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APPENDIX A

NEWPARK RESOURCES, INC.

2008 EMPLOYEE STOCK PURCHASE PLAN

ARTICLE
I

PURPOSE

     The purposes of this Newpark Resources, Inc. 2008 Employee Stock Purchase Plan (the “Plan”)
are to assist Eligible Employees of Newpark Resources, Inc., a Delaware corporation (the
“Company”), and its Subsidiaries in acquiring a stock ownership interest in the Company pursuant to
a plan which is intended to qualify as an “employee stock purchase plan” within the meaning of
Section 423(b) of the Code, and to help Eligible Employees provide for their future security and to
encourage them to remain in the employment of the Company and its Subsidiaries.

ARTICLE
II

DEFINITIONS AND CONSTRUCTION

     Wherever the following terms are used in the Plan they shall have the meanings specified
below, unless the context clearly indicates otherwise. The singular pronoun shall include the
plural where the context so indicates.

     2.1 “Administrator” means the entity that conducts the general administration of the Plan as
provided herein. The term “Administrator” shall refer to the Committee unless the Board has
assumed the authority for administration of the Plan generally as provided in Article III.

     2.2 “Board” shall mean the Board of Directors of the Company.

     2.3 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the
regulations issued thereunder.

     2.4 “Committee” means the committee of the Board described in Article III.

     2.5 “Company” shall mean Newpark Resources, Inc., a Delaware corporation.

     2.6 “Compensation” of an Eligible Employee shall mean the gross base compensation received by
such Eligible Employee as compensation for services to the Company or any Designated Subsidiary,
excluding overtime payments, sales commissions, incentive compensation, bonuses, contributions to
pension, profit sharing, health and life insurance and other plans, expense reimbursements, fringe
benefits and other special payments.

     2.7 “Designated Subsidiary” shall mean any Subsidiary designated by the Administrator in
accordance with Section 3.3(ii).

 

 

     2.8 “Eligible Employee” shall mean an Employee of the Company or a Designated Subsidiary: (i)
who does not, immediately after any rights under this Plan are granted, own (directly or through
attribution) stock possessing 5% or more of the total combined voting power or value of all classes
of Stock or other stock of the Company, a Parent or a Subsidiary (as determined under Section
423(b)(3) of the Code); (ii) whose customary employment is for more than twenty hours per week;
(iii) whose customary employment is for more than five months in any calendar year; and (iv) who
has been continuously employed by the Company or a Designated Subsidiary for at least ninety days;
provided, however, that the Administrator may provide in an Offering Document that (x) Employees
who are highly compensated employees within the meaning of Section 423(b)(4)(D) of the Code, and/or
(y) Employees who have not met a service requirement designated by the Administrator pursuant to
Section 423(b)(4)(A) of the Code (which service requirement may not exceed two years), shall not be
eligible to participate in an Offering Period. For purposes of clause (i) above, the rules of
Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in
determining the stock ownership of an individual, and stock which an Employee may purchase under
outstanding options shall be treated as stock owned by the Employee. For purposes of the Plan, the
employment relationship shall be treated as continuing intact while the individual is on sick leave
or other leave of absence approved by the Company or a Designated Subsidiary and meeting the
requirements of Treasury Regulation Section 1.421-7(h)(2).

     2.9 “Employee” means any officer or other employee (as defined in accordance with Section
3401(c) of the Code) of the Company or any Designated Subsidiary.

     2.10 “Enrollment Date” shall mean the first day of each Offering Period.

     2.11 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

     2.12 “Fair Market Value” means, as of any given date, the fair market value of a share of
Stock on the date determined by such methods or procedures as may be established from time to time
by the Administrator. Unless otherwise determined by the Administrator, the Fair Market Value of a
share of Stock as of any given date shall be (a) if Stock is traded on any established stock
exchange, the closing price of a share of Stock as reported in the Wall Street Journal (or such
other source as the Administrator may deem reliable for such purposes) for the first Trading Day
immediately prior to such date during which a sale occurred; or (b) if Stock is not traded on an
exchange but is quoted on a national market or other quotation system, the last sales price on the
date immediately prior to such date on which sales price are reported.

     2.13 “Offering Document” shall have the meaning given to such term in Section 5.1.

     2.14 “Offering Period” shall mean each Offering Period designated by the Administrator in the
applicable Offering Document pursuant to Section 5.1 or otherwise established in accordance with
Section 5.1.

     2.15 “Parent” means any corporation, other than the Company, in an unbroken chain of
corporations ending with the Company if, at the time of the determination, each of the corporations
other than the Company owns stock possessing 50% or more of the total combined

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voting power of all classes of stock in one of the other corporations in such chain. The
definition of “Parent” is intended to, and shall be construed and applied, to coincide and conform
with the definition of “parent” under Section 424(e) of the Code.

     2.16 “Participant” means any Eligible Employee who has executed a participation agreement and
been granted rights to purchase Stock pursuant to the Plan.

     2.17 “Plan” shall mean this Newpark Resources, Inc. 2008 Employee Stock Purchase Plan, as it
may be amended from time to time.

     2.18 “Purchase Date” shall mean the last Trading Day of each Offering Period.

     2.19 “Purchase Price” shall mean the purchase price designated by the Administrator in the
applicable Offering Document (which purchase price shall not be less than 95% of the Fair Market
Value of a share of Stock for the Enrollment Date or for the Purchase Date, whichever is lower);
provided, however, that, in the event no purchase price is designated by the Administrator in the
applicable Offering Document, the purchase price for the Offering Periods covered by such Offering
Document shall be 95% of the Fair Market Value of a share of Stock for the Enrollment Date or for
the Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted
by the Administrator pursuant to Article IX; and provided, and further, that the Purchase Price
shall not be less than the par value of a share of Stock.

     2.20 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time.

     2.21 “Stock” means the common stock, $0.01 par value, of the Company and such other securities
of the Company that may be substituted for Stock pursuant to Article IX.

     2.22 “Subsidiary” shall mean any corporation, other than the Company, in an unbroken chain of
corporations beginning with the Company if, at the time of the determination, each of the
corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more
of the total combined voting power of all classes of stock in one of the other corporations in such
chain. The definition of “Subsidiary” is intended to, and shall be construed and applied, to
coincide and conform with the definition of “parent” under Section 424(f) of the Code.

     2.23 “Trading Day” shall mean any day on which the Stock is actually traded.

ARTICLE III

ADMINISTRATION

     3.1 Administrator. The Administrator of the Plan shall be the Compensation Committee
of the Board (or another committee or a subcommittee of the Board to which the Board delegates
administration of the Plan) (such committee, the “Committee”), which Committee shall consist solely
of two or more members of the Board each of whom is a “non-employee director” within the meaning of
Rule 16b-3 which has been adopted by the Securities and Exchange Commission under the Exchange Act
and which Committee is otherwise

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constituted to comply with applicable law. Appointment of Committee members shall be
effective upon acceptance of appointment. The Board may abolish the Committee at any time and
revest in the Board the administration of the Plan. Committee members may resign at any time by
delivering written notice to the Board. Vacancies in the Committee may only be filled by the
Board.

     3.2 Action by the Administrator. A majority of the Administrator shall constitute a
quorum. The acts of a majority of the members present at any meeting at which a quorum is present,
and, subject to applicable law and the Bylaws of the Company, acts approved in writing by a
majority of the Administrator in lieu of a meeting, shall be deemed the acts of the Administrator.
Each member of the Administrator is entitled to, in good faith, rely or act upon any report or
other information furnished to that member by any officer or other employee of the Company or any
Designated Subsidiary, the Company’s independent certified public accountants, or any executive
compensation consultant or other professional retained by the Company to assist in the
administration of the Plan.

     3.3 Authority of Administrator. The Administrator shall have the power, subject to,
and within the limitations of, the express provisions of the Plan:

          (i) To determine when and how rights to purchase stock of the Company shall be granted and the
provisions of each offering of such rights (which need not be identical).

          (ii) To designate from time to time which Subsidiaries of the Company shall be Designated
Subsidiaries, which designation may be made without the approval of the stockholders of the
Company.

          (iii) To construe and interpret the Plan and rights granted under it, and to establish, amend
and revoke rules and regulations for its administration. The Administrator, in the exercise of
this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the
extent it shall deem necessary or expedient to make the Plan fully effective.

          (iv) To amend the Plan as provided in Article X.

          (v) Generally, to exercise such powers and to perform such acts as the Administrator deems
necessary or expedient to promote the best interests of the Company and its Subsidiaries and to
carry out the intent that the Plan be treated as an “employee stock purchase plan” within the
meaning of Section 423 of the Code.

The Administrator shall have the authority to delegate routine day-to-day administration of the
Plan to such officers and employees of the Company as the Administrator deems appropriate.

     3.4 Decisions Binding. The Administrator’s interpretation of the Plan, any rights
granted pursuant to the Plan, any participation agreement and all decisions and determinations by
the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

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ARTICLE IV

SHARES SUBJECT TO THE PLAN

     4.1 Number of Shares. Subject to Article IX, the aggregate number of shares of Stock
which may be issued pursuant to rights granted under the Plan shall be 1,000,000 shares. If any
right granted under the Plan shall for any reason terminate without having been exercised, the
Stock not purchased under such right shall again become available for the Plan.

     4.2 Stock Distributed. Any Stock distributed pursuant to the Plan may consist, in
whole or in part, of authorized and unissued Stock, treasury stock or Stock purchased on the open
market.

ARTICLE V

OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES

     5.1 Offering Periods. Commencing with the Effective Date (as herein defined) of the
Plan and continuing while the Plan remains in force, the Administrator may from time to time grant
or provide for the grant of rights to purchase Stock of the Company under the Plan to Eligible
Employees during one or more periods (each, an “Offering Period”) selected by the Administrator
commencing on such dates (each, an “Enrollment Date”) selected by the Administrator. The terms and
conditions applicable to each Offering Period shall be set forth in an “Offering Document” adopted
by the Administrator, which Offering Document shall be in such form and shall contain such terms
and conditions as the Administrator shall deem appropriate and shall be incorporated by reference
into and made part of the Plan and shall be attached hereto as part of the Plan; provided however,
that in the event an Offering Period is not designated by the Administrator in the Offering
Documents, the right to purchase Stock of the Company under the Plan shall be granted twice each
year on January 1 and July 1 of each calendar year and the term of the Offering Period shall be six
months. The provisions of separate Offering Periods under the Plan need not be identical.

     5.2 Offering Documents. Each Offering Document with respect to an Offering Period
shall specify (through incorporation of the provisions of this Plan by reference or otherwise):

          (i) the length of the Offering Period, which period shall not exceed twenty-seven months;

          (ii) the Enrollment Date for such Offering Period;

          (iii) the Purchase Date for such Offering Period;

          (iv) the maximum number of shares, if any, that may be purchased by any Eligible Employee
during such Offering Period; and

          (v) such other provisions as the Administrator determines are appropriate, subject to the
Plan.

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ARTICLE VI

PARTICIPATION

     6.1 Eligibility. Any Eligible Employee who shall be employed by the Company or a
Designated Subsidiary on the day immediately preceding a given Enrollment Date for an Offering
Period shall be eligible to participate in the Plan during such Offering Period, subject to the
requirements of this Article VI and the limitations imposed by Section 423(b) of the Code.

     6.2 Enrollment in Plan. Except as otherwise set forth in an Offering Document, an
Eligible Employee may become a Participant in the Plan for an Offering Period by delivering a
participation agreement to the Company prior to the Enrollment Date for such Offering Period (or
such other date specified in the Offering Document), in such form as the Administrator provides.
Except as provided in Section 6.7 below, an Eligible Employee may participate in the Plan only by
means of payroll deduction. Each such participation agreement shall designate a stated amount of
such Eligible Employee’s Compensation to be withheld by the Company or the Designated Subsidiary
employing such Eligible Employee on each payday during the Offering Period as payroll deductions
under the Plan. The stated amount may not be less than $10.00 per pay period, and may not exceed
either of the following: (i) 10% of the Compensation from which the deduction is made, or (ii) an
amount which will result in noncompliance of the $25,000 limit stated in Section 6.5. A
Participant may elect to have all payroll deductions completely discontinued at any time, but an
election to discontinue payroll deductions during an Offering Period shall be deemed to be an
election to withdraw pursuant to Section 8.1. No change in payroll deductions other than complete
discontinuance can be made during an Offering Period, and, specifically, once an Offering Period
has commenced, a Participant may not alter the rate of his or her payroll deductions for such
offering.

     6.3 Payroll Deductions. Except as otherwise provided in the applicable Offering
Document, payroll deductions for a Participant shall commence on the first payroll following the
Enrollment Date and shall end on the last payroll in the Offering Period to which such
authorization is applicable, unless sooner terminated by the Participant as provided in Article
VIII.

     6.4 Effect of Enrollment. A Participant’s completion of a participation agreement
will enroll such Participant in the Plan for each subsequent Offering Period on the terms contained
therein until the Participant either submits a new participation agreement, withdraws from
participation under the Plan as provided in Article VIII or otherwise becomes ineligible to
participate in the Plan.

     6.5 Limitation on Purchase of Stock. An Eligible Employee may be granted rights under
the Plan only if such rights, together with any other rights granted to such Eligible Employee
under “employee stock purchase plans” of the Company, any Parent or any Subsidiary, as specified by
Section 423(b)(8) of the Code, do not permit such employee’s rights to purchase stock of the
Company or any Parent or Subsidiary to accrue at a rate which exceeds $25,000 of fair market value
of such stock (determined as of the first day of the Offering Period during which such rights are
granted) for each calendar year in which such rights are outstanding at any time. This limitation
shall be applied in accordance with Section 423(b)(8) of the Code.

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     6.6 Decrease of Payroll Deductions. Notwithstanding the foregoing, to the extent
necessary to comply with Section 423(b)(8) of the Code and Section 6.5, a Participant’s payroll
deductions may be suspended by the Administrator at any time during an Offering Period.

     6.7 Leaves of Absence. During a paid leave of absence approved by the Company and
meeting the requirements of U.S. Treasury Regulation Section 1.421-1(h)(2), a Participant’s elected
payroll deductions shall continue. If a Participant takes an unpaid leave of absence that is
approved by the Company and meets the requirements of Treasury Regulation Section 1.421-1(h)(2),
then such Participant may contribute amounts to the Plan in lieu of his elected payroll deductions
or contributions in accordance with procedures established by the Administrator; provided, however,
that a Participant’s contributions while on such an unpaid leave of absence may not exceed the
total amount of payroll deductions that would have been made had such Participant not taken such an
unpaid leave of absence. If a Participant takes a leave of absence that is not described in the
preceding sentences of this Section 6.7, then he shall be considered to have withdrawn from the
Plan in accordance with Section 8.1 hereof. Further, notwithstanding the preceding provisions of
this Section 6.7, if a Participant takes a leave of absence that is described in the first or
second sentence of this Section 6.7, and such leave of absence exceeds 90 days, then he shall be
considered to have withdrawn from the Plan in accordance with Section 8.1 hereof on the
91st day of such leave of absence; provided, however, that if the Participant’s right to
employment is guaranteed either by statute or contract, then such 90-day period shall be extended
until the last day upon which such reemployment rights are so guaranteed.

ARTICLE VII

GRANT AND EXERCISE OF RIGHTS

     7.1 Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible
Employee participating in such Offering Period shall, subject to the maximum number of shares of
Stock specified under Section 5.2(iv) and the provisions of Section 6.5 above, be granted a right
to purchase that number of shares of the Company’s Stock equal to the quotient of (i) the aggregate
payroll deductions authorized to be withheld by such Participant in accordance with Section 6.2
hereof for such Offering Period, divided by (ii) the Purchase Price of the Stock as of the
Enrollment Date.

     7.2 Exercise of Rights. Subject to the limitations set forth in Section 6.5 hereof,
each Participant in the Plan automatically and without any act on his part will be deemed to have
exercised his right on each Purchase Date, to the extent that the balance then in his account under
the Plan is sufficient, to purchase at the Purchase Price the whole number of shares of Stock
subject to the right granted to such Participant under this Plan for such Offering Period. No
fractional shares shall be issued on the exercise of rights granted under this Plan. The amount,
if any, of accumulated payroll deductions remaining in each Participant’s account after the
purchase of shares on each Purchase Date shall be distributed in full to the Participant after such
Purchase Date.

     7.3 Pro Rata Allocation of Shares. If the Administrator determines that, on a given
Purchase Date, the number of shares of Stock with respect to which rights are to be exercised

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may exceed (i) the number of shares of Stock that were available for issuance under the Plan
on the Enrollment Date of the applicable Offering Period, or (ii) the number of shares of Stock
available for issuance under the Plan on such Purchase Date, the Administrator may in its sole
discretion provide that the Company shall make a pro rata allocation of the shares of Stock
available for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a
manner as shall be practicable and as it shall determine in its sole discretion to be equitable
among all Participants for whom rights to purchase Stock are to be exercised pursuant to this
Article VII on such Purchase Date, and shall either (x) continue all Offering Periods then in
effect, or (y) terminate any or all Offering Periods then in effect pursuant to Article X. The
Company may make pro rata allocation of the shares available on the Enrollment Date of any
applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of
additional shares for issuance under the Plan by the Company’s stockholders subsequent to such
Enrollment Date. The balance of the amount credited to the account of each Participant which has
not been applied to the purchase of shares of stock shall be paid to such Participant in one lump
sum in cash as soon as reasonably practicable after the Purchase Date.

     7.4 Withholding. At the time a Participant’s rights under the Plan are exercised, in
whole or in part, or at the time some or all of the Stock issued under the Plan is disposed of, the
Participant must make adequate provision for the Company’s federal, state, or other tax withholding
obligations, if any, which arise upon the exercise of the right or the disposition of the Stock.
At any time, the Company may, but shall not be obligated to, withhold from the Participant’s
compensation the amount necessary for the Company to meet applicable withholding obligations,
including any withholding required to make available to the Company any tax deductions or benefits
attributable to sale or early disposition of Stock by the Participant.

     7.5 Conditions to Issuance of Stock.

          (a) Except as provided below, the Company will deliver to each Participant a certificate
issued in his name for the number of shares of Stock with respect to which his rights were
exercised and for which he has paid the Purchase Price. The certificate will be delivered as soon
as practicable following the Purchase Date.

          In lieu of delivering share certificates directly to Participants, the Company in its
discretion may take such steps as it deems necessary or advisable (including, without limitation,
the execution of service agreements and contracts) to effect the delivery of shares to a
broker-dealer or similar custodian designated by the Company (the “Plan Broker”) on such terms and
conditions as the Company determines in its discretion. In such event, as soon as practicable
following the Purchase Date, the Company, on behalf of each Participant, shall deliver to the Plan
Broker a certificate for (or shall otherwise cause to be credited with the Plan Broker) the number
of shares of Stock with respect to which such Participant’s right was exercised and for which such
Participant has paid the Purchase Price. The Plan Broker shall keep accurate records of the
beneficial interests of each Participant in such shares by means of the establishment and
maintenance of an account for each Participant. Fees and expenses of the Plan Broker shall be paid
by the Company and/or allocated among the respective Participants in such manner as the Company
determines in its discretion. During any period that the Plan Broker arrangement described above
is utilized in connection with the Plan, Participants shall be required, at such time or times as
may be designated by the Company, to enter into such agreements and

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authorizations (the terms of which may include, without limitation, restrictions on the
transfer of shares from Participants’ Plan Broker accounts) with the Plan Broker and the Company as
the Company may prescribe.

          (b) The Company shall not be required to issue or deliver any certificate or certificates for
shares of Stock purchased upon the exercise of rights under the Plan prior to fulfillment of all of
the following conditions:

               (i) The admission of such shares to listing on all stock exchanges, if any, on which the Stock
is then listed; and

               (ii) The completion of any registration or other qualification of such shares under any state
or federal law or under the rulings or regulations of the Securities and Exchange Commission or any
other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem
necessary or advisable; and

               (iii) The obtaining of any approval or other clearance from any state or federal governmental
agency which the Administrator shall, in its absolute discretion, determine to be necessary or
advisable; and

               (iv) The payment to the Company of all amounts which it is required to withhold under federal,
state or local law upon exercise of the rights, if any; and

               (v) The lapse of such reasonable period of time following the exercise of the rights as the
Administrator may from time to time establish for reasons of administrative convenience.

ARTICLE VIII

WITHDRAWAL; TERMINATION OF EMPLOYMENT OR ELIGIBILITY

     8.1 Withdrawal. A Participant may withdraw all but not less than all of the payroll
deductions credited to his or her account and not yet used to exercise his or her rights under the
Plan at any time by giving written notice to the Company in a form acceptable to the Administrator.
All of the Participant’s payroll deductions credited to his or her account during the Offering
Period shall be paid to such Participant as soon as reasonably practicable after receipt of notice
of withdrawal and such Participant’s rights for the Offering Period shall be automatically
terminated, and no further payroll deductions for the purchase of shares shall be made for such
Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not
resume at the beginning of the next Offering Period unless the Participant delivers to the Company
a new participation agreement.

     8.2 Future Participation. A Participant’s withdrawal from an Offering Period shall
not have any effect upon his or her eligibility to participate in any similar plan which may
hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering Periods
which commence after the termination of the Offering Period from which the Participant withdraws.

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     8.3 Termination of Employment.

          (a) If the employment of a Participant terminates prior to the Purchase Date relating to a
particular Offering Period, other than by death as addressed in Section 8.3(b) below, his
participation in the Plan automatically and without any act on his part shall terminate as of the
date of the termination of his employment; provided, however, that if the Purchase Date for the
Offering Period during which such termination of employment occurs is not a Business Day and the
Participant’s employment terminates on the last Business Day of the Offering Period, then such
Participant will be considered to have terminated employment, for purposes of this Section 8.3(a),
on the Purchase Date. For purposes of the preceding sentence, the term “Business Day” shall mean
any day except a Saturday, Sunday or other day on which national banking associations in the State
of Texas are generally closed for the conduct of commercial banking business. Following the
Participant’s termination of employment as described above, the Company promptly will refund to him
the amount of the balance in his account under the Plan, and thereupon his interest in the Plan and
in any right under the Plan shall terminate.

          (b) If the employment of a Participant terminates due to such Participant’s death, then such
Participant’s personal representative shall have the right to elect either to:

               (i) withdraw the amount of the balance in the Participant’s account under the Plan at the date
of such Participant’s termination of employment; or

               (ii) exercise such Participant’s right to purchase Stock on the applicable Purchase Date of
the Offering Period during which termination of employment occurs, in which event such personal
representative shall be permitted to purchase the number of whole shares of Stock which the amount
of the balance in the Participant’s account under the Plan at the date of such Participant’s
termination of employment will purchase at the applicable Purchase Price (subject to Section 6.5),
with any balance remaining in the Participant’s account under the Plan to be returned to such
personal representative.

Such personal representative must make such election by giving notice to the Company at such time
and in such manner as the Administrator prescribes. In the event that no such notice of election
is timely received by the Company, the personal representative will automatically be deemed to have
elected as set forth in clause (i) above, and the balance in such Participant’s account under the
Plan shall be promptly distributed to such personal representative.

ARTICLE IX

ADJUSTMENTS UPON CHANGES IN STOCK

     9.1 Changes in Capitalization; Other Adjustments.

          (a) Subject to Section 9.3, whenever any change is made in the Stock by reason of any stock
dividend or by reason of subdivision, stock split, reverse stock split, combination or exchange of
shares, recapitalization, reorganization, reclassification of shares, or any other similar
corporate event affecting the Stock, appropriate action will be taken by the Board to make such
proportionate adjustments, if any, as the Board in its discretion may deem appropriate to reflect
such change with respect to (i) the aggregate number and type of shares of

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Stock (or other securities or property) that may be issued under the Plan (including, but not
limited to, adjustments of the limitations established in each Offering Document pursuant to
Section 5.2 on the maximum number of shares of Stock that may be purchased); (ii) the class(es) and
number of shares and price per share of Stock subject to outstanding rights; and (iii) the Purchase
Price with respect to any outstanding rights.

          (b) If the Company shall not be the surviving corporation in any merger or consolidation (or
survives only as a subsidiary of another entity), or if the Company is to be dissolved or
liquidated, then unless a surviving corporation assumes or substitutes new options (within the
meaning of Section 424(a) of the Code) for all rights then outstanding under this Plan, (i) the
Purchase Date for all rights then outstanding under this Plan shall be accelerated to dates fixed
by the Administrator or the Board prior to the effective date of such merger or consolidation or
such dissolution or liquidation, (ii) a Participant (or his legal representative) may make a
lump-sum deposit prior to the Purchase Date in lieu of the remaining payroll deductions (or
remaining Participant contributions under Section 6.7) which otherwise would have been made, and
(iii) upon such effective date any unexercised rights shall expire.

     9.2 No Adjustment Under Certain Circumstances. No adjustment or action described in
this Article IX or in any other provision of the Plan shall be authorized to the extent that such
adjustment or action would cause the Plan to fail to satisfy the requirements of Section 423 of the
Code.

     9.3 No Other Rights. Except as expressly provided in the Plan, no Participant shall
have any rights by reason of any subdivision or consolidation of shares of stock of any class, the
payment of any dividend, any increase or decrease in the number of shares of stock of any class or
any dissolution, liquidation, merger, or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan or pursuant to action of the Administrator or the Board
under the Plan, no issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number of shares of Stock subject to an outstanding right or the
Purchase Price of the Stock subject to an outstanding right.

ARTICLE X

AMENDMENT, MODIFICATION AND TERMINATION

     10.1 Amendment, Modification and Termination. The Board may amend, suspend or
terminate the Plan at any time and from time to time; provided, however, that approval by a vote of
the holders of the outstanding shares of the Company’s capital stock entitled to vote shall be
required to amend the Plan to: (a) change the aggregate number of shares that may be sold pursuant
to rights under the Plan under Section 4.1 (other than any adjustment as provided by Article IX);
(b) materially increase the benefits accruing to Participants under the Plan; (c) change the class
of individuals who may be granted rights under the Plan; (d) extend the term of the Plan; or (e)
change the Plan in any manner that would cause the Plan to no longer be an “employee stock purchase
plan” within the meaning of Section 423(b) of the Code.

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     10.2 Rights Previously Granted. Except as provided in Article IX or this Article X,
no termination, amendment or modification may make any change in any right theretofore granted
which adversely affects the rights of any Participant without the consent of such Participant,
provided that an Offering Period may be terminated, amended or modified by the Administrator if the
Administrator determines that the termination of the Offering Period or the Plan is in the best
interests of the Company and its stockholders.

     10.3 Certain Changes to Plan. Without stockholder consent and without regard to
whether any Participant rights may be considered to have been adversely affected, to the extent
permitted by Section 423 of the Code, the Administrator shall be entitled to change the Offering
Periods, limit the frequency and/or number of changes in the amount withheld during an Offering
Period, permit payroll withholding in excess of the amount designated by a Participant in order to
adjust for delays or mistakes in the Company’s processing of properly completed withholding
elections, establish reasonable waiting and adjustment periods and/or accounting and crediting
procedures to ensure that amounts applied toward the purchase of Stock for each Participant
properly correspond with amounts withheld from the Participant’s Compensation, and establish such
other limitations or procedures as the Administrator determines in its sole discretion advisable
which are consistent with the Plan.

ARTICLE XI

TERM OF PLAN

     The Plan shall become effective on the first January 1 following its adoption by the Board,
subject to approval by the stockholders in accordance with U.S. Treasury Regulation Section
1.423-2(c) within twelve months after its adoption by the Board (the “Effective Date”). No right
may be granted under the Plan prior to such stockholder approval. The Plan shall be in effect
until December 31, 2018, unless sooner terminated under Article X. No rights may be granted under
the Plan during any period of suspension of the Plan or after termination of the Plan.

ARTICLE XII

MISCELLANEOUS

     12.1 Restriction upon Assignment. A right granted under the Plan shall not be
transferable other than by will or the laws of descent and distribution, and is exercisable during
the Participant’s lifetime only by the Participant. Except as provided in Section 12.4 hereof, a
right under the Plan may not be exercised to any extent except by the Participant. The Company
shall not recognize and shall be under no duty to recognize any assignment or alienation of the
Participant’s interest in the Plan, the Participant’s rights under the Plan or any rights
thereunder.

     12.2 Rights as a Stockholder. With respect to shares of Stock subject to a right
granted under the Plan, a Participant shall not be deemed to be a stockholder of the Company, and
the Participant shall not have any of the rights or privileges of a stockholder, until such shares
have been issued to the Participant or his or her nominee following exercise of the Participant’s
rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary,
whether

12

 

in cash securities, or other property) or distribution or other rights for which the record
date occurs prior to the date of such issuance, except as otherwise expressly provided herein.

     12.3 Interest. No interest shall accrue on the payroll deductions or lump sum
contributions of a Participant under the Plan.

     12.4 Designation of Beneficiary.

          (a) A Participant may, in the manner determined by the Administrator, file a written
designation of a beneficiary who is to receive any shares and cash, if any, from the Participant’s
account under the Plan in the event of such Participant’s death subsequent to a Purchase Date on
which the Participant’s rights are exercised but prior to delivery to such Participant of such
shares and cash. In addition, a Participant may file a written designation of a beneficiary who is
to receive any cash from the Participant’s account under the Plan in the event of such
Participant’s death prior to exercise of the Participant’s rights under the Plan. If the
Participant is married and resides in a community property state, a designation of a person other
than the Participant’s spouse as his or her beneficiary shall not be effective without the prior
written consent of the Participant’s spouse.

          (b) Such designation of beneficiary may be changed by the Participant at any time by written
notice to the Company. In the event of the death of a Participant and in the absence of a
beneficiary validly designated under the Plan who is living at the time of such Participant’s
death, the Company shall deliver such shares and/or cash to the executor or administrator of the
estate of the Participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to
the spouse or to any one or more dependents or relatives of the Participant, or if no spouse,
dependent or relative is known to the Company, then to such other person as the Company may
designate.

     12.5 Notices. All notices or other communications by a Participant to the Company
under or in connection with the Plan shall be deemed to have been duly given when received in the
form specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof.

     12.6 Equal Rights and Privileges. All Eligible Employees of the Company or any
Designated Subsidiary will have equal rights and privileges under this Plan so that this Plan
qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Any
provision of this Plan that is inconsistent with Section 423 of the Code will, without further act
or amendment by the Company, the Board or the Administrator, be reformed to comply with the equal
rights and privileges requirement of Section 423 of the Code.

     12.7 Use of Funds. All payroll deductions received or held by the Company under the
Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated
to segregate such payroll deductions.

     12.8 Reports. Statements of account shall be given to participating Employees at
least annually, which statements shall set forth the amounts of payroll deductions, the Purchase
Price, the number of shares purchased and the remaining cash balance, if any.

13

 

     12.9 No Employment Rights. Nothing in the Plan shall be construed to give any person
(including any Eligible Employee or Participant) the right to remain in the employ of the Company
or any Parent or Subsidiary or to affect the right of the Company or any Parent or Subsidiary to
terminate the employment of any person (including any Eligible Employee or Participant) at any
time, with or without cause.

     12.10 Notice of Disposition of Shares. Each Participant shall give prompt notice to
the Company of any disposition or other transfer of any shares of Stock purchased upon exercise of
a right under the Plan if such disposition or transfer is made: (a) within two years from the
Enrollment Date of the Offering Period in which the shares were purchased or (b) within one year
after the Purchase Date on which such shares were purchased. Such notice shall specify the date of
such disposition or other transfer and the amount realized, in cash, other property, assumption of
indebtedness or other consideration, by the Participant in such disposition or other transfer.

     12.11 Severability. If any provision of the Plan shall be held illegal or invalid for
any reason, said illegality or invalidity shall not affect the remaining provisions hereof;
instead, the provisions shall be fully severable and the Plan shall be construed and enforced as if
said illegal or invalid provision had never been included herein.

     12.12 Governing Law. The validity and enforceability of this Plan shall be governed
by and construed in accordance with the laws of the State of Texas without regard to otherwise
governing principles of conflicts of law.

14exv10w35

Exhibit 10.35

CHANGE IN CONTROL AGREEMENT

        THIS AGREEMENT (“Agreement”), made and entered into this 8th day of December, 2008
(the “Effective Date”), by and between Ferrellgas, Inc. (the “Company”) and Jennifer Boren (the
“Executive”);

WITNESSETH THAT:

        WHEREAS, the Company wishes to assure itself of the continuity of the Executive’s service in
the event of a Change in Control (as defined below); and

        WHEREAS, the Company and the Executive accordingly desire to enter into this Agreement on the
terms and conditions set forth below;

        NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, IT IS
HEREBY AGREED by and between the parties as follows:

        1. Agreement Term. The “Agreement Term” shall begin on the Effective Date and shall
continue through December 31, 2009, subject to the following:

	(a)	 	As of December 31, 2009, and on each December 31 thereafter, the Agreement Term shall
automatically be extended for one additional year unless, not later than the preceding June
30, either party shall have given notice that such party does not wish to extend the Agreement
Term.
	 
	(b)	 	If a Change in Control occurs during the Agreement Term (as it may be extended from time to
time), the Agreement Term shall continue for a period of twenty-four calendar months beyond
the calendar month in which such Change in Control occurs and, following an extension in
accordance with this subparagraph (b), no further extensions shall occur under subparagraph
1(a).

        2. Certain Definitions. In addition to terms otherwise defined herein, the following
capitalized terms used in this Agreement shall have the meanings specified:

	(a)	 	Board. The term “Board” means the Board of Directors of the Company.
	 
	(b)	 	Cause. The term “Cause” means:

	 	(i)	 	the willful and continued failure by the Executive to substantially perform
his duties for the Company (other than any such failure resulting from the Executive’s
being disabled) within a reasonable period of time after a written demand for
substantial performance is

 

 

	 	 	 	delivered to the Executive by the Board, which demand specifically identifies the
manner in which the Board believes that the Executive has not substantially
performed his duties;

	 	(ii)	 	the willful engaging by the Executive in conduct which is demonstrably and
materially injurious to the Company, monetarily or otherwise; or
	 
	 	(iii)	 	the engaging by the Executive in egregious misconduct involving serious
moral turpitude to the extent that, in the reasonable judgment of the Board, the
Executive’s credibility and reputation no longer conform to the standard of the
Company’s executives.

	 	 	For purposes of this Agreement, no act, or failure to act, on the Executive’s part shall be
deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and
without reasonable belief that the Executive’s action or omission was in the best interest
of the Company.
	 
	(c)	 	Change in Control. The term “Change in Control” means the first to occur of any of
the following that occurs after the Effective Date:

	 	(i)	 	any merger or consolidation of the Company in which the Company is not the
survivor;
	 
	 	(ii)	 	any sale of all or substantially all of the common stock of Ferrell
Companies, Inc. by the Ferrell Companies, Inc. Employee Stock Ownership Trust;
	 
	 	(iii)	 	a sale of all or substantially all of the common stock of the Company;
	 
	 	(iv)	 	a replacement of the Company as the General Partner of Ferrellgas Partners,
L.P.;
	 
	 	(v)	 	a public sale of at least 51 percent of the equity of Ferrell Companies,
Inc.; or
	 
	 	(vi)	 	such other transaction designated as a Change in Control by the Board.

	(d)	 	COBRA. The term “COBRA” means continuing group health coverage required by section
4980B of the Code or sections 601 et. seq. of the Employee Retirement Income
Security Act of 1974, as amended.
	 
	(e)	 	Code. The term “Code” means the Internal Revenue Code of 1986, as amended.

2

 

	(f)	 	Covered Termination. The Executive will incur a “Covered Termination” upon his
Termination Date if the Termination Date occurs (i) during the Agreement Term, (ii) upon or
following a Change in Control, and (iii) on account of termination of employment by the
Executive for Good Reason or by Company for reasons other than for Cause.
	 
	(g)	 	Good Reason. The term “Good Reason” means any of the following:

	 	(a)	 	A reduction in excess of 10% in the Executive’s base salary or target
incentive potential as compared to his base salary or target incentive in effect
immediately prior to the Change in Control;
	 
	 	(b)	 	A material diminution in the Executive’s authority, duties or
responsibilities as compared to his authority, duties or responsibilities immediately
prior to the Change in Control;
	 
	 	(c)	 	The relocation of the Executive’s principal office location to a location
which is more than 50 highway miles from the location of the Executive’s principal
office location immediately prior to the Change in Control; or
	 
	 	(d)	 	The Company’s material breach of any material term of this Agreement.

	 	 	Notwithstanding any other provision of this Agreement to the contrary, the Executive’s
Termination Date shall not be considered to be on account of Good Reason unless the
Executive provides notice of the event or condition that the Executive believes to
constitute Good Reason within 180 days of the date on which the event first occurs or the
condition first exists, the Company does not cure such event or condition within 30 days
following the date the Executive provides notice and the Executive resigns his employment
with the Company and its affiliates for Good Reason within the Agreement Term.
	 
	(h)	 	Termination Date. The term “Termination Date” with respect to the Executive means
the date on which the Executive’s employment with the Company and its affiliates terminates
for any reason, including voluntary resignation. If the Executive becomes employed by the
entity into which the Company is merged, or the purchaser of substantially all of the assets
of the Company, or a successor to such entity or purchaser, the Executive’s Termination Date
shall not be treated as having occurred for purposes of this Agreement until such time as the
Executive terminates employment with the successor and its affiliates (including, without
limitation, the merged entity or purchaser). If the Executive is transferred to employment
with an affiliate (including a successor to the Company, and regardless of whether before, on,
or after a Change in Control), such

3

 

	 	 	transfer shall not constitute the Executive’s Termination Date for purposes of this
Agreement.

        3. Payments and Benefits. If the Executive’s Termination Date occurs as the result of
a Covered Termination, the Executive shall be entitled to the following payments and benefits:

	(a)	 	The Executive will be entitled to a payment equal to two times the Executive’s annual base
salary in effect immediately prior to the Change in Control (without regard to any reduction
thereof in contemplation of the Change in Control).
	 
	(b)	 	The Executive will be entitled to a payment equal to two times the Executive’s target bonus,
at his target bonus rate in effect immediately prior to the Change in Control (without regard
to any reduction thereof in contemplation of the Change in Control).
	 
	(c)	 	For the two year period following the Termination Date, the Executive shall be entitled to
receive continuing group medical coverage for himself and his dependents (on a non-taxable
basis, including if necessary, payment of any gross-up payments necessary to result in net
non-taxable benefits), which coverage is not materially less favorable to the Executive than
the group medical coverage which was provided to the Executive by the Company or its
affiliates immediately prior to the Change in Control. To the extent applicable and to the
extent permitted by law, any continuing coverage provided to the Executive and/or his
dependents pursuant to this subparagraph (c) shall be considered part of, and not in addition
to, any coverage required under COBRA.
	 
	(d)	 	The Executive will be provided with professional outplacement services for a period of not
more than 12 months following the Termination Date, at a level customary for an executive, to
be provided by a firm mutually acceptable to the Company and the Executive.

Subject to the terms and conditions of this Agreement, payments pursuant to subparagraphs (a) and
(b) next above shall be made in substantially equal monthly installments beginning within five days
following the Termination Date. To the extent that the Company is required to make any gross-up
payments to the Executive in order to provide the benefits described in subparagraph (c) on a
non-taxable basis, such payments shall be made in the month that the Executive otherwise has
taxable income as a result of such benefits, but in no event later than the end of the year in
which the Executive pays the related taxes.

        4. Mitigation. The Executive shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise. None of the
Company or any of its affiliates shall be entitled to set off against the amounts payable to the
Executive under this

4

 

Agreement any amounts owed to the Company or any of its affiliates by the Executive, any
amounts earned by the Executive in other employment after his Termination Date, or any amounts
which might have been earned by the Executive in other employment had he sought such other
employment.

        5. Tax Payments. If:

	(a)	 	any payment or benefit to which the Executive is entitled from the Company, any affiliate, or
trusts established by the Company or by any affiliate (the “Payments,” which shall include,
without limitation, the vesting of an option or other non-cash benefit or property) are
subject to the tax imposed by section 4999 of the Code or any successor provision to that
section; and
	 
	(b)	 	reduction of the Payments to the amount necessary to avoid the application of such tax would
result in the Executive retaining an amount that is greater than the amount he would retain if
the Payments were made without such reduction but after the reduction for the amount of the
tax imposed by section 4999;

then the Payments shall be reduced to the extent required to avoid application of the tax imposed
by section 4999. The Executive shall be entitled to select the order in which payments are to be
reduced in accordance with the preceding sentence. Determination of whether Payments would result
in the application of the tax imposed by section 4999, and the amount of reduction that is
necessary so that no such tax would be applied, shall be made, at the Company’s expense, by the
independent accounting firm employed by the Company immediately prior to the occurrence of the
Change in Control. Notwithstanding the foregoing, in no event shall the Executive be entitled to
exercise any discretion with respect to the reduction of payments that are subject to section 409A
of the Code and any such payments shall be reduced, if applicable, in the order in which they would
otherwise be paid or provided (with the payments to be made first being reduced first) and cash
payments shall be reduced prior to any non-cash payments or benefits.

        6. Other Benefits. Except as may be otherwise specifically provided in an amendment
of this Agreement adopted in accordance with paragraph 10, in the event of a Covered Termination,
the Executive shall not be eligible to receive any benefits that may be otherwise payable to or on
behalf of the Executive pursuant to the terms of any severance pay arrangement of the Company (or
any affiliate of the Company), including any arrangement of the Company (or any affiliate of the
Company) providing benefits upon involuntary termination of employment.

        7. Withholding. All payments to the Executive under this Agreement will be subject to
all applicable withholding of applicable taxes.

5

 

     8. Assistance with Claims. The Executive agrees that, for the period beginning on the
Effective Date, and continuing for a reasonable period after the Executive’s Termination Date, the
Executive will assist the Company and its affiliates in defense of any claims that may be made
against the Company or its affiliates and will assist the Company and its affiliates in the
prosecution of any claims that may be made by the Company or its affiliates, to the extent that
such claims may relate to services performed by the Executive for the Company or its affiliates.
The Executive agrees to promptly inform the Company if he becomes aware of any lawsuits involving
such claims that may be filed against the Company or its affiliates. The Company agrees to provide
legal counsel to the Executive in connection with such assistance (to the extent legally
permitted), and to reimburse the Executive for all of his reasonable out-of-pocket expenses
associated with such assistance, including travel expenses. For periods after the Executive’s
employment with the Company terminates, the Company agrees to provide reasonable compensation to
the Executive for such assistance. The Executive also agrees to promptly inform the Company if he
is asked to assist in any investigation of the Company or its affiliates (or their actions) that
may relate to services performed by the Executive for the Company or its affiliates, regardless of
whether a lawsuit has then been filed against the Company or its affiliates with respect to such
investigation. Any compensation payable to the Executive pursuant to this paragraph 8 for services
provided to the Company shall be paid within ten days after the Executive provides the applicable
services. To the extent that any reimbursements to be provided pursuant to this paragraph 8 are
taxable to the Executive, such reimbursements shall be paid to the Executive only if (a) the
expenses are incurred and reimbursable pursuant to a reimbursement plan that provides an
objectively determinable nondiscretionary definition of the expenses that are eligible for
reimbursement and (b) the expenses are incurred within two years following the Termination Date.
With respect to any expenses that are reimbursable pursuant to the preceding sentence, the amount
of the expenses that are eligible for reimbursement during one calendar year may not affect the
amount of reimbursements to be provided in any subsequent calendar year, the reimbursement of an
eligible expense shall be made on or before the last day of the calendar year following the
calendar year in which the expense was incurred, and the right to reimbursement of the expenses
shall not be subject to liquidation or exchange for any other benefit. 

     9. Nonalienation. The interests of the Executive under this Agreement are not subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors of the Executive or the Executive’s beneficiary.

     10. Amendment. This Agreement may be amended or canceled only by mutual agreement of
the parties in writing without the consent of any other person. So long as the Executive lives, no
person, other than the parties hereto, shall have any rights under or interest in this Agreement or
the subject matter hereof.

6

 

     11. Applicable Law. The provisions of this Agreement shall be construed in accordance
with the laws of the State of Kansas, without regard to the conflict of law provisions of any
state.

     12. Severability. The invalidity or unenforceability of any provision of this
Agreement will not affect the validity or enforceability of any other provision of this Agreement,
and this Agreement will be construed as if such invalid or unenforceable provision were omitted
(but only to the extent that such provision cannot be appropriately reformed or modified).

     13. Obligation of Company. Except as otherwise specifically provided in this
Agreement, nothing in this Agreement shall be construed to affect the Company’s right to modify the
Executive’s position or duties, compensation, or other terms of employment, or to terminate the
Executive’s employment. Nothing in this Agreement shall be construed to require the Company or any
other person to take steps or not take steps (including, without limitation, the giving or
withholding of consents) that would result in a Change in Control.

     14. Waiver of Breach. No waiver by any party hereto of a breach of any provision of
this Agreement by any other party, or of compliance with any condition or provision of this
Agreement to be performed by such other party, will operate or be construed as a waiver of any
subsequent breach by such other party of any similar or dissimilar provisions and conditions at the
same or any prior or subsequent time. The failure of any party hereto to take any action by reason
of such breach will not deprive such party of the right to take action at any time while such
breach continues.

     15. Successors, Assumption of Contract. This Agreement is personal to the Executive
and may not be assigned by the Executive without the written consent of the Company. However, to
the extent that rights or benefits under this Agreement otherwise survive the Executive’s death,
the Executive’s heirs and estate shall succeed to such rights and benefits pursuant to the
Executive’s will or the laws of descent and distribution; provided that the Executive shall have
the right at any time and from time to time, by notice delivered to the Company, to designate or to
change the beneficiary or beneficiaries with respect to such benefits. This Agreement shall be
binding upon and inure to the benefit of the Company and any successor of the Company, subject to
the following:

	(a)	 	The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the
Company to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such succession had taken
place.
	 
	(b)	 	After a successor assumes this Agreement in accordance with this paragraph 15, only such
successor shall be liable for amounts payable

7

 

	 	 	after such assumption, and no other companies (including, without limitation, the Company
and any other predecessors) shall have liability for amounts payable after such assumption.

	(c)	 	If the successor is required to assume the obligations of this Agreement under subparagraph
(a), the successor shall execute and deliver to the Executive a written acknowledgment of the
assumption of the Agreement.

        16. Notices. Notices and all other communications provided for in this Agreement
shall be in writing and shall be delivered personally or sent by registered or certified mail,
return receipt requested, postage prepaid (provided that international mail shall be sent via
overnight or two-day delivery), or sent by facsimile or prepaid overnight courier to the parties at
the addresses set forth below. Such notices, demands, claims and other communications shall be
deemed given:

	(a)	 	in the case of delivery by overnight service with guaranteed next day delivery, the next day
or the day designated for delivery;
	 
	(b)	 	in the case of certified or registered U.S. mail, five days after deposit in the U.S. mail;
or
	 
	(c)	 	in the case of facsimile, the date upon which the transmitting party received confirmation of
receipt by facsimile, telephone or otherwise;

provided, however, that in no event shall any such communications be deemed to be given later than
the date they are actually received. Communications that are to be delivered by the U.S. mail or
by overnight service or two-day delivery service are to be delivered to the addresses set forth
below:

to the Company:

Gene Caresia

Vice President, Human Resources

7500 College Blvd., Suite 1000

Overland Park, Kansas 66210

or to the Executive:

Jennifer Boren

13013 Ballentine

Overland Park, KS 66213

Each party, by written notice furnished to the other party, may modify the applicable delivery
address, except that notice of change of address shall be effective only upon receipt.

8

 

     17. Arbitration of All Disputes. Any controversy or claim arising out of or relating
to this Agreement (or the breach thereof) shall be settled by final, binding and non-appealable
arbitration in Overland Park, Kansas by three arbitrators. Except as otherwise expressly provided
in this paragraph 17, the arbitration shall be conducted in accordance with the rules of the
American Arbitration Association (the “Association”) then in effect. One of the arbitrators shall
be appointed by the Company, one shall be appointed by the Executive, and the third shall be
appointed by the first two arbitrators. If the first two arbitrators cannot agree on the third
arbitrator within 30 days of the appointment of the second arbitrator, then the third arbitrator
shall be appointed by the Association.

     18. Survival of Agreement. Except as otherwise expressly provided in this Agreement,
the rights and obligations of the parties to this Agreement shall survive the termination of the
Executive’s employment with the Company.

     19. Entire Agreement. Except as otherwise provided herein, this Agreement constitutes
the entire agreement between the parties concerning the subject matter hereof and supersedes all
prior or contemporaneous agreements, if any, between the parties relating to the subject matter
hereof, including, but not limited to, the Prior Agreement; provided, however, that nothing in this
Agreement shall be construed to limit any policy or agreement that is otherwise applicable relating
to confidentiality, rights to inventions, copyrightable material, business and/or technical
information, trade secrets, solicitation of employees, interference with relationships with other
businesses, competition, and other similar policies or agreement for the protection of the business
and operations of the Company and its affiliates.

     20. Code Section 409A. Notwithstanding any other provision of this Agreement to the
contrary, if any payment or benefit hereunder is subject to section 409A of the Code and if such
payment or benefit is to be paid or provided on account of the Executive’s separation from service
(within the meaning of section 409A of the Code) and if the Executive is a specified employee
(within the meaning of section 409A(a)(2)(B) of the Code), such payment or benefit shall be paid or
provided on the later of (a) the first day of the seventh month following the Executive’s
separation from service or (b) the date on which such payment or benefit would otherwise be paid or
provided pursuant to the terms of this Agreement. To the extent that any payments or benefits
under the Agreement are subject to section 409A of the Code and are paid or provided on account of
the Executive’s termination of employment or service, the determination as to whether the Executive
has had a termination of employment or service shall be made in accordance with section 409A of the
Code and the guidance issued thereunder.

     21. Counterparts. This Agreement may be executed in two or more counterparts, any one
of which shall be deemed the original without reference to the others.

9

 

     IN WITNESS THEREOF, the Executive has hereunto set his hand, and the Company has caused these
presents to be executed in its name and on its behalf, all as of the Effective Date.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	EXECUTIVE
	 	 
	 
	 	 	 	 	 	 
	 	 	FERRELLGAS, INC.	 	 
	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 	 	 

10

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