| EQT Corporation (NYSE: EQT) is a leading independent natural gas | |
| | | OUR MISSION—Realize the full potential of EQT to become the operator of choice for all stakeholders. | | |
| | | OUR VISION—Evolve EQT into a modern, connected, | | |
| | | OUR VALUES—Evident in the way we operate and in how we interact with each other every day—Trust, Teamwork, Heart, and Evolution are at the center of everything we do. | | |
| TRUST | | | | | | | TEAMWORK | | ||
| ■ Always ■ | | | ■ ■ ■ ■ | | ||||||
| HEART | | | | | | | EVOLUTION | | ||
| ■ ■ ■ | | | ■ ■ ■ | |
| Dear Fellow Shareholders, You are invited to join us at the | | | | |
| Despite a challenging natural gas price environment, we generated meaningful value for our shareholders. | |
| | Time and Date | | | | | Place | | | | | Record Date | | |||
Wednesday, April | | | Virtual meeting via live webcast, accessible at: www.virtualshareholdermeeting.com/ EQT2024 | | | If you owned common stock of EQT Corporation at the close of business on Friday, February | |
| Items of Business | | ||||||||||||
| 1 | | | Elect the 11 directors nominated by the Board of Directors to serve for a one-year term | | |||||||||
| | | | ■ Lydia I. Beebe | | | ■ Frank C. Hu | | | ■ James T. McManus II | | | ■ Toby Z. Rice | |
| | | | ■ Lee M. Canaan | | | ■ Dr. Kathryn J. Jackson | | | ■ Anita M. Powers | | | ■ Hallie A. Vanderhider | |
| | | | ■ Janet L. Carrig | | | ■ John F. McCartney | | | ■ Daniel J. Rice IV | | | | |
| 2 | | | Approve a non-binding resolution regarding the 2023 compensation of our named executive officers | | |||||||||
| 3 | |||||||||||||
| | Ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for | |
| | | On behalf of the Board of Directors, William E. Jordan Executive Vice President, General Counsel and Corporate Secretary | |
| Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to Be Held on April | | ||||||
| Our proxy statement is attached. Financial and other information concerning EQT Corporation is contained in our the fiscal year ended December 31, | | | | | free of charge at | |
| | Time and Date | | | | | Place | | | | | Record Date | | |||
Wednesday, April | | | Virtual meeting via live webcast, accessible at: www.virtualshareholdermeeting.com/ EQT2024 | | | If you owned common stock of EQT Corporation at the close of business on Friday, February | |
| | | Admission | | | | | | | | | | | | | |
| ■ You are entitled to ■ To participate in the virtual-only annual meeting as a shareholder, you must visit the website address listed above and enter a valid control number for the meeting. | | | ■ Your control number can be found on the proxy card, notice, or | ■ Anyone may enter the virtual annual meeting website as a “guest” and no control number will be required; however, only authenticated shareholders may submit their votes or questions during the virtual annual meeting. | |
| Agenda Item | | | Board Voting Recommendation | | | See Page | | ||||||
| 1 Election of 11 directors, each for a one-year term expiring at the | | | | | FOR EACH DIRECTOR | | | | | | | ||
| 2 Approval of a non-binding resolution regarding the compensation of EQT’s named executive officers for | | | | | FOR | | | | | | | ||
| 3 | |||||||||||||
Ratification of the appointment of Ernst & Young LLP as EQT’s independent registered public accounting firm for | | | | | FOR | | | | | | |
| EQT CORPORATION | |
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| BY TELEPHONE | | | BY INTERNET | | | BY MAIL | | | VIRTUAL MEETING | |
| Call toll-free 1-800-690-6903 in the USA, US territories, or Canada | | | Visit 24/7 www.proxyvote.com | | | Complete, sign, and date your proxy card and send by mail in the enclosed postage-paid envelope | | | Attend the virtual annual meeting as an authenticated shareholder and cast your vote online during the virtual meeting | |
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Name and Principal Occupation | Name and Principal Occupation | | Age | | Director Since | | Ind. | | Other Current Public Company Boards | | | Committee Membership | | Name and Principal Occupation | | Age | | Director Since | | Ind. | | Other Current Public Company Boards | | | Current Committee Membership | | ||||||||||||||||||||||||||||||
| A | | CG | | MDC | | PPCR | | | A | | CG | | MDC | | PPCR | | |||||||||||||||||||||||||||||||||||||||
| LYDIA I. BEEBE Principal, LIBB Advisors LLC; former Corporate Secretary and Chief Governance Officer, Chevron | | 69 | | 2019 | | | 1 | | | | | | | | | LYDIA I. BEEBE Principal, LIBB Advisors LLC; former Corporate Secretary and Chief Governance Officer, Chevron Corporation | | 71 | | 2019 | | | 1 | | | | | | | | |||||||||||||||||||||||||
| LEE M. CANAAN Founder and Portfolio Manager, Braeburn Capital Partners, LLC | | 65 | | 2019 | | | 2 | | | | | | | | | LEE M. CANAAN Founder and Portfolio Manager, Braeburn Capital Partners, LLC | | 67 | | 2019 | | | 1 | | | | | | | | |||||||||||||||||||||||||
| JANET L. CARRIG Former Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips | | 64 | | 2019 | | | 1 | | | | | | | | | JANET L. CARRIG Former Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips | | 66 | | 2019 | | | 2 | | | | | | | | |||||||||||||||||||||||||
| FRANK C. HU Former Investment Analyst and Vice President, Capital World Investors | | 60 | | 2021 | | | — | | | | | | | | | FRANK C. HU Former Investment Analyst and Vice President, Capital World Investors | | 62 | | 2021 | | | 1 | | | | | | | | |||||||||||||||||||||||||
| DR. KATHRYN J. JACKSON Former Director of Energy and Technology Consulting, KeySource, Inc. | | 64 | | 2019 | | | 3 | | | | | | | | | DR. KATHRYN J. JACKSON Former Director of Energy and Technology Consulting, KeySource, Inc. | | 66 | | 2019 | | | 2 | | | | | | | | |||||||||||||||||||||||||
| JOHN F. MCCARTNEY Chair Member, Quantuck Advisors LLP | | 69 | | 2019 | | | 2 | | | | | | | | | JOHN F. MCCARTNEY Chair Member, Quantuck Advisors LLP | | 71 | | 2019 | | | 2 | | | | | | | | |||||||||||||||||||||||||
| JAMES T. MCMANUS II Former Chairman, Chief Executive Officer, and President, Energen Corporation | | 63 | | 2019 | | | — | | | | | | | | | JAMES T. MCMANUS II Former Chairman, Chief Executive Officer, and President, Energen Corporation | | 65 | | 2019 | | | — | | | | | | | | |||||||||||||||||||||||||
| ANITA M. POWERS Former Executive Vice President of Worldwide Exploration, Occidental Oil and Gas Corporation | | 66 | | 2018 | | | 1 | | | | | | | | | ANITA M. POWERS Former Executive Vice President of Worldwide Exploration, Occidental Oil and Gas Corporation | | 68 | | 2018 | | | 1 | | | | | | | | |||||||||||||||||||||||||
| DANIEL J. RICE IV Former Chief Executive Officer, Rice Energy Inc. | | 41 | | 2017 | | | | 3 | | | | | | | | | | DANIEL J. RICE IV Chief Executive Officer, NET Power Inc.; former Chief Executive Officer, Rice Energy Inc. | | 43 | | 2017 | | | | 1 | | | | | | | | | |||||||||||||||||||||
| TOBY Z. RICE President and Chief Executive Officer, EQT | | 40 | | 2019 | | | | — | | | | | | | | | | | TOBY Z. RICE President and Chief Executive Officer, EQT | | 42 | | 2019 | | | | — | | | | | | | | | | |||||||||||||||||||
| HALLIE A. VANDERHIDER Managing Director, SFC Energy Management LP | | 64 | | 2019 | | | 1 | | | | | | | | | HALLIE A. VANDERHIDER Former Managing Director, SFC Energy Management LP | | 66 | | 2019 | | | 1 | | | | | | | |
| | | Committee Chair | | | | | | Committee Member | | | | | | Independent Chair of the Board | | | | | | Audit Committee Financial Expert | | | | | | Independent Director | |
| A | | | Audit | | | | CG | | | Corporate Governance | | | | MDC | | | Management Development and Compensation | | | | PPCR | | | Public Policy and Corporate Responsibility | |
| EQT CORPORATION2024 PROXY STATEMENT| | |
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| Board Practices | | | Shareholder-Friendly Governance Provisions | | | Other Best Practices | |
| Independent Board Chair Each director attended 75% or more of the total number of meetings of the Board and Regular, frequent meetings of independent directors in executive session without EQT management present Annual review by the Board of EQT’s major risks, including cybersecurity risk Corporate Governance Guidelines limit the number of other public company boards on which directors may serve (see | | | All directors stand for election annually Majority voting standard for uncontested director elections Extensive and regular shareholder engagement and support Shareholder right to convene special meetings at a 25% threshold Shareholders may remove directors from office outside of the annual meeting process Proxy access right | | | “Double trigger” payout rights under long-term incentive awards, meaning that such awards do not automatically accelerate upon a change of control if assumed by an acquiror Meaningful equity ownership guidelines for executive officers and non-employee directors | |
| EQT CORPORATION2024 PROXY STATEMENT| | |
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| Environmental | | | Social | | | Governance | |
| Helped establish the Appalachian Methane | | | Paid EQT employees volunteered Spent over Continued Consistent with our core values, we strive to create an environment that is diverse, equitable, and inclusive EQT was again named a National Top Workplace for | | | Board focus on active oversight of ESG matters: ■ ESG oversight is embedded in Board committee charters ■ The Corporate Governance Committee and the Public Policy and Corporate Responsibility Committee provide oversight, guidance, and perspective on our climate risks and initiatives, including our emissions reduction targets ■ Board regularly receives reports from management regarding ESG matters | |
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| | OUR COMMITMENT TO LEADING EFFORTS IN METHANE MANAGEMENT | | | | |||||
| | | Reducing global methane emissions to address climate change | | | |||||
| | | Employing best practices that limit our methane emissions | | | |||||
| | Signatory to the Oil and Gas Decarbonization Charter (OGDC) launched at COP28 in December 2023. | | | ||||||
| | The United Nations’ Oil & Gas Methane Partnership 2.0 (OGMP 2.0) awarded EQT | | |
| EQT Joins the Oil & Gas Decarbonization Charter Unveiled at COP28, this landmark charter is dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sectors. The OGDC, which has been signed by 50 oil and gas companies, supports the aims of the Paris Agreement and calls for the industry to align around net zero by or before 2050, zero-out methane emissions and eliminate routine flaring by 2030. Beyond decarbonization, signatories recognize it is essential for the oil and gas industry to increase actions, including engaging with customers, investing in the energy system of the future and increasing transparency in measurement, reporting and independent verification. | |
| | | You can find our 2022 ESG | |
| EQT CORPORATION2024 PROXY STATEMENT|7 | |
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| EQT CORPORATION2024 PROXY STATEMENT| | |
| Our executive and investor relations team is highly | | | During | | | |
| Shareholder Say-on-Pay Approval at the | |
| Shareholder Say-on-Pay Approval | |
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| PERFORMING FOR ALL STAKEHOLDERS | | | | |||||
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| EQT CORPORATION2024 PROXY STATEMENT| | |
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| | | | The Board of Directors recommends a vote FOR each of the following nominees for the Board of Directors, to serve for a one-year term expiring in | | |
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| INDEPENDENT BOARD CHAIR COMMITTEES ■ | |||||||||||
Corporate Governance ■ Management Development and Compensation | | | Lydia I. Beebe | | | Age 71 Independent Director since July 2019 | | |||||
| SUMMARY ■ Principal of LIBB Advisors LLC, a corporate governance consulting firm (2018 to present) ■ Former director of Kansas City Southern (2017 to 2021) ■ Former Senior Of Counsel, Wilson Sonsini Goodrich & Rosati P.C. (2015 to 2017) ■ Former Corporate Secretary and Chief Governance Officer, Chevron Corporation (1995 to 2015) ■ Former Co-Director of Stanford Institutional Investors’ Forum (2015 to 2018) OTHER PUBLIC COMPANY BOARDS ■ Aemetis, Inc. (Nasdaq: AMTX), an industrial biotechnology company (2016 to present) | | | | QUALIFICATIONS Having served 20 years in the role of Corporate Secretary and Chief Governance Officer of Chevron Corporation, the Board values Ms. Beebe’s extensive corporate governance and legal experience, as well as her significant energy industry experience. Ms. Beebe also brings expertise in the areas of finance, tax and audit, logistics, efficiency, and strategy, as well as experience serving on other public company boards. | |
| COMMITTEES ■ Audit ■ Corporate Governance | | | Lee M. Canaan | | | Age 67 Independent Director since July 2019 | | ||||
| SUMMARY ■ Founder and Portfolio Manager, Braeburn Capital Partners, LLC, a private investment management firm (2003 to present) ■ Member of the Board of Aethon Energy, LLC, a ■ Former Director of ROC Energy Acquisition Corp., a special purpose acquisition company (2021 to 2023) OTHER PUBLIC COMPANY BOARDS ■ PHX Minerals Inc. (formerly Panhandle Oil and Gas Inc.) (NYSE: PHX), a non-operated oil and gas minerals holding company (2015 to present) | | | | QUALIFICATIONS Ms. Canaan’s energy expertise and extensive experience in capital markets, financial analysis, mergers and acquisitions, and strategic and business turnarounds, as well as her current and prior public-company board experience, provide significant value and perspectives to the Board. | |
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| COMMITTEES ■ Corporate Governance ■ Public Policy and Corporate Responsibility | | | Janet L. Carrig | | | Age 66 Independent Director since July 2019 | | ||||
| SUMMARY ■ Former Senior Vice President, Legal, General Counsel and Corporate Secretary of ConocoPhillips ■ Former Partner, Zelle, Hofmann, Voelbel, Mason & Gette P.C. (Law Firm) (2004 to 2006) ■ Former Senior Vice President, Chief Administrative Officer and Chief Compliance Officer, Kmart Corporation (2003 to 2004) ■ Former Executive Vice President Corporate Development, General Counsel and Secretary, Kellogg Company (1999 to 2003) ■ Trustee, Columbia Threadneedle Mutual Funds (a group of OTHER ■ ■ Tri-Continental Corp. (NYSE: TY), a registered investment company (2023 to present) | | | | QUALIFICATIONS Ms. Carrig brings to the Board extensive executive leadership experience, substantial legal, regulatory, and governance expertise, and a strong exploration and production (“E&P”) industry background. Having served over a decade as general counsel of ConocoPhillips, Ms. Carrig’s corporate and legal career and her prior E&P industry experience enable her to provide Board leadership in legal affairs and corporate governance. | |
| COMMITTEES ■ Audit ■ Public Policy and Corporate Responsibility | | | Frank C. Hu | | | Age 62 Independent Director since October 2021 | | ||||
| SUMMARY ■ Former Investment Analyst and Vice President, Capital World Investors, an investment group in the Capital Group Companies, Inc. (2003 to 2017) ■ Former Manager of Project Finance, Corporate Treasury, Unocal Corporation (2002 to 2003) ■ Former Global Energy Practice Consultant, McKinsey & Company (2000 to 2002) OTHER PUBLIC COMPANY BOARDS ■ Viper Energy Partners LP (NYSE: VNOM), a limited partnership formed by Diamondback Energy, Inc. to own interests in oil and natural gas properties primarily in the Permian Basin (2022 to present) | | | | QUALIFICATIONS The Board values Mr. Hu’s robust experience in the finance and oil and gas industry. His combined strengths of executive leadership and experience managing downstream and business development segments, together with his strong oil and gas investment background, bring valuable perspectives and experience to the Board. | |
| EQT CORPORATION2024 PROXY STATEMENT| | |
| COMMITTEES ■ Management Development and Compensation ■ Public Policy and Corporate Responsibility | | | Dr. Kathryn J. Jackson | | | Age 66 Independent Director since July 2019 | | ||||
| SUMMARY ■ Former Director of Energy and Technology Consulting, KeySource, Inc. (2015 to 2021) ■ Former Senior Vice President and Chief Technology Officer, RTI International Metals (acquired by Alcoa Corporation) (2014 to 2015) ■ Former Chief Technology Officer and Senior Vice President of Research and Technology, Westinghouse Electric Company, LLC (2009 to 2014) ■ Former Director of Rice Energy Inc. (April 2017 until its acquisition by EQT in November 2017) OTHER PUBLIC COMPANY BOARDS ■ Cameco Corporation (NYSE: CCJ), a global provider of uranium fuel (2017 to present) ■ Portland General Electric Company (NYSE: POR), a fully integrated energy company (2014 to present) | | | | QUALIFICATIONS The Board values Dr. Jackson’s expertise in regulatory, legislative, and public policy issues. Her innovation, technology, and engineering skills, in addition to her experience with generation facilities and large energy trading and utility operations, are highly beneficial to the Board. Dr. Jackson also has extensive experience serving on a number of public company boards. | |
| COMMITTEES ■ Corporate Governance ■ Public Policy and Corporate Responsibility | | | John F. McCartney | | | Age 71 Independent Director since July 2019 | | ||||
| SUMMARY ■ Chair Member, Quantuck Advisors LLP (1998 to present) ■ Non-executive Chairman of the Board of Huron Consulting Group, Inc. (Nasdaq: HURN), a management consulting firm (2010 to present) ■ Former Director of Rice Energy, Inc. (2015 until its acquisition by EQT in Former Director of Datatec Limited, OTHER PUBLIC COMPANY BOARDS ■ Granite Ridge Resources, Inc. (NYSE: GRNT), a non-operated oil and natural gas exploration and production company (2022 to present) ■ Huron Consulting Group Inc. (Nasdaq: HURN) (2004 to present) | | | | QUALIFICATIONS The Board values the extensive experience Mr. McCartney brings to the Board. Having served as chairman and vice chairman of the boards of numerous public and private companies, his demonstrated ability to oversee every aspect of a public company, and his deep governance and accounting experience, are invaluable to the Company. | |
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| COMMITTEES ■ Corporate Governance ■ Management Development and Compensation | | | James T. McManus II | | | Age 65 Independent Director since July 2019 | | ||||
| SUMMARY ■ Former Chairman, Chief Executive Officer and President, Energen Corporation (“Energen”), a formerly publicly traded E&P company focused on the Permian Basin that was acquired by Diamondback Energy, Inc. in 2018 (2008 to 2018) ■ Former Chief Executive Officer and President, Energen (2007) and President and Chief Operating Officer, Energen (2006 to 2007) ■ Former President and Chief Operating Officer of Energen’s E&P subsidiary, Energen Resources (1997 | | | | QUALIFICATIONS Having served for many years as the CEO of Energen, the Board values Mr. McManus’s strong executive leadership and industry and operations experience, | |
| COMMITTEES ■ Audit ■ Management Development and Compensation | | | Anita M. Powers | | | Age 68 Independent Director since November 2018 | | ||||
| SUMMARY ■ Former Executive Vice President, Worldwide Exploration, Occidental Oil and Gas Corporation (2007 to 2017) ■ Former Vice President, Occidental Petroleum Corporation (2009 to 2017) ■ Former director of California Resources Corporation, OTHER PUBLIC COMPANY BOARDS ■ SM Energy Company (NYSE: SM), an independent exploration and production company | | | | QUALIFICATIONS The Board values Ms. Powers’s extensive operational experience in the oil and gas industry and her significant expertise at optimizing the efficiency of operations to drive returns. As a senior geologist, Ms. Powers brings depth to the Board in areas that are critical to EQT’s business. | |
| COMMITTEES ■ Public Policy and Corporate Responsibility | | | Daniel J. Rice IV | | | Age 43 Director since November 2017 | | ||||
| SUMMARY ■ Chief Executive Officer, NET Power Inc. (2023 to present) ■ Partner, Rice Investment Group ■ Former Chief Executive Officer and Director of Rice Energy Inc. (2013 until its acquisition by EQT in ■ Former Vice President and Chief Financial Officer, Rice Energy Inc. (2008 to 2013) and Chief Operating Officer, Rice Energy Inc. (2012 to 2013) OTHER PUBLIC COMPANY BOARDS ■ | | | | QUALIFICATIONS With over a decade of experience in the natural gas industry, coupled with his | |
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| | | Toby Z. Rice | | | Age 42 Director since July 2019 | | |||||
| SUMMARY ■ President and Chief Executive Officer, EQT ■ Partner, Rice Investment Group ■ Former President and Chief Operating Officer, Rice Energy Inc. (2013 until its acquisition by EQT in ■ Co-founder and Former Chief Executive Officer, Rice Energy Inc. (2007 to 2013) ■ Former Director of Rice Energy Inc. (2013 until its acquisition by EQT in | | | | QUALIFICATIONS The Board holds in high esteem Mr. Rice’s experience and strong leadership skills. His considerable operational, technical, cultural, and executive experience in the oil and gas industry, including Mr. Rice’s prior service as an executive and director of Rice Energy Inc., provides the Board with insight into the business and strategic priorities of the Company. | |
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COMMITTEES ■ Audit ■ Management Development and Compensation | | | Hallie A. Vanderhider | | | Age 66 Independent Director since July 2019 | | |||||
| SUMMARY ■ Former Managing Director, SFC Energy Management LP (2016 to ■ Former Managing Partner, Catalyst Partners LLC (2013 to 2016) ■ Former President and Chief Operating Officer, Black Stone Minerals Company, L.P. (2007 to 2013) ■ Former Director, Noble Midstream GP LLC, the general partner of Noble Midstream Partners LP, a master limited partnership that OTHER PUBLIC COMPANY BOARDS ■ Oil States International (NYSE: OIS), a global provider of manufactured products and services to the oil and natural gas, industrial, and military sectors | | | | QUALIFICATIONS Ms. Vanderhider’s in-depth knowledge of energy finance and her demonstrated management and operational experience, including her prior roles as Chief Operating Officer and Chief Accounting Officer in the oil and gas industry, adds to our Board’s deep bench of experience and knowledge. Ms. Vanderhider also has extensive board experience. | |
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| | | All standing at ir.eqt.com/investor-relations/governance | |
| EQT CORPORATION | |
| Audit Committee | | | Meetings Held in | | |||||||
| | | MEMBERS ■ Lee M. Canaan ■ Frank C. Hu ■ Anita M. Powers ■ Hallie A. Vanderhider | | ||||||||
| PRIMARY RESPONSIBILITIES The Audit Committee: ■ oversees the accounting and financial reporting processes and related disclosure matters; ■ oversees the audits and integrity of financial statements; ■ oversees the qualifications, independence, and performance of our registered public ■ oversees the qualifications and performance of the internal audit function; ■ reviews and makes recommendations regarding risks relating to cybersecurity, and such of the Company’s other Tier 1 risks as may be delegated to the Audit Committee by the Board; and ■ oversees compliance with legal and regulatory requirements, including EQT’s Code of Business Conduct and Ethics. For additional information regarding Audit Committee responsibilities, see “Report of the Audit Committee” and “Board’s Role in Risk | | | |
INDEPENDENCE AND QUALIFICATIONS Each member of the Audit Committee is: ■ independent under our Corporate Governance Guidelines and applicable NYSE listing standards and SEC rules; and ■ financially literate under the applicable NYSE listing standards. The Board has determined that Mses. Canaan and Vanderhider and Mr. Hu each qualifies as an “audit committee financial expert.” The designation as an audit committee financial expert does not impose upon such designees any duties, obligations, or liabilities that are greater than those of any other member of the Audit Committee and the Board. | |
| Corporate Governance Committee | | | Meetings Held in 2023: 5 | | |||||||
| | | MEMBERS ■ Janet L. Carrig ■ Lydia I. Beebe ■ Lee M. Canaan ■ John F. McCartney ■ James T. McManus II | | ||||||||
| PRIMARY RESPONSIBILITIES The Corporate Governance Committee: ■ establishes and recommends to the Board the requisite skills and characteristics of individuals qualified to serve as members of the Board; ■ identifies individuals qualified to become Board members and recommends director nominees for each annual meeting of shareholders; ■ develops and recommends to the Board a set of Corporate Governance Guidelines; ■ recommends membership for each committee of the Board, including committee chairs; ■ recommends an appropriate compensation structure for the directors, including administration of equity plans for directors; ■ coordinates the Board’s assignment of risk oversight duties among the Board and its committees; | | | | PRIMARY RESPONSIBILITIES (CONT.) ■ addresses conflicts of interest, related person transactions, and independence; and ■ makes other recommendations to the Board regarding the governance of EQT. INDEPENDENCE AND QUALIFICATIONS Each member of the Corporate Governance Committee is: ■ independent under the Corporate Governance Guidelines and the applicable NYSE listing standards; and ■ a “non-employee director” for purposes of Rule 16b-3 under the Exchange Act. | |
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| Management Development and Compensation Committee | | | Meetings Held in 2023: 7 | | |||||||
| | | MEMBERS ■ Hallie A. Vanderhider ■ Lydia I. Beebe ■ Kathryn J. Jackson, Ph.D. ■ James T. McManus II ■ Anita M. Powers | | ||||||||
| PRIMARY RESPONSIBILITIES The Management Development and Compensation Committee (the “Compensation Committee”): ■ reviews and approves the performance and compensation of our executive officers; ■ reviews and approves all compensation plans, including employment and severance agreements for our executive officers; ■ identifies and approves goals and objectives relevant to our CEO’s compensation and annually reviews the CEO’s performance against such goals and objectives; ■ oversees and, where required by law, administers benefit plans, incentive-based compensation plans, and other equity-based plans; and ■ reviews the Company’s succession plan for all executive officers. | | | | The Compensation Committee has the sole authority to retain and terminate one or more compensation consultants, independent legal counsel, or other advisors. It may also obtain advice and assistance from internal legal, accounting, human resources, and other advisors. Pursuant to its charter, the Compensation Committee has the power to form and delegate authority to subcommittees and to delegate authority to one or more members of the Compensation Committee or to employees and committees consisting of employees of the Company, subject to applicable rules and regulations. INDEPENDENCE AND QUALIFICATIONS Each member of the Compensation Committee is: ■ independent under the Corporate Governance Guidelines and the applicable NYSE listing standards (including the enhanced independence standards for compensation committee members under the NYSE listing standards); and ■ a “non-employee director” for purposes of Rule 16b-3 under the Exchange Act. | |
| Public Policy and Corporate Responsibility Committee | | | Meetings Held in | | |||||||
| | | MEMBERS ■ Kathryn J. Jackson, Ph.D. ■ Janet L. Carrig ■ Frank C. Hu ■ John F. McCartney ■ Daniel J. Rice IV | | ||||||||
| PRIMARY RESPONSIBILITIES The Public Policy and Corporate Responsibility Committee reviews and provides guidance and perspective to management and the Board regarding the Company’s approach, programs, policies, and practices relating to matters of public policy, corporate responsibility, and sustainability. | |
| EQT CORPORATION | |
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| EQT CORPORATION2024 PROXY STATEMENT|23 | |
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| Individual Qualifications | | | ■ Possesses integrity, competence, insight, creativity, and dedication, together with the ability to work with colleagues while challenging one another to achieve superior performance ■ Has attained a prominent position in their field of endeavor ■ Possesses broad business experience ■ Has the ability to exercise sound business judgment ■ Is able to draw on their past experience relative to significant issues facing the Company ■ Has experience in the Company’s industry or in another industry or endeavor with practical application to the Company’s needs ■ Has sufficient time and dedication for preparation and participation in Board and committee deliberations ■ Has no conflict of interest ■ Meets such standards of independence and financial knowledge as may be required or desired ■ Possesses attributes deemed to be appropriate given the then-current needs of the Board | |
| Composition of the Board as a Whole | | | ■ A diversity of background, perspective, and skills related to our business ■ A diversity of race/ethnicity, gender, and age | |
| EQT CORPORATION2024 PROXY STATEMENT|25 | |
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| Interested parties may communicate directly with the Board (and with independent directors, individually or as a group) by sending an email to: | | | | | independentchair@eqt.com | | | The Corporate Secretary or an appropriate individual on his staff will receive the communications and promptly deliver the communications to the appropriate director or directors, unless the communications are junk mail, spam, or mass mailings. | | |
| Interested parties may also write to the independent Board Chair, the entire Board, any Board committee, or any individual director by addressing such communication to the applicable director or directors, in care of the Corporate Secretary: | | | | | EQT Corporation c/o Corporate Secretary 625 Liberty Avenue Suite 1700 Pittsburgh, Pennsylvania 15222 | |
| EQT CORPORATION2024 PROXY STATEMENT| | |
| Governance Principle | | | EQT’s Practice | | |||
| 1 | | | Accountability to shareholders | | | ■ All directors are elected annually, which reinforces our Board’s accountability to shareholders ■ Eligible shareholders may include their director nominees in our proxy materials | |
| 2 | | | Proportionate and appropriate shareholder voting rights | | | ■ EQT has one class of voting stock ■ We believe in a “one share, one vote” standard ■ We do not have a “poison pill” ■ We have a majority voting standard for uncontested director elections | |
| 3 | | | Regular and proactive shareholder engagement | | | ■ Our investor relations team maintains an active, ongoing dialogue with investors and portfolio managers year-round on matters of business performance and results ■ Our management team engages with our largest shareholders’ governance teams on governance, strategy, compensation, human capital management, and sustainability matters ■ During 2023, our team met with shareholders representing more than 60% ownership of our outstanding shares (as of September 30, 2023) ■ Our directors are available to participate in shareholder engagement when it is helpful or requested | |
| 4 | | | Independent Board leadership structure | | | ■ Our Company’s Corporate Governance Guidelines require an independent Board Chair ■ All members of the Audit Committee, Compensation Committee, and Corporate Governance Committee are independent | |
| 5 | | | Effective Board policies and practices | | | ■ Our Corporate Governance Guidelines require a majority of our directors to be independent (nine of the 11 director nominees are ■ Our Board is composed of accomplished professionals with deep and diverse experiences, skills, and knowledge relevant to our business, resulting in a high-functioning and engaged Board (a matrix of relevant skills is presented in our ■ The Board seeks to achieve diversity among its members (see ■ Each standing Board committee has a charter that is publicly available on the Company’s website and that meets applicable legal requirements and reflects good corporate governance ■ The Company has a Code of Business Conduct and Ethics applicable to all employees (including executive officers) and directors of the Company | |
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| Governance Principle | | | EQT’s Practice | | |||
| | | | | | | ■ The Corporate Governance Committee reviews the Company’s governance policies and practices annually and makes recommendations to the Board ■ All directors attended 75% or more of the combined total of Board and applicable committee meetings in 2023 ■ The Board’s independent directors meet regularly in executive session, with the independent Board Chair presiding over all such executive sessions ■ The Board and each of the ■ The Company’s directors are encouraged to participate in continuing educational programs relating to corporate governance and business-related issues, and the Company provides funding and/or reimbursement for these activities | |
| 6 | | | Management incentives that are aligned with the long-term strategy of the Company | | | ■ We require robust stock ownership for our directors (five times annual cash retainer), President and CEO (eight times base salary), and other NEOs (three times base salary) ■ ■ The Compensation Committee annually reviews and approves incentive program design, goals, and objectives for alignment with compensation and business strategies and reviews and certifies performance and funding ■ Our compensation philosophy and practices are focused on | |
| | | The corporate governance page can be found at ir.eqt.com/investor-relations/governance | |
| EQT CORPORATION2024 PROXY STATEMENT|29 | |
| 30|ir.eqt.com | |
| EQT CORPORATION2024 PROXY STATEMENT|31 | |
| 32|ir.eqt.com | |
| EQT CORPORATION2024 PROXY STATEMENT|33 | |
| 34|ir.eqt.com | |
| EQT CORPORATION2024 PROXY STATEMENT|35 | |
| |
| | | | Annual Cash Retainer(1) (Paid on a Quarterly Basis) | | |||
| Independent Director Compensation | | | 2023 ($) | | |||
| Board member | | | | | | | |
| Independent Board Chair(2) | | | | | | | |
| Committee Chairs | | | | | | | |
| Audit Committee | | | | | 25,000 | | |
| All other committees | | | | | 15,000 | | |
| Committee member (excluding Chair) | | | | | | | |
| Audit Committee member | | | | | 10,000 | | |
| All other committees(3) | | | | | 5,000 | | |
| Equity-Based Compensation | | | 2023 ($) | | |||
| Restricted Stock Unit Award | | | | | | | |
|
| EQT CORPORATION2024 PROXY STATEMENT| | |
| Our equity ownership requirements for non-employee directors must be satisfied within five years of joining the Board | | ||||||||||
| | annual cash retainer | | |
| |
| Name | | Fees Earned or Paid in Cash(3) ($) | | Stock Awards(4) ($) | | All Other Compensation(5) ($) | | Total ($) | | Name | | Fees Earned or Paid in Cash(1) ($) | | Stock Awards(2) ($) | | All Other Compensation(3) ($) | | Total ($) | | ||||||||||||||||||||||||||||||||
| Ms. Beebe | | | | 212,083 | | | | | 200,044 | | | | | 10,051 | | | | | 422,178 | | | Ms. Beebe | | | | 250,000 | | | | | 220,845 | | | | | 10,045 | | | | | 480,890 | | | ||||||||
| Dr. Behrman | | | | 95,000 | | | | | 200,044 | | | | | 8,051 | | | | | 303,095 | | | Ms. Canaan | | | | 130,000 | | | | | 220,845 | | | | | 45 | | | | | 350,890 | | | ||||||||
| Ms. Canaan | | | | 115,998 | | | | | 200,044 | | | | | 51 | | | | | 316,093 | | | Ms. Carrig | | | | 110,000 | | | | | 220,845 | | | | | 10,045 | | | | | 340,890 | | | ||||||||
| Ms. Carrig | | | | 105,000 | | | | | 200,044 | | | | | 10,051 | | | | | 315,095 | | | Mr. Hu | | | | 105,000 | | | | | 220,845 | | | | | 10,045 | | | | | 335,890 | | | ||||||||
| Mr. Hu(1) | | | | 20,274 | | | | | 100,845 | | | | | 5,010 | | | | | 126,129 | | | Dr. Jackson | | | | 105,000 | | | | | 220,845 | | | | | 3,145 | | | | | 328,990 | | | ||||||||
| Dr. Jackson | | | | 100,000 | | | | | 200,044 | | | | | 6,251 | | | | | 306,295 | | | Mr. McCartney | | | | 95,000 | | | | | 220,845 | | | | | 5,045 | | | | | 320,890 | | | ||||||||
| Mr. McCartney | | | | 89,914 | | | | | 200,044 | | | | | 51 | | | | | 290,009 | | | Mr. McManus | | | | 105,000 | | | | | 220,845 | | | | | 10,045 | | | | | 335,890 | | | ||||||||
| Mr. McManus | | | | 98,295 | | | | | 200,044 | | | | | 10,051 | | | | | 308,390 | | | Ms. Powers | | | | 105,000 | | | | | 220,845 | | | | | 45 | | | | | 325,890 | | | ||||||||
| Ms. Powers | | | | 100,000 | | | | | 200,044 | | | | | 51 | | | | | 300,095 | | | Mr. D. Rice | | | | 95,000 | | | | | 220,845 | | | | | 45 | | | | | 315,890 | | | ||||||||
| Mr. D. Rice | | | | 90,000 | | | | | 200,044 | | | | | 51 | | | | | 290,095 | | | Ms. Vanderhider | | | | 110,000 | | | | | 220,845 | | | | | 5,045 | | | | | 335,890 | | | ||||||||
| Mr. Thorington(2) | | | | 34,354 | | | | | ― | | | | | 51 | | | | | 34,405 | | | ||||||||||||||||||||||||||||||
| Ms. Vanderhider | | | | 105,000 | | | | | 200,044 | | | | | 51 | | | | | 305,095 | | |
| ||||||||||||||||||||||||||||||||||||
| Ms. Beebe | | | | 23,962 | | | | | Mr. McCartney | | | | 14,042 | | | Ms. Beebe | | | | 36,571 | | | | | Mr. McCartney | | | | 14,477 | | | ||||
| Dr. Behrman | | | | 38,701 | | | | | Mr. McManus | | | | 5,634 | | | Ms. Canaan | | | | 43,796 | | | | | Mr. McManus | | | | 5,809 | | | ||||
| Ms. Canaan | | | | 23,962 | | | | | Ms. Powers | | | | 11,388 | | | Ms. Carrig | | | | 41,166 | | | | | Ms. Powers | | | | 23,607 | | | ||||
| Ms. Carrig | | | | 23,962 | | | | | Mr. D. Rice | | | | 50,286 | | | Mr. Hu | | | | 9,585 | | | | | Mr. D. Rice | | | | 62,004 | | | ||||
| Mr. Hu | | | | ― | | | | | Ms. Vanderhider | | | | 23,962 | | | Dr. Jackson | | | | 24,704 | | | | | Ms. Vanderhider | | | | 24,704 | | | ||||
| Dr. Jackson | | | | 23,962 | | | | | | | | | | | |
| ||||||||||||||||||||||||||||||||||||
| Ms. Beebe | | | | 10,000 | | | | | Mr. McCartney | | | | ― | | | Ms. Beebe | | | | 10,000 | | | | | Mr. McCartney | | | | 5,000 | | | ||||
| Dr. Behrman | | | | 8,000 | | | | | Mr. McManus | | | | 10,000 | | | Ms. Carrig | | | | 10,000 | | | | | Mr. McManus | | | | 10,000 | | | ||||
| Ms. Canaan | | | | ― | | | | | Ms. Powers | | | | ― | | | Mr. Hu | | | | 10,000 | | | | | Ms. Vanderhider | | | | 5,000 | | | ||||
| Ms. Carrig | | | | 10,000 | | | | | Mr. D. Rice | | | | ― | | | Dr. Jackson | | | | 3,100 | | | | | | | | | | | | ||||
| Mr. Hu | | | | 5,000 | | | | | Mr. Thorington | | | | ― | | | ||||||||||||||||||||
| Dr. Jackson | | | | 6,200 | | | | | Ms. Vanderhider | | | | ― | | |
| EQT CORPORATION | |
| | | | The Board of Directors recommends a vote FORapproval of the compensation of the Company’s named executive officers for | | |
| |
| | | COMPENSATION DISCUSSION AND ANALYSIS | | |
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| 46 | | | | |
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| 49 | | | Compensation Philosophy | |
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| | | The Compensation Process | | |
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| | | Determining Compensation | | |
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| 62 | | | | |
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| 63 | | | Other Compensation Components | |
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| | | Compensation Committee Report | | |
| | | Compensation Policies and Practices and Risk Management | | |
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| | | Compensation Tables | | |
| | | Summary Compensation Table | | |
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| | | Option Exercised and Stock Vested | | |
| | | Pension Benefits and Non-Qualified Deferred Compensation | | |
| | | Potential Payments Upon Termination of Change of Control | | |
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| 80 | | | Pay Versus Performance | |
| | | Pay Ratio Disclosure | |
| EQT CORPORATION | |
| 42|ir.eqt.com | |
1 | | | 2 | | | 3 | | | 4 | | | 5 | |
Aligns with shareholder success | | | Embodies compensation methods that align our workforce with performance of the business | | | Allows for easy and consistent administration | | | Uses annual incentive metrics that are easy to calculate and explain and within control of employees | | | Embodies a market-aligned long-term incentive program, based on metrics that are aligned with long-term valuation creation, and provides for broad employee ownership participation | |
| | | | | | | | | | | |||||||||
TOBY Z. RICE | | | KNOP | | | RICHARD A. DURAN | | | LESLEY EVANCHO | | | WILLIAM E. JORDAN | | | KHANI | | |||
President and Chief Executive Officer since July 10, 2019 | | | Chief Financial Officer since July 24, 2023 | | | Chief | | | Chief Human Resources Officer, since July 22, 2019 | | | Executive Vice President and General Counselsince July 10, 2019 | | | Former Chief | |
| EQT CORPORATION | |
| |
| 2023 Short-Term Incentive Program (Annual Cash Incentive Plan) | | |||
| 75% of payout based on achieving key financial and operating performance goals | | | ■ For 2023, 75% short-term incentive program (“STIP”) funding is linked to achievement of financial and operational performance measures that align with our key strategic objectives, as follows:(1) ✓ Free cash flow per share (30%) ✓ Total capex spend per Mcfe (15%) ✓ Adjusted gross G&A expense per Mcfe (10%) ✓ Cash operating margin (10%) ✓ Finding and development costs (10%) ■ The Committee believes that these performance measures represent key performance goals that drive shareholder value | |
| 25% of payout based on achieving key environmental, health, and safety goals, including GHG intensity reduction | | | ■ For 2023, 25% of STIP funding is linked to achievement of environmental, health and safety (“EHS”) goals, as follows: ✓ EHS intensity improvement (15%) ✓ Greenhouse gas (“GHG”) intensity reduction (10%) ■ The Committee selected these metrics to align executive compensation opportunities with achievement of key safety and environmental goals during 2023 | |
| (Long-Term, Performance-Based Equity Award) | | |||
| | | ■ ■ Our 2023 Incentive PSU Program ■ Directly links long-term incentive opportunity with achieving a combination of strong absolute shareholder returns and outperformance against our peers ■ Tracks a three-year performance period, commencing January 1, ■ ■ Payout is capped at 2.0x to limit maximum possible | ||
| |
| EQT CORPORATION | |
| Other | | |||
| Equity for all | | | ■ ■ In 2021, ■ Consistent with our compensation philosophy, we continued this “equity for all” program in 2022 and again in 2023, meaning that every permanent employee of the Company received an equity award in the form of RSUs with a grant date value of at least $5,000 in each of these years ■ The Committee ✓ enhancing our internal pay ✓ serving as an additional, meaningful way to recognize the contributions of all employees, whose efforts drive our success as an ✓ aligning the interests of our entire workforce with the goal of achieving long-term value creation ■ The Committee and management believe that the “equity for all” program enhances our shared culture of success and | |
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| 46|ir.eqt.com | |
| EQT CORPORATION2024 PROXY STATEMENT|47 | |
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| Performance measured against a mix of absolute and relative TSR goals | | | ■ | Consistent with | 2024 | ||||||||
■ | ||||||||||||||
Payout is capped at 2.0x to limit maximum possible payouts and | ||||||||||||||
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| Performance measures are aligned with key strategic objectives | | | ■ For ✓ free cash flow per share (30%) ✓ ✓ adjusted gross G&A expense per Mcfe ✓ ✓ ■ For 2024, 20% of STIP funding is linked to successful achievement of environmental, health, and safety goals, as measured by the Company’s environmental, health, and safety intensity improvement | |
| Other | | |||
| Equity for all | | | ■ Consistent with | |
| |
| Guiding Principle | | | How | | ||||||||||||
| 1 | | | Compensation program should align with shareholder success and feedback | | | ■ ■ The Committee also | | |||||||||
| 2 | | | Compensation methods should align the workforce with the performance of the business | | | ■ Low-cost operator―leverage technology and planning to drive operating efficiencies ■ Strengthen the Company’s balance sheet―incentivize a focus on free cash flow generation and paying down debt ■ Maximize shareholder value through capital allocation―incentivize a focus on full cycle returns, free cash flow generation, and lower capital expenditures | | | | | For ✓ Free Cash Flow Per Share ✓ ✓ Adjusted Gross G&A Expense per Mcfe ✓ Cash Operating Margin ✓ Finding and Development Costs | | ||||
| | | | | | | ■ ESG―solidify our commitment to being a good neighbor, operating responsibly, and focusing on employee safety | | | | | For ✓ EHS Intensity Improvement ✓ Greenhouse Gas Intensity | | ||||
| 3 | | | | Compensation plan should be easy to administer | | | ■ For | | ||||||||
| Type of Award | | | | | | Mix for All | | |||||||||
| Restricted Stock | | | | | | 40% | | |||||||||
| Incentive Performance Share | | | | | | 60% | |
| EQT CORPORATION | |
| Guiding Principle | | | How | | |||
| 4 | | | Annual incentive performance metrics should be easy to measure and easy to explain | | | ■ Performance metrics are quantifiable ■ | |
| 5 | | | Annual incentive performance metrics should be within the control of employees | | | ■ | |
| Guiding Principle | | | How | | |||
| 6 | | | Long-term incentive program should be market-aligned | | | ■ The Committee, guided by its independent compensation consultant, utilizes compensation peer group benchmarking data to ensure alignment of program design and practices with prevailing market practices ■ The Committee recognizes the trend in the E&P industry toward a greater focus on absolute returns ■ The Committee | |
| 7 | | | Performance measures represent keys to long-term value creation | | | ■ ■ The Committee believes performance measures under ■ The Committee | |
| 50|ir.eqt.com | |
| Guiding Principle | | | How It Drives Our Evolved Compensation Program Design | | |||
| 8 | | | Broad long-term incentive eligibility enables all employees to participate in ownership of the Company | | | ■ Consistent with our corporate values of Trust, Teamwork, Heart, and Evolution, ■ The “equity for all” ■ Recognizing the success of this program, ■ All | |
| EQT CORPORATION2024 PROXY STATEMENT|51 | |
| |
| | | | Element | | | Form of Compensation for | | | Description | | | Highlights for | |
| FIXED | | | 1 Base Salary | | | Cash | | | Provides base compensation for day-to-day performance of job responsibilities | | | ■ Our CEO continued to accept a base salary of $1 for the entirety of ■ Base salaries for other continuing NEOs reflect the Committee’s consideration of generally ■ | |
| PERFORMANCE-BASED, VARIABLE | | | 2 Annual Incentives | | | Cash | | | Rewards performance during the year based on the achievement of annual performance goals established by the Committee | | | 2023 STIP pool funding was based upon specific, ■ Free cash flow per share ■ Total capex spend per Mcfe (15%) ■ Adjusted gross G&A expense per Mcfe (10%) ■ Cash operating margin (10%) ■ Finding and development costs (10%) ■ EHS | |
| 3 Long-Term Incentives | | | ■ RSUs ■ PSUs | | | ■ Encourages improvement in the long-term performance of the Company ■ Aligns the financial interests of our | | | ■ ■ ■ 2023 RSUs vest pro rata over a three-year period on each anniversary of the grant date | | |||
| | | | 4 Other Compensation | | | ■ Employee benefit plans and programs that are generally available to all employees ■ Limited perquisites | | | Other compensation is generally consistent with that available to all employees | | | ■ No personal use of Company-leased private aircraft ■ No Company-funded country club or similar dues ■ No car allowances or subsidized parking | |
| EQT CORPORATION | |
| 54|ir.eqt.com | |
| Removed from 2022 Compensation Benchmarking Peer Group | | | Basis for Removal | |
| | | |||
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| Added to Compensation Benchmarking Peer Group for 2023 | | | Rationale | |
| Pioneer Natural Resources | | | |
| | |||||||
| Antero Resources Corporation APA Corporation Chesapeake Energy Corporation CNX Resources Corporation Coterra Energy, Inc. Comstock Resources, Inc. | | | Devon Energy Corporation Diamondback Energy, Inc. Hess Corporation Marathon Oil Corporation Matador Resources Co. | | | Ovintiv Inc. PDC Energy, Inc. Pioneer Natural Resources Co. Range Resources Corporation Southwestern Energy Company | |
| EQT CORPORATION2024 PROXY STATEMENT|55 | |
| Named Executive Officer | | | ($) | | |||
| Toby Z. Rice | | | | | 1 | | |
| | | | | | | ||
| Richard A. Duran | | | | | 380,000 | | |
| Lesley Evancho | | | | | | | |
| William E. Jordan | | | | | 450,000 | | |
| David M. Khani | | | | | 540,000 | | |
| 56|ir.eqt.com | |
| Named Executive Officer | | | ($) | | |||
| Toby Z. Rice | | | | | 1,000,000 | | |
| | | | | | | ||
| Richard A. Duran | | | | | 215,000 | | |
| Lesley Evancho | | | | | | | |
| William E. Jordan | | | | | 360,000 | | |
| David M. Khani | | | | | 540,000 | | |
| EQT CORPORATION2024 PROXY STATEMENT|57 | |
| |
| Percent of Pool Funding | | Performance Measure(1) | | Performance Metric | | | | Actual Results | | Funding Multiple(2) | | ||||||||||||||||||||||||||||||
| 30% | | | Free Cash Flow Per Share | | | | | | | | | | | | | ||||||||||||||||||||||||||
| | | | Threshold | | td.60 | | | | | $ | 2.32 | | | 2.00x | | ||||||||||||||||||||||||||
| | | | Target | | td.93 | | | ||||||||||||||||||||||||||||||||||
| | | Maximum | | td.20 | | | |||||||||||||||||||||||||||||||||||
| 25% | | | Environmental, Health and Safety | | | | | | | | | | | | | ||||||||||||||||||||||||||
| | | | Greenhouse Gas Intensity Reduction (10%) | | | | | | | | | | | | | ||||||||||||||||||||||||||
| | | | Threshold | | 2% | | | | | | 14.91% | | | 2.00x | | ||||||||||||||||||||||||||
| | | | Target | | 4% | | | ||||||||||||||||||||||||||||||||||
| | | | | Maximum | | 6% | | | |||||||||||||||||||||||||||||||||
| | | | | | Safety Intensity Improvement (10%) | | | | | | | | | | | | | ||||||||||||||||||||||||
| | | | | | Threshold | | (25%) | | | | | | 37.44% | | | 1.69x | | ||||||||||||||||||||||||
| | | | | | Target | | 10% | | | ||||||||||||||||||||||||||||||||
| | | | | Maximum | | 50% | | | |||||||||||||||||||||||||||||||||
| | | | | | Employee DART (5%) | | | | | | | | | | | | | ||||||||||||||||||||||||
| | | | | | Threshold | | 0.45 | | | | | | 0.00 | | | 2.00x | | ||||||||||||||||||||||||
| | | | | | Target | | 0.30 | | | ||||||||||||||||||||||||||||||||
| | | | | Maximum | | 0.15 | | | Percent of Pool Funding | | Performance Measure(1) | | Performance Metric | | | | Actual Results | | Funding Multiple(2) | | |||||||||||||||||||||
| 20% | | | Recycle Ratio | | | | | | | | | | | | | | 30% | | | Free Cash Flow Per Share | | | | | | | | | | | | | |||||||||
| | | | Threshold | | 3.16 | | | | | | 3.64 | | | 1.92x | | | | | | Threshold | | td.65 | | | | | $ | 2.47 | | | 0.7x | | |||||||||
| | | | Target | | 3.42 | | | | | | | Target | | $3.87 | | | |||||||||||||||||||||||||
| | | Maximum | | 3.66 | | | | | | Maximum | | $7.67 | | | |||||||||||||||||||||||||||
| 15% | | | Adjusted Well Cost Per Foot | | | | | | | | | | | | | | 25% | | | Environmental, Health and Safety | | | | | | | | | | | | | |||||||||
| | | | Threshold | | $770 | | | | | $ | 690 | | | 1.62x | | | | | | Environmental, Health and Safety Intensity Improvement (15%) | | | | | | | | | | | | | |||||||||
| | | | Target | | $721 | | | | | | | Threshold | | (15%) | | | | | | 22% | | | 1.2x | | |||||||||||||||||
| | | Maximum | | $670 | | | | | | | Target | | 15% | | | ||||||||||||||||||||||||||
| 10% | | | Adjusted Gross G&A Expense Per Mcfe ($MM) | | | | | | | | | | | | | | | | Maximum | | 50% | | | ||||||||||||||||||
| | | | Threshold | | $0.13 | | | | | $ | 0.120 | | | 1.04x | | | | | | Greenhouse Gas Intensity Reduction (10%) | | | | | | | | | | | | | |||||||||
| | | | Target | | $0.12 | | | | | | | Threshold | | 23% | | | | | | 39% | | | 2.0x | | |||||||||||||||||
| | | | Target | | 25% | | | ||||||||||||||||||||||||||||||||||
| | | Maximum | | 27% | | | |||||||||||||||||||||||||||||||||||
| 15% | | | Total Capex Per Mcfe ($/Mcfe) | | | | | | | | | | | | | ||||||||||||||||||||||||||
| | | | Threshold | | $0.93 | | | | | $ | 0.91 | | | 0.7x | | ||||||||||||||||||||||||||
| | | | Target | | $0.88 | | | ||||||||||||||||||||||||||||||||||
| | | Maximum | | $0.83 | | | |||||||||||||||||||||||||||||||||||
| 10% | | | Adjusted Gross G&A Expense Per Mcfe ($/Mcfe) | | | | | | | | | | | | | ||||||||||||||||||||||||||
| | | | Threshold | | $0.15 | | | | | $ | 0.12 | | | 2.0x | | ||||||||||||||||||||||||||
| | | | Target | | $0.14 | | | ||||||||||||||||||||||||||||||||||
| | | Maximum | | $0.13 | | | |||||||||||||||||||||||||||||||||||
| 10% | | | Cash Operating Margin ($/Mcfe) | | | | | | | | | | | | | ||||||||||||||||||||||||||
| | | | Threshold | | $3.00 | | | | | $ | 3.11 | | | 1.1x | | ||||||||||||||||||||||||||
| | | | Target | | $3.10 | | | ||||||||||||||||||||||||||||||||||
| | | Maximum | | $3.20 | | | |||||||||||||||||||||||||||||||||||
| 10% | | | Finding and Development Costs ($/Mcfe) | | | | | | | | | | | | | ||||||||||||||||||||||||||
| | | | Threshold | | $0.47 | | | | | $ | 0.47 | | | 0.5x | | ||||||||||||||||||||||||||
| | | | Target | | $0.44 | | | ||||||||||||||||||||||||||||||||||
| | | Maximum | | $0.41 | | | |||||||||||||||||||||||||||||||||||
| | | | Maximum | | $0.11 | | | | | $ | 0.120 | | | 1.04x | | | | | | Total funded incentive performance pool 1.05x | | ||||||||||||||||||||
| | | | Total funded incentive performance pool 1.80x |
| Performance Metric Level of Achievement | | | Payout Factor Applied(a) | | |||
| Threshold | | | | | 0.5 | | |
| Target | | | | | 1.0 | | |
| Maximum | | | | | 2.0 | | |
| EQT CORPORATION2024 PROXY STATEMENT| | |
| Named Executive Officer(1) | | | Payment ($) | | |||
| Toby Z. Rice | | | | | | | |
| | | | | | | ||
| Richard A. Duran | | | | | | | |
| Lesley Evancho | | | | | | | |
| William E. Jordan | | | | | | |
| 60|ir.eqt.com | |
| Percent of Awarded Value | | | Type of Award | | | Rationale and Description | | | Period | | |||
| | | 60% | | | Incentive PSUs | | | ■ | ■ |
| | | ■ Three-year performance period | | ||||||||||
| | | 40% | | | Time-Based RSUs | | | ■ RSU awards are a strong retention tool ■ RSUs granted in | | | ■ RSUs granted in | |
| Enhancement | | | Rationale | |
| Assign a weighting of “two times” to each of the | | | The | |
| Include the S&P 500 Index as a performance “peer” | | | Introduces a broad market “governor” for assessing EQT’s performance relative to the equity markets broadly | |
| EQT CORPORATION2024 PROXY STATEMENT|61 | |
| | ||||
| | | Assigned a Weighting of One Times (1x) | | |
| ■ Antero Resoruces Corporation ■ Chesapeake Energy ■ CNX Resources Corporation ■ Comstock Resources, Inc. ■ Coterra Energy, Inc. ■ Range Resources Corporation ■ Southwestern Energy Company | | | ■ APA Corporation ■ Devon Energy Corporation ■ Diamondback Energy Inc. ■ Hess Corporation ■ Marathon Oil Corporation ■ Matador Resources Company ■ Murphy Oil Corporation ■ Ovintiv Inc. ■ PDC Energy, Inc. ■ Pioneer Natural Resources ■ S&P 500 Index | |
| | | | | | | Overall Payout Factor (2021 Incentive PSU Program) | | | | | | | | Preliminary Payout Factor (2023 Incentive PSU Program) | | ||||||||||||||||||||||||
| Absolute TSR (CAGR) | | | 15% | | 0.75x | | 1.00x | | 1.5x | | 1.75x | | 2.00x | | Absolute TSR (CAGR) | | | 15% | | 0.75x | | 1.00x | | 1.5x | | 1.75x | | 2.00x | | ||||||||||
| 10% | | 0.50x | | 0.75x | | 1.25x | | 1.50x | | 1.75x | | | 10% | | 0.50x | | 0.75x | | 1.25x | | 1.50x | | 1.75x | | |||||||||||||||
| 5% | | 0.25x | | 0.50x | | 1.00x | | 1.25x | | 1.50x | | | 5% | | 0.25x | | 0.50x | | 1.00x | | 1.25x | | 1.50x | | |||||||||||||||
| 0% | | 0 | | 0 | | 0.75x | | 1.00x | | 1.25x | | | 0% | | 0 | | 0 | | 0.75x | | 1.00x | | 1.25x | | |||||||||||||||
| (5%) | | 0 | | 0 | | 0.50x | | 0.75x | | 1.00x | | | (5%) | | 0 | | 0 | | 0.50x | | 0.75x | | 1.00x | | |||||||||||||||
| | | | | | <25th percentile | | 25th percentile | | 50th percentile | | 75th percentile | | ≥90th percentile | | | | | | | <25th percentile | | 25th percentile | | 50th percentile | | 75th percentile | | ≥90th percentile | | ||||||||||
| | | | | | Relative TSR Percentile Ranking(1) | | | | | | | Relative TSR Percentile Ranking(1) | |
| Named Executive Officer | | | 2021 Target Long-Term Incentive Award Value ($) | | | 2021 Time-Based RSUs (40%) | | | 2021 Incentive PSU Program (60%) | | |||||||||
| Toby Z. Rice | | | | | 9,000,000 | | | | | | 283,250 | | | | | | 424,870 | | |
| David M. Khani | | | | | 2,500,000 | | | | | | 78,680 | | | | | | 118,020 | | |
| Richard A. Duran | | | | | 1,000,000 | | | | | | 31,480 | | | | | | 47,210 | | |
| Lesley Evancho | | | | | 1,014,000 | | | | | | 31,920 | | | | | | 47,870 | | |
| William E. Jordan | | | | | 2,000,000 | | | | | | 62,950 | | | | | | 94,420 | | |
| |
| Named Executive Officer | | | Total 2023 LTIP Award Value ($) | | | 2023 Time-Based RSUs (40%) (#) | | | 2023 Incentive PSU Program (60%) (#) | | |||||||||
| Toby Z. Rice | | | | | 9,000,000 | | | | | | 107,050 | | | | | | 160,580 | | |
| Jeremy Knop | | | | | 2,360,000(1) | | | | | | 25,660 | | | | | | 18,220 | | |
| Richard A. Duran | | | | | 1,000,000 | | | | | | 11,900 | | | | | | 17,850 | | |
| Lesley Evancho | | | | | 962,500 | | | | | | 11,450 | | | | | | 17,180 | | |
| William E. Jordan | | | | | 2,000,000 | | | | | | 23,790 | | | | | | 35,690 | | |
| David M. Khani | | | | | 2,500,000 | | | | | | 29,740 | | | | | | 44,610 | | |
| EQT CORPORATION2024 PROXY STATEMENT|63 | |
| | Our equity ownership requirements for our CEO | | | 8 times base salary | | |
| | Our equity ownership requirements for all other NEOs | | | 3 times base salary | | |
| 64|ir.eqt.com | |
| Name (Year of Executive Officer Status) | | Ownership Guidelines (multiple of Base Salary) | | Actual Multiple of Base Salary Owned | | Value Required by Ownership Guidelines ($) | | Aggregate Qualifying Value Owned ($) | | Name | | Ownership Guidelines (multiple of Base Salary) | | Actual Multiple of Base Salary Owned | | Value Required by Ownership Guidelines ($) | | Aggregate Qualifying Value Owned ($) | | ||||||||||||||||||||||||||||||||||||||
| Toby Z. Rice (2019) | | • • • • • • • • | | | | 8x | | | | | * | | | | | * | | | | | * | | | Toby Z. Rice | | • • • • • • • • | | | | 8x | | | | | * | | | | | * | | | | | 58,170,436 | | | ||||||||||
| David M. Khani (2020) | | • • • | | | | 3x | | | | | 7.1x | | | | | 1,620,000 | | | | | 3,847,835 | | | Jeremy T. Knop | | • • • | | | | 3x | | | | | 3.7x | | | | | 1,500,000 | | | | | 1,832,140 | | | ||||||||||
| Richard A. Duran (2019) | | • • • | | | | 3x | | | | | 8.3x | | | | | 1,140,000 | | | | | 3,164,290 | | | Richard A. Duran | | • • • | | | | 3x | | | | | 18.0x | | | | | 1,140,000 | | | | | 6,833,160 | | | ||||||||||
| Lesley Evancho (2019) | | • • • | | | | 3x | | | | | 10.3x | | | | | 936,000 | | | | | 3,225,990 | | | Lesley Evancho | | • • • | | | | 3x | | | | | 17.8x | | | | | 1,050,000 | | | | | 6,217,414 | | | ||||||||||
| William E. Jordan (2019) | | • • • | | | | 3x | | | | | 19.5x | | | | | 1,350,000 | | | | | 8,775,129 | | | William E. Jordan | | • • • | | | | 3x | | | | | 33.7x | | | | | 1,350,000 | | | | | 15,172,477 | | |
| EQT CORPORATION | |
| |
| EQT CORPORATION | |
| Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards(1)(2) ($) | | Option Awards(1) ($) | | Non-Equity Incentive Plan Compensation(3) ($) | | All Other Compensation(4) ($) | | Total ($) | | Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards(1)(2) ($) | | Option Awards(1) ($) | | Non-Equity Incentive Plan Compensation(3) ($) | | All Other Compensation(4) ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Toby Z. Rice President and Chief Executive Officer | | | | | 2021 | | | | | 1 | | | | | ― | | | | | 15,119,762 | | | | | ― | | | | | 1,800,000 | | | | | ― | | | | | 16,919,763 | | | Toby Z. Rice President and Chief Executive Officer | | | | | 2023 | | | | | 1 | | | | | ― | | | | | 9,550,925 | | | | | ― | | | | | 1,050,000 | | | | | ― | | | | | 10,600,926 | | | ||||||||||||||
| | | 2020 | | | | | 1 | | | | | ― | | | | | 4,516,514(5) | | | | | 1,610,000 | | | | | 1,400,000 | | | | | ― | | | | | 7,526,515 | | | | | | 2022 | | | | | 1 | | | | | ― | | | | | 10,820,736 | | | | | ― | | | | | 780,000 | | | | | ― | | | | | 11,600,737 | | | |||||||||||||||||||
| | | 2019 | | | | | 1 | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 1 | | | | | | 2021 | | | | | 1 | | | | | ― | | | | | 15,119,762 | | | | | ― | | | | | 1,800,000 | | | | | ― | | | | | 16,919,763 | | | |||||||||||||||||||
| David M. Khani Chief Financial Officer | | | | | 2021 | | | | | 539,999 | | | | | ― | | | | | 4,199,938 | | | | | ― | | | | | 972,000 | | | | | 26,100 | | | | | 5,738,037 | | | Jeremy T. Knop Chief Financial Officer | | | | 2023 | | | | | 428,846 | | | | | ― | | | | | 1,807,272 | | | | | ― | | | | | 472,500 | | | | | 29,700 | | | | | 2,738,318 | | | |||||||||||||||
| | | 2020 | | | | | 510,922 | | | | | 2,000,000 | | | | | 1,342,273 | | | | | ― | | | | | 756,000 | | | | | 24,653 | | | | | 4,633,848 | | | Richard A. Duran Chief Information Officer | | | | | 2023 | | | | | 380,000 | | | | | ― | | | | | 1,061,688 | | | | | ― | | | | | 225,750 | | | | | 26,665 | | | | | 1,694,103 | | | |||||||||||||||||
| Richard A. Duran Chief Information Officer | | | | | 2021 | | | | | 380,000 | | | | | ― | | | | | 1,680,156 | | | | | ― | | | | | 387,000 | | | | | 26,100 | | | | | 2,473,256 | | | | | | 2022 | | | | | 380,000 | | | | | ― | | | | | 1,202,536 | | | | | ― | | | | | 167,700 | | | | | 27,000 | | | | | 1,777,236 | | | ||||||||||||||||
| | | 2020 | | | | | 379,999 | | | | | ― | | | | | 536,921 | | | | | ― | | | | | 301,000 | | | | | 126,228 | | | | | 1,344,148 | | | | | | 2021 | | | | | 380,000 | | | | | ― | | | | | 1,680,156 | | | | | ― | | | | | 387,000 | | | | | 26,100 | | | | | 2,473,256 | | | |||||||||||||||||||
| | | 2019 | | | | | 153,461 | | | | | 50,000 | | | | | 1,000,099 | | | | | ― | | | | | 107,502 | | | | | 47,669 | | | | | 1,358,731 | | | Lesley Evancho Chief Human Resources Officer | | | | | 2023 | | | | | 341,231 | | | | | ― | | | | | 1,021,732 | | | | | ― | | | | | 228,875 | | | | | 29,700 | | | | | 1,621,538 | | | |||||||||||||||||
| Lesley Evancho Chief Human Resources Officer | | | | | 2021 | | | | | 312,000 | | | | | ― | | | | | 1,703,643 | | | | | ― | | | | | 386,100 | | | | | 26,100 | | | | | 2,427,843 | | | | | | 2022 | | | | | 312,000 | | | | | ― | | | | | 1,219,468 | | | | | ― | | | | | 167,310 | | | | �� | 27,000 | | | | | 1,725,778 | | | ||||||||||||||||
| | | 2020 | | | | | 312,000 | | | | | ― | | | | | 544,468 | | | | | ― | | | | | 300,300 | | | | | 25,650 | | | | | 1,182,418 | | | | | | 2021 | | | | | 312,000 | | | | | ― | | | | | 1,703,643 | | | | | ― | | | | | 386,100 | | | | | 26,100 | | | | | 2,427,843 | | | |||||||||||||||||||
| | | 2019 | | | | | 126,000 | | | | | 80,000 | | | | | 1,014,096 | | | | | ― | | | | | 107,250 | | | | | 9,720 | | | | | 1,337,066 | | | William E. Jordan Executive Vice President, General Counsel and Corporate Secretary | | | | | 2023 | | | | | 450,000 | | | | | ― | | | | | 2,122,676 | | | | | ― | | | | | 378,000 | | | | | 29,700 | | | | | 2,980,376 | | | |||||||||||||||||
| William E. Jordan Executive Vice President, General Counsel and Corporate Secretary | | | | | 2021 | | | | | 450,000 | | | | | ― | | | | | 3,360,148 | | | | | ― | | | | | 648,000 | | | | | 17,400 | | | | | 4,475,548 | | | | | | 2022 | | | | | 450,000 | | | | | ― | | | | | 2,404,859 | | | | | ― | | | | | 280,800 | | | | | 18,300 | | | | | 3,153,959 | | | ||||||||||||||||
| | | 2020 | | | | | 450,000 | | | | | ― | | | | | 3,073,860(6) | | | | | ― | | | | | 504,000 | | | | | 37,385 | | | | | 4,065,245 | | | | | | 2021 | | | | | 450,000 | | | | | ― | | | | | 3,360,148 | | | | | ― | | | | | 648,000 | | | | | 17,400 | | | | | 4,475,548 | | | |||||||||||||||||||
| | | 2019 | | | | | 195,557 | | | | | ― | | | | | ― | | | | | ― | | | | | 180,000 | | | | | 45,523 | | | | | 421,080 | | | David M. Khani Former Chief Financial Officer | | | | | 2023 | | | | | 344,769 | | | | | ― | | | | | 2,653,328 | | | | | ― | | | | | ― | | | | | 2,655,338(5) | | | | | 5,653,435 | | | |||||||||||||||||
| | | | 2022 | | | | | 540,000 | | | | | ― | | | | | 3,005,765 | | | | | ― | | | | | 421,200 | | | | | 27,450 | | | | | 3,994,415 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 539,999 | | | | | ― | | | | | 4,199,938 | | | | | ― | | | | | 972,000 | | | | | 26,100 | | | | | 5,738,037 | | |
| |
| Name | | Type of Award(1) | | Grant Date | | Approval Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(2) | | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | | | All Other Stock Awards; Number of Shares of Stock or Units (#)(4) | | Grant Date Fair Value of Stock and Option Awards ($) | | Name | | Type of Award(1) | | Grant Date | | Approval Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(2) | | Estimated Future Payouts Under Equity Incentive Plan Awards(3) | | | All Other Stock Awards; Number of Shares of Stock or Units (#)(4) | | Grant Date Fair Value of Stock and Option Awards ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Target ($) | | Target (#) | | Maximum (#) | | | Target ($) | | Target (#) | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Toby Z. Rice | | | STIP | | | | — | | | | | — | | | | | 1,000,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | Toby Z. Rice | | | STIP | | | | — | | | | | — | | | | | 1,000,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| PSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | 424,870 | | | | | 849,740 | | | | | — | | | | | 10,460,299 | | | | PSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | 160,580 | | | | | 321,160 | | | | | — | | | | | 6,160,652 | | | |||||||||||||||||||
| RSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | — | | | | | — | | | | | 283,250 | | | | | 4,659,463 | | | | RSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | — | | | | | — | | | | | 107,050 | | | | | 3,390,274 | | | |||||||||||||||||||
| David M. Khani | | | STIP | | | | — | | | | | — | | | | | 540,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | Jeremy T. Knop | | | STIP | | | | — | | | | | — | | | | | 450,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||
| PSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | 118,020 | | | | | 236,040 | | | | | — | | | | | 2,905,652 | | | | PSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | 7,140 | | | | | 14,280 | | | | | — | | | | | 273,926 | | | |||||||||||||||||||
| RSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | — | | | | | — | | | | | 78,680 | | | | | 1,294,286 | | | | RSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | — | | | | | — | | | | | 10,710 | | | | | 339,186 | | | |||||||||||||||||||
| Richard A. Duran | | | STIP | | | | — | | | | | — | | | | | 215,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | PSU | | | | 7/24/23 | | | | | 7/18/23 | | | | | — | | | | | 11,080 | | | | | 22,160 | | | | | — | | | | | 597,655 | | | ||||||||||||||||
| PSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | 47,210 | | | | | 94,420 | | | | | — | | | | | 1,162,310 | | | | RSU | | | | 7/24/23 | | | | | 7/18/23 | | | | | — | | | | | — | | | | | — | | | | | 14,950 | | | | | 596,505 | | | |||||||||||||||||||
| RSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | — | | | | | — | | | | | 31,480 | | | | | 517,846 | | | Richard A. Duran | | | STIP | | | | — | | | | | — | | | | | 215,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
| Lesley Evancho | | | STIP | | | | — | | | | | — | | | | | 214,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | PSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | 17,850 | | | | | 35,700 | | | | | — | | | | | 684,815 | | | ||||||||||||||||
| PSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | 47,870 | | | | | 95,740 | | | | | — | | | | | 1,178,559 | | | | RSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | — | | | | | — | | | | | 11,900 | | | | | 376,873 | | | |||||||||||||||||||
| RSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | — | | | | | — | | | | | 31,920 | | | | | 525,084 | | | Lesley Evancho | | | STIP | | | | — | | | | | — | | | | | 227,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
| William E. Jordan | | | STIP | | | | — | | | | | — | | | | | 360,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | PSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | 17,180 | | | | | 34,360 | | | | | — | | | | | 659,111 | | | ||||||||||||||||
| PSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | 94,420 | | | | | 188,840 | | | | | — | | | | | 2,324,620 | | | | RSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | — | | | | | — | | | | | 11,450 | | | | | 362,622 | | | |||||||||||||||||||
| RSU | | | | 2/10/21 | | | | | 2/9/21 | | | | | — | | | | | — | | | | | — | | | | | 62,950 | | | | | 1,035,528 | | | William E. Jordan | | | STIP | | | | — | | | | | — | | | | | 360,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
| | PSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | 35,690 | | | | | 71,380 | | | | | — | | | | | 1,369,247 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | — | | | | | — | | | | | 23,790 | | | | | 753,429 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David M. Khani | | | STIP | | | | — | | | | | — | | | | | 540,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | PSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | 44,610 | | | | | 89,220 | | | | | — | | | | | 1,711,463 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSU | | | | 2/13/23 | | | | | 2/8/23 | | | | | — | | | | | — | | | | | — | | | | | 29,740 | | | | | 941,866 | | |
| STIP | | | = | | | 2023 STIP | |
| PSU | | | = | | | | |
| RSU | | | = | | | |
| EQT CORPORATION | |
| Name | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares or Units of Stock That Have Not Vested(1) (#) | | Market Value of Shares or Units of Stock That Have Not Vested(2) ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) ($) | | Name | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares or Units of Stock That Have Not Vested(1) (#) | | Market Value of Shares or Units of Stock That Have Not Vested(2) ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(4) ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Toby Z. Rice | | | | | 333,333 | | | | | 666,667 | | | | | 10.00 | | | | | 2/27/27 | | | | | 283,250 | | | | | 6,177,683 | | | | | 366,972 | | | | | 8,003,659 | | | Toby Z. Rice | | | | | 1,000,000 | | | | | ― | | | | | 10.00 | | | | | 2/27/27 | | | | | 97,341 | | | | | 3,763,209 | | | | | 438,030 | | | | | 16,934,240 | | | ||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 458,716 | | | | | 10,004,596 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 112,782 | | | | | 4,360,167 | | | | | 253,754 | | | | | 9,810,117 | | | |||||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 424,870 | | | | | 9,266,415 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 108,782 | | | | | 4,205,519 | | | | | 163,178 | | | | | 6,308,475 | | | |||||||||||||||||||
| David M. Khani | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 61,167 | | | | | 1,334,052 | | | | | 137,620 | | | | | 3,001,492 | | | Jeremy T. Knop | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 14,863 | | | | | 574,612 | | | | | ― | | | | | ― | | | ||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 78,680 | | | | | 1,716,011 | | | | | 118,020 | | | | | 2,574,016 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 6,585 | | | | | 254,570 | | | | | 6,588 | | | | | 254,689 | | | |||||||||||||||||||
| Richard A. Duran | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 80,235 | | | | | 1,749,934 | | | | | 55,050 | | | | | 1,200,641 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 10,883 | | | | | 420,748 | | | | | 7,256 | | | | | 280,499 | | | ||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 24,467 | | | | | 533,625 | | | | | 47,210 | | | | | 1,029,650 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 15,059 | | | | | 582,197 | | | | | 11,161 | | | | | 431,488 | | | |||||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 31,480 | | | | | 686,579 | | | | | ― | | | | | ― | | | Richard A. Duran | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 10,819 | | | | | 418,258 | | | | | 48,672 | | | | | 1,881,671 | | | |||||||||||||||||
| Lesley Evancho | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 81,358 | | | | | 1,774,418 | | | | | 55,820 | | | | | 1,217,434 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 12,537 | | | | | 484,667 | | | | | 28,197 | | | | | 1,090,102 | | | ||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 24,814 | | | | | 541,193 | | | | | 47,870 | | | | | 1,044,045 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 12,093 | | | | | 467,498 | | | | | 18,139 | | | | | 701,247 | | | |||||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 31,920 | | | | | 696,175 | | | | | ― | | | | | ― | | | Lesley Evancho | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 10,970 | | | | | 424,083 | | | | | 49,353 | | | | | 1,907,977 | | | |||||||||||||||||
| William E. Jordan | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 73,380 | | | | | 1,600,424 | | | | | 110,100 | | | | | 2,401,281 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 12,709 | | | | | 491,323 | | | | | 28,599 | | | | | 1,105,646 | | | ||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 48,934 | | | | | 1,067,251 | | | | | 94,420 | | | | | 2,059,300 | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 11,635 | | | | | 449,820 | | | | | 17,458 | | | | | 674,926 | | | |||||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 62,950 | | | | | 1,372,940 | | | | | ― | | | | | ― | | | William E. Jordan | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 21,634 | | | | | 836,362 | | | | | 97,345 | | | | | 3,763,342 | | | |||||||||||||||||
| | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 25,067 | | | | | 969,094 | | | | | 56,394 | | | | | 2,180,203 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | �� | | | | 24,175 | | | | | 934,603 | | | | | 36,268 | | | | | 1,402,102 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David M. Khani | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 121,676 | | | | | 4,703,978 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 70,488 | | | | | 2,725,055 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 7,516 | | | | | 290,569 | | |
| |
| | | Stock Awards | | | | Stock Awards | | ||||||||||||||||||||
| Name | | Number of Shares Acquired on Vesting(1) (#) | | Value Realized on Vesting(2) ($) | | Name | | Number of Shares Acquired on Vesting(1) (#) | | Value Realized on Vesting(2) ($) | | ||||||||||||||||
| Toby Z. Rice | | | | ― | | | | | ― | | | Toby Z. Rice | | | | 1,245,210 | | | | | 39,878,034 | | | ||||
| David M. Khani | | | | 30,583 | | | | | 555,081 | | | Jeremy T. Knop | | | | 17,866 | | | | | 589,314 | | | ||||
| Richard A. Duran | | | | 12,233 | | | | | 222,029 | | | Richard A. Duran | | | | 102,216 | | | | | 3,285,680 | | | ||||
| Lesley Evancho | | | | 12,406 | | | | | 225,169 | | | Lesley Evancho | | | | 103,646 | | | | | 3,331,642 | | | ||||
| William E. Jordan | | | | 73,380 | | | | | 1,570,338 | | | William E. Jordan | | | | 204,424 | | | | | 6,571,107 | | | ||||
| | | | | 24,466 | | | | | 444,058 | | | David M. Khani | | | | 322,127 | | | | | 10,953,805 | | |
| EQT CORPORATION2024 PROXY STATEMENT|71 | |
| |
| EQT CORPORATION | |
| ||||||||
|
| EQT CORPORATION2024 PROXY STATEMENT|75 | |
| 76|ir.eqt.com | |
| | | Termination by Company Without Cause ($) | | Termination by Company for Cause ($) | | Termination by Executive for Good Reason ($) | | Termination by Executive Without Good Reason ($) | | Termination upon Change of Control(1) ($) | | Death ($) | | Disability ($) | | | | Termination by Company Without Cause ($) | | Termination by Company for Cause ($) | | Termination by Executive for Good Reason ($) | | Termination by Executive Without Good Reason ($) | | Termination upon Change of Control(1) ($) | | Death ($) | | Disability ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payments under Severance Plan(2) | | | | 2,299,492 | | | | | ― | | | | | 2,299,492 | | | | | ― | | | | | 3,443,768 | | | | | ― | | | | | ― | | | Payments under Severance Plan | | | | 2,688,009 | | | | | ― | | | | | 2,688,009 | | | | | ― | | | | | 4,026,234 | | | | | ― | | | | | ― | | | ||||||||||||||
| Short-Term Incentive | | | | 1,000,000 | | | | | ― | | | | | 1,000,000 | | | | | 1,000,000 | | | | | 1,000,000 | | | | | 1,000,000 | | | | | 1,000,000 | | | Short-Term Incentive(2) | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 1,050,000 | | | | | 1,050,000 | | | | | 1,050,000 | | | ||||||||||||||
| Long-Term Incentive(3) | | | | 20,249,763 | | | | | ― | | | | | 20,249,763 | | | | | ― | | | | | 41,325,689 | | | | | 41,325,689 | | | | | 15,094,308 | | | Long-Term Incentive(3) | | | | 32,121,532 | | | | | ― | | | | | 32,121,532 | | | | | ― | | | | | 45,381,741 | | | | | 45,381,741 | | | | | 25,577,143 | | | ||||||||||||||
| Total | | | | 23,549,256 | | | | | ― | | | | | 23,549,256 | | | | | 1,000,000 | | | | | 45,769,457 | | | | | 42,325,689 | | | | | 16,094,308 | | | Total | | | | 35,809,541 | | | | | ― | | | | | 35,809,541 | | | | | ― | | | | | 50,457,975 | | | | | 46,431,741 | | | | | 26,627,143 | | |
| | | | Termination by Company Without Cause ($) | | | Termination by Company for Cause ($) | | | Termination by Executive for Good Reason ($) | | | Termination by Executive Without Good Reason ($) | | | Termination upon Change of Control(1) ($) | | | Death ($) | | | Disability ($) | | |||||||||||||||||||||
| Payments under Severance Plan | | | | | 1,310,628 | | | | | | ― | | | | | | 1,310,628 | | | | | | ― | | | | | | 1,653,139 | | | | | | ― | | | | | | ― | | |
| Short-Term Incentive(2) | | | | | ― | | | | | | ― | | | | | | ― | | | | | | ― | | | | | | 472,500 | | | | | | 472,500 | | | | | | 472,500 | | |
| Long-Term Incentive(3) | | | | | 1,362,938 | | | | | | ― | | | | | | 1,362,938 | | | | | | ― | | | | | | 2,798,817 | | | | | | 2,798,817 | | | | | | 407,122 | | |
| Total | | | | | 2,673,566 | | | | | | ― | | | | | | 2,673,566 | | | | | | ― | | | | | | 4,924,456 | | | | | | 3,271,317 | | | | | | 879,622 | | |
| EQT CORPORATION | |
| | | | Termination by Company Without Cause ($) | | | Termination by Company for Cause ($) | | | Termination by Executive for Good Reason ($) | | | Termination by Executive Without Good Reason ($) | | | Termination upon Change of Control(1) ($) | | | Death ($) | | | Disability ($) | | |||||||||||||||||||||
| Payments under Agreement | | | | | 2,350,884 | | | | | | ― | | | | | | 2,350,884 | | | | | | ― | | | | | | 2,350,884 | | | | | | ― | | | | | | ― | | |
| Short-Term Incentive | | | | | 540,000 | | | | | | ― | | | | | | 540,000 | | | | | | 540,000 | | | | | | 540,000 | | | | | | 540,000 | | | | | | 540,000 | | |
| Long-Term Incentive(3) | | | | | 8,625,571 | | | | | | ― | | | | | | 8,625,571 | | | | | | ― | | | | | | 8,625,571 | | | | | | 8,625,571 | | | | | | 2,859,000 | | |
| Total | | | | | 11,516,455 | | | | | | ― | | | | | | 11,516,455 | | | | | | 540,000 | | | | | | 11,516,455 | | | | | | 9,165,571 | | | | | | 3,399,000 | | |
| | | Termination by Company Without Cause ($) | | Termination by Company for Cause ($) | | Termination by Executive for Good Reason ($) | | Termination by Executive Without Good Reason ($) | | Termination upon Change of Control(1) ($) | | Death ($) | | Disability ($) | | | | Termination by Company Without Cause ($) | | Termination by Company for Cause ($) | | Termination by Executive for Good Reason ($) | | Termination by Executive Without Good Reason ($) | | Termination upon Change of Control(1) ($) | | Death ($) | | Disability ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payments under Agreement | | | | 1,294,217 | | | | | ― | | | | | 1,294,217 | | | | | ― | | | | | 1,294,217 | | | | | ― | | | | | ― | | | Payments under Agreement | | | | 1,378,584 | | | | | ― | | | | | 1,378,584 | | | | | ― | | | | | 1,378,584 | | | | | ― | | | | | ― | | | ||||||||||||||
| Short-Term Incentive | | | | 215,000 | | | | | ― | | | | | 215,000 | | | | | 215,000 | | | | | 215,000 | | | | | 215,000 | | | | | 215,000 | | | Short-Term Incentive(2) | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 225,750 | | | | | 225,750 | | | | | 225,750 | | | ||||||||||||||
| Long-Term Incentive(3) | | | | 5,200,428 | | | | | ― | | | | | 5,200,428 | | | | | ― | | | | | 5,200,428 | | | | | 5,200,428 | | | | | 2,018,611 | | | Long-Term Incentive(3) | | | | 5,043,449 | | | | | ― | | | | | 5,043,449 | | | | | ― | | | | | 5,043,449 | | | | | 5,043,449 | | | | | 2,842,154 | | | ||||||||||||||
| Total | | | | 6,709,645 | | | | | ― | | | | | 6,709,645 | | | | | 215,000 | | | | | 6,709,645 | | | | | 5,415,428 | | | | | 2,233,611 | | | Total | | | | 6,422,033 | | | | | ― | | | | | 6,422,033 | | | | | ― | | | | | 6,647,783 | | | | | 5,269,199 | | | | | 3,067,904 | | |
| | | | Termination by Company Without Cause ($) | | | Termination by Company for Cause ($) | | | Termination by Executive for Good Reason ($) | | | Termination by Executive Without Good Reason ($) | | | Termination upon Change of Control(1) ($) | | | Death ($) | | | Disability ($) | | |||||||||||||||||||||
| Payments under Severance Plan(2) | | | | | 587,926 | | | | | | ― | | | | | | 587,926 | | | | | | ― | | | | | | 1,153,968 | | | | | | ― | | | | | | ― | | |
| Short-Term Incentive | | | | | 214,500 | | | | | | ― | | | | | | 214,500 | | | | | | 214,500 | | | | | | 214,500 | | | | | | 214,500 | | | | | | 214,500 | | |
| Long-Term Incentive(3) | | | | | 3,015,627 | | | | | | ― | | | | | | 3,015,627 | | | | | | ― | | | | | | 5,273,273 | | | | | | 5,273,273 | | | | | | 2,046,850 | | |
| Total | | | | | 3,818,053 | | | | | | ― | | | | | | 3,818,053 | | | | | | 214,500 | | | | | | 6,641,740 | | | | | | 5,487,773 | | | | | | 2,261,350 | | |
| | | | Termination by Company Without Cause ($) | | | Termination by Company for Cause ($) | | | Termination by Executive for Good Reason ($) | | | Termination by Executive Without Good Reason ($) | | | Termination upon Change of Control(1) ($) | | | Death ($) | | | Disability ($) | | |||||||||||||||||||||
| Payments under Severance Plan | | | | | 898,120 | | | | | | ― | | | | | | 898,120 | | | | | | ― | | | | | | 1,315,374 | | | | | | ― | | | | | | ― | | |
| Short-Term Incentive(2) | | | | | ― | | | | | | ― | | | | | | ― | | | | | | ― | | | | | | 228,875 | | | | | | 228,875 | | | | | | 228,875 | | |
| Long-Term Incentive(3) | | | | | 3,600,466 | | | | | | ― | | | | | | 3,600,466 | | | | | | ― | | | | | | 5,053,775 | | | | | | 5,053,775 | | | | | | 2,870,049 | | |
| Total | | | | | 4,498,586 | | | | | | ― | | | | | | 4,498,586 | | | | | | ― | | | | | | 6,598,024 | | | | | | 5,282,650 | | | | | | 3,098,924 | | |
| | | Termination by Company Without Cause ($) | | Termination by Company for Cause ($) | | Termination by Executive for Good Reason ($) | | Termination by Executive Without Good Reason ($) | | Termination upon Change of Control(1) ($) | | Death ($) | | Disability ($) | | | | Termination by Company Without Cause ($) | | Termination by Company for Cause ($) | | Termination by Executive for Good Reason ($) | | Termination by Executive Without Good Reason ($) | | Termination upon Change of Control(1) ($) | | Death ($) | | Disability ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payments under Severance Plan(2) | | | | 890,826 | | | | | ― | | | | | 890,826 | | | | | ― | | | | | 1,759,768 | | | | | ― | | | | | ― | | | Payments under Severance Plan | | | | 1,340,275 | | | | | ― | | | | | 1,340,275 | | | | | ― | | | | | 1,901,434 | | | | | ― | | | | | ― | | | ||||||||||||||
| Short-Term Incentive | | | | 360,000 | | | | | ― | | | | | 360,000 | | | | | 360,000 | | | | | 360,000 | | | | | 360,000 | | | | | 360,000 | | | Short-Term Incentive(2) | | | | ― | | | | | ― | | | | | ― | | | | | ― | | | | | 378,000 | | | | | 378,000 | | | | | 378,000 | | | ||||||||||||||
| Long-Term Incentive(3) | | | | 3,910,939 | | | | | ― | | | | | 3,910,939 | | | | | ― | | | | | 8,501,195 | | | | | 8,501,195 | | | | | 2,287,287 | | | Long-Term Incentive(3) | | | | 7,138,662 | | | | | ― | | | | | 7,138,662 | | | | | ― | | | | | 10,085,713 | | | | | 10,085,713 | | | | | 5,684,178 | | | ||||||||||||||
| Total | | | | 5,161,765 | | | | | ― | | | | | 5,161,765 | | | | | 360,000 | | | | | 10,620,963 | | | | | 8,861,195 | | | | | 2,647,287 | | | Total | | | | 8,478,937 | | | | | ― | | | | | 8,478,937 | | | | | ― | | | | | 12,365,147 | | | | | 10,463,713 | | | | | 6,062,178 | | |
| 78|ir.eqt.com | |
| EQT CORPORATION2024 PROXY STATEMENT|79 | |
| Year | | | Summary Compensation Table Total for PEO | | | Compensation Actually Paid to PEO | | | Average Summary Compensation Table Total for Non-PEO NEOs(2) | | | Average Compensation Actually Paid to Non-PEO NEOs | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income (Loss)(5) ($ thousands) | | | Free Cash Flow(6) ($ millions) | | |||||||||||||||||||||||||||
| Total Shareholder Return | | | Peer Group Total Shareholder Return(4) | | |||||||||||||||||||||||||||||||||||||||||||||
| 2023 | | | | $ | 10,600,926 | | | | | $ | 23,366,571(1) | | | | | $ | 2,937,554 | | | | | $ | 4,391,807(3) | | | | | $ | 368.48 | | | | | $ | 203.87 | | | | | $ | 1,735,232 | | | | | $ | 879 | | |
| 2022 | | | | $ | 11,600,737 | | | | | $ | 46,062,802 | | | | | $ | 2,662,847 | | | | | $ | 8,559,063 | | | | | $ | 317.08 | | | | | $ | 223.41 | | | | | $ | 1,770,965 | | | | | $ | 1,939 | | |
| 2021 | | | | $ | 16,919,763 | | | | | $ | 37,208,460 | | | | | $ | 3,778,671 | | | | | $ | 6,869,438 | | | | | $ | 201.20 | | | | | $ | 146.75 | | | | | $ | (1,142,747) | | | | | $ | 935 | | |
| 2020 | | | | $ | 7,526,515 | | | | | $ | 21,609,213 | | | | | $ | 3,025,725 | | | | | $ | 5,205,481 | | | | | $ | 117.25 | | | | | $ | 66.66 | | | | | $ | (958,799) | | | | | $ | 325 | | |
| (i) 2023 Summary Comp Table Total | | | minus, (ii) Grant Date Fair Value—2023 Equity Grants | | | plus, (iii) Fair Value at Year-end—2023 Equity Grants | | | plus, (iv) Increase in Fair Value at Year-end—Unvested Portions of Pre-2023 Equity Grants | | | plus, (v) Changes in Fair Value at Stock Options Vesting Date | | | plus, (vi) Changes in Fair Value of 2021 and 2022 RSU Awards at Vesting Dates | | | 2023 CAP to PEO | | ||||||||||||||||||||||||||||||||||||
| 2023 Incentive PSU Award | | | 2023 RSU Awards | | | 2023 Incentive PSU Award | | | 2023 RSU Awards | | | 2021 and 2022 RSU Awards | | | 2021 and 2022 Incentive PSU Awards | | |||||||||||||||||||||||||||||||||||||||
| $10,600,926 | | | | $ | (6,160,562) | | | | | $ | (3,390,274) | | | | | $ | 8,198,342 | | | | | $ | 4,205,519 | | | | | $ | 1,120,719 | | | | | $ | 9,249,578 | | | | | $ | (113,167) | | | | | $ | (344,510) | | | | | $ | 23,366,571 | | |
| 80|ir.eqt.com | |
| (i) Average 2023 Summary Comp Table Total | | | minus, (ii) Average Grant Date Fair Value—2023 Equity Grants | | | plus, (iii) Average Fair Value at Year-end—2023 Equity Grants | | | plus, (iv) Average Increase in Fair Value at Year-end—Unvested Portions of Pre-2023 Equity Grants | | | plus, (v) Changes in Fair Value of 2020, 2021, and 2022 RSU Awards at Vesting Dates | | | plus, (vi) Awards Granted in 2023 and Vested in 2023 | | | Average 2023 CAP to Non-PEO NEOs | | ||||||||||||||||||||||||||||||||||||
| 2023 Incentive PSU Award | | | 2023 RSU Awards | | | 2023 Incentive PSU Award | | | 2023 RSU Awards | | | 2021 and 2022 Incentive PSU Awards | | | 2020, 2021, and 2022 RSU Awards | | |||||||||||||||||||||||||||||||||||||||
| $2,937,554 | | | | $ | (1,059,243) | | | | | $ | (674,096) | | | | | $ | 982,696 | | | | | $ | 570,973 | | | | | $ | 1,364,616 | | | | | $ | 134,568 | | | | | $ | 62,276 | | | | | $ | 72,463 | | | | | $ | 4,391,807 | | |
| EQT CORPORATION | |
| 82|ir.eqt.com | |
| EQT CORPORATION2024 PROXY STATEMENT|83 | |
| Relative Total Shareholder Return | |
| Absolute Total Shareholder Return | |
| Free Cash Flow(1) | |
| 84|ir.eqt.com | |
|
EQT CORPORATION | |
| KEY EQUITY METRICS (AT TARGET, as of December 31) | | | 2021 | | | 2020 | | | 2019 | | |||||||||
| Equity Run Rate(1) | | | | | 0.78% | | | | | | 1.92% | | | | | | 0.78% | | |
| Dilution(2) | | | | | 2.71% | | | | | | 2.95% | | | | | | 3.07% | | |
| Overhang(3) | | | | | 5.06% | | | | | | 7.96% | | | | | | 8.31% | | |
| Plan Category | | | Number of Securities To Be Issued Upon Exercise of Outstanding Options, Warrants and Rights (A) | | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights (B) | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans, Excluding Securities Reflected in Column A (C) | | |||||||||
| Equity Compensation Plans Approved by Shareholders(1) | | | | | 10,047,167(2) | | | | | | 19.80(3) | | | | | | 4,678,202(4) | | |
| Equity Compensation Plans Not Approved by Shareholders(5) | | | | | 51,151(6) | | | | | | N/A | | | | | | 122,142(7) | | |
| Total | | | | | 10,098,318 | | | | | | 19.80 | | | | | | 4,800,344 | | |
| | | | The Board of Directors recommends a vote FOR ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for | | |
| |
| | | Fiscal Year Ended December 31, | | | | Fiscal Year Ended December 31, | | ||||||||||||||||||||
| E&Y Fees | | 2021 ($) | | 2020 ($) | | E&Y Fees | | 2023 ($) | | 2022 ($) | | ||||||||||||||||
| Audit fees(1) | | | | 3,074,196 | | | | | 2,982,521 | | | Audit fees(1) | | | | 2,740,000 | | | | | 2,544,000 | | | ||||
| Audit-related fees(2) | | | | 421,136 | | | | | 407,460 | | | Audit-related fees(2) | | | | 140,000 | | | | | 119,230 | | | ||||
| Tax fees(3) | | | | 0 | | | | | 0 | | | All other fees(3) | | | | 6,545 | | | | | 0 | | | ||||
| All other fees | | | | 0 | | | | | 0 | | | Total fees(4) | | | | 2,886,545 | | | | | 2,663,230 | | | ||||
| Total fees | | | | 3,495,332 | | | | | 3,389,981 | | |
| EQT CORPORATION | |
| |
| NAME AND ADDRESS | | | SHARES BENEFICIALLY OWNED | | | PERCENT OF COMMON STOCK OUTSTANDING | | ||||||
| T. Rowe Price Associates, Inc. 100 E. Pratt Street Baltimore, MD 21202 | | | | | 52,885,587(1) | | | | | | 12.0% | | |
| The Vanguard Group 100 Vanguard Blvd. Malvern, PA 19355 | | | | | 46,922,537(2) | | | | | | 10.7% | | |
| BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | | | | | | | | | | | | ||
| Corp One Lincoln Street Boston, MA | | | | | | | | | | 6.2% | | | |
| U.S. Bank National Association, as Voting Trustee(5) 800 Capitol Street Suite 3600 Houston, TX 77002 | | | | | | | | | | 5.4% | |||
| |
| EQT CORPORATION | |
| 90|ir.eqt.com | |
| NAME | | | EXERCISABLE EQT STOCK OPTIONS(1) | | | NUMBER OF EQT SHARES BENEFICIALLY OWNED(2) | | | PERCENT OF CLASS(3) | | |||||||||
| L. I. Beebe Chair | | | | | 0 | | | | | | 46,113 | | | | | | * | | |
| L. M. Canaan Director | | | | | 0 | | | | | | 44,637 | | | | | | * | | |
| J. L. Carrig Director | | | | | 0 | | | | | | 51,166(4) | | | | | | * | | |
| F. C. Hu Director | | | | | 0 | | | | | | 15,269 | | | | | | * | | |
| K. J. Jackson Director | | | | | 0 | | | | | | 29,747 | | | | | | * | | |
| J. F. McCartney Director | | | | | 0 | | | | | | 53,659 | | | | | | * | | |
| J. T. McManus II Director | | | | | 0 | | | | | | 55,246 | | | | | | * | | |
| A. M. Powers Director | | | | | 0 | | | | | | 46,477 | | | | | | * | | |
| D. J. Rice IV Director | | | | | 0 | | | | | | 293,796 | | | | | | * | | |
| H. A. Vanderhider Director | | | | | 0 | | | | | | 45,815 | | | | | | * | | |
| T. Z. Rice Director, President and Chief Executive Officer | | | | | 1,000,000 | | | | | | 1,384,615 | | | | | | * | | |
| R. A. Duran Chief Information Officer | | | | | 0 | | | | | | 163,404 | | | | | | * | | |
| L. Evancho Chief Human Resources Officer | | | | | 0 | | | | | | 147,698 | | | | | | * | | |
| W. E. Jordan Executive Vice President and General Counsel | | | | | 0 | | | | | | 365,878 | | | | | | * | | |
| J.T. Knop Chief Financial Officer | | | | | 0 | | | | | | 18,132 | | | | | | * | | |
| D. M. Khani(5) Former Chief Financial Officer | | | | | 0 | | | | | | 258,163 | | | | | | * | | |
| Directors and executive officers as a group (16 individuals) | | | | | 1,000,000 | | | | | | 2,793,505 | | | | | | * | | |
| EQT CORPORATION2024 PROXY STATEMENT| | |
| NAME | | | EXERCISABLE EQT STOCK OPTIONS(1) | | | NUMBER OF EQT SHARES BENEFICIALLY OWNED(2) | | | PERCENT OF CLASS(3) | | |||||||||
| L. I. Beebe Chair | | | | | 0 | | | | | | 28,962 | | | | | | * | | |
| P. G. Behrman Director | | | | | 0 | | | | | | 66,311 | | | | | | * | | |
| L. M. Canaan Director | | | | | 0 | | | | | | 23,962 | | | | | | * | | |
| J. L. Carrig Director | | | | | 0 | | | | | | 33,962(4) | | | | | | * | | |
| F. C. Hu Director | | | | | 0 | | | | | | 0(5) | | | | | | * | | |
| K. J. Jackson Director | | | | | 0 | | | | | | 24,462 | | | | | | * | | |
| J. F. McCartney Director | | | | | 0 | | | | �� | | 37,112 | | | | | | * | | |
| J. T. McManus II Director | | | | | 0 | | | | | | 38,961 | | | | | | * | | |
| A. M. Powers Director | | | | | 0 | | | | | | 29,716 | | | | | | * | | |
| D. J. Rice IV Director | | | | | 0 | | | | | | 270,927 | | | | | | * | | |
| H. A. Vanderhider Director | | | | | 0 | | | | | | 28,962 | | | | | | * | | |
| T. Z. Rice Director, President and Chief Executive Officer | | | | | 666,666 | | | | | | 522,416 | | | | | | * | | |
| D. M. Khani Chief Financial Officer | | | | | 0 | | | | | | 93,387 | | | | | | * | | |
| R. A. Duran Chief Information Officer | | | | | 0 | | | | | | 111,863 | | | | | | * | | |
| L. Evancho Chief Human Resources Officer | | | | | 0 | | | | | | 114,226 | | | | | | * | | |
| W. E. Jordan Executive Vice President and General Counsel | | | | | 0 | | | | | | 335,910 | | | | | | * | | |
| Directors and executive officers as a group (17 individuals) | | | | | 666,666 | | | | | | 1,804,901 | | | | | | * | | |
| |
| | Time and Date | | | | | Place | | | | | Record Date | | ||||||
Wednesday, April 9:00 a.m. Eastern Time | | | Virtual meeting via live webcast, accessible at: www.virtualshareholdermeeting.com/EQT2024 | | | If you owned common stock of EQT Corporation at the close of business on Friday, February | |
| Agenda Item | | | EQT Board Voting Recommendation | | | See Page | | ||||||
| 1 The election to the Board of the 11 directors nominated by the Board to serve for one-year terms | | | | | FOR EACH DIRECTOR | | | | | | | ||
| 2 The approval of a non-binding resolution regarding the compensation of the Company’s named executive officers for | | | | | FOR | | | | | | | ||
| 3 | |||||||||||||
The ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for | | | | | FOR | | | | | | |
| EQT CORPORATION2024 PROXY STATEMENT|93 | |
| | | | | | | | |||||||
| BY TELEPHONE | | | BY INTERNET | | | BY MAIL | | | | | |||
| Call toll-free 1-800-690-6903 in the USA, US territories, or Canada | | | Visit 24/7 www.proxyvote.com | | | Complete, sign, and card and send by mail in the enclosed | | | virtual annual meeting as an authenticated shareholder and cast your the virtual meeting | |
| |
| EQT CORPORATION | |
| | | Broadridge Financial Solutions, Inc. Householding Department 51 Mercedes Way Edgewood, New York 11717 | | |
| | | Toll-free 1-866-540-7095 | |
| 96|ir.eqt.com | |
| Agenda Item | | | Vote Required | | | Broker Discretionary Voting Allowed | | |||
| 1 | | | Election of directors | | | Majority of votes | | | No | |
| 2 | | | Approval of a non-binding resolution regarding the compensation of the Company’s named executive officers for | | | Majority of votes | | | No | |
| 3 | | |||||||||
| | Ratification of the appointment of Ernst & Young LLP | | | Majority of votes | | | Yes | |
| EQT CORPORATION2024 PROXY STATEMENT|97 | |
| 98|ir.eqt.com | |
| EQT CORPORATION2024 PROXY STATEMENT|99 | |
| | | EQT Corporation Attention: Corporate Secretary 625 Liberty Avenue Suite 1700 Pittsburgh, Pennsylvania 15222 | |
| |
| EQT CORPORATION | |
| EQT CORPORATION2024 PROXY STATEMENT|A-1 | |
| A-2|ir.eqt.com | |
| | | Year Ended December 31, 2021 | | | | Year Ended December 31, 2023 | | ||||||||
| | | (in thousands except per share amounts) | | | | (in thousands except per share amounts) | | ||||||||
| Net cash provided by operating activities | | | $ | 1,662,448 | | | Net cash provided by operating activities | | | $ | 3,178,850 | | | ||
| Decrease in changes in other assets and liabilities | | | | 366,708 | | | Increase in changes in other assets and liabilities | | | | (383,632) | | | ||
| Adjusted operating cash flow | | | | 2,029,156 | | | Adjusted operating cash flow | | | | 2,795,218 | | | ||
| Less: capital expenditures | | | | (1,104,114) | | | Less: capital expenditures | | | | (1,925,243) | | | ||
| Add: capital expenditures attributable to noncontrolling interest | | | | 9,627 | | | Add: capital expenditures attributable to noncontrolling interests | | | | 8,549 | | | ||
| Free cash flow | | | $ | 934,669 | | | Less: adjusted operating cash flow attributed to acquisitions | | | | (171,846) | | | ||
| Less: Free cash flow due to acquisitions | | | | (289,452) | | | Add: capital expenditures attributable to acquisitions | | | | 159,219 | | | ||
| Adjusted free cash flow | | | $ | 645,217 | | | Less: adjusted EBITDA attributable to noncontrolling interests | | | | (5,818) | | | ||
| Weighted Average Shares Outstanding | | | | 328,070 | | | Add: interest on cash used for share repurchases | | | | 9,732 | | | ||
| Less: Acquisition impact on weighted average shares outstanding | | | | (49,395) | | | Add: interest on cash used for acquisitions | | | | 19,679 | | | ||
| Adjusted Weighted Average Shares Outstanding | | | | 278,675 | | | Free cash flow (as defined under 2023 STIP) | | | $ | 889,490 | | | ||
| Free cash flow per share | | | $ | 2.32 | | | Weighted average shares outstanding | | | | 380,902 | | | ||
| Adjustment to weighted average shares for shares remitted for acquisitions | | | | (20,667) | | | |||||||||
| Adjusted weighted average shares outstanding | | | | 360,235 | | | |||||||||
| Free cash flow per share (as defined under 2023 STIP) | | | $ | 2.47 | | |
| EQT CORPORATION | |
| | | | Years Ended December 31, (Thousands) | | |||||||||||||||
| | | | 2023 | | | 2022 | | | 2021 | | |||||||||
| Net cash provided by operating activities | | | | $ | 3,178,850 | | | | | $ | 3,465,560 | | | | | $ | 1,662,448 | | |
| Decrease (increase) in changes in other assets and liabilities | | | | | (383,632) | | | | | | (99,229) | | | | | | 366,708 | | |
| Adjusted operating cash flow | | | | $ | 2,795,218 | | | | | $ | 3,366,331 | | | | | $ | 2,029,156 | | |
| Less: capital expenditures | | | | | (1,925,243) | | | | | | (1,440,112) | | | | | | (1,104,114) | | |
| Add: capital expenditures attributable to noncontrolling interest | | | | | 8,549 | | | | | | 12,796 | | | | | | 9,627 | | |
| Free cash flow | | | | $ | 878,524 | | | | | $ | 1,939,015 | | | | | $ | 934,669 | | |
|
| A-4|ir.eqt.com | |
| Financial Data as of 9/15/2020 (thousands) | | Financial Data as of 09/29/2022 (thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Company | | Enterprise Value | | Market Capitalization | | Assets | | Revenue | | Company | | Percentage of Dry Gas/ Reserves | | Enterprise Value | | Market Capitalization | | Assets | | Revenue | | |||||||||||||||||||||||||||||||||
| Apache Corporation | | | $ | 15,141 | | | | $ | 4,507 | | | | $ | 12,999 | | | | $ | 5,048 | | | Pioneer Natural Resources Company | | 26% | | | $ | 54,457 | | | | $ | 51,671 | | | | $ | 37,301 | | | | $ | 23,690 | | | |||||||||
| Ovintiv Inc. | | | $ | 14,527 | | | | $ | 3,139 | | | | $ | 16,795 | | | | $ | 6,186 | | | Devon Energy Corporation | | 30% | | | $ | 43,505 | | | | $ | 39,923 | | | | $ | 23,194 | | | | $ | 17,478 | | | |||||||||
| Noble Energy, Inc. | | | $ | 12,998 | | | | $ | 4,328 | | | | $ | 15,899 | | | | $ | 3,887 | | | Hess Corporation | | 20% | | | $ | 41,174 | | | | $ | 33,615 | | | | $ | 21,180 | | | | $ | 9,045 | | | |||||||||
| Concho Resources Inc. | | | $ | 12,662 | | | | $ | 9,025 | | | | $ | 12,780 | | | | $ | 3,527 | | | Diamondback Energy, Inc. | | 24% | | | $ | 28,122 | | | | $ | 21,496 | | | | $ | 23,448 | | | | $ | 8,641 | | | |||||||||
| Continental Resources, Inc. | | | $ | 10,809 | | | | $ | 4,686 | | | | $ | 14,766 | | | | $ | 3,107 | | | Coterra Energy Inc. | | 86% | | | $ | 23,034 | | | | $ | 20,662 | | | | $ | 20,647 | | | | $ | 7,348 | | | |||||||||
| Cabot Oil & Gas Corporation | | | $ | 8,584 | | | | $ | 7,445 | | | | $ | 4,528 | | | | $ | 1,540 | | | Marathon Oil Corporation | | 29% | | | $ | 18,414 | | | | $ | 15,449 | | | | $ | 18,286 | | | | $ | 7,125 | | | |||||||||
| Antero Resources Corporation | | | $ | 7,140 | | | | $ | 760 | | | | $ | 13,744 | | | | $ | 3,263 | | | APA Corporation | | 36% | | | $ | 17,457 | | | | $ | 11,412 | | | | $ | 12,924 | | | | $ | 11,170 | | | |||||||||
| Devon Energy Corporation | | | $ | 6,726 | | | | $ | 3,533 | | | | $ | 11,144 | | | | $ | 6,981 | | | Ovintiv Inc. | | 48% | | | $ | 16,119 | | | | $ | 11,541 | | | | $ | 14,923 | | | | $ | 13,169 | | | |||||||||
| WPX Energy, Inc. | | | $ | 5,646 | | | | $ | 2,463 | | | | $ | 9,858 | | | | $ | 2,099 | | | Antero Resources Corporation | | 58% | | | $ | 14,488 | | | | $ | 9,285 | | | | $ | 14,213 | | | | $ | 8,079 | | | |||||||||
| CNX Resources Corporation | | | $ | 5,513 | | | | $ | 1,989 | | | | $ | 8,320 | | | | $ | 1,198 | | | Chesapeake Energy Corporation | | 82% | | | $ | 14,414 | | | | $ | 11,340 | | | | $ | 13,899 | | | | $ | 11,197 | | | |||||||||
| Murphy Oil Corporation | | | $ | 5,362 | | | | $ | 1,545 | | | | $ | 10,754 | | | | $ | 2,406 | | | Southwestern Energy Company | | 81% | | | $ | 12,020 | | | | $ | 6,796 | | | | $ | 12,932 | | | | $ | 11,626 | | | |||||||||
| Range Resources Corporation | | | $ | 4,989 | | | | $ | 1,730 | | | | $ | 6,452 | | | | $ | 1,978 | | | Murphy Oil Corporation | | 54% | | | $ | 8,414 | | | | $ | 5,528 | | | | $ | 10,572 | | | | $ | 3,517 | | | |||||||||
| Cimarex Energy Co. | | | $ | 4,692 | | | | $ | 2,456 | | | | $ | 4,870 | | | | $ | 1,990 | | | Range Resources Corporation | | 64% | | | $ | 8,275 | | | | $ | 5,891 | | | | $ | 6,615 | | | | $ | 4,797 | | | |||||||||
| Southwestern Energy Company | | | $ | 4,028 | | | | $ | 1,451 | | | | $ | 4,555 | | | | $ | 2,383 | | | PDC Energy, Inc. | | 44% | | | $ | 7,271 | | | | $ | 5,570 | | | | $ | 7,976 | | | | $ | 3,236 | | | |||||||||
| Comstock Resources, Inc. | | | $ | 3,817 | | | | $ | 1,147 | | | | $ | 4,533 | | | | $ | 890 | | | Matador Resources Company | | 44% | | | $ | 7,122 | | | | $ | 5,803 | | | | $ | 4,964 | | | | $ | 2,527 | | | |||||||||
| EQT Corporation | | | $ | 8,309 | | | | $ | 3,642 | | | | $ | 18,009 | | | | $ | 2,771 | | | Comstock Resources, Inc. | | 100% | | | $ | 6,681 | | | | $ | 3,920 | | | | $ | 5,288 | | | | $ | 2,682 | | | |||||||||
| CNX Resources Corporation | | 93% | | | $ | 5,361 | | | | $ | 2,944 | | | | $ | 8,696 | | | | $ | 3,419 | | | |||||||||||||||||||||||||||||||
| EQT Corporation | | 94% | | | $ | 19,631 | | | | $ | 14,604 | | | | $ | 22,622 | | | | $ | 10,359 | | |
| EQT CORPORATION | |
| Financial Data as of 9/15/2020 (thousands) | | ||||||||||||||||||||||||||||||
| Company | | | Percentage of Dry Gas/ Reserves | | | Enterprise Value | | | Market Capitalization | | | Assets | | | Revenue | | |||||||||||||||
| Apache Corporation | | | | | 27% | | | | | $ | 15,141 | | | | | $ | 4,507 | | | | | $ | 12,999 | | | | | $ | 5,048 | | |
| Ovintiv Inc. | | | | | 40% | | | | | $ | 14,527 | | | | | $ | 3,139 | | | | | $ | 16,795 | | | | | $ | 6,186 | | |
| Continental Resources, Inc. | | | | | 53% | | | | | $ | 10,809 | | | | | $ | 4,686 | | | | | $ | 14,766 | | | | | $ | 3,107 | | |
| Cabot Oil & Gas Corporation | | | | | 100% | | | | | $ | 8,584 | | | | | $ | 7,445 | | | | | $ | 4,528 | | | | | $ | 1,540 | | |
| Antero Resources Corporation | | | | | 61% | | | | | $ | 7,140 | | | | | $ | 760 | | | | | $ | 13,744 | | | | | $ | 3,263 | | |
| Devon Energy Corporation | | | | | 36% | | | | | $ | 6,726 | | | | | $ | 3,533 | | | | | $ | 11,144 | | | | | $ | 6,981 | | |
| CNX Resources Corporation | | | | | 94% | | | | | $ | 5,513 | | | | | $ | 1,989 | | | | | $ | 8,320 | | | | | $ | 1,198 | | |
| Murphy Oil Corporation | | | | | 43% | | | | | $ | 5,362 | | | | | $ | 1,545 | | | | | $ | 10,754 | | | | | $ | 2,406 | | |
| Range Resources Corporation | | | | | 67% | | | | | $ | 4,989 | | | | | $ | 1,730 | | | | | $ | 6,452 | | | | | $ | 1,978 | | |
| Cimarex Energy Co. | | | | | 41% | | | | | $ | 4,692 | | | | | $ | 2,456 | | | | | $ | 4,870 | | | | | $ | 1,990 | | |
| Southwestern Energy Company | | | | | 68% | | | | | $ | 4,028 | | | | | $ | 1,451 | | | | | $ | 4,555 | | | | | $ | 2,383 | | |
| Comstock Resources, Inc. | | | | | 98% | | | | | $ | 3,817 | | | | | $ | 1,147 | | | | | $ | 4,533 | | | | | $ | 890 | | |
| EQT Corporation | | | | | 95% | | | | | $ | 8,309 | | | | | $ | 3,642 | | | | | $ | 18,009 | | | | | $ | 2,771 | | |