Description of At-Will Oral Employment Agreements for Executives of AmeriGas Propane, Inc. and UGI Corporation
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Summary
This document outlines the terms of oral, at-will employment agreements for four executives: Eugene V.N. Bissell, William D. Katz, Robert H. Knauss, and Jerry E. Sheridan. Each executive is entitled to a specified annual base salary, participation in annual and long-term bonus and incentive plans, eligibility for severance and retirement benefits, and certain executive perks. The agreements provide for cash benefits if employment is terminated without cause after a change in control. These arrangements are not written contracts but are based on mutual understanding and company policy.
EX-10.29 2 w15386exv10w29.txt DESCRIPTION OF ORAL EMPLOYMENT AT-WILL AGREEMENTS FOR EUGENE V.N. BISSELL, WILLIAM D. KATZ, ROBERT H. KNAUSS AND JERRY E. SHERIDAN EXHIBIT 10.29 AMERIGAS PROPANE, INC. DESCRIPTION OF EMPLOYMENT AGREEMENT FOR EUGENE V.N. BISSELL Eugene V.N. Bissell is President and Chief Executive Officer of AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P. Mr. Bissell has an oral agreement with AmeriGas Propane, Inc. for "at will" employment which includes the following: Mr. Bissell: 1. is entitled to an annual base salary, which for fiscal year 2006 is $410,000; 2. participates in AmeriGas Propane, Inc.'s annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives, which support business plans and strategic goals; 3. participates in AmeriGas Propane, Inc.'s long-term compensation plan, the 2000 Long-Term Incentive Plan, with annual awards as determined by the Compensation/Pension Committee, and UGI Corporation's 2004 Omnibus Equity Compensation Plan, with annual awards as determined by the Compensation and Management Development Committee; 4. will receive cash benefits upon termination of his employment without cause following a change in control of AmeriGas Partners, L.P. or UGI Corporation; 5. participates in AmeriGas Propane, Inc.'s benefit plans, including the AmeriGas Propane, Inc. Executive Employee Severance Pay Plan and the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan; and 6. is eligible for executive perquisites including financial planning/tax preparation services, participation in the executive health maintenance program and airline club membership. EXHIBIT 10.29 AMERIGAS PROPANE, INC. DESCRIPTION OF EMPLOYMENT AGREEMENT FOR WILLIAM D. KATZ William D. Katz is Vice President - Human Resources of AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P. Mr. Katz has an oral agreement with AmeriGas Propane, Inc. for "at will" employment which includes the following: Mr. Katz: 1. is entitled to an annual base salary, which for fiscal year 2006 is $224,012; 2. participates in AmeriGas Propane, Inc.'s annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives, which support business plans and strategic goals; 3. participates in AmeriGas Propane, Inc.'s long-term compensation plan, the 2000 Long-Term Incentive Plan, with annual awards as determined by the Compensation/Pension Committee, and UGI Corporation's 2004 Omnibus Equity Compensation Plan, with annual awards as determined by the Compensation and Management Development Committee; 4. will receive cash benefits upon termination of his employment without cause following a change in control of AmeriGas Partners, L.P. or UGI Corporation; 5. participates in AmeriGas Propane, Inc.'s benefit plans, including the AmeriGas Propane, Inc. Executive Employee Severance Pay Plan and the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan; and 6. is eligible for executive perquisites including financial planning/tax preparation services, participation in the executive health maintenance program and airline club membership. EXHIBIT 10.29 AMERIGAS PROPANE, INC. DESCRIPTION OF EMPLOYMENT AGREEMENT FOR ROBERT H. KNAUSS Robert H. Knauss is Vice President, General Counsel and Secretary of AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P. Mr. Knauss has an oral agreement with UGI Corporation for "at will" employment which includes the following: Mr. Knauss: 1. is entitled to an annual base salary, which for fiscal year 2006 is $275,195; 2. participates in UGI Corporation's annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives, which support business plans and strategic goals; 3. participates in UGI Corporation's long-term compensation plan, the 2004 Omnibus Equity Compensation Plan, with annual awards as determined by the Compensation and Management Development Committee; 4. will receive cash benefits upon termination of his employment without cause following a change in control of UGI Corporation; 5. participates in UGI Corporation's benefit plans, including the Senior Executive Employee Severance Pay Plan and the Supplemental Executive Retirement Plan; and 6. is eligible for executive perquisites including financial planning/tax preparation services, participation in the executive health maintenance program and airline club membership. EXHIBIT 10.29 AMERIGAS PROPANE, INC. DESCRIPTION OF EMPLOYMENT AGREEMENT FOR JERRY E. SHERIDAN Jerry E. Sheridan is Vice President - Finance and Chief Financial Officer of AmeriGas Propane, Inc. Mr. Sheridan has an oral agreement with AmeriGas Propane, Inc. for "at will" employment which includes the following: Mr. Sheridan: 1. is entitled to an annual base salary, which for fiscal year 2006 is $260,000; 2. participates in AmeriGas Propane, Inc.'s annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives, which support business plans and strategic goals; 3. participates in AmeriGas Propane, Inc.'s long-term compensation plan, the 2000 Long-Term Incentive Plan, with annual awards as determined by the Compensation/Pension Committee, and UGI Corporation's 2004 Omnibus Equity Compensation Plan, with annual awards as determined by the Compensation and Management Development Committee; 4. will receive cash benefits upon termination of his employment without cause following a change in control of AmeriGas Partners, L.P. or UGI Corporation; 5. participates in AmeriGas Propane, Inc.'s benefit plans, including the AmeriGas Propane, Inc. Executive Employee Severance Pay Plan and the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan; and 6. is eligible for executive perquisites including financial planning/tax preparation services, participation in the executive health maintenance program and airline club membership.
