Document:

exv10w3

 

Exhibit 10.3

COMMITMENT INCREASE AGREEMENT

     This Commitment Increase Agreement (this “Agreement”) is dated as of the Effective
Date set forth below and is entered into by and among Fifth Third Bank (the “Increasing
Lender”), Ferrellgas, L.P. (“Borrower”), Ferrellgas, Inc. and Bank of America, N.A., as
Administrative Agent. Capitalized terms used but not defined herein shall have the meanings given
to them in the Fifth Amended and Restated Credit Agreement identified below (the “Credit
Agreement”).

     Increasing Lender hereby agrees to increase its Commitment to the amount set forth below (the
“Increased Commitment”), subject to and in accordance with the Credit Agreement, as of the
Effective Date as specified below. Increasing Lender shall have all of the rights and obligations
of a Lender under the Credit Agreement, the Guarantees of the Obligations and any other documents
or instruments delivered pursuant thereto, to the extent related to the Increased Commitment
(including, without limitation, rights and obligations with respect to Committed Loans, Swing Line
Loans and Letters of Credit).

     1. Increasing Lender: Fifth Third Bank

     2. Borrower: Ferrellgas, L.P.

     3. Administrative Agent: Bank of America, N.A., as the administrative agent under the
Credit Agreement

     4. Credit Agreement: The Fifth Amended and Restated Credit Agreement, dated as of
April 22, 2005, among Ferrellgas, L.P., as Borrower, Ferrellgas, Inc., as the General Partner of
Borrower, the Lenders parties thereto, and Bank of America, N.A., as Administrative Agent.

     5. New Commitment:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Commitments	 	Aggregate Commitments	 	Pro Rata Share of
	Commitment of Increasing	 	of all Lenders Prior to	 	of all Lenders Including	 	Increasing Lender
	Lender	 	Increased Commitment	 	Increased Commitment	 	Commitment
	$22,500,000
	 	$	365,000,000	 	 	$	375,000,000	 	 	 	6.000000000	%

     6. Lending Office. The Lending Office of Increasing Lender is at the address set
forth below:

640 Pasquinelli Drive

3rd Floor MD G25461

Westmont, IL 60559

     7. Effective Date: August 18, 2006

 

 

     8. General Provisions. This Agreement shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and assigns. This Agreement may be executed
in any number of counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement. This Agreement shall be governed
by, and construed in accordance with, the law of the State of New York.

[Signature page follows.]

 

 

     The terms set forth in this Agreement are hereby agreed to as of the Effective Date set forth
above.

	 	 	 	 	 
	 	 	INCREASING LENDER
	 
	 	 	 	 
	 	 	FIFTH THIRD BANK
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	FERRELLGAS, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	Ferrellgas, Inc., as its General Partner
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Kevin T. Kelly, Senior Vice President
	 

	 	 	 	and Chief Financial Officer
	 
	 	 	 	 
	 	 	FERRELLGAS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Kevin T. Kelly, Senior Vice President
	 

	 	 	 	and Chief Financial Officer
	 
	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Administrative Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as a Lender, L/C
	 

	 	Issuer
	 	and Swing Line Lender
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

 

 

BNP PARIBAS hereby consents to Fifth Third Bank as Increasing Lender under the Credit Agreement as
defined in the foregoing Agreement

	 	 	 	 	 
	 	 	BNP PARIBAS, as an L/C Issuer
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:exv10w6

 

Exhibit 10.6

AMENDMENT NO. 2 TO AMENDED AND RESTATED RECEIVABLE INTEREST

SALE AGREEMENT

          THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED RECEIVABLE INTEREST SALE AGREEMENT, dated as of August
16, 2006 (this “Amendment”), is entered into by Ferrellgas, L.P., a Delaware limited partnership
(“Originator”), and Ferrellgas Receivables, LLC, a
Delaware limited liability company (“Buyer”),
and pertains to the Amended and Restated Receivables Interest Sale Agreement dated as of June 7,
2005 between Originator and Buyer (as heretofore amended, the
“Existing Agreement”). The Existing
Agreement, as amended hereby, is hereinafter referred to as the “Agreement.” Unless defined
elsewhere herein, capitalized terms used in this Amendment shall have the meanings assigned to such
terms in Exhibit I to the Existing Agreement.

W I T N E S S E T H :

          WHEREAS, the parties hereto desire to amend the Existing Agreement as hereinafter set
forth; and

          WHEREAS, the Agent, on behalf of the Purchasers, is willing to consent to such
amendment;

          NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein
contained and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

          1. Amendments.

          (a) All references in the Existing Agreement to “Jupiter Securitization Corporation” are hereby
replaced with “Jupiter Securitization Company, LLC”.

          (b) The definition of “Pool Receivables” in Exhibit I to the Existing Agreement is hereby amended
and restated in its entirety to read as follows:

    “Pool Receivables” means, collectively, all Eligible Receivables existing on the
Initial Computation Date and all Eligible Receivables arising after the Initial Computation
Date through and including the Termination Date, and “Pool Receivable” means any such
Eligible Receivable individually. For the avoidance of doubt, a Receivable shall cease to
be a Pool Receivable if on any day prior to the Termination Date, such Receivable ceases to
be an Eligible Receivable, but shall continue to be a Pool Receivable if it ceases to be an
Eligible Receivable on or after the Termination Date. For purposes of calculating the
amount of all “Pool Receivables” at any time, such amount shall be the Outstanding Balance
of all such Pool Receivables minus (a) $11,000,000 during the months of August and
September, (b) $9,000,000 during the months of May, June, July, October and November, (c)
$3,000,000 during the month of December or (d) $1,000,000, at any other time.

 

 

          2. Representations and Warranties. In order to induce the other parties hereto to enter
into this Amendment, each of the Buyer and the Originator hereby represents and warrants to each of
the other parties hereto as follows:

   (a) The execution and delivery by such party of this Amendment, and the performance of
its obligations under the Agreement and the Subordinated Note, are within such party’s
organizational powers and authority and have been duly authorized by all necessary
organizational action on its part;

   (b) This Amendment has been duly executed and delivered by such party, and the
Agreement and, in the case of the Buyer, the Subordinated Note, constitute such party’s
legal, valid and binding obligations, enforceable against such party in accordance with its
terms, except as such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws relating to or limiting creditors’ rights generally and
by general principles of equity (regardless of whether enforcement is sought in a proceeding
in equity or at law), and

   (c) As of the date hereof, no event has occurred and is continuing that will constitute
a Termination Event or a Potential Termination Event.

          3. Conditions Precedent. This Amendment shall become effective as of the date first above
written upon execution by the Originator, the Buyer and the Agent of counterparts hereof and
delivery of such executed counterparts to the Agent.

          4. Miscellaneous.

          (a) CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF TEXAS.

          (b) 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 when taken together shall constitute one and the same agreement.

          (c) Ratification of Agreement. Except as expressly amended hereby, the Agreement and the
Subordinated Note remain unaltered and in full force and effect and is hereby ratified and
confirmed.

<
Signature pages follow>

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by
their duly authorized officers as of the date hereof.

FERRELLGAS, L.P.

By: Ferrellgas, Inc., its General Partner

	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 
	 
	 	 	 	 
	FERRELLGAS RECEIVABLES, LLC
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

3

 

By its signature below, the Agent, on behalf of the Purchasers, hereby consents to the foregoing
Amendment as of the date first above written:

JPMORGAN CHASE BANK, N.A., as Agent

	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:
	 	 	 	 

4exv10w23

 

Exhibit 10.23

CHANGE IN CONTROL AGREEMENT

          THIS AGREEMENT (“Agreement”), made and entered into this 9th day of October, 2006 (the
“Effective Date”), by and between Ferrellgas, Inc. (the “Company”) and Stephen L. Wambold (the
“Executive”);

WITNESSETH THAT:

          WHEREAS, the Company wishes to assure itself of the continuity of the Executive’s service in
the event of a Change in Control (as defined below); and

          WHEREAS, the Company and the Executive accordingly desire to enter into this Agreement on the
terms and conditions set forth below;

          NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, IT IS
HEREBY AGREED by and between the parties as follows:

          1. Agreement Term. The “Agreement Term” shall begin on the Effective Date and shall
continue through December 31, 2007, subject to the following:

	(a)	 	As of December 31, 2007, and on each December 31 thereafter, the Agreement Term shall
automatically be extended for one additional year unless, not later than the preceding June
30, either party shall have given notice that such party does not wish to extend the Agreement
Term.
	 
	(b)	 	If a Change in Control occurs during the Agreement Term (as it may be extended from time to
time), the Agreement Term shall continue for a period of twenty-four calendar months beyond
the calendar month in which such Change in Control occurs and, following an extension in
accordance with this subparagraph (b), no further extensions shall occur under subparagraph
1(a).

          2. Certain Definitions. In addition to terms otherwise defined herein, the following
capitalized terms used in this Agreement shall have the meanings specified:

	(a)	 	Cause. The term “Cause” shall mean:

	 	(i)	 	the willful and continued failure by the Executive to substantially perform
his duties for the Company (other than any such failure resulting from the Executive’s
being disabled) within a reasonable period of time after a written demand for
substantial performance is delivered to the Executive by the Board of Directors of the
Company (the “Board”), which demand specifically identifies the

 

 

	 	 	 	manner in which the Board believes that the Executive has not substantially
performed his duties;
	 
	 	(ii)	 	the willful engaging by the Executive in conduct which is demonstrably and
materially injurious to the Company, monetarily or otherwise; or
	 
	 	(iii)	 	the engaging by the Executive in egregious misconduct involving serious
moral turpitude to the extent that, in the reasonable judgment of the Board, the
Executive’s credibility and reputation no longer conform to the standard of the
Company’s executives.

	 	 	For purposes of this Agreement, no act, or failure to act, on the Executive’s part shall be
deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and
without reasonable belief that the Executive’s action or omission was in the best interest
of the Company.
	 
	(b)	 	Change in Control. The term “Change in Control” shall mean any of the following that
occur after the Effective Date:

	 	(i)	 	any merger or consolidation of Ferrell Companies, Inc. in which such entity
is not the survivor;
	 
	 	(ii)	 	any sale of all or substantially all of the common stock of Ferrell
Companies, Inc. by the Employee Stock Ownership Trust;
	 
	 	(iii)	 	a sale of all or substantially all of the common stock of Ferrellgas, Inc.;
	 
	 	(iv)	 	a replacement of the Company as the General Partner of Ferrellgas Partners,
L.P.; or
	 
	 	(v)	 	a public sale of at least 51 percent of Ferrell Companies, Inc. equity.

	(c)	 	COBRA. The term “COBRA” means continuing group health coverage required by section
4980B of the Code or sections 601 et. seq. of the Employee Retirement Income
Security Act of 1974, as amended.
	 
	(d)	 	Code. The term “Code” means the Internal Revenue Code of 1986, as amended.
	 
	(e)	 	Covered Termination. The Executive will incur a “Covered Termination” upon his
Termination Date if the Termination Date occurs (i) during the Agreement Term, (ii) upon or
following a Change in Control, and (iii) on account of termination of employment by the
Executive for Good Reason or by Company for reasons other than for Cause.

2

 

	(f)	 	Good Reason. The term “Good Reason” shall mean:

	 	(a)	 	The relocation of the Executive’s principal office location to a location
which is more than 50 highway miles from the location of the Executive’s principal
office location immediately prior to the Change in Control; or
	 
	 	(b)	 	A reduction in excess of 10% in the Executives’ base salary and target
incentive potential as compared to his base salary and target incentive in effect
immediately prior to the Change in Control.

	(g)	 	Termination Date. The term “Termination Date” means the date on which the
Executive’s employment with the Company and its affiliates terminates for any reason,
including voluntary resignation. If the Executive becomes employed by the entity into which
the Company merged, or the purchaser of substantially all of the assets of the Company, or a
successor to such entity or purchaser, the Executive’s Termination Date shall not be treated
as having occurred for purposes of this Agreement until such time as the Executive terminates
employment with the successor and its affiliates (including, without limitation, the merged
entity or purchaser). If the Executive is transferred to employment with an affiliate
(including a successor to the Company, and regardless of whether before, on, or after a Change
in Control), such transfer shall not constitute the Executive’s Termination Date for purposes
of this Agreement.

          3. Payments and Benefits. If a Covered Termination occurs, the Executive shall be
entitled to the following payments and benefits, conditioned upon the Executive signing an
Agreement and Release:

	(a)	 	The Executive will be entitled to a payment equal to two times the Executive’s annual base
salary in effect immediately prior to the Change in Control;
	 
	(b)	 	The Executive will be entitled to a payment equal to two times the Executive’s target bonus,
at his target bonus rate in effect immediately prior to the Change in Control; and
	 
	(c)	 	For the two year period following the Termination Date, the Executive shall be entitled to
receive reimbursement (grossed-up for taxes) for group medical coverage for himself and his
dependents which is not materially less favorable to the Executive than the group medical
coverage which was provided by the Company to the Executive immediately prior to the Change in
Control. The coverage provided pursuant to this subparagraph (c) shall be part of, and not in
addition to, any coverage to which the Executive (or his dependents) are entitled to receive
pursuant to COBRA.

Payments pursuant to subparagraphs (a) and (b) next above shall be made in substantially equal
monthly installments beginning with the month following the

3

 

month in which the Termination Date occurs; provided, however, that, to the extent required by
section 409A of the Code, payments for the six month period beginning on the Termination Date shall
be made in a lump sum on the date that is six months and one day after the Termination Date.

          4. Mitigation. The Executive shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise. None of the
Company or any of its affiliates shall be entitled to set off against the amounts payable to the
Executive under this Agreement any amounts owed to the Company or any of its affiliates by the
Executive, any amounts earned by the Executive in other employment after his Termination Date, or
any amounts which might have been earned by the Executive in other employment had he sought such
other employment.

          5. Tax Payments. If:

	(a)	 	any payment or benefit to which the Executive is entitled from the Company, any affiliate, or
trusts established by the Company or by any affiliate (the “Payments,” which shall include,
without limitation, the vesting of an option or other non-cash benefit or property) are
subject to the tax imposed by section 4999 of the Internal Revenue Code of 1986 or any
successor provision to that section; and
	 
	(b)	 	reduction of the Payments to the amount necessary to avoid the application of such tax would
result in the Executive retaining an amount that is greater than the amount he would retain if
the Payments were made without such reduction but after the reduction for the amount of the
tax imposed by section 4999;

then the Payments shall be reduced to the extent required to avoid application of the tax imposed
by section 4999. The Executive shall be entitled to select the order in which payments are to be
reduced in accordance with the preceding sentence. Determination of whether Payments would result
in the application of the tax imposed by section 4999, and the amount of reduction that is
necessary so that no such tax would be applied, shall be made, at the Company’s expense, by the
independent accounting firm employed by the Company immediately prior to the occurrence of the
Change in Control.

          6. Other Benefits. Except as may be otherwise specifically provided in an amendment
of this Agreement adopted in accordance with paragraph 10, in the event of a Covered Termination,
the Executive shall not be eligible to receive any benefits that may be otherwise payable to or on
behalf of the Executive pursuant to the terms of any severance pay arrangement of the Company (or
any affiliate of the Company), including any arrangement of the Company (or any affiliate of the
Company) providing benefits upon involuntary termination of employment.

4

 

          7. Withholding. All payments to the Executive under this Agreement will be subject to
all applicable withholding of applicable taxes.

          8. Assistance with Claims. The Executive agrees that, for the period beginning on the
Effective Date, and continuing for a reasonable period after the Executive’s Termination Date, the
Executive will assist the Company and its affiliates in defense of any claims that may be made
against the Company or its affiliates and will assist the Company and its affiliates in the
prosecution of any claims that may be made by the Company or its affiliates, to the extent that
such claims may relate to services performed by the Executive for the Company or its affiliates.
The Executive agrees to promptly inform the Company if he becomes aware of any lawsuits involving
such claims that may be filed against the Company or its affiliates. The Company agrees to provide
legal counsel to the Executive in connection with such assistance (to the extent legally
permitted), and to reimburse the Executive for all of his reasonable out-of-pocket expenses
associated with such assistance, including travel expenses. For periods after the Executive’s
employment with the Company terminates, the Company agrees to provide reasonable compensation to
the Executive for such assistance. The Executive also agrees to promptly inform the Company if he
is asked to assist in any investigation of the Company or its affiliates (or their actions) that
may relate to services performed by the Executive for the Company or its affiliates, regardless of
whether a lawsuit has then been filed against the Company or its affiliates with respect to such
investigation.

          9. Nonalienation. The interests of the Executive under this Agreement are not subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors of the Executive or the Executive’s beneficiary.

          10. Amendment. This Agreement may be amended or canceled only by mutual agreement of
the parties in writing without the consent of any other person. So long as the Executive lives, no
person, other than the parties hereto, shall have any rights under or interest in this Agreement or
the subject matter hereof. Without limiting the generality of the foregoing, it is the intent of
the parties that all payments hereunder comply with the requirements of section 409A of the Code
and applicable guidance issued thereunder and, to the extent applicable, this Agreement shall be
amended as the parties deem necessary or appropriate to comply with the requirements of section
409A and applicable guidance issued thereunder in a manner that preserves to the extent possible
the intended benefits of this Agreement for the parties.

          11. Applicable Law. The provisions of this Agreement shall be construed in accordance
with the laws of the State of Kansas, without regard to the conflict of law provisions of any
state.

          12. Severability. The invalidity or unenforceability of any provision of this
Agreement will not affect the validity or enforceability of any other provision

5

 

of this Agreement, and this Agreement will be construed as if such invalid or unenforceable
provision were omitted (but only to the extent that such provision cannot be appropriately reformed
or modified).

          13. Obligation of Company. Except as otherwise specifically provided in this
Agreement, nothing in this Agreement shall be construed to affect the Company’s right to modify the
Executive’s position or duties, compensation, or other terms of employment, or to terminate the
Executive’s employment. Nothing in this Agreement shall be construed to require the Company or any
other person to take steps or not take steps (including, without limitation, the giving or
withholding of consents) that would result in a Change in Control.

          14. Waiver of Breach. No waiver by any party hereto of a breach of any provision of
this Agreement by any other party, or of compliance with any condition or provision of this
Agreement to be performed by such other party, will operate or be construed as a waiver of any
subsequent breach by such other party of any similar or dissimilar provisions and conditions at the
same or any prior or subsequent time. The failure of any party hereto to take any action by reason
of such breach will not deprive such party of the right to take action at any time while such
breach continues.

          15. Successors, Assumption of Contract. This Agreement is personal to the Executive
and may not be assigned by the Executive without the written consent of the Company. However, to
the extent that rights or benefits under this Agreement otherwise survive the Executive’s death,
the Executive’s heirs and estate shall succeed to such rights and benefits pursuant to the
Executive’s will or the laws of descent and distribution; provided that the Executive shall have
the right at any time and from time to time, by notice delivered to the Company, to designate or to
change the beneficiary or beneficiaries with respect to such benefits. This Agreement shall be
binding upon and inure to the benefit of the Company and any successor of the Company, subject to
the following:

	(a)	 	The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the
Company to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such succession had taken
place.
	 
	(b)	 	After a successor assumes this Agreement in accordance with this paragraph 15, only such
successor shall be liable for amounts payable after such assumption, and no other companies
(including, without limitation, the Company and any other predecessors) shall have liability
for amounts payable after such assumption.
	 
	(c)	 	Notwithstanding the foregoing provisions of this paragraph 15, if the successor is required
to assume the obligations of this Agreement under

6

 

	 	 	subparagraph (a), and fails to execute and deliver to the Executive a written
acknowledgment of the assumption upon the Change in Control or, if later, promptly
following demand by the Executive for execution and deliver of such an acknowledgment, then
the successor shall not be substituted as the Company, the Executive shall be entitled to
payments and benefits as provided under paragraph 3, and if the Executive is then employed
by the Company (or successor), the Executive’s employment shall be deemed to have been
terminated by the Company under circumstances described in clause 4(I), and the Executive
shall not be required to perform services under this Agreement after such deemed
termination.

          16. Notices. Notices and all other communications provided for in this Agreement
shall be in writing and shall be delivered personally or sent by registered or certified mail,
return receipt requested, postage prepaid (provided that international mail shall be sent via
overnight or two-day delivery), or sent by facsimile or prepaid overnight courier to the parties at
the addresses set forth below. Such notices, demands, claims and other communications shall be
deemed given:

	(a)	 	in the case of delivery by overnight service with guaranteed next day delivery, the next day
or the day designated for delivery;
	 
	(b)	 	in the case of certified or registered U.S. mail, five days after deposit in the U.S. mail;
or
	 
	(c)	 	in the case of facsimile, the date upon which the transmitting party received confirmation of
receipt by facsimile, telephone or otherwise;

provided, however, that in no event shall any such communications be deemed to be given later than
the date they are actually received. Communications that are to be delivered by the U.S. mail or
by overnight service or two-day delivery service are to be delivered to the addresses set forth
below:

to the Company:

Gene Caresia

Vice President, Human Resources

7500 College Blvd, Suite 1000

Overland Park, Kansas 66210

or to the Executive:

[address to be inserted]

Each party, by written notice furnished to the other party, may modify the applicable delivery
address, except that notice of change of address shall be effective only upon receipt.

7

 

          17. Arbitration of All Disputes. Any controversy or claim arising out of or relating
to this Agreement (or the breach thereof) shall be settled by final, binding and non-appealable
arbitration in Overland Park, Kansas by three arbitrators. Except as otherwise expressly provided
in this paragraph 17, the arbitration shall be conducted in accordance with the rules of the
American Arbitration Association (the “Association”) then in effect. One of the arbitrators shall
be appointed by the Company, one shall be appointed by the Executive, and the third shall be
appointed by the first two arbitrators. If the first two arbitrators cannot agree on the third
arbitrator within 30 days of the appointment of the second arbitrator, then the third arbitrator
shall be appointed by the Association.

          18. Survival of Agreement. Except as otherwise expressly provided in this Agreement,
the rights and obligations of the parties to this Agreement shall survive the termination of the
Executive’s employment with the Company.

          19. Entire Agreement. Except as otherwise provided herein, this Agreement constitutes
the entire agreement between the parties concerning the subject matter hereof and supersedes all
prior or contemporaneous agreements, if any, between the parties relating to the subject matter
hereof; provided, however, that nothing in this Agreement shall be construed to limit any policy or
agreement that is otherwise applicable relating to confidentiality, rights to inventions,
copyrightable material, business and/or technical information, trade secrets, solicitation of
employees, interference with relationships with other businesses, competition, and other similar
policies or agreement for the protection of the business and operations of the Company and its
affiliates.

          20. Counterparts. This Agreement may be executed in two or more counterparts, any one
of which shall be deemed the original without reference to the others.

          IN WITNESS THEREOF, the Executive has hereunto set his hand, and the Company has caused these
presents to be executed in its name and on its behalf, all as of the Effective Date.

	 	 	 	 	 	 	 
	 	 	/s/ Stephen L. Wambold	 	 
	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	 	 	FERRELLGAS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 	 	 

8

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