Document:

exv10w1

Exhibit 10.1

STANDSTILL AGREEMENT

     STANDSTILL AGREEMENT (the “Agreement”), dated November 3, 2010, by and among Republic
Services, Inc., a Delaware corporation (the “Company”), Cascade Investment, L.L.C. (“Cascade”) and
the Bill & Melinda Gates Foundation Trust (the “Trust”).

     WHEREAS, Cascade holds 55,404,169 shares of Common Stock which may be deemed to be
beneficially owned by William H. Gates III as the sole member of Cascade, and the Trust
beneficially owns 1,350,000 shares of Common Stock, which may be deemed to be beneficially owned by
William H. Gates III and Melinda French Gates (collectively, “Gates”) as Co-Trustees of the Trust;

     WHEREAS, the parties hereto wish to provide for a constructive, orderly and mutually
beneficial relationship between themselves;

     WHEREAS, one or both of Cascade and the Trust propose to acquire Beneficial Ownership of
additional shares of Common Stock in one or more transactions from time to time, in open market
purchases, block transactions, privately negotiated transactions or otherwise, pursuant to which
each of Gates, Cascade, and the Trust may become an “interested stockholder” as defined in Section
203 of the General Corporation Law of the State of Delaware (the “DGCL”, and such future
transactions that collectively result in Gates, Cascade, and the Trust becoming interested
stockholders, the “Stock Purchases”);

     WHEREAS, Gates, Cascade, and the Trust generally would be subject to certain restrictions
under Section 203 of the DGCL if they should proceed with the Stock Purchases in the absence of the
prior approval thereof by the Board of Directors of the Company and Cascade and the Trust have
requested that the Company’s Board of Directors consider approving the Stock Purchases in
accordance with Section 203 of the DGCL and, in connection with obtaining such approval, Cascade
and the Trust have agreed to enter into this Agreement; and

     WHEREAS, the Board of Directors has approved the Stock Purchases to be made on or before
February 9, 2011, (the “203 Expiration Date”) in accordance with Section 203 of the DGCL.

     NOW, THEREFORE, the parties hereto agree as follows:

1. Certain Definitions.

     (a) “Acquisition Transaction” shall mean the acquisition or purchase of all or substantially
all of the consolidated assets or securities of, or any merger, consolidation or other form of
business combination with, the Company.

     (b) “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and

 

 

regulations of the Securities and Exchange Commission (the “Commission”) thereunder (the
“Exchange Act Rules”) as in effect on the date hereof (the term “registrant” in Rule 12b-2 meaning
in this case the Company, the Trust or Cascade, as the case may be); except that, for the purposes
of this Agreement, the Company and its subsidiaries shall not be deemed to be Affiliates of the
Trust or Cascade and the Trust and Cascade shall not be deemed to be an Affiliate of the Company
and its subsidiaries.

     (c) A Person shall be deemed the “Beneficial Owner” and have “Beneficial Ownership” of and
shall be deemed to “Beneficially Own” any securities:

     (i) which such Person or any of such Person’s Affiliates beneficially owns, directly or
indirectly, within the meaning of Rule 13d-3 under the Exchange Act Rules;

     (ii) which such Person or any of such Person’s Affiliates has (A) the right to acquire
(whether such right is exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or understanding (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public offering
of securities), or upon the exercise of conversion rights, exchange rights, rights, warrants or
options, or otherwise, or (B) the right to vote pursuant to any agreement, arrangement or
understanding; or

     (iii) which are beneficially owned, directly or indirectly, by any other Person with which
such Person or any of such Person’s Affiliates has any agreement, arrangement or understanding
(other than customary agreements with and between underwriters and selling group members with
respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting
or disposing of any such securities.

     (d) “Common Stock” shall mean the shares of common stock, $0.01 par value per share, of the
Company.

     (e) “Independent Investment Banker” shall mean a nationally recognized investment banking firm
selected by the affirmative vote of the Board of Directors of the Company.

     (f) “Permitted Acquisition Transaction” shall mean any Acquisition Transaction by any Person
available to all holders of shares of Common Stock (A) that is a tender offer (with a mandatory
clean-up or back-end merger at the same per share price and form of consideration) or (B) that
requires a stockholder vote and, in the case of each of clauses (A) and (B) above, satisfies the
following conditions:

          (1) it is recommended by the Board of Directors of the Company; and

          (2) the Board of Directors of the Company shall have received a written opinion of an
Independent Investment Banker that the consideration which the holders of shares of Common Stock
shall be entitled to receive in such Acquisition Transaction is fair to such stockholders from a
financial point of view.

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     (g) “Person” shall mean any individual, firm, corporation or other entity and shall include
any group comprised of any Person and any other Person with whom such Person or an Affiliate of
such Person has any agreement, arrangement or understanding, directly or indirectly, for the
purpose of acquiring, holding, voting or disposing of any securities.

     (h) “Standstill Period” shall mean a period of time beginning on the date of this Agreement
and ending on the date of termination of this Agreement.

2. Restrictions on Purchases.

     (a) During the Standstill Period, each of the Trust and Cascade agrees that it shall not, and
agrees that it shall cause its current and future subsidiaries and Affiliates (which shall include
Persons that it controls, is controlled by or is under common control with) not to (the Trust,
Cascade and such subsidiaries and Affiliates being referred to as the “Prohibited Persons”),
directly or indirectly, without the prior written approval of the Board of Directors of the
Company:

          (1) acquire, propose or agree to acquire, by purchase or otherwise, shares of Common Stock if
such acquisition would result in the Prohibited Persons collectively having Beneficial Ownership of
25% or more of the then outstanding shares of Common Stock (such percentage of the then outstanding
Common Stock, the “Percentage Limitation”) except (i) by way of stock dividends or other
distributions by the Company made available to holders of shares of Common Stock generally or (ii)
pursuant to a Permitted Acquisition Transaction;

          (2) form or join any “group” within the meaning of Section 13(d)(3) of the Exchange Act with
respect to shares of Common Stock other than a group, if any, consisting solely of Gates, the
Trust, Cascade and/or any of their subsidiaries;

          (3) deposit any shares of Common Stock in a voting trust or subject any shares of Common Stock
to any voting agreement or similar arrangement with respect to the voting of such shares of Common
Stock;

          (4) become a “participant” in any “solicitation” of “proxies” (as such terms are defined in
Regulation 14A under the Exchange Act) to vote or solicitation of written consents to action, or to
seek to influence any Person with respect to the voting of, any shares of Common Stock, except in
accordance with matters recommended by the Board of Directors of the Company; or

          (5) take any action, alone or in concert with any other Person or “group” within the meaning
of Section 13(d)(3) of the Exchange Act, to seek control of the Company or otherwise seek to
circumvent the limitations of the provisions of this Agreement. Without limiting the generality of
the foregoing and other than in compliance with this Agreement, each of the Trust and Cascade shall
not, and shall cause the Prohibited Persons not to, (i) present to the Company or to any third
party any proposal that can reasonably be expected to result in a change of control of the Company
or in any increase of the Prohibited Persons’ Beneficial Ownership beyond the Percentage
Limitation, (ii) publicly suggest or announce its willingness or

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desire to engage in a transaction or group of transactions or have another Person engage in a
transaction or group of transactions that would result in a change of control of the Company or in
any increase of the Prohibited Persons’ Beneficial Ownership beyond the Percentage Limitation, or
(iii) initiate, request, induce or attempt to induce or give encouragement to any other Person to
initiate any proposal that can reasonably be expected to result in a change of control of the
Company or in any increase of the Prohibited Persons’ Beneficial Ownership beyond the Percentage
Limitation.

     (b) Anything to the contrary contained in Section 2(a) notwithstanding:

          (1) for the avoidance of doubt, nothing in Section 2(a) shall apply to any portfolio company
of Gates, the Trust or Cascade with respect to which none of Gates, the Trust, or Cascade nor any
of their subsidiaries is the party exercising control over the decision to acquire or purchase or
otherwise obtain Beneficial Ownership of, or the voting of, shares of Common Stock, provided that
such portfolio company is not acting at the request or direction of Gates, the Trust, Cascade or
any of their subsidiaries;

          (2) there will not be a deemed violation of Section 2(a) if the Beneficial Ownership of then
outstanding shares of Common Stock by the Prohibited Persons exceeds the Percentage Limitation
solely as a result of an acquisition of shares of Common Stock by the Company or its subsidiaries
(including without limitation as a result of a redemption or repurchase by the Company of any
shares of Common Stock) that, by reducing the number of shares of Common Stock outstanding,
increases the proportionate number of shares of Common Stock Beneficially Owned by the Prohibited
Persons, provided that no Prohibited Person acquires Beneficial Ownership of additional Common
Stock in violation of Section 2(a) after Cascade and the Trust have been notified by the Company of
such acquisition of shares of Common Stock by the Company or its subsidiaries; and

          (3) nothing contained in Section 2(a) shall prevent any Prohibited Person from voting any
shares of Common Stock then Beneficially Owned by such Prohibited Person in any manner.

     (c) For purposes of determining compliance with this Section 2 and determining the number of
shares of Common Stock outstanding at any given time, the Trust and Cascade shall be entitled to
rely without independent investigation upon the most recent publicly available Form 10-K, Form 10-Q
or Form 8-K (or any successor form) of the Company filed with the Commission reporting the number
of shares of Common Stock then issued and outstanding.

3. Representations.

     (a) The Company represents and warrants to each of the Trust and Cascade that:

          (1) The Company has the requisite corporate power to enter into, deliver and perform its
obligations under this Agreement. The execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized by all requisite
corporate action on its part. This Agreement has been duly and

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validly executed and delivered by the Company and constitutes a valid and binding obligation
of the Company enforceable against the Company in accordance with its terms; and

          (2) The execution and delivery of this Agreement by the Trust and Cascade and the Stock
Purchases in accordance with this Agreement will not violate, result in the breach or modification
of, conflict with, constitute a default or result in an acceleration of any obligation under,
result in the imposition of any encumbrance pursuant to, or affect the validity or effectiveness
of, (A) the Certificate of Incorporation of the Company, as amended, or Bylaws of the Company, as
amended, (B) Section 203 of the DGCL or (C) any contract, permit, order or other law applicable to
the Company, except (as to clause (C) only) for any violation, breach, modification, conflict,
default, acceleration, encumbrance or effect which would not have a material adverse effect on the
Company and its subsidiaries taken as a whole.

     (b) Each of the Trust and Cascade severally and not jointly represent and warrant to the
Company that:

          (1) It has the power to enter into, deliver and perform its respective obligations under this
Agreement. This Agreement has been duly and validly executed and delivered by it and constitutes
a valid and binding obligation of each of it enforceable against it in accordance with its terms;
and

          (2) The execution and delivery of this Agreement by it and the Stock Purchases in accordance
with this Agreement will not violate, result in the breach or modification of, conflict with,
constitute a default or result in an acceleration of any obligation under, result in the imposition
of any encumbrance pursuant to, or affect the validity or effectiveness of, any organizational
documents of, or any contract, permit, federal law or order applicable to, it except for any
violation, breach, modification, conflict, default, acceleration, encumbrance or effect which would
not have a material adverse effect on it.

4. Specific Enforcement. Each of the Company, the Trust and Cascade, acknowledge and
agree that each would be irreparably harmed and would have no adequate remedy at law if any of the
provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. Accordingly, it is agreed that, in addition to any other remedies which may be
available, the parties shall be entitled to obtain temporary and permanent injunctive relief with
respect to any breach or threatened breach of, or otherwise obtain specific performance of, the
covenants and other agreements contained in this Agreement.

5. Governing Jurisdiction. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the Delaware Chancery Court and any state appellate court therefrom, or if such
court shall not have jurisdiction, any federal or other state court of the State of Delaware, for
the purpose of any action or proceeding arising out of or relating to this Agreement and each of
the parties hereto hereby irrevocably agrees that all claims in respect to such action or
proceeding may be heard and determined exclusively in any such court. Each party hereto agrees
that a final judgment in any action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable law. Each
party hereto irrevocably consents to the service of the summons and complaint and any other

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process in any other action or proceeding relating to the transactions contemplated by this
Agreement, on behalf of itself or its property, by personal delivery of copies of such process to
such party. Nothing in this Section 5 shall affect the right of any party to serve legal process in
any other manner permitted by applicable law.

6. Miscellaneous.

     (a) Expenses. Each party shall bear the expenses of its attorneys, investment
advisors or other costs it has incurred.

     (b) Entire Agreement; Amendments. This Agreement, together with the Resolutions of
the Board of Directors of the Company approving this Standstill Agreement and the related purchase
of Common Stock by one or both of Cascade and the Trust, embody the entire agreement between the
parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral or written, with respect thereto. This Agreement may be changed only by an
agreement in writing signed by the party against whom any waiver, change, amendment, modification
or discharge may be sought and in the case of the Company only upon the approval of a majority of
the Board of Directors.

     (c) Termination. This Agreement will remain in full force and effect until the
earliest to occur of the following (as a result of which this Agreement shall immediately terminate
and cease to be in full force and effect): (i) termination by the written agreement of each of the
Company, the Trust and Cascade; (ii) upon written notice by the Trust and Cascade to the Company,
any time after a third party other than the Trust or Cascade or any of their respective
subsidiaries or Affiliates (A) commences (for the purposes of Rule 14d-2 under the Exchange Act
Rules) a tender offer or exchange offer for at least 50% of the outstanding shares of Common Stock;
or (B) enters into a definitive agreement with the Company contemplating the acquisition (by way of
merger, tender offer, consolidation, business combination or otherwise) of at least 50% of the
outstanding shares of Common Stock or all or any material portion of the consolidated assets of the
Company; (iii) upon written notice by the Trust and Cascade to the Company, any time after the
Trust and Cascade in the aggregate have acquired Beneficial Ownership of 15% or more of the
outstanding shares of Common Stock but thereafter have disposed of shares of Common Stock such that
their aggregate Beneficial Ownership at such time is less than 15% of the then outstanding shares
of Common Stock; (iv) the third anniversary of the date hereof; or (v) on the 203 Expiration Date,
if Cascade and the Trust are not as of the 203 Expiration Date the Beneficial Owners in the
aggregate of 15% or more of the outstanding shares of Common Stock.

     (d) Headings. The section headings are for convenience only and shall not affect the
construction of any provision of this Agreement. When a reference is made in this Agreement to a
Section, such reference shall be to a Section of this Agreement, unless otherwise indicated.

     (e) Counterparts. This Agreement may be executed by the parties hereto in
counterparts, and each such executed counterpart shall be an original instrument and all of such
counterparts together shall be deemed to be one and the same instrument.

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     (f) Notices. All notices, requests, service of process and other communications
hereunder shall be validly given, made or served, upon delivery, if in writing and delivered
personally, by telex (except for service of process) or sent by registered mail (except for
service of process), postage prepaid, to the parties at the following addresses (or at such other
address as shall be specified by like notice):

if to the Company:

Republic Services, Inc.

18500 N. Allied Way

Phoenix, AZ 85054

Attention: General Counsel

Facsimile: (480) 627-2703

with a copy to:

Mayer Brown

71 South Wacker Drive

Chicago, Illinois 60606

Attention: Jodi Simala

Facsimile: (312) 701-8436

if to Cascade:

Cascade Investment, L.L.C.

2365 Carillon Point

Kirkland, Washington 98033

Attention: General Counsel

Facsimile: (425) 803-0459

if to the Trust:

Bill & Melinda Gates Foundation Trust

2365 Carillon Point

Kirkland, Washington 98033

Attention: General Counsel

Facsimile: (425) 803-0459

     (g) Governing Law. This Agreement shall be governed by the laws of the State of
Delaware without giving effect to the principles of conflicts of law thereof.

     (h) Successors. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.

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     (i) Waiver. No failure or delay on the part of any party in the exercise of any
power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further exercise of any
other power, right or privilege. All rights and remedies existing under this Agreement are
cumulative to, and not exclusive of, any rights or remedies otherwise available.

     (j) Severability. 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
and provisions or affecting the validity or enforceability of any of the terms or provisions of
this Agreement in any other jurisdiction, and the parties agree to negotiate in good faith an
amendment to this Agreement to cure any such invalidity or unenforceability in a manner designed to
most closely effect the purpose of such term or provision.

     (k) Further Assurances. At the request of either party hereto, the other party hereto
shall execute and deliver to such party such documents and instruments as may be reasonably
necessary to implement or evidence the foregoing.

     (l) Business Days. Any action which is required to be taken hereunder shall be taken
on a business day and where the date required for any action hereunder does not fall on a business
day, such action shall be taken on the next calendar day which is a business day.

[Signature Page to Follow]

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

REPUBLIC SERVICES, INC.

	 	 	 	 	 
	By:

	 	/s/ Michael Rissman	 	 
	 

	 	 	 	 
	Name:

	 	Michael Rissman	 	 
	Title:

	 	Executive Vice President
	 	 

CASCADE INVESTMENT, L.L.C.

	 	 	 	 	 
	By:

	 	/s/ Michael Larson
	 	 
	 

	 	 	 	 
	Name:

	 	Michael Larson	 	 
	Title:

	 	Business Manager	 	 

BILL & MELINDA GATES FOUNDATION TRUST

	 	 	 	 	 
	By:

	 	/s/ Michael Larson
	 	 
	 

	 	 	 	 
	Name:

	 	Michael Larson	 	 
	Title:

	 	Authorized RepresentativeExhibit 10.1

Exhibit 10.1

First Amendment to the

CHESAPEAKE UTILITIES CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT SAVINGS PLAN

As Amended and Restated as of January 1, 2009

 

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First Amendment to the Chesapeake Utilities Corporation Supplemental 
Executive Retirement Savings Plan

Background Information

	A.	 	The Plan was amended and restated effective as of January 1, 2009, to comply with the requirements of Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”). From and after January 1, 2005 through
December 31, 2008, the Plan was subject to and operated in accordance with a good faith interpretation of Code
Section 409A, including the use of any applicable transition rules in effect during such period.

	B.	 	The Internal Revenue Service, in Notice 2010-6, provided guidance regarding document drafting failures and
ambiguities that may be corrected or clarified without adverse tax implications.

	C.	 	Chesapeake Utilities Corporation, as the Plan’s sponsor, desires to make certain clarifying amendments to the
Plan to ensure its interpretation and operation continue in accordance with the requirements of Code Section 409A,
as permitted by Section IV of Notice 2010-6.

	D.	 	In addition, Chesapeake Utilities Corporation also desires to amend the Plan to provide certain additional
benefits to an executive of an affiliate in accordance with the terms set forth in this amendment.

Amendment

Chesapeake Utilities Corporation hereby amends the Plan as set forth below, effective as of January 1, 2009, or
such other date as set forth herein:

	1.	 	Subsection 2.01(l) of the Plan, “Eligible Employee,” is hereby amended effective as of January 1, 2010, to read
as follows:

“‘Eligible Employee’ means an employee of the Company or one of its Affiliates who is designated by the
Compensation Committee, in its sole discretion, to be eligible to participate in the Plan and who is among a
select group of management or highly compensated employees (within the meaning of Sections 201(2), 301(a)(3)
and 401(a)(1) of ERISA).”

	2.	 	Subsection (a) of Section 3.03 of the Plan, “Form and Time of Payment,” is hereby revised to read as follows in
order to reflect within the Plan document the administrative practice set forth in Plan election forms of offering
Participants the option of electing that payment be made in a single lump sum or in annual installments over a
period of either five or ten years:

 

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“General. Except as provided in Sections 5.03, 5.04, 5.05 and 5.06, an amount deferred under this
Section 3 shall be paid, or commence to be paid, in a lump sum or in annual installments over a period of five or ten years as of the Valuation Date coincident with or next following
Separation from Service or the date elected by the Participant. A Participant may elect a different form or
time of payment for his 409A Amounts from the time or form of payment for his Grandfathered Amounts, if any.
If, however, the Participant elects to receive payment upon Separation from Service, no amount shall be
distributed earlier than six months after the Valuation Date coincident with or next following the
Participant’s Separation from Service. A Participant may receive payment of the amounts credited to his
Account upon his Separation from Service, or due to death, Disability, a Change in Control or upon a fixed
date elected by the Participant. A Participant may also elect to receive payment of the amounts credited to
his Account as of the earlier or later of a fixed date or Separation from Service or of two fixed dates. The
Committee may also permit a Participant to make a different election as to the time and form of distribution
of the amounts deferred and credited to his Account in a particular Plan Year from the amounts deferred and
credited to his Account in any other Plan Year, or may require that only one time and form of payment applies
to a Participant’s entire Account. A Participant may also elect a different time and form of payment to apply
to different permitted payment events, to the extent permitted by the Committee and Code Section 409A. In
the event a Participant fails to make a payment election, the default form of payment shall be a lump sum and
the default time of payment shall be six months after the Valuation Date coincident with or next following the
Participant’s Separation from Service. Elections regarding the time and form of payment must be made by or
before the election filing deadlines under Section 3.02.”

	3.	 	Section 4.03 of the Plan, “Employer Match Subaccount,” is hereby amended effective as of January 1, 2010, to add
the following new paragraph at the end thereof:

“In addition, the Company or any Affiliate may also credit the Employer Match Subaccount of some or all
Eligible Employees or Participants with an optional employer contribution in any Plan Year, in its sole
discretion (a “Discretionary Contribution”). The Discretionary Contribution will be made and allocated for a
Plan Year on the basis determined by the Compensation Committee of the Company or the Board of Directors of an
Affiliate, as applicable, and need not be made as a matching contribution relative to Salary Reduction
Contributions of such Eligible Employee or Participant. If such a Discretionary Contribution is to be made to
the Employer Match Subaccount of an employee who has not previously been designated as an Eligible Employee
under the Plan, such employee shall become an Eligible Employee and a Participant effective as of the date
that the Compensation Committee or Board of Directors of an Affiliate selects the employee to receive the
Discretionary Contribution, and shall have a period of no more than 30 days after such date to make an initial
election of the time and form of payment of the Discretionary Contribution to be credited to such
Participant’s Account under the Plan for the initial Plan Year. An employee designated as an Eligible
Employee for the purpose of receiving a Discretionary Contribution need not, but may, be designated as an
Eligible Employee to make Salary Reduction Contributions and to receive Matching Contributions hereunder in
addition to the Discretionary Contribution. A Participant may also elect a different time and form of payment
to apply to the Discretionary Contribution made for each Plan Year, provided such election is made on or before the end of the prior Plan Year. If no election of a time and form of payment is made for one or
more Discretionary Contributions, such amounts shall be distributable in a single lump sum six months after
the Valuation Date coincident with or next following the Participant’s Separation from Service.”

 

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	4.	 	Subsection (c) of Section 5.02 of the Plan, “Installment Payments,” is hereby revised to read as follows in order
to reflect the fact that Participants make separate payment elections for each year’s deferrals, if any, and that
only a portion of any Plan subaccount may be payable in accordance with an installment payment election:

“Installment Payments. If the Participant receives installment payments, the amount of the first
installment shall be equal to the value of the portion of the Participant’s Account payable in installments,
determined as of the Valuation Date as of which the installment payments commence (the “applicable Valuation
Date”), divided by five (if five installments are elected) or ten (if ten installments are elected). The
amount of each succeeding installment shall be equal to the value of the portion of the Participant’s Account
payable in installments on the next succeeding anniversary of the applicable Valuation Date, divided by the
remaining number of installments to be paid.”

	3.	 	Section 5.06 of the Plan, “Change in Control,” is hereby amended by the deletion of the phrase “and subject to
obtaining written consent from affected Participants pursuant to Section 8”.

	4.	 	Section 8.01 of the Plan, “By the Compensation Committee,” is hereby amended by the addition of the following
sentence at the end thereof: “The suspension or termination of the Plan shall not accelerate the obligation to
make payments to any person not otherwise currently entitled to payments under the Plan, unless specifically
determined by the Compensation Committee and permitted by applicable law, including but not limited to Code
Section 409A.”

	6.	 	Section 9.04 of the Plan, “Required Information,” is hereby amended by the addition of the following sentence at
the end thereof: “Notwithstanding the foregoing, the failure to provide any requested information or proof shall
not delay any payment under the Plan, unless specifically permitted by applicable law, including but not limited
to Code Section 409A.”

	 	 	 	 
	 	CHESAPEAKE UTILITIES CORPORATION
	 
	 	By:	 	 
	 	 	 
	 
	 	Its:	 	 
	 	 	 
	 
	 	Date:	 	 
	 	 	 

 

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