SEC Contract Filing

Filing Date: 2021-12-20

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>d263836dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>EXECUTIVE EMPLOYMENT AGREEMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This Executive Employment Agreement (the &#147;Agreement&#148;) dated this
<U>16</U><U><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></U> day of <U>December</U>, <U>2021</U>, is hereby made by and between Chesapeake Utilities Corporation, a Delaware corporation (the &#147;Company&#148;), and <U>Kevin Webber
</U>(the &#147;Executive&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Recitals </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company is currently obtaining the benefit of Executive&#146;s services as a full-time executive employee in the capacity of
<U>Senior Vice President, and Chief Development Officer</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company&#146;s Board of Directors (the &#147;Board&#148;) has
authorized the Company to provide for the Executive&#146;s continued employment pursuant to the terms of this Agreement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS,
Executive is willing, in consideration of the covenants and consideration hereinafter provided, to continue to be employed by the Company in the capacity of <U>Senior Vice President, and Chief Development Officer</U>; and to render services incident
to such position during the term of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Agreement </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In consideration of the mutual promises and covenants contained herein, the Company and Executive hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <U>Employment</U>. The Company agrees to employ Executive, and Executive agrees to accept employment, as an executive officer of the Company
in the capacity of <U>Senior Vice President, and Chief Development Officer</U>, with such authority, duties and responsibilities as are customarily assigned to such position, including such reasonable duties and responsibilities as may be requested
of the Executive by the Board of Directors and which are consistent with the <FONT STYLE="white-space:nowrap">By-laws</FONT> of the Company as in effect from time to time including, but not limited to <U>the duties of the Chief Development
Officer</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. <U>Term</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Term of Agreement</U>. The term of this Agreement (&#147;Term&#148;) shall be the Current Term (as defined in Paragraph
2(b)), and, if applicable, the Extended Term (as defined in Paragraph 2(c)). Notwithstanding the Term of the Agreement, the Company may at any time terminate the employment of Executive for any reason. Unless otherwise required by the policies and
other governing documents of Company, the Company shall provide at least thirty (30)&nbsp;calendar days&#146; prior written notice of the termination to Executive. The Company may, in its sole discretion, choose to specify an earlier termination
date for actual employment services, and keep Executive on the active payroll through the thirty (30)&nbsp;calendar day notice period. The end of the written notice period shall be considered the employment termination date for severance benefit and
other purposes. If Executive&#146;s employment is terminated under this Section, whether by written notice of employment termination or of the Company&#146;s decision not to renew the Agreement, the Company shall provide to Executive the severance
benefits described in Section&nbsp;6, subject to the conditions set forth in such Section. Notwithstanding the foregoing, if the Executive&#146;s employment is terminated under this Section through <FONT STYLE="white-space:nowrap">non-renewal</FONT>
of the Agreement due to the Executive&#146;s retirement, no severance benefits shall be payable under Section&nbsp;6 hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Current Term</U>. Subject to Paragraph 2(c), the Current Term of this
Agreement shall extend to December&nbsp;31, 2022. If the Current Term of this Agreement expires without there having been a Change in Control (as hereinafter defined), this Agreement shall automatically extend on the same terms on a year to year
basis thereafter unless, during the period beginning ninety (90)&nbsp;days prior and ending thirty (30)&nbsp;days prior to such day, either the Company or Executive shall have given notice to the other that this Agreement will not be renewed. If
Executive&#146;s employment is terminated by the Company&#146;s decision not to renew the Agreement, the Company s