Document:

EMPLOYMENT AGREEMENT
	 

	 
		THIS AGREEMENT, dated as of February 1, 2007, by and between Suburban
		Propane, L.P.  (the "Partnership") and Michael J. Dunn, Jr. (the
		"Executive").
	 

	 
		WHEREAS, the parties wish to set forth their understanding and agreement
		regarding the employment of the Executive by the Partnership.
	 

	 
		

	 

	 
		    
	 

	 
		WHEREAS, the Executive is currently President of the Partnership and
		desires to continue in such position;
	 

	 
		

	 

	 
		WHEREAS, the Partnership desires to continue to employ the Executive as
		President;
	 

	 
		

	 

	 
		WHEREAS, the Partnership and the Executive desire that the term of the
		Executive's employment under this Agreement shall commence upon February 1,
		2007 (the date of such consummation, the "Effective Date").
	 

	 
		NOW, THEREFORE, in consideration of the premises and the mutual benefits
		and covenants contained herein, the parties hereto, intending to be bound,
		hereby agree as follows:
	 

	 
		1.
	 

	 
		Term
	 

	 
		The initial term of employment under this
		Agreement shall be for the period commencing on the Effective Date and ending
		on the second anniversary thereof (the "Renewal Date"), or if
		extended pursuant to this Section 1, ending on any anniversary of the Renewal
		Date, subject to termination as hereinafter provided (such initial period and
		extension(s) thereof being hereinafter referred to as the "Employment
		Term").  Unless earlier terminated in accordance with the provisions
		of Section 5 hereof, upon the Renewal Date and upon each anniversary
		date thereof, the Employment Term shall be automatically extended for an
		additional period of one year upon the terms and conditions set forth herein
		unless written notice of termination (a "Non-Renewal Notice") is given
		by either party at least ninety days prior to the Renewal Date or relevant
		anniversary thereof, in which event the provisions of Section 6 shall
		apply.
	 

	 
		2.
	 

	 
		Duties and Status
	 

	 
		2.1.
	 

	 
		Duties.  The Partnership hereby employs the Executive as
		President. Executive shall report to the Chief Executive Officer and shall
		perform duties of the type customarily performed by persons serving in the
		position of President of a business of the size, type and nature of the
		Partnership.  If requested to do so, the Executive shall serve (without
		additional compensation) on the Board of Supervisors of the Partnership and
		Suburban Propane Partners, L.P. (the “MLP”) (the "Board") and
		committees thereof.  The Executive accepts such positions and agrees to
		perform those duties, services and responsibilities incident thereto as may be
		assigned to him or vested in him by the Chief Executive Officer and the Board
		from time to time. The Executive also agrees (a) subject to Section 2.2 below,
		to devote his full business time, attention and skill to the performance of,
		and to perform faithfully, efficiently and with undivided loyalty, such duties,
		services and responsibilities and (b) to use his best efforts to promote the
		interests of the Partnership.
	 

	 
		
 

	 

	 
		

	 

	 
		2
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		2.2.
	 

	 
		Exclusive Employment.  During the Employment Term, the
		Executive shall not engage in other employment or consulting work or any trade
		or business for his own account or for or on behalf of any other person, firm
		or corporation.  Notwithstanding the foregoing, during the Employment Term
		the Executive may (a) serve on (i) civil and charitable boards and committees
		and (ii) such other corporate boards or committees as are approved by the
		Board, which approval shall not be unreasonably withheld and (b)
		manage personal investments, provided that such service or management does not
		interfere with the performance of the Executive's duties hereunder.
	 

	 
		3.
	 

	 
		Compensation and Benefits
	 

	 
		In consideration for his services under this
		Agreement.  the Executive shall be compensated as follows:
	 

	 
		3.1.
	 

	 
		Salary.  The Partnership shall pay to the Executive during
		the Employment Term a salary (the "Base Salary"), payable in accordance
		with the normal payroll practices of the Partnership then in effect, in the
		amount of $400,000 per fiscal year (pro rated in the case of the first fiscal
		year and any other partial fiscal year).  The amount of Base Salary shall
		be reviewed by the Compensation Committee of the Board (the “Compensation
		Committee”) on at least an annual basis and may be increased as the
		Compensation Committee deems appropriate but Base Salary, as increased, may not
		be decreased during the Employment Term.
	 

	 
		3.2.
	 

	 
		Bonuses.  For each fiscal year (or portion thereof) of the
		Partnership during the Employment Term, the Executive will be eligible for a
		bonus under the Partnership’s Annual Incentive Plan for Salaried
		Employees, as in effect from time to time, based on the attainment by the
		Partnership of performance targets set by the Compensation Committee.  The
		amount of such bonus for a fiscal year or portion thereof (the "Annual
		Bonus") payable pursuant to the terms hereof shall not exceed 110% of the
		Executive's Base Salary for such year (or portion thereof) to which it relates
		(the "Maximum Annual Bonus").  The Annual Bonus, if any, shall be paid no
		later than the date that is 21⁄2 months from the end of the calendar year
		in which the bonus is earned.
	 

	 
		3.3.
	 

	 
		Long-Term Incentive Compensation Programs.  Executive shall
		be eligible to participate in long-term incentive compensation programs
		(including the 2000 Restricted Unit Plan and the 2003 Long-Term Incentive Plan)
		applicable to other senior executives of the Partnership in the discretion of
		the Compensation Committee from time to time.
	 

	 
		3.4.
	 

	 
		Vacation.  The Executive shall be entitled to such number of
		annual paid vacation days and the number of days of paid holidays, leaves of
		absence, and leaves for illness or temporary disability as may be provided in
		the policies of the Partnership in respect of other executives and senior
		managers of the Partnership, but in no event shall the Executive be entitled to
		less than four weeks vacation per year.
	 

	 
		3.5.
	 

	 
		Reimbursement of Expenses.  The Executive shall be entitled
		to receive reimbursement of all reasonable expenses incurred by him in
		connection with the performance of his duties hereunder, in accordance with the
		policies and procedures of the Partnership.
	 

	 
		
 

	 

	 
		

	 

	 
		3
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		3.6.
	 

	 
		Benefits.  The Executive shall be entitled to participate in
		employee benefit and fringe benefit plans and programs (including life, health,
		disability and officer indemnity insurance and retirement plans) generally made
		available to other senior executives and senior managers by the Partnership.
		 Nothing in this Agreement shall restrict the right of the Partnership to
		amend, modify or terminate any such plans or programs.  
	 

	 
		3.7.
	 

	 
		Company Car.  The Partnership shall reimburse the Executive
		for any and all costs and expenses reasonably incurred by the Executive in
		connection with the Executive's leasing of a car in accordance with Partnership
		policy relating to gas, insurance, maintenance, etc.
	 

	 
		4.
	 

	 
		Non-Competition; Confidential Information
	 

	 
		The Executive and the Partnership recognize
		that due to the nature of the Executive's engagement hereunder and the
		relationship of the Executive to the Partnership and the MLP, the Executive
		will have access to and will acquire, and may assist in developing,
		confidential and proprietary information relating to the business and
		operations of the Partnership, the MLP and their affiliates, including, without
		limiting the generality of the foregoing, information with respect to the
		business of the Partnership, the MLP and their affiliates.  The Executive
		acknowledges that such information will be of central importance to the
		business of the Partnership, the MLP and their affiliates and that disclosure
		of it to, or its use by, others could cause substantial loss to the Partnership
		and the MLP.  The Executive accordingly agrees as follows:
	 

	 
		4.1.
	 

	 
		Non-Competition; Non-Solicitation.
	 

	 
		(a)
	 

	 
		From the Effective Date until the later of (i) if any severance is
		payable pursuant to Section 6.2 hereof, the expiration of the Severance Period
		(as defined in Section 6.2 hereof) or (ii) the first anniversary of the Date of
		Termination (as defined in Section 5.7 hereof), the Executive shall not,
		directly or indirectly, either individually or as owner, partner, investor,
		agent, director, officer, employee, consultant, independent contractor or
		otherwise, except for the account of and on behalf of the Partnership, the MLP
		or their affiliates, own, manage, operate, direct, join, control, be employed
		by, or participate in the ownership, management, operation or control of, or be
		connected in any manner with, including, but not limited to, holding the
		positions of shareholder, member, director, officer, consultant, agent,
		representative, independent contractor, employee, partner or investor, in or
		for any business or enterprise engaged in (i) the marketing or distribution of
		domestic retail distribution of propane, fuel oil and refined fuels for
		residential, commercial, industrial (including engine fuel), agricultural or
		other retail users, (ii) marketing of natural gas and electricity in
		deregulated markets (ii) the wholesale distribution of propane in the United
		States or the wholesale brokerage of propane in Canada, or (iii) the domestic
		retail distribution of energy-related supplies or equipment, including home and
		commercial appliances.
	 

	 
		(b)
	 

	 
		From the Effective Date until the second anniversary of the Date of
		Termination (as defined in Section 5.7 hereof), the Executive shall not,
		directly or indirectly, either individually or as owner, partner, shareholder,
		member, investor, agent, director, officer, employee, consultant, agent,
		independent contractor or otherwise, except for the account of and
	 

	 
		
 

	 

	 
		

	 

	 
		4
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		on behalf of the Partnership, the MLP or their affiliates, solicit,
		endeavor to entice away from the Partnership, the MLP or their affiliates, or
		otherwise engage in any activity to, directly or indirectly, influence, attempt
		to influence, disrupt or terminate the relationship of the Partnership, the MLP
		or any of their affiliates with, any of its customers, prospective customers,
		suppliers, prospective suppliers, employees, directors, independent
		contractors, representatives, agents or other persons or entities with a past,
		present or prospective relationship with the Partnership, the MLP or any of
		their affiliates .
	 

	 
		(c)
	 

	 
		Nothing in this Section 4.1 shall be construed to prevent the Executive
		from owning as an investment not more than 0.5% of a class of equity or debt
		securities issued by any competitor of the Partnership, which securities are
		publicly traded and registered under Section 12 of the Securities Exchange Act
		of 1934.
	 

	 
		4.2.
	 

	 
		Proprietary Information.  The Executive shall keep
		confidential any and all "confidential or proprietary information" (as defined
		hereinafter) of the Partnership and its affiliates, and shall not, other than
		in connection with the business of the Partnership and the MLP or as required,
		in the opinion of counsel, by law or an order of a court or regulatory agency,
		directly or indirectly, disclose any such information to any person or entity,
		or use the same in any way and then, only after as much notice is provided to
		the Partnership as is practicable under the circumstances.  Upon the
		expiration of the Employment Term, the Executive shall promptly return to the
		Partnership all property, keys, notes, memoranda, writings, lists (including
		customer lists), files, reports, correspondence, logs, machines, software,
		technical data or any other tangible product or document which has been
		produced by, received by, or otherwise submitted to the Executive by the
		Partnership or any of its affiliates at any time.  For purposes of this
		Agreement, "confidential or proprietary information" means any information
		relating to the Partnership or any affiliate of the Partnership which is not
		generally available from sources outside the Partnership or any of its
		affiliates (other than as a result of disclosure by the Executive).
	 

	 
		4.3.
	 

	 
		Partnership's Remedies for Breach.  It is recognized that
		damages in the event of breach of this Section 4 by the Executive would be
		difficult to ascertain, and it is therefore agreed that each of the Partnership
		and the MLP, in addition to and without limiting any other remedy or right
		either may have, shall have the right to an injunction or other equitable
		relief in any court of competent jurisdiction, enjoining any such breach or
		prospective breach.  The existence of this right shall not preclude any
		other rights and remedies at law or in equity which the Partnership or the MLP
		may have.  Neither the Partnership nor the MLP shall be required to post
		any bond in connection with the foregoing.  The Executive acknowledges and
		agrees that the provisions of this Section 4 are reasonable and necessary for
		the successful operation of the Partnership and the MLP and that the
		Partnership would not have entered into this Agreement if the Executive had not
		agreed to the provisions of this Section 4.
	 

	 
		4.4.
	 

	 
		Enforceability.  The covenants set forth in Sections 4.1 and
		Section 4.2 shall be construed as independent of any of the other provisions
		contained in this Agreement and shall be enforceable as aforesaid,
		notwithstanding the existence of any claim or cause of action of the Executive
		against the Partnership, the MLP or any of their affiliates, whether based on
		this Agreement or otherwise.  In the event that any of the provisions of
		this Section 4 should ever be adjudicated to exceed the time or other
		limitations permitted by applicable law, then such
	 

	 
		
 

	 

	 
		

	 

	 
		5
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		provisions shall be deemed reformed in any jurisdiction to the time or
		other limitations permitted by applicable law. The provisions of this Section 4
		shall survive the expiration or the termination of this Agreement. If the
		Partnership asserts a claim against the Executive for violation of any covenant
		set forth in Section 4.1 or Section 4.2 and the Executive prevails on the
		merits in a material respect on such claim, the Partnership shall pay the
		reasonable attorney’s fees and costs incurred by the Executive in
		connection with such claim.
	 

	 
		5.
	 

	 
		Termination of Employment
	 

	 
		5.1.
	 

	 
		Death or Disability.  The Employment Term shall terminate
		automatically upon the Executive's death or Disability (as hereinafter
		defined).  "Disability" shall mean any physical or mental impairment,
		infirmity or incapacity rendering the Executive substantially unable to perform
		his duties hereunder for a period of time exceeding 180 days in the aggregate
		during any period of twelve consecutive months.  A determination of
		Disability shall be made by a physician independent of the Partnership chosen
		by the Partnership.  In the event of an initial determination of
		Disability, the Executive may seek a second opinion of his choosing.
		 Where the first and second opinions differ, a third opinion rendered by a
		physician mutually agreed to by the Partnership and the Executive shall be
		deemed final. For so long as the Executive is receiving the Base Salary during
		such twelve month period, any benefits under the Partnership's disability
		insurance policies to which the Executive would be entitled with respect to
		such period shall accrue to, and be for the benefit of, the Partnership.
	 

	 
		5.2.
	 

	 
		Cause.  The Partnership may terminate the Executive's
		employment and the Employment Term for "Cause." For purposes of this Agreement,
		“Cause” shall mean  (a) the Executive’s gross negligence or
		willful misconduct in the performance of his duties, (b) the Executive’s
		willful or grossly negligent failure to perform his duties, (c) the breach by
		the Executive of any written covenants made to the Partnership or the MLP
		including a material breach by the Executive of any of the provisions of
		Section 4.1 or 4.2 hereof; (d) dishonest, fraudulent or unlawful
		behavior by the Executive (whether or not in conjunction with employment)
		including a willful or grossly negligent violation of any securities or
		financial reporting laws, rules or regulations or any policy of the Partnership
		or the MLP relating to the foregoing or the Executive being subject to a
		judgment, order or decree (by consent or otherwise) by any governmental or
		regulatory authority which restricts his ability to engage in the business
		conducted by the Partnership, the MLP and any of their affiliates, or (e)
		 willful or reckless breach by the Executive of any policy adopted by the
		Partnership or the MLP, concerning conflicts of interest, standards of business
		conduct or fair employment practices or procedures with respect to compliance
		with applicable law.
	 

	 
		5.3.
	 

	 
		Good Reason.  The Executive's employment and the Employment
		Term may be terminated by the Executive for Good Reason.  For purposes of
		this Agreement.  "Good Reason" means: (a) any failure by the Partnership
		to comply in any material respect with any of the provisions of Article 3 of
		this Agreement which is not cured within thirty days following notice by the
		Executive; (b) a material diminution in the Executive's title, authority,
		duties or responsibilities, without the consent of the Executive; or (c) the
		requirement by the Partnership, without the Executive's consent, that the
		Executive be based more than 35 miles from the Executive's present office
		location or more than 50 miles from the Executive's present residence.
	 

	 
		
 

	 

	 
		

	 

	 
		6
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		5.4.
	 

	 
		Termination without Cause.  Notwithstanding anything to the
		contrary herein, the Partnership may terminate the Executive's employment
		hereunder and the Employment Term at any time and the Executive may be removed
		as an officer of the Partnership at any time, subject to the provisions of
		Section 6.
	 

	 
		5.5.
	 

	 
		Non-Renewal.  The Executive's employment and the Employment
		Term may be terminated by either party pursuant to a Non-Renewal Notice,
		subject to the provisions of Section 6.
	 

	 
		5.6.
	 

	 
		Notice of Termination.  Any termination of employment
		hereunder (other than termination as a result of death) by the Partnership or
		by the Executive shall be communicated by Notice of Termination (as hereinafter
		defined) to the other party hereto given in accordance with Section 8.2 of this
		Agreement.  For purposes of this Agreement, a "Notice of Termination"
		means a written notice which (a) indicates the specific termination provision
		in this Agreement relied upon, and (b) sets forth the facts and circumstances
		claimed to provide a basis for termination of the Executive's employment under
		the provision so indicated.
	 

	 
		5.7.
	 

	 
		Date of Termination.  The termination of the Executive's
		employment pursuant to Section 5 shall be effective on the date that the
		Executive or the Partnership, as the case may be, receives the Notice of
		Termination; provided however, that (a) if the Executive's employment is
		terminated by reason of death, the Date of Termination shall be the date of
		death of the Executive, (b) if the Executive's employment is terminated by
		reason of Disability, the Date of Termination shall be the date that a
		physician finally determines in accordance with Section 5.1 that a Disability
		exists with respect to the Executive, (c) if the Executive terminates his
		employment, the Date of Termination shall be the tenth Business Day after
		receipt by the Partnership of the Notice of Termination (or, in the event of
		termination for Good Reason as set forth in Section 5.3(a), the tenth Business
		Day after the expiration of the 30 day cure period) and (d) if the Executive's
		employment is terminated pursuant to a Non-Renewal Notice, the Date of
		Termination shall be the Renewal Date.
	 

	 
		6.
	 

	 
		Payment Upon Termination
	 

	 
		6.1.
	 

	 
		Change of Control.  Subject to Section 6.4 hereof, in the
		event that (x) within six months prior to a Change of Control or (y) within two
		years following a Change of Control, either the Partnership terminates the
		Executive's employment hereunder without Cause (including pursuant to a
		Non-Renewal Notice) or the Executive terminates his employment hereunder with
		Good Reason, (a) the Partnership shall pay to the Executive, subject to Section
		6.4, the sum of (i) the portion of the Base Salary earned but unpaid as of the
		Date of Termination, (ii) the Pro-rata Bonus (as defined below) and (iii) an
		amount equal to two times the sum of (A) the Base Salary plus (B) the Maximum
		Annual Bonus and (b) the Partnership shall provide to the Executive and his
		dependents from the Date of Termination until the expiration of the second
		anniversary of the Date of Termination, (the “Severance Period”),
		medical benefits substantially equivalent to the medical benefits provided by
		the Partnership to senior executives and their dependents during such period;
		provided, however, that benefits otherwise receivable by the
		Executive pursuant to clause (b) of this Section 6.1 shall be reduced to the
		extent comparable benefits are actually provided to the Executive or his
		dependents by another party (and the Executive shall report to the Partnership
		any benefits that are actually
	 

	 
		
 

	 

	 
		

	 

	 
		7
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		provided to him); provided, further, that the Partnership's
		obligation and the Executive's rights under clause (a) (ii) and (iii) and
		clause (b) of this Section 6.1 shall terminate immediately upon the occurrence
		of a Competition Event (as defined below).
	 

	 
		6.2.
	 

	 
		Good Reason, Termination without Cause.  In the event that
		the Executive terminates his employment for Good Reason or the Partnership
		terminates the Executive's employment without Cause or has delivered a
		Non-Renewal Notice to the Executive, then, subject to Section 6.5, the
		Partnership shall, without duplication of any amounts paid or benefits provided
		pursuant to Section 6.1, (a) pay to the Executive (i) all earned but unpaid
		Base Salary as of the Date of Termination, (ii) an amount equal to two times
		the Base Salary and (iii) the Annual Bonus the Executive would have received
		for such fiscal year, calculated as if the executive had remained employed for
		the entire fiscal year determined and paid in accordance with Section 3.2
		herein and (b) provide to the Executive and his dependents, until the
		expiration of the Severance Period, medical benefits substantially equivalent
		to the medical benefits provided by the Partnership to senior executives and
		their dependents during such period; provided, however, that
		benefits otherwise receivable by the Executive pursuant to clause (b) of this
		Section 6.2 shall be reduced to the extent comparable benefits are actually
		provided on the Executive's behalf by another party (and the Executive shall
		report to the Partnership any benefits that are actually provided to him);
		provided, further, that the Partnership's obligation and the
		Executive's rights under clause (a)(ii) and (iii) and clause (b) of this
		Section 6.2 shall terminate immediately upon the occurrence of a Competition
		Event (as defined below).  Notwithstanding anything in this
		Agreement to the contrary the Executive’s Retirement (as defined below)
		shall not to give rise to any benefits under this section 6.2.  
	 

	 
		6.3.
	 

	 
		Death, Disability, Cause, Without Good Reason.  In the event
		that the Executive's employment is terminated (a) by reason of the Executive's
		death or Disability, (b) by the Partnership for Cause, (c) by the Executive
		without Good Reason or (d) by the Executive pursuant to a Non-Renewal Notice,
		then, subject to Section 6.4, the Partnership shall pay to the Executive, the
		Executive's estate, or the Executive's legal representative, as the case may
		be, the Base Salary earned but unpaid as of the Date of Termination, plus, in
		the event that such termination is by reason of death, Disability or the
		delivery of a Non-Renewal Notice, the Pro-rata Bonus.
	 

	 
		6.4.
	 

	 
		Excise Taxes.
	 

	 
		(a)
	 

	 
		In the event that any payment or benefit (within the meaning of Section
		280G(b)(2) of the Internal Revenue Code of 1986, as amended (the "Code")) to
		the Executive or for his benefit paid or payable or distributed or
		distributable pursuant to the terms of this Agreement or otherwise in
		connection with, or arising out of, his employment with the Partnership or a
		change in ownership or effective control of the Partnership or of a substantial
		portion of its assets (a "Payment" or "Payments") would be subject to the
		excise tax imposed by Section 4999 of the Code or any interest or penalties are
		incurred by the Executive with respect to such excise tax (such excise tax,
		together with any such interest and penalties, are hereinafter collectively
		referred to as the "Excise Tax"), then the Executive will be entitled to
		receive an additional payment (a "Gross-Up Payment") in an amount such that
		after payment by the Executive of all taxes (including the Excise Tax, any
		interest or penalties, other than interest and penalties imposed by reason of
		the Executive's failure to file timely a tax return or pay taxes
	 

	 
		
 

	 

	 
		

	 

	 
		8
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		shown due on his return, imposed with respect to such taxes and the
		Excise Tax), including any income tax and Excise Tax imposed upon the Gross-Up
		Payment, the Executive retains an amount of the Gross-Up Payment equal to the
		Excise Tax imposed upon the Payments.  
	 

	 
		(b)
	 

	 
		An initial determination as to whether a Gross-Up Payment is required
		pursuant to this Agreement and the amount of such Gross-Up Payment shall be
		made at the Partnership's expense by an accounting firm selected by the
		Partnership and reasonably acceptable to the Executive which is designated as
		one of the five largest accounting firms in the United States (the "Accounting
		Firm").  The Accounting Firm shall provide its determination (the
		"Determination"), together with detailed supporting calculations and
		documentation, to the Partnership and the Executive within five days of the
		Executive's termination of employment (if applicable) or such other time as
		requested by the Partnership or by the Executive (provided the Executive
		reasonably believes that any of the Payments may be subject to the Excise Tax).
		 Within ten days of the delivery of the Determination to the Executive,
		the Executive shall have the right to dispute the Determination (the
		"Dispute").  The Gross-Up Payment, if any, as determined pursuant
		to this Section 6.4 shall be paid by the Partnership to the Executive within
		five days of the receipt of the Determination.  The existence of the
		Dispute shall not in any way affect the Executive's right to receive the
		Gross-Up Payment in accordance with the Determination.  If there is no
		Dispute, the Determination shall be binding, final and conclusive upon the
		Partnership and the Executive subject to the application of Section 6.4(c)
		below.
	 

	 
		(c)
	 

	 
		As a result of the uncertainty in the application of Sections 4999 and
		280G of the Code, it is possible that a Gross-Up Payment (or a portion thereof)
		will be paid which should not have been paid (an "Excess Payment") or a
		Gross-Up Payment (or a portion thereof) which should have been paid will not
		have been paid (an "Underpayment").  An Underpayment shall be
		deemed to have occurred (i) upon notice (formal or informal) to the Executive
		from any governmental taxing authority that the Executive's tax liability
		(whether in respect of the Executive's current taxable year or in respect of
		any prior taxable year) may be increased by reason of the imposition of the
		Excise Tax on a Payment or Payments with respect to which the Partnership has
		failed to make a sufficient Gross-Up Payment, (ii) upon a determination by a
		court, (iii) by reason of determination by the Partnership (which shall include
		the position taken by the Partnership, together with its consolidated group, on
		its federal income tax return) or (iv) upon the resolution of the Dispute to
		the Executive's satisfaction.  If an Underpayment occurs, the Executive
		shall promptly notify the Partnership and the Partnership, subject to its
		rights to dispute whether an overpayment exists and the amount thereof, shall
		promptly, but in any event, at least five days prior to the date on which the
		applicable government taxing authority has requested payment, pay to the
		Executive an additional Gross-Up Payment equal to the amount of the
		Underpayment plus any interest and penalties (other than interest and penalties
		imposed by reason of the Executive's failure to file timely a tax return or pay
		taxes shown due on the Executive's return) imposed on the Underpayment.
		 An Excess Payment shall be deemed to have occurred upon a "Final
		Determination" (as hereinafter defined) that the Excise Tax shall not be
		imposed upon a Payment or Payments (or portion thereof) with respect to which
		the Executive had previously received a Gross-Up Payment.  A "Final
		Determination" shall be deemed to have occurred when the Executive has received
		from the applicable government taxing authority a refund of taxes or other
		reduction in the Executive's tax liability by reason of the Excess Payment and
		upon either (x) the date a determination is made by, or an agreement is entered
		into with, the applicable governmental taxing authority which finally and
		conclusively binds the
	 

	 
		
 

	 

	 
		

	 

	 
		9
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		Executive and such taxing authority, or in the event that a claim is
		brought before a court of competent jurisdiction, the date upon which a final
		determination has been made by such court and either all appeals have been
		taken and finally resolved or the time for all appeals has expired or (y) the
		statute of limitations with respect to the Executive's applicable tax return
		has expired.  If an Excess Payment is determined to have been made, the
		amount of the Excess Payment shall be treated as a loan by the Partnership to
		the Executive and the Executive shall pay to the Partnership on demand (but not
		less than 10 days after the determination of such Excess Payment and written
		notice has been delivered to the Executive) the amount of the Excess Payment
		plus interest at an annual rate equal to the Applicable Federal Rate provided
		for in Section 1274(d) of the Code from the date the Gross-Up Payment (to which
		the Excess Payment relates) was paid to the Executive until the date of
		repayment to the Partnership.
	 

	 
		(d)
	 

	 
		In the event that, according to the Determination, an Excise Tax will be
		imposed on any Payment or Payments, the Partnership shall pay to the applicable
		government taxing authorities as Excise Tax and income tax withholding, the
		amount of the Excise Tax and income tax that the Partnership has actually
		withheld from the Payment or Payments.
	 

	 
		6.5.
	 

	 
		Compliance With IRC Section 409A.  The Partnership and the
		Executive each agrees to execute and deliver any reasonable change to this
		Agreement as the Partnership or the Executive requests, after consultation with
		respective counsel, to comply with Section 409A of the Code; provided that no
		change that reduces the then present value of the payments due (or potential
		due) to the Executive pursuant to this Agreement (without taking into account
		this Section 6.4(e)) shall be deemed to be reasonable.  The provisions of
		this paragraph shall survive termination of this Agreement.
		 Notwithstanding anything herein to the contrary, (i) if at the time of
		Executive’s termination of employment with the Partnership, Executive is a
		“specified employee” as defined in Section 409A of the Internal
		Revenue Code of 1986, as amended (the “Code”) and the deferral of the
		commencement of any payments or benefits otherwise payable hereunder as a
		result of such termination of employment is necessary in order to prevent any
		accelerated or additional tax under Section 409A of the Code, then the
		Partnership will defer the commencement of the payment of any such payments or
		benefits hereunder (without any reduction in such payments or benefits
		ultimately paid or provided to Executive) until the date that is six months
		following Executive’s termination of employment with the Partnership (or
		the earliest date as is permitted under Section 409A of the Code) and (ii) if
		any other payments of money or other benefits due to Executive hereunder could
		cause the application of an accelerated or additional tax under Section 409A of
		the Code, such payments or other benefits shall be deferred if deferral will
		make such payment or other benefits compliant under Section 409A of the Code,
		or otherwise such payment or other benefits shall be restructured, to the
		extent possible, in a manner, determined by the Board, that does not cause such
		an accelerated or additional tax.  The Partnership shall consult with
		Executive in good faith regarding the implementation of the provisions of this
		Section 13(g); provided that neither the Partnership nor any of its employees
		or representatives shall have any liability to Executive with respect to
		thereto.
	 

	 
		6.6.
	 

	 
		Certain Definitions,
	 

	 
		(a)
	 

	 
		"Pro-rata Bonus" means the bonus that the Executive would have been
		entitled to receive under Section 3.2 as an Annual Bonus for the full fiscal
		year in which his employment
	 

	 
		
 

	 

	 
		

	 

	 
		10
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		terminated, multiplied by the number of days from the beginning of such
		fiscal year until the Date of Termination and divided by 365.  The
		Pro-rata Bonus shall be determined by the Compensation Committee in the manner
		described in Section 3.2.
	 

	 
		(b)
	 

	 
		"Competition Event" means any act or activity by the Executive, directly
		or indirectly, which the Partnership deems, in its good faith judgment, to be a
		violation of Sections 4.1 and 4.2 hereof.
	 

	 
		(c)
	 

	 
		"Change of Control" means the occurrence during the Employment Term of:
	 

	 
		(i)
	 

	 
		An acquisition (other than directly from the MLP) of Common Units or
		voting equity interests of the MLP (“Voting Securities”) by
		any “Person” (as the term is used for purposes of Section
		13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the
		“Exchange Act”)), other than the MLP, Suburban Energy Services
		Group LLC or any of their affiliates, immediately after which such Person has
		“Beneficial Ownership” (within the meaning of Rule 13d-3
		promulgated under the Exchange Act) of more than twenty five percent (25%) of
		the combined voting power of the MLP’s then outstanding Units;
		provided, however, that in determining whether a Change of
		Control has occurred, Units which are acquired in a ‘Non-Control
		Acquisition’ (as hereinafter defined) shall not constitute an acquisition
		which would cause a Change of Control.  A “Non-Control
		Acquisition” shall mean an acquisition by (i) an employee benefit plan
		(or a trust forming a part thereof) maintained by (A) the MLP or the
		Partnership or (B) any corporation, partnership or other Person of which a
		majority of its voting power or its voting equity securities or equity interest
		is owned, directly or indirectly, by the MLP (for the purposes of this
		definition, a “Subsidiary”), (ii) the MLP or its Subsidiaries,
		or (iii) any Person in connection with a “Non-Control
		Transaction” (as hereinafter defined); or
	 

	 
		(ii)
	 

	 
		approval by the partners of the MLP of (A) a merger, consolidation or
		reorganization involving the MLP, unless (x) the holders of Units immediately
		before such merger, consolidation or reorganization own, directly or indirectly
		immediately following such merger, consolidation or reorganization, at least
		sixty percent (60%) of the combined voting power of the outstanding Units of
		the entity resulting from such merger, consolidation or reorganization (the
		“Surviving Entity” in substantially the same proportion as
		their ownership of the Units immediately before such merger, consolidation or
		reorganization, and (y) no person or entity (other than the MLP, any
		subsidiary, any employee benefit plan (or any trust forming a part thereof)
		maintained by the MLP, the Partnership, the Surviving Entity, or any Person
		who, immediately prior to such merger, consolidation or reorganization had
		Beneficial Ownership of more than twenty five percent (25%) of the then
		outstanding Units), has Beneficial Ownership of more than twenty five percent
		(25%) of the combined voting power of the Surviving Entity’s then
		outstanding voting securities; (B) a complete liquidation or dissolution of the
		MLP; or (C) the sale or other disposition of fifty percent (50%) or more of the
		net assets of the MLP to any Person (other than a transfer to a Subsidiary).
		 A transaction described in clause (x) or (y) of subsection (a) hereof
		shall be referred to as a “Non-Control Transaction”.
	 

	 
		Notwithstanding the foregoing, a Change of Control shall not be deemed to
		occur solely because any Person (the "Subject Person") acquired Beneficial
		Ownership of more than the permitted amount of the outstanding Voting
		Securities as a result of the acquisition of Voting Securities by the MLP
		which, by reducing the number of Voting Securities outstanding, increases the
	 

	 
		
 

	 

	 
		

	 

	 
		11
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		proportional number of units Beneficially Owned by the Subject Person,
		provided that if a Change of Control would occur (but for the operation of this
		sentence) as a result of the acquisition of Voting Securities by the MLP, and
		after such acquisition of Voting Securities by the MLP, the Subject Person
		becomes the Beneficial Owner of any additional Voting Securities which
		increases the percentage of the then outstanding Voting Securities Beneficially
		Owned by the Subject Person, then a Change of Control shall occur.
	 

	 
		(d)
	 

	 
		“Retirement” shall mean voluntary termination of employment by
		the Executive following attainment of age 55 and completion of  10 years
		of “eligible service” to the Partnership or its predecessors, in
		connection with a bona fide intent by the Executive to no longer seek full time
		employment in the industries in which the Partnership then participates.
		 The term “eligible service” shall have the same meaning as the
		term is used in the Pension Plan for Eligible Employees of Suburban Propane
		L.P. and Subsidiaries.
	 

	 
		6.7.
	 

	 
		Mitigation.  The Executive shall have no duty to mitigate
		with respect to any payments due pursuant to Section 6 by seeking or accepting
		other employment.
	 

	 
		6.8.
	 

	 
		Waiver and Release.  As a condition precedent to receiving
		the compensation and benefits provided under this Section 6, the Executive
		shall execute a waiver and release substantially in the form attached hereto as
		Exhibit A.
	 

	 
		

	 

	 
		7.
	 

	 
		Compliance with Other Agreements by Executive
	 

	 
		The Executive represents and warrants to the
		Partnership that the execution of this Agreement by him and his performance of
		his obligations hereunder will not, with or without the giving of notice or the
		passage of time or both, conflict with, result in the breach of any provision
		of or the termination of, or constitute a default under, any agreement to which
		the Executive is a party or by which the Executive is bound.
	 

	 
		8.
	 

	 
		Miscellaneous
	 

	 
		8.1.
	 

	 
		This Agreement shall be governed by and construed in accordance with the
		laws of the State of New Jersey, without giving effect to the conflicts of laws
		principles thereof.  The captions of this Agreement are not part of the
		provisions hereof and shall have no force or effect.  This Agreement may
		not be amended or modified otherwise than by a written agreement executed by
		the Partnership and the Executive or their respective successors and legal
		representatives.
	 

	 
		8.2.
	 

	 
		All notices and other communications hereunder shall be in writing and
		shall be given by facsimile, hand delivery to the other party or by registered
		or certified mail, return receipt requested, postage prepaid, addressed as
		follows:
	 

	 
		If to the Executive:
	 

	 
		Michael J. Dunn, Jr.
 c/o Suburban Propane, L.P.

	 

	 
		
 

	 

	 
		

	 

	 
		12
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		One Suburban Plaza
 Plaza I
 240 Route 10 West
 Whippany, New
		Jersey 07981-0206
	 

	 
		If to the Partnership:
	 

	 
		Suburban Propane, L.P.
 One Suburban Plaza
 Plaza I
 240 Route
		10 West
 Whippany, New Jersey 07981-0206
 Attention:
	 

	 
		Paul E. Abel, Esq.
	 

	 
		General Counsel and Secretary
	 

	 
		

	 

	 
		or to such other address as either party shall have furnished to the
		other in writing in accordance herewith.  Notice and communications shall
		be effective when actually received by the addressee.
	 

	 
		8.3.
	 

	 
		Any term or provision of this Agreement which is invalid or unenforceable
		in any jurisdiction shall, as to such jurisdiction, be ineffective to the
		extent of such invalidity or unenforceability without rendering invalid or
		unenforceable the remaining terms or provisions of this Agreement or affecting
		the validity or enforceability of any of the terms or provisions of this
		Agreement in any other jurisdiction.
	 

	 
		8.4.
	 

	 
		Notwithstanding any other provision (including Section 3) of this
		Agreement to the contrary, the Partnership or other payor may withhold from any
		amounts payable under this Agreement such taxes or other amounts as shall be
		required to be withheld pursuant to any applicable law or regulation.
	 

	 
		8.5.
	 

	 
		The Executive's or the Partnership's failure to insist upon strict
		compliance with any provision hereof shall not be deemed to be a waiver of such
		provision or any other provision hereof
	 

	 
		8.6.
	 

	 
		This Agreement contains the entire understanding of the Partnership and
		the Executive with respect to the subject matter hereof and thereof and
		supersedes all prior agreements between the Partnership and the Executive,
		whether oral or written, except for benefit agreements and plans provided in
		Section 3 or otherwise available to the Executive.
	 

	 
		This Agreement shall be binding upon and inure solely to the benefit of
		the parties hereto and their respective successors, permitted assigns, heirs,
		distributees and legal representatives, including any partnership, corporation
		or other business organization with which the Partnership may merge or
		consolidate and the Partnership will require any successor to all or
		substantially all of the business or assets of the Partnership to expressly
		assume and agree to perform this Agreement in the same manner as the
		Partnership would be so required to do.  Nothing in this Agreement,
		express or implied, is intended to confer upon any other person or entity any
		rights
	 

	 
		
 

	 

	 
		

	 

	 
		13
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		or remedies of any nature whatsoever under or by reason of this
		Agreement.  Insofar as the Executive is concerned, this contract, being
		personal, cannot be assigned.
	 

	 
		8.7.
	 

	 
		"Business Day" means any day excluding Saturday, Sunday, and any
		day which shall be in the City of New York a legal holiday or a day which
		banking institutions in the City of New York are authorized by law or other
		government action to close.  If any date on which a payment is required to
		be made hereunder is not a Business Day, then such payment (without any
		additional interest) shall be made on the next succeeding Business Day.
	 

	 
		8.8.
	 

	 
		Any controversy, dispute or claim arising under this Agreement or any
		breach thereof (other than in connection with Section 4 hereof) shall be
		settled by arbitration conducted in New York City in accordance with the
		American Arbitration Association’s National Rules for the Resolution of
		Employment Disputes (including Mediation and Arbitration Rules)
		(“Rules”), a judgment upon any award rendered by the arbitrator may
		be entered by any federal or state court having jurisdiction thereof.  Any
		such arbitration shall be conducted by a single arbitrator who shall be a
		member of National Academy of Arbitrators.  If the parties are unable to
		agree upon an arbitrator, then an arbitrator shall be appointed in accordance
		with the Rules of the American Arbitration Association.  The parties
		intend that this agreement to arbitrate be valid, enforceable and irrevocable
		and that any determination reached pursuant to the foregoing procedure shall be
		final and binding on the parties absent fraud.  Each party shall pay its
		own costs and expenses of such arbitration including attorneys’ fees and
		the fees and expenses of the arbitrator shall be borne equally by the parties,
		except that the arbitrators shall be entitled to award the reasonable
		attorney’s fees and costs and the reasonable costs of arbitration to the
		Executive if the Executive prevails in such arbitration in any material
		respect.
	 

	 
		8.9.
	 

	 
		This Agreement may be executed in two or more counterparts, each of which
		shall be deemed an original, but all of which together shall constitute one and
		the same instrument.
	 

	 
		(Signatures on following page)
	 

	 
		
 

	 

	 
		

	 

	 
		14
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		IN WITNESS WHEREOF, the parties have executed this Agreement as of the
		day and year first above written.
	 

	 			
	
			 
				 
			 

		  	
			 
				SUBURBAN PROPANE, L.P.  By:
			 

		  
	
			 
				 
			 

		  	
			 
				By:
			 

		  	
			 
				/s/ MARK A ALEXANDER
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				Name: Mark A. Alexander
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				Chief Executive Officer.
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				/s/  MICHAEL J. DUNN, JR.
			 

		  
	
			 
				 
			 

		  	
			 
				Michael J. Dunn, Jr.
			 

		  

	 
		

	 

	 
		

	 

	 
		15
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		EXHIBIT A
	 

	 
		RELEASE AND WAIVER OF ALL CLAIMS
	 

	 
		RELEASE
	 

	 
		THIS IS A RELEASE AND WAIVER OF CLAIMS (hereinafter referred to as
		"Release" or "Agreement") made this ___________day of _____________, 200__, by
		and between Suburban Propane, L.P. (including its subsidiaries and affiliates,
		and hereinafter referred to as "Company" or "Suburban") having a principal
		place of business at 240 Route 10 West, P.O. Box 206, Whippany, New Jersey
		07981-0206 and ___________________________ residing at
		___________________________________ (hereinafter referred to as
		“Executive")
	 

	 
		WHEREAS, the Company and Executive previously entered into an employment
		agreement dated _______, 20__ under which Executive was employed by the Company
		(the “Employment Agreement”); and
	 

	 
		WHEREAS, Executive’s employment with the Company (has been) (will
		be) terminated effective __________________; and
	 

	 
		WHEREAS, pursuant to Section 6 of the Employment Agreement,
		Executive is entitled to certain compensation and benefits upon such
		termination, contingent upon the execution of this Release (the
		“Agreement”);
	 

	 
		NOW, THEREFORE, in consideration of the premises and mutual agreements
		contained herein and in the Employment Agreement, the Company and Executive
		agree as follows:
	 

	 
		IN EXCHANGE for such consideration set forth in Section 6 of the
		Employment Agreement, Executive agrees that his/her acceptance and execution of
		this Agreement constitutes a full, complete and knowing release and waiver of
		any claims asserted or non-asserted that he/she now has or now may have against
		Suburban arising out of his/her employment or termination of employment up to
		and including the date of this Agreement, including any claims Executive may
		have under state common law for torts or contracts (including wrongful or
		constructive discharge, breach of contract, emotional distress) or under
		federal, state or local statute, regulation, rule, ordinance or order that
		covers or relates to any aspect of employment or discrimination in employment
		including, but not limited to the following:
	 

	 
		a.
	 

	 
		Title VII of the Civil Rights Act of 1964, as amended;
	 

	 
		b.
	 

	 
		Civil Rights Act of 1991;
	 

	 
		
 

	 

	 
		

	 

	 
		16
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		c.
	 

	 
		Americans with Disabilities Act;
	 

	 
		d.
	 

	 
		Equal Pay Act of 1963;
	 

	 
		e.
	 

	 
		Family and Medical Leave Act of 1993;
	 

	 
		f.
	 

	 
		Age Discrimination in Employment Act;
	 

	 
		g.
	 

	 
		Older Worker's Benefit Protection Act;
	 

	 
		h.
	 

	 
		Worker Adjustment and Retraining Notification Act;
	 

	 
		i.
	 

	 
		Employee Retirement Income Security Act of 1974;
	 

	 
		j.
	 

	 
		Occupational Safety and Health Act of 1970;
	 

	 
		k.
	 

	 
		Fair Labor Standards Act;
	 

	 
		l.
	 

	 
		Consumer Credit Protection Act, Title III;
	 

	 
		m.
	 

	 
		New Jersey Law Against Discrimination;
	 

	 
		n.
	 

	 
		New Jersey Conscientious Employee Protection Act;
	 

	 
		o.
	 

	 
		New Jersey Worker and Community Fight to Know Act;
	 

	 
		p.
	 

	 
		New Jersey Family Leave Act;
	 

	 
		q.
	 

	 
		New Jersey Worker Health and Safety Act;
	 

	 
		r.
	 

	 
		New Jersey Civil Rights Act;
	 

	 
		s.
	 

	 
		any comparable state laws which may apply;
	 

	 
		t.
	 

	 
		any state or federal "whistleblower" statutes; or
	 

	 
		u.
	 

	 
		any claim for severance pay, bonus, salary; Suburban stock, sick leave,
		holiday pay, vacation pay, life insurance, health or medical insurance or any
		other fringe benefit, workers' compensation or disability except as may
		otherwise be provided in this Agreement.
	 

	 
		

	 

	 
		

	 

	 
		17
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		IN FURTHER CONSIDERATION FOR THE PAYMENTS SET FORTH ABOVE,
		Executive hereby, on behalf of himself/herself, his/her descendants, ancestors,
		dependents, heirs, executors, administrators, assigns and successors, covenants
		not to sue, and fully and forever releases and unequivocally discharges
		Suburban, its subsidiaries, affiliates, divisions, successors, predecessors and
		assigns, together with its past and pre­sent trustees, directors, officers,
		agents, attorneys, insurers, employees, unit holders, and representatives, and
		all persons acting by, through, under or in concert with any of them
		(collectively "Releasees") from any and all claims, wages demands, rights,
		liens, agree­ments, contracts, covenants, actions, suits, causes of action,
		obligations, debts, costs, expenses, attorneys' fees, damages, judgments,
		orders or liabilities of whatsoever kind or nature in law, equity or otherwise,
		whether now known or unknown, suspected or unsus­pected which the Executive
		now owns, holds, or claims to have, own, or held or that Executive at any time
		heretofore had, owned, held or claimed to have, own, or hold, against each or
		any of the Releasees.
	 

	 
		THE EXECUTIVE covenants and agrees that he/she will not, either
		individually or in concert with others, file or voluntarily participate or
		assist in the prosecution of any court proceedings against the Releasees,
		provided that nothing in this Agreement shall prevent (a) Executive's
		participation in any such proceeding where such participation is required by
		summons or subpoena or is otherwise compelled by law, or (b) Executive's
		challenge to the validity of this Release.
	 

	 
		THE EXECUTIVE understands and agrees that he/she has no right to
		further employ­ment with Suburban and that Suburban will have no obligation
		to reemploy him/her at any time in the future.
	 

	 
		THE EXECUTIVE hereby agrees and acknowledges that this Release and
		its contents shall not constitute or be deemed an admission of liability or
		wrongdoing on behalf of Suburban or the Executive, the same being expressly
		denied by each party.
	 

	 
		THE EXECUTIVE covenants and agrees that he/she will treat this
		Release and its con­tents in a confidential manner and not disclose any of
		its terms, including the amount of money referred to or the terms of the
		non-compete provision contained in this Release, with any party other than
		his/her attorney(s), accountant(s) or other professional advisors. Suburban
		likewise agrees to keep this Release and its contents confidential.
	 

	 
		THE EXECUTIVE warrants and agrees that he/she is responsible for
		any federal, state, and local taxes which may be owed by him/her by virtue of
		the receipt of any portion of the consideration herein provided. Executive
		agrees to hold Suburban harmless from any claims by taxing authorities arising
		solely out of Executive's failure to properly report any amounts received by
		Executive pursuant to this Release.
	 

	 
		SUBURBAN AND THE EXECUTIVE acknowledge and agree that this
		Agreement does not, and shall not be construed to, release or limit the scope
		of any
	 

	 
		

	 

	 
		

	 

	 
		18
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		existing obligation of the Suburban (i) to indemnify Executive for
		his acts as an officer or director of Company in accordance with the bylaws of
		Company and the policies and procedures of Company that are presently in
		effect, (ii) to Executive with respect to certain compensation and
		benefits upon termination, pursuant to Section 6 of the Employment
		Agreement which are contingent upon the execution of this Release or (iii) to
		Executive and his eligible, participating dependents or beneficiaries under any
		existing long term incentive plan, group welfare or retirement plan of the
		Company in which Executive and/or such dependents are participants.
	 

	 
		THE EXECUTIVE acknowledges that he/she has been encouraged to seek
		the advice of an attorney of his/her choice in regard to this Release. Suburban
		and the Executive repre­sent that they have relied upon the advice of their
		attorneys, who are attorneys of their own choice, or they have knowingly and
		willingly not sought the advice of their attor­neys. The Executive hereby
		understands and acknowledges the significance and conse­quences of such
		Release and represents that the terms of this Release are fully understood and
		voluntarily accepted by him/her, without coercion.
	 

	 
		THE EXECUTIVE further agrees and understands that he/she has
		twenty-one (21) days from his/her receipt of this Release to review and return
		this Release to Suburban's Human Resources: Department in Whippany, New Jersey
		and seven (7) days following his /her signing of this Release to revoke the
		Release.
	 

	 
		THE EXECUTIVE acknowledges that he/she has had a sufficient amount
		of time to con­sider the terms of this Release. Both the Executive and
		Suburban have cooperated in the drafting and preparation of this Release.
		Hence, in any construction to be made of this Release, the same shall not be
		construed against any party on the basis that the party was the drafter. In any
		event, it is agreed that this Release shall be interpreted in accordance with
		the laws of the state of New Jersey.
	 

	 
		IF ONE OR MORE of the provisions of this release shall for any
		reason be held invalid, illegal or unenforceable in any respect by a Court of
		competent jurisdiction, such invalidity, illegality or unenforceability shall
		not affect or impair any other provision of Release, but this release shall be
		construed as if such invalid, illegal, or unenforceable provision had not been
		contained herein.
	 

	 
		(Signature page follows)
	 

	 
		

	 

	 
		

	 

	 
		19
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		PLEASE READ CAREFULLY. YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY
		BEFORE SIGNING THIS AGREEMENT. THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN
		AND UNKNOWN CLAIMS.
	 

	 
		IN WITLESS WHEREOF, the Executive and Suburban have executed this
		Release and Waiver of all claims as of the date first above written.
	 

	 			 		
	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				Suburban Propane, I.P.
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				By:
			 

		  	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				Title:
			 

		  	
			 
				 
			 

		  	 	
			 
				Date:
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				Executive Name (Print)
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	 	
			 
				Date:
			 

		  	
			 
				 
			 

		  
	
			 
				Executive Signature
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  
	
			 
				 
			 

		  	 	
			 
				 
			 

		  	
			 
				 
			 

		  

	 
		

	 

	 
		

	 

	 
		

	 

	 
		20<PAGE>

EXHIBIT 10.1

                        AMENDMENT AND WAIVER NO. 2 TO THE
                                 LOAN DOCUMENTS

                                                   Dated as of December 11, 2006

          AMENDMENT AND WAIVER NO. 2 TO THE LOAN DOCUMENTS (the "Amendment")
among TD Ameritrade Holding Corporation (formerly, Ameritrade Holding
Corporation), a Delaware corporation (the "Borrower"), the banks, financial
institutions and other institutional lenders parties to the Credit Agreement
referred to below (collectively, the "Lenders") and The Bank of New York, as
administrative agent (in such capacity, the "Agent") for the Lenders.

          PRELIMINARY STATEMENTS:

          (1) The Borrower, the Guarantors, the Lenders and the Agent have
entered into a Credit Agreement dated as of January 23, 2006 (as heretofore
amended, the "Credit Agreement"). Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit Agreement.

          (2) TD Ameritrade Online Holdings Corp. (formerly Ameritrade Online
Holdings Corp.), TD Ameritrade IP Company, Inc. (formerly Ameritrade IP Company,
Inc) and TD Ameritrade Services Company, Inc. (Ameritrade Services Company,
Inc.) are Guarantors (collectively, the "Specified Guarantors") whose legal
names changed in April, 2006 (collectively, the "Name Changes").

          (3) The Borrower has requested that (a) the requirements under the
Loan Documents to give the Collateral Agent 30 days' prior written notice of the
Name Changes and any related default be waived and (b) the Loan Documents be
amended as hereinafter set forth.

          (4) The Required Lenders are, on the terms and conditions stated
below, willing to grant the request of the Borrower and the Borrower and the
Required Lenders have agreed to amend the Loan Documents as hereinafter set
forth.

          SECTION 1. Amendments to Loan Documents. The Loan Documents are,
effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 3, hereby amended as follows:

          (a) The definition of "Maximum Amount" in Section 1.01 of the Credit
Agreement is hereby amended by replacing "1.00:1.00" with "1.75:1.00" in clause
(a) thereof.

          (b) The definition of "Test Period" in Section 1.01 of the Credit
Agreement is hereby amended in full to read as follows:

          "TEST PERIOD" means, with respect to any Fiscal Year, the period that
     (a) begins on (but excluding) the last day of the Test Period with respect
     to the Prior Fiscal Year and (b) ends on (and including) the earlier of (i)
     the 120th day following the end of such Fiscal Year and (ii) the later of
     (A) the date on which the Borrower's financial statements for such Fiscal
     Year are filed on Form 10-K and (B) to the extent any prepayment is
     required under Section 2.06(b)(i), the date on which the Advances are
     prepaid with the applicable percentage of the Excess Cash Flow for

<PAGE>

                                        2

     such Fiscal Year in accordance with Section 2.06(b)(i). "PRIOR FISCAL YEAR"
     shall mean the Fiscal Year immediately preceding such Fiscal Year.

          (c) Schedule V to the Security Agreement is hereby amended by (i)
replacing "Ameritrade Online Holdings Corp." with "TD Ameritrade Online Holdings
Corp.", "Ameritrade IP Company, Inc." with "TD Ameritrade IP Company, Inc." and
"Ameritrade Services Company, Inc." with "TD Ameritrade Services Company, Inc."
and (ii) deleting each row listing "Datek Online Holdings Corp." or "TD
Waterhouse Group, Inc." as a Grantor.

          SECTION 2. Waiver. Subject to the satisfaction of the conditions
precedent set forth in Section 3, the requirements under Section 11(a) of the
Security Agreement for the Specified Guarantors to give the Collateral Agent 30
days' prior written notice of the Name Changes and any Default or Event of
Default that has arisen or shall arise from the Specified Guarantors' failure to
satisfy such requirements in respect of the Name Changes are hereby waived.

          SECTION 3. Conditions of Effectiveness. This Amendment shall become
effective as of the date first above written when, and only when, the Agent
shall have received (a) counterparts of this Amendment executed by the Borrower
and the Required Lenders or, as to any of the Lenders, advice satisfactory to
the Agent that such Lender has executed this Amendment and the consent attached
hereto (the "Consent") executed by each Guarantor, (b) a complete report as of a
recent date of all effective financing statements filed in the State of Delaware
that name any Specified Guarantor as debtor, in form and substance reasonably
satisfactory to the Agent, and evidence that all actions that the Agent may deem
necessary or desirable in order to perfect and protect the first priority liens
and security interests created under the Security Agreement in respect of the
Collateral pledged by the Specified Guarantors have been taken and (c)
confirmation of the payment of a fee to each Lender which has approved this
Amendment on or prior to 5:00 P.M. (Eastern Time) on December 11, 2006 in an
amount equal to 0.05% of (i) the aggregate principal amount of Advances (other
than Letter of Credit Advances and Swing Line Advances) attributable to such
Lender, plus, (ii) if such Lender is also a Revolving Credit Lender, such
Lender's Unused Revolving Credit Commitment and its Pro Rata Share of the
aggregate Available Amount of all Letters of Credit and the aggregate principal
amount of all Letter of Credit Advances and Swing Line Advances outstanding at
such time. This Amendment is subject to the provisions of Section 9.01 of the
Credit Agreement.

          SECTION 4. Representations and Warranties of the Borrower. The
Borrower represents and warrants as follows:

               (a) Upon the effectiveness of this Amendment and after giving
     effect hereto, the representations and warranties set forth in Section
     4.01(a) of the Credit Agreement are true and correct in all material
     respects.

               (b) The execution, delivery and performance by each Loan Party of
     this Amendment, the Consent and the Loan Documents, as amended hereby, to
     which it is or is to be a party are within such Loan Party's corporate,
     limited liability company or limited partnership (as applicable) powers,
     have been duly authorized by all necessary corporate, limited liability
     company or limited partnership (as applicable) action and do not (i)
     contravene such Loan Party's charter, by-laws, limited liability company
     agreement, partnership agreement or other constituent documents, (ii)
     violate any law, rule, regulation (including, without limitation,
     Regulation X of the Board of Governors of the Federal Reserve System),
     order, writ, judgment, injunction, decree, determination or award, (iii)
     conflict with or result in the breach of, or constitute a default or
     require any payment to be made under, any loan agreement, indenture,
     mortgage, deed of trust, material lease or other material contract or
     instrument binding on or affecting any Loan Party, any

<PAGE>

                                        3

     of its Subsidiaries or any of their properties or (iv) except for the Liens
     created under the Loan Documents, result in or require the creation or
     imposition of any Lien upon or with respect to any of the properties of any
     Loan Party or any of its Subsidiaries.

               (c) No Governmental Authorization, and no notice to or filing
     with, any Governmental Authority or any other third party is required for
     the due execution, delivery or performance by any Loan Party of this
     Amendment, the Consent or any of the Loan Documents, as amended hereby, to
     which it is or is to be a party, except for (A) such authorizations,
     approvals, actions, notices and filings as may be required in connection
     with the disposal of Collateral pursuant to any agreement giving rise to a
     Lien permitted under Section 5.02(a) of the Credit Agreement and (B) with
     respect to the exercise of any remedies with respect to, or any other
     transfer of, the Equity Interests of any Broker-Dealer Subsidiary, giving
     all necessary notices to third parties and obtaining all necessary
     Governmental Authorizations in connection with such exercise of remedies or
     transfer including, without limitation, to the extent required under NASD
     Rule 1017.

               (d) This Amendment and the Consent have been duly executed and
     delivered by the Borrower and each Guarantor, respectively. This Amendment,
     the Consent and each of the other Loan Documents, as amended hereby, to
     which any Loan Party is a party are legal, valid and binding obligations of
     such Loan Party, enforceable against such Loan Party in accordance with
     their respective terms subject to applicable bankruptcy, insolvency,
     reorganization, moratorium or other laws affecting creditors' rights
     generally and subject to general principles of equity, regardless of
     whether considered in a proceeding in equity or at law.

          SECTION 5. Reference to and Effect on the Loan Documents. (a) On and
after the effectiveness of this Amendment, each reference in each of the Credit
Agreement and the Security Agreement (collectively, the "Amended Loan
Documents") to "this Agreement", "hereunder", "hereof" or words of like import
referring to such Amended Loan Document, and each reference in the Notes and
each of the other Loan Documents to "the Credit Agreement", "the Security
Agreement", "thereunder", "thereof" or words of like import referring to the
Credit Agreement or the Security Agreement, shall mean and be a reference to the
Credit Agreement or the Security Agreement, as the case may be, as amended by
this Amendment.

          (b) Each Amended Loan Document, as specifically amended by this
Amendment, is and shall continue to be in full force and effect and is hereby in
all respects ratified and confirmed. Without limiting the generality of the
foregoing, the Collateral Documents and all of the Collateral described therein
do and shall continue to secure the payment of all Obligations of the Loan
Parties under the Loan Documents, in each case as amended by this Amendment.

          (c) The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of any Lender or the Agent under any of the Loan Documents, nor
constitute a waiver of any provision of any of the Loan Documents.

<PAGE>

                                        4

          SECTION 6. Costs, Expenses. The Borrower agrees to pay, promptly
following demand and presentation of invoices or other reasonably detailed
statements specifying the costs so incurred, all reasonable out of pocket costs
and expenses of the Agent in connection with the preparation, execution,
delivery and administration, modification and amendment of this Amendment and
the other instruments and documents to be delivered hereunder (including,
without limitation, the reasonable fees and expenses of counsel for the Agent)
in accordance with the terms of Section 9.04 of the Credit Agreement.

          SECTION 7. Execution in Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute but one and the same agreement.
Delivery of an executed counterpart of a signature page to this Amendment by
telecopier shall be effective as delivery of a manually executed counterpart of
this Amendment.

          SECTION 8. Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

                  [Remainder of Page Intentionally Left Blank]

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                                        TD AMERITRADE HOLDING CORPORATION

                                        By /s/ MICHAEL D. CHOCHON
                                           -------------------------------------
                                        Title: Treasurer

<PAGE>

                                        THE BANK OF NEW YORK,
                                        as Agent and as Lender

                                        By /s/ JOSEPH CIACCIARELLI
                                           -------------------------------------
                                        Title: Managing Director

<PAGE>

                                     CONSENT

                                                   Dated as of December 11, 2006

          Each of the undersigned, as Guarantor under the Guaranty referred to
in the Credit Agreement dated as of January 23, 2006 (the "Credit Agreement")
among TD Ameritrade Holding Corporation (formerly, Ameritrade Holding
Corporation), the Guarantors named therein, the Lenders and agents named
therein, and The Bank of New York, as administrative agent, hereby consents to
the foregoing Amendment and Waiver No. 2 to the Loan Documents (the "Amendment")
and hereby confirms and agrees that (a) notwithstanding the effectiveness of the
Amendment, the Guaranty is, and shall continue to be, in full force and effect
and is hereby ratified and confirmed in all respects, except that, on and after
the effectiveness of the Amendment, each reference in the Guaranty to the
"Credit Agreement", "thereunder", "thereof" or words of like import referring to
the Credit Agreement shall mean and be a reference to the Credit Agreement, as
amended by the Amendment, and (b) the Collateral Documents and all of the
Collateral described therein do and shall continue to secure the payment of all
Obligations of the Loan Parties under the Loan Documents, in each case as
amended by the Amendment.

                                        TD AMERITRADE ONLINE HOLDINGS CORP.
                                        (formerly Ameritrade Online Holdings
                                        Corp. and successor to Datek Online
                                        Holdings Corp. and TD Waterhouse Group,
                                        Inc.)

                                        By /s/ MICHAEL D. CHOCHON
                                           -------------------------------------
                                        Title: Treasurer

                                        TD AMERITRADE IP COMPANY, INC.
                                        (formerly Ameritrade IP Company, Inc.)

                                        By /s/ JOHN R. MACDONALD
                                           -------------------------------------
                                        Title: VP and CFO

                                        TD AMERITRADE SERVICES COMPANY, INC.
                                        (formerly Ameritrade Services Company,
                                        Inc.)

                                        By /s/ JOHN R. MACDONALD
                                           -------------------------------------
                                        Title: CEO

                                        THINKTECH, INC.

                                        By /s/ JOHN R. MACDONALD
                                           -------------------------------------
                                        Title: Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]