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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/15/21 Ferrellgas Partners LP 10-K 7/31/21 135:25M Toppan Merrill Bridge/FA Ferrellgas Finance Corp. Ferrellgas Partners Finance Corp. Ferrellgas LP |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 3.80M
2: EX-10.30 Material Contract HTML 39K
3: EX-10.31 Material Contract HTML 82K
4: EX-10.32 Material Contract HTML 62K
5: EX-21.1 Subsidiaries List HTML 35K
6: EX-23.1 Consent of Expert or Counsel HTML 34K
7: EX-31.1 Certification -- §302 - SOA'02 HTML 47K
8: EX-31.2 Certification -- §302 - SOA'02 HTML 46K
9: EX-31.3 Certification -- §302 - SOA'02 HTML 46K
10: EX-31.4 Certification -- §302 - SOA'02 HTML 43K
11: EX-32.1 Certification -- §906 - SOA'02 HTML 37K
12: EX-32.2 Certification -- §906 - SOA'02 HTML 37K
13: EX-32.3 Certification -- §906 - SOA'02 HTML 37K
14: EX-32.4 Certification -- §906 - SOA'02 HTML 37K
21: R1 Document And Entity Information HTML 120K
22: R2 Consolidated Balance Sheets HTML 176K
23: R3 Consolidated Balance Sheets (Parenthetical) HTML 66K
24: R4 Consolidated Statements Of Operations HTML 139K
25: R5 Consolidated Statements of Comprehensive Income HTML 85K
(Loss)
26: R6 Consolidated Statements Of Partners' Capital HTML 91K
27: R7 Consolidated Statements Of Equity HTML 63K
28: R8 Consolidated Statements Of Cash Flows HTML 178K
29: R9 Partnership Organization And Formation HTML 80K
30: R10 Summary Of Significant Accounting Policies HTML 159K
31: R11 Leases HTML 320K
32: R12 Acquisitions, dispositions and other significant HTML 161K
transactions
33: R13 Quarterly Distributions Of Available Cash HTML 42K
34: R14 Supplemental Financial Statement Information HTML 301K
35: R15 Accounts And Notes Receivable, Net HTML 63K
36: R16 Goodwill And Intangible Assets, Net HTML 231K
37: R17 Debt HTML 196K
38: R18 Preferred Units HTML 89K
39: R19 Equity HTML 90K
40: R20 Revenue from contracts with customers HTML 120K
41: R21 Fair Value Measurements HTML 164K
42: R22 Derivative Instruments and Hedging Activities HTML 337K
43: R23 Transactions With Related Parties HTML 71K
44: R24 Contingencies And Commitments HTML 60K
45: R25 Employee Benefits HTML 46K
46: R26 Net Earnings (Loss) Per Unitholders' Interest HTML 56K
47: R27 Income Taxes HTML 46K
48: R28 Quarterly Data (Unaudited) HTML 175K
49: R29 Subsequent Events HTML 47K
50: R30 Schedule I Parent Only Balance Sheets, Statements HTML 172K
Of Earnings And Cash Flows
51: R31 Schedule II Valuation And Qualifying Accounts HTML 108K
52: R32 Summary Of Significant Accounting Policies HTML 214K
(Policy)
53: R33 Summary Of Significant Accounting Policies HTML 88K
(Tables)
54: R34 Leases (Tables) HTML 374K
55: R35 Acquisitions, dispositions and other significant HTML 128K
transactions (Tables)
56: R36 Supplemental Financial Statement Information HTML 309K
(Tables)
57: R37 Accounts And Notes Receivable, Net (Tables) HTML 62K
58: R38 Goodwill And Intangible Assets, Net (Tables) HTML 233K
59: R39 Debt (Tables) HTML 167K
60: R40 Preferred Units (Tables) HTML 51K
61: R41 Equity (Tables) HTML 77K
62: R42 Revenue from contracts with customers (Tables) HTML 103K
63: R43 Fair Value Measurement (Tables) HTML 158K
64: R44 Derivative Instruments and Hedging Activities HTML 330K
(Tables)
65: R45 Transactions With Related Parties (Tables) HTML 65K
66: R46 Net Earnings (Loss) Per Unitholders' Interest HTML 52K
(Tables)
67: R47 Quarterly Data (Unaudited) (Tables) HTML 173K
68: R48 Partnership Organization And Formation (Details) HTML 229K
69: R49 Summary Of Significant Accounting Policies HTML 101K
(Narrative) (Details)
70: R50 Summary Of Significant Accounting Policies HTML 48K
(Summary Of Income Tax Expense) (Details)
71: R51 Summary Of Significant Accounting Policies HTML 43K
(Deferred Taxes Assets And Liabilities) (Details)
72: R52 Summary Of Significant Accounting Policies (New HTML 56K
Accounting Standards) (Details)
73: R53 Leases - Assets and Liabilities (Details) HTML 63K
74: R54 Leases - Lease Expenses (Details) HTML 78K
75: R55 Leases - Maturity (Details) HTML 103K
76: R56 Leases - Assumptions (Details) HTML 47K
77: R57 Leases - Cash Flow (Details) HTML 42K
78: R58 Leases - Comparative Information - Contractual HTML 39K
Operating Lease Commitments And Buyout Maturities
(Details)
79: R59 Acquisitions, dispositions and other significant HTML 52K
transactions - Acquisitions Funding (Details)
80: R60 Acquisitions, dispositions and other significant HTML 60K
transactions - Fair Value Allocation (Details)
81: R61 Acquisitions, dispositions and other significant HTML 56K
transactions - Dispositions (Details)
82: R62 Quarterly Distributions Of Available Cash HTML 44K
(Details)
83: R63 Supplemental Information - Inventories (Details) HTML 49K
84: R64 Supplemental Information - Property, Plant And HTML 110K
Equipment (Details)
85: R65 Supplemental Information - Prepaids and Other HTML 49K
Assets (Details)
86: R66 Supplemental Information - Other Current HTML 59K
Liabilities (Details)
87: R67 Supplemental Information - Shipping and Handling HTML 55K
(Details)
88: R68 Supplemental Information - Cash (Details) HTML 82K
89: R69 Accounts And Notes Receivable, Net (Details) HTML 53K
90: R70 Goodwill And Intangible Assets, Net - Components HTML 80K
(Details)
91: R71 Goodwill And Intangible Assets, Net - Goodwill HTML 51K
Rollforward (Details)
92: R72 Goodwill And Intangible Assets, Net - Lives HTML 57K
(Details)
93: R73 Goodwill And Intangible Assets, Net - Aggregate HTML 40K
Amortization Expense (Details)
94: R74 Goodwill And Intangible Assets, Net - Estimated HTML 49K
Amortization Expense (Details)
95: R75 Debt - Components Of Long-Term Debt (Details) HTML 117K
96: R76 Debt - Long-Term Debt Activity (Details) HTML 217K
97: R77 Debt - Covenants and Loss on Extinguishment HTML 160K
(Details)
98: R78 Debt Maturities (Details) HTML 59K
99: R79 Debt - Security (Details) HTML 52K
100: R80 Preferred Units - Issuance (Details) HTML 56K
101: R81 Preferred Units - Issuer Redemption Right HTML 50K
(Details)
102: R82 Preferred Units - Investor Redemption Right HTML 48K
(Details)
103: R83 Preferred Units - Distributions (Details) HTML 60K
104: R84 Preferred Units - Board Rights, Protective HTML 43K
Provisions (Details)
105: R85 Preferred Units - Restrictions on Cash HTML 46K
Distributions (Details)
106: R86 Equity - Reverse Unit Split (Details) HTML 41K
107: R87 Equity - Units Issued and Redemption (Details) HTML 73K
108: R88 Equity - Conversion Factor (Details) HTML 56K
109: R89 Equity - Limited Partner Units (Details) HTML 48K
110: R90 Equity - Ownership (Details) HTML 70K
111: R91 Equity - Paid Distributions (Details) HTML 55K
112: R92 Equity - Contributions and AOCI (Details) HTML 55K
113: R93 Revenue from contracts with customers (Details) HTML 113K
114: R94 Fair Value Measurements - Assets and Liabilities HTML 54K
(Details)
115: R95 Fair Value Measurements - Other Financial HTML 43K
Instruments (Details)
116: R96 Derivative Instruments and Hedging Activities - HTML 65K
Balance Sheet (Details)
117: R97 Derivative Instruments and Hedging Activities - HTML 54K
Margin Balances (Details)
118: R98 Derivative Instruments and Hedging Activities - HTML 64K
Effect on Comprehensive Income and Change in FV
(Details)
119: R99 Derivative Instruments and Hedging Activities - HTML 79K
AOCI Rollforward (Details)
120: R100 Derivative Instruments and Hedging Activities - HTML 41K
Credit Risk (Details)
121: R101 Transactions With Related Parties (Details) HTML 70K
122: R102 Contingencies And Commitments (Details) HTML 69K
123: R103 Employee Benefits (Details) HTML 47K
124: R104 Net Earnings (Loss) Per Unitholders' Interest HTML 54K
(Details)
125: R105 Income Taxes (Details) HTML 53K
126: R106 Quarterly Data (Unaudited) (Details) HTML 101K
127: R107 Subsequent Events (Details) HTML 74K
128: R108 Schedule I Parent Only Statements -Balance Sheets HTML 101K
(Details)
129: R109 Schedule I Parent Only Statements - Operations HTML 79K
(Details)
130: R110 Schedule I Parent Only Statements -Cash Flows HTML 114K
(Details)
131: R111 Schedule II Valuation And Qualifying Accounts HTML 68K
(Details)
133: XML IDEA XML File -- Filing Summary XML 243K
20: XML XBRL Instance -- fgp-20210731x10k_htm XML 7.57M
132: EXCEL IDEA Workbook of Financial Reports XLSX 196K
16: EX-101.CAL XBRL Calculations -- fgp-20210731_cal XML 345K
17: EX-101.DEF XBRL Definitions -- fgp-20210731_def XML 1.95M
18: EX-101.LAB XBRL Labels -- fgp-20210731_lab XML 2.01M
19: EX-101.PRE XBRL Presentations -- fgp-20210731_pre XML 2.14M
15: EX-101.SCH XBRL Schema -- fgp-20210731 XSD 305K
134: JSON XBRL Instance as JSON Data -- MetaLinks 596± 910K
135: ZIP XBRL Zipped Folder -- 0001558370-21-013178-xbrl Zip 762K
Exhibit 10.32
FY 2021
Ferrellgas, Inc.
Short Term Incentive Plan
Part I: Framework
1. | Plan Name |
The Ferrellgas, Inc. Short Term Incentive Plan (STIP)
2. | Plan Term |
The Plan will commence on the first day of the fiscal year (August 1) and end on the last day of the fiscal year (July 31). The Plan shall apply to all fiscal years commencing after August, 2020. This plan supersedes all prior plans.
3.Plan Eligibility
It is intended that those who participate are employees in critical positions whose decisions and performance impact Ferrellgas, Inc. results. Participation in the STIP is at the discretion of the Board of Directors of Ferrellgas, Inc. (the “Board”). Employees selected by the Board to participate in the STIP are referred to herein as “Participants”. The Board may terminate a Participant’s participation in the STIP at any time.
4.Target STIP Levels
Target STIP payouts are established by the Board as a percentage of the Participants’ annual base pay as of August 1, 2020 (and as of August 1 of each calendar year thereafter for so long as the STIP remains in existence). The target levels are determined on an individual Participant basis and communicated to Participants by the end of October of the Plan Year. Target incentive levels are discretionary and are determined solely by the Board.
5.Performance Requirements
Ferrellgas as a whole must meet a minimum of 80% of its budgeted EBITDA target to trigger incentive payouts. Any exceptions to this are solely at the discretion of Ferrellgas CEO. At 100% goal attainment, the STIP pool will be funded in the amount of the sum of all STIP targets. While individual payouts will vary, the overall pool allocation cannot exceed the total STIP pool. Below and above the 100% goal attainment the pool will be funded as per below table. Please note that your individual payout will be determined by your individual performance against your individual objectives.
EBITDA $ | % achieved | Pool Funding |
| < 80% | Discretionary |
$256,862,225 | 85% | 75% |
$271,971,768 | 90% | 83% |
$287,081,310 | 95% | 92% |
$302,190,853 | 100% | 100% |
$317,300,396 | 105% | 108% |
$332,409,938 | 110% | 117% |
$347,519,481 | 115% | 125% |
| > 115% | 125% |
Note: FY21 budgeted EBITDA target is $302,190,853 as adjusted for Adjusted EBITDA related to acquisitions and divestitures made during the year.
6. | STIP Bonus Payout Formula |
STIP bonus payments are based on achievement of individual objectives and individual performance as reflected in the annual performance rating.
Participants must receive a minimum performance rating of “Meets Expectations” for the Plan Year in order to be eligible for a STIP bonus payout.
The table below is an example of the potential STIP bonus payouts based upon Ferrellgas, Inc. performance and individual Participant performance:
| Individual Performance: FY21 Performance Rating | ||||
| Below Expectations | Meets Expectations | Exceeds Expectations | Exceptional | |
Company Performance: EBTDA | Exceptional Above Target Results | 0 | 1.5 | 2.25 | 2.5 |
| Exceeds Expectations Above Target Results | 0 | 1.25 | 1.75 | 2 |
| Meets Expectations At Target Results | 0 | 1 | 1.25 | 1.5 |
| Below Expectations Below Target Results | 0 | 0.5 | 0.75 | 1 |
Example Payout (Target %):
· | Annual Base Pay = $100,000 |
· | Target Bonus = 20% ($20,000) |
· | FY 2021 Ferrellgas, Inc. Performance result of Meets Expectations |
· | Individual Participant Performance Rating of Exceeds Expectations |
Participant STIP Bonus Payout = $20,000 x 125% = $25,000
7. | STIP Amendment and Termination |
The STIP may be amended or terminated at any time by the Board.
Part II – Rules and Administration
Payment Qualifications
Eligibility is defined in Part I, Section 3 of the Incentive Plan.
In order to be eligible for any payment due under the STIP, a Participant must be employed by Ferrellgas, Inc. or an affiliate on the payment date. Payments will normally be made no later than November 15th following the plan year.
If a Participant resigns or is dismissed prior to the payment date of the STIP bonus there is no payment due (i.e., a Participant must be employed on the payment date).
Existing and new employees who become Participants after the start of the Plan Year will be eligible for a STIP bonus payment based on a pro rata amount. The pro rata amount will be calculated based on the number of months an employee is a Participant divided by 12 months total in the Plan Year (Participants are eligible for the full month in which they become a Participant).
Existing or new employees who become Participants during the last quarter of the Plan Year end (May 1 or later) will not participate in the STIP until the following Plan Year.
Participants who are on an approved leave of absence for less than six consecutive months in the Plan Year will be eligible to receive a STIP bonus payment equivalent to if they had been actively employed during the leave of absence. For Participants who are on an approved leave of absence for more than six consecutive months in the Plan Year will be eligible to receive a pro rata STIP bonus payment which reflects the number of whole months worked within the Plan Year.
Payment Terms and Timing
Any STIP bonus will be paid as soon as practical after the fully audited annual results of Ferrellgas, Inc. have been announced, normally no later than November 15th following the end of a Plan Year. All STIP bonus payments are subject to the final approval of the Board. Any STIP bonus earned will be paid through the payroll system.
The Participant will be liable for all employment and income taxes applicable to the STIP bonus.
Decisions regarding Plan Issues
The Board is authorized to administer the STIP and to resolve questions, ambiguities or disputes under the STIP. The decision of the Board on any question concerning the STIP, any payments under it, its interpretation and any Participant’s entitlement to a payment under it shall be final, conclusive and binding on all Participants and other persons.
Participation
Participation in this STIP is solely by selection by the Board from time to time, in the Board’s sole discretion. The Board may decide:
a) | Whether a particular employee is eligible to participate in the Plan |
b) | The STIP’s design, terms and targets |
c) | The continuation, suspension or termination of the STIP and |
d) | The amount and timing of any bonus payments under the STIP. |
No individual will have any right to receive an STIP bonus payment, and will not acquire such a right by virtue of having received one or more STIP bonus payments during the course of their employment.
* * *
| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 10/15/21 | 8-K, 8-K/A | ||
| For Period end: | 7/31/21 | |||
| 8/1/20 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/29/23 Ferrellgas Partners LP 10-K 7/31/23 129:17M Toppan Merrill Bridge/FA 9/30/22 Ferrellgas Partners LP 10-K 7/31/22 126:17M Toppan Merrill Bridge/FA 6/10/22 Ferrellgas Partners LP 10-Q 4/30/22 94:16M Toppan Merrill Bridge/FA 3/11/22 Ferrellgas Partners LP 10-Q 1/31/22 94:16M Toppan Merrill Bridge/FA 12/15/21 Ferrellgas Partners LP 10-Q 10/31/21 94:14M Toppan Merrill Bridge/FA |