Document:

Consent and Amendment No. 4

 Exhibit 10.1 
 EXECUTION COPY 
 CONSENT AND AMENDMENT NO. 4 

Dated as of July 26, 2012 
 to 
 AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of November 24, 2009, as amended and restated as of February 2, 2011 

THIS CONSENT AND AMENDMENT NO. 4 (this “Consent and Amendment”) is made as of July 26, 2012 by and among Inergy,
L.P., a Delaware limited partnership (the “Borrower”), the financial institutions listed on the signature pages hereof (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., as Administrative Agent (the
“Administrative Agent”), under that certain Amended and Restated Credit Agreement dated as of November 24, 2009, as amended and restated as of February 2, 2011, by and among the Borrower, the lenders party thereto and the
Administrative Agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings
given to them in the Credit Agreement. 
 WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent
consent to certain transactions and agree to certain amendments to the Credit Agreement; 
 WHEREAS, the Lenders party hereto
and the Administrative Agent have agreed to so consent and agree to such amendments on the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree to enter into this Consent and Amendment. 
 1. Consent. The Borrower has
informed the Administrative Agent and the Lenders of its intent to enter into a series of transactions described in clauses (a) through (k) below (collectively, and together with any other actions related thereto, as more fully described
in (i) the Contribution Agreement dated as of April 25, 2012 among the Borrower, Inergy GP, LLC, a Delaware limited liability company, Inergy Sales & Service, Inc., a Delaware corporation (“Inergy Sales”), and
Suburban Propane Partners, L.P., a Delaware limited partnership (“Suburban”), as amended by the Amendment to Contribution Agreement, dated June 15, 2012, as further amended by the Second Amendment to Contribution Agreement,
dated July 6, 2012, and as further amended by the Third Amendment to the Contribution Agreement, dated July 19, 2012, attached as Annex I-1, I-2, I-3 and I-4, respectively hereto (the “Contribution Agreement”); and
(ii) the disclosures of the Borrower filed with or furnished to the Securities and Exchange Commission, including any exhibits thereto, the “Contribution Transactions”): 

(a) The Borrower has formed three Delaware limited liability companies named Inergy Operations, LLC, Inergy West Coast, LLC and Inergy
Services, LLC, to which the Borrower has contributed nominal cash consideration in exchange for all membership interests in such limited liability companies. 

 (b) Effective immediately prior to the consummation of the Contribution Transactions, Inergy
Propane, LLC, a Delaware limited liability company (“Inergy Propane”) will distribute, assign, transfer and deliver to the Borrower, or its retained subsidiaries (i) 100% of Inergy Propane’s right, title and interest in
(1) L & L Transportation, LLC, a Delaware limited liability company, (2) Inergy Transportation, LLC, a Delaware limited liability company, (3) Inergy Canada Company, a Nova Scotia unlimited company, (4) Stellar
Propane Service, LLC, a Delaware limited liability company, (5) Inergy Sales and (6) all rights, interests, assets and properties described in Schedule 2.1(a) of the Contribution Agreement; (ii) certain employment agreements; and
(iii) certain liabilities described in Schedule 2.1(a)(iii) of the Contribution Agreement. 
 (c) Inergy Propane and each
of its remaining Subsidiaries (namely, Liberty Propane, L.P., Liberty Propane Operations, LLC and Liberty Propane GP, LLC) (the “Released Guarantors”) will be released as a Guarantor from the Credit Agreement. 

(d) The Borrower will contribute the equity in Inergy Propane to Suburban. 

(e) Inergy Sales will contribute certain of its assets to Suburban (such assets, the “Released Assets” and, together
with the transaction referred to in clause (d), the “Contribution”). 
 (f) Effective as of the consummation of
the Contribution Transactions, each of the assets contributed to Suburban as described in clauses (d) through (e) above will be released as Collateral under the Credit Agreement and any Credit Document. 

(g) As partial consideration for the Contribution, Suburban will transfer to Inergy and Inergy Sales certain equity interests in Suburban
and certain cash consideration, if any. 
 (h) As partial consideration for the Contribution, in connection with the closing of
the transactions contemplated by the Contribution Agreement and consummation of the exchange offer described in clause (i) below, Suburban will assume up to $1,200,000,000 of (1) the $600,000,000 of 7.00% Senior Notes of the Borrower and
Inergy Finance Corp. (“Inergy Finance”) due October 1, 2018 issued pursuant to that certain Indenture dated as of September 27, 2010, as amended, between the Borrower and Inergy Finance, as issuers, certain subsidiaries of
the Borrower, as guarantors, and U.S. Bank National Association, as trustee, and (2) the $600,000,000 of 6.875% Senior Notes of the Borrower and Inergy Finance due August 1, 2021 issued pursuant to that certain Indenture dated on or about
February 2, 2011, as amended, between the Borrower and Inergy Finance, as issuers, certain subsidiaries of the Borrower, as guarantors, and U.S. Bank National Association, as trustee, in each case including any notes issued from time to time in
substitution, replacement, supplement or refinancing thereof (the notes described in clauses 1 and 2, the “NRGY Notes”); provided that such assumption shall be limited to the principal of NRGY Notes that Suburban manages to
exchange pursuant to the exchange offer described in clause (i) below. 
 (i) Suburban will exchange up to $1,200,000,000
of the NRGY Notes for up to $1,000,000,000 of Suburban notes and up to $200,000,000 in cash, and the tendered NRGY Notes accepted by Suburban pursuant to the exchange offer will be cancelled, and be deemed to be cancelled, and the obligations
evidenced thereby discharged and satisfied in full, in each case upon payment for the tendered NRGY Notes in connection with the consummation of the exchange offer. 

  
 2 

 (j) Inergy Sales will distribute all or a portion of the equity and cash, if any, it
receives from Suburban to the Borrower. 
 (k) The Borrower will distribute all or a portion of the equity and cash, if any, it
receives from Suburban and Inergy Sales to the Borrower’s equity holders. 
 The Borrower has requested the Administrative
Agent and the Lenders to consent (the “Consent”) to and agree with the following in connection with the Contribution Transactions: 
 (i) notwithstanding anything contained in any provisions of the Credit Agreement to the contrary, including, without limitation in Section 5.09 (Subsidiary Guaranty), Section 5.10
(Collateral), Section 6.03 (Mergers; Sales of Assets; Sale-Leasebacks and other Fundamental Changes), Section 6.04 (Investments, Loans, Advances, Guarantees and Acquisitions), Section 6.06 (Restricted
Payments), Section 6.07 (Transactions with Affiliates), Section 6.11 (Amendments to Organic Documents), or Section 6.13 (Permitted Junior Debt and Amendments to Permitted Junior Debt Documents), the Borrower
may take any of the actions described in clauses (a) through (k) above and may otherwise consummate the Contribution Transactions; and 
 (ii) notwithstanding anything contained in any provisions of the Credit Agreement to the contrary, including, without limitation in Section 6.13 (Permitted Junior Debt and Amendments to Permitted
Junior Debt Documents), the Borrower may repurchase, repay or redeem all or any portion of the NRGY Notes remaining outstanding, if any, at any time after the Effective Date (as defined below); provided that the total principal amount of
the NRGY Notes repaid or redeemed by the Borrower, together with the total principal amount of the “Debt Repayment” (under and as defined in the Consent and Amendment No. 3 to Amended and Restated Credit dated April 13, 2012
among the Borrower, the lenders party thereto and the Administrative Agent), shall not exceed $88,000,000. 
 Effective as of
Effective Date, the Administrative Agent and the Lenders hereby grant the Consent. 
 2. Release of Liens and Guarantors.
Effective as of the Effective Date, the Lenders hereby authorize the Administrative Agent to release the Released Guarantors from their obligations under the Subsidiary Guaranty and to release any Lien granted to or held by the Administrative Agent
upon any Collateral in respect of the Released Guarantors and the Released Assets. 
 3. Amendments to the Credit
Agreement. Effective as of the Effective Date, the parties hereto agree that the Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 of the Credit Agreement is amended to replace the corresponding previously existing definitions: 
 “Required Interest Coverage Ratio” means 2.50 to 1.00. 

“Required Total Leverage Ratio” means 4.75 to 1.00. 

(b) Section 1.01 of the Credit Agreement is amended to delete the defined terms “Senior Secured Funded Debt” and
“Senior Secured Leverage Ratio” appearing therein. 

  
 3 

 (c) Section 6.06 of the Credit Agreement is amended to add the following proviso to the
end thereof: 
 ; provided further that the Borrower may purchase, redeem, buy back or otherwise acquire
common units of the Borrower on or prior to March 31, 2013 (each, a “Stock Buyback” and collectively, the “Stock Buybacks”) in an aggregate amount for all Stock Buybacks not to exceed $100,000,000 so long as at
the time of and immediately after giving effect (including pro forma effect) to each such Stock Buyback (x) no Default or Event of Default shall have occurred or be continuing and (y) the Total Leverage Ratio is no greater than 3.00 to
1.00. 
 (d) Clause (b) of Section 6.12 of the Credit Agreement is amended and restated in its entirety to read as
“[Intentionally omitted].” 
 4. Conditions of Effectiveness. This Consent and Amendment shall become effective
on the date that each of the following conditions is met (the “Effective Date”); provided that, if the Effective Date shall not have occurred on or prior to September 30, 2012, this Consent and Amendment shall
automatically terminate and shall not be effective or valid or binding on any of the parties hereto: 
 (a) The Administrative
Agent shall have received counterparts of this Consent and Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent and the Consent and Reaffirmation attached hereto duly executed by the Subsidiary Guarantors.

 (b) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to date hereof,
including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including fees and expenses of counsel for the Administrative Agent) required to be reimbursed or paid by the Borrower in connection with this Consent and
Amendment. 
 (c) The Administrative Agent shall have received evidence reasonably satisfactory to it that the Contribution
Transactions are being consummated on the Effective Date (excluding Section 1(h), with respect to which the offer to exchange notes has been made by Suburban prior to the date hereof). 

5. Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows: 

(a) This Consent and Amendment and the Credit Agreement as modified hereby constitutes the legal, valid and binding obligation of the
Borrower, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the
enforcement of creditors’ rights in general and the availability of equitable remedies. 
 (b) The representations and
warranties of the Borrower set forth in the Credit Agreement are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and
correct as of such earlier date. 
 6. Reference to and Effect on the Credit Agreement. 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Credit Document shall mean
and be a reference to the Credit Agreement as amended hereby. 

  
 4 

 (b) Each Credit Document and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) Except
with respect to the subject matter hereof, the execution, delivery and effectiveness of this Consent and Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any
provision of the Credit Agreement, the Credit Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith. 
 (d) Upon the effectiveness hereof, this Amendment shall be a Credit Document for all purposes. 
 7. Governing Law. This Consent and Amendment shall be construed in accordance with and governed by the law of the State of New York. 

8. Headings. Section headings in this Consent and Amendment are included herein for convenience of reference only and shall not
constitute a part of this Consent and Amendment for any other purpose. 
 9. Counterparts. This Consent and Amendment may
be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the
same force and effect as manual signatures delivered in person. 
 [Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, this Consent and Amendment has been duly executed as of the day and year
first above written. 
  

			
	INERGY, L.P., as the Borrower
	
	 By:  INERGY GP, LLC,
 its general partner

		
	By	 	 /s/ R. Brooks Sherman, Jr.

		 	Name: R. Brooks Sherman, Jr.
		 	Title: EVP and CFO

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	JPMORGAN CHASE BANK, N.A.,
	individually as a Lender and as Administrative Agent
		
	By:	 	   /s/  Kenneth J. Fatur

	Name: Kenneth J. Fatur
	Title: Managing Director

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 BANK OF AMERICA, N.A.

		
	By	 	 /s/ Adam H. Fey

		 	Name:  Adam H. Fey
		 	Title:  Director
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
					
	Name of Lender:
	
	 Wells Fargo Bank, N.A.

		
	By	 	 /s/ Catherine Cook

		 	Name:	 	Catherine Cook
		 	Title:	 	Vice President
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
					
	Name of Lender:
	
	 Barclays Bank PLC

		
	By	 	 /s/ Michael Mozer

		 	Name:	 	Michael Mozer
		 	Title:	 	Vice President
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
					
	Name of Lender:
	
	 PNC BANK, NATIONAL ASSOCIATION

		
	By	 	 /s/ M. Colin Warman

		 	Name:	 	M. Colin Warman
		 	Title:	 	Vice President
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
					
	Name of Lender:
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

		
	By	 	 /s/ Mikhail Faybusovich

		 	Name:	 	Mikhail Faybusovich
		 	Title:	 	Director
		
	By	 	 /s/ Vipul Dhadda

		 	Name:	 	Vipul Dhadda
		 	Title:	 	Associate

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
					
	Name of Lender:
	
	 MORGAN STANLEY BANK, N.A.

		
	By	 	 /s/ William Jones

		 	Name:	 	William Jones
		 	Title:	 	Authorized Signatory

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 SunTrust Bank

		
	By	 	 /s/ Andrew Johnson

		 	Name: Andrew Johnson
		 	Title: Director

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 Citibank, N.A.

		
	By	 	 /s/ John Miller

		 	Name: John Miller
		 	Title: Vice President

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 Fifth Third Bank

		
	By	 	 /s/ Stephen C. Watts

		 	Name: Stephen C. Watts
		 	Title: Vice President
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.

		
	By	 	 /s/ Maria Ferradas

		 	Name: Maria Ferradas
		 	Title: Vice President

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 COMERICA BANK

		
	By	 	 /s/ Justin Crawford

		 	Name: Justin Crawford
		 	Title: Senior Vice President

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 ROYAL BANK OF CANADA

		
	By	 	 /s/ Jason S. York

		 	Name: Jason S. York
		 	Title: Authorized Signatory

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 The Royal Bank of Scotland plc

		
	By	 	 /s/ Todd Vaubel

		 	Name: Todd Vaubel
		 	Title: Authorised Signatory

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 RAYMOND JAMES BANK, N.A.

		
	By	 	 /s/ Scott G. Axelrod

		 	Name: Scott G. Axelrod
		 	Title: Vice President

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 BOKF, NA d/b/a Bank of Oklahoma

		
	By	 	 /s/ Jason B. Webb

		 	Name: Jason B. Webb
		 	Title: Vice President

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 BRANCH BANKING AND TRUST COMPANY

		
	By	 	 /s/ Troy R. Weaver

		 	Name: Troy R. Weaver
		 	Title: Senior Vice President
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 THE PRIVATE BANK & TRUST COMPANY

		
	By	 	 /s/ Matt Mayer

		 	Name: Matt Mayer
		 	Title: Associate Managing Director

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 U.S. Bank, National Association

		
	By	 	 /s/ [ Authorized Signatory]

		 	Name: [Authorized Signatory]
		 	Title:
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 BANK MIDWEST, a division of NBH Bank, N.A.

		
	By	 	 /s/ Jason Hilpipre

		 	Name: Jason Hilpipre
		 	Title: Assistant Vice President
	
	For any Lender requiring a second signature line:
		
	By	 	  

		 	Name:
		 	Title:

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 
			
	Name of Lender:
	
	 Commerce Bank

		
	By	 	 /s/ Adam H. Fey

		 	Name: C. Young
		 	Title: SVP

  
 Signature
Page to Consent and Amendment No. 4 to 
 Amended and Restated Credit Agreement 

Inergy, L.P. 

 CONSENT AND REAFFIRMATION 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Consent and Amendment No. 4 to the Amended and
Restated Credit Agreement dated as of November 24, 2009, as amended and restated as of February 2, 2011 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”) by and among Inergy, L.P., the
financial institutions from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), which Consent and Amendment No. 4 is dated as of
July 26, 2012 (the “Consent and Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a
course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Consent and Amendment and reaffirms the terms and conditions of the Credit Agreement and any other Credit Document executed by it and acknowledges
and agrees that such Credit Agreement and each and every such Credit Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to
the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Consent and Amendment. 
 Dated: July 26, 2012 
 [Signature Page Follows] 

									
	L & L TRANSPORTATION, LLC	 		 	STELLAR PROPANE SERVICE, LLC
					
	By:	 	   /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	   /s/ R. Brooks Sherman, Jr.

	Name:	 	R. Brooks Sherman, Jr.	 		 	Name:	 	R. Brooks Sherman, Jr.
	Title:	 	EVP and CFO	 		 	Title:	 	EVP and CFO
			
	INERGY TRANSPORTATION, LLC 	 		 	INERGY SALES & SERVICE, INC.
					
	By:	 	   /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	   /s/ R. Brooks Sherman, Jr.

	Name:	 	R. Brooks Sherman, Jr.	 		 	Name:	 	R. Brooks Sherman, Jr.
	Title:	 	EVP and CFO	 		 	Title:	 	EVP and CFO
			
	INERGY FINANCE CORP.	 		 	INERGY PARTNERS, LLC
					
	By:	 	   /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	   /s/ R. Brooks Sherman, Jr.

	Name:	 	R. Brooks Sherman, Jr.	 		 	Name:	 	R. Brooks Sherman, Jr.
	Title:	 	EVP and CFO	 		 	Title:	 	EVP and CFO
			
	TRES PALACIOS GAS STORAGE LLC	 		 	IPCH ACQUISITION CORP.
					
	By:	 	   /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	   /s/ R. Brooks Sherman, Jr.

	Name:	 	R. Brooks Sherman, Jr.	 		 	Name:	 	R. Brooks Sherman, Jr.
	Title:	 	EVP and CFO	 		 	Title:	 	EVP and CFO

 Signature Page to Consent and Reaffirmation to Consent and Amendment No. 4 to 

Amended and Restated Credit Agreement 
 Inergy, L.P. 

 ANNEX I 
 Contribution Agreement 
 [Attached]Amendment to Separation Agreement and General Release

 Exhibit 10.1 
 AMENDMENT TO 
 SEPARATION AGREEMENT AND GENERAL RELEASE 

This Amendment to the Separation Agreement and General Release made and entered into on April 6, 2012 (the
“Agreement”) is made and entered into this 27th day of July (the “Amendment”), by and among Webster Financial Corporation, a Delaware corporation (“Webster”), Webster Bank, National Association (the
“Bank”), and Jeffrey N. Brown (hereinafter “Brown”). 
 WHEREAS Brown has served
Webster as its Executive Vice President, Human Resources, Marketing and Communications; 
 WHEREAS Brown has served the
Bank as its Executive Vice President, Human Resources, Marketing and Communications; and 
 WHEREAS under the Agreement
Brown, Webster, and the Bank have agreed that Brown will terminate his employment relationship and resign from all positions with Webster, the Bank, and all of their respective directly and indirectly owned subsidiaries and affiliates effective
July 31, 2012, including all employment, officer, and other positions, under the terms and conditions of the Agreement. 

WHEREAS Webster and the Bank wish to continue Brown’s employment through to August 31, 2012 and Brown has agreed to the
continuation of his employment. 
 NOW, THEREFORE, AND IN CONSIDERATION of the mutual promises of the parties to this
Amendment, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Continued
Employment and New Employment Termination Date. Brown agrees to continue to serve as an employee in order to assist Webster and the Bank in an orderly transition until August 31, 2012 (the “Termination Date”), at which point his
employment with Webster and the Bank will terminate. Accordingly, and with the exception of the resignation of all positions which under the Agreement occurs on July 31, 2012, all references in the Agreement to the Termination Date shall become
references to August 31, 2012. After the Termination Date, Brown shall not be entitled to the receipt of any further payments or benefits from Webster or the Bank other than those expressly provided for in the Agreement as modified by this
Amendment. 
 2. Change Date References. The references to July 31, 2013 in Sections 3(b)(i) and (iv) of the
Agreement shall instead be references to August 31, 2013. The reference in Section 11 of the Agreement to August 30, 2012 shall instead be to September 30, 2012. 

3. Pro Rata Bonus. Section 3(b)(iii) of the Agreement is hereby modified to replace the reference to
“7/12ths” with “8/12ths”. Accordingly, the pro rata payment under
Section 3(b)(iii) of the Agreement shall instead be $140,398. 
 4. Construction. Except as expressly provided
herein, the terms and conditions of the Agreement shall remain in full force and effect and shall be binding on the parties. 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth below. 

 

					
	WEBSTER FINANCIAL CORPORATION
		
	By:	 	 /s/ Gerald P. Plush

		 	Name: Gerald P. Plush
		 	Title: President and Chief Operating Officer
	
	Date: July 27, 2012
	
	WEBSTER BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Renee P. Seefried

		 	Name:	 	Renee P. Seefried
		 	Title:	 	Senior Vice President—Regulatory Group
	
	Date: July 27, 2012
	
	JEFFREY N. BROWN
	
	 /s/ Jeffrey N. Brown

	
	Date: July 27, 2012

  
 2

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