Document:

DEIP

                                                                                                                                                                  
EXHIBIT 10.8

CATERPILLAR INC.

DEFERRED EMPLOYEES'

INVESTMENT PLAN

(Amended and Restated as of 12/1/2002)

1.  Purpose

The purpose of the Caterpillar Inc. ("Company") Deferred Employees' Investment Plan (DEIP), as set forth in the succeeding sections of this document, is to provide additional investment opportunities for those employees whose participation in Part 2 of the Employees' Investment Plan (EIP) is restricted because of limitations imposed by the Internal Revenue Code of 1986, as amended.  The DEIP shall be effective June 30, 1995.

2.  Eligibility

An employee shall be eligible to participate in the DEIP if he is in salary grade 30 or higher and currently defers compensation into Part 2 of EIP (to the maximum allowed by
EIP).

3.  Participant Deferrals

An employee must make a valid election (to become a "Participant") on or before the last Company business day in November of any year to participate in the DEIP during the following calendar year.  Such election shall defer a portion of his compensation not to exceed the excess of (a) 6% of his base salary over (b) the total amount deferred by him into Part 2 of EIP and into the Supplemental Employees' Investment Plan (SEIP) because of any limitation on the amount that can be deferred under Part 2 of EIP.  Any such election must be made (on a form provided by the Company) and delivered to the Director, Compensation and Benefits before the end of normal office hours on such last Company business day in November and shall remain in effect until it is revised as provided herein.

Effective January 1, 1996, an employee may also elect to defer all or part of the incentive compensation payable to him for a calendar year; provided, however, that such Participant's election must be filed with such Director on or before the last Company business day in November of the year in which such compensation shall have been accruing (except that in reference to such compensation accrued in 1995 such an election must be filed with such Director before the amount of such compensation is known).  A Participant may elect to defer up to seventy percent (70%) of the base salary payable to him for a calendar year; provided, however, that such Participant's election must be filed with such Director on or before the last Company business day in November of the preceding calendar year.

If a Participant wants to change or terminate the amount of compensation deferred, he shall deliver a revised election form to the Director, Compensation and Benefits; provided, however, that:

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	such revised election shall become effective (when and so long as the Participant is eligible) for each calendar year following the year in which such form is delivered, and shall remain effective until such election is further revised as provided herein, and

  

	any such election must be filed before the end of normal office hours on the last Company business day in November.

When an employee first becomes eligible to participate in the DEIP (including those employees who first become eligible on the effective date), he may elect to defer compensation (or file a revised election) in accordance with the foregoing, except that any such election with respect to compensation payable to him during the calendar year in which he becomes eligible for the DEIP

	
     must be filed within a 30-day period that begins on the
date he becomes eligible, and

    

  

	
     shall be applicable only to compensation paid for months that commence after the date of such election.

4.  Status of Accounts

All amounts in the DEIP shall be held in the general funds of the Company, but the Company will establish an individual bookkeeping account for each Participant.  Amounts of compensation deferred by the Participant will be credited to the individual account of the Participant in accordance with his election(s).

Each Participant may elect to have all or a specified percentage if his deferred compensation allocated to:

	interest bearing account;

  

	share equivalency account and calculated as if invested in Company common stock ("Stock Election");

  

	mutual fund account or accounts and calculated as if invested in any of the following Preferred Group funds:  Asset Allocation, International Value, Large Cap Growth, Large Cap Value, Small Cap Growth; or

  

	
   U.S. Equity Broad Index account and calculated as if invested in the Russell 3000
  Index Fund.

 

  

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Amounts allocated to the stock account of a Participant who is an officer of the Company subject to Section 16 of the Securities Exchange Act of 1934 ("Officer") may not be transferred to another of his accounts (nor may amounts allocated, respectively, to any such other account be transferred to his stock account) until at least six months after he ceases to be subject to such Section.

Under such a Stock Election, dividend equivalents will accrue to the account (when dividends are payable) and will be reinvested and a Participant's account will in all other respects reflect share ownership for events such as a stock split but no voting rights will exist.  The number of shares of stock equivalents shall be determined by dividing the amount of deferred compensation (or dividend equivalents credited) by the closing price of Company common stock on the New York Stock Exchange on the date of such deferral or dividend credit (or the next succeeding trading day if there is no trading on that date).  Stock equivalents will be valued based on the closing price of Company common stock on the New York Stock Exchange as of the effective date of a transfer into or out of the stock account ("Transfer"), the date on which the Participant terminates employment, the date of distribution elected by the Participant hereunder or the date as of which he is considered totally and permanently disabled under EIP, whichever date applies (or the next succeeding trading day if there is no trading on that date).

The Company will credit interest accounts on a monthly basis.  The interest rate will be equal to the base corporate lending rate (sometimes referred to as the "prime rate") applicable to commercial lending customers of Citibank, N.A., New York, New York (or any successor thereto) on the last business day of each calendar month.  The monthly interest rate will be compounded daily and applied effective the last day of each month.

Participants who are not Officers may Transfer or make changes to the investment allocation of future deferred compensation which shall be effective as of the first day of a calendar quarter, provided that such Participant shall have filed an appropriate form with the Director, Compensation and Benefits, by the twentieth (20th) day of the preceding month.

All amounts in the DEIP and the establishment of individual bookkeeping accounts shall not be deemed to have created a trust, and no Participant shall have any ownership interest in any such account.  A Participant's rights to any amounts credited to his account shall not be transferable or assignable.  Each Participant will receive an annual report showing the status of his account at the close of each calendar year.

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5.  Disbursement

Following his termination of employment with the Company (or total and permanent disability), the value of the Participant's DEIP account will be payable to him as soon as practicable in cash, in a lump sum (including interest up to the date of payment) unless such Participant has elected a later payment date in writing that is acceptable to and approved by the Director, Compensation and Benefits; provided, however, that no such election shall be effective unless it shall have been filed on or before the last Company business day in November of the calendar year preceding the calendar year of such termination.

For Participants who are officers of the Company subject to Section 16 of the Securities Exchange Act of 1934, the payment date under DEIP, with respect to amounts in the stock account, must be at least six months after the date on which the Participant's final deferral into DEIP became irrevocable.

A Participant may elect, either before or after termination of employment, an installment distribution for a period of up to 15 years; provided, however, that an election of installment distribution shall be effective only if it shall have been filed with the Director, Compensation and Benefits, before November 30 of the second year that precedes the year in which the distribution would otherwise occur.

Notwithstanding the foregoing, effective for amounts deferred after December 31, 1996 (and any earnings thereon):

	a Participant may elect one original scheduled withdrawal date as of which disbursement of elected amounts (and any earnings thereon) shall occur; provided that (i) such original date shall be the first day of any calendar quarter that is at least four years later than the year in which such an amount is deferred, and (ii) the Participant may change such original date to a later date, provided, however, that such change shall be effective only if it shall have been filed with the Director, Compensation and Benefits, before November 30 of the second year that precedes the year that includes such original date;

  

	a Participant may elect unscheduled withdrawals of between 5% and 100% of account assets attributable to such amounts deferred after December 31, 1996 (and any earnings thereon); provided that (i) the amount withdrawn shall be subject to a forfeiture equal to 10%, and the Participant shall discontinue participation in the plan for the remainder of the year (in which such withdrawal occurs) and for the following year and (ii) the minimum withdrawal amount (before forfeiture) shall be $10,000; and

  

	such withdrawals under (a) or (b) shall be applied against the assets of the Deferred Employees' Investment Plan as well as this plan, and shall be subject to such other rules of convenience and administration as shall be determined by the Director, Compensation and Benefits.

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6.  Death of a Participant

Upon the death of a Participant prior to payment of his DEIP account, the balance in the Participant's account (including interest for the elapsed portion of the year of death) shall be determined as of the date of death.  Such balance shall be paid as soon as reasonably possible thereafter in a lump sum payment to (i) the same beneficiary or beneficiaries and in the same proportionate amount as he shall have designated under the EIP, in the absence of any designation to the contrary, or (ii) the beneficiary or beneficiaries for purposes of the DEIP as such Participant shall have designated in writing (in a form acceptable to, and filed with, the Director, Compensation and Benefits).

Notwithstanding the above, if the Participant has elected on a form that has been filed with and approved by the Director, Compensation and Benefits, amounts payable to the beneficiary may be paid at the payment date selected by the Participant and with an installment distribution for a period to 15 years, or under the remaining installment schedule in place for the Participant.

7.  Amendment or Termination

The Compensation Committee of the Board of Directors or the Investment Plan Committee (for EIP) may at any time amend, merge, consolidate or terminate the DEIP, but no amendment, merger, consolidation or termination will have the effect of reducing the amount that any Participant is entitled to receive prior to such amendment, merger, consolidation or termination nor of changing the time of payment of any amount credited to a Participant's account.

8.  Administration

Except as otherwise expressly provided herein, the DEIP shall be administered under the direction of the Director, Compensation and Benefits, of the Company.

Page 5EXECUTIVE EMPLOYMENT AGREEMENT
                         ------------------------------

     AN  EXECUTIVE  EMPLOYMENT  AGREEMENT  ("Agreement")  dated this ____ day of
__________________,  1997,  by  and  between Chesapeake Utilities Corporation, a
Delaware  corporation  (the  "Company"),  and  _____________  ("Executive").

                                   WITNESSETH:

     WHEREAS,  the  Company  is  currently  obtaining the benefit of Executive's
services  as  a  full-time  executive  employee  in  the  capacity  of
_________________________________;

WHEREAS,  the  Company's  Board  of  Directors  (the "Board") has authorized the
Company to agree to provide for Executive's continued employment pursuant to the
terms  of  this  Agreement;  and

WHEREAS,  Executive  is  willing,  in consideration of the covenants hereinafter
provided,  to  continue  to  be  employed  by  the  Company  in  the capacity of
_________________________________  and  to  render  services  incident  to  such
position  during  the  term  of  this  Agreement.

     NOW,  THEREFORE,  in  consideration  of  the  mutual promises and covenants
contained  herein,  the  Company  and  Executive  hereby  agree  as  follows:

     1.     Employment.  The  Company  agrees to employ Executive, and Executive
agrees  to  accept  employment,  as  an  executive officer of the Company in the
capacity  of  _________________________________, with such reasonable duties and
responsibilities  as  are  consistent  with the By-laws of the Company as of the
date  hereof,  including,  but  not  limited  to,
___________________________________________.

     2.     Term.

     (a)  Term of Agreement. The term of this Agreement ("Term") shall be the
          Initial Term (as defined in Paragraph 2(b) hereof), and, if
          applicable, the Extended Term (as defined in Paragraph 2(c) hereof).

     (b)  Initial Term. Subject to Paragraph 2(c) hereof, the Initial Term of
          this Agreement shall extend for three (3) years commencing on the date
          of this Agreement.

     (c)  Extended Term. Upon the occurrence of a Change in Control (as defined
          in Paragraph 2(d) hereof), the Initial Term shall end and the Term of
          this Agreement shall thereupon automatically be extended, commencing
          on the date of such Change in Control, for the shorter of three (3)
          years or the period until Executive attains the earliest age, if any,
          at which his compulsory retirement is permitted under section 12(c) of
          the Age Discrimination in Employment Act of 1967, as amended, 29
          U.S.C. 631(c), or its successor (such extended three-year or shorter
          term constituting the "Extended Term").

     (d)  Change In Control. For the purposes of this Agreement, Change in
          Control shall mean a change in the control of the Company during the
          Term of this Agreement, which shall be deemed to have occurred if:

          (i)  The registration of the Company's voting securities under the
               Securities Exchange Act of 1934, as amended (the "1934 Act"),
               terminates or the Company shall have fewer than 300 stockholders
               of record; or

          (ii) any person or group (within the meaning of Sections 13(d) and
               14(d) of the 1934 Act), other than the Company or any of its
               majority-controlled subsidiaries, becomes the beneficial owner
               (within the meaning of Rule 13d-3 under the 1934 Act) of 30
               percent or more of the combined voting power of the Company's
               then outstanding voting securities; or

          (iii) a tender offer or exchange offer (other than an offer by the
               Company or a majority-con-trolled subsidiary), pursuant to which
               30 percent or more of the combined voting power of the company's
               then outstanding voting securities was purchased, expires; or

          (iv) the stockholders of the Company approve an agreement to merge or
               consolidate with another corporation (other than a
               majority-controlled subsidiary of the Company) unless the
               stockholders of the Company immediately before the merger or
               consolidation are to own more than 70 percent of the combined
               voting power of the resulting entity's voting securities; or

          (v)  the Company's stockholders approve an agreement (including,
               without limitation, a plan of liquidation) to sell or otherwise
               dispose of all or substantially all of the business or assets of
               the Company; or

          (vi) during any period of two consecutive years, individuals who, at
               the beginning of such period, constituted the Board cease for any
               reason to constitute at least a majority thereof, unless the
               election or the nomination for election by the Company's
               stockholders of each new director was approved by a vote of at
               least two-thirds of the directors then still in office who were
               directors at the beginning of the period; or

          (vii) the acquisition of direct or indirect beneficial ownership of
               more than 15 percent of the Company's then outstanding voting
               securities by any person or group is approved over the formal
               objection of the Company by the Securities and Exchange
               Commission pursuant to Section 9 of the Public Utility Holding
               Company Act of 1935, as amended.

However,  no Change in Control shall be deemed to have occurred by reason of any
event  involving  a  transaction  in  which  Executive, or a group of persons or
entities with which Executive acts in concert, acquires, directly or indirectly,
more  than  30  percent  of  the  common  stock or the business or assets of the
Company;  any  event  involving or arising out of a proceeding under Title 11 of
the United States Code (or the provisions of any future United States bankruptcy
law),  an  assignment  for  the benefit of creditors or an insolvency proceeding
under  state  or  local law; or any event constituting approval by the Company's
stockholders  of a merger or consolidation if a majority of the group consisting
of  the  President  and  Vice  Presidents  of  the  Company  who  are parties to
agreements  conferring  rights  upon  a  Change  in Control shall have agreed in
writing prior to such approval that approval shall be deemed not to constitute a
Change  in  Control.

     3.     Time.  Executive  agrees to devote all reasonable full time and best
efforts  for  the  benefit of the Company and any subsidiary of the Company, and
not  to  serve  any  other  business  enterprise or organization in any capacity
during  the  Term hereof without the prior written consent of the Company, which
consent  shall  not  be  unreasonably  withheld.

     4.     Office.

     (a)  Initial Term. During the Initial Term, the Company shall elect
          Executive _________________________________.

     (b)  Extended Term. During the Extended Term of this Agreement:

          (i)  Executive shall hold and perform an office with the
               responsibility, importance and scope within the Company at least
               equal to that of the office described and contemplated in
               Paragraph 1 hereof; and

          (ii) Executive's office shall be located in Dover, Delaware, and
               Executive shall not be required, without his written consent, to
               change his office location or to be absent therefrom on business
               for more than 60 working days in any year.

     5.     Compensation.

     (a)  Initial Term. The Company shall compensate Executive for his services
          hereunder during the Initial Term at a rate of $_______ per annum,
          payable in equal semi-monthly installments, or such greater or lesser
          amount as the Board may determine ("Base Compensation"). The Base
          Compensation rate shall be reviewed annually and may be increased or
          decreased from time to time.

     (b)  Extended Term. During the Extended Term, the Company shall compensate
          Executive for his services hereun-der at a rate per annum, payable in
          equal semi-monthly installments, equal to his Base Compensation at the
          time the Extended Term commences, increased:

          (i)  effective on each anniversary of the date of this Agreement
               during the Extended Term by an amount equal to the product of
               such Base Compensation times the increase in the preceding
               calendar year of the Consumer Price Index for Urban Wage Earners
               and Clerical Workers for the Philadelphia metropolitan region as
               reported by the U.S. Department of Labor (or, if such index is no
               longer reported, the corresponding increase in a comparable
               index); and

          (ii) by such additional amounts as the Board may determine from time
               to time based, in part, on an annual review of Executive's
               compensation.

     6.     Expenses.  During  the Term of this Agreement, the Company shall pay
all  necessary  and reasonable business expenses incurred by Executive on behalf
of  the  Company  in  the course of his employment hereunder, including, without
limitation,  expenses  incurred  in  the conduct of the Company's business while
away  from  his  domicile and expenses for travel, meals, lodging, entertainment
and  related  expenses  that  are  for  the  benefit  of  the  Company.

     7.     Other  Benefits.

     (a)  Executive shall be entitled to participate in all profit-sharing,
          insurance, medical and retirement benefit plans, together with
          vacation and other employee benefits of the Company, now in effect or
          as hereafter amended or established, in which the Company executive
          employees are permitted to participate. The Executive's participation
          shall be in accordance with the terms and provisions of such plans.

     (b)  The Company shall furnish Executive with a suitable office, necessary
          administrative support and customary furniture and furnishings for
          such office. The Company further agrees that Executive shall have the
          use of a Company-owned or Company-leased and Company-maintained
          automobile, new every three years, of a kind and model appropriate to
          his position with the Company.

     (c)  Nothing in this Agreement shall preclude the Company from amending or
          terminating any employee benefit plan or practice, but, it being the
          intent of the parties that the Executive shall continue to be entitled
          during the Extended Term to benefits and perquisites as set forth in
          Paragraphs 7(a) and 7(b) hereof at least equal to those attached to
          his position on the date of this Agreement, nothing in this Agreement
          shall operate as, or be construed to authorize, a reduction during the
          Extended Term without Executive's written consent in the level of such
          benefits or perquisites as in effect on the date of a Change in
          Control. If and to the extent that such benefits or perquisites are
          not payable or provided to Executive under any such plan or practice
          by reason of an amendment thereto or termination thereof during the
          Extended Term, the Company shall pay or provide such benefits or
          perquisites to Executive.

     8.     Termination.

     (a)  Termination for Cause. This Agreement and Executive's employment
          hereunder may be terminated by the Company at any time for Cause. In
          the event of termination for Cause, the Executive shall not be
          entitled to any severance benefits under this agreement. During the
          Initial Term, Cause shall be as the Board may reasonably determine.
          During the Extended Term, termination of this Agreement and the
          Executive's employment shall be deemed to have been for Cause only if
          it shall have been the result of:

          (i)  conduct by Executive that constitutes a felony under the laws of
               the United States or a state in which Executive works or resides;

          (ii) an act or acts of dishonesty by Execu-tive resulting or intended
               to result directly or indirectly in material gain to or personal
               enrichment of Executive at the Company's expense;

          (iii) a deliberate and intentional refusal by Executive during the
               Extended Term (except by reason of incapacity due to illness or
               accident) to comply with the provisions of Paragraph 1 hereof,
               provided that such breach shall have resulted in demonstrably
               material injury to the Company and the Executive shall have
               failed to remedy such breach within thirty days after notice from
               the Secretary of the Company demanding that the Executive remedy
               such breach; or

          (iv) the engagement in conduct by Executive that is materially
               injurious to the Company if such conduct was undertaken without
               good faith and the reasonable belief that such conduct was in the
               best interest of the Company.

     (b)  Termination During Extended Term. During the Extended Term of this
          Agreement, the term "Termination" shall mean:

          (i)  Termination by the Company of Executive's employment; or

          (ii) Termination by Executive of his employment following the
               occurrence of any of the following events:

               (A)  Failure to elect or reelect Executive to, or removal of
                    Executive from, the office or offices set forth in Paragraph
                    1 hereof, or the Board if Executive shall have been a member
                    of the Board immediately prior to a Change in Control of the
                    Company;

               (B)  Executive's good-faith determination that there has been a
                    significant change in the nature or scope of his
                    authorities, powers, functions, duties or responsibilities
                    attached to the positions contemplated in Paragraph 1 hereof
                    or a reduction in his compensation as provided in Paragraph
                    5 hereof or his benefits as provided in Paragraph 7, which
                    change or reduction is not remedied within thirty days after
                    notice to the Company by Executive;

               (C)  Any other breach by the Company of any provision of this
                    Agreement (including, without limitation, relocation of
                    Executive in violation of Paragraph 4(b) hereof), which
                    breach is not remedied within thirty days after notice to
                    the Company by Executive; or

               (D)  The liquidation, dissolution, consolidation or merger of the
                    Company or transfer of all or a significant portion of its
                    assets unless a successor or successors (by merger,
                    consolidation or otherwise) to which all or a significant
                    portion of its assets has been transferred shall have
                    assumed all duties and obligations of the Company under this
                    Agreement;

     provided  that in any event set forth in this Paragraph 8(b)(ii), Executive
     shall  have  elected  to terminate his employment under this Agreement upon
     not  less than forty (40) and not more than ninety (90) days' notice to the
     Board,  attention  of  the  Secretary,  given,  except  in  the  case  of a
     continuing  breach, within three calendar months after (1) failure to be so
     elected  or  reelected,  or such removal, (2) expiration of the 30-day cure
     period  with  respect  to  such  event,  or  (3)  the  closing date of such
     liquidation,  dissolution,  consolidation,  merger  or  transfer of assets.

     An  election  by Executive to terminate his employment under the provisions
of  this  Paragraph shall not be deemed a voluntary termination of employment by
Executive  for  the  purpose  of  this  Agreement or any plan or practice of the
Company.

     (c)  Payment Upon Termination During Extended Term. In the event of a
          Termination of this Agreement during the Extended Term hereof for any
          reason other than Cause or Executive's death, the Company shall,
          subject to Paragraph 9 hereof, pay to Executive (or, in the event of
          his death following the Termination, his legal representative) in cash
          within thirty (30) days after the date of such Termination (the
          "Termination Date"):

          (i)  An amount equal to the product of multiplying the monthly rate of
               Base Compensation to which Executive was entitled under Paragraph
               5(b) hereof on the day immediately prior to the Termination Date
               by the lesser of (A) twelve (12) months or (B) the number of
               months remaining in the Term of this Agreement (the shorter of
               such periods constituting the "Covered Period");

          (ii) An amount equal to the present value of the additional benefits
               that would have been paid Executive under the Company's
               retirement plans if he had continued to be employed pursuant to
               this Agreement during the Covered Period and the retirement plans
               had continued during such period without change from the date of
               the Change in Control;

          (iii) For each share of Company stock subject to a stock option that
               was awarded to Executive under a Company stock option plan, was
               held by Executive on the day immediately prior to his Termination
               Date, was not exercisable on that date but would have become
               exercisable during the Covered Period if Executive's employment
               with the Company had continued during that period, an amount
               equal to the excess of (A) the daily average closing price for a
               share of the Company's stock on the New York Stock Exchange, or
               such other national securities exchange on which such stock may
               be listed, during the 30-day period ending upon the date of the
               Change in Control, or, if higher, during the 30-day period ending
               upon the Termination Date (adjusted as appropriate for any
               changes in the capital structure of the Company) over (B) the
               option price for a share of the Company's stock subject to the
               option; and

          (iv) An amount equal to the aggregate of the Company's contributions
               to the Company's savings plan in respect of Executive that were
               not vested on the day immediately prior to the Termination Date
               but that would have been vested at the end of the Covered Period
               if Executive had remained employed by the Company for the
               duration of that period.

For  purposes  of calculating the present value specified in Paragraph 8(c)(ii),
the discount rate shall equal the PBGC interest rate for immediate annuities, as
provided  in  29  C.F.R.  Part  4044,  Appendix B, Table II or its successor, in
effect  for a valuation date coinciding with the Termination Date.  If that rate
should  no  longer  be  published,  the  discount  rate  shall  be  such closely
comparable  interest  rate  as  the  Company  may  reasonably  determine.

     (d)  Payment Upon Termination During Initial Term. In the event that the
          Company terminates this Agreement during, or elects pursuant to
          Paragraph 17 hereof not to renew this Agreement at the end of, the
          Initial Term hereof for any reason other than Cause or Executive's
          death, the Company shall continue to pay to Executive (or in the event
          of his death following such termination, his legal representative) his
          Base Compensation under Paragraph 5(a) hereof, at the semi-monthly
          rate in effect immediately prior to the date of such termination
          ("Termination Date"), for a period of six months following the
          Termination Date.

     9.     Maximum  Payment  Upon  Termination.  Notwithstanding  any  other
provision  of  this  Agreement, if the Company should determine, in consultation
with  tax  advisors  satisfactory  to  Executive,  that  any  amount  payable to
Executive  pursuant  to  Paragraph 8 of this Agreement during the Extended Term,
either  alone or in conjunction with any payments or benefits to or on behalf of
Executive  pursuant  to  this Agreement or otherwise, would not be deductible by
the  Company,  in whole or in part, for federal income tax purposes by reason of
section  280G  of the Internal Revenue Code or its successor, then the aggregate
amount  payable  to  Executive  pursuant  to Paragraph 8 shall be reduced to the
largest  amount that, in the opinion of such tax advisors, the Company could pay
Executive  under Paragraph 8 without any part of that amount being nondeductible
by  the  Company  as  a  result  of  Section  280G  or  its  successor.

     10.     Mitigation.  Executive shall not be required to mitigate the amount
of any payment provided for in this Agreement either by seeking other employment
or  otherwise.  The  amount  of  any  payment  provided  for herein shall not be
reduced by any remuneration that Executive may earn from employment with another
employer  or  otherwise  following  his  Termination  Date.

     11.     Noncompetition  Covenant.  For  a  period of one year following the
Termination  Date  and,  if  Executive  has given a notice pursuant to Paragraph
8(b)(ii)  hereof, for a period of 15 months following the giving of such notice,
Executive shall assist no individual or entity other than the Company to acquire
any  entity  with  respect  to  which a proposal to acquire was presented to the
Board  prior  to  the  beginning  of  the  period.

     12.     Indemnification.  The  Company  shall  indemnify  Executive  to the
fullest extent permitted by applicable Delaware law (as may be amended from time
to  time),  including  the  advance  of  expenses  permitted  therein.

     13.     Performance.  The  failure  of  either  party  to this Agreement to
insist  upon  strict  performance of any provision hereof shall not constitute a
waiver  of  its  rights  subsequently  to insist upon strict performance of such
provision  or  any  other  provision  of  this  Agreement.

     14.     Non-Assignability.  Neither  party  shall  have the right to assign
this Agreement or any rights or obligations hereunder without the consent of the
other  party.

     15.     Invalidity.  If  any provisions of this Agreement shall be found to
be invalid by any court of competent jurisdiction, such finding shall not affect
the  remaining  provisions  of  this Agreement, all of the which shall remain in
full  force  and  effect.

     16.     Arbitration  and Legal Fees.  In the event of any dispute regarding
a  refusal  or  failure  by  the  Company  to  make payments or provide benefits
hereunder  for  any  reason,  Executive shall have the right, in addition to all
other  rights and remedies provided by law, to arbitration of such dispute under
the rules of the American Arbitration Asso-ciation, which right shall be invoked
by  serving  upon  the  Company  a  notice  to  arbitrate,  stating the place of
arbitration,  within  ninety  (90)  days  of  receipt  of  notice  in  any  form
(including,  without  limitation,  failure by the Company to respond to a notice
from  Executive  within  thirty  (30)  days)  that the Company is withholding or
proposes  to  withhold  payments or provisions of benefits.  In the event of any
such dispute, whether or not Executive exercises his right to arbitration, if it
shall  ultimately  be  determined  that the Company's refusal or failure to make
payments  or  provide  benefits hereunder was wrongful or otherwise inconsistent
with  the terms of this Agreement, the Company shall indemnify and hold harmless
Executive from and against any and all expenses incurred in connection with such
determination,  including legal and other fees and expenses.  Without limitation
of  or  by  the  foregoing, the Company shall, within ten (10) days after notice
from  Executive,  provide  Executive with an irrevocable letter of credit in the
amount of $100,000 from a bank satisfactory to Executive against which Executive
may  draw  to  pay legal fees and other fees and expenses in connection with any
attempt  by  Executive  to enforce any of his rights under this Agreement during
the Extended Term.  Said letter of credit shall not expire before ten (10) years
following  the  date  of  this  Agreement.

     17.     Renewal.  If  the  Initial  Term  of this Agreement expires without
there  having  been  a Change in Control, this Agreement shall be renewed, as of
the  day  following such expiration, unless, during the period beginning 90 days
prior  and  ending  30  days  prior to such day, either the Company or Executive
shall  have  given  notice to the other that this Agreement will not be renewed.
If this Agreement is renewed as provided under this Paragraph, the new Agreement
shall  be  identical  to  this  Agreement  (except  insofar  as  the Company and
Executive  may  otherwise  agree  in  writing)  except  that the date of the new
Agreement shall be as of the day following the expiration of the Initial Term of
this  Agreement.

     18.     Successors.  This  Agreement shall be binding upon and inure to the
benefit  of the Executive (and his personal representative), the Company and any
successor  organization or organizations that shall succeed to substantially all
of  the  business  and  property  of  the  Company,  whether by means of merger,
consolidation,  acquisition of substantially all of the assets of the Company or
otherwise,  including  by  operation  of  law.

     19.     Set-off.  The  Company  shall  have  no  right  of  set-off  or
counterclaim in respect of any claim, debt or obligation against any payments or
benefits  provided  for  in  this  Agreement.

     20.     Amendments.  No Amendment to this Agreement shall be effective
unless in writing  and  signed  by  both  the  Company  and  Executive.

     21.     Governing  Law.  This  Agreement shall  be interpreted and enforced
in accordance  with  the  laws  of  the  State  of  Delaware.

     22.     Notices.  Unless  otherwise  stated  herein,  all notices hereunder
shall be in writing and shall be deemed to be given when personally delivered or
mailed by United States registered or certified mail, postage prepaid, to, if to
the  Company,  909  Silver  Lake  Boulevard,  Dover,  Delaware 19904, and, if to
Executive,  the  last  address  therefore  shown  on the records of the Company.
Either  the  Company  or  Executive  may,  by  notice to the other, designate an
address  other  than  the  foregoing  for  the  receipt  of  subsequent notices.

     23.     Withholding.  The  Company may withhold from any amounts payable to
Executive hereunder all federal, state, city or other taxes that the Company may
reasonably  determine are required to be withheld pursuant to any applicable law
or  regulation.

     24.     Nature  of  Payments  Upon  Termination.  All payments to Executive
pursuant  to  Paragraphs  8  and  9  of  this  Agreement  shall be considered as
liquidated  damages  or,  in  the case of certain payments pursuant to Paragraph
8(d), as severance payments in consideration of Executive's past services to the
Company,  and  no  such  payment  shall be regarded as a penalty to the Company.

     25.     Acknowledgment.  The  parties hereto each acknowledge that each has
read  this  Agreement  and  understands  the same and that each enters into this
Agreement  freely  and  voluntarily.

     IN  WITNESS  WHEREOF, the parties hereto have executed this Agreement as of
the  date  first  above  written.

                                CHESAPEAKE  UTILITIES  CORPORATION

[CORPORATE  SEAL]               By:     _______________________________
                                        Title:

ATTEST:

__________________________
Secretary                         EXECUTIVE

                                  ____________________________________
                                  _____________

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