Document:

Exhibit 10.20

Exhibit 10.20

Group supplementary retirement systems for which executives in the

ANTARGAZ Company are eligible

Reminder: the Antargaz company offers:

	 	•	 	A group retirement scheme with benefits defined as ‘additive’ (referred to as “article
39”), implemented for management-grade employees with an 880 rating from the French oil
industry collective labour agreement (CCN) and for members of the management board, for
which eligibility is contingent on completion of the beneficiary’s career within the
company by means of a unilateral decision dated 17 August 2009

	 
	 	•	 	A group compulsory retirement scheme with pre-defined contributions (referred to as
“article 83”) implemented for all staff members and formalised by a group agreement dated
10 July 2009, supplemented for executive management employees (as defined by the duration
of work [article L. 3111-2 of the French Labour code]) by a unilateral decision dated 17
August 2009.

Insofar as company officer executives are equated with executives of the Antargaz company for
all the additional factors in compensation and company benefits, they are also eligible for
this type of benefit under the same conditions.

This is why the Board of Directors is requested to allow Mr Varagne, chairman and chief executive
of the Antargaz company, to be eligible for the group retirement scheme with benefits defined as
additive (“article 39”) and for the group compulsory retirement system with defined contributions
(“article 83”) under the same conditions as those obtaining for management-grade employees in the
category with which he is equated.

The main technical and financial characteristics of currently applicable scheme are as follows:

I. Retirement system with defined benefits (“Article 39”)

I.1. Characteristics of the system and calculation of potential entitlements

The system in effect is a retirement scheme with pre-defined, additive benefits. It is a group and
random system implemented for Antargaz managers with an 880 rating from the French oil industry
collective labour agreement for members of the management board meeting the conditions stipulated
herein under:

	 	•	 	The executive must have five years’ seniority in Antargaz group companies and/or in
its parent company, UGI

	 
	 	•	 	The executive must be aged at least 65 (or 62 against a 1% discount per year prior to
the age of 65)

	 
	 	•	 	The executive must have liquidated his or her basic compulsory social security
retirement scheme

	 
	 	•	 	The executive must have ended his or her career in full within the company. This condition
may be met when the person in question is considered a staff member at the retirement date
subject to specific exemption cases authorised by the administration and stipulated in the
regulations.

 

 

 

The purpose of the scheme is to provide beneficiaries with a supplementary retirement benefit
calculated against their compensation package (base salary + bonuses excluding non-recurring
variable remuneration packages equal to the average of the last thirty-six months prior to
retiring), taken into account for the proportion exceeding six times the annual social security
ceiling and their seniority within companies belonging to the Antargaz group and/or its parent
company, UGI. Accordingly, insofar as they meet the conditions stated above, beneficiaries receive
under the terms of the regulations an additional annual retirement pension equal to 2.25% of the
benchmark compensation for each year of seniority, given that:

	 	•	 	Remuneration is taken into account only for the proportion exceeding six times the annual social
security ceiling

	 
	 	•	 	Seniority taken into account is capped at ten years

	 
	 	•	 	Retirement pensions applicable under additional company retirement schemes and specifically
the pre-defined contribution retirement schemes and entitlements acquired as a result of
years of employment in the Elf Aquitaine group (CREA, IPREA, ISO CREA schemes) reduce the
amount the annuity payable

	 
	 	•	 	In all events, the annuity amount payable from the scheme may not exceed 15% of the
average remuneration of the thirty-six months preceding retirement.

As regards the benchmark remuneration, it is stipulated that it is formally defined by the
retirement scheme regulations and applies to company officers under the same conditions, which
naturally includes remuneration received as a company office (with regards to the base and bonus
proportions as authorised by the Board of Directors). The same applies to seniority, which is
calculated as per the terms of the regulations from the date at which the beneficiary joins one of
the companies belonging to the Antargaz group and/or its parent company, UGI, for any purpose
whatsoever.

As a reminder, Mr François Varagne joined Antargaz on 1 April 2001 and currently has eight years’
seniority.

It is also pointed out that the payment may be made to the surviving spouse and, where applicable,
to former divorced spouses who have not married again under allocation conditions defined by the
regulations, provided that the beneficiary stipulates the option no later than the liquidation
date and under the conditions and terms defined in the insurance policy. It is further stipulated
that in the event that a reversion payment option is preferred, the cost of reversion is deducted
from the amount of the main payment made to the beneficiary as per the terms and conditions
stipulated in the insurance policy.

All provisions in the retirement regulations (including those not specific herein) are applicable
to the chairman and chief executive under the same terms and conditions.

I.2. Commitment amount

Financing for this benefit for all executive managers concerned amounts to an overall social
liability commitment by September 2020 estimated at EUR 1,500,377 at a constant rate (excluding
inflation), which at current Euro value amounts to EUR 1,994,041.

The Board is reminded that the system is financed in full by the Antargaz company as part of an
insurance policy taken out with Cardif BNP Paribas.

 

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II. Retirement scheme with pre-defined contributions (“Article 83”)

It is further stipulated that an additional complementary retirement scheme with predefined
contributions (“article 83”) was implemented on 1 October 2002 for all Antargaz employees which
stipulates financing by the company of a contribution equal for managers to 1.5% of the gross
salary subject to social security contributions and capped at five times the social security
ceiling. Employees contribute to the financing of the scheme to the extent of 0.7% of their gross
salary. The insurance organisation tasked with managing the fund is Arial Assurance.

The scheme was improved in parallel for executive managers in terms of work time organisation (to
meet the definition of article L. 3111-2 of the French Labour Code), as per the decision dated 17
August 2009. Accordingly, Antargaz pays an additional contribution equal to 3.5% of the gross
compensation package subject to social security contributions and taken into account to the extent
of six times the social security ceiling. The insurance organisation tasked with managing the
funds is Cardif BNP Paribas.

The implemented system makes it possible for the appropriate employees to build up a supplementary
retirement scheme in addition to the compulsory retirement schemes of the French social security
and additional schemes.

It is stipulated that the company commitment applies only to payment of contributions of the
amounts stated above. Benefits paid to beneficiaries upon retirement by the insurance organisation
in the form of an annuity are those from group capitalisation retirement policies taken out by the
company with Arial Assurance (all employees) and Cardif BNP Paribas (executives). They are
contingent on the amount of contributions paid on behalf of each employee and on the duration of
contributions and are deducted from any entitlements payable form the retirement scheme with
pre-defined benefits referred to above.

Finally, it is also stipulated that in all cases, the entitlements of the employees concerned
which stem from contributions paid accordingly will be applicable even if they do not end their
career within the company.

	 	 	 
	Article 39:

	 	regulation dated August, 17, 2009
	Article 83:

	 	agreement dated July, 10, 2009

regulation dated August, 17, 2009

 

Page 3/3Exhibit 10.23

Exhibit 10.23

Utilities Employees

UGI CORPORATION

2004 OMNIBUS EQUITY COMPENSATION PLAN

STOCK UNIT GRANT

This STOCK UNIT GRANT, dated as of January 1, 2009 (the “Date of Grant”), is delivered by UGI
Corporation (“UGI”) to                      (the “Participant”) (the “Agreement”).

RECITALS

The UGI Corporation 2004 Omnibus Equity Compensation Plan, as amended (the “Plan”) provides
for the grant of stock units (“Stock Units”) with respect to shares of common stock of UGI
(“Shares”). The Compensation and Management Development Committee of the Board of Directors of UGI
(the “Committee”) has decided to grant Stock Units to the Participant.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as
follows:

1. Grant of Stock Units. Subject to the terms and conditions set forth in this Agreement
and in the Plan, UGI hereby grants to the Participant                      Stock Units. The Stock Units are
contingently awarded and will be earned and payable if and to the extent that the conditions of
this Agreement are met. The Stock Units are granted with Dividend Equivalents (as defined below).

2. Vesting. The Participant shall earn the right to payment of the Stock Units if the
Participant is employed by, or providing service to, the Company (as defined in Section 9) on the
applicable vesting date:

	 	 	 	 
	Vesting Date	 	Vested Stock Units	
	 	 	 	
	                    , 200_
	 	[
 _____ 

]	%
	                    , 200_
	 	[
 _____ 

]	%
	                    , 200_
	 	[
 _____ 

]

If the foregoing schedule would produce fractional Shares, the number of Shares for which the Stock
Units vest shall be rounded down to the nearest whole Share.

3. Termination of Employment or Service.

(a) Except as described below, if the Participant’s employment or service with the Company
terminates before the Stock Units are fully vested, the unvested Stock Units, and all related
Dividend Equivalents, will be forfeited.

(b) If the Participant ceases to be employed by, or provide service to, the Company by reason
of (i) Retirement (as defined in Section 9), (iii) Disability (as defined in Section 9), or (iv)
death, the Participant’s unvested Stock Units will become fully vested as of the termination date.

 

 

 

4. Payment with Respect to Stock Units. When the Stock Units vest, the Company shall pay
to the Participant whole Shares equal to the number of Stock Units that have become vested on the
vesting date. Payment shall be made within 30 business days after the vesting date (except as
otherwise required by Section 8 below).

5. Dividend Equivalents with Respect to Stock Units.

(a) Dividend Equivalents shall accrue with respect to Stock Units and shall be payable subject
to the same vesting conditions as the Stock Units to which they relate. Dividend Equivalents shall
be credited with respect to the Stock Units from the Date of Grant until the payment date.
Dividend Equivalents will become vested as the underlying Stock Units vest. If the underlying
Stock Units are forfeited, all related Dividend Equivalents shall also be forfeited.

(b) While the Stock Units are outstanding, the Company will keep records in a bookkeeping
account for the Participant. On each payment date for a dividend paid by UGI on its common stock,
the Company shall credit to the Participant’s account an amount equal to the Dividend Equivalents
associated with the Stock Units held by the Participant on the record date for the dividend. No
interest will be credited to any such account.

(c) Dividend Equivalents will be paid in cash at the same time as the underlying Stock Units
are paid.

(d) Notwithstanding anything in this Agreement to the contrary, the Participant may not accrue
Dividend Equivalents in excess of $750,000 during any calendar year under all grants under the
Plan.

6. Coordination with Severance Plan. Notwithstanding anything in this Agreement to the
contrary, if the Participant receives severance benefits under a Severance Plan (as defined in
Section 9) and the terms of such benefits require that severance compensation payable under the
Severance Plan be reduced by benefits payable under this Plan, any amount payable to the
Participant with respect to Stock Units and Dividend Equivalents after the Participant’s
termination of employment or service shall be reduced by the amount of severance compensation paid
to the Participant under the Severance Plan, as required by, and according to the terms of, the
Severance Plan, if permitted by section 409A of the Code.

7. Withholding. The Participant shall be required to pay to the Company, or make other
arrangements satisfactory to the Company to provide for the payment of, any federal, state, local
or other taxes that the Company is required to withhold with respect to the payments under this
Agreement. The Participant may elect to satisfy the Company’s tax withholding obligation with
respect to payments in Shares by having Shares withheld up to an amount that does not exceed the
minimum applicable withholding tax rate for federal (including FICA), state and local tax
liabilities.

 

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8. Change of Control.

(a) The outstanding Stock Units shall become fully vested upon a Change of Control (as defined
in the Plan or in subsection (c) below, if applicable) and shall be paid in cash on the closing
date of the Change of Control, except as provided below.

(b) Notwithstanding the foregoing, if the Stock Units are subject to section 409A of the Code,
the Stock Units shall be paid upon a Change of Control only if the transaction constituting
a Change of Control is also a change in control event under section 409A of the Code (“409A Change
in Control Event”). If the transaction constituting a Change of Control does not constitute a 409A
Change in Control Event, the outstanding Stock Units will vest upon the Change of Control, and any
outstanding Stock Units that are subject to section 409A will be paid in cash (based on the value
of the Stock Units on the payment date as determined by the Committee) within 30 days after the
first to occur of (i) the vesting date set forth in Section 2 or (ii) the Participant’s termination
of employment or service (subject to Section 14 below, if applicable). If payment is delayed after
the Change of Control, the Committee may provide for the Stock Units to be valued as of the date of
the Change of Control and interest to be credited on the amount so determined at a market rate for
the period between the Change of Control date and the payment date.

(c) For Participants who are employees of UGI Utilities, Inc. (“Utilities”) or a subsidiary of
Utilities, the term “Change of Control” shall mean (i) a Change of Control of UGI as defined in the
Plan, or (ii) one of the events set forth on Exhibit A with respect to Utilities.

9. Definitions. For purposes of this Agreement, the following terms will have the meanings
set forth below:

(a) “Code” means the Internal Revenue Code of 1986, as amended.

(b) “Company” means UGI and its Subsidiaries (as defined in the Plan).

(c) “Disability” means a long-term disability as defined in the Company’s long-term disability
plan applicable to the Participant.

(d) “Dividend Equivalent” means an amount determined by multiplying the number of shares of
UGI common stock subject to the target award of Stock Units by the per-share cash dividend, or the
per-share fair market value of any dividend in consideration other than cash, paid by UGI on its
common stock.

(e) “Employed by, or provide service to, the Company” means employment or service as an
employee or director of the Company.

(f) “Stock Unit” means a hypothetical unit that represents the value of one share of UGI
common stock.

(g) “Retirement” means the Participant’s retirement under the Retirement Income Plan for
Employees of UGI Utilities, Inc., if the Participant is covered by that Retirement Income Plan.
“Retirement” for other Company employees means termination of employment after attaining age 55
with ten or more years of service with the Company.

(h) “Severance Plan” means any severance plan maintained by the Company that is applicable to
the Participant.

10. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms
of which are incorporated herein by reference, and in all respects shall be interpreted in
accordance with the Plan. The grant and payment of Stock Units and Dividend Equivalents are
subject to interpretations, regulations and determinations concerning the Plan established from
time to time by the Committee in accordance with the provisions of the Plan, including, but not
limited to, provisions pertaining to (i) the registration, qualification or listing of the Shares,
(ii) changes in capitalization of the Company and (iii) other requirements of applicable law. The Committee shall
have the authority to interpret and construe the grant pursuant to the terms of the Plan, and its
decisions shall be conclusive as to any questions arising hereunder.

 

3

 

11. No Employment or Other Rights. The grant of Stock Units shall not confer upon the
Participant any right to be retained by or in the employ or service of the Company and shall not
interfere in any way with the right of the Company to terminate the Participant’s employment or
service at any time. The right of the Company to terminate at will the Participant’s employment or
service at any time for any reason is specifically reserved.

12. No Shareholder Rights. Neither the Participant, nor any person entitled to exercise
the Participant’s rights in the event of the Participant’s death, shall have any of the rights and
privileges of a shareholder with respect to the Shares related to the Stock Units, unless and until
certificates for Shares have been issued to the Participant or successor.

13. Assignment and Transfers. The rights and interests of the Participant under this
Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of
the death of the Participant, by will or by the laws of descent and distribution. If the
Participant dies, any payments to be made under this Agreement after the Participant’s death shall
be paid to the personal representative of the Participant’s estate, or the personal representative
under applicable law if the Participant dies intestate. The rights and protections of the Company
hereunder shall extend to any successors or assigns of the Company and to the Company’s parents,
subsidiaries, and affiliates. This Agreement may be assigned by the Company without the
Participant’s consent.

14. Compliance with Code Section 409A. Notwithstanding the other provisions hereof, this
Agreement is intended to comply with the requirements of section 409A of the Code, if applicable.
Any reference to a Participant’s termination of employment or service shall mean a Participant’s
“separation from service,” as such term is defined under section 409A. For purposes of section
409A, each payment of compensation under this Agreement shall be treated as a separate payment.
Notwithstanding anything in this Agreement to the contrary, if the Participant is a “key employee”
under section 409A and if payment of any amount under this Agreement is required to be delayed for
a period of six months after separation from service pursuant to section 409A, payment of such
amount shall be delayed as required by section 409A shall be paid within 10 days after the end of
the six-month period. If the Participant dies during such six-month period, the amounts withheld
on account of section 409A shall be paid to the personal representative of the Participant’s estate
within 60 days after the date of the Participant’s death.

15. Applicable Law. The validity, construction, interpretation and effect of this
instrument shall be governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania, without giving effect to the conflicts of laws provisions thereof.

16. Notice. Any notice to UGI provided for in this instrument shall be addressed to
UGI in care of the Corporate Secretary at UGI’s headquarters, and any notice to the Participant
shall be addressed to such Participant at the current address shown on the payroll of the Company,
or to such other address as the Participant may designate to the Company in writing. Any notice
shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as
stated above, registered and deposited, postage prepaid, in a post office regularly maintained by
the United States Postal Service.

 

4

 

IN WITNESS WHEREOF, UGI has caused its duly authorized officers to execute and attest this
Agreement, and the Participant has executed this Agreement, effective as of the Date of Grant.

	 	 	 	 	 	 	 
	 	 	UGI Corporation	 	 
	 
	 	 	 	 	 	 
	Attest
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

Corporate Secretary

	 	 	 	 

Robert H. Knauss
	 	 
	 

	 	 	 	Vice President, General Counsel	 	 

I hereby accept the Stock Units described in this Agreement, and I agree to be bound by the terms
of the Plan and this Agreement. I hereby further agree that all the decisions and determinations of
the Committee shall be final and binding.

	 	 	 
	 

Participant

	 	 

 

 

 

EXHIBIT A

Change of Control with Respect to Utilities

For Participants who are employees of Utilities, or a subsidiary of Utilities, the term “Change of
Control” shall include the events set forth in this Exhibit A with respect to Utilities, and the
defined terms set forth used in this Exhibit A, if not defined in the Plan, shall have the
following meanings:

1. “Change of Control” shall include any of the following events:

(A) UGI and the UGI Subsidiaries fail to own more than fifty percent (50%) of the then
outstanding shares of common stock of Utilities or more than fifty percent (50%) of the combined
voting power of the then outstanding voting securities of Utilities entitled to vote generally in
the election of directors; or

(B) Completion by Utilities of a reorganization, merger or consolidation (a “Business
Combination”), in each case, with respect to which all or substantially all of the individuals and
entities who were the respective Beneficial Owners of Utilities’ outstanding common stock and
voting securities immediately prior to such Business Combination do not, following such Business
Combination, Beneficially Own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination in substantially the same proportion as their
ownership immediately prior to such Business Combination of Utilities’ outstanding common stock and
voting securities, as the case may be; or

(C) Completion of a complete liquidation or dissolution of the Utilities or sale or other
disposition of all or substantially all of the assets of Utilities other than to a corporation with
respect to which, following such sale or disposition, more than 50% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors is then owned beneficially,
directly or indirectly, by all or substantially all of the individuals and entities who were the
Beneficial Owners, respectively, of Utilities’ outstanding common stock and voting securities
immediately prior to such sale or disposition in substantially the same proportion as their
ownership of Utilities’ outstanding common stock and voting securities, as the case may be,
immediately prior to such sale or disposition.

2. “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule
12b-2 of the General Rules and Regulations under the Exchange Act.

 

A-1

 

3. A Person shall be deemed the “Beneficial Owner” of any securities: (i) that such Person or any
of such Person’s Affiliates or Associates, directly or indirectly, has the right to acquire
(whether such right is exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or understanding (whether or not in writing) or upon the exercise of
conversion rights, exchange rights, rights, warrants or options, or otherwise; provided, however,
that a person shall not be deemed the “Beneficial Owner” of securities tendered pursuant to a
tender or exchange offer made by such Person or any of such person’s Affiliates or Associates until
such tendered securities are accepted for payment, purchase or exchange; (ii) that such Person or
any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or
dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 of the General
Rules and Regulations under the Exchange Act), including without limitation pursuant to any
agreement, arrangement or understanding, whether or not in writing; provided, however, that a
Person shall not be deemed the “Beneficial Owner” of any security under this clause (ii) as a
result of an oral or written agreement, arrangement or understanding to vote such security if such
agreement, arrangement or understanding (A) arises solely from a revocable proxy given in response
to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable
provisions of the General Rules and Regulations under the Exchange Act, and (B) is not then
reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor
report); or (iii) that are beneficially owned, directly or indirectly, by any other Person (or any
Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates or
Associates) has any agreement, arrangement or understanding (whether or not in writing) for the
purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described in the
proviso to clause (ii) above) or disposing of any securities; provided, however, that nothing in
this Section 1(c) shall cause a Person engaged in business as an underwriter of securities to be
the “Beneficial Owner” of any securities acquired through such Person’s participation in good faith
in a firm commitment underwriting until the expiration of forty (40) days after the date of such
acquisition.

4. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

5. “Person” shall mean an individual or a corporation, partnership, trust, unincorporated
organization, association, or other entity.

6. “UGI Subsidiary” shall mean any corporation in which UGI directly or indirectly, owns at least a
fifty percent (50%) interest or an unincorporated entity of which UGI, as applicable, directly or
indirectly, owns at least fifty percent (50%) of the profits or capital interests.

 

A-2

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