Document:

Exhibit 10.3

 

Execution Version

 

SHARE PURCHASE AGREEMENT

 

This SHARE PURCHASE
AGREEMENT (this “Agreement”) is made as of February 26, 2020, by and between EQT Corporation, a Pennsylvania
corporation (“Seller”), and Equitrans Midstream Corporation, a Pennsylvania corporation (the “Company”).
Seller and the Company are referred to herein collectively as the “Parties” and each, individually, as
a “Party.”

 

WHEREAS, as
of the date hereof, Seller is the record and beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)) of 50,599,503 shares of common stock, no par value, of the Company (the
 “Common Stock”);

 

WHEREAS, Seller
desires to sell to the Company, and the Company desires to repurchase from Seller, 4,769,496 shares of Common Stock (the “Subject
Shares”) on the terms and subject to the conditions set forth in this Agreement; and

 

WHEREAS, the
Company has received the TMA Signing Opinion (as defined below) on or prior to the date hereof.

 

NOW, THEREFORE,
in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending
to be legally bound, do hereby agree as follows:

 

Article
I.

Purchase and Sale

 

1.1             
Purchase and Sale. On the terms and subject to the conditions set forth in this Agreement, at the Closing (as
defined below), Seller shall sell, transfer, convey, assign and deliver to the Company (or its designee), and the Company (or its
designee) shall purchase, accept and assume from Seller, all of Seller’s right, title and interest to the Subject Shares,
in exchange for a payment in cash by the Company to Seller of $45,492,032.14 (the “Purchase Price”),
which is based on a 20-day volume-weighted average of $9.54 per Subject Share (the “Price per Share”).
The Purchase Price shall be payable at the Closing in accordance with Section 2.2 hereof.

 

Article
II.

Closing

 

2.1             
Closing. The closing (the “Closing”) of the transactions contemplated by this Agreement
shall take place at the offices of Latham & Watkins LLP, 811 Main St., Suite 3700, Houston, Texas 77002, at 2:00 p.m., local
time, on the twenty-first (21st) calendar day following the date hereof, or such other time and place as both Parties
may agree in writing, provided that the Closing shall not occur prior to the fulfillment or waiver (in accordance with the provisions
hereof) of all of the conditions set forth in Article VI hereof (other than those conditions that by their nature are to
be fulfilled at or upon the Closing, but subject to the fulfillment or waiver of such conditions). The date on which the Closing
occurs is hereinafter referred to as the “Closing Date.”

 

    1

     

    

 

2.2             
Deliveries at the Closing. At the Closing, (a) Seller will deliver to the Company a fully executed stock
power, in the form attached hereto as Exhibit A, representing the Subject Shares, and (b) the Company will deliver
to Seller the Purchase Price by wire transfer of immediately available funds to the account designated in writing by Seller at
least two (2) Business Days (as defined below) prior to the Closing Date.

 

Article
III.

Representations and Warranties of SelleR

 

Seller hereby represents
and warrants to the Company, as of the date hereof and as of the Closing Date, as follows:

 

3.1             
Organization. Seller is a corporation duly incorporated, validly existing and in good standing under the laws
of its jurisdiction of organization and has all requisite corporate power and authority to own, operate and lease its properties
and assets and to carry on its business as now conducted.

 

3.2             
Authority and Approval. Seller has full corporate power and authority to execute and deliver this Agreement,
to consummate the transactions contemplated hereby and to perform all of the obligations hereof to be performed by it. This Agreement
has been duly executed and delivered by Seller and, assuming due authorization, execution and delivery of this Agreement by the
Company, constitutes the valid and legally binding obligation of Seller, enforceable against it in accordance with its terms, except
as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other
similar Laws (as defined below) affecting the enforcement of creditors’ rights and remedies generally and by general principles
of equity (whether applied in a proceeding at Law or in equity).

 

3.3             
No Conflicts. The execution, delivery and performance of this Agreement by Seller does not, and the fulfillment
and compliance with the terms and conditions hereof and the consummation of the transactions contemplated hereby will not, (a)
violate, conflict with, result in any breach of or require the consent of any Person (as defined below) under, any of the terms,
conditions or provisions of the Restated Articles of Incorporation or Amended and Restated Bylaws of Seller, each as amended through
November 13, 2017; (b) conflict with or violate any Law applicable to Seller; or (c) conflict with, result in a breach of,
constitute a default under (whether with notice or the lapse of time or both), result in the creation of any Encumbrance (as defined
below) on any of Seller’s assets under, or accelerate or permit the acceleration of the performance required by, or require
any consent, authorization or approval under, or result in the suspension, termination or cancellation of, or in a right of suspension,
termination or cancellation of, any indenture, mortgage, agreement, contract, commitment, license, concession, permit, lease, joint
venture or other instrument to which Seller is a party or by which it is bound; except in the case of clauses (b) and (c),
for those items which, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on
Seller’s ability to perform its obligations under this Agreement.

 

    2

     

    

 

3.4             
Ownership of the Subject Shares. Seller is the record and beneficial owner (as defined in Rule 13d-3 under the
Exchange Act) of all the Subject Shares and has good and marketable title to all the Subject Shares free and clear of any encumbrances,
liens, charges, levies, proxies, voting trusts or agreements, options or rights, understandings or arrangements inconsistent with
this Agreement or the transactions contemplated hereby, or any other encumbrances or restrictions whatsoever on title, transfer
or exercise of any rights of a shareholder in respect of the Subject Shares (collectively, “Encumbrances”),
except for any such Encumbrance that may be imposed pursuant to (x) this Agreement, (y) the Shareholder and Registration Rights
Agreement, dated as of November 12, 2018, by and between Seller and the Company or (z) any applicable restrictions on transfer
under the Securities Act of 1933, as amended, or any state securities Law. Upon the Closing, the Company (or its designee) will
own the Subject Shares, free and clear of all Encumbrances.

 

3.5             
Dispositive Power. Seller has sole power of disposition and sole power to issue instructions with respect to
the matters set forth in Section 1.1, and sole power to agree to all of the matters set forth in this Agreement, in each
case with respect to all the Subject Shares.

 

3.6             
No Consents. No consent, approval, permit, governmental or regulatory order, declaration or filing with, or notice
to, any Governmental Authority (as defined below) or any third party is required to be made or obtained by Seller in connection
with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, except as has been
made or obtained on or prior to the date hereof.

 

3.7             
No Litigation. There are no actions, suits, claims, investigations or other legal proceedings pending or, to
the knowledge of Seller, threatened against or by Seller that challenge or seek to prevent, enjoin or could otherwise potentially
delay the transactions contemplated by this Agreement.

 

3.8             
Informed Seller.

 

(a)              
Seller has (i) such knowledge and experience in financial and business matters as to be capable of evaluating the merits,
risks and suitability of the transactions contemplated by this Agreement and (ii) evaluated the merits and risks of the transactions
contemplated by this Agreement based exclusively on its own independent review and consultations with such investment, legal, Tax
(as defined below), accounting and other advisors as it deemed necessary, and has made its own decision concerning the transactions
contemplated by this Agreement without reliance on any representation or warranty of, or advice from, the Company. Upon the Closing,
Seller will be consummating the transactions contemplated by this Agreement with full understanding of the terms, conditions and
risks and willingly assumes those terms, conditions and risks.

 

(b)              
Seller has received and carefully reviewed the Company’s Annual Report on Form 10-K for the fiscal year ended December
31, 2018 and subsequent public filings of the Company with the U.S. Securities and Exchange Commission (the “SEC”),
other publicly available information regarding the Company, and such other information that it and its financial, legal and other
advisors deem necessary in connection with Seller’s decision to enter into this Agreement and, upon the Closing, consummate
the transactions contemplated by this Agreement. Seller has not requested any advice or other information with respect to the Subject
Shares from the Company, its Affiliates (as defined below), or any of its or their respective Representatives (as defined below),
and no such information or advice is necessary or desired.

 

    3

     

    

 

Article
IV.

Representations
and Warranties of the COMPANY

 

The Company hereby
represents and warrants to Seller, as of the date hereof and as of the Closing Date, as follows:

 

4.1             
Organization. The Company is a corporation duly incorporated, validly existing and in good standing under the
laws of its jurisdiction of organization and has all requisite corporate power and authority to own, operate and lease its properties
and assets and to carry on its business as now conducted.

 

4.2             
Authority and Approval. The Company has full corporate power and authority to execute and deliver this Agreement,
to consummate the transactions contemplated hereby and to perform all of the obligations hereof to be performed by it. This Agreement
has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery of this Agreement by
Seller, constitutes the valid and legally binding obligation of the Company, enforceable against it in accordance with its terms,
except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other similar Laws affecting the enforcement of creditors’ rights and remedies generally and by general principles of
equity (whether applied in a proceeding at Law or in equity).

 

4.3             
No Conflicts.

 

(a)              
The execution and delivery of this Agreement by the Company do not (a) violate, conflict with, result in any breach of or
require the consent of any Person under, any of the terms, conditions or provisions of the governing agreements of the Company;
(b) conflict with or violate any Law applicable to the Company; or (c) conflict with, result in a breach of, constitute a default
under (whether with notice or the lapse of time or both), result in the creation of any Encumbrance on any of the Company’s
assets under, or accelerate or permit the acceleration of the performance required by, or require any consent, authorization or
approval under, or result in the suspension, termination or cancellation of, or in a right of suspension, termination or cancellation
of, any indenture, mortgage, agreement, contract, commitment, license, concession, permit, lease, joint venture or other instrument
to which the Company is a party or by which it is bound; except in the case of clauses (b) and (c) for those items which,
individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the Company’s ability
to perform its obligations under this Agreement.

 

(b)              
As of the Closing Date, the performance of this Agreement by the Company will not, and the fulfillment and compliance with
the terms and conditions hereof and the consummation of the transactions contemplated hereby will not, (a) violate, conflict with,
result in any breach of or require the consent of any Person under, any of the terms, conditions or provisions of the governing
agreements of the Company; (b) conflict with or violate any Law applicable to the Company; or (c)  conflict with, result
in a breach of, constitute a default under (whether with notice or the lapse of time or both), result in the creation of any Encumbrance
on any of the Company’s assets under, or accelerate or permit the acceleration of the performance required by, or require
any consent, authorization or approval under, or result in the suspension, termination or cancellation of, or in a right of suspension,
termination or cancellation of, any indenture, mortgage, agreement, contract, commitment, license, concession, permit, lease,
joint venture or other instrument to which the Company is a party or by which it is bound; except in the case of clauses (b)
and (c) for those items which, individually or in the aggregate, would not reasonably be expected to have a material adverse effect
on the Company’s ability to perform its obligations under this Agreement.

 

    4

     

    

 

4.4             
No Consents.

 

(a)              
No consent, approval, permit, governmental or regulatory order, declaration or filing with, or notice to, any Governmental
Authority or any third party is required to be made or obtained by the Company in connection with the execution and delivery of
this Agreement, except as has been made or obtained on or prior to the date hereof.

 

(b)              
No consent, approval, permit, governmental or regulatory order, declaration or filing with, or notice to, any Governmental
Authority or any third party is required to be made or obtained by the Company in connection with the consummation of the transactions
contemplated hereby, except as will have been made or obtained on or prior to the Closing Date.

 

4.5             
No Litigation. There are no actions, suits, claims, investigations or other legal proceedings pending or, to
the knowledge of the Company, threatened against or by the Company that challenge or seek to prevent, enjoin or could otherwise
potentially delay the transactions contemplated by this Agreement.

 

4.6             
Informed Purchaser.

 

(a)              
The Company has (a) such knowledge and experience in financial and business matters as to be capable of evaluating the merits,
risks and suitability of the transactions contemplated by this Agreement and (b) evaluated the merits and risks of the transactions
contemplated by this Agreement based exclusively on its own independent review and consultations with such investment, legal, Tax,
accounting and other advisors as it deemed necessary, and has made its own decision concerning the transactions contemplated by
this Agreement without reliance on any representation or warranty of, or advice from, Seller. Upon the Closing, the Company will
be consummating the transactions contemplated by this Agreement with full understanding of the terms, conditions and risks and
willingly assumes those terms, conditions and risks.

 

(b)              
The Company has not requested any advice or other information with respect to the Subject Shares from Seller, its Affiliates,
or any of its or their respective Representatives, and no such information or advice is necessary or desired.

 

Article
V.

Covenants

 

5.1             
No Inconsistent Arrangements. Except as provided hereunder, neither Party shall, directly or indirectly, take
or permit any other action that would in any way restrict, limit or interfere with the performance of such Party’s obligations
hereunder or otherwise make any representation or warranty of such Party herein untrue or incorrect (including, for the avoidance
of doubt, any transfer, sale, assignment, gift, hedge, or other disposition, directly or indirectly, of the Subject Shares). Any
action taken in violation of the foregoing sentence shall be null and void ab initio.

 

    5

     

    

 

5.2             
Documentation and Information. Neither Party shall make any public announcement regarding this Agreement and
the transactions contemplated hereby without the prior written consent of the other Party (such consent not to be unreasonably
withheld, conditioned or delayed), except as may be required by applicable Law (provided that reasonable notice of any such disclosure
will be provided to such other Party). Each Party consents to and hereby authorizes such other Party and its Affiliates to publish
and disclose in all documents and schedules filed with the SEC or any other Governmental Authority or applicable securities exchange,
and any press release or other disclosure document, each Party’s identity and the ownership of the Subject Shares, the existence
of this Agreement and the nature of each Party’s commitments and obligations under this Agreement, and each Party acknowledges
that such other Party and its Affiliates may, in their sole discretion, file this Agreement or a form hereof with the SEC or any
other Governmental Authority or applicable securities exchange.

 

5.3             
Litigation. Each Party shall provide such other Party with prompt notice of any claim, action, suit, litigation
or proceeding (including any class action or derivative litigation) brought, asserted or commenced by, on behalf of or in the name
of, against or otherwise involving either Party relating to this Agreement or any of the transactions contemplated hereby, and
shall keep such other Party informed on a reasonably prompt basis with respect to the status thereof. Each Party shall give such
other Party the opportunity to participate (at such other Party’s expense) in the defense or settlement of any such litigation,
and no such settlement shall be agreed to without such other Party’s prior written consent.

 

5.4             
Tax Matters Opinion. The Company and Seller shall, and shall cause their respective
Affiliates to, use their respective reasonable best efforts to obtain the TMA Closing Opinion (as defined below) and the Kirkland
Opinion (as defined below), including by (a) providing any information reasonably requested by Tax Counsel (as defined below) or
Kirkland & Ellis (as defined below) and (b) delivering to Tax Counsel representation letters dated as of the Closing Date in
form and substance substantially similar to the representation letters delivered by the Company and Seller to Tax Counsel and Kirkland
 & Ellis in connection with the TMA Signing Opinion, with such modifications in form and substance thereto that are reasonably
requested and agreed to by Tax Counsel and Kirkland & Ellis.

 

Article
VI.

Conditions to Closing

 

6.1             
Mutual Conditions. The respective obligations of the Parties to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment, at or prior to the Closing, of the following conditions, each of which may, to the
extent permitted by applicable Law, be waived in a writing signed by both Seller and the Company, each at its sole discretion:

 

(a)              
No Litigation. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether
temporary, preliminary or permanent) that is then in effect and that enjoins, restrains, conditions, makes illegal or otherwise
prohibits the consummation of the transactions contemplated by this Agreement.

 

    6

     

    

 

(b)              
Consents and Approvals. All authorizations, consents, orders and approvals of all Governmental Authorities or third
parties required in connection with the transactions contemplated by this Agreement shall have been received or waived by such
Governmental Authority or third party and shall be reasonably satisfactory in form and substance to the Parties hereto, and all
notices required to be delivered to such Governmental Authorities or third parties shall have been delivered and all notice periods
with respect thereto shall have expired or been waived by such Governmental Authority or third parties entitled to such notice.

 

6.2             
Conditions to the Obligations of the Company. The obligations of the Company to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of the following conditions, which may, to the
extent permitted by applicable Law, be waived in writing by the Company in its sole discretion:

 

(a)              
Closing Deliverables. Seller shall deliver to the Company the closing deliverable set forth in Section 2.2(a).

 

(b)              
Representations and Warranties. The representations and warranties of Seller contained in this Agreement or any schedule,
certificate or other document delivered pursuant hereto or in connection with the transactions contemplated hereby shall be true
and correct in all material respects (other than representations and warranties that are qualified as to materiality or material
adverse effect, which representations and warranties shall be true in all respects) both when made and as of the Closing Date,
or in the case of representations and warranties that are made as of a specified date, such representations and warranties shall
be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or
material adverse effect, which representations and warranties shall be true in all respects) as of such specified date. Seller
shall have performed in all material respects all obligations and agreements and complied in all material respects with all covenants
and conditions required by this Agreement to be performed or complied with by it prior to or at the Closing.

 

(c)              
Officer’s Certificate. Seller shall deliver to the Company a certificate signed by the Chief Financial Officer
of Seller, dated as of the Closing Date, to the effect set forth in Section 6.2(b).

 

(d)              
FIRPTA Certificate. Seller shall deliver to the Company at the Closing a properly executed affidavit prepared in
accordance with Treasury Regulations Section 1.1445-2(b) certifying Seller’s non-foreign status.

 

(e)              
Tax Matters Opinion. The Company shall have received the TMA Closing Opinion. In rendering such opinion, Tax Counsel
shall be entitled to rely upon customary assumptions, representations, warranties and covenants from each of the Company and Seller
(and any other relevant parties), in each case, in form and substance reasonably satisfactory to Tax Counsel.

 

(f)               
Existing Credit Agreements. The pay-off and termination (including the release of any liens or other security interests
granted in connection therewith) of the Existing Credit Agreements (as defined below) shall occur prior to or substantially concurrently
with the Closing.

 

    7

     

    

 

6.3             
Conditions to the Obligations of Seller. The obligations of Seller to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of the following conditions, which may, to the
extent permitted by applicable Law, be waived in writing by Seller in its sole discretion:

 

(a)              
Closing Deliverables. The Company shall deliver to Seller the closing deliverable set forth in Section 2.2(b).

 

(b)              
Representations and Warranties. The representations and warranties of the Company contained in this Agreement or
any schedule, certificate or other document delivered pursuant hereto or in connection with the transactions contemplated hereby
shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality
or material adverse effect, which representations and warranties shall be true in all respects) both when made and as of the Closing
Date, or in the case of representations and warranties that are made as of a specified date, such representations and warranties
shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality
or material adverse effect, which representations and warranties shall be true in all respects) as of such specified date. The
Company shall have performed in all material respects all obligations and agreements and complied in all material respects with
all covenants and conditions required by this Agreement to be performed or complied with by it prior to or at the Closing.

 

(c)              
Officer’s Certificate. The Company shall deliver to Seller a certificate signed by the Chief Executive Officer
of the Company, dated as of the Closing Date, to the effect set forth in Section 6.3(b).

 

Article
VII.

Release

 

7.1             
Release.

 

(a)              
Notwithstanding anything to the contrary herein, each Party acknowledges and agrees that nothing in this Agreement shall
release the Company or Seller from any of their respective liabilities or obligations under the Tax Matters Agreement (as defined
below).

 

(b)              
Subject to Section 7.1(a), upon the Closing, Seller acknowledges that, Seller, on behalf of itself, its Affiliates, Subsidiaries
(as defined below), partners, prior and existing shareholders, partnerships, unincorporated entities, divisions, and their respective
representatives, directors, officers, employees, servants, agents, attorneys, accountants, auditors, advisors, administrators,
predecessors, successors, insurers and assigns (collectively, the “Releasors”), fully and forever releases,
relinquishes and discharges the Company and each of its Affiliates, Subsidiaries, partners, prior and existing shareholders, partnerships,
unincorporated entities, divisions, and their respective representatives, directors, officers, employees, servants, agents, attorneys,
accountants, auditors, advisors, administrators, predecessors, successors, insurers and assigns, in any and all capacities (the
 “Releasees”), from any and all causes of action in Law and equity, claims, surcharges, suits, contracts,
debts, obligations, contributions, liens, indemnities, promises, demands, damages, losses, attorneys’ fees, other fees,
costs, expenses, loss of service, compensation, injuries or liability of any nature, type or description, whether known or unknown,
suspected or unsuspected, patent or latent, fixed or contingent, without limitations (“Claims”), that
the Releasors may have now, or may have in the future, that directly or indirectly arise from or relate to, in whole or in part,
any act, omission, event, transaction, communication or any other matter related to, arising out of or in connection with Seller’s
acquisition, ownership or sale of the Subject Shares, excluding, for the avoidance of doubt, any Claims with respect to the Tax
Matters Agreement (the “Released Claims”).

 

    8

     

    

 

(c)              
Seller represents and warrants that (i) it has not assigned, transferred, conveyed or otherwise disposed of any Released
Claims, or any direct or indirect interest in any such Released Claim, in whole or in part, and (ii) to the best of its knowledge,
no other Person has any interest in the Released Claims. Seller agrees, for itself and for each of the Releasors, not to initiate
any action, suit, proceeding, dispute or litigation against any of the Releasees with respect to the Released Claims. Seller further
agrees to take such actions as necessary to prevent the other Releasors from commencing any suit based on a Released Claim.

 

(d)               
It is the intention of Seller and the Company that the Company’s purchase of the Subject
Shares and the release contained in this Article VII shall be effective as a full and final accord, satisfaction, and agreement
as to the Released Claims.

 

(e)              
Seller agrees that except for an action or proceeding brought to enforce (but not to rescind or reform) the release contained
in this Article VII, Seller will forever refrain and forbear from commencing, instituting or prosecuting, or assisting or
participating in, any lawsuit, action, or other proceeding, in Law, equity or otherwise, against any of the Releasees, in any way
arising out of or relating to any Released Claim, and/or any action alleging that the release of the Released Claims contained
in this Agreement, or any portion thereof, was fraudulently induced.

 

(f)               
Seller expressly acknowledges, on behalf of itself and the Releasors, that it will not have any right to recover against
the Company for any Released Claims, even if other shareholders of the Company are successful in any suit or other action arising
from any such claim.

 

Article
VIII.

Miscellaneous

 

8.1             
Defined Terms. As used herein, the following terms shall have the following meanings:

 

(a)              
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through
one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein,
the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. For the avoidance of doubt,
EQM Midstream Partners, LP is an Affiliate of the Company for all purposes under this Agreement, including Section 8.4.

 

(b)              
“Business Day” means any day other than Saturday, Sunday, or any day on which banks located in
the Commonwealth of Pennsylvania are authorized or required by Law to be closed.

 

    9

     

    

 

(c)              
“Existing Credit Agreements” means, collectively, (i) that certain Credit Agreement, dated as
of December 31, 2018, by and among the Company, as borrower, Goldman Sachs Bank USA, as administrative agent, PNC Bank, National
Association, as collateral agent, and the lenders party thereto and any other parties thereto, as amended, restated, supplemented
or otherwise modified from time to time and (ii) that certain Credit Agreement, dated as of October 31, 2018, by and among the
Company, as borrower, PNC Bank, National Association, as administrative agent, the lenders and other parties thereto, as amended,
modified or supplemented from time to time.

 

(d)              
“Governmental Authority” means any federal, state, local or foreign government or political subdivision
thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental authority, or any arbitrator, court or tribunal of competent jurisdiction.

 

(e)              
“Kirkland & Ellis” means Kirkland & Ellis LLP.

 

(f)               
“Kirkland Opinion” means a written tax opinion delivered to Seller from Kirkland & Ellis,
dated as of the Closing Date, satisfying the requirements of an “Unqualified Tax Opinion” (as defined in the Tax Matters
Agreement), with respect to the transactions contemplated by this Agreement.

 

(g)              
“Law” means any provision of any law or administrative rule or regulation or any judicial, administrative
or arbitration order, award, judgment, writ, injunction or decree.

 

(h)              
“Person” means an individual or a corporation, firm, limited liability company, partnership, joint
venture, trust, estate, unincorporated organization, association, Governmental Authority or other entity.

 

(i)                
“Representative” means, with respect to any Person, such Person’s directors, officers, employees,
partners, members, shareholders, agents or representatives.

 

(j)                
“Subsidiary” when used with respect to any Person, means any Person of which securities or other
ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power (or in the case of a
partnership, more than 50% of the general partner interests, or in the case of a limited liability company, more than 50% of the
ownership interests in the managing member) are, as of such date, owned by such Person or one or more Subsidiaries of such Person.

 

(k)              
“Tax” means any federal, state, local or foreign income, gross receipts, branch profits, license,
payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, escheat, environmental, customs duties, capital
stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use,
transfer, registration, ad valorem, value added, alternative or add-on minimum or estimated tax or other tax of any kind whatsoever,
including any interest, penalty or addition thereto, whether disputed or not and including any obligation to indemnify or otherwise
assume or succeed to the Tax liability of any other Person by Law, by contract or otherwise.

 

    10

     

    

 

(l)                
“Tax Counsel” means Latham & Watkins LLP.

 

(m)            
“Tax Matters Agreement” means the Tax Matters Agreement by and between Seller and the Company,
dated as of November 12, 2018.

 

(n)              
“Tax Return” means any return, report, information return or other such statement or document
(including, without limitation, any schedule or attachment thereto any amendment thereof) filed or required to be filed with any
federal, state, local or non-U.S. taxing authority in connection with the determination, assessment, collection, administration
or imposition of any Tax.

 

(o)              
“TMA Closing Opinion” means a written Tax opinion from Tax Counsel, dated as of the Closing Date,
the form and substance of which have been approved in writing by Seller on or prior to the Closing Date, satisfying the requirements
of an “Unqualified Tax Opinion” (as defined in the Tax Matters Agreement) with respect to the transactions contemplated
by this Agreement.

 

(p)              
“TMA Signing Opinion” means a written Tax opinion from Tax Counsel, dated as of the date hereof,
the form and substance of which have been approved in writing by Seller on or prior to the date hereof, satisfying the requirements
of an “Unqualified Tax Opinion” (as defined in the Tax Matters Agreement) with respect to the Company’s and Seller’s
entry into this Agreement.

 

8.2             
Notices. All notices and other communications hereunder must be in writing
and will be deemed duly given if delivered personally or by email transmission, or mailed through a nationally recognized overnight
courier, postage prepaid, to the Parties at the following addresses (or at such other address for a Party as specified by like
notice, provided, however, that notices of a change of address will be effective only upon receipt thereof):

 

	if
    to the Company:	Equitrans
    Midstream Corporation
	 	2200
    Energy Drive
	 	Canonsburg,
    PA 15317
	 	Attn:
    Kirk R. Oliver (koliver@equitransmidstream.com) and
	 	Stephen
    M. Moore (smoore@equitransmidstream.com)
	 	 
	with
    a copy to:	Latham
    & Watkins LLP
	 	811
    Main Street, Suite 3700
	 	Houston,
    TX 77002
	 	Attn:
    Ryan Maierson (ryan.maierson@lw.com) and
	 	Nick
    Dhesi (nick.dhesi@lw.com)
	 	 
	if
    to Seller:	EQT
    Corporation
	 	625
    Liberty Avenue, Suite 1700
	 	Pittsburgh,
    PA 15222
	 	Attn:
    David M. Khani (David.Khani@eqt.com) and
	 	William
    E. Jordan (WiJordan@eqt.com)
	 	 
	with a copy to:	Kirkland
 & Ellis LLP
	 	609 Main Street,
45th Floor
	 	Houston, TX 77002
	 	Attn: Matthew R. Pacey (matt.pacey@kirkland.com)

 

    11

     

    

 

Notices will be deemed
to have been received on the date of receipt (a) if delivered by hand or nationally recognized overnight courier service or (b)
upon receipt of an appropriate confirmation by the recipient when so delivered by email.

 

8.3             
Termination. This Agreement may only be terminated by (i) mutual written consent of the Parties to terminate
this Agreement prior to Closing, (ii) by either Party if such other Party is in breach of the terms of this Agreement if such breach
continues unremedied for a period of five (5) calendar days after notice to the breaching Party or (iii) by either Party if the
Closing has not occurred by March 31, 2020. Upon termination of this Agreement, no Party shall have any further obligations or
liabilities under this Agreement; provided, however, that (i) nothing in this Section 8.3 shall relieve either Party from
liability for fraud or any willful breach of this Agreement prior to the termination hereof and (ii) the provisions of this Article
VIII shall survive any termination of this Agreement.

 

8.4             
Acknowledgements.

 

(a)              
Seller acknowledges and understands (i) that the Company and its Affiliates possess material nonpublic information regarding
the Company, its Affiliates and the Subject Shares not known to Seller that may impact the value of the Subject Shares, including,
without limitation, (A) information received by principals and employees of the Company in their respective capacities as Representatives
of the Company and its Affiliates, and (B) information received on a privileged basis from the attorneys and financial advisors
representing the Company and/or its Affiliates (collectively, the “Information”); (ii) that the Company
is unable or unwilling to disclose the Information to Seller, (iii) the Information, if disclosed to Seller, could affect Seller’s
decision to enter into this Agreement; and (iv) the risks to and disadvantage of Seller due to the disparity of information between
Seller and the Company.

 

(b)              
Notwithstanding such disparity of information (including any non-disclosure of the Information), Seller has deemed it appropriate
to enter into this Agreement and to consummate the transactions contemplated hereby.

 

(c)              
Seller agrees that none of the Company, its Affiliates, or any of its or their respective Representatives shall have any
liability to Seller, its Affiliates, or any of its or their respective Representatives whatsoever due to or in connection with
the Company’s and its Affiliates’ use or non-disclosure of the Information or otherwise as a result of the transactions
contemplated hereby, and Seller hereby irrevocably waives any claim that it might have based on the failure of the Company and
its Affiliates to disclose the Information.

 

(d)              
Seller acknowledges that (i) the Company is relying on Seller’s representations, warranties, acknowledgements and
agreements in this Agreement as a condition to proceeding with the transactions contemplated hereby and (ii) without such representations,
warranties, acknowledgements and agreements, the Company would not enter into this Agreement or engage in the transactions contemplated
hereby.

 

    12

     

    

 

8.5             
Amendment; Waiver. This Agreement may not be amended except by an instrument in writing signed on behalf of each
of the Parties. Any agreement on the part of either Party to any extension or waiver with respect to this Agreement shall be valid
only if set forth in an instrument in writing signed on behalf of such Party. The failure of either Party to assert any of its
rights under this Agreement or otherwise shall not constitute a waiver of such rights.

 

8.6             
Expenses. All fees and expenses incurred in connection this Agreement and the transactions contemplated hereby
shall be paid by the Party incurring such fees and expenses, whether or not the transactions contemplated by this Agreement are
consummated.

 

8.7             
Entire Agreement. This Agreement, together with the other documents and certificates delivered pursuant hereto,
constitute the entire agreement, and supersede all prior agreements and understandings, both written and oral, between the Parties
with respect to the subject matter of this Agreement.

 

8.8             
Assignment. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall
be assigned, in whole or in part, by operation of Law or otherwise by either Party without the prior written consent of the other
Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be
binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns.

 

8.9             
Specific Enforcement; Jurisdiction.

 

(a)              
The Parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with its specific terms or were otherwise breached, and that monetary damages, even if available,
would not be an adequate remedy therefor. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions,
or any other appropriate form of equitable relief, to prevent breaches of this Agreement and to enforce specifically the performance
of the terms and provisions of this Agreement in any court referred to in Section 8.9(b), without the necessity of proving
the inadequacy of money damages as a remedy (and each Party hereby waives any requirement for the securing or posting of any bond
in connection with such remedy), this being in addition to any other remedy to which they are entitled at Law or in equity. Each
of the Parties acknowledges and agrees that the right of specific enforcement is an integral part of the transactions contemplated
by this Agreement and without such right, neither of the Parties would have entered into this Agreement.

 

(b)              
Each of the Parties hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of Delaware for
the purpose of any legal action, suit or proceeding arising out of or relating to this Agreement or any of the transactions contemplated
hereby, and each of the Parties hereby irrevocably agrees that all claims with respect to such legal action, suit or proceeding
may be heard and determined exclusively in such court. Each of the Parties (i) consents to submit itself to the personal jurisdiction
of the courts of the State of Delaware in the event any legal action, suit or proceeding arises out of this Agreement or any of
the transactions contemplated hereby, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such court, (iii) irrevocably consents to the service of process in any legal action, suit
or proceeding arising out of or relating to this Agreement or any of the transactions contemplated hereby, on behalf of itself
or its property, in accordance with Section 8.2 (provided that nothing in this Section 8.9(b) shall affect the right
of either Party to serve legal process in any other manner permitted by applicable Law) and (iv) agrees that it will not bring
any legal action, suit or proceeding relating to this Agreement or any of the transactions contemplated hereby in any court other
than the courts of the State of Delaware. The Parties agree that a final trial court judgment in any such legal action, suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by applicable Law; provided, however, that nothing in the foregoing shall restrict either Party’s rights to
seek any post-judgment relief regarding, or any appeal from, such final trial court judgment.

 

    13

     

    

 

8.10         
Waiver of Jury Trial. Each Party hereby waives, to the fullest extent permitted by applicable Law, any right it may
have to a trial by jury in respect of any legal action, suit or proceeding arising out of this Agreement or any of the transactions
contemplated hereby. Each Party (a) certifies that no Representative, agent or attorney of the other Party has represented, expressly
or otherwise, that such Party would not, in the event of any legal action, suit or proceeding, seek to enforce the foregoing waiver
and (b) acknowledges that it and the other Party have been induced to enter into this Agreement by, among other things, the mutual
waiver and certifications in this Section 8.10.

 

8.11         
Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of
Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws thereof.

 

8.12         
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any rule or Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any
manner adverse to either Party.

 

8.13         
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one
and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered
to the other Party. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic
image scan transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 

8.14         
Further Assurances. Each Party will execute and deliver, or cause to be executed and delivered, all further documents
and instruments and use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done,
all things necessary, proper or advisable under applicable Law to perform its obligations under this Agreement. Each Party shall
use its reasonable best efforts to take, or cause to be taken, any and all actions and to do, or cause to be done, and to assist
such other Party in doing, any and all things, necessary, proper or advisable to consummate and make effective the transactions
contemplated by this Agreement.

 

    14

     

    

 

8.15         
Certain Transaction-Related Taxes. All transfer, documentary, sales, use, stamp, recording fees, registration
and similar Taxes and fees (including, without limitation, any penalties and interest) attributable to Seller’s sale of
the Subject Shares to the Company pursuant to this Agreement shall be paid equally by the Company and Seller when due, and Seller
shall, at its expense, file all necessary Tax Returns and other documentation with respect to all such transfer, documentary,
sales, use, stamp, recording fees, registration and other Taxes. The Company shall be entitled to deduct and withhold from the
Purchase Price all Taxes that the Company may be required to deduct and withhold under any provision of applicable Tax Law; provided
that, the Company shall use commercially reasonable efforts to notify Seller at least three (3) days prior to the Closing Date
of any such determination and the Parties shall cooperate in good faith to minimize, to the extent permissible under applicable
Law, the amount of any such deduction or withholding. To the extent such amounts are so deducted or withheld, and remitted to
the applicable Governmental Authority in accordance with applicable Tax Law, all such withheld amounts shall be treated as delivered
to Seller hereunder.

 

[Remainder of this page is intentionally
left blank.]

 

    15

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the date first written above.

 

	 	THE COMPANY:
	 	 
	 	EQUITRANS MIDSTREAM CORPORATION
	 	a Pennsylvania corporation
	 	 	 
	 	By:   	/s/ Kirk R. Oliver
	 	 	Kirk R. Oliver
	 	 	Senior Vice President and Chief Financial Officer

 

[Signature Page to Share Purchase Agreement]

 

     

     

    

 

	 	SELLER:
	 	 
	 	EQT Corporation,
	 	a Pennsylvania corporation
	 	 	 
	 	By:   	/s/ Kirk R. Oliver
	 	 	David M. Khani
	 	 	Chief Financial Officer

 

[Signature Page to Share Purchase Agreement]

 

     

     

    

 

EXHIBIT A

 

Form
of STOCK POWER

 

[Attached]

 

     

     

    

 

Transfer of Ownership
with W-9 Form Page 1 of 2: Current Registration Instructions are located within each section of the form. Please print clearly.
Name of Stock to Be Transferred: 1 2 3 Enter the full name of the stock to be transferred. AST Account Number: Enter the AST 10-digit
numerical account number printed on all account mailings and or original stock certificate(s). Current Registration: Enter the
current registration as it appears on the account(s) to be transferred. 4 + + = *You MUST submit your original certificate(s)
or an Affidavit of Loss with your properly completed documents. Reinvest Dividends (if applicable) When a transfer involves Dividend
Reinvestment Plan (DRIP) shares, if the new owner intends to have the shares remain enrolled in the company’s reinvestment
program, they must check the box next to “Yes” in order to reinvest their dividends. For more information about DRIP
shares, see question 8 in the FAQs section of the At-A-Glance. Yes No Transfer Reason: Check only one box below. All transfers
will be assumed to be gifts if no reason is provided. If we receive documentation (e.g., death certificate) indicating that the
registered shareowner is deceased, the transfer reason will default to death. For more information about your Transfer Reason,
see question 6 in the FAQs section of the At-A-Glance. 5 Gift:Date of Gift: / / Death: Date of Death: / / Cost Basis Per Share:
.. USD Private Sale: Date of Sale: / / Cost Basis Per Share: .__ USD No Change of Ownership (please specify): Date: Daytime Phone
#: Email Address: 6 7 Signature of Assigner(s) and Capacity (if applicable): I do hereby irrevocably constitute and appoint American
Stock Transfer & Trust Company, LLC ("AST"), attorney to transfer said stock on the books of the corporation with
full power of substitution in the premises. If the current owner is not signing this Transfer of Ownership form, the legal representative
signing on their behalf must state next to their signature the capacity in which they are authorized to sign. Such capacity as
executor or administrator for a deceased owner; power of attorney; heir, and the like, is to be defined and proven to the Guarantor
in order to obtain a Medallion Signature Guarantee. 8 Medallion Signature Guarantee All signatures must be Medallion Signature
Guaranteed by an eligible Guarantor Institution. No other form of signature verification, including a notary seal, can be accepted.
Not familiar with a Medallion Signature Guarantee? For more information, please see questions 1-2 in the FAQs section of the At-A-Glance.
Once you have completed this form, please send it to AST along with any other appropriate documentation to the address below.
 > AST | Attention: Transfer Department | 6201 15th Avenue | Brooklyn, NY 11219 PLACE MEDALLION SIGNATURE GUARANTEE HERE X SIGNATURE
CAPACITY X SIGNATURE CAPACITY Total # of Shares # of DRIP Shares # of Book Shares # of Certificated Shares

     

     

    

 

Transfer
of Ownership with W-9 Form Page 2 of 2: New Registration Instructions are located within each section of the form. Please print
clearly. New Registration: Enter full name of the new registration. 9 Type of Registration: Select the registration type. 10 Individual
Transfer on Death (TOD) Name of Beneficiary: Joint Account TrustTrustee: Trust Date: / / Custodian Account Other: Check the box
above that corresponds with the type of registration. Designating the Type of Registration Examples: • • • Joint
Account: “joint tenants” unless otherwise indicated. Trust: include name of trustees, trust title and date. Transfer
on Death (“TOD”): only one beneficiary may be named on a TOD account. Custodian Account: Uniform Transfers to Minors
Act (UTMA) or Uniform Gifts to Minors Act (UGMA) is based on the state (ST) in which the custodianship was created. For more information
on UTMA/UGMA, see question 18 in the FAQs section of the At-A-Glance. • Full Address: Enter the complete address of the new
owner. 11 12 backup withholding. For individuals, this is Exempt Payee S = S Corporation, P = Partnership) The new owner must
sign the Substitute Form W-9. Failure to complete this form will result in backup withholdings per IRS regulations. If the new
account is to be registered to Joint Tenants, use the Taxpayer Identification Number (TIN) of the first owner named on the account.
If you are not a U.S. citizen or do not have a Social Security Number, please use the appropriate Form W-8. Once you have completed
this form, please send it to AST along with any other appropriate documentation to the address below. > AST | Attention: Transfer
Department | 6201 15th Avenue | Brooklyn, NY 11219 Substitute Form W-9 Check the appropriate box: Individual/Sole Proprietor orC
Corporation single-member LLC S CorporationPartnership Limited Liability Company: Trust/Estate Enter the tax classification (C
= C Corporation, Exempt payee code or Exemption from Other: FATCA reporting code (if any) codes appply only to certain entities
not individuals Part I: Taxpayer Identification Number (TIN) Enter your TIN in the box. The TIN provided must match your name
to avoid your Social Security Number (SSN). Part II: Certification Under penalties of perjury, I certify that: 1) the number shown
above is my correct U.S. Taxpayer Identification Number, 2) I am a U.S. citizen, and 3) I am not subject to withholding because:
(a) I am exempt from backup withholding, (b) I have not been notified by the IRS that I am subject to backup withholding as a
result of a failure to report all interest or dividends, or (c) the IRS notified me that I am no longer subject to withholding.
4) The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. XSIGNATURE Date:
Joint Tenants John Smith and Mary Smith JT Ten Tenants in Common John Smith and Mary Smith Ten Com Custodian Account John Smith
Cust Mary Smith UTMA/ST Trust John Smith TTEE John Smith Trust U/A DTD 01/23/2014Document

Exhibit 4.2

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

As of February 27, 2020, Columbia Sportswear Company (the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our common stock (“Common Stock”).
Description of Common Stock
The following description of Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Third Restated Articles of Incorporation and the amendments thereto (collectively, the “Articles of Incorporation”) and our 2000 Restated Bylaws and the amendments thereto (collectively, the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part. We encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of The Oregon Business Corporation Act, Chapter 60 of the Oregon Revised Statutes (the “OBCA”), for additional information.
Authorized Capital Shares
Our authorized capital shares consist of 250,000,000 shares of Common Stock and 10,000,000 shares of preferred stock (“Preferred Stock”). The outstanding shares of Common Stock are fully paid and nonassessable. 
Voting Rights
Holders of Common Stock are entitled to one vote per share on any matter submitted to the shareholders and do not have any cumulative voting rights.
Dividend Rights
Subject to the preferential rights of holders of Preferred Stock, if any, holders of Common Stock are entitled to receive dividends as may from time to time be declared by the Board of Directors of the Company (the “Board”) out of funds legally available therefor. From time to time, our credit facilities may restrict or prohibit the paying of dividends without our lender’s consent.
Liquidation Rights
On dissolution of the Company, after any preferential amount with respect to Preferred Stock has been paid or set aside, the holders of Common Stock and the holders of any series of Preferred Stock, if any, entitled to participate in the distribution of assets are entitled to receive the net assets of the Company.
Other Rights and Preferences
Holders of Common Stock have no preemptive, conversion, redemption or sinking fund rights. 
Anti-takeover Effects of Certain Provisions of the Articles of Incorporation and Bylaws
The provisions of the Company’s Articles and Bylaws summarized below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt.
Authorized but Unissued Securities 
The existence of authorized but unissued shares of Common Stock may enable the Board to render more difficult or to discourage an attempt to obtain control of the Company by means of a merger, tender offer or otherwise.
In addition, the Board has the authority to issue Preferred Stock in one or more series and to fix the number of shares constituting any such series and the preferences, limitations and relative rights, including dividend rights, dividend rate, voting rights, terms of redemption, redemption price or prices, conversion rights and liquidation preferences of the shares constituting any series, without any further vote or action by the shareholders of the Company. The potential issuance of Preferred Stock may have the effect of delaying or preventing a change in control of the Company.
No Cumulative Voting

The Articles of Incorporation do not grant holders of the Common Stock the right to vote cumulatively.  The absence of cumulative voting could have the effect of preventing shareholders holding a minority of the Company’s shares from obtaining representation on the Board. 
Notice Provisions Relating to Shareholder Proposals and Nominees
The Company’s Bylaws contain provisions requiring shareholders give advance written notice to the Company of a proposal or director nomination in order to have the proposal or the nominee considered at an annual meeting of shareholders. The notice for a shareholder proposal must be received at least 90 days, and no earlier than 120 days, before the first anniversary of the date of the proxy statement for the preceding year's annual meeting; provided, however, that if the date of the annual meeting is more than 30 days before or more than 70 days after the anniversary date, notice by the shareholder to be timely must be so delivered no earlier than 120 days before the annual meeting and no later than the later of 90 days prior to such annual meeting or 10 days following the day on which public announcement of the date of such meeting is first made by the Company. Notwithstanding anything in Section 1.5 of the Bylaws to the contrary, if the number of directors to be elected to the Board at an annual meeting is increased and there is no public announcement by the Company naming all of the nominees for director or specifying the size of the increased Board at least 100 days prior to the first anniversary of the preceding year's annual meeting, a shareholder's notice required by Section 1.5 of the Bylaws shall also be considered timely (but only with respect to nominees for any new positions created by such increase) if it is delivered to the Secretary at the principal executive offices of the Company not later than the close of business on the 10th day following the day on which the public announcement is first made by the Company.
Calling a Shareholder Meeting
Special meetings of the shareholders, for any purposes, unless otherwise prescribed by statute, may only be called by the President or the Board.
Oregon Control Share and Business Combination Statutes
The Company is subject to the Oregon Control Share Act (the "Control Share Act"). The Control Share Act generally provides that a person (the "Acquiror") who acquires voting stock of an Oregon corporation in a transaction (other than a transaction in which voting shares are acquired from the issuing public corporation) that results in the Acquiror holding more than 20%, 33 1/3% or 50% of the total voting power of the corporation (a "Control Share Acquisition") cannot vote the shares it acquires in the Control Share Acquisition ("control shares") unless voting rights are accorded to the control shares by (i) a majority of each voting group entitled to vote and (ii) the holders of a majority of the outstanding voting shares, excluding the control shares held by the Acquiror and shares held by the Company's officers and inside directors. The term "Acquiror" is broadly defined to include persons acting as a group.
The Acquiror may, but is not required to, submit to the Company a statement setting forth certain information about the Acquiror and its plans with respect to the Company. The statement may also request that the Company call a special meeting of shareholders to determine whether voting rights will be accorded to the control shares. If the Acquiror does not request a special meeting of shareholders, the issue of voting rights of control shares will be considered at the next annual or special meeting of shareholders. If the Acquiror's control shares are accorded voting rights and represent a majority or more of all voting power, shareholders who do not vote in favor of voting rights for the control shares will have the right to receive the appraised "fair value" of their shares, which may not be less than the highest price paid per share by the Acquiror for the control shares.
The Company is also subject to sections 60.825 to 60.845 of the OBCA, which govern business combinations between corporations and interested shareholders (the "Business Combination Act"). The Business Combination Act generally provides that if a person or entity acquires 15% or more of the outstanding voting stock of an Oregon corporation (an "Interested Shareholder"), the corporation and the Interested Shareholder, or any affiliated entity of the Interested Shareholder, may not engage in certain business combination transactions for three years following the date the person became an Interested Shareholder. Business combination transactions for this purpose include (a) a merger or plan of share exchange, (b) any sale, lease, mortgage or other disposition of 10% or more of the assets of the corporation and (c) certain transactions that result in the issuance or transfer of capital stock of the corporation to the Interested Shareholder. These restrictions do not apply if (i) the Interested Shareholder, as a result of the transaction in which such person became an Interested Shareholder, owns at least 85% of the outstanding voting stock of the corporation (disregarding shares owned by directors who are also officers and certain employee benefit plans), (ii) the board of directors approves the business combination or the transaction that resulted in the shareholder becoming an Interested Shareholder before the Interested Shareholder acquires 15% or more of the corporation's voting stock or (iii) the board of directors and the holders of at least two-thirds of the outstanding voting stock of the corporation 

(disregarding shares owned by the Interested Shareholder) approve the business combination after the Interested Shareholder acquires 15% or more of the corporation's voting stock.
The Control Share Act and the Business Combination Act have anti-takeover effects because they will encourage any potential acquirer to negotiate with the Company’s Board and will also discourage potential acquirers unwilling to comply with the provisions of these laws. An Oregon corporation may provide in its articles of incorporation or bylaws that the laws described above do not apply to its shares. The Company has not adopted such a provision.
Listing
The Common Stock is traded on The Nasdaq Stock Market LLC under the trading symbol “COLM.”
Transfer Agents and Registrar
The transfer agent and registrar for the Common Stock is Computershare Trust Company, Inc.

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