SEC Contract Filing

Filing Date: 2017-09-15

Document Content:
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<TYPE>EX-10.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 10pt"><B>AGREEMENT AND RELEASE</B></FONT>

<P align="left" style="font-size: 10pt; text-indent: 4%">This Agreement and Release is entered on this 12th day of September, 2017 (the &#147;Effective
Date&#148;) among Ferrell Companies, Inc. (&#147;FCI&#148;), Ferrellgas, Inc. of Overland Park, Kansas
(collectively, &#147;Ferrellgas&#148;), and their affiliates, including Ferrellgas Partners, L.P., and/or
Ferrellgas, L.P., (all of which will collectively be referred to as &#147;Ferrell&#148;) and Thomas Van Buren
(&#147;Employee&#148;), to set forth the terms of separation of Employee&#146;s employment relationship with
Ferrellgas and for all benefits, rights, and obligations between Ferrellgas and Employee (referred
to collectively as the &#147;Parties&#148;). Thus, in consideration of the mutual promises, covenants and
agreements set forth below, the adequacy and sufficiency of which are hereby acknowledged by the
Parties, the Parties agree as follows:

<P align="left" style="font-size: 10pt; text-indent: 4%">Employee has resigned from Ferrellgas as of the Effective Date, and his regular employment
will end on September&nbsp;12, 2017. Ferrell and Employee now desire to fully and finally resolve all
issues among or between them arising from Employee&#146;s employment by Ferrell and/or the cessation of
such employment. Therefore, intending to be legally bound, Ferrell and Employee agree as follows:

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 <TD width="2%" style="background: transparent">&nbsp;</TD>
 <TD width="1%" nowrap align="right">1.</TD>
 <TD width="1%">&nbsp;</TD>
 <TD>Employee has resigned as Executive Vice President of Ferrellgas and all of its
affiliated entities on the Effective Date. The parties agree that the September&nbsp;12, 2017
shall be the &#147;Termination Date&#148; referenced in the Employment Agreement between the parties
dated May&nbsp;28, 2015.</TD>
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 <TD width="2%" style="background: transparent">&nbsp;</TD>
 <TD width="1%" nowrap align="right">2.</TD>
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 <TD>As severance, Ferrellgas agrees to pay Employee his regular base salary through
September&nbsp;12, 2018 (&#147;Payment Period&#148;). Employee will be paid his previous base salary of
$335,000 per annum on usual the bi-weekly pay periods, subject to withholdings and
deductions, during and for the Payment Period. Employee will not be granted any further
options or stock appreciation rights. No further rights or benefits, including without
limitation stock/common unit Van or stock appreciation rights or vesting, shall accrue to
Employee during or after the Payment Period. Employee shall not make any 401(k)
contributions nor receive any 401(k) matching during the Payment Period and will
voluntarily discontinue deferrals to his Supplemental Savings Plan. Employee will not be
entitled to future ESOP allocations after the Effective Date. Employee shall cooperate
fully with Ferrell in the transition of his duties and the leadership of Ferrell North
America, but shall not undertake any duties on behalf of Ferrell and shall not be
considered to be operating within the course of any duties unless specifically directed in
writing by Ferrell to do so. Employee shall not have the authority, apparent or actual, to
enter into agreements on behalf of Ferrell or to otherwise bind the company, and Employee
shall not hold himself out to be an officer of Ferrell. Employee shall not have access to
company offices, telephone systems, computer or email systems (subject to Employee&#146;s
ability to transfer contacts and private account information), or other Ferrell property
during the Payment Period unless specifically authorized in writing by Ferrell. Employee
will office from his home and all business communications by him shall be directed to
Trent Hampton, Sr. Vice President of Ferrellgas. Employee shall be reimbursed only for
previously authorized and reasonable out-of-pocket expenses incurred on behalf of
Ferrellgas. Employee agrees to be available to assist and cooperate with Ferrell and to
respond in a timely manner to reasonable inquiries from Ferrell senior management.
Employee agrees that the confidentiality provisions of his Employee Agreement shall extend
to any confidential information (as defined in his Employment Agreement) obtained or
developed during this period. In the event of a Change in Control (as defined in
Employee&#146;s May&nbsp;28, 2015 Employment Agreement).</TD>
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 <TD width="1%" nowrap align="right"><FONT style="font-size: 12pt">3.</FONT></TD>
 <TD width="1%">&nbsp;</TD>
 <TD><FONT style="font-size: 12pt"></FONT><FONT style="font-size: 10pt">During the Payment Period, Ferrellgas shall provide the employer share of any
health, vision, and dental coverage in which Employee and his dependents were enrolled as
of the Effective Date and Employee&#146;s cost for these benefits will be consistent with the
rates charged to active employees during the Payment Period. Employee acknowledges that
the end of the Payment Period