Document:

Exhibit 10.7

Exhibit 10.7

Non-Employee Directors

UGI CORPORATION

2004 OMNIBUS EQUITY COMPENSATION PLAN

STOCK UNIT GRANT LETTER

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

RECITALS

The UGI Corporation 2004 Omnibus Equity Compensation Plan, as amended (the “Plan”) provides
for the grant of stock units with respect to shares of common stock of UGI (“Shares”). The Board
of Directors of UGI (the “Board”) has decided to make a stock unit grant to the Participant.

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

1. Grant of Stock Units.

(a) Subject to the terms and conditions set forth in this Grant Letter, the Board hereby
awards the Participant an award of                      Stock Units (as defined in Section 4). The Stock Units
are granted with Dividend Equivalents (as defined in Section 4).

(b) UGI shall keep records in an Account (as defined in Section 4) to reflect the number of
Stock Units and Dividend Equivalents credited to the Participant. Fractional Stock Units shall
accumulate in the Participant’s Account and shall be added to other fractional Stock Units to
create whole Stock Units.

2. Dividend Equivalents with Respect to Stock Units.

(a) Crediting of Dividend Equivalents. From the Date of Grant until the Participant’s Account
has been fully distributed, on each payment date for a dividend paid by UGI on its Shares, UGI
shall credit to the Participant’s Account an amount equal to the Dividend Equivalent associated
with the Stock Units credited to the Participant on the record date for the dividend.

(b) Conversion to Stock Units. On the last day of each Plan Year (as defined in Section 4),
the amount of the Dividend Equivalents credited to the Participant’s Account during that Plan Year
shall be converted to a number of Stock Units, based on the Unit Value (as defined in Section 4) on
the last day of the Plan Year. In the event of a Change of Control (as defined in the Plan) or in
the event the Participant dies or Separates from Service (as defined in Section 4) prior to the
last day of the Plan Year, as soon as practicable following such event, and in no event later than
the date on which Stock Units are redeemed in accordance with Section 3, UGI shall convert the
amount of Dividend Equivalents previously credited to the Participant’s Account during the Plan
Year to a number of Stock Units based on the Unit Value on the date of such Change of Control,
death or Separation from Service.

 

 

 

3. Events Requiring Redemption of Stock Units.

(a) Redemption. UGI shall redeem Stock Units credited to the Participant’s Account at the
times and in the manner prescribed by this Section 3. When Stock Units are to be redeemed, UGI
will determine the Unit Value of the Stock Units credited to the Participant’s Account as of the
date of the Participant’s Separation from Service or death. Except as described in subsection (c)
below, an amount equal to 65% of the aggregate Unit Value will be paid in the form of whole Shares
(with fractional Shares paid in cash), and the remaining 35% of the aggregate Unit Value will be
paid in cash.

(b) Separation from Service or Death. In the event the Participant Separates from Service or
dies, UGI shall redeem all the Stock Units then credited to the Participant’s Account as of the
date of the Participant’s Separation from Service or death. In the event of a Separation from
Service, the redemption amount shall be paid within 30 business days after the date of the
Participant’s Separation from Service. In the event of death, the redemption amount shall be paid
to the Participant’s estate within 60 business days after the Participant’s death.

(c) Change of Control. In the event of a Change of Control, UGI shall redeem all the Stock
Units then credited to the Participant’s Account. The redemption amount shall be paid in cash on
the closing date of the Change of Control (except as described below). The amount paid shall equal
the product of the number of Stock Units being redeemed multiplied by the Unit Value at the date of
the Change of Control. However, in the event that the transaction constituting a Change of Control
is not a change in control event under section 409A of the Code (as defined in Section 4), the
Participant’s Stock Units shall be redeemed and paid in cash upon Separation from Service on the
applicable date described in subsection (b) above (based on the aggregate Unit Value on the date of
Separation from Service as determined by the Board), instead of upon the Change of Control pursuant
to this subsection (c). If payment is delayed after the Change of Control, pursuant to the
preceding sentence, the Board 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.

(d) Deferral Elections. Notwithstanding the foregoing, pursuant to the Deferral Plan, the
Participant may make a one-time, irrevocable election to elect to have all of the Participant’s
Stock Units credited to the Participant’s account under the Deferral Plan on the date of the
Participant’s Separation from Service, in lieu of the redemption and payments described in
subsection (b) above. If the Participant makes a deferral election, the Participant’s Stock Units
will be credited to the Participant’s account under the Deferral Plan at Separation from Service
and the amount credited to the Deferral Plan shall be distributed in accordance with the provisions
of the Deferral Plan. If the Participant makes a deferral election under the Deferral Plan and a
Change of Control occurs: (i) subsection (c) above shall apply if the Change of Control occurs
before the Participant’s Separation from Service and (ii) the terms of the Deferral Plan shall
apply if the Change of Control occurs after or simultaneously with the Participant’s Separation
from Service. An election under the Deferral Plan shall be made in writing, on a form and at a
time prescribed by the committee that administers the Deferral Plan and shall be irrevocable upon
submission to the Corporate Secretary.

 

2

 

4. Definitions. For purposes of this Grant Letter, the following terms will have the
meanings set forth below:

(a) “Account” means UGI’s bookkeeping account established pursuant to Section 1, which
reflects the number of Stock Units and the amount of Dividend Equivalents standing to the credit of
the Participant.

(b) “Dividend Equivalent” means an amount determined by multiplying the number of Shares
subject to 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.

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

(d) “Deferral Plan” means the UGI Corporation 2009 Deferral Plan.

(e) “Plan Year” means the calendar year.

(f) “Separates from Service” or “Separation from Service” means the Participant’s termination
of service as a non-employee director and as an employee of UGI for any reason other than death and
shall be determined in accordance with section 409A of the Code.

(g) “Stock Unit” means the right of the Participant to receive a Share of UGI common stock, or
an amount based on the value of a Share of UGI common stock, subject to the terms and conditions of
this Grant Letter and the Plan.

(h) “Unit Value” means, at any time, the value of each Stock Unit, which value shall be equal
to the Fair Market Value (as defined in the Plan) of a Share on such date.

5. Taxes. All obligations of UGI under this Grant Letter shall be subject to the rights
of UGI as set forth in the Plan to withhold amounts required to be withheld for any taxes, if
applicable.

6. Conditions. The obligation of UGI to deliver Shares shall also be subject to the
condition that if at any time the Board shall determine in its discretion that the listing,
registration or qualification of the Shares upon any securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory body is necessary or
desirable as a condition of, or in connection with, the issue of Shares, the Shares may not be
issued in whole or in part unless such listing, registration, qualification, consent or approval
shall have been effected or obtained free of any conditions not acceptable to the Board. The
issuance of Shares to the Participant pursuant to this Grant Letter is subject to any applicable
taxes and other laws or regulations of the United States or of any state having jurisdiction
thereof.

7. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan and the
Terms and Conditions established by the Committee with respect to the Plan, both of which are
incorporated herein by reference, and in all respects shall be interpreted in accordance with the
Plan. The grant and payment of the Stock Units are subject to interpretations, regulations and
determinations concerning the Plan established from time to time by the Board 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 issued under the Plan, (ii) changes in
capitalization of UGI and (iii) other requirements of applicable law. The Board shall have the
authority to interpret and construe this Grant Letter pursuant to the terms of the Plan, and its
decisions shall be conclusive as to any questions arising hereunder.

 

3

 

8. No Shareholder Rights. Neither the Participant, nor any person entitled to receive
payment in the event of the Participant’s death, shall have any of the rights and privileges of a
shareholder with respect to Shares, until certificates for Shares have been issued upon payment of
Stock Units. The Participant shall not have any interest in any fund or specific assets of UGI by
reason of this award or the Stock Unit account established for the Participant.

9. Assignment and Transfers. The rights and interests of the Participant under this Grant
Letter 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 Grant Letter after the Participant’s death shall be paid
to the Participant’s estate. The rights and protections of UGI hereunder shall extend to any
successors or assigns of UGI and to UGI’s parents, subsidiaries, and affiliates.

10. Compliance with Code Section 409A. Notwithstanding any other provisions hereof, this
Agreement is intended to comply with the requirements of section 409A of the Code. For purposes of
section 409A, each payment of compensation under this Agreement shall be treated as a separate
payment.

11. 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.

12. 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 records of UGI, or to such other
address as the Participant may designate to UGI 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, the parties have executed this Stock Unit Grant Letter as of the Date of
Grant.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	UGI Corporation	 	 
	 
	Attest
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 
	 	By:	 	 	 	 
	 

Corporate Secretary

	 	 	 	 	 	 

Robert H. Knauss
	 	 
	 

	 	 	 	 	 	Vice President and General Counsel	 	 

I hereby acknowledge receipt of the Plan and the Terms and Conditions incorporated herein. I
accept the Stock Units described in this Grant Letter, and I agree to be bound by the terms of the
Plan, including the Terms and Conditions, and this Grant Letter. I hereby further agree that all
the decisions and determinations of the Committee shall be final and binding on me and any other
person having or claiming a right under this Stock Unit grant.

                                                            

Participant

 

5Exhibit 10.8

Exhibit 10.8

UGI 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 below), (iii) Disability (as defined below), 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.

8. Change of Control.

(a) The outstanding Stock Units shall become fully vested upon a Change of Control (as defined
in the Plan) 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.

 

2

 

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

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]