Document:

Exhibit

Exhibit 10.48

ARENA PHARMACEUTICALS, INC.
INTERIM CEO EMPLOYMENT AGREEMENT 
This Interim CEO Employment Agreement (“Agreement”), is by and among Arena Pharmaceuticals, Inc., a Delaware corporation (hereinafter referred to together as the “Company”), and Harry F. Hixson Jr., Ph.D. (the “Executive”).  This Agreement shall be effective October 5, 2015.  
RECITALS
Whereas, the Executive currently serves as a member of the Company’s Board of Directors (the “Board”);
Whereas, the Company and the Executive desire to provide continuity and leadership during and in connection with the Company’s recruitment and hiring of a new CEO; and
Whereas, accordingly, the Company desires that the Executive serve as its Chief Executive Officer (“CEO”) and principal financial officer on an interim basis.
AGREEMENT
Now, Therefore, in consideration of the foregoing and the promises and covenants contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
1.Employment as Interim CEO.  The Executive shall serve as a full time employee, Interim CEO, and interim principal financial officer of the Company until the earlier of (i) the date upon which a successor CEO begins service to the Company; (ii) such other date as may be agreed by the Company and the Executive and specified in writing; (iii) such earlier date as may be determined by the Company in its sole and exclusive discretion (the “Service Period”). Executive's service as the interim principal financial officer of the Company shall cease on the date upon which a successor principal financial officer of the Company begins service to the Company, if such date occurs prior to expiration of the Service Period.  The Executive shall be employed at will. During the Service Period, the Executive shall report to the Board and shall do and perform all reasonable services, acts or things necessary or advisable to manage and conduct the business of the Company and which are normally associated with the position of CEO and principal financial officer, consistent with the bylaws of the Company and as required by the Board. The Executive shall perform services pursuant to this Agreement at the Company’s headquarters in San Diego, California, or at any place where the Company maintains a presence; provided, however, that the Executive may from time to time be required to travel temporarily to other locations in connection with the Company’s business.  During the Service Period, the Executive shall devote the Executive’s full business energies, interest, abilities and productive time to the proper and efficient performance of the Executive’s duties under this Agreement and the Executive shall not, without the prior written consent of the Board, render to others services of any kind for compensation, or engage in any other business activity that would materially interfere with the performance of the Executive’s duties under this Agreement. Notwithstanding the foregoing, the Executive may, however, without the Company’s prior written consent, serve as a member of the board of directors of other companies or organizations provided that Executive notifies the Board in advance of any such membership and the Board determines that such membership does not conflict with Executive’s obligations to the Company.   Upon the termination of the Service Period, the Executive’s employment shall terminate and the Executive shall no longer have any: (i) responsibilities as the Company’s CEO, (ii) responsibility to sign the Company’s financial documents 

including but not limited to quarterly or annual reports, or (iii) other authority or responsibilities as an officer or employee of the Company.
2.Base Salary.  During the Service Period, the Company shall pay the Executive a base salary at the rate of $64,473.75 per month (which equals an annualized rate of $773,685 per year) (the “Base Salary”), less payroll deductions and all required withholdings, payable in regular bi-weekly payments or otherwise in accordance with Company policy and payroll practices.  
3.Annual Performance Bonus.  In the event that the Service Period extends past March 31, 2016, the Executive shall be eligible to participate in any annual performance bonus program for executive officers maintained by the Company and applicable to the calendar year 2016 on a pro rata basis calculated based on the Executive’s length of service in such year. The Company shall evaluate the award of any such bonus according to the same standards and policies which it applies to other executive officers of the Company, except that Executive need not be employed through December 31, 2016 to be eligible for such bonus and the Company may establish special individual goals for Executive that relate specifically to his services under this Agreement.  Any such bonus that may be awarded shall be dependent on achievement of Company performance goals and individual goals, if applicable, as determined by the Board (or the Compensation Committee thereof), with an annual bonus target of 65% of Executive's Base Salary, and a maximum potential total annual bonus of 150% of Executive's annual target bonus amount, and shall be paid according to the same schedule applicable to other bonus eligible executive officers of the Company.   
4.Incentive Bonuses.  In addition to any other bonus or compensation provided by this Agreement, the Executive shall also be eligible to earn bonuses in an aggregate amount up to $475,000 based on achievement of performance goals set by the Compensation Committee of the Board.  The performance goals will be established in writing and will relate to Executive's services under this Agreement.
5.Company Employee Benefit Plans.  The Executive shall not be eligible to participate in any of the employee benefit plans maintained by the Company for its employees, including, but not limited to health, medical, dental, life, or disability insurance, except to the extent as may be required under applicable laws, plans or policies.    
6.Non-Competition, Non-Solicitation, and Confidential information.  During the time the Executive performs services or receives any compensation or benefits pursuant to this Agreement the Executive i) will not participate as an owner (which shall not include ownership of less than 2% of the stock of a publicly-traded company), employee, officer, director, promoter, or consultant in a business competitive with the Company; ii) the Executive will not request, induce or advise any vendors, existing or potential corporate partners or investors, and/or customers of the Company to withdraw, curtail, limit, reduce, or cancel their business or business relationship(s) with the Company; and iii) will not hire any employees, consultants, contractors or representatives of the Company(or those of any of its affiliates), nor induce or attempt to induce, or assist any other person or entity to (including without limitation by providing such person or entity any information regarding the Company’s business or employees) induce or attempt to induce such employees, consultants, contractors or representatives to stop working for, contracting with or representing the Company or any of its affiliates, or to work for, contract with or represent any of the Company's (or its affiliates’) competitors.  As a condition of employment, Executive agrees to execute and abide by the Company’s standard  employment and benefits forms, including Policy on Protection of Material/Prevention of Insider Trading, IT Security and Compliance Policy, Code of Business Conduct and Ethics, Anti-Corruption Policy, Policy Against Harassment, Policy on Filing, Receipt, and Treatment of Complaints, Legal Hold Policy, Publication Policy, Corporate Communications Guidelines, and PhRMA Code on Interactions with Healthcare Professionals.
7.Business Expenses.  The Company shall reimburse the Executive for all reasonable and authorized business expenses incurred by the Executive during the Service Period in accordance with the Company’s standard policies and practices governing such reimbursement; provided, however, that the Executive shall be entitled to be reimbursed for the cost of first class or business class, if first class is not offered on the flight, airfare for all flights exceeding two hours in length. 

8.Payment Upon Termination.  Upon termination of the Service Period, the Executive shall be entitled to the following amounts: (i) payment of any accrued Base Salary for services performed through the termination date and (ii) payment of any bonus(es) earned and awarded pursuant to Sections 3 and 4 hereof according to the applicable payment schedule specified in such Sections.  In addition, if the Service Period is terminated within the first six months of its commencement, unless such termination is due to termination of Executive's employment by the Company for Cause (as defined in the Company's Amended and Restated Severance Benefit Plan), by the Executive due to a voluntary resignation, or upon Executive's death or permanent disability, the Executive shall be entitled to an amount equal to the Base Salary that would have been paid to Executive pursuant to Section 2 for the time remaining between the termination of the Service Period and the six month anniversary of the commencement of the Service Period, which shall be paid in lump sum cash payment within 30 days of the termination of the Service Period.  Any amounts under this Section 8 shall be the sole amounts to which Executive shall be entitled to upon termination of the Service Period and shall be less all applicable payroll deductions and required withholdings. 
9.Board Membership.   This Agreement shall not affect the Executive’s status as a member of the Board and shall not affect any compensation arrangements relating to the Executive’s service as a member of the Board, provided that during the Service Period, Executive shall not receive any cash compensation for services as a member of the Board.  Executive will continue to be eligible to receive equity compensation awarded to non-employee directors.
10.Dispute Resolution.  To ensure the timely and economical resolution of disputes that may arise in connection with the Executive’s employment with the Company, the Executive and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance, negotiation, execution, or interpretation of this Agreement, the Executive’s employment, or the termination of the Executive’s employment, including but not limited to statutory claims, shall be resolved to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, in San Diego, California, conducted by JAMS, Inc. (“JAMS”) under the then applicable JAMS rules (which can be found at the following web address: http://www.jamsadr.com/rulesclauses).  By agreeing to this arbitration procedure, both the Executive and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding.  The Company acknowledges that the Executive will have the right to be represented by legal counsel at any arbitration proceeding.  The arbitrator shall:  (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award.  The arbitrator shall be authorized to award any or all remedies that the Executive or the Company would be entitled to seek in a court of law.  The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required of the Executive if the dispute were decided in a court of law.  Nothing in this Agreement is intended to prevent either the Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.  Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.
11.Miscellaneous.  This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between the Executive and the Company with regard to this subject matter.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.  This Agreement may not be modified or amended except in a writing signed by both the Executive and a duly authorized member of the Board.  The failure to enforce any breach of this Agreement shall not be deemed to be a waiver of any other or subsequent breach.  For purposes of construing this Agreement, any ambiguities shall not be construed against either party as the drafter.     
12.Section 409A.  It is intended that all benefits and payments  under this Agreement,  satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and other guidance thereunder and any state law of similar 

effect (collectively “Section 409A”), including the exemption provided under Treasury Regulations Sections 1.409A-1(b)(4), and this Agreement will be construed to the greatest extent possible as consistent with such exemptions.  To the extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates by reference all required definitions and payment terms.  However, if such exemptions are not available and Executive is, upon separation from service (as defined under Section 409A), a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits payments shall be delayed until the earlier of (i) six months and one day after Executive’s separation from service (as defined under Section 409A), or (ii) Executive’s death.
13.Successors and Assigns.  This Agreement shall bind the heirs, personal representatives, successors, assigns, executors, and administrators of each party, and inure to the benefit of each party, its agents, directors, officers, employees, servants, heirs, successors and assigns.
14.Applicable Law.  This Agreement shall be deemed to have been entered into and shall be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California.
15.Severability.  If a court or arbitrator of competent jurisdiction determines that any term or provision of this Agreement is invalid or unenforceable, in whole or in part, the remaining terms and provisions hereof shall be unimpaired.  Such court or arbitrator will have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision that most accurately represents the parties’ intention with respect to the invalid or unenforceable term or provision.
16.Counterparts.  This Agreement may be executed in two counterparts, each of which shall be deemed an original, all of which together shall constitute one and the same instrument.
17.Section Headings.  The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
18.Photocopies.  A photocopy of this executed Agreement shall be as valid, binding, and effective as the original Agreement.
In Witness Whereof, the parties have executed this Agreement as of the date first written above.

	
		
	ARENA PHARMACEUTICALS, INC.

By:  /s/ Tina S. Nova
        Tina S. Nova, Ph.D.
        Director

EXECUTIVE:
 /s/ Harry F. Hixson
Harry F. Hixson, Jr., Ph.D.Exhibit

PERFORMANCE STOCK AWARD AGREEMENT

pursuant to the

CHESAPEAKE UTILITIES CORPORATION
2013 STOCK AND INCENTIVE COMPENSATION PLAN

On January 12, 2016, (the “Grant Date”), Chesapeake Utilities Corporation, a Delaware corporation (the “Company”), has granted to ____________________(the “Grantee”), who resides at         ___________________________, a Performance Stock Award on the terms and subject to the conditions of this Performance Stock Award Agreement.  

Recitals

WHEREAS, the Chesapeake Utilities Corporation 2013 Stock and Incentive Compensation Plan (the “Plan”) has been duly adopted by action of the Company's Board of Directors (the “Board”) on March 6, 2013 and approved by the Shareholders of the Company at a meeting held on May 2, 2013; and

WHEREAS, the Committee of the Board of Directors of the Company referred to in the Plan (the “Committee”) has determined that it is in the best interests of the Company to grant the Performance Stock Award described herein pursuant to the Plan; and

WHEREAS, the shares of the Common Stock of the Company (“Shares”) that are subject to this Agreement, when added to the other shares of Common Stock that are subject to awards granted under the Plan, do not exceed the total number of shares of Common Stock with respect to which awards are authorized to be granted under the Plan or the total number of shares of Common Stock that may be granted to an individual in a single calendar year.

Agreement

It is hereby covenanted and agreed by and between the Company and the Grantee as follows:

Section 1.    Performance Stock Award and Performance Period

The Company hereby grants to the Grantee a Performance Stock Award as of the Grant Date.  As more fully described herein, the Grantee may earn up to ________ Shares upon the Company's achievement of the performance criteria set forth in Section 2 (the “Performance Shares”) over the performance period from January 1, 2016 to December 31, 2018 (the “Performance Period”).  This Award has been granted pursuant to the Plan; capitalized terms used in this agreement which are not specifically defined herein shall have the meanings ascribed to such terms in the Plan.

Section 2.    Performance Criteria and Terms of Stock Award

(a)The Committee selected and established in writing performance criteria for the Performance Period, which, if met, may entitle the Grantee to some or all of the Performance Shares under this Award.  If this Award is intended by the Committee to comply 

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with the exception from Code Section 162(m) for qualified performance-based compensation for Grantees who are “Covered Employees” as defined in Code Section 162(m), the performance criteria established shall be based on one or more Qualifying Performance Criteria selected by the Committee in writing within 90 days following the first day of the Performance Period (or, if earlier, before 25% of that period has elapsed), and at a time when the outcome relative to the attainment of the performance criteria is not substantially certain.  As soon as practicable after the Company’s independent auditors have certified the Company’s financial statements for each fiscal year of the Company in the Performance Period, the Committee shall determine for purposes of this Agreement the Company’s (1) total shareholder return, defined as the cumulative total return to shareholders (“Shareholder Value”), (2) growth in long-term earnings, defined as the growth in total capital expenditures as a percentage of total capitalization (“Growth”) and (3) earnings performance, defined as average return on equity (“RoE”), in accordance with procedures established by the Committee.  The Shareholder Value, Growth and RoE (each a “Performance Metric” and collectively, the “Performance Metrics”) shall be determined by the Committee in accordance with the terms of the Plan and this Agreement based on financial results reported to shareholders in the Company’s annual reports and may be subject to adjustment by the Committee for extraordinary events during the Performance Period, as applicable.  Both the Shareholder Value and the Growth Performance Metrics will be compared to the performance of the following companies:  Atmos Energy Corp., Delta Natural Gas Company, Inc., Laclede Group, Inc., New Jersey Resources Corp., Northwest Natural Gas Company, NiSource Inc., ONE Gas, Inc., RGC Resources, Inc., South Jersey Industries, Inc. and WGL Holdings, Inc. (collectively referred to as the “Peer Group”) for the Performance Period and Awards will be determined according to the schedule in subsection (b) below.  For Shareholder Value, the calculation of total shareholder return will utilize the average closing stock price from November 1 through December 31 immediately preceding the beginning and at the end of the performance period.  For the average RoE Performance Metric, the Company’s performance will be compared to pre-determined RoE thresholds established by the Committee.  At the end of the Performance Period, the Committee shall certify in writing the extent to which the Performance Goals were met during the Performance Period for Awards for Covered Employees.  If the Performance Goals for the Performance Period are met, Covered Employees shall be entitled to the Award, subject to the Committee’s exercise of discretion to reduce any Award to a Covered Employee based on business objectives established for that Covered Employee or other factors as determined by the Committee in its sole discretion.  The Committee shall promptly notify the Grantee of its determination.

(b)The Grantee may earn ____ percent or more of the target award of ________ Performance Shares (the “Target Award”) up to a maximum number of Performance Shares set forth in Section 1 above (the “Maximum Award”) based upon achievement of threshold and target levels of performance against the Performance Metrics established for the Performance Period .  The Committee shall confirm the level of Award attained for the Performance Period after the Company’s independent auditors have certified the Company’s financial statements for each fiscal year of the Company in the Performance Period.
 
(c)        Once established, the performance criteria identified above normally shall not be changed during the Performance Period.  However, if any of the companies in the Peer Group cease to be publically traded, they will automatically be deleted from the Peer Group.  In addition, if the Committee determines that external changes or other unanticipated business conditions have materially affected the fairness of the goals, or that a change in the business, operations, corporate 

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structure or capital structure of the Company, or the manner in which it conducts its business, or acquisitions or divestitures of subsidiaries or business units, or other events or circumstances materially affect the performance criteria or render the performance criteria unsuitable, then the Committee may approve appropriate adjustments to the performance criteria (either up or down) during the Performance Period.  Notwithstanding the foregoing, no changes shall be made to an Award intended to satisfy the requirements of Code Section 162(m) if such changes would affect the qualification of the Award as performance-based compensation within the meaning of Code Section 162(m).

(d)    Performance Shares that are earned by the Grantee pursuant to this Section 2 shall be issued promptly, without payment of consideration by the Grantee, within 2 1⁄2 months of the end of the Performance Period.  The Grantee shall have the right to vote the Performance Shares and to receive the dividends distributable with respect to such Shares on and after, but not before, the date on which the Grantee is recorded on the Company's ledger as holder of record of the Performance Shares (the “Issue Date”).  If, however, the Grantee receives Shares as part of any dividend or other distribution with respect to the Performance Shares, such Shares shall be treated as if they are Performance Shares, and such Shares shall be subject to all of the terms and conditions imposed by this Section 2.  Notwithstanding the foregoing, the Grantee shall be entitled to receive an amount in cash, equivalent to the dividends that would have been paid on the awarded Performance Shares from the Grant Date to the Issue Date for those Performance Shares actually earned by the Grantee during the applicable Performance Period.  Such dividend equivalents shall be payable at the time such Performance Shares are issued.  
    
(e)    The Performance Shares will not be registered for resale under the Securities Act of 1933 or the laws of any state except when and to the extent determined by the Board pursuant to a resolution.  Until a registration statement is filed and becomes effective, however, transfer of the Performance Shares shall require the availability of an exemption from such registration, and prior to the issuance of new certificates, the Company shall be entitled to take such measures as it deems appropriate (including but not limited to obtaining from the Grantee an investment representation letter and/or further legending the new certificates) to ensure that the Performance Shares are not transferred in the absence of such exemption.

(f)      In the event of a Change in Control, as defined in the Plan, during the Performance Period, the Grantee shall earn the Target Award of Performance Shares set forth in this Section 2, as if all performance criteria were satisfied, without any pro ration based on the proportion of the Performance Period that has expired as of the date of such Change in Control.

(g)    If, during the Performance Period, the Grantee has a Termination of Employment, Performance Shares shall be deemed earned or forfeited as follows:

(1)    Upon voluntary Termination of Employment by the Grantee or termination by the Company for failure of job performance or other just cause as determined by the Committee, all unearned Performance Shares shall be forfeited immediately; and

(2)    If the Grantee has a Termination of Employment by reason of death or Disability or Retirement (as such terms are defined in the Plan), the number of Performance Shares that would otherwise have been earned at the end of the Performance Period shall be reduced by pro rating such Performance Shares based on the proportion of the Performance Period during which the Grantee was employed by the Company (based upon 

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the full months of the Performance Period elapsed as of the end of the month in which the Termination of Employment occurred over the total number of months in the Performance Period), unless the Committee determines that the Performance Shares shall not be so reduced.

(a)The Grantee shall be solely responsible for any federal, state and local taxes of any kind imposed in connection with the vesting or delivery of the Performance Shares.  Prior to the transfer of any Performance Shares to the Grantee, the Grantee shall remit to the Company an amount sufficient to satisfy any federal, state, local and other withholding tax requirements.  The Grantee may elect to have all or part of any withholding tax obligation satisfied by having the Company withhold Shares otherwise deliverable to the Grantee as Performance Shares, unless the Committee determines otherwise by resolution.  If the Grantee fails to make such payments or election, the Company and its subsidiaries shall, to the extent permitted by law, have the right to deduct from any payments of any kind otherwise due to the Grantee any taxes required by law to be withheld with respect to the Performance Shares.  In the case of any amounts withheld for taxes pursuant to this provision in the form of Shares, the amount withheld shall not exceed the minimum required by applicable law and regulations.  

(i)    Notwithstanding any other provision of this Agreement, if any payment or distribution (a "Payment") by the Company or any other person or entity to or for the benefit of the Grantee is determined to be an  "excess parachute payment" (within the meaning of Code Section 280G(b)(1) or any successor provision of similar effect), whether paid or payable or distributed or distributable pursuant to this Agreement or otherwise, then the Grantee’s benefits under this Agreement may, unless the Grantee elects otherwise pursuant to his employment agreement, be reduced by the amount necessary so that the Grantee’s total "parachute payment" as defined in Code Section 280G(b)(2)(A) under this and all other agreements will be $1.00 less than the amount that would be a "parachute payment".  The payment of any “excess parachute payment” pursuant to this paragraph shall also comply with the terms of the Grantee’s employment agreement, if any.

Section 3.    Additional Conditions to Issuance of Shares

Each transfer of Performance Shares shall be subject to the condition that if at any time the Committee shall determine, in its sole discretion, that it is necessary or desirable as a condition of, or in connection with, the transfer of Performance Shares (i) to satisfy withholding tax or other withholding liabilities, (ii) to effect the listing, registration or qualification on any securities exchange or under any state or federal law of any Shares deliverable in connection with such exercise, or (iii) to obtain the consent or approval of any regulatory body, then in any such event such transfer shall not be effective unless such withholding, listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company.

Section 4.    Adjustment of Shares

(a)    If the Company shall become involved in a merger, consolidation or other reorganization, whether or not the Company is the surviving corporation, any right to earn Performance Shares shall be deemed a right to earn or to elect to receive the consideration into which the Shares represented by the Performance Shares would have been converted under the terms of the merger, consolidation or other reorganization.  If the Company is not the surviving 

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corporation, the surviving corporation (the “Successor”) shall succeed to the rights and obligations of the Company under this Agreement.

(b)    If any subdivision or combination of Shares or any stock dividend, capital reorganization or recapitalization occurs after the adoption of the Plan, the Committee shall make such proportionate adjustments as are appropriate to the number of Performance Shares to be earned in order to prevent the dilution or enlargement of the rights of the Grantee.

Section 5.    No Right to Employment

Nothing contained in this Agreement shall be deemed by implication or otherwise to confer upon the Grantee any right to continued employment by the Company or any affiliate of the Company or to limit the right of the Company to terminate the Grantee’s employment for any reason or for no reason.

Section 6.    Notice

Any notice to be given hereunder by the Grantee shall be sent by mail addressed to Chesapeake Utilities Corporation, 909 Silver Lake Boulevard, Dover, Delaware 19904, for the attention of the Committee, c/o the Corporate Secretary, and any notice by the Company to the Grantee shall be sent by mail addressed to the Grantee at the address of the Grantee shown on the first page hereof.  Either party may, by notice given to the other in accordance with the provisions of this Section, change the address to which subsequent notices shall be sent.

Section 7.    Beneficiary Designation

Grantee may designate a beneficiary to receive any Performance Shares to which Grantee is entitled which vest as a result of Grantee’s death.  Grantee acknowledges that the Company may exercise all rights under this Agreement and the Plan against Grantee and Grantee’s estate, heirs, lineal descendants and personal representatives and shall not be limited to exercising its rights against Grantee’s beneficiary.  

Section 8.    Assumption of Risk

It is expressly understood and agreed that the Grantee assumes all risks incident to any change hereafter in the applicable laws or regulations or incident to any change in the market value of the Performance Shares.

Section 9.    Terms of Plan and Employment Agreement

This Agreement is entered into pursuant to the Plan (a summary of which has been delivered to the Grantee).  This Agreement is subject to all of the terms and provisions of the Plan, which are incorporated into this Agreement by reference, and the actions taken by the Committee pursuant to the Plan.  In the event of a conflict between this Agreement and the Plan, the provisions of the Plan shall govern.  In addition, this Award is subject to applicable provisions of the Grantee’s employment agreement, including provisions requiring the Company to recover some or all of the Performance Shares awarded hereunder in the circumstances described in such agreement or as otherwise required by applicable law. All determinations by the Committee shall be in its sole discretion and shall be binding on the Company and the Grantee.

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Section 10.    Governing Law; Amendment

This Agreement shall be governed by, and shall be construed and administered in accordance with, the laws of the State of Delaware (without regard to its choice of law rules) and the requirements of any applicable federal law.  This Agreement may be modified or amended only by a writing signed by the parties hereto.

Section 11.    Action by the Committee

The parties agree that the interpretation of this Agreement shall rest exclusively and completely within the sole discretion of the Committee.  The parties agree to be bound by the decisions of the Committee with regard to the interpretation of this Agreement and with regard to any and all matters set forth in this Agreement.  The Committee may delegate its functions under this Agreement to an officer of the Company designated by the Committee (hereinafter the “Designee”).  In fulfilling its responsibilities hereunder, the Committee or its Designee may rely upon documents, written statements of the parties or such other material as the Committee or its Designee deems appropriate.  The parties agree that there is no right to be heard or to appear before the Committee or its Designee and that any decision of the Committee or its Designee relating to this Agreement shall be final and binding unless such decision is arbitrary and capricious.  

Section 12.    Terms of Agreement

This Agreement shall remain in full force and effect and shall be binding on the parties hereto for so long as any Performance Shares issued to the Grantee under this Agreement continue to be held by the Grantee.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its corporate name, and the Grantee has executed the same in evidence of the Grantee's acceptance hereof, upon the terms and conditions herein set forth, as of the day and year first above written.

CHESAPEAKE UTILITIES CORPORATION

By:                         

Its:                         

Grantee:

                                            

 

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