Document:

Exhibit 4.5

 

EXECUTION VERSION

 

EQT CORPORATION

 

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON,

 

as Trustee

 

 

 

FIFTEENTH SUPPLEMENTAL INDENTURE

 

Dated as of October 4, 2022

 

to

 

INDENTURE

 

Dated as of March 18, 2008

 

 

 

5.700% Senior Notes due 2028

 

     

     

    

 

TABLE OF CONTENTS

  

	 	 	Page
	 
	ARTICLE 1.
	 
	DEFINITIONS
	 
	Section 1.1 	Definition of Terms	2
	 	 
	ARTICLE 2.
	 	 
	GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES
	 
	Section 2.1	Designation and Principal Amount	4
	Section 2.2	Maturity	4
	Section 2.3	Further Issues	4
	Section 2.4	Form of Payment	4
	Section 2.5 	Global Securities	4
	Section 2.6 	Interest	5
	Section 2.7 	Reserved	5
	Section 2.8 	Authorized Denominations	5
	Section 2.9 	Redemption	5
	Section 2.10	Limitation on Liens	5
	Section 2.11	Limitation on Sale and Leaseback Transactions	7
	Section 2.12 	Merger, Consolidation and Sale of Assets	8
	Section 2.13 	Events of Default	8
	Section 2.14 	Appointment of Agents	10
	Section 2.15 	Defeasance upon Deposit of Moneys or U.S. Government Obligations	10
	 	 
	ARTICLE 3.
	 	 
	FORM OF NOTES
	Section 3.1 	Form of Senior Notes	10
	 	 
	ARTICLE 4.
	 	 
	ORIGINAL ISSUE OF NOTES
	 
	Section 4.1	Original Issue of Senior Notes	10
	 	 
	ARTICLE 5.
	 	 
	MISCELLANEOUS
	 
	Section 5.1 	Ratification of Indenture	10
	Section 5.2 	Trustee Not Responsible for Recitals	10
	Section 5.3 	Governing Law	11
	Section 5.4 	Separability	11
	Section 5.5 	Counterparts	11

 

	Exhibit A – Form of Senior Notes	A-1

 

    i 

     

    

 

FIFTEENTH SUPPLEMENTAL INDENTURE, dated as
of October 4, 2022 (this “Fifteenth Supplemental Indenture”), between EQT Corporation, a corporation duly organized and existing
under the laws of the Commonwealth of Pennsylvania, having its principal office at EQT Plaza, 625 Liberty Avenue, Suite 1700, Pittsburgh,
Pennsylvania 15222 (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”).

 

WHEREAS, the Company, as successor, and the
Trustee executed and delivered the indenture, dated as of March 18, 2008 (the “Base Indenture”, as supplemented by a Second
Supplemental Indenture, dated as of June 30, 2008, and by this Fifteenth Supplemental Indenture, the “Indenture”), to provide
for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more series;

 

WHEREAS, pursuant to the terms of the Base
Indenture, the Company desires to provide for the establishment of a new series of its notes under the Base Indenture to be known as
its “5.700% Senior Notes due 2028” (the “Senior Notes”), the form and substance and the terms, provisions and
conditions thereof to be set forth as provided in the Base Indenture and this Fifteenth Supplemental Indenture;

 

WHEREAS, the Board of Directors of the Company
or the Special Financing Transactions Committee of the Board of Directors of the Company, as applicable, pursuant to resolutions duly
adopted on September 6, 2022, September 13, 2022 and September 20, 2022, has duly authorized the issuance of the Senior Notes, and has
authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such
issuance;

 

WHEREAS, this Fifteenth Supplemental Indenture
is being entered into pursuant to the provisions of Section 14.01 of the Base Indenture;

 

WHEREAS, the Company has requested that the
Trustee execute and deliver this Fifteenth Supplemental Indenture; and

 

WHEREAS, all things necessary to make this
Fifteenth Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with its terms, and to make the
Senior Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding obligations
of the Company, have been performed, and the execution and delivery of this Fifteenth Supplemental Indenture has been duly authorized
in all respects.

 

NOW THEREFORE, in consideration of the premises
and the purchase and acceptance of the Senior Notes by the Holders thereof, and for the purpose of setting forth, as provided in the
Base Indenture, the forms and terms of the Senior Notes, the Company covenants and agrees, with the Trustee, as follows:

 

    

     

    

  

ARTICLE
1.

DEFINITIONS

 

Section 1.1           
Definition of Terms. Unless the context otherwise requires:

 

(a)           each
term defined in the Base Indenture has the same meaning when used in this Fifteenth Supplemental Indenture;

 

(b)           the
singular includes the plural and vice versa;

 

(c)           headings
are for convenience of reference only and do not affect interpretation; and

 

(d)           a
reference to a Section or Article is to a Section or Article of this Fifteenth Supplemental Indenture unless otherwise indicated.

 

(e)           The
following terms have the meanings given to them in this Section 1.1(e):

 

(i)            
“Attributable Debt” in respect of a Sale and Leaseback Transaction means, as of any particular time, the present value
(discounted at the rate of interest implicit in the terms of the lease involved in such Sale and Leaseback Transaction, as determined
in good faith by the Company) of the obligation of the lessee thereunder for net rental payments (excluding, however, any amounts required
to be paid by such lessee, whether or not designated as rent or additional rent, on account of maintenance and repairs, services, insurance,
taxes, assessments, water rates or similar charges and any amounts required to be paid by such lessee thereunder contingent upon monetary
inflation or the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges) during the
remaining term of such lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended).

 

(ii)           
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New
York are authorized or required by law to close.

 

(iii)         
“Consolidated Net Tangible Assets” means the aggregate amount of assets of the Company and its consolidated Subsidiaries
(less applicable reserves) after deducting therefrom (x) all goodwill, trade names, trademarks, patents, unamortized debt discount and
expense and other like intangibles and (y) all current liabilities except for current maturities of long-term debt, current maturities
of capitalized lease obligations, indebtedness for borrowed money having a maturity of less than 12 months from the date of the most
recent audited consolidated balance sheet of the Company, but which by its terms is renewable or extendable beyond 12 months from such
date at the option of the borrower and deferred income taxes which are classified as current liabilities, all as of the end of the most
recently completed quarterly accounting period of the Company for which financial information is available prior to the time as of which
 “Consolidated Net Tangible Assets” is being determined.

 

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(iv)         “Credit
Agreement” means the Third Amended and Restated Credit Agreement, dated as of June 28, 2022, and effective on or about the date
of this Fifteenth Supplemental Indenture, by and among the Company, as borrower, and the commercial lending institutions and other parties
that are agents and lenders thereunder, as amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced
in whole or in part from time to time with one or more credit facilities or term loans of the Company or its Subsidiaries.

 

(v)          “Debt”
means indebtedness for borrowed money.

 

(vi)         “DTC”
shall have the meaning assigned to it in Section 2.5.

 

(vii)        “Electronic
Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by
the Trustee as available for use in connection with its services hereunder.

 

(viii)       
“Event of Default” shall have the meaning assigned to it in Section 2.13.

 

(ix)          
“Incurrence Time” shall have the meaning assigned to it in Section 2.10(b).

 

(x)           “Lien”
means any mortgage, pledge, security interest or lien.

 

(xi)            
“Person” means, except as otherwise provided, any individual, corporation, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

(xii)         
“Principal Property” means any manufacturing plant or production, transportation or marketing facility or other similar
facility located within the United States (other than its territories and possessions) and owned by, or leased to, the Company or any
Restricted Subsidiary, the book value of the real property, plant and equipment of which (as shown, without deduction of any depreciation
reserves, on the books of the owner or owners) is not less than 1.5% of Consolidated Net Tangible Assets as of the date on which such
facility is acquired or a leasehold interest therein is acquired.

 

(xiii)       
“Restricted Subsidiary” means any Subsidiary substantially all the property of which is located, or substantially
all the business of which is carried on, within the United States (other than its territories and possessions) which shall at the time,
directly or indirectly, through one or more Subsidiaries or in combination with one or more other Subsidiaries or the Company, own or
be a lessee of a Principal Property.

 

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(xiv)       “Sale and Leaseback Transaction” shall have the meaning assigned to it in Section 2.11.

 

(xv)        
“Subsidiary” means, with respect to the Company, a corporation of which more than 50% of the total voting power of
the capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of its directors is owned, directly
or indirectly, by the Company or by one or more other Subsidiaries or by the Company and one or more other Subsidiaries.

 

(xvi)       “Voting Stock” of any person means all classes of capital stock or other interests (including partnership interests)
of such person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof.

 

ARTICLE
2.

 

GENERAL
TERMS AND CONDITIONS OF THE SENIOR NOTES

 

Section 2.1           
Designation and Principal Amount. There is hereby authorized and established a new series of Securities under the Base
Indenture, designated as the “5.700% Senior Notes due 2028”, which is not limited in aggregate principal amount. The initial
aggregate principal amount of the Senior Notes to be issued under this Fifteenth Supplemental Indenture shall be limited to $500,000,000.
Any additional amounts of such series to be issued shall be set forth in a Company Order.

 

Section 2.2           
Maturity. The stated maturity of principal for the Senior Notes will be April 1, 2028 (the “Stated Maturity Date”).

 

Section 2.3           
Further Issues. The Company may at any time and from time to time, without notice to or the consent of the Holders of the
Senior Notes, issue additional notes of such series. Any such additional notes will have the same ranking, interest rate, maturity date
and other terms as the Senior Notes (except, as applicable, for the issue date, the issue price, the initial interest payment date and
corresponding record date and the date from which interest thereon will begin to accrue). Any such additional notes, together with the
Senior Notes herein provided for, will constitute a single series of Securities under the Indenture; provided, that any such additional
notes that are not fungible with the Senior Notes for U.S. Federal income tax purposes will have a separate CUSIP, ISIN and/or other
identifying number, if applicable, than the Senior Notes.

 

Section 2.4           
Form of Payment. Principal of, premium, if any, and interest on the Senior Notes shall be payable in U.S. dollars.

 

Section 2.5           
Global Securities. Upon the original issuance, the Senior Notes will be represented by one or more Global Securities. The
Company will deposit the Global Securities with the Trustee as custodian for The Depository Trust Company (“DTC”), in New
York, New York, and register the Global Securities in the name of DTC or its nominee.

 

    4

     

    

 

Section 2.6           
Interest. The Senior Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months)
from October 4, 2022 at the rate of 5.700% per annum, payable semiannually in arrears. Interest on the Senior Notes will be payable on
April 1 and October 1 of each year (each, an “Interest Payment Date”), commencing on April 1, 2023, to the Persons in whose
names the Senior Notes are registered at the close of business on the March 15 or September 15 (whether or not a Business Day), as the
case may be, preceding the relevant Interest Payment Date. Interest payable on each Interest Payment Date will include interest accrued
from October 4, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for.

 

Section 2.7           
Reserved.

 

Section 2.8           
Authorized Denominations. The Senior Notes shall be issuable in denominations of $2,000 and in integral multiples of $1,000
in excess thereof.

 

Section 2.9           
Redemption. The Senior Notes are subject to redemption at the option of the Company as set forth in the form of Senior
Note attached hereto as Exhibit A.

 

Section 2.10       
Limitation on Liens.

 

(a)            
Except as otherwise provided in clauses (i) through (ix) below or in subsection (b) of this section, the Company shall not, and
shall not permit any Restricted Subsidiary to, issue, assume or guarantee any Debt secured by a Lien upon any Principal Property of the
Company or of any Restricted Subsidiary or upon any shares of stock or Debt issued by any Restricted Subsidiary, whether now owned or
hereafter acquired, without in any such case effectively providing that the Senior Notes together with, if the Company shall so determine,
any other indebtedness of or guaranty by the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated
to the Senior Notes, shall be secured equally and ratably with (or, at the option of the Company, prior to) such secured Debt, so long
as such Debt shall be so secured; provided, however, that nothing in this Section 2.10 shall prevent, restrict or apply to (and
there shall be excluded from secured Debt in any computation under this Section 2.10) Debt secured by:

 

(i)           Liens on property of, or shares of stock or Debt issued by, any Subsidiary existing at the time such Subsidiary becomes a Restricted
Subsidiary; provided, that such Lien shall not have been incurred in connection with the transfer by the Company or a Restricted Subsidiary
of a Principal Property to such Subsidiary unless the Company, within 180 days of the effective date of such transfer, applies or causes
a Restricted Subsidiary to apply an amount equal to the fair value, as determined by the Company’s Board of Directors, of such
Principal Property at the time of such transfer, to the prepayment or retirement of Senior Notes or other Debt of the Company (other
than Debt subordinated to the Senior Notes), or Debt of any Restricted Subsidiary (other than Debt owed to the Company or any Restricted
Subsidiary), having a stated maturity (x) more than 12 months from the date of such application or (y) which is extendable at the option
of the obligor thereon to a date more than 12 months from the date of such application;

 

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(ii)             
Liens on any property, shares of stock or Debt existing at the time of acquisition thereof by the Company or a Restricted Subsidiary
(including acquisition through merger or consolidation) or Liens to secure the payment of all or any part of the purchase price or construction
cost thereof or securing any Debt incurred prior to, at the time of, or within 180 days after, the acquisition of such property, shares
of stock or Debt or the completion of any such construction, whichever is later, for the purpose of financing all or any part of the
purchase price or construction cost thereof;

 

(iii)           
Liens on any property to secure all or any part of the cost of development, construction, alteration, repair or improvement of
all or any portion of such property, or to secure Debt incurred prior to, at the time of, or within 180 days after, the completion of
such development, construction, alteration, repair or improvement, whichever is later, for the purpose of financing all or any part of
such cost;

 

(iv)            
Liens which secure Debt owed by a Restricted Subsidiary to the Company or to another Restricted Subsidiary or by the Company to
a Restricted Subsidiary so long as the Debt is held by the Company or a Restricted Subsidiary;

 

(v)              
Liens securing indebtedness of a corporation or other Person which becomes a successor of the Company in accordance with the provisions
of Section 6.04 of the Base Indenture and Section 2.12 hereof other than Debt incurred by such corporation or other Person in
connection with a consolidation, merger or sale of assets in accordance with Section 6.04 of the Base Indenture and Section 2.12
hereof;

 

(vi)            
Liens on property of the Company or a Restricted Subsidiary in favor of the United States or any state thereof, or any department,
agency or instrumentality or political subdivision of the United States or any state thereof, or in favor of any other country or any
political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure
any indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price or the cost of construction,
alteration, repair or improvement of the property subject to such Liens (including but not limited to Liens incurred in connection with
pollution control, industrial revenue or similar financing), or in favor of any trustee or mortgagee for the benefit of holders of indebtedness
of any such entity incurred for any such purpose;

 

(vii)         
Liens securing Debt which is payable, both with respect to principal and interest, solely out of the proceeds of oil, gas, coal
or other minerals to be produced from the property subject thereto and to be sold or delivered by the Company or a Subsidiary, including
any interest of the character commonly referred to as a “production payment”;

 

(viii)       
Liens created or assumed by a Subsidiary on oil, gas, coal or other mineral property, owned or leased by a Subsidiary, to secure
Debt of such Subsidiary for the purpose of developing such property, including any interest of the character commonly referred to as
a “production payment”; provided, however, that neither the Company nor any Subsidiary shall assume or guarantee such Debt
or otherwise be liable in respect thereof; and

 

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(ix)            
any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred
to in the foregoing clauses (i) to (viii), inclusive, or of any Debt secured thereby; provided, that such extension, renewal or replacement
Lien shall be limited to all or any part of the same property that secured the Lien extended, renewed or replaced (plus any improvements
and construction on such property), or to other property of the Company or its Restricted Subsidiaries not subject to the limitations
of this Section 2.10, and shall secure no larger amount of Debt than that which had been so secured at the time of such extension,
renewal or replacement (plus any premium or fee payable in connection therewith) and, in the case of clause (iv), that the Debt being
secured thereby is being secured for the same type of Person as the Debt being replaced.

 

(b)           Notwithstanding the foregoing provisions of this Section 2.10, the Company and any one or more Restricted Subsidiaries
may issue, assume or guarantee Debt secured by a Lien without equally and ratably securing the Senior Notes if at the time of such issuance,
assumption or guarantee (the “Incurrence Time”) the aggregate amount of such Debt plus all other Debt of the Company and
its Restricted Subsidiaries secured by Liens (other than Debt permitted to be secured under clauses (i) through (ix) above) which would
otherwise be subject to the foregoing restrictions after giving effect to the retirement of any Debt which is concurrently being retired,
plus the aggregate Attributable Debt (determined as of the Incurrence Time) of Sale and Leaseback Transactions (other than Sale and Leaseback
Transactions permitted by subsections (a) and (b) of Section 2.11) entered into after the date of this Fifteenth Supplemental
Indenture and in existence at the Incurrence Time (less the aggregate amount of proceeds of such Sale and Leaseback Transactions which
shall have been applied in accordance with subsection (c) of Section 2.11), does not exceed the greater of (i) $2.5 billion and
(ii) 15% of Consolidated Net Tangible Assets; provided that to the extent the aggregate amount of any such Debt exceeds clause (ii) above
but does not exceed clause (i), such incremental amount of Debt may only be Debt under the Credit Agreement.

 

Section 2.11       
Limitation on Sale and Leaseback Transactions. The Company shall not, and shall not permit any Restricted Subsidiary to,
enter into any arrangement after the date of this Fifteenth Supplemental Indenture with any bank, insurance company or other lender or
investor (other than the Company or another Restricted Subsidiary) providing for the leasing as lessee by the Company or a Restricted
Subsidiary of any Principal Property (except a lease for a term not to exceed three years by the end of which term it is intended that
the use of such Principal Property by the lessee will be discontinued and a lease which secures or relates to industrial revenue or pollution
control bonds or similar financing), which was or is owned by the Company or a Restricted Subsidiary and which has been or is to be sold
or transferred by the Company or a Restricted Subsidiary to such Person, more than 180 days after the completion of construction and
commencement of full operation of such property by the Company or such Restricted Subsidiary, to such lender or investor or to any Person
to whom funds have been or are to be advanced by such lender or investor on the security of such Principal Property (herein called a
 “Sale and Leaseback Transaction”) unless:

 

(a)            the Company or such Restricted Subsidiary would, at the time of entering into such arrangement, be entitled pursuant to clauses
(i) through (ix) of subsection (a) of Section 2.10, without equally and ratably securing the Senior Notes, to issue, assume or
guarantee Debt secured by a Lien on such Principal Property in the amount of the Attributable Debt arising from such Sale and Leaseback
Transaction;

 

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(b)           the Attributable Debt of the Company and its Restricted Subsidiaries in respect of such Sale and Leaseback Transaction and all
other Sale and Leaseback Transactions entered into after the date of this Fifteenth Supplemental Indenture (other than such Sale and
Leaseback Transactions as are permitted by subsection (a) or (c) of this Section 2.11), plus the aggregate principal amount of
Debt secured by Liens on Principal Properties then outstanding (not including any such Debt secured by Liens described in clauses (i)
through (ix) of subsection (a) of Section 2.10) which do not equally and ratably secure the Senior Notes, would not exceed 15%
of Consolidated Net Tangible Assets; or

 

(c)           the Company, within 180 days after any such sale or transfer, applies or causes a Restricted Subsidiary to apply an amount equal
to the greater of the net proceeds of such sale or transfer or the fair value, as determined by the Company’s Board of Directors,
of the Principal Property so sold and leased back at the time of entering into such Sale and Leaseback Transaction to either (or a combination
of) (A) the prepayment or retirement of Senior Notes or other Debt of the Company (other than Debt subordinated to the Senior Notes),
or Debt of any Restricted Subsidiary (other than Debt owed to the Company or any Restricted Subsidiary), or (B) the purchase, construction
or development of other property used or useful in the business of the Company.

 

Notwithstanding the foregoing, where the Company
or any Restricted Subsidiary is the lessee in any Sale and Leaseback Transaction, Attributable Debt shall not include any Debt resulting
from the guarantee by the Company or any other Restricted Subsidiary of the lessee’s obligation thereunder.

 

Section 2.12       
Merger, Consolidation and Sale of Assets. In addition to the covenants provided in Section 6.04 of the Base Indenture,
the Company will not consolidate or merge with or into any other entity, or sell other than for cash or lease its assets substantially
as an entirety to another entity, or purchase the assets of another entity substantially as an entirety, if, as a result of any such
consolidation, merger, sale, lease or purchase, properties or assets of the Company would become subject to a lien which would not be
permitted by the Indenture, unless the Company or such successor Person, as the case may be, takes such steps as are necessary to effectively
secure the Senior Notes equally and ratably with (or prior to) all indebtedness secured thereby.

 

Section 2.13       
Events of Default. The term “Event of Default” with respect to the Senior Notes shall mean only:

 

(a)           
the failure of the Company to pay any installment of interest on the Senior Notes when and as the same shall become payable, which
failure shall have continued unremedied for a period of 30 days;

 

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(b)           the failure of the Company to pay the principal of (and premium, if any, on) the Senior Notes, when and as the same shall become
payable, whether at maturity or by call for redemption;

 

(c)           
the failure of the Company, subject to the provisions of Section 6.06 of the Base Indenture, to perform any covenants or agreements
contained in the Indenture (other than a covenant or agreement which has been expressly included in the Indenture solely for the benefit
of a series of Securities other than the Senior Notes and other than a covenant or agreement a default in the performance of which is
specifically addressed elsewhere in this Section 2.13), which failure shall not have been remedied, or without provision deemed
to be adequate for the remedying thereof having been made, for a period of 90 days after written notice shall have been given to the
Company by the Trustee or shall have been given to the Company and the Trustee by Holders of 25% or more in aggregate principal amount
of the Senior Notes then Outstanding, specifying such failure, requiring the Company to remedy the same and stating that such notice
is a “Notice of Default” hereunder;

 

(d)           default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Company or any Subsidiary in an aggregate principal amount in excess of $200,000,000 whether
such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay any portion of the principal
of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto or shall have resulted
in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable,
without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, which continues for a period
of 30 days after written notice shall have been given to the Company by the Trustee or shall have been given to the Company and the Trustee
by Holders of 25% or more in aggregate principal amount of the Senior Notes then Outstanding, specifying such default, requiring the
Company to remedy the same and stating that such notice is a “Notice of Default” hereunder;

 

(e)           the entry by a court having jurisdiction in the premises of a decree or order for relief in respect of the Company in an involuntary
case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator (or
similar official) of the Company or of substantially all the property of the Company or ordering the winding-up or liquidation of its
affairs and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or

 

(f)            the commencement by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any
other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company
to the entry of an order for relief in an involuntary case under any such law, or the consent by the Company to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company or of
substantially all the property of the Company or the making by it of an assignment for the benefit of creditors or the admission by it
in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance
of any action; provided, however, that no event described in clause (c) or (d) above shall constitute an Event of Default hereunder until
a Responsible Officer assigned to and working in the Trustee’s corporate trust department has actual knowledge thereof or until
a written notice of any such event is received by the Trustee at the Corporate Trust Office, and such notice refers to the facts underlying
such event, the Senior Notes generally, the Company and the Indenture.

 

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Section 2.14       
Appointment of Agents. The Trustee will initially be the Registrar and Paying Agent for the Senior Notes.

 

Section 2.15       
Defeasance upon Deposit of Moneys or U.S. Government Obligations. At the Company’s option, either (a) the Company
shall be deemed to have been Discharged from its obligations with respect to the Senior Notes on the first day after the applicable conditions
set forth in Section 12.03 of the Base Indenture have been satisfied or (b) the Company shall cease to be under any obligation to
comply with any term, provision or condition set forth in Section 6.04 of the Base Indenture and Sections 2.10, 2.11 and 2.12 with respect
to the Senior Notes at any time after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied.

 

ARTICLE
3.

 

FORM
OF NOTES

 

Section 3.1           
Form of Senior Notes. The Senior Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are
to be substantially in the form set forth in Exhibit A hereto.

 

ARTICLE
4.

 

ORIGINAL
ISSUE OF NOTES

 

Section 4.1           
Original Issue of Senior Notes. The Senior Notes may, upon execution of this Fifteenth Supplemental Indenture, be executed
by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate and deliver such
Senior Notes as in such Company order provided.

 

ARTICLE
5.

 

MISCELLANEOUS

 

Section 5.1           
Ratification of Indenture. The Base Indenture, as supplemented by this Fifteenth Supplemental Indenture, is in all respects
ratified and confirmed, and this Fifteenth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the
extent herein and therein provided; provided that the provisions of this Fifteenth Supplemental Indenture apply solely with respect to
the Senior Notes.

 

Section 5.2           
Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and
the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency
of this Fifteenth Supplemental Indenture.

 

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Section 5.3           
Governing Law. This Fifteenth Supplemental Indenture and each Senior Note shall be deemed to be contracts made under the
law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State.

 

Section 5.4           
Separability. In case any provision in the Indenture or in the Senior Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 5.5           
Counterparts.

 

(a)            This Fifteenth Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but
one and the same instrument. The exchange of copies of this Fifteenth Supplemental Indenture and of signature pages by facsimile, electronic
or PDF transmission shall constitute effective execution and delivery of this Fifteenth Supplemental Indenture as to the parties hereto
and may be used in lieu of the original Fifteenth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile or PDF shall be deemed to be their original signatures for all purposes. The words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Fifteenth Supplemental Indenture or
any document to be signed in connection with this Fifteenth Supplemental Indenture, including authentication of the Senior Notes, shall
be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

(b)           The Trustee shall have the right to accept
and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Fifteenth Supplemental
Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate
listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures
of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted
from the listing.  If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion
elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling.  The Company
understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee
shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
provided to the Trustee have been sent by such Authorized Officer.  The Company shall be responsible for ensuring that only Authorized
Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard
the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. 
The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon
and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. 
The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties;
(ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee
and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security
procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree
of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise
or unauthorized use of the security procedures.

 

    11

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Fifteenth Supplemental Indenture to be duly executed, all as of the day and year first above written.

 

	 	EQT CORPORATION
	 	 
	 	By:	/s/ David M. Khani
	 	 	Name:	David M. Khani
	 	 	Title:	Chief Financial Officer

 

[Signature Page to Fifteenth
Supplemental Indenture]

 

    

     

    

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	By:	/s/ Teresa H. Wyszomierski
	 	 	Name:	Teresa H. Wyszomierski
	 	 	Title:	Vice President

 

[Signature Page to Fifteenth
Supplemental Indenture]

 

    

     

    

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

  

    A-1

     

    

 

CUSIP No. 26884L AQ2

 

EQT CORPORATION

 

5.700% SENIOR NOTE DUE 2028

 

	No. R-[__]	$[__]
	 	 
	 	As revised by the Schedule of Increases or Decreases in Global Security attached hereto

  

Interest. EQT Corporation, a corporation
duly organized and existing under the laws of the Commonwealth of Pennsylvania (herein called the “Company”, which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of [__] dollars ($[__]), as revised by the Schedule of Increases or Decreases in Global Security attached
hereto, on April 1, 2028 and to pay interest thereon (computed on the basis of a 360-day year consisting of twelve 30-day months) from
October 4, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in
arrears on April 1 and October 1 in each year, commencing April 1, 2023 at the rate of 5.700% per annum, until the principal hereof is
paid or made available for payment.

 

Method of Payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on the March 15 or September 15 (whether
or not a Business Day), as the case may be, preceding the relevant Interest Payment Date (the “Record Date”). Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such regular Record Date and may either
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to the Holder
of this Security (or one or more Predecessor Securities) not less than 10 days prior to such Special Record Date, all as more fully provided
in the Indenture. Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the Corporate
Trust Office in U.S. Dollars.

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Authentication. Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.
 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed by its duly authorized officer.

 

	October 4, 2022	EQT CORPORATION
	 	 
	 	By:	 
	 	 	Name:	 David M. Khani
	 		Title:	Chief Financial Officer  

 

    A-3

     

    

 

	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 
	 	 
	Dated: October 4, 2022	 
	 	 
	THE BANK OF NEW YORK MELLON	 
	 	 
	 	as Trustee, certifies that this is
    one of the Securities referred to in the Indenture.	 
		 
	By:	 	 
	 	Authorized Signatory	 

 

    A-4

     

    

 

[FORM OF REVERSE OF SECURITY]

 

Indenture. This Security is one of a duly
authorized issue of securities of the Company, issued and to be issued in one or more series under an Indenture, dated as of March 18,
2008, between EQT Corporation (the “Company”), as successor, and The Bank of New York Mellon, as trustee (herein called the
 “Trustee”, which term includes any successor trustee under the Indenture), as supplemented and amended by a Second Supplemental
Indenture, dated June 30, 2008, and by a Fifteenth Supplemental Indenture, dated October 4, 2022 (as so supplemented, herein called the
 “Indenture”), between the Company and the Trustee, to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Senior Notes and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, initially in aggregate principal amount of $500,000,000.

 

Optional Redemption. The Senior Notes are
subject to redemption at the Company’s option, at any time and from time to time prior to the Stated Maturity Date, in whole or
in part.

 

If any of the Senior Notes are redeemed prior to
the Par Call Date, the Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) will be equal
to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes
to be redeemed discounted to the Redemption Date (assuming the Senior Notes matured on the Par Call Date) on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points, less (b) interest accrued on the Senior
Notes to be redeemed to the Redemption Date, and (ii) 100% of the principal amount of the Senior Notes to be redeemed, plus, in either
case, accrued and unpaid interest on the Senior Notes to be redeemed to, but excluding, the Redemption Date.

 

If any of the Senior Notes are redeemed on or after
the Par Call Date, the Redemption Price will be 100% of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid
interest thereon to, but excluding, the Redemption Date.

 

For purposes of determining the Redemption Price
for the optional redemption of the Senior Notes, the following definitions are applicable:

 

“Par Call Date” means March 1, 2028.

 

“Treasury Rate” means, with respect
to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

 

    A-5

     

    

 

The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as “Selected Interest Rates (Daily) — H.15” (or any successor designation or
publication) (H.15) under the caption “U.S. government securities  — Treasury constant maturities — Nominal”
(or any successor caption or heading) (H.15 TCM). In determining the Treasury Rate, the Company shall
select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date
to the Par Call Date (the Remaining Life); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining
Life, the two yields — one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than
and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life — and
shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the
result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the
applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months
or years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

If on the third business day preceding the Redemption
Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual
equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such Redemption Date of the United
States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United
States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date
equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the
Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there
are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting
the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United
States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury
securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual
yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed
as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three
decimal places.

 

Notice of any redemption will be mailed, or delivered
electronically if such Senior Notes are held by any Depositary (including, without limitation, DTC) in accordance with such Depositary’s
customary procedures, at least 15 days but not more than 60 days before the Redemption Date to each registered Holder of Senior Notes
to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease
to accrue on the Senior Notes or portions of the Senior Notes called for redemption. If fewer than all of the Senior Notes are to be
redeemed, the particular Senior Notes or portions thereof will be selected for redemption from the Outstanding Senior Notes not previously
called in accordance with applicable DTC procedures.

 

    A-6

     

    

 

In the case of a partial redemption, selection of
the Senior Notes for redemption will be made pro rata, by lot or by such other method as determined or chosen by DTC. No Senior Notes
of a principal amount of $2,000 or less will be redeemed in part. If any Senior Note is to be redeemed in part only, the notice of redemption
that relates to such Senior Note will state the portion of the principal amount of such Senior Note to be redeemed. A new Senior Note
in a principal amount equal to the unredeemed portion of such Senior Note will be issued in the name of the holder of the note upon surrender
for cancellation of the original Senior Note. For so long as the Senior Notes are held by DTC (or another depositary), the redemption
of such Senior Notes shall be done in accordance with the policies and procedures of the depositary.

 

Special Mandatory Redemption. If (x) the
consummation of the Tug Hill and XcL Midstream Acquisition (as defined below) does not occur on or before June 30, 2023 (the “Outside
Date”) or (y) the Company notifies the Trustee that the Company will not pursue the consummation of the Tug Hill and XcL Midstream
Acquisition (the earlier of the date of delivery of such notice described in clause (y) and the Outside Date, the “Special Mandatory
Redemption Trigger Date”), the Company will be required to redeem the Senior Notes then outstanding (such redemption, the “Special
Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Senior Notes to be redeemed plus accrued
and unpaid interest to, but excluding, the Special Mandatory Redemption Date (as defined below) (the “Special Mandatory Redemption
Price”).

 

In the event that the Company becomes obligated
to redeem the Senior Notes pursuant to the Special Mandatory Redemption, the Company will promptly, and in any event not more than ten
Business Days after the Special Mandatory Redemption Trigger Date, deliver notice to the Trustee of the Special Mandatory Redemption
and the date upon which such Senior Notes will be redeemed (the “Special Mandatory Redemption Date,” which date shall be
no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory Redemption for the
Trustee to deliver to each registered holder of Senior Notes to be redeemed. The Trustee will then promptly mail, or deliver electronically
if such Senior Notes are held by any depositary (including, without limitation, DTC) in accordance with such depositary’s customary
procedures, such notice of Special Mandatory Redemption to each registered holder of Senior Notes to be redeemed at its registered address.
Unless the Company defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption Date,
interest will cease to accrue on the Senior Notes to be redeemed.

 

For purposes of the Special Mandatory Redemption
provisions of the Senior Notes, the following definitions are applicable:

 

“Tug Hill and XcL Midstream Acquisition”
means the acquisition of all of the issued and outstanding membership interests of each of THQ Appalachia I Midco, LLC, a Delaware limited
liability company, and THQ-XcL Holdings I Midco, LLC, a Delaware limited liability company, by the Company or one or more of the Company’s
Subsidiaries pursuant to the Tug Hill and XcL Midstream Purchase Agreement (as defined below).

 

“Tug Hill and XcL Midstream Purchase Agreement”
means that certain Purchase Agreement, dated as of September 6, 2022, by and among THQ Appalachia I, LLC, a Delaware limited liability
company (the “Tug Hill Upstream Seller”), THQ-XcL Holdings I, LLC, a Delaware limited liability company (the “XcL Midstream
Seller” and, together with the Tug Hill Upstream Seller, the “Tug Hill and XcL Midstream Sellers”), and the subsidiaries
of the Tug Hill and XcL Midstream Sellers named on the signature pages thereto, EQT Production Company, a Pennsylvania corporation, and
the Company, as amended, supplemented, restated or otherwise modified from time to time.

 

    A-7

     

    

 

Defaults and Remedies. If an Event of Default
with respect to the Senior Notes shall occur and be continuing, the principal of the Senior Notes may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

Amendment, Modification and Waiver. The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Senior Notes to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of a majority in aggregate principal amount of the Senior Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of a majority in aggregate principal amount of the Senior Notes at the time Outstanding,
on behalf of the Holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of any security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Denominations, Transfer and Exchange. The
Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and in integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Senior Notes are exchangeable for a like
aggregate principal amount of Senior Notes of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Register, upon surrender of this Security for registration
of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Persons Deemed Owners. Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

  

Miscellaneous. The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law rules
of said State.

 

All terms used in this Security and not defined
herein shall have the meanings assigned to them in the Indenture.

  

    A-8

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

The following increases or decreases in this Global
Security have been made:

 

	Date of
 Exchange	 	Amount of
 increase in
 Principal
 Amount of this
 Global Security	 	Amount of
 decrease in
 Principal
 Amount of this
 Global Security	 	Principal
 Amount of this
 Global Security
 following each
 decrease or
 increase	 	Signature of
 authorized
 signatory of
 Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-9EXHIBIT 4.1

 

SPECIMEN UNIT CERTIFICATE

[__________] UNITS

U-[●]

 SEE REVERSE FOR CERTAIN DEFINITIONS

               CUSIP
[_________]

MANA CAPITAL ACQUISITION CORP.

 

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK, 

A WARRANT TO PURCHASE ONE HALF OF ONE SHARE OF COMMON
STOCK, AND 

ONE RIGHT TO RECEIVE ONE-SEVENTH OF ONE SHARE OF
COMMON STOCK

 

THIS CERTIFIES THAT ______________ is the owner of _______________
Units of Mana Capital Acquisition Corp., a Delaware corporation (the “Corporation”).

 

Each Unit (“Unit”)
consists of one (1) share of common stock, $0.00001 par value per share (the “Common Stock”), of the Corporation,
one-half of one redeemable warrant (each whole warrant exercisable for one share of common stock) (the “Warrant”),
and one right to receive one-seventh of one share of Common Stock upon the consummation of the initial Business Combination (defined below)
of the Company (the “Right”). Each whole Warrant entitles the holder to
purchase one (1) share of Common Stock (subject to adjustment) for $11.50 per share (subject to adjustment). Only whole Warrants are exercisable.
Each Warrant will become exercisable one the later of (i) thirty (30) days after the Company’s completion of an initial merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses
(each a “Business Combination”), or (ii) twelve (12) months from
the completion of the Corporation’s initial public offering, and will expire and will expire unless exercised before 5:00 p.m.,
New York City Time, on the date that is five (5) years after the date on which the Company completes its initial Business Combination,
or earlier upon redemption or liquidation (the “Expiration Date”). Every seven Rights entitles the holder
thereof to receive one share of Common Stock upon consummation of a Business Combination by the Company.  

 

The shares of Common
Stock, Warrants, and Rights comprising
the Units represented by this certificate are not transferable separately prior to          , 2021, unless Ladenburg
Thalmann & Co., acting as representative of the underwriters, elects to allow separate trading earlier, subject to the Company’s
filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the
Company’s receipt of the gross proceeds of its initial public offering and issuing a press release announcing when separate trading
will begin. No fractional Warrants or Rights will be issued upon
separation of the Units and only whole Warrants and Rights will
trade. The terms of the Warrants are governed by a Warrant Agreement, dated as of           , 2021, between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained
therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement
are on file at the office of the Warrant Agent at One State Street, 30th Floor, New
York, New York 10004, and are available to any Warrant holder on written request and without cost. The Warrant included in this Unit will
not become exercisable and will expire worthless in the event the Corporation fails to consummate a Business Combination within nine (9)
months (which may be extended to 21 months as described in the IPO prospectus) of the date of the completion of the Corporation’s
initial public offering of the Units (the “IPO”). The terms of the Rights are governed by a rights agreement
(the “Rights Agreement”), dated as of [       ], 2021, between the Company and Continental
Stock Transfer & Trust Company, as the rights agent, and are subject to the terms and provisions contained therein, all of which terms
and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Rights Agreement are on file at the office
of Continental Stock Transfer & Trust Company at 1 State Street, 30th Floor, New York, NY 10004, and are available to any Rights holder,
respectively, on written request and without cost.

  

This certificate is not valid unless countersigned by the Transfer Agent
and Registrar of the Corporation.

Witness the facsimile signature of its duly authorized officers.

 

	 	 	 
	President	 	Secretary

 

Transfer Agent:

	 	 	 
	 	 	 
	Name:

Title:	 	 

 

    	  

    	 

    

 

 

MANA CAPITAL ACQUISITION CORP.

 

The Corporation will furnish without charge to each
stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special
rights of each class of shares or series thereof of the Corporation and the qualifications, limitations, or restrictions of such preferences
and/or rights. This certificate and the Units represented hereby are issued and shall be held subject to the terms and conditions applicable
to the securities underlying and comprising the Units, including, as applicable, the Certificate of Incorporation and all amendments thereto,
the Warrant Agreement, the Rights Agreement, and the resolutions of the Board of Directors providing for the issue of securities (copies
of which may be obtained from the secretary of the Corporation), to all of which the holder(s) of this certificate by acceptance hereof
assent(s).

 

The following abbreviations, when used in the inscription
on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	TEN COM	 	—	 	as tenants in common	 	UNIF GIFT MIN ACT  —	 	 	 	Custodian	 	 

 

	TEN ENT	 	—	 	as tenants by the entireties	 	 	 	(Cust)	 	 	 	(Minor)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	JT TEN	 	—	 	as joint tenants with right of survivorship and not as tenants in common	 	 	
    Under Uniform

    Gifts to Minors

 

	 	Act   	 
	 	 	(State)

 

Additional abbreviations may also be used though not
in the above list.

 

For value received, ________________ hereby
sells, assigns and transfers unto

 

	 
	(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER(S) OF ASSIGNEE(S))

  

	 
	(PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF ASSIGNEE(S))
	 
	 
	 

                                                  

	 
	 
	 

 

 

 

    	  

    	 

    

 

_________________ Units represented by the
within Certificate, and do(es) hereby irrevocably constitute(s) and appoint(s) _______________________________ attorney to transfer the
said Units on the books of the within named Corporation with full power of substitution in the premises.

 

Dated :                                        

	 	 	 	 
	 	Notice:  	 	The signature(s) to this assignment must correspond with the name(s) as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 	 
	 	 	 
	 	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 	 

 

Legend: As more fully described in the Corporation’s
final prospectus relating to the IPO dated [     ], 2021, the holder(s) of this certificate shall be entitled
to receive a pro-rata portion of funds from the trust account referred to therein solely with respect to the common stock underlying this
certificate only in the event that (a) the Corporation redeems the shares of Common Stock sold in its initial public offering because
it does not acquire, engage in a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination, involving the Corporation and one or more businesses (a “Business Combination”) within nine (9)
months (which may be extended to 21 months as described in the prospectus) from the date of the completion of the Corporation’s
initial public offering, or (b) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Common Stock sold in
the Corporation’s initial public offering (“Public Shares”) in connection with (i) a tender offer (or
proxy, solely in the event the Corporation is required to seek stockholder approval of the proposed Business Combination) setting forth
the details of a proposed Business Combination or (ii) the Corporation seeking stockholder approval of an amendment to its Certificate
of Incorporation to modify the timing or substance of its obligation to repurchase 100% of Public Shares if the Corporation does not complete
an initial Business Combination within the nine (9) month (which may be extended to 21 months as described in the prospectus) timeframe.  In
no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]