Document:

Filed by Bowne Pure Compliance

Exhibit 10.44

AMERIGAS PROPANE, INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

As Amended and Restated Effective January 1, 2009

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	Article I Statement of Purpose
	 	 	2	 
	 
	 	 	 	 
	Article II Definitions
	 	 	2	 
	 
	 	 	 	 
	Article III Participation and Vesting
	 	 	4	 
	 
	 	 	 	 
	Article IV Benefits
	 	 	5	 
	 
	 	 	 	 
	Article V Form and Timing of Benefit Distribution
	 	 	6	 
	 
	 	 	 	 
	Article VI Funding of Benefits
	 	 	6	 
	 
	 	 	 	 
	Article VII The Committees
	 	 	7	 
	 
	 	 	 	 
	Article VIII Amendment and Termination
	 	 	9	 
	 
	 	 	 	 
	Article IX Claims Procedures
	 	 	9	 
	 
	 	 	 	 
	Article X Miscellaneous Provisions
	 	 	10	 

 

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ARTICLE I

STATEMENT OF PURPOSE

Sec. 1.01 Purpose. In recognition of the services provided to AmeriGas Propane, Inc.
(“AGP”) by certain senior management and highly compensated employees, AGP maintains the AmeriGas
Propane, Inc. Non-Qualified Deferred Compensation Plan (the “Plan”) to provide such employees with
the opportunity to supplement their retirement benefits through the deferral of additional
compensation. The Plan was originally effective February 1, 2007. The Plan is now amended and
restated effective January 1, 2009, in order to comply with Section 409A of the Internal Revenue
Code of 1986, as amended, and certain other changes.

ARTICLE II

DEFINITIONS

Sec. 2.01 “Account” shall mean for each Participant, the account or accounts maintained on the
books of AGP representing the entire interest of the Participant under the Plan, consisting of
amounts attributable to Compensation deferred by the Participant pursuant to Section 4.01 and all
earnings and gains attributable thereto and reduced by all losses attributable thereto, all
expenses chargeable thereagainst and all distributions therefrom.

Sec. 2.02 “Administrative Committee” shall mean the administrative committee designated
pursuant to Article VII of the Plan to administer the Plan in accordance with its terms.

Sec. 2.03 “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the
General Rules and Regulations under the Securities Exchange Act of 1934, as amended.

Sec. 2.04 “AGP” shall mean AmeriGas Propane, Inc. or any successor thereto.

Sec. 2.05 “AGP 401(k) Plan” shall mean the AmeriGas Propane, Inc. 401(k) Savings Plan.

Sec. 2.06 “AGP SERP” shall mean the AmeriGas Propane, Inc. Supplemental Executive Retirement
Plan.

Sec. 2.07 “Beneficiary” shall mean the person or entity designated by a Participant, in a
written instrument submitted to the Administrative Committee. In the event the Participant fails
to properly designate a Beneficiary or in the event that the Participant is predeceased by all
designated primary and secondary Beneficiaries, the death benefit shall be payable to the personal
representative of the Participant’s estate.

Sec. 2.08 “Board” shall mean the Board of Directors of AGP.

Sec. 2.09 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

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Sec. 2.10 “Compensation/Pension Committee” shall mean the Compensation/Pension Committee of
the Board or such other committee designated by the Board to perform certain functions with respect
to the Plan.

Sec. 2.11 “Compensation” shall mean, for any Plan Year, the total remuneration paid by the
Employer to or on behalf of the Participant during the Plan Year, exclusive of compensation paid or
accrued with respect to service performed prior to the date on which the Employee became a
Participant. Compensation shall include basic salary or wages, annual incentive bonuses,
commissions and all other direct current money compensation (other than long-term incentive plan
payments and severance pay), amounts paid in reimbursement of, or in lieu of, expenses incurred by
the Participant in the performance of his duties, and the value of non-money awards or gifts made
by the Employer; provided, however, that Compensation shall be determined prior to giving effect to
any salary reduction election made pursuant to the terms of any plan. Notwithstanding the
foregoing, Compensation shall not include amounts credited on a Participant’s behalf to the AGP
SERP or any other nonqualified deferred compensation plan maintained by AGP or its affiliates other
than this Plan.

Sec. 2.12 “Effective Date” shall mean January 1, 2009.

Sec. 2.13 “Eligible Employee” shall mean an Employee of AGP or a Subsidiary who is a member of
a select group of management or highly compensated employees and who is designated by the
Administrative Committee as eligible to participate in the Plan for a Plan Year.

Sec. 2.14 “Employee” shall mean any person in the employ of AGP or a Subsidiary other than a
person (i) whose terms and conditions of employment are determined through collective bargaining
with a third party or (ii) who is characterized as an independent contractor by AGP or a
Subsidiary, no matter how characterized by a court or government agency. No retroactive
characterization of an individual’s status for any other purpose shall make an individual an
“Employee” for purposes hereof unless specifically determined otherwise by AGP for the purposes of
this Plan.

Sec. 2.15 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

Sec. 2.16 “Key Employee” shall mean an Employee who, at any time during the 12-month period
ending on the identification date, is a “specified employee” under section 409A of the Code, as
determined by the UGI Compensation and Management Development Committee or its delegate. The
determination of Key Employees, including the number and identity of persons considered specified
employees and the identification date, shall be made by the UGI Compensation and Management
Development Committee or its delegate in accordance with the provisions of sections 416(i) and 409A
of the Code and the regulations issued thereunder.

Sec. 2.17 “Participant” shall mean each Eligible Employee who meets the requirements of
Section 3.01 hereof.

Sec. 2.18 “Plan Year” shall mean the calendar year.

 

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Sec. 2.19 “Plan” shall mean the AmeriGas Propane, Inc. Non-Qualified Deferred Compensation
Plan as set forth herein, and as the same may hereafter be amended.

Sec. 2.20 “Postponement Period” shall mean, for a Key Employee, the period of six months after
the Key Employee’s separation from service (or such other period as may be required by section 409A
of the Code), during which Plan benefits may not be paid to the Key Employee under section 409A of
the Code.

Sec. 2.21 “Subsidiary” shall mean any corporation in which AGP, directly or indirectly, owns
at least a fifty percent (50%) interest or an unincorporated entity of which AGP, directly or
indirectly, owns at least fifty percent (50%) of the profits or capital interests.

Sec. 2.22 “Valuation Date” shall mean the last day of the Plan Year and each other interim
date during the Plan Year or dates determined by the Administrative Committee.

ARTICLE III

PARTICIPATION AND VESTING

Sec. 3.01 Participation. Each Eligible Employee shall become a Participant in the
Plan upon completion of a deferral election in the time, form and manner determined by the
Administrative Committee; provided that such deferral election must be made not later than December
31 of the Plan Year preceding the Plan Year for which the election is to be effective. A
Participant may elect to defer from one percent (1%) to twenty-five percent (25%), in whole
percentages, of his Compensation through payroll reductions. The maximum annual amount of
Compensation that a Participant may defer under the Plan is $10,000.

Sec. 3.02 Vesting. A Participant, at all times, shall have a fully (100%) vested and
nonforfeitable interest in his Account under the Plan.

Sec. 3.03 Rehired Employees. An Eligible Employee who incurs a separation from
service (within the meaning of section 409A of the Code) with AGP and its affiliates and is rehired
and designated as an Eligible Employee in the same Plan Year may not commence deferrals under the
Plan until the next Plan Year and he must make an election to reduce his Compensation prior to the
start of the Plan Year for which the election is to be effective, in a manner prescribed by the
Administrative Committee.

Sec. 3.04 Newly Hired Employees. A newly hired Employee, who has been designated as
an Eligible Employee by the Administrative Committee, may make an election to reduce Compensation,
as soon as practicable, but, in any event, the election must be made within thirty (30) days of the
date he is designated as eligible to participate in the Plan by the Administrative Committee. Any
election made according to this Section 3.04 will become effective the first day of the month
following thirty (30) days after the date the Employee is designated as an Eligible Employee by the
Administrative Committee, with respect to Compensation earned after the effective date of the newly
hired Employee’s deferral election.

 

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ARTICLE IV

BENEFITS

Sec. 4.01 Amount. For each payroll period during the Plan Year, AGP shall credit to a
Participant’s Account the amount of the Participant’s Compensation that the Participant has elected
to defer pursuant to Section 3.01.

Sec. 4.02 Hardship Withdrawals. Notwithstanding the foregoing, a Participant who
takes a hardship withdrawal from the AGP 401(k) Plan shall have his Compensation reductions and
corresponding credit to his Account cancelled for the Plan Year in which the hardship withdrawal
occurs. A Participant whose Compensation reductions have been cancelled due to a hardship
withdrawal from the AGP 401(k) Plan may recommence participation in the Plan (assuming such
Participant continues to be eligible to participate) in a subsequent Plan Year by making an
Compensation reduction election, in accordance with Section 3.01 for which the election is to be
effective, prior to the beginning of the Plan Year, in accordance with Section 3.01 for which the
election is to be effective.

Sec. 4.03 Investment of Account.

(a) For purposes of measuring the investment returns of his Account, a Participant may select,
from the investment funds designated by the Administrative Committee, the investment funds in which
all or part of his Account shall be deemed to be invested.

(b) A Participant shall make an investment designation by means of Fidelity’s netBenefits
WebPage which shall remain effective until another valid direction has been made by the
Participant. The Participant may amend his investment designation at such time or times as
permitted by the Administrative Committee in its sole discretion, and in accordance with such
procedures as may be established by the Administrative Committee.

(c) The investment funds deemed to be made available to the Participant, and any limitation on
the maximum or minimum percentages of the Participant’s Account that may be deemed to be invested
in any particular fund, shall be the same as from time-to-time communicated to the Participant by
the Administrative Committee.

(d) In the absence of any Participant election designating the deemed investment of his
Account, a Participant shall be deemed to have elected that his Account be invested in the manner
selected by the Administrative Committee for such circumstance.

(e) The Administrative Committee shall provide a statement at least annually to the
Participant showing such information as is appropriate, including the aggregate amount in his
Account as of a reasonably current date.

Sec. 4.04 Valuation of Account.

(a) AGP shall establish a bookkeeping Account for each Participant to which will be credited
amounts described in Section 3.01 at such times and in accordance with such procedures as may be
prescribed by the Administrative Committee. The Account shall be reduced to reflect
any distributions from such Account. Such reductions shall be charged to the Account as of the date
such distributions are made.

(b) As of each Valuation Date, income, gain and loss equivalents (determined as if the Account
was invested in the manner set forth under Section 4.03, hereof) attributable to the period
following the next preceding Valuation Date shall be credited to and/or deducted from the
Participant’s Account.

 

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ARTICLE V

FORM AND TIMING OF BENEFIT DISTRIBUTION

Sec. 5.01 Form of Benefit Distributions. Benefits payable under the Plan shall be
paid in a lump sum to the Participant or, in the event of the Participant’s death, the
Participant’s Beneficiary.

Sec. 5.02 Timing of Benefit Distributions.

(a) Except as otherwise required by Section 5.02(b) below, benefits payable under the Plan
shall be paid to the Participant (or the Participant’s Beneficiary in the case of death) as soon as
practicable after the earliest of a Participant’s (i) separation from service (within the meaning
of such term under section 409A of the Code) with AGP and its Affiliates, (ii) disability (within
the meaning of such term under section 409A of the Code) or (iii) death. In no event shall such
payment be made later than the later of: (A) 60 days after a Participant’s separation from service,
disability or death, as the case may be, or (B) December 31 of the year in which such separation
from service, disability or death, as the case may be, occurs. If required by section 409A of the
Code, no benefits shall be paid to a Participant who is a Key Employee during the Postponement
Period.

(b) If a Participant is a Key Employee and payment of benefits under the Plan is required to
be delayed for the Postponement Period pursuant to section 409A of the Code, the accumulated
amounts withheld on account of section 409A of the Code shall be paid in a lump sum payment within
15 days after the end of the Postponement Period. If the Participant dies during the Postponement
Period prior to the payment of benefits, the amounts withheld on account of section 409A of the
Code shall be paid to the Participant’s Beneficiary within 60 days after the Participant’s death.

ARTICLE VI

FUNDING OF BENEFITS

Sec. 6.01 Source of Funds. The Board may, but shall not be required to, authorize the
establishment of a rabbi trust for the benefits described herein. In any event, AGP’s obligation
hereunder shall constitute a general, unsecured obligation, payable solely out of its general
assets, and no Participant shall have any right to any specific assets of AGP or any such vehicle.

 

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ARTICLE VII

THE COMMITTEES

Sec. 7.01 Appointment and Tenure of Administrative Committee Members. The
Administrative Committee shall consist of one or more persons who shall be appointed by and serve
at the pleasure of the Compensation/Pension Committee. Any Administrative Committee member may
resign by delivering his or her written resignation to the Compensation/Pension Committee.
Vacancies arising by the death, resignation or removal of an Administrative Committee member may be
filled by the Compensation/Pension Committee.

Sec. 7.02 Meetings; Majority Rule. Any and all acts of the Administrative Committee
taken at a meeting shall be by a majority of all members of the Administrative Committee. The
Administrative Committee may act by vote taken in a meeting (at which a majority of members shall
constitute a quorum). The Administrative Committee may also act by unanimous consent in writing
without the formality of convening a meeting.

Sec. 7.03 Delegation. The Administrative Committee may, by majority decision,
delegate to each or any one of its members, authority to sign any documents on its behalf, or to
perform ministerial acts, but no person to whom such authority is delegated shall perform any act
involving the exercise of any discretion without first obtaining the concurrence of a majority of
the members of the Administrative Committee, even though such person alone may sign any document
required by third parties. The Administrative Committee shall elect one of its members to serve as
Chairperson. The Chairperson shall preside at all meetings of the Administrative Committee or
shall delegate such responsibility to another Administrative Committee member. The Administrative
Committee shall elect one person to serve as Secretary to the Administrative Committee. All third
parties may rely on any communication signed by the Secretary, acting as such, as an official
communication from the Administrative Committee.

Sec. 7.04 Authority and Responsibility of the Administrative Committee. The
Administrative Committee shall have only such authority and responsibilities as are delegated to it
by the Compensation/Pension Committee or specifically under this Plan. The Administrative
Committee shall have full power and express discretionary authority to administer and interpret the
Plan, to make factual determinations and to adopt or amend such rules and regulations for
implementing the Plan and for the conduct of its business as it deems necessary or advisable, in
its sole discretion. The Administrative Committee’s authorities and responsibilities shall also
include:

(a) maintenance and preservation of records relating to Participants, former Participants, and
their beneficiaries;

(b) preparation and distribution to Participants of all information and notices required under
federal law or the provisions of the Plan;

(c) preparation and filing of all governmental reports and other information required under
law to be filed or published;

 

7

 

(d) construction of the provisions of the Plan, to correct defects therein and to supply
omissions thereto;

(e) engagement of assistants and professional advisers;

(f) arrangement for bonding, if required by law; and

(g) promulgation of procedures for determination of claims for benefits.

Sec. 7.05 Compensation of Administrative Committee Members. The members of the
Administrative Committee shall serve without compensation for their services as such, but all
expenses of the Administrative Committee shall be paid or reimbursed by AGP.

Sec. 7.06 Administrative Committee Discretion. Any discretion, actions, or
interpretations to be made under the Plan by the Administrative Committee shall be made in its sole
discretion, need not be uniformly applied to similarly situated individuals, and shall be final,
binding, and conclusive on the parties. All benefits under the Plan shall be provided conditional
upon the Participant’s acknowledgement, in writing or by acceptance of the benefits, that all
decisions and determinations of the Administrative Committee shall be final and binding on the
Participant, his or her beneficiaries and any other person having or claiming an interest under the
Plan.

Sec. 7.07 Indemnification of the Committees. Each member of the Administrative
Committee and each member of the Compensation/Pension Committee shall be indemnified by AGP against
costs, expenses and liabilities (other than amounts paid in settlement to which AGP does not
consent) reasonably incurred by the member in connection with any action to which he or she may be
a party by reason of the member’s service as a member of the Committee, except in relation to
matters as to which the member shall be adjudged in such action to be personally guilty of gross
negligence or willful misconduct in the performance of the member’s duties. The foregoing right to
indemnification shall be in addition to such other rights as the Administrative Committee or the
Compensation/Pension Committee member may enjoy as a matter of law or by reason of insurance
coverage of any kind, but shall not extend to costs, expenses and/or liabilities otherwise covered
by insurance or that would be so covered by any insurance then in force if such insurance contained
a waiver of subrogation. Rights granted hereunder shall be in addition to and not in lieu of any
rights to indemnification to which the Administrative Committee or the Compensation/Pension
Committee member may be entitled pursuant to the by-laws of AGP. Service on the Administrative
Committee or the Compensation/Pension Committee shall be deemed in partial fulfillment of the
applicable Committee member’s function as an employee, officer, or director of AGP, if the
Committee member also serves in that capacity.

 

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ARTICLE VIII

AMENDMENT AND TERMINATION

Sec. 8.01 Amendment. The provisions of the Plan may be amended at any time and from
time to time by a resolution of the Board for any reason without either the consent of or prior
notice to any Participant; provided, however, that no such amendment shall serve to reduce the
benefit that has accrued on behalf of a Participant as of the effective date of the amendment,
and, provided further, however, that the Compensation/Pension Committee may make such
amendments as are necessary to keep the Plan in compliance with applicable law and minor amendments
which do not materially affect the rights of the Participants or significantly increase the cost to
AGP, AmeriGas Partners, L.P. or AmeriGas Propane, L.P.

Sec. 8.02 Plan Termination. While it is AGP’s intention to continue the Plan
indefinitely in operation, the right is, nevertheless, reserved to terminate the Plan in whole or
in part at any time for any reason without either the consent of or prior notice to any
Participant. No such termination shall reduce the benefit that has accrued on behalf of a
Participant as of the effective date of the termination, but AGP may immediately distribute all
accrued benefits upon termination of the Plan in accordance with section 409A of the Code.

ARTICLE IX

CLAIMS PROCEDURES

Sec. 9.01 Claim. Any person or entity claiming a benefit, requesting an
interpretation or ruling under the Plan (hereinafter referred to as “claimant”), or requesting
information under the Plan shall present the request in writing to the Administrative Committee,
which shall respond in writing or electronically. The notice advising of the denial shall be
furnished to the claimant within 90 days of receipt of the benefit claim by the Administrative
Committee, unless special circumstances require an extension of time to process the claim. If an
extension is required, the Administrative Committee shall provide notice of the extension prior to
the termination of the 90 day period. In no event may the extension exceed a total of 180 days
from the date of the original receipt of the claim.

Sec. 9.02 Denial of Claim. If the claim or request is denied, the written or
electronic notice of denial shall state:

(a) The reason(s) for denial;

(b) Reference to the specific Plan provisions on which the denial is based;

(c) A description of any additional material or information required and an explanation of why
it is necessary; and

(d) An explanation of the Plan’s claims review procedures and the time limits applicable to
such procedures, including the right to bring a civil action under section 502(a) of ERISA.

 

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Sec. 9.03 Final Decision. The decision on review shall normally be made within 60
days after the Administrative Committee’s receipt of claimant’s claim or request. If an extension
of time is required for a hearing or other special circumstances, the claimant shall be notified
and the time limit shall be 120 days. The decision shall be in writing or in electronic form and
shall:

(a) State the specific reason(s) for the denial;

(b) Reference the relevant Plan provisions;

(c) State that the claimant is entitled to receive, upon request and free of charge, and have
reasonable access to and copies of all documents, records and other information relevant to the
claim for benefits; and

(d) State that the claimant may bring an action under section 502(a) of ERISA.

All decisions on review shall be final and bind all parties concerned.

Sec. 9.04 Review of Claim. Any claimant whose claim or request is denied or who has
not received a response within 60 days may request a review by notice given in writing or
electronic form to the Administrative Committee. Such request must be made within 60 days after
receipt by the claimant of the written or electronic notice of denial, or in the event the claimant
has not received a response, 60 days after receipt by the Administrative Committee of the
claimant’s claim or request. The claim or request shall be reviewed by the Administrative
Committee which may, but shall not be required to, grant the claimant a hearing. On review, the
claimant may have representation, examine pertinent documents, and submit issues and comments in
writing.

ARTICLE X

MISCELLANEOUS PROVISIONS

Sec. 10.01 Nonalienation of Benefits. None of the payments, benefits or rights of any
Participant under the Plan shall be subject to any claim of any creditor, and, in particular, to
the fullest extent permitted by law, all such payments, benefits and rights shall be free from
attachment, garnishment, trustee’s process, or any other legal or equitable process available to
any creditor of such Participant. No Participant shall have the right to alienate, anticipate
commute, pledge, encumber or assign any of the benefits or payments which he or she may expect to
receive, contingently or otherwise, under the Plan, except any right to designate a beneficiary or
beneficiaries in connection with any form of benefit payment providing benefits after the
Participant’s death.

Sec. 10.02 No Contract of Employment. Neither the establishment of the Plan, nor any
modification thereof, nor the creation of any fund, trust or account, nor the payment of any
benefits shall be construed as giving any Participant or Employee, or any person whomsoever, the
right to be retained in the service of AGP, and all Participants and other Employees shall remain
subject to discharge to the same extent as if the Plan had never been adopted.

Sec. 10.03 Severability of Provisions. If any provision of the Plan shall be held
invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions
hereof, and the Plan shall be construed and enforced as if such provision had not been included.

Sec. 10.04 Heirs, Assigns and Personal Representatives. The Plan shall be binding
upon the heirs, executors, administrators, successors and assigns of the parties, including each
Participant, present and future.

 

10

 

Sec. 10.05 Headings and Captions. The headings and captions herein are provided for
reference and convenience only, shall not be considered part of the Plan, and shall not be employed
in the construction of the Plan.

Sec. 10.06 Gender and Number. Except where otherwise clearly indicated by context,
the masculine and the neuter shall include the feminine and the neuter, the singular shall include
the plural, and vice-versa.

Sec. 10.07 Controlling Law. The Plan shall be construed and enforced according to the
laws of the Commonwealth of Pennsylvania to the extent not preempted by federal law, which shall
otherwise control, and exclusive of any Pennsylvania choice of law provisions.

Sec. 10.08 Payments to Minors, Etc. Any benefit payable to or for the benefit of a
minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid
when paid to such person’s guardian or to the party providing or reasonably appearing to provide
for the care of such person, and such payment shall fully discharge AGP, the Board, the
Administrative Committee, the Compensation/Pension Committee and all other parties with respect
thereto.

Sec. 10.09 Reliance on Data and Consents. AGP, the Board, the Compensation/Pension
Committee, the Administrative Committee, all fiduciaries with respect to the Plan, and all other
persons or entities associated with the operation of the Plan, and the provision of benefits
thereunder, may reasonably rely on the truth, accuracy and completeness of all data provided by the
Participant, including, without limitation, data with respect to age, health and marital status.
Furthermore, AGP, the Board, the Compensation/Pension Committee, the Administrative Committee and
all fiduciaries with respect to the Plan may reasonably rely on all consents, elections and
designations filed with the Plan or those associated with the operation of the Plan by any
Participant, or the representatives of any such person without duty to inquire into the genuineness
of any such consent, election or designation. None of the aforementioned persons or entities
associated with the operation of the Plan or the benefits provided under the Plan shall have any
duty to inquire into any such data, and all may rely on such data being current to the date of
reference, it being the duty of the Participants to advise the appropriate parties of any change in
such data.

Sec. 10.10 Lost Payees. A benefit (including accrued interest) shall be deemed
forfeited if the Board or the Administrative Committee is unable to locate a Participant to whom
payment is due; provided, however, that such benefit shall be reinstated if a claim is made by the
proper payee for the forfeited benefit.

Sec. 10.11 Obligations of AGP. If a Participant becomes entitled to a distribution of
benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation,
or other liability representing an amount owing to AGP, then AGP may offset such amount owed to it
against the amount of benefits otherwise distributable. Such determination shall be made by the
Administrative Committee.

Sec. 10.12 Withholding. AGP shall withhold from any payment made pursuant to this
Plan any taxes required to be withheld from such payments under local, state or Federal law.

 

11

 

Taxation. The Plan is intended to comply with the requirements of section 409A of the
Code. Notwithstanding any provision of the Plan to the contrary, allocations to the Plan shall be
made consistent with the requirements of section 409A of the Code, and distributions may only be
made under the Plan upon an event and in a manner permitted by section 409A of the Code. In no
event shall a Participant, directly or indirectly, designate the calendar year of payment, except
as permitted under section 409A of the Code.

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, and as evidence of its adoption of the Plan, AGP has caused the same to be
executed by its duly authorized officer and its corporate seal to be affixed hereto as of the
 _____ 

day of                                         , 2008.

	 	 	 	 	 	 	 
	Attest:	 	AMERIGAS PROPANE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

Robert H. Knauss

	 	 	 	 

President and Chief Executive Officer
	 	 
	Secretary
	 	 	 	 	 	 

 

13ex10-1.htm

    

      LIMITED WAIVER OF FINANCIAL
COVENANT

       

       

      November
18, 2008

       

      

      Cavalier
Homes, Inc.

      Cavalier
Home Builders, LLC

      Cavalier
Real Estate Co., Inc.

      Quality
Housing Supply, LLC

      CIS
Financial Services, Inc.

      Ridge
Point Manufacturing, LLC

      32 Wilson
Blvd., Suite 100

      Addison,
Alabama 35540

      

      
        	
                 
      

              	
                Re:

              	
                Loan
      and Security Agreement dated as of March 31, 2000, as amended, between
      First Commercial Bank, as Lender, and Cavalier Homes, Inc., Cavalier
      Properties, Inc., Cavalier Home Builders, LLC, Cavalier Real Estate Co.,
      Inc., Quality Housing Supply, LLC, CIS Financial Services, Inc., BRC
      Components, Inc., The Home Place, LLC, and Ridge Point Manufacturing, LLC,
      as Borrowers (the “Loan Agreement”)

              

      

       

      Ladies
and Gentlemen:

       

      The
above-referenced Loan Agreement restricts the ability of Borrower to redeem,
purchase or retire any of its capital stock which exceed, in the aggregate for
all such payments, fifty percent (50%) of the average of its consolidated net
income for the two most recent fiscal years.  You have requested that
we temporarily waive this restriction in order to purchase the repurchase by
Cavalier Homes, Inc., of up to $2,000,000 in principal amount of its
shares.  Lender is willing to consent to your request based on the
following:

       

      1.           We
agree to a one-time waiver of the restriction on your ability to purchase common
shares of stock of Cavalier Homes, Inc., so as to permit the repurchase of said
shares in an aggregate principal amount not to exceed $2,000,000.

       

      2.           The
repurchase may occur at any time between the date of this letter and April 15,
2009.

       

      3.           The
waiver shall extend only to the repurchase of shares and shall not be deemed to
permit the payment of any dividends of the making of any other payments or
distributions on account of your capital stock.

       

      4.           The
repurchase must not result in breach or violation of any of the provisions of
the Loan Agreement, other than the provisions of Section 7.2(I) waived above,
and you must be in strict compliance with all covenants in the Loan Agreement,
including financial covenants, after the repurchase.

       

      
        
          
            1706331 v1

          

           

        

        
           

          
            

          

        

        
           

        

      

      5.           This
waiver shall be strictly limited to the provision referenced above and shall be
strictly construed.  No waiver of any covenant should be implied by
this action, nor shall this action waive any other financial or other covenant
contained in the Loan Agreement.

       

      Please
execute below to confirm your acceptance of the terms on which this waiver is
made and your commitment to meet the specified conditions.  This
waiver shall not be effective until executed by Borrower.

       

      
        	 
      	
                Yours
      very truly,

              
	 
      	 
      
	 
      	
                FIRST
      COMMERCIAL BANK

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      JAMES W. BRUNSTAD

              
	 
      	
                Print
      Name:

              	
                James
      W. Brunstad

              
	 
      	
                Title:

              	
                Senior
      Vice President

              
	 
      	 
      	 
      

      

      

      
        	
                ACKNOWLEDGED
      AND

                AGREED
      TO:

                 

                 

              	 
      
	
                CAVALIER
      HOMES, INC.,

                a
      Delaware corporation

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/
      MICHAEL R. MURPHY

              	 
      
	
                Print
      Name:

              	
                Michael
      R. Murphy

              	 
      
	
                Title:

              	
                Vice
      President

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                CAVALIER
      HOME BUILDERS, LLC,

                a
      Delaware limited liability company

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/
      MICHAEL R. MURPHY

              	 
      
	
                Print
      Name:

              	
                Michael
      R. Murphy

              	 
      
	
                Title:

              	
                President

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      

      
        
          
            1706331
v1

          

           

        

        
          2

          
            

          

        

        
           

        

      

      

      
        	
                CAVALIER
      REAL ESTATE CO., INC.,

                a
      Delaware corporation

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/
      MICHAEL R. MURPHY

              	 
      
	
                Print
      Name:

              	
                Michael
      R. Murphy

              	 
      
	
                Title:

              	
                President

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                QUALITY
      HOUSING SUPPLY, LLC,

                a
      Delaware limited liability company

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/
      MICHAEL R. MURPHY

              	 
      
	
                Print
      Name:

              	
                Michael
      R. Murphy

              	 
      
	
                Title:

              	
                Vice
      President

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                CIS
      FINANCIAL SERVICES, INC.,

                an
      Alabama corporation

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/
      JEFF SKELTON

              	 
      
	
                Print
      Name:

              	
                Jeff
      Skelton

              	 
      
	
                Title:

              	
                Secretary

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                RIDGE
      POINTE MANUFACTURING, LLC,

                an
      Alabama limited liability company

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/
      MICHAEL R. MURPHY

              	 
      
	
                Print
      Name:

              	
                Michael
      R. Murphy

              	 
      
	
                Title:

              	
                Managing
      Member

              	 
      
	 
      	 
      	 
      

      

      

      
        
          
            1706331
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          3

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