UGI CORPORATION
AMENDED AND RESTATED 2004 OMNIBUS EQUITY COMPENSATION PLAN
SUB-PLAN FOR FRENCH EMPLOYEES AND CORPORATE
OFFICERS
STOCK OPTION GRANT
LETTER
This STOCK OPTION GRANT, dated January 1,
2010 (the “Date of Grant”), is delivered by UGI
Corporation (“UGI”) to _____ (the
“Participant”).
The UGI Corporation Sub-Plan for French
Employees and Corporate Officers (the “Sub-Plan”) under
the Amended and Restated 2004 Omnibus Equity Compensation Plan (the
“Plan”) provides for the grant of options to purchase
shares of common stock of UGI. The Board of Directors of UGI (the
“Board”) authorizes and administers all option grants
to employees and corporate officers in France, and the Board has
decided to make a stock option grant to the Participant.
NOW, THEREFORE, the parties to this Grant
Letter, intending to be legally bound hereby, agree as
follows:
1.
Grant of Option . Subject to the terms and conditions set
forth in this Grant Letter and in the Plan and the Sub-Plan, UGI
hereby grants to the Participant a stock option (the
“Option”) to purchase _____ shares of
common stock of UGI (“Shares”) at an exercise price of
U.S. $24.19 per Share. The Option is intended to be a qualified
option for French tax purposes and a nonqualified stock option for
U.S. tax purposes. The Option shall become exercisable according to
Section 2 below.
2.
Exercisability of Option . The Option shall become
exercisable on the following date, if the Participant is employed
by the Company (as defined below) on the applicable
date:
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Shares for Which the
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Date
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Option is Exercisable
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100
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%
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(a) The Option shall have a term of nine
years and six months from the Date of Grant and shall terminate at
the expiration of that period (5:00 p.m. U.S. EST on June 30,
2019), unless it is terminated at an earlier date pursuant to the
provisions of this Grant Letter or the Plan.
(b) If the Participant ceases to be
employed by, or provide service to, the Company, the Option will
terminate on the date the Participant ceases such employment or
service, except as provided below. If the Participant ceases to be
employed by, or provide service to, the Company by reason of
(i) Termination without Cause (as defined below),
(ii) Retirement (as defined below), (iii) Disability (as
defined below), or (iv) death, the Option held by the
Participant will thereafter be exercisable pursuant to the
following terms:
(i) Termination Without Cause . If the
Participant’s employment or service terminates on account of
a Termination without Cause, the Option will thereafter be
exercisable only with respect to that number of Shares with respect
to which the Option is already exercisable on the date the
Participant’s employment or service terminates. Such portion
of the Option will terminate upon the earlier of the expiration
date of the Option or the expiration of the 13-month period
commencing on the date the Participant ceases to be employed by, or
provide service to, the Company.
(ii) Retirement . If the Participant
ceases to be employed by, or provide service to, the Company on
account of Retirement, the Option will thereafter become
exercisable as if the Participant had remained employed by, or had
continued providing service to, the Company for 48 months
after the date of such Retirement. The Option will terminate upon
the earlier of the expiration date of the Option or the expiration
of such 48-month period.
(iii) Disability . If the Participant is
determined to be Disabled, the Option will thereafter become
exercisable as if the Participant had remained employed by, or had
continued providing service to, the Company for 48 months
after the date of such Disability. The Option will terminate upon
the earlier of the expiration date

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