Document:

FY2012 Exhibit 10-24

Exhibit (10-24)

The Procter & Gamble Performance Stock Program - 
Related Terms and Conditions

Form PP

THE PROCTER & GAMBLE COMPANY

STATEMENT OF TERMS AND CONDITIONS FOR PERFORMANCE STOCK UNITS

THE PROCTER & GAMBLE 2009 STOCK AND INCENTIVE COMPENSATION PLAN

The Performance Stock Units awarded to you as set forth in the letter you received from the Company (your “Award Letter”), and your ownership thereof, are subject to the following terms and conditions.

1.    Definitions.

For purposes of this Statement of Terms and Conditions for Performance Stock Units (“Terms and Conditions”), all capitalized terms not defined in these Terms and Conditions will have the meanings described in The Procter & Gamble 2009 Stock and Incentive Compensation Plan (the “Plan”), and the following terms will have the following meanings.

		
	(a)
	“Data” has the meaning described in Section 8;

		
	(b)
	“Forfeiture Date” is the date identified as such in your Award Letter;

		
	(c)
	“Forfeiture Period” means the period from the Grant Date until the Forfeiture Date.

		
	(d)
	“Grant Date” means the date a Performance Stock Unit was awarded to you, as identified in your Award Letter;

		
	(e)
	“Maximum Units” has the meaning described in section 3 and as identified as the Maximum Number of Performance Stocks Units in your Award Letter.

		
	(f)
	“Original Settlement Date” is the date identified as such in your Award Letter, as adjusted, if applicable, by Section 2; 

		
	(g)
	“Procter & Gamble” means the Company and/or its Subsidiaries;

(h)  “Performance Period” means the period identified as such in your Award Letter.

		
	(i)
	“Performance Stock Unit” means an unfunded, unsecured promise by the Company, subject to, and in accordance with these Terms and Conditions and the provisions of the Plan, to issue to you one share of Common Stock or a Restricted Stock Unit on the Original Settlement Date;

		
	(j)
	“Separation from Service” shall have the meaning provided under Section 409A.

		
	(k)
	“Target Units” has the meaning described in Section 3 and as identified as the Target Number of PSUs in your Award Letter.

2.    Transfer and Restrictions.

		
	(a)
	Neither Performance Stock Units nor your interest in them may be sold, exchanged, transferred, pledged, hypothecated, given or otherwise disposed of by you at any time, except by will or by the laws of descent and distribution.  Any attempted transfer of a Performance Stock Unit, whether voluntary or involuntary on your part, will result in the immediate forfeiture to the Company, and cancellation, of the Performance Stock Unit.

		
	(b)
	During the Forfeiture Period, your Performance Stock Units will be forfeited and cancelled if you leave your employment with Procter & Gamble for any reason, except due to:  (i) death; (ii) Retirement in accordance with the provisions of any appropriate Retirement plan of Procter & Gamble where you are employed through June 30 of the first year of the Performance Period; or (iii) Special Separation where you are employed through June 30 of the first year of the Performance Period.  In the event of your death during the Forfeiture Period, your Forfeiture Date will automatically and immediately become, without any further action by you or the Company, the date of your death.  In the event of your Retirement or Special Separation where you are employed through June 30 of the first year of the Performance Period, your Forfeiture Date will automatically and immediately become, without any further action by you or the Company, the date of your Retirement or Special Separation.

		
	(d)
	Upon the occurrence of a Change in Control that meets the definitional requirements of a change in control event as defined under Section 409A, then notwithstanding anything in the Plan to the contrary, if not previously cancelled, forfeited or vested, (i) the Target Units will vest, (ii) your right to any Performance Stock Units greater than the Target Units will be forfeited, and (iii) your Original Settlement Date will become the date the Change in Control occurred.  Upon the occurrence of a Change in Control that does not meet the definitional requirements of a change in control event as defined under Section 409A, then notwithstanding anything in the Plan to the contrary, your award will be settled in accordance with these Terms and Conditions, without the application of Article L, Paragraph 4 of the Plan.

		
	(e)
	From time to time, the Company and/or the Committee may establish procedures with which you must comply in order to accept an award of Performance Stock Units, or to settle your Performance Stock Units, including requiring you to do so by means of electronic signature, or charging you an administrative fee for doing so.

3.    Performance Vesting
    
		
	(a)
	Subject to these Terms and Conditions, your targeted number of Performance Stock Units indicated in your Award Letter (the “Target Units”) will vest depending upon performance during the Performance Period, as specified below.  Your Award Letter also sets forth the maximum number of Performance Stock Units (the “Maximum Units”) that you may receive pursuant to this award. Your right to receive all, any portion of, or more than the Target Units (but in no event more than the Maximum Units) will be contingent upon the achievement of specified levels of certain performance goals measured over the Performance Period.  The applicable performance goals and the payout factors for each performance goal applicable to your award for the Performance Period are set forth in your Award Letter.

		
	(b)
	Within 60 days following the end of the Performance Period, the Committee will determine (i) whether and to what extent the performance goals have been satisfied for the Performance Period, (ii) the number of Performance Stock Units that shall have become vested under this award, and (iii) whether the other applicable vesting and other conditions for receipt of shares of Common Stock in respect of the Performance Stock Units have been met.  Any of your Performance Stock Units that do not vest in accordance with this Section 3(b) will be forfeited and cancelled.

4.    Settlement.

		
	(a) 
	At any time at least six months prior to the end of the Performance Period and so long as the achievement of the applicable performance goals are not yet readily ascertainable (but in no event later than your separation from service from the Company), you and the Company may agree to postpone the date on which you are entitled to receive one share of Common Stock by issuing you one Restricted Stock Unit for each vested Performance Stock Unit on the Original Settlement Date, which Restricted Stock Unit shall be paid on such later date as may be elected by you in accordance with Section 409A.

		
	(b) 
	The Company will settle your vested Performance Stock Units by issuing you one share of Common Stock 

or one Restricted Stock Unit (RSU) for each vested Performance Stock Unit on or as soon as practicable (but in no event more than 60 days) following the Original Settlement Date.

		
	(c)
	Once your Performance Stock Units have been settled by delivery to you of an equivalent number of shares of Common Stock or RSUs, the Performance Stock Units will have no further value, force or effect.

5.    Voting and Other Shareholder Rights.

A Performance Stock Unit is not a share of Common Stock, and thus you are not entitled to any voting, dividend or other rights as a shareholder of the Company with respect to the Performance Stock Units you hold.

6.    Suspension Periods and Termination.

The Company reserves the right from time to time to temporarily suspend your right to settle your Performance Stock Units for shares of Common Stock where such suspension is deemed by the Company as necessary or appropriate and to the extent such action does not result in immediate taxation and penalties under Section 409A.

7.      Consent

By accepting a Performance Stock Unit, you acknowledge that:  (i) the Plan is established voluntarily by The Procter & Gamble Company, is discretionary in nature, and may be amended, suspended or terminated at any time; (ii) the award of Performance Stock Units is voluntary and occasional and does not create any contractual or other right to receive future awards of Performance Stock Units, or benefits in lieu of Performance Stock Units, even if Performance Stock Units have been awarded repeatedly in the past; (iii) all decisions with respect to future Performance Stock Unit awards, if any, will be at the sole discretion of the Company; (iv) your participation in the Plan is voluntary; (v) Performance Stock Units are an extraordinary item and not part of normal or expected compensation or salary for any purpose, including without limitation calculating any termination, severance, resignation, redundancy, or end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (vi) in the event that your employer is not the Company, the award of Performance Stock Units will not be interpreted to form an employment relationship with the Company; and, furthermore, the award of Performance Stock Units will not be interpreted to form an employment contract with any Procter & Gamble entity; (vii) the future value of Common Stock is unknown and cannot be predicted with certainty; and (viii) no claim or entitlement to compensation or damages arises from termination or forfeiture of Performance Stock Units, or diminution in value of Performance Stock Units or Common Stock received in settlement thereof, and you irrevocably release Procter & Gamble from any such claim that may arise.

8.    Data Privacy.

By accepting a Performance Stock Unit, you explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by and among, as applicable, any Procter & Gamble entity or third party for the purpose of implementing, administering and managing your participation in the Plan.  You understand that Procter & Gamble holds certain personal information about you, including without limitation your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in a Procter & Gamble entity, details of all options, Performance Stock Units, or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”).  You understand that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, and that the recipient's country may have different data privacy laws and protections than your country.  You understand that you may request a list with the names and addresses of any potential recipients of Data by contacting your local human resources representative.  You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic 

or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data to any broker or other third party with whom you may elect to deposit any shares of Common Stock in connection with the settlement of your Performance Stock Units.  You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the plan.  You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data, or refuse or withdraw the consents contained in this paragraph, in any case without cost, by contacting in writing your local human resources representative.  You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan.  For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

9.    Notices.

		
	(a)
	Any notice to Procter & Gamble that is required or appropriate with respect to Performance Stock Units held by you must be in writing and addressed to:

The Procter & Gamble Company
ATTN:  Corporate Secretary's Office
P.O. Box 599
Cincinnati, OH  45201

or such other address as Procter & Gamble may from time to time provide to you in writing.

		
	(b)
	Any notice to you that is required or appropriate with respect to Performance Stock Units held or to be awarded to you will be provided to you in written or electronic form at any physical or electronic mail address for you that is on file with Procter & Gamble.

10.    Successors and Assigns.

These Terms and Conditions are binding on, and inure to the benefit of, (a) the Company and its successors and assigns; and (b) you and, if applicable, the representative of your estate.

11.    Governing Law.

The validity, interpretation, performance and enforcement of these Terms and Conditions, the Plan and your Performance Stock Units will be governed by the laws of the State of Ohio, U.S.A. without giving effect to any other jurisdiction's conflicts of law principles.  With respect to any dispute concerning these Terms and Conditions, the Plan and your Performance Stock Units, you consent to the exclusive jurisdiction of the federal or state courts located in Hamilton County, Ohio, U.S.A.

12.    The Plan.

All Performance Stock Units awarded to you have been awarded under the Plan.  Certain provisions of the Plan may have been repeated or emphasized in these Terms and Conditions; however, all terms of the Plan, including but not limited to Article F, apply to you and your Performance Stock Units whether or not they have been called out in these Terms and Conditions.  

13.    Effect of These Terms and Conditions.

These Terms and Conditions and the terms of the Plan, which are incorporated herein by reference, describe the contractual rights awarded to you in the form of Performance Stock Units, and the obligations imposed on you in connection with those rights.  No right exists with respect to Performance Stock Units except as described in these Terms and Conditions and the Plan.Form of Service Agreement

Exhibit 10.1
FORM OF SERVICE AGREEMENT
(For Use Under Seller's GSS Rate Schedule)

THIS AGREEMENT entered into this 9 day of July, 2012, by and between TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC, a Delaware limited liability company, hereinafter referred to as “Seller”, first party, and UGI PENN NATURAL GAS, INC., hereinafter referred to as “Buyer”, second party,

WITNESSETH:

WHEREAS, Seller and Buyer (as successor to PG Energy, Inc.) are parties to that certain service agreement dated July 1, 1996, under  Seller's Rate Schedule GSS, pursuant to which Seller provides natural gas storage service for Buyer ("Service Agreement"); and

WHEREAS, the primary term of the Service Agreement expires on March 31, 2013; and

WHEREAS, Seller's firm storage service under Rate Schedule GSS is supported, in part, by a contract storage  service purchased  from  Dominion Transmission, Inc. ("DTI") pursuant to an agreement dated August 23, 1993 under DTI's Rate Schedule GSS ("DTI Storage Service Agreement"); and

WHEREAS, DTI and Seller have negotiated for an extension of the DTI Storage Service Agreement through March  31, 2023; and

WHEREAS, Seller and Buyer desire to continue the natural gas storage service under Rate Schedule GSS for a ten year term ending March 31, 2023 under the terms this agreement, which will supersede the Service Agreement effective April 1, 2013.

NOW, THEREFORE, Seller and Buyer agree as follows:

ARTICLE I
SERVICE TO BE RENDERED

Subject to the terms and provisions of this agreement and of Seller's Rate Schedule GSS, Seller agrees to receive from Buyer for storage, inject into storage for Buyer's account, store, withdraw from storage (or cause to be injected into storage for Buyer's account, stored, and withdrawn from storage) and deliver to Buyer, quantities of natural gas as follows:

To withdraw from storage or cause to be withdrawn from storage, the gas stored for Buyer's account up to a maximum  quantity in any day of 56,532 dt, which quantity shall be Buyer's Storage Demand.

To receive and store or cause to be stored up to a total quantity at any one time of 2,746,576 dt, which quantity shall be Buyer's Storage Capacity Quantity.

ARTICLE II
POINT OF DELIVERY

The Point or Points of Delivery for all natural gas delivered by Seller to Buyer under this agreement shall be at or near:

(1)    Dallas Meter Station, located at the intersection of State Route #115 and Leidy Line on south side of road adjacent to Natona 

Mills, western edge of Dallas, Luzerne County, Pennsylvania.

(2)  Saylor Meter Station, located at junction of Saylor Avenue and Transco Pipeline, Plains Township, Luzerne County, Pennsylvania.

(3)   Wyoming Monument Meter Station, located on Seller's Leidy Line near Wyoming, Luzerne County, Pennsylvania.

(4)   Muncy Meter Station, located at a point of connection of Seller's Leidy Line and Buyer's facilities near Muncy, Lycoming County, Pennsylvania.

(5)   Old Lycoming Meter Station, located at a point of connection of Seller's Leidy Line and Buyer's facilities near the intersection of Legislative Route No. 41033 and Route 410 in Lycoming County, Pennsylvania.

(6)   Shickshinny Meter Station, located at a point of connection on Seller's Leidy  Line and Buyer's facilities  near Salem Township, Luzerne County, Pennsylvania.

ARTICLE Ill
DELIVERY  PRESSURE

Seller shall deliver natural gas to Buyer at the Point(s) of Delivery at a pressure(s) of: not less than fifty (5O) pounds per square inch gauge, or at such other pressures as may be agreed upon in the day-to­ day operations of Buyer and Seller.

ARTICLE IV
TERM OF AGREEMENT

This agreement shall be effective April 1, 2013 and shall remain in force and effect for a period ending March 31, 2023.

ARTICLE V
RATE SCHEDULE AND PRICE

Buyer shall pay Seller for natural gas service rendered hereunder in accordance with Seller's Rate Schedule GSS and the applicable provisions of the General Terms and Conditions of Seller's FERC Gas Tariff  as filed with the Federal Energy Regulatory Commission, and as the same may be amended or superseded from time to time at the initiative of either party.  Such rate schedule and General Terms and Conditions are by this reference made a part hereof.

ARTICLE VI MISCELLANEOUS

1.       The subject headings of the Articles of this agreement are inserted for the purpose of convenient reference and are not intended to be a part of this agreement nor to be considered in any interpretation of the same.

2.        This  agreement supersedes and cancels as of the effective date hereof the following contracts: Service agreement dated July 1, 1996.

3.         No waiver by either party of anyone or more defaults by the other in the performance of any provisions of this 

agreement shall operate or be construed as a waiver of any future default or defaults, whether of a like or different character.

4.         This agreement shall be interpreted, performed and enforced in accordance with the laws of the State of Texas.

5.        This agreement shall be binding upon, and inure to the benefit of the parties hereto and their  respective successors and assigns.

6.         Notices to either party may be in writing or by telecopy or telephone and shall be considered as duly delivered to the other party at the following address:

(a)     If to Seller:

Transcontinental Gas Pipe Line Company, LLC
P. 0. Box 1396
Houston, Texas 77251
Attention: Director, Customer Services

(b)     If to Buyer:
UGI PENN NATURAL GAS, INC.
2525 N. 12th Street, Suite 360
Reading, PA 19605

Such addresses may be changed from time to time by mailing appropriate notice thereof to the other party.

IN WITNESS WHEREOF, the parties hereto have caused this agreement to be signed by their respective officers or representatives thereunto duly authorized.

TRANSCONTINENTAL GAS PIPE LINE COMPANY, LLC
(Seller)

                        
By /s/ Paul F. Egner III_______________

Print Name Paul F. Egner Ill

Title Director, Customer Services

UGI PENN NATURAL GAS, INC. 
(Buyer)

By /s/ Robert F. Beard_______________

Print Name Robert F. Beard

Title President and CEO

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