Effective September 4, 2007, Peter Kelly will be Vice President – Finance and Chief Financial Officer of UGI Corporation. Mr. Kelly has an oral arrangement with UGI Corporation for “at will” employment which includes the following:
Mr. Kelly:
1.
is entitled to an annual base salary of $400,036;
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 Amended and Restated 2004 Omnibus Equity Compensation Plan, with annual awards as determined by the Compensation and Management Development Committee of the Board;
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 and participation in the executive health maintenance program.
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