely and exclusively by final and binding arbitration held in Missouri by one (1) arbitrator in accordance with the rules of employment arbitration then followed by JAMS or any successor to the functions thereof.  The arbitrator shall apply Missouri law in the resolution of all controversies, claims and disputes and shall have the right and authority to determine how his decision or determination as to each issue or matter in dispute may be implemented or enforced.  Any decision or award of the arbitrator shall be final, conclusive and binding on the Parties to this Employment Agreement, and there shall be no appeal therefrom other than from gross negligence or willful misconduct.  The prevailing party shall be entitled to recover its costs, expenses and reasonable attorneys’ fees incurred in connection with any such proceedings or related litigation.
23.Definitions.  For purposes of this Employment Agreement, the following definitions shall apply: 
(a) “Affiliate” means any employer with which the Company would be considered a single employer under Section 414(b) or 414(c) of the Code (as defined below), applied using fifty percent (50%) as the percentage of ownership required under such Code sections, including (i) any Person (as defined below), any other Person directly or indirectly controlling, controlled by or under direct or indirect common control with, such specified Person and (ii) any Person that is a natural Person, the spouse, ancestors, or lineal descendants of such Person, any limited partnership or limited liability company controlled by such Person or such Person’s spouse, ancestors, or lineal descendants or in which such Person or such Person’s spouse, ancestors, or lineal descendants hold a majority interest, any trust established for the benefit of any of them and such Person’s estate or legal representative.
(b)“Cause” means, with respect to Executive, one or more of the following:  (i) commission of, or indictment for, a felony or a crime involving moral turpitude; (ii) commission of an act or omission to act with respect to the Company or any of its Affiliates or Subsidiaries or any of their customers or suppliers involving dishonesty, disloyalty, or fraud; (iii) conduct that brings or is reasonably likely to bring the Company or its Affiliates or Subsidiaries into public disgrace or disrepute; (iv) repeated failure to perform duties as reasonably directed by the Board; (v) gross negligence or willful misconduct with respect to the Company or any of its Affiliates or Subsidiaries; (vi) material breach of the Company’s Code of Conduct as amended from time to time; or (vii) any breach by Executive of Sections 5 or 21 of this Employment Agreement.  With respect to subsection (iv) herein, “Cause” shall only exist if Executive fails to cure the alleged infraction within ten (10) days of receiving written notice from the Company.
(c)“Change in Control” means any of the following: (A) any consolidation or merger of the Company pursuant to which the stockholders of the Company immediately before the transaction do not retain immediately after the transaction direct or indirect beneficial ownership of more than 50% of the total combined voting power of the outstanding voting securities of the surviving business entity; (B) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company other than any sale, lease, exchange or other transfer to any company where the Company owns, directly or indirectly, 100% of the outstanding voting securities of such company after any such transfer; (C) the sale or exchange, whether in a single transaction or series of related transactions, by the stockholders of the Company of more than 50% of the voting stock of the Company, such that the stockholders do not, whether directly or indirectly, have beneficial ownership of more than 50% of the total combined voting power of the outstanding voting securities of the Company.
(d)“Code” means the Internal Revenue Code of 1986, as amended.
(e)“Disability.” means (1) Executive’s inability, by virtue of ill health or other physical or mental illness, to perform substantially and continuously the duties assigned to Executive with or without reasonable accommodation for more than 180 consecutive or non-consecutive days out of any consecutive 12-month period or (2) if Executive is considered disabled under the Company’s long-term disability insurance plan.

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(f)“Good Reason” means, with respect to Executive’s resignation from employment, one or more of the following occurring: (i) a material reduction in Executive’s Base Salary; (ii) a material diminution in Executive’s duties, responsibilities or authority; (iii) a material breach of this Employment Agreement by the Company; or (iv) the relocation of Executive’s principal office by more than thirty (30) miles. “Good Reason” shall only exist if the Executive provided written notice to the Company within ninety (90) days of the initial existence of the condition, describing the existence of such condition, and the Company shall thereafter have the right to remedy the condition with thirty (30) days of the date the Company received the written notice from the Executive.  If the Company remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition.  If the Company fails to cure the alleged infraction within thirty (30) days of receiving written notice from Executive, then the Executive may deliver a notice of termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.
(g)“Person” means any natural person, corporation, partnership (whether general or limited), limited liability company, association, custodian, nominee, trust, estate, joint venture, governmental authority, or other individual or entity.
(h) “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture, or other business entity of which more than fifty percent (50%) of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person (or, in the case of a partnership, limited liability company, or other similar entity, control of the general partnership, managing member, or similar interests) or Persons (whether directors, managers, trustees, or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof.
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[Signature page to follow]
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IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement effective as of the date first written above but signed on the date(s) indicated below.
COMPANY:
Ferrellgas, Inc. 
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By:       /s/ Jordan Burns________________
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Name: Jordan Burns________​ ​​ ​
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Title: VP and General Counsel​ ​​ ​
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Date:    September 28, 2022​ ​​ ​
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EXECUTIVE:
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/s/ James E. Ferrell_____________________
James E. Ferrell
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Date: September 28, 2022 ​ ​​ ​
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[Signature Page to Executive Employment Agreement]
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Attachment A
EXECUTIVE CONFIDENTIALITY & RESTRICTIVE COVENANTS AGREEMENT
THIS EXECUTIVE CONFIDENTIALITY & RESTRICTIVE COVENANTS AGREEMENT (this “Restrictive Covenants Agreement”) is made as of January 1, 2023 (the “Effective Date”), between Ferrellgas, Inc., and its predecessors, divisions, affiliates, successors, and assigns, a Delaware corporation (the “Company”), and James E. Ferrell (“Executive”).  The Executive and the Company are each referred to as a “Party” and collectively the “Parties.”
WHEREAS, the Company wishes to obtain reasonable protection of its confidential business, trade secret, and technical information which it has developed, acquired and/or is or may be developed or acquired by the Company at substantial expenses; and
WHEREAS, the Company wishes to obtain reasonable protection against unfair competition and solicitation during the Executive’s employment by the Company and following termination of the Executive’s employment by the Company and to further protect against unfair use of its confidential business and technical information the Company desires to have Executive execute this Agreement; and
WHEREAS, the Executive is willing to execute this Restrictive Covenants Agreement and grant the Company the benefits of the restrictive covenants contained herein.
For and in consideration of the continued employment of Executive as President and Chief Executive Officer, and for the promises outlined herein and in Executive’s Employment Agreement, Executive agrees as follows: 
1.Confidential Information. 

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(a)Confidential Information.  Executive acknowledges that the continued success of the Company and its Subsidiaries and Affiliates (as those terms are defined in Executive’s Employment Agreement) depends upon the use and protection of a large body of confidential, trade secret, and proprietary information.  All of such confidential, trade secret, and proprietary information now existing or to be developed in the future will be referred to in this Restrictive Covenants Agreement as “Confidential Information.”  Confidential Information means all information that is (i) related to the Company’s or its Subsidiaries’ or Affiliates’ current or potential business and (ii) is not generally or publicly known.  Confidential Information includes, without specific limitation, the information, observations, and data obtained by Executive from the performance of Executive’s duties to the Company and Subsidiaries and its Affiliates concerning the business and affairs of the Company and its Subsidiaries and Affiliates; information concerning acquisition opportunities in or reasonably related to the Company’s or its Subsidiaries’ or Affiliates’ business or industry of which Executive becomes aware during employment; the development, transition and transformation plans of doing business, strategic, marketing and expansion plans, including plans regarding planned and potential sales, financial and business plans, employee lists and telephone numbers, locations of sales representatives, new and existing programs and services, prices and terms, customer service, integration processes, requirements and costs of providing service, support, and equipment.  Accordingly, Executive agrees that, either during or after employment with the Company, Executive shall not disclose to any unauthorized Person or use for Executive’s or any Person’s own account any Confidential Information without the Board’s prior written consent, unless and to the extent that any Confidential Information (i) is or becomes generally available for use by the public other than as a result of Executive’s acts or omissions to act in breach of this Restrictive Covenants Agreement or the Employment Agreement; (ii) is or becomes known or available to Executive on a non-confidential basis from a source (other than the Company or its Subsidiaries or Affiliates) that, to the Executive’s knowledge, is not prohibited from disclosing such Confidential Information by a contractual, legal or fiduciary obligation, (iii) is or was independently developed by Executive without violation of any obligation under this Restrictive Covenants Agreement or the Employment Agreement, or (iv) is required to be disclosed pursuant to any applicable law or court order (in which case Executive shall give prior written notice to the Company of such required disclosure and shall cooperate with the Company and its Subsidiaries and Affiliates in any reasonable efforts to limit such disclosure or preserve the confidentiality of any Confidential Information).  Executive agrees to deliver to the Company at the end of his employment, or at any other time the Company may request in writing, all memoranda, notes, plans, records, reports, and other property or documents (and copies thereof) relating to the business of the Company or its Subsidiaries or Affiliates (including, without limitation, all Confidential Information) that Executive may then possess or have under Executive’s control.

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(b)Permitted Governmental Disclosures.  The federal Defend Trade Secrets Act of 2016 immunizes Executives against criminal and civil liability under federal or state trade secret laws – under certain circumstances – if Executive discloses a trade secret for the purpose of reporting a suspected violation of law.  Pursuant to such Act, immunity is available if Executive discloses a trade secret in either of these two circumstances: (1) Executive discloses the trade secret (a) in confidence, (b) directly or indirectly to a government official (federal, state or local) or to a lawyer, (c) solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a legal proceeding, Executive discloses the trade secret in the complaint or other documents filed in the case, so long as the document is filed “under seal” (meaning that it is not accessible to the public). Further, nothing in this Employment Agreement prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, and any federal Inspector General, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation.  Executive does not need prior authorization to make any such reports or disclosures and is not required to notify the Company or the Board that he has made such reports or disclosures.
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(c)Third Party Information.  Executive understands that the Company and its Subsidiaries and Affiliates will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s and its Subsidiaries’ and Affiliates’ part to maintain the confidentiality of such information and to use it only for certain limited purposes.  During employment and thereafter, and without in any way limiting the provisions of Section 1(a) above, Executive shall hold Third Party Information in the strictest confidence and will not disclose to anyone (other than personnel of the Company or its Subsidiaries and Affiliates who need to know such information in connection with their work for the Company or such Subsidiaries and Affiliates) or use, except in connection with Executive’s work for the Company or its Subsidiaries and Affiliates, Third Party Information unless expressly authorized by a member of the Board in writing.
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(d)Return of Company Property.  Upon termination of the Executive’s employment with the Company for any reason whatsoever, voluntarily or involuntarily, and at any time as the Company requests, Executive will deliver to the person designated by the Company all originals and copies of all documents or materials relating to the business of the Company or its Affiliates and other Company property in Executive’s possession or control, including but not limited to drawings, specifications, documents (including electronic documents), notes, memoranda, records, devices, models or any other material and copies or reproductions thereof, and any computers, equipment, keys or similar property of the Company.  Further, upon request, Executive will certify that Executive has not retained or transferred outside the Company any Confidential Information and/or that Executive has deleted any electronic information belonging to the Company from Executive’s personal computers, hard drives, cloud accounts, servers and/or accounts.
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2.Intellectual Property, Inventions, and Patents.  
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Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work,  all registrations or applications related thereto, all other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s or any of its Subsidiaries’ and Affiliates’ actual or anticipated business, research, and development or existing or future products or services and which are conceived, developed, or made by Executive (whether alone or jointly with others) while employed by the Company and its Subsidiaries, (“Work Product”), belong to the Company or such Subsidiary or Affiliate.  Executive shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after employment) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney, and other instruments).  For the avoidance of doubt, the parties acknowledge that Executive’s expertise in business and the field of propane distribution and sales for over fifty (50) years is not encompassed by this Section 2.  
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3.Non-Compete; Non-Solicitation.
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(a)Non-Competition.  In further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that during the course of his employment with the Company and its Subsidiaries and Affiliates he has and shall continue to become familiar with the Company’s and its Subsidiaries’ and Affiliates’ corporate strategy, pricing, and other market and financial information, know-how, trade secrets, and valuable customer, supplier, and Executive relationships, and with other Confidential Information concerning the Company and its Subsidiaries and Affiliates, and that his services have been and shall be of special, unique, and extraordinary value to the Company and its Subsidiaries and Affiliates.  Accordingly, during his employment and for five (5) years thereafter (the “Restricted Period”), Executive shall not directly or indirectly (whether as Executive, director, owner, stockholder, consultant, partner (limited or general), or otherwise) own any interest in, manage, control, participate in, consult with, advertise on behalf of, render services for or in any manner engage in any Competing Business (as defined below) that conducts operations or sales in the United States of America, or have taken active steps towards conducting sales or operations as of the date of Executive’s termination of employment.  Nothing herein shall prohibit Executive from being a passive owner of not more than two percent (2%) of the outstanding stock of any class of a corporation which is publicly traded, so long as Executive has no active participation in the business of such corporation.  For purpose of this Employment Agreement, “Competing Business” shall mean any business or enterprise, which is (i) involved primarily in the sale and distribution of propane gas and component parts, and/or propane cylinders, or (ii) provides any products or services described by the Company on the Company’s website at any time during Executive’s employment.
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(b)Non-Solicitation.  During the Restricted Period, Executive shall not directly or indirectly through another Person (i) induce or attempt to induce any member of senior leadership (a “Senior Leader” or collectively “Senior Leadership”), which shall include the Chief Executive Officer, Chief Financial Officer, Chief Human Resource Officer, Chief Information Officer, Chief Operations Officer, or General Counsel, of the Company or any Subsidiary or Affiliate to leave the employ of the Company or such Subsidiary or Affiliate, or in any way interfere with the relationship between the Company or any Subsidiary or Affiliate and any Senior Leadership thereof; (ii) knowingly hire any Person who was a Senior Leader of the Company or any Subsidiary or Affiliate at any time during the five (5) years prior to the termination of Executive’s employment; or (iii) induce or encourage any customer, supplier, licensee, licensor, or other business relation of the Company or any Subsidiary or Affiliate to cease doing business with or materially reduce its business with the Company or such Subsidiary or Affiliate, or in any way interfere with the relationship between any such customer, supplier, licensee, licensor, or business relation and the Company or any Subsidiary or Affiliate (including, without limitation, making any negative or disparaging statements or communications regarding the Company or its Subsidiaries or Affiliates).  
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4.Enforcement of Covenants.
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(a)Executive acknowledges that a breach by Executive of any of the terms of this Agreement will result in material, irreparable injury to the Company for which any remedy at law will not be adequate. Moreover, it will not be possible to measure damages for such injuries precisely and, in the event of such a breach or threat of breach, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction restraining Executive from engaging in activities prohibited by this Agreement, together with such other relief as may be required to enforce specifically any of the terms of this Agreement. Executive consents to such temporary, preliminary, or permanent injunctive relief. Nothing in this Agreement shall be construed as prohibiting the Company from pursuing any other available remedies for breach or threatened breach of this Agreement, including recovery of damages, court costs, and attorneys’ fees.
(b)If the Company is required to enforce any of its rights hereunder through legal proceedings, Executive shall reimburse the Company for all reasonable costs, expenses, and attorneys’ fees incurred by the Company in connection with the enforcement of its rights hereunder.
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(c)Executive understands and agrees that nothing in this Restrictive Covenants Agreement creates an additional contract, express or implied, of employment for any specified period. Executive’s employment may be terminated by Executive or the Company pursuant to Executive’s Employment Agreement.
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(d)If one or more provisions of this Restrictive Covenants Agreement is determined by a court of competent jurisdiction to be invalid, illegal, or unenforceable, Executive agrees the validity, legality, and enforcement of the remaining provisions of the Agreement shall not in any way be affected or impaired. Executive also agrees that the language contained in Section 3 of this Restrictive Covenants Agreement is reasonable in scope and that Executive will not raise any issue regarding the reasonableness of the Agreement as a defense in any proceeding to enforce the Agreement. If a court shall hold that the duration, scope, or area restrictions stated herein are unreasonable under circumstances then existing, the Parties agree that the maximum duration, scope, or area reasonable under such circumstances shall be substituted for the stated duration, scope, or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope, and area permitted by law.  
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5.Waiver of Breach.  
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The waiver by the Company of a breach of any provision of this Agreement by Executive shall not operate or be construed as a waiver of any subsequent breach by Executive, and the failure of the Company to take action against any other Executive(s) for similar breach(es) on their part, shall not be construed as a waiver of a breach by Executive.
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6.Agreement Binding.
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This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company, and the heirs, executors, and administrators of Executive. The Company shall have the right to transfer and assign all or any portion of its rights and obligations hereunder to any third party.
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7.Applicable Law and Choice of Forum.
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This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri. The parties, being desirous of having any disputes resolved in a forum having a substantial body of law and experience with matters contained herein, and the parties having a substantial connection with the State of Missouri, agree that any action or proceeding with respect to this Agreement shall be brought in a state or federal court located within the State of Missouri. The parties consent to the personal jurisdiction of the state and federal courts of Missouri should a legal action to enforce this Restrictive Covenants Agreement be necessary.
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8.Modification.
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This Agreement may only be modified by the express written consent of both parties.
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9.Entire Agreement.
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This Restrictive Covenants Agreement constitutes the entire understanding between Company and Executive with respect to the subject matter hereof and supersedes and replaces all prior contracts, agreements and understandings related to the same subject matter between the parties.
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10.Section Headings.
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The section headings appearing in this Agreement are inserted only as a matter of convenience and in no way define, limit, construe or describe the scope or extent of such section or in any way affect such section.
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I have read and understand this Agreement and I agree to abide by its terms.
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Dated: September 28, 2022____________________________
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/s/ James E. Ferrell​ ​
James E. Ferrell (Signature)
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James E. Ferrell​ ​
(Printed Name)

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