Document:

Exhibit 4.9

Exhibit 4.9

FLORIDA PUBLIC UTILITIES COMPANY,

a subsidiary by merger of

CHESAPEAKE UTILITIES CORPORATION

To

U.S. BANK,

CORPORATE TRUST SERVICES,

Trustee

SIXTEENTH SUPPLEMENTAL INDENTURE

Dated as of December 1, 2009

Supplementing and Modifying The

Indenture of Mortgage and Deed of Trust

Dated as of September 1, 1942

This is a Security Agreement covering Personal Property as

well as a Mortgage upon Real Estate and Other Property

 

 

 

This is a Security Agreement covering Personal Property as 

well as a Mortgage upon Real Estate and Other Property

SIXTEENTH SUPPLEMENTAL INDENTURE

This Sixteenth Supplemental Indenture, dated for convenience as of December 1, 2009, between
CHESAPEAKE UTILITIES CORPORATION (Chesapeake), as Debtor, a Delaware corporation whose mailing
address is: 909 Silver Lake Boulevard, Dover, DE 19904, FLORIDA PUBLIC UTILITIES COMPANY (Florida
Public Utilities), as Primary Debtor, a Florida corporation whose mailing address is: 410 South
Dixie Highway, West Palm Beach, FL 33401, and U.S. BANK NATIONAL ASSOCIATION (Trustee), a national
banking association whose mailing address is: 225 Water Street, Suite 700, Mail Code EX-FL-WWSJ,
Jacksonville, FL 32202.

WHEREAS, on October 28, 2009, Chesapeake completed an Agreement and Plan of Merger, dated
April 17, 2009 (Merger Agreement) with Florida Public Utilities;

WHEREAS, the Merger was duly noticed and approved by the Board of Directors and the
Stockholders of both Chesapeake and Florida Public Utilities;

WHEREAS, Section 1.4 of the Merger Agreement provides that the merger shall have the effects
specified in the Merger Agreement and the Florida Business Corporations Act, Chapter 607, Florida
Statutes;

WHEREAS, Section 607.1106(1)(c), Florida Statues, provides that Chesapeake, as the parent
company, is responsible for the Indenture liabilities and obligations of Florida Public Utilities
(as Indenture is defined below);

WHEREAS, pursuant to the Merger Agreement, Florida Public Utilities survived the merger as a
wholly owned subsidiary of Chesapeake;

WHEREAS, Florida Public Utilities has heretofore executed and delivered to the Trustee an
Indenture of Mortgage and Deed of Trust dated as of September 1, 1942 (Original Indenture), to
secure, as provided therein, its bonds (in the Original Indenture and herein called the “Bonds”),
to be designated generally as its First Mortgage Bonds, and to be issued in one or more series as
provided in the Original Indenture; and

 

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WHEREAS, Florida Public Utilities has heretofore executed and delivered to the Trustee
fifteen indentures supplemental to the Original Indenture as follows: the First
Supplemental Indenture dated as of December 1, 1945 (First Supplemental Indenture), the Second
Supplemental Indenture dated as of March 1, 1948 (Second Supplemental Indenture), the Third
Supplemental Indenture dated as of August 1, 1954 (Third Supplemental Indenture), the Fourth
Supplemental Indenture dated as of August 1, 1956 (Fourth Supplemental Indenture), the Fifth
Supplemental Indenture dated as of September, 1958 (Fifth Supplemental Indenture), the Sixth
Supplemental Indenture dated as of July 1, 1959 (Sixth Supplemental Indenture), the Seventh
Supplemental Indenture dated as of June 1, 1963 (Seventh Supplemental Indenture), the Eighth
Supplemental Indenture dated as of June 1, 1965 (Eighth Supplemental Indenture), the Ninth
Supplemental Indenture dated as of July 1, 1972 (Ninth Supplemental Indenture), the Tenth
Supplemental Indenture dated as of July 1, 1975 (Tenth Supplemental Indenture), the Eleventh
Supplemental Indenture dated as of June 1, 1983 (Eleventh Supplemental Indenture), the Twelfth
Supplemental Indenture dated as of May 1, 1988, (Twelfth Supplemental Indenture), the Thirteenth
Supplemental Indenture dated as of June 1, 1992 (Thirteenth Supplemental Indenture) and the
Fourteenth Supplemental Indenture dated as of September 1, 2001 (Fourteenth Supplemental Indenture)
each of which supplemental indentures provided for the creation of a new series of First Mortgage
Bonds and said First, Second, Sixth, Twelfth, Thirteenth and Fourteenth Supplemental Indentures
modified certain provisions of the Original Indenture and the First Supplemental Indenture; and the
Fifteenth Supplemental Indenture dated as of November 1, 2001, (Fifteenth Supplemental Indenture)
which provided for the issuance of 4.9% First Mortgage Bonds (collectively, the Indenture);

NOW THEREFORE, it is the purpose of this Sixteenth Supplemental Indenture (Sixteenth
Supplemental Indenture) to have Chesapeake acknowledge and confirm its acceptance of the
responsibilities and obligations of Florida Public Utilities under the Merger Agreement and
created by the Original Indenture, as supplemented and modified since first issued.

1. Article 10, Section 10.01 of the Original Indenture provides:

§10.01 Nothing in this Indenture or any of the Bonds contained shall prevent any
merger or consolidation of any other corporation or corporations into or with the
Company, or any merger or consolidation of the Company (either singly or with one
or more other corporations) into or with, or any sale, conveyance, transfer or
lease, subject to the lien of this Indenture and to all the provisions hereof, of
all the mortgage property as, or substantially as, an entirety to, any corporation
lawfully entitled to acquire or lease and operate the same, or prevent successive
similar consolidations, mergers, sales, conveyances, transfers, or

 

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leases to which
the Company or its successor or assign or any subsequent successor or assign shall be a party; provided, however, and the Company covenants and agrees
that, such consolidation, merger, sale, conveyance, transfer or lease shall be upon
such terms as in no respect to impair the lien and security of this Indenture or any
of the rights or powers of the Trustees or of the bondholders hereunder; and
provided, further, that any such lease shall contain a provision that, if any
default described in §9.01 shall exist when such lease is made, or shall occur which
it is in effect, such lease may be terminated, at any time while such default
exists, by the Trustees or by the purchaser of the property so leased at any sale
hereunder, whether such sale be made under the power of sale hereby conferred or
under judicial proceedings; and provided, further, that in case the Company shall be
merged or consolidated as aforesaid (either singly or with one or more other
corporations) into or with any other corporation, or shall sell, convey or transfer
as aforesaid to another corporation all the mortgaged property as, or substantially
as, an entirety (but not in case of any lease and not in case any other corporation
or corporations shall be merged or consolidated into or with the Company under such
circumstances that the corporate identity of the Company is not changed) the
corporation resulting from such merger or consolidation or into or with which the
Company shall have been merged or consolidated or which shall have received a
conveyance or transfer as aforesaid (such corporation being sometimes in this
Article 10 called the “successor corporation”) shall, prior to or contemporaneously
with such merger, consolidation, conveyance or transfer, execute, and promptly cause
to be recorded, a supplemental indenture to and with the Trustees, satisfactory to
the Trustees, whereby the successor corporation shall assume and agree to pay duly
and punctually the principal of and interest on the Bonds issued hereunder in
accordance with the provisions of said Bonds and any coupons thereto appertaining
and this Indenture, and shall agree to perform and fulfill all the terms, covenants
and conditions of this Indenture binding the Company.

2. Chesapeake acknowledges and expressly states that nothing in the Merger Agreement shall be
deemed in any manner to impair the lien and security of the Indenture, or any of the rights or
powers of the holders of the Bonds previously issued under the Indenture;

3. Although Florida Public Utilities remains the Primary Debtor as to the obligations created
under the Indenture, in the event Florida Public Utilities is not able to fulfill Indenture
obligations, Chesapeake agrees to assume the due and punctual payment of the principal of, premium,
if any, and interest on, any and all of the Bonds, issued pursuant to the Indenture, and the
performance of every covenant of the Indenture.

 

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4. This Sixteenth Supplemental Indenture shall be deemed a contract made under the laws of the
state of Florida, and shall be governed and construed in accordance with the laws of Florida.

IN WITNESS WHEREOF, Chesapeake Utilities Corporation and Florida Public Utilities Company has
caused this Sixteenth Supplemental Indenture to be signed in the corporate names and on behalf of
its President or one of its Vice Presidents, and the corporate seals to be affixed and attested by
its Secretary or one of its Assistant Secretaries; and U.S. Bank National Association, in token of
its acceptance of the trust hereby created, has caused this Sixteenth Supplemental Indenture to be
signed in its name and on its behalf by its President or one of its Vice Presidents, and attested
by one of its Trust Officers, in token of its acceptance of the trust; all as of the day and year
first above written.

	 	 	 	 	 	 	 	 	 
	CHESAPEAKE
UTILITIES CORPORATION	 	FLORIDA PUBLIC
UTILITIES COMPANY	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Beth Cooper
	 	By:
	 	/s/ George Bachman	 	 
	 

	 	 

Beth Cooper
	 	 
	 	 

George Bachman
	 	 
	 

	 	Chief Financial Officer
	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	U.S. BANK NATIONAL	 	 
	 	 	 	 	ASSOCIATION, Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Stephanie Moore	 	 
	 

	 	 	 	 	 	 

Stephanie Moore
	 	 
	 

	 	 	 	 	 	Vice President	 	 

 

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STATE OF FLORIDA

COUNTY OF Palm Beach

The foregoing instrument was acknowledged before me this 30 day of December, 2009, by George
Bachman, who is personally Known to me or who has produced ______ as identification and who took an oath.

	 	 	 	 	 
	Typed or Printed Name: Dina Bellechases

	 	Dina Bellechases
	 	
	My Commission Expires: December 13, 2011

	 	 

NOTARY PUBLIC
	 

STATE OF FLORIDA

COUNTY OF [ILLEGIBLE]

The foregoing instrument was acknowledged before me this 7th day of January, 2009,
by Stephanie Moore, who is personally known to me or who has produced                                                              as identification and
who took an oath.

	 	 	 	 	 
	Typed or Printed Name:

	 	SARAH BANKER
	 	
	My Commission Expires:

	 	 

NOTARY PUBLIC
	 

STATE OF FLORIDA

COUNTY OF                     

The foregoing instrument was acknowledged before me this       day of                     ,
2009, by                                                             , who is personally known to me or who has
produced                                                              as identification and who took an oath.

	 	 	 	 	 
	Typed or Printed Name:
	 	 	 	 
	My Commission Expires:

	 	 

NOTARY PUBLIC
	 	 

 

5Exhibit 10.6

Exhibit 10.6

First Amendment to the

CHESAPEAKE UTILITIES CORPORATION

DEFERRED COMPENSATION PLAN

As Amended and Restated as of January 1, 2009

 

 

 

First Amendment to the Chesapeake Utilities Corporation Deferred Compensation 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.

Amendment

Chesapeake Utilities Corporation hereby amends the Plan as set forth below, effective as of
January 1, 2009:

	1.	 	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:

“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 deferrals for each Plan
Year, but may not divide his deferrals for a single Plan Year among different forms or times
of payment. If, however, a Participant who is an Eligible Employee 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. Such six month delay shall not apply to a distribution made to a Participant who
is a Director. A Participant may elect to receive his distribution as of the earlier or
later of two dates (including Separation from Service), to the extent permitted by 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.”

 

 

 

	2.	 	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
Deferred Cash Subaccount payable in installments, plus the value of the portion of the
Participant’s DSU Subaccount (determined in accordance with Section 4.05(b)) payable in
installments, determined as of the Valuation Date as of which the installment payments
commence (the “applicable Valuation Date”) pursuant to Section 5.02(a), 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
Deferred Cash Subaccount payable in installments and the value of the portion of the
Participant’s DSU Subaccount (determined in accordance with Section 4.05(b)) payable in
installments on the next succeeding anniversary of the applicable Valuation Date, divided by
the remaining number of installments to be paid. The payment medium of each installment
payment shall be determined in accordance with Section 5.02(b).”

	3.	 	Subsection (b) of Section 5.03 of the Plan, “Time of Payment,” is hereby revised to read as
follows in order to reflect the fact that payment must be made no more than 90 days after the
date of death:

“Time of Payment. A distribution pursuant to this Section 5.03 shall be paid to the
Participant’s Beneficiary within 30 days after the Valuation Date that is coincident with or
next follows the date of the Participant’s death, together with any additional information
or documentation that the Committee determines to be necessary or appropriate before it
makes the distribution. Notwithstanding the foregoing, in no event will payment be made
more than 90 days after the date of the Participant’s death.”

	4.	 	Section 5.05 of the Plan, “Disability,” is hereby revised to read as follows in order to
reflect the fact that payment must be made no more than 90 days after the date a Disability
occurs:

“Disability. Notwithstanding any election made pursuant to Sections 3.02 and 3.03,
upon the Participant’s becoming Disabled, the Participant shall be eligible to receive
payment of the amounts credited to his Account commencing as soon as practicable but no more
than 90 days after the Committee has determined the Participant is Disabled. Benefits
payable in accordance with this provision shall be payable in a lump sum to the Participant
equal to the remaining balance of the Participant’s Account.”

 

 

 

	5.	 	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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