Document:

Exhibit 10.2

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (this “Employment Agreement”) is made as of December 31, 2020 (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 December 31, 2020 (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, 2022, 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 $900,000.00 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)          Short Term Incentive Plan. Executive shall be eligible to participate in the Company Short Term Incentive Plan subject
to the terms and conditions thereof, and as such terms and conditions may be established or changed from time to time by the Board
and/or the Company in their 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);

 

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(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.

 

(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;

 

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		(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.

 

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.

 

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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

[Personal contact information intentionally omitted]

 

Notices to the Company:

 

General Counsel (presently, Jordan
Burns)

One Liberty Plaza

Liberty, MO 64068

[Personal contact information intentionally omitted]

 

and

 

Chairman, Compensation Committee
(presently, Jack Lowden)

[Personal contact information intentionally omitted]

 

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.

 

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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.

 

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 Kansas, 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 Kansas.

 

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.

 

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(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.

 

(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.

 

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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).

 

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 Philadelphia, Pennsylvania
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 Pennsylvania 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.

 

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(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.

 

(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.

 

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(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.

 

* * *

 

 

 

[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.
	 	 
	 	 
	 	By:	/s/ Jordan Burns
	 	Name:	Jordan Burns
	 	Title:	 VP and General Counsel
	 	Date: 	December 31, 2020

 

 

	 	EXECUTIVE:
	 	 
	 	 
	 	/s/ James E. Ferrell
	 	James E. Ferrell
	 	 
	 	Date:	December 30, 2020

 

[Signature Page to Executive Employment Agreement]

 

    

     

    

 

Attachment A

 

    12Exhibit 10.3 

 

EXECUTIVE CONFIDENTIALITY & RESTRICTIVE
COVENANTS AGREEMENT

 

THIS EXECUTIVE CONFIDENTIALITY
 & RESTRICTIVE COVENANTS AGREEMENT (this “Restrictive Covenants Agreement”) is made as of December 31, 2020 (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 signing bonus paid to Executive and employment of Executive as President and Chief Executive Officer, and for the promises
outlined herein, Executive agrees as follows:

 

1.           Confidential
Information. 

 

(a)               Confidential
Information. Executive acknowledges that the continued success of the Company and its Subsidiaries and Affiliates 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.

 

(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.

 

(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.

 

2.            Intellectual
Property, Inventions, and Patents.

 

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.

 

(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.

 

(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.

 

(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.

 

(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.

 

(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.

 

		5.	Waiver of Breach.

 

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.

 

		6.	Agreement Binding.

 

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.

 

		7.	Applicable Law and Choice of Forum.

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of Kansas. 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 Kansas, 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 Kansas. The parties consent to the personal jurisdiction of the state and federal
courts of Kansas should a legal action to enforce this Restrictive Covenants Agreement be necessary.

 

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		8.	Modification.

 

This Agreement may
only be modified by the express written consent of both parties.

 

		9.	Entire Agreement.

 

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.

 

		10.	Section Headings.

 

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.

 

I have read and understand
this Agreement and I agree to abide by its terms.

 

	Dated:	 December 30, 2020	 
	 	 
	 	 
	/s/ James E. Ferrell	 
	James E. Ferrell (Signature)	 
	 	 
	 	 
	James E. Ferrell	 
	(Printed Name)	 

 

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