Exhibit 10.33
AGREEMENT AND RELEASE
This Agreement and Release is made
among Ferrell Companies, Inc. (“FCI”), Ferrellgas, Inc.
of Liberty, Missouri (“Ferrellgas”), and their
affiliates, Ferrellgas Partners, L.P., and/or Ferrellgas, L.P.,
(all of which will collectively be referred to as
“Ferrell”) and Brian J. Kline (“Employee”),
to set forth the terms of separation of Employee’s employment
relationship with Ferrellgas and for all benefits, rights , and
obligations between Ferrellgas and Employee (referred to
collectively as the “Parties”). 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:
Employee was employed by Ferrellgas.
Employee’s regular employment ended on November 30, 2007
and began as an advisory role described in Section 3 below.
Ferrell and Employee now desire to fully and finally resolve all
issues among or between them arising from Employee’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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1. |
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Employee will resign from his position as Vice President,
Corporate Development effective September 30, 2008, by
submitting the attached letter of resignation, which is attached as
“Attachment A”, concurrently with the signing of this
Agreement. Employee is relieved of his duties as the Vice
President, Corporate Development, effective November 30, 2007. |
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2. |
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Ferrellgas agrees to pay to Employee no later than
October 15, 2008, five (5) months of salary, which is the
gross amount of One Hundred Two Thousand & Eighty-three Dollars
and Thirty-three Cents ($102,083.33), less all applicable
deductions. |
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3. |
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Further, Ferrellgas agrees to retain Employee in an advisory
role as a Vice President, Corporate Development through the
effective date of termination, September 30, 2008. Employee
will be paid the gross sum of $4,711.54 per week thru
September 30, 2008, subject to withholdings and deductions,
during that period. During this period, Ferrellgas shall provide
the employer share of any health, vision, dental, life, and
AD&D coverage in which Employee and his dependents were
enrolled as of December 1, 2007 and Employee’s cost for
these benefits will be consistent with 2007 and 2008 rates.
Employee acknowledges that the end of this period constitutes a
“qualifying event” for COBRA purposes, to make clear
Employee is entitled to and that COBRA is offered to Employee or to
any other “qualified beneficiary” at this time as a
result the end of this period. He will office from his home and all
business communications by him shall be directed to Gene Caresia,
Vice President of Human Resources. Employee shall be reimbursed for
authorized and reasonable out-of-pocket expenses incurred on behalf
of Ferrellgas. He shall not have the authority, apparent or actual,
to enter into agreements on behalf of Ferrell or to otherwise bind
the company, and he shall not hold himself out to be an officer of
Ferrell. He agrees that the confidentiality provisions of his
Employee Agreement shall extend to any confidential information (as
defined in his Employment Agreement as attached to this Agreement)
obtained or developed during this period. He 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. He shall not have access
to company |
Brian J.
Kline
Page Two
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offices, telephone systems, computer or email systems or other
Ferrell property unless specifically authorized in writing by
Ferrell. He agrees to be available to assist and cooperate with
Ferrell and to respond in a timely manner to reasonable inquiries
from Ferrell senior management. |
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4. |
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Ferrellgas also agrees to promptly reimburse Employee for five
(5) months of COBRA continuation premiums for Employee and his
dependents, provided Employee enrolls in COBRA in accordance with
the prescribed enrollment procedures and due date for the
continuance of medical benefits. Employee must submit each
month’s COBRA premium payment to Discovery Benefits as
outlined in the enrollment information. In addition, Employee must
make a copy of t |
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