Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Ferrellgas, Inc., the general partner (the "General Partner") of Ferrellgas
Partners, L.P. and Ferrellgas, L.P. (collectively, "Ferrellgas"), appointed
Michael E. Cole as Chief Financial Officer and Treasurer of the General Partner,
effective February 20, 2023.
Mr. Cole, age 59, brings to Ferrellgas more than 35 years of experience in
developing and guiding growth in organizations through results-oriented
leadership with gas and electric utilities as well as other entities. He most
recently served as Senior Vice President, Chief Financial Officer and Treasurer
of NV Energy, Inc., a Berkshire Hathaway Energy-owned utility based in Las Vegas
with two operating subsidiaries, Nevada Power Company and Sierra Pacific Power
Company. Prior to joining NV Energy, Inc. in 2015, Mr. Cole served in a variety
of financial leadership roles. Mr. Cole earned an MBA and Bachelor of Business
degree in Finance from Western Illinois University in Macomb, IL.
Mr. Cole was not selected as Chief Financial Officer and Treasurer pursuant to
any arrangement or understanding between Mr. Cole and any other person. There
are no family relationships between Mr. Cole and any previous or current
executive officers or directors of the General Partner. There has not been any
transaction, nor is there any currently proposed transaction, which requires
disclosure under Item 404(a) of Regulation S-K in connection with Mr. Cole's
appointment.
Mr. Cole will receive a base salary of $525,000 per year and after 60 days of
employment, a $330,000 sign-on bonus. Mr. Cole will be eligible starting on
August 1, 2023, the beginning of the next fiscal year, for an annual bonus with
an incentive target of 75% of annual base salary and for medical, dental and
vision benefits provided by the General Partner. Mr. Cole will also be eligible
to participate in the other elements of our executive compensation program as
described in the registrants' Annual Report on Form 10-K filed on September 30,
2022.
Mr. Cole will enter into the General Partner's standard form of indemnification
agreement for executives, a copy of which has been filed as Exhibit 10.34 to the
registrants' Quarterly Report on Form 10-Q filed on December 6, 2019.
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