Document:

Exhibit 10.44

 

Certain
personally identifiable information contained in this document, marked by brackets as [***], has been omitted from this exhibit
pursuant to Item 601(a)(6) under Regulation S-K.

 

CONFIDENTIALITY, NON-SOLICITATION and

CHANGE OF CONTROL AGREEMENT

 

This Confidentiality, Non-Solicitation and
Change of Control Agreement (“Agreement”) is made effective as of March 31, 2020, by and between Equitrans Midstream
Corporation, a Pennsylvania corporation (Equitrans Midstream Corporation and its subsidiary companies are hereinafter collectively
referred to as the “Company”), and Brian P Pietrandrea (the “Employee”).

 

WITNESSETH:

 

WHEREAS, the parties intend that
this Agreement supersede in its entirety the Confidentiality, Non-Solicitation and Non-Competition Agreement between Company and
the Employee dated March 7, 2013, as amended through the date hereof and all prior versions thereof (the “Non-Competition
Agreement”);

 

WHEREAS, in order to protect the
business, goodwill and confidential information of the Company, the Company desires to obtain or continue to obtain certain confidentiality
and non-solicitation covenants from the Employee and the Employee desires to agree to such covenants in exchange for, among other
things, the Company’s promise herein to pay certain severance benefits to the Employee subject to the provisions of Section
2 below; and

 

WHEREAS, in order to accomplish the
foregoing objectives, the Company and the Employee desire to enter into this Agreement which, among other things, reflects the
parties’ best efforts to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), to the benefit of the Employee.

 

NOW, THEREFORE, in consideration
of the promises and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties
hereto agree as follows:

 

1.           
Confidentiality of Information and Nondisclosure. The Employee acknowledges and agrees that his/her employment by
the Company necessarily involves his/her knowledge of and access to confidential and proprietary information pertaining to the
business of the Company. Accordingly, the Employee agrees that at all times during the term of this Agreement and for as long as
the information remains confidential after the termination of the Employee's employment, he/she will not, directly or indirectly,
without the express written authority of the Company, unless directed by applicable legal authority having jurisdiction over the
Employee, disclose to or use, or knowingly permit to be so disclosed or used, for the benefit of himself/herself, any person, corporation
or other entity other than the Company, (a) any information concerning any financial matters, employees of the Company, customer
relationships, competitive status, supplier matters, internal organizational matters, current or future plans, or other business
affairs of or relating to the Company, (b) any management, operational, trade, technical or other secrets or any other proprietary
information or other data of the Company, or (c) any other information related to the Company which has not been published and
is not generally known outside of the Company. The Employee acknowledges that all of the foregoing, constitutes confidential and
proprietary information, which is the exclusive property of the Company.

 

Nothing in this Agreement prohibits
the Employee from: (a) reporting possible violations of federal, state, or local law or regulation to any governmental agency
or entity, or from making other disclosures (including of confidential information) that are protected under the
whistleblower provisions of federal, state, or local law or regulation; or (b) disclosing trade secrets when the disclosure
is solely for the purpose of: (i) reporting possible violations of federal, state, or local law or regulation to any
governmental agency or entity; (ii) working with legal counsel in order to determine whether possible violations of federal,
state, or local law or regulation exist; or (iii) filing a complaint or other document in a lawsuit or other proceeding, if
such filing is made under seal. Any disclosures of trade secrets must be consistent with 18 U.S.C. §1833.

 

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2.           
Enhanced Severance Benefits Related to Change of Control. In lieu of any payments and/or benefits to which the Employee
may be entitled under the Company’s Severance Pay Plan, as amended from time to time, the Company will provide the Employee
the following Enhanced Severance Benefits (as defined below) subject to the terms of this Section if there is a Change of Control
(as defined below) and, either: the Company terminates the Employee’s employment other than for Cause (as defined below)
within 24 months following the date of such Change of Control; or the Employee terminates his/her employment for Good Reason (as
defined below) following the date of such Change of Control.

 

a.           
For purposes of this Section, “Enhanced Severance Benefits” include:

 

		i.	A lump sum payment in an amount equal to twelve (12) months of the Employee’s base salary at the higher of the rate of
salary in effect at the time of such termination or the rate of salary in effect immediately prior to the date of the Change of
Control;

 

		ii.	A lump sum payment in the amount of fifteen thousand dollars $15,0000; and

 

		iii.	A lump sum payment equal to the product of (i) twelve (12) and (ii) 100% of the then-current Consolidated Omnibus Budget Reconciliation
Act of 1985 monthly rate for family coverage.

 

b.           
The Company’s obligation to provide Enhanced Severance Benefits shall be contingent upon:

 

		i.	The Employee’s execution of a release of clams in a form acceptable to the Company; and

 

		ii.	The Employee’s compliance with his/her obligations hereunder, including but not limited to the obligations set forth
in Sections 1 and 3.

 

c.            
All Enhanced Severance Benefits payable to the Employee pursuant to this Section shall be made in a lump sum within 60 days
following the Employee’s execution and delivery to the Company of the release identified in Subsection (b)(i) above. The
payments provided under this Section 2 shall be subject to applicable tax and payroll withholdings. Notwithstanding the foregoing,
in the event the 60 day period described in this Subsection (c) causes the lump sum payment to become payable after March 15 of
the year following the year in which the Employee’s employment was terminated, the payment date shall be accelerated and
the lump sum payment shall occur on or before March 15 of the year following the year in which the Employee’s employment
was terminated.

 

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d.           
For purposes of this Agreement, “Change of Control” shall mean any of the following events:

 

		i.	The sale or other disposition by the Company of all or substantially all of its assets to a single purchaser or to a group
of purchasers, other than to a corporation with respect to which,
following such sale or disposition, more than eighty percent (80%) of, respectively, the then outstanding shares of common stock
and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of the Company’s
Board of Directors is then owned beneficially, directly or indirectly, by all or substantially all of the individuals and entities
who were the beneficial owners, respectively, of the outstanding common stock and the combined voting power of the then outstanding
voting securities immediately prior to such sale or disposition in substantially the same proportion as their ownership of the
outstanding common stock and voting power immediately prior to such sale or disposition;

 

		ii.	The acquisition in one (1) or more transactions by any person or group, directly or indirectly, of beneficial ownership of
thirty percent (30%) or more of the outstanding shares of common stock or the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of the Company’s Board of Directors; provided, however,
that the following shall not constitute a Change of Control: (A) any acquisition by the Company or any of its subsidiaries, or
any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its subsidiaries and (B) an acquisition
by any person or group of persons of not more than forty percent (40%) of the outstanding Shares or the combined voting power of
the then outstanding voting securities of the Company if such acquisition resulted from the issuance of capital stock by the Company
and the issuance and the acquiring person or group was approved in advance of such issuance by at least two-thirds (2/3) of the
Continuing Directors (as defined below) then in office;

 

		iii.	The Company’s termination of its business and liquidation of its assets;

 

		iv.	There is consummated a merger, consolidation, reorganization, share exchange or similar transaction involving the Company (including
a triangular merger), in any case, unless immediately following such transaction: (A) all or substantially all of the persons who
were the beneficial owners of the outstanding common stock and outstanding voting securities of the Company immediately prior to
the transaction beneficially own, directly or indirectly, more than fifty percent (50%) of the outstanding shares of common stock
and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors
of the corporation resulting from such transaction (including a corporation or other person which as a result of such transaction
owns the Company or all or substantially all of the Company’s assets through one (1) or more subsidiaries (a “Parent
Company”)) in substantially the same proportion as their ownership of the common stock and other voting securities of the
Company immediately prior to the consummation of the transaction, (B) no person (other than (1) the Company, any employee benefit
plan sponsored or maintained by the Company or, if reference was made to equity ownership of any Parent Company for purposes of
determining whether the foregoing clause (A) is satisfied in connection with the transaction, such Parent Company, or (2) any person
or group that satisfied the requirements of the foregoing subsection (ii)(B)) beneficially owns, directly or indirectly, thirty
percent (30%) or more of the outstanding shares of common stock the combined voting power of the voting securities entitled to
vote generally in the election of directors of the corporation resulting from such transaction and (C) individuals who were members
of the Company’s Board of Directors immediately prior to the consummation of the transaction constitute at least a majority
of the members of the board of directors resulting from such transaction (or, if reference was made to equity ownership of any
Parent Company for purposes of determining whether the foregoing clause (A) is satisfied in connection with the transaction, such
Parent Company); or

 

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		v.	The following individuals (sometimes referred to herein as “Continuing Directors”) cease for any reason to constitute
a majority of the number of directors then serving: individuals who, on the date hereof, constitute the entire Board of Directors
and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment
or election by the Company’s Board of Directors or nomination for election by the Company’s shareholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose
appointment, election or nomination for election was previously so approved.

 

The foregoing shall be construed and
interpreted in a manner that is compliant with Section 409A of the Code.

 

Notwithstanding the foregoing,
the consummation of the transactions contemplated by (i) the Agreement and Plan of Merger, dated as of February 26, 2020, by and
among the Company, EQM LP Corporation, LS Merger Sub, LLC, EQM Midstream Partners, LP (the “Partnership”), and EQGP
Services, LLC and (ii) the Preferred Restructuring Agreement, dated as of February 26, 2020, by and among the Company, the Partnership,
and the investors set forth on Schedule I thereto, will not constitute a Change of Control.

 

e.           
Solely for purposes of this Agreement, “Cause” shall include: (i) the Employee’s conviction of a
felony, a crime of moral turpitude or fraud or the Employee having committed fraud, misappropriation or embezzlement in connection
with the performance of the Employee’s duties; (ii) the Employee’s willful and repeated failures to substantially
perform assigned duties; or (iii) the Employee’s violation of any provision of this Agreement or express significant
policies of the Company. If the Company terminates the Employee’s employment for Cause, the Company shall give the Employee
written notice setting forth the reason for the Employee’s termination not later than 30 days after such termination.

 

f.             
Solely for purposes of this Agreement, “Good Reason” shall mean the Employee’s resignation within 90 days
after (but in all cases prior to the second anniversary of such Change of Control): (i) a reduction in the Employee’s base
salary of 10% or more (unless the reduction is applicable to all similarly situated employees); (ii) a reduction in the Employee’s
annual short-term bonus target by the greater of (A) 10 percent and (B) 5 percentage points of the Employee’s target bonus
percentage, unless the reduction is applicable to all similarly situated employees; (iii) a significant diminution in the Employee’s
job responsibilities, duties or authority; (iv) a change in the geographic location of the Employee’s primary reporting location
of more than 50 miles; and/or (v) any other action or inaction that constitutes a material breach by the Company of any written
employment-related agreement between the Employee and the Company, including this Agreement. 

 

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A termination by the Employee shall not constitute
termination for Good Reason unless the Employee first delivers to the General Counsel of the Company written notice: (i) stating
that the Employee intends to resign for Good Reason pursuant to this Agreement; and (ii) setting forth with specificity the occurrence
deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than 90 days after the initial
occurrence of such event).  The Company shall have a reasonable period of time (not less than 30 days) to take action to correct,
rescind or substantially reverse the occurrence supporting termination for Good Reason as identified by the Employee.  Failure
by the Company to act or respond to the written notice shall not be deemed to be an admission that Good Reason exists. 

 

3.           
Non-Solicitation. In consideration for the benefits described in Section 2 hereof and the rescission of the Non-Competition
Agreement, the Employee agrees:

 

a.           
While the Employee is employed by the Company and for a period of twelve (12) months after the date of the Employee’s
termination of employment with the Company for any reason, the Employee shall not (directly or indirectly) on his/her own behalf
or on behalf of any other person or entity solicit or induce, or cause any other person or entity to solicit or induce, or attempt
to solicit or induce, any employee, consultant, vendor or independent contractor to leave the employ of or engagement by the Company
or its successors, assigns or affiliates, or to violate the terms of their contracts with the Company.

 

b.           
For a period of twelve (12) months following the termination of the Employee's employment with the Company for any reason,
including without limitation termination for Cause or without Cause, the Employee shall not, directly or indirectly, solicit the
business of, or do business with:

 

		i.	any customer that the Employee approached, solicited or accepted business from on behalf of the Company, and/or was provided
confidential or proprietary information about while employed by the Company within the one (1) year period preceding the Employee's
separation from the Company; and

 

		ii.	any prospective customer of the Company who was identified to or by the Employee and/or who the Employee was provided confidential
or proprietary information about while employed by the Company within the one (1) year period preceding the Employee's separation
from the Company, for purposes of marketing, selling and/or attempting to market or sell products and services which are the same
as or similar to any product or service the Company offers within the last two (2) years prior to the end of the Employee's employment
with the Company, and/or, which are the same as or similar to any product or service the Company has in process over the last two
(2) years prior to the end of the Employee's employment with the Company to be offered in the future.

 

4.           
Severability. The provisions of this Agreement are severable. To the extent that any provision of this Agreement
is deemed unenforceable in any court of law, the parties intend that such provision be construed by such court in a manner to make
it enforceable and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

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5.            Reasonable
and Necessary Agreement. The Employee acknowledges and agrees that: (a) this Agreement is necessary for the protection of
the legitimate business interests of the Company; (b) the restrictions contained in this Agreement are reasonable; (c) the
Employee will be fully able to earn an adequate livelihood for the Employee and the Employee’s dependents if the
non-solicitation provisions contained in this Agreement are enforced against the Employee; and (d) the Employee has received
adequate and valuable consideration for entering into this Agreement.

 

6.           
Injunctive Relief and Attorneys’ Fees. The Employee stipulates and agrees that any breach of this Agreement
by the Employee will result in immediate and irreparable harm to the Company, the amount of which will be extremely difficult to
ascertain, and that the Company could not be reasonably or adequately compensated by damages in an action at law. For these reasons,
the Company shall have the right, without objection from the Employee, to obtain such preliminary, temporary or permanent mandatory
or restraining injunctions, orders or decrees as may be necessary to protect the Company against, or on account of, any breach
by the Employee of Sections 1 or 3 hereof. In the event the Company obtains any such injunction, order, decree or other relief,
in law or in equity: (a) the Employee shall be responsible for reimbursing the Company for all costs associated with obtaining
the relief, including reasonable attorneys’ fees and expenses and costs of suit; and (b) the duration of any violations of
Sections 1 and 3 shall be added to the twelve (12) months restricted period specified in Section 3. Such right to equitable relief
is in addition to the remedies the Company may have to protect its rights at law, in equity or otherwise.

 

7.           
Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of
the Company.

 

8.           
Governing Law/Consent to Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania. For the purpose of any suit, action or proceeding arising out of or relating
to this Agreement, the Employee irrevocably consents and submits to the jurisdiction and venue of any state or federal court located
in Allegheny County, Pennsylvania. The Employee agrees that service of the summons and complaint and all other process which may
be served in any such suit, action or proceeding may be effected by mailing by registered mail a copy of such process to the Employee
at the address set forth below (or such other address as the Employee shall provide to the Company in writing). The Employee irrevocably
waives any objection which he/she may now have or hereafter has to the venue of any such suit, action or proceeding brought in
such court and any claim that such suit, action or proceeding brought in such court has been brought in an inconvenient forum and
agrees that service of process in accordance with this Section will be deemed in every respect effective and valid personal service
of process upon the Employee. Nothing in this Agreement will be construed to prohibit service of process by any other method permitted
by law. The provisions of this Section will not limit or otherwise affect the right of the Company to institute and conduct an
action in any other appropriate manner, jurisdiction or court. The Employee agrees that final judgment in such suit, action or
proceeding will be conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided
by law.

 

9.           
Employment at Will. The Employee acknowledges that he/she is employed at-will and for no definite term. This
means that either party may terminate the employment relationship at any time for any or no reason.

 

10.          Arbitration
of Employment Claims. In the event that the Employee does not execute a release of all claims pursuant to Section 2(b)
above, any dispute arising out of or relating to the Employee’s employment or termination of employment with the
Company shall be resolved by the sole and exclusive means of binding arbitration in accordance with the terms of the
Company’s Alternative Dispute Resolution Program Policy (the “ADR Program”). Consistent with the provisions
of the ADR Program, the parties further agree that any dispute arising out of or relating to their obligations under this
Agreement itself, including but not limited to the Company’s obligations under Section 2 and the Employee’s
obligations under Sections 1 and 3 above, shall not be subject to binding arbitration under the ADR Program.

 

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11.         
Internal Revenue Code Section 409A.

 

a.           
General. This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder
shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A of the Code
and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. Nevertheless, the tax treatment of
the benefits provided under the Agreement is not warranted or guaranteed. Neither the Company nor its directors, officers, employees
or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by the Employee as a result
of the application of Section 409A of the Code.

 

b.           
Separation from Service. For purposes of the Agreement, the term “termination,” when used in the context
of a condition to, or the timing of, a payment hereunder, shall be interpreted to mean a “separation from service”
as such term is used in Section 409A of the Code.

 

c.            
Six-Month Delay in Certain Circumstances. Notwithstanding anything in this Agreement to the contrary, if any amount
or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt
Deferred Compensation”) would otherwise be payable or distributable under this Agreement by reason of the Employee’s
separation from service during a period in which the Employee is a Specified Employee (as defined below), then, subject to any
permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii)
(conflicts of interest), or (j)(4)(vi) (payment of employment taxes):

 

		i.	the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately
following the Employee’s separation from service will be accumulated through and paid or provided on the first day of the
seventh month following the Employee’s separation from service (or, if the Employee dies during such period, within 30 days
after the Employee’s death) (in either case, the “Required Delay Period”); and

 

		ii.	the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required
Delay Period.

 

For purposes of this Agreement, the term “Specified
Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder.

 

d.           
Timing of Release of Claims. Whenever in this Agreement a payment or benefit is conditioned on the Employee’s
execution of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after
the date of termination; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Non-Exempt
Deferred Compensation, and if such 60-day period begins in one calendar year and ends in the next calendar year, the payment or
benefit shall not be made or commence before the second such calendar year, even if the release becomes irrevocable in the first
such calendar year. In other words, the Employee is not permitted to influence the calendar year of payment based on the timing
of his/her signing of the release.

 

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12.         
Entire Agreement. This Agreement contains the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral or written, including, for the avoidance of doubt, the
Non-Competition Agreement. This Agreement may not be changed, amended, or modified, except by a written instrument signed by the
parties; provided, however, that the Company may amend this Agreement from time to time without the Employee’s consent to
the extent deemed necessary or appropriate, in its sole discretion, to effect compliance with Section 409A of the Code, including
regulations and interpretations thereunder, which amendments may result in a reduction of benefits provided hereunder and/or other
unfavorable changes to the Employee.

 

IN WITNESS WHEREOF, the Company has
caused this Agreement to be executed by its officers thereunto duly authorized, and the Employee has hereunto set his hand, all
as of the day and year first above written.

 

	EQUITRANS MIDSTREAM CORPORATION	EMPLOYEE:
	 	 
	By:	/s/ Anne M. Naqi    	 	/s/ Brian P. Pietrandrea  
	 	(Signature)	(Signature)

 

	 	Address:

 

	 	    [***]

 

	 	

 

    8Exhibit 10.52

 

EQUITRANS MIDSTREAM CORPORATION

2020 PERFORMANCE SHARE UNIT PROGRAM

 

EQUITRANS MIDSTREAM
CORPORATION (the “Company”) hereby establishes this EQUITRANS MIDSTREAM CORPORATION 2020 PERFORMANCE SHARE UNIT PROGRAM
(the “Program”), in accordance with the terms provided herein.

 

WHEREAS, the Company
maintains certain long-term incentive award plans, including the Equitrans Midstream Corporation 2018 Long-Term Incentive Plan
(as amended from time to time, the “2018 Plan”), for the benefit of its directors and employees, of which the Program
is a subset; and

 

WHEREAS, in order to
further align the interests of executives and key employees with the interests of the Company’s shareholders, the Company
desires to provide long-term incentive benefits through the Program, in the form of awards qualifying as “Performance Awards”
under the 2018 Plan.

 

NOW, THEREFORE, the
Company hereby provides for incentive benefits for executives and key employees of the Company and its Affiliates and adopts the
terms of the Program on the following terms and conditions:

 

Section 1. Purpose.
The main purpose of the Program is to provide long-term incentive opportunities to executives and key employees to further align
their interests with those of the Company’s shareholders and with the strategic objectives of the Company. By placing a portion
of the employee’s compensation at risk under the Program, the Company has an opportunity to reward the
employee when the Company’s performance meets or exceeds expectations or reduce the compensation opportunity when
performance does not meet expectations. As a subset of the 2018 Plan, this Program is subject to and shall be governed by the terms
and conditions of the 2018 Plan. Capitalized terms used herein and not otherwise defined shall have the meanings given to such
terms in the 2018 Plan.

 

Section 2. Effective
Date. The effective date of this Program is January 1, 2020. The Program will remain in effect until payment following (or,
in the case of a Qualifying Change of Control, on) the earlier of (i) December 31, 2022 or (ii) the closing date of a Qualifying
Change of Control. All awards under the Program are paid in accordance with Section 6, unless otherwise amended or terminated as
provided in Section 20. For purposes of this Program, a “Qualifying Change of Control” means a Change of Control (as
then defined in the 2018 Plan) unless (a) all outstanding Performance Share Units, as defined in Section 4, under the Program are
assumed by the surviving entity of the Change of Control (or otherwise equitably converted or substituted in connection with the
Change of Control in a manner approved by the Committee) or (b) the Company is the surviving entity of the Change of Control.

 

Section 3.
Eligibility. The Committee shall, in its sole discretion, select the employees of the Company and its Affiliates who
shall be eligible to participate in the Program from those individuals eligible to participate in the 2018 Plan (each a
 “Participant” and collectively the “Participants”). In the event that an employee is hired by the
Company or an Affiliate during the Performance Period (as defined in Section 5 below), the Committee shall, in its sole
discretion, determine whether the employee will be eligible to participate in the Program.

 

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Section 4. Performance
Share Unit Awards. Awards under the Program are designated in the form of performance share units (as adjusted from time to
time in accordance with Section 14, the “Performance Share Units”), which are awards to be settled in shares of the
Company’s common stock (“Common Stock”) and/or in cash, as set forth in a Participant’s award agreement
under the Program. Upon being selected to participate in the Program, each Participant shall be awarded a number of Performance
Share Units, which award shall be approved by the Committee.

 

The Performance Share
Units shall be held in bookkeeping accounts on behalf of the Participants and do not represent actual shares of Common Stock. A
Participant shall have no right to exchange the Performance Share Units for cash, stock or any other benefit and shall be a mere
unsecured creditor of the Company with respect to such Performance Share Units and any future rights to benefits.

 

Section 5. Relative
TSR Performance and Determination of Awarded Value. Subject to Section 7, the amount to be distributed to a Participant will
be based on the Company’s total shareholder return (“Total Shareholder Return,” or “TSR”) ranking
relative to the TSRs of companies included in a specified peer group (the “Peer Group) designated on Attachment A
(“Relative TSR”). Relative TSR is calculated as described in Attachment A for the Performance Period and for
each of the Sub Periods (as defined below). For purposes of this Program: (a) the “Performance Period” shall mean the
period commencing on January 1, 2020 and continuing thereafter until the earlier of (i) December 31, 2022 or (ii) the closing date
of a Qualifying Change of Control, and (b) a “Sub Period” shall mean each full calendar year (or such shorter period
if a Qualifying Change of Control occurs during any calendar year) occurring within the Performance Period.

 

For purposes of this
Program, a Participant’s “Earned Performance Share Units” for the Performance Period and each Sub Period shall
be calculated by multiplying (a) the product of (i) such Participant’s total Performance Share Units awarded under the Program
and (ii) the Program’s weighting for the Performance Period (40%) or the applicable Sub Period (20%), by (b) the payout factor
calculated as set forth on Attachment A (the “Payout Factor”) achieved with respect to the Performance Period
or such Sub Period, as applicable. A Participant’s “Total Earned Performance Share Units” for purposes of this
Program shall be the sum of all Earned Performance Share Units for the Participant for the Performance Period and each Sub Period.

 

If a
Participant’s award agreement under the Program stipulates that the Participant’s award will be distributed in
cash, the Participant’s “Awarded Value” shall be calculated by multiplying (a) the Participant’s
Total Earned Performance Share Units by (b) the closing price of the Company’s Common Stock at the end of the
Performance Period or, in the case of a Qualifying Change of Control, the closing price of the Company’s Common Stock
on the business day immediately preceding the date of the Qualifying Change of Control, in each case as reported in the
Nationally Recognized Reporting Service (as defined in Attachment A). If a Participant’s award agreement under
the Program contemplates that the Participant’s award will be distributed in shares of Common Stock, the
Participant’s “Awarded Value” shall be such Participant’s Total Earned Performance Share Units.

 

    2 

     

    

 

If the record date
for regular dividends or special dividends with respect to the Company’s Common Stock (whether made in cash or stock, unless
made in accordance with any shareholder rights plan or similar arrangement) occurs during the Performance Period, then the Participant
shall earn a right to receive a cash payment following the Performance Period in respect of such dividends. The amount of such
cash payment shall be equal to the product of (a) such Participant’s Total Earned Performance Share Units, multiplied by
(b) the cumulative amount of all regular and special dividends paid during the Performance Period. This cash payment shall be subject
to the same Relative TSR performance conditions, continued service requirements and transfer restrictions as apply to the Performance
Share Units with respect to which they relate and shall be paid at the same time as the Performance Share Units with respect to
which they relate.

 

Payments under the
Program are expressly contingent upon achievement of the Relative TSR performance conditions and continued service conditions,
as applicable.

 

Section 6. Payment;
Overall Limit. Subject to Section 7 and except as provided in this Section 6, each Participant’s Awarded Value will
be distributed in cash or in shares of Common Stock, as set forth in the Participant’s award agreement under the Program,
no later than seventy five (75) days following the end of the Performance Period. Subject to Section 7, in the event of a Qualifying
Change of Control, the Awarded Value will be distributed in cash or in shares of Common Stock on the closing date of the transaction.
Notwithstanding the first two sentences of this Section 6, the Committee may determine, in its discretion and for any reason, that
the Awarded Value will be paid, in whole or in part, in cash or Common Stock. The maximum amount payable to any one Participant
under the Program with respect to any one calendar year within the Performance Period shall be the amount set forth and as calculated
in the 2018 Plan with respect to Performance Awards. No elections shall be permitted with respect to the timing of any payments.

 

For the avoidance of
doubt, subject to Section 5 and Section 7, any Earned Performance Share Units for the 2020 Sub Period and 2021 Sub Period based
on the Company’s Relative TSR performance during the applicable Sub Period shall remain subject to forfeiture in the event
the Participant’s employment with the Company and its Affiliates terminates prior to the earlier of (a) the payment date
following December 31, 2022 or (b) the closing date of a Qualifying Change of Control.

 

    3 

     

    

 

Section 7. Change
of Status. In making decisions regarding employees’ participation in the Program and the extent to which awards are payable
in the case of an employee whose employment ceases prior to payment, the Committee may consider any factors that it deems to be
relevant. Unless otherwise determined by the Committee, and subject to the terms of any written employment-related agreement that
a Participant has with the Company (including any confidentiality, non-solicitation, non-competition, change of control or similar
agreement, as required by the Company), the following shall apply in the case of a Participant whose employment ceases prior to
payment of the Awarded Value:

 

		(a)	Termination After Change of Control. With respect to any Participant’s award under
the Program, and notwithstanding Section 9 of the 2018 Plan, in the event that following a Change of Control that is not a Qualifying
Change of Control, (i) such Participant’s employment is terminated without Cause (as defined below), or (ii) such Participant
resigns for Good Reason (as defined below), in each case prior to the second anniversary of the effective date of the Change of
Control, the Participant shall (A) retain all of his or her Earned Performance Share Units, contingent upon the Participant executing
and not revoking a full release of claims in a form acceptable to the Company within 30 days of his or her termination or resignation,
as applicable, and (B) shall be eligible to earn any Performance Share Units not previously forfeited based on the Company’s
achievement of the Relative TSR performance conditions set forth in Section 5 for the Performance Period and each uncompleted Sub
Period (as applicable). A Participant’s Total Earned Performance Share Units under this paragraph shall be paid at the conclusion
of the Performance Period according to Section 6.

 

Notwithstanding Section 9.02
of the 2018 Plan, the consummation of the transactions contemplated by (i) the Agreement and Plan of Merger, dated as of February
26, 2020, by and among the Company, EQM LP Corporation, LS Merger Sub, LLC, EQM Midstream Partners, LP (the “Partnership”),
and EQGP Services, LLC and (ii) the Preferred Restructuring Agreement, dated as of February 26, 2020, by and among the Company,
the Partnership, and the investors set forth on Schedule I thereto, will not constitute a Change of Control.

 

Solely for purposes of this
Program, “Cause” shall mean: (i) a Participant’s conviction of a felony, a crime of moral turpitude or fraud
or a Participant having committed fraud, misappropriation or embezzlement in connection with the performance of the Participant’s
duties; (ii) a Participant’s willful and repeated failures to substantially perform assigned duties; or (iii) a Participant’s
violation of any provision of a written employment-related agreement between the Participant and the Company or express significant
policies of the Company. If the Company terminates a Participant’s employment for Cause, the Company shall give the Participant
written notice setting forth the reason for the Participant’s termination not later than 30 days after such termination.

 

Solely for purposes of this
Program, “Good Reason” shall mean a Participant’s resignation within 90 days after (but in all cases prior to
the second anniversary of such Change of Control): (i) a reduction in such Participant’s base salary of 10% or more (unless
the reduction is applicable to all similarly situated employees); (ii) a reduction in such Participant’s annual short-term
bonus target by the greater of (A) 10% and (B) 5 percentage points of such Participant’s target bonus percentage, unless
the reduction is applicable to all similarly situated employees; (iii) a significant diminution in such Participant’s job
responsibilities, duties or authority; (iv) a change in the geographic location of such Participant’s primary reporting location
of more than 50 miles; and/or (v) any other action or inaction that constitutes a material breach by the Company of such Participant’s
award agreement under the Program.

 

    4 

     

    

 

A termination by a Participant
shall not constitute termination for Good Reason unless such Participant first delivers to the General Counsel of the Company written
notice: (i) stating that such Participant intends to resign for Good Reason pursuant to his or her award agreement; and (ii) setting
forth with specificity the occurrence deemed to give rise to a right to terminate for Good Reason (which notice must be given no
later than 90 days after the initial occurrence of such event). The Company shall have a reasonable period of time (not less than
30 days) to take action to correct, rescind or substantially reverse the occurrence supporting termination for Good Reason as identified
by such Participant. Failure by the Company to act or respond to the written notice shall not be deemed to be an admission that
Good Reason exists.

 

		(b)	Qualifying Change of Control. With respect to any Participant’s award under the Program,
and notwithstanding Section 9 of the 2018 Plan, in the event of a Qualifying Change of Control, if such Qualifying Change of Control
occurs after the completion of one or more Sub Periods, then the Earned Performance Share Units for each completed Sub Period shall
be determined in accordance with Section 5 based on actual performance for each such completed Sub Period and shall be paid in
accordance with Section 6.

 

For Performance Share Units
that may be earned during a Sub Period in which the Qualifying Change of Control occurs (a “Partial Sub Period”), the
Participant will be entitled to earn all or a portion of his or her Performance Share Units applicable to such Partial Sub Period
based on the Company’s Relative TSR performance as compared to the Peer Group (as designated on Appendix A) over the period
commencing on the start of the applicable Partial Sub Period and ending on the last business day of the calendar quarter immediately
preceding the closing date of the Qualifying Change of Control. In the event a Qualifying Change of Control occurs during the 2022
Sub Period (as described in Attachment A), Participants may earn all or a portion of the Performance Share Units attributable to
the Performance Period based on the Company’s Relative TSR performance as compared to the Peer Group over the period commencing
on the start of the Performance Period and ending on the last business day of the calendar quarter immediately preceding the closing
date of the Qualifying Change of Control. Any Performance Share Units earned pursuant to this paragraph shall be paid in accordance
with Section 6.

 

Performance Share Units that
would have been eligible to be earned during any Sub Period that has not commenced prior to the closing date of a Qualifying Change
of Control, if any, shall be added to the number of such Participant’s Performance Share Units subject to potential payout
for the Performance Period and shall be earned based on the Company’s Relative TSR performance as compared to the Peer Group
over the period commencing on the start of the Performance Period and ending on the last business day of the calendar quarter immediately
preceding the closing date of the Qualifying Change of Control.

 

Any Performance Share Units
earned pursuant to this paragraph shall be paid in accordance with Section 6.

 

    5 

     

    

 

		(c)	Voluntary Termination With Continued Board Service. If a Participant’s employment
is terminated voluntarily, including a Participant’s Retirement (as defined below), and the Participant remains on the board
of directors of the Company or any Affiliate of the Company whose equity is publicly traded on the New York Stock Exchange or the
NASDAQ Stock Market following such termination of employment, the Participant shall retain all of his or her Performance Share
Units, contingent upon achievement of the Relative TSR performance conditions set forth in Section 5 for the Performance Period
and each Sub Period (as applicable), for as long as the Participant remains on such board of directors, in which case any references
herein to such Participant’s employment shall be deemed to include his or her continued service on such board. Except as
set forth in the preceding sentence and subsections (a) and (e) of this Section 7, a Participant’s Performance Share Units
shall be forfeited upon his or her resignation as an employee of the Company or an Affiliate.

 

		(d)	Death or Disability. Except as provided in subsections (a) and (b) above, if the termination
is due to the Participant’s death or Disability, the Participant (or the Participant’s estate or beneficiary) will
retain all of his or her Performance Share Units, contingent upon the Participant (or the Participant’s estate or beneficiary)
executing and not revoking a full release of claims in a form acceptable to the Company within 30 days of his or her death.

 

In the event of a Participant’s
termination due to a Participant’s death or Disability, Performance Share Units that are retained shall be distributed to
the Participant or the Participant’s estate or beneficiary within 75 days following the Participant’s termination in
cash or shares of Common Stock as set forth in the Participant’s award agreement under the Program, in either case, without
giving effect to the Payout Factor, subject to the Participant or the Participant’s estate or beneficiary executing and not
revoking the full release of claims referenced above. Notwithstanding any other provisions of the Program, Participants shall have
no vested rights to any Performance Share Units prior to payment.

 

		(e)	Retirement. Except as provided in subsections (a), (b) or (c) above, if the termination
is due to the Participant’s Retirement, the Participant will retain a portion of his or her Performance Share Units applicable
to the Performance Period and each Sub Period as of the date of the Participant’s Retirement (the number of Performance Share
Units being retained is defined below as the “Pro Rata Amount”), contingent upon (A) the Participant executing and
not revoking a full release of claims in a form acceptable to the Company within 30 days of his or her termination, and (B) achievement
of the Relative TSR performance conditions set forth in Section 5 for the Performance Period and each Sub Period (as applicable),
as follows, and the remainder shall be forfeited. The Pro Rata Amount for the Performance Period and each Sub Period shall equal
the total number of Performance Share Units that are earned for such Performance Period and each Sub Period pursuant
to this Program multiplied by a fraction, the numerator of which is the number of months of continuous employment with the Company
and/or an Affiliate from the beginning of the Performance Period through the date of the Retirement and the denominator of which
is 36. When determining the Pro Rata Amount, the Participant shall be considered to have been employed with the Company and/or
an Affiliate for a full calendar month so long as the Participant is employed by such entity for at least one day during such calendar
month.

 

    6 

     

    

 

Solely for purposes of this
Program, “Retirement” shall mean a Participant’s voluntary termination of employment with the Company and its
Affiliates after the Participant has (i) a length of service of at least ten (10) years and (ii) a combined age and length of service
equal to at least sixty (60) years. The Participant’s length of service will be determined by the Company, in its sole discretion,
based on the Company’s internal payroll records. For purposes of this definition, service with EQT Corporation prior to November
13, 2018 shall be treated the same as service with the Company and its Affiliates. The termination of the Participant’s employment
by the Company or its Affiliates shall not qualify as Retirement.

 

In the event of a Participant’s
Retirement, Performance Share Units that are retained shall be distributed to the Participant (or the Participant’s estate
or beneficiary) at the time specified in Section 6. Notwithstanding any other provisions of the Program, Participants shall have
no vested rights to any Performance Share Units prior to payment.

 

		(f)	Other Termination. If a Participant’s employment is terminated for any reason other
than those described in subsections (a) – (e) above, the Participant’s Performance Share Units shall be forfeited.
For purposes of clarity, in the event a Participant’s employment is terminated other than for performance reasons, the Committee
may determine that all or a portion of the Performance Share Units shall be retained upon such Participant’s termination.

 

Section 8. Administration
of the Plan. The Committee has responsibility for all aspects of the Program’s administration, including:

 

		·	Determining the extent to which the Relative
TSR performance conditions have been achieved prior to any payments under the Program,

 

		·	Ensuring that the Program is administered
in accordance with its provisions and the 2018 Plan,

 

		·	Approving Program Participants,

 

		·	Authorizing Performance Share Unit awards
to Participants,

 

		·	Adjusting Performance Share Unit awards
to account for extraordinary events,

 

    7 

     

    

 

		·	Serving as the final arbiter of any disagreement
between Program Participants, Company management, Program administrators, and any other interested parties to the Program, and

 

		·	Maintaining final authority to amend,
modify or terminate the Program at any time.

 

Notwithstanding anything to the contrary
in this Program, the Committee shall at all times retain the discretion with respect to all awards under this Program to reduce,
eliminate, or determine the source of, any payment or award hereunder without regard to any particular factors specified in this
Program. The interpretation and construction by the Committee of any provisions of the Program or of any adjusted Performance Share
Units shall be final. No member of the Committee shall be liable for any action or determination made in good faith regarding the
Program or any Performance Share Units thereunder. The Committee may designate another party to administer the Program, including
Company management or an outside party. All conditions of the Performance Share Units must be approved by the Committee. As early
as practicable prior to or during the Performance Period, the Committee shall approve the number of Performance Share Units to
be awarded to each Participant. The associated terms and conditions of the Program will be communicated to Participants as close
as administratively practicable to the date an award is made. The Participants will acknowledge receipt of the participant agreement
and will agree to the terms of this Program in accordance with the Company’s procedures.

 

Section 9. Limitation
of Rights. The Performance Share Units do not confer to Participants or their beneficiaries, executors or administrators any
rights as shareholders of the Company (including voting and other shareholder rights) unless and until shares of Common Stock are
in fact registered to or on behalf of a Participant in connection with the payment of the Performance Share Units. With respect
to Awards that are settled in shares of Common Stock, upon conversion of the Performance Share Units into shares of Common Stock,
a Participant will obtain full voting and other rights as a shareholder of the Company.

 

Section 10. Tax Consequences to Participants/Payment
of Taxes.

 

(a) It is intended
that: (i) until the Relative TSR performance conditions and any applicable service requirements are satisfied, a Participant’s
right to payment for an award under this Program shall be considered to be subject to a substantial risk of forfeiture in accordance
with those terms as defined or referenced in Sections 83(a), 409A and 3121(v)(2) of the Code; (ii) the Awarded Value shall be subject
to employment taxes only upon the satisfaction of the Relative TSR performance conditions and any applicable service requirements;
and (iii) until the Awarded Value is actually paid to a Participant, the Participant shall have merely an unfunded, unsecured promise
to be paid the benefit, and such unfunded promise shall not consist of a transfer of “property” within the meaning
of Code Section 83. It is further intended that Participants will not be in actual or constructive receipt of compensation with
respect to the Performance Share Units within the meaning of Code Section 451 until the Awarded Value is paid.

 

    8 

     

    

 

(b) The Company or
any Affiliate employing the Participant has the authority and the right to deduct or withhold, or require a Participant to remit
to the employer, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation)
required by law to be withheld with respect to any taxable event arising as a result of an award under the Program. With respect
to withholding required upon any taxable event arising as a result of an award, to the extent the Committee determines that the
award will be paid in shares of Common Stock, the employer shall satisfy the tax withholding required by withholding shares of
Common Stock having a Fair Market Value as of the date that the amount of tax to be withheld is to be determined equal to the amount
of tax required to be withheld. The obligations of the Company under this Program will be conditioned upon such payment or arrangements,
and the Company, and, where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any such
taxes from any payment of any kind otherwise due to a Participant.

 

Section 11. Recoupment
Policy. Any shares of Common Stock distributed or amounts paid to a Participant under the Program, and any cash or other benefit
acquired upon the sale of shares of Common Stock distributed to a Participant under the Program, shall be subject to the terms
and conditions of the Equitrans Midstream Corporation Compensation Recoupment Policy, effective June 17, 2019, as may be amended
or restated from time to time, to the extent such policy is applicable to this Program and the Participant. A copy of such policy
is available upon request from the Company's Corporate Secretary.

 

Section 12. Nonassignment.
A Participant shall not be permitted to assign, alienate or otherwise transfer his or her Performance Share Units, and any attempt
to do so shall be void.

 

Section 13. Impact
on Benefit Plans. Payments under the Program shall not be considered as earnings for purposes of the Company’s or its
Affiliates’ qualified retirement plans or any other retirement, compensation or benefit plan or program of the Company or
its Affiliates unless specifically provided for and defined under such other plan or program. Nothing herein shall prevent the
Company or its Affiliates from maintaining additional compensation plans and arrangements; provided, however, that no payments
shall be made under such plans and arrangements if the effect thereof would be the payment of compensation otherwise payable under
this Program regardless of whether the Relative TSR performance conditions were attained.

 

Section 14. Successors;
Changes in Stock. The obligations of the Company under the Program shall be binding upon the successors and assigns of the
Company. In the event of any spin-off, split-off or split-up, or dividend in partial liquidation, dividend in property other than
cash or Common Stock, or extraordinary distribution to holders of Common Stock, each Participant’s Performance Share Units
shall be appropriately adjusted to prevent dilution or enlargement of the rights of Participants that would otherwise result from
any such transaction, provided such adjustment shall be consistent with Section 409A of the Code.

 

    9 

     

    

 

In the case of a
Change of Control, any obligation under the Program shall be handled in accordance with the terms of Sections 5 and 6 hereof.
In any case not constituting a Change of Control in which the Common Stock is changed into or becomes exchangeable for a
different number or kind of shares of stock or other securities of the Company or another corporation, or cash or other
property, whether through reorganization, reclassification, recapitalization, stock split-up, combination of shares, merger
or consolidation, then (i) the Awarded Value shall be calculated based on the closing price of such common stock on the
closing date of the transaction on the principal market on which such common stock is traded, and (ii) there shall be
substituted for each Performance Share Unit constituting an award the number and kind of shares of stock or other securities
(or cash or other property) into which each outstanding share of Common Stock shall be so changed or for which each such
share shall be exchangeable. In the case of any such adjustment, the Performance Share Units shall remain subject to the
terms of the Program and the 2018 Plan.

 

Section 15. Notice.
Except as may be otherwise provided by the 2018 Plan or determined by the Committee and communicated to a Participant, notices
and communications hereunder must be in writing and shall be deemed sufficiently given if either hand-delivered or if sent by fax
or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received five (5) business days
after mailed, but in no event later than the date of actual receipt. Notices shall be directed, if to a Participant, at such Participant’s
address indicated by the Company’s records or, if to the Company, at the Company’s principal executive office, Attention:
Manager, Compensation and Benefits.

 

Section 16. Dispute
Resolution. Any dispute regarding the payment of benefits under this the Program or the 2018 Plan shall be resolved in accordance
with any dispute resolution procedures of the Company, to the extent such procedures are applicable to the Plan and this award.
A copy of such procedures will be available upon request or made available on the Fidelity NetBenefits website, which can be found
at www.netbenefits.fidelity.com.

 

Section 17. Applicable
Law. This Program shall be governed by and construed under the laws of the Commonwealth of Pennsylvania without regard to its
conflict of law provisions.

 

Section 18. Severability.
In the event that any one or more of the provisions of this Program shall be held to be invalid, illegal or unenforceable, the
validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 19. Headings.
The descriptive headings of the Sections of this Program are inserted for convenience of reference only and shall not constitute
a part of this Program.

 

Section 20.
Amendment or Termination of this Program. This Program may be amended, suspended or terminated by the Company at any time
upon approval by the Committee and following a determination that the Program is no longer meaningful in relation to the
Company’s strategy. Notwithstanding the foregoing, (i) no amendment, suspension or termination shall adversely affect a
Participant’s rights to his or her award after the date of the award; provided, however, that the Company may amend
this Program from time to time without any Participant’s consent to the extent deemed to be necessary or appropriate,
in its sole discretion, to effect compliance with Code Section 409A or any other provision of the Code, including regulations
and interpretations thereunder, which amendments may result in a reduction of benefits provided hereunder and/or other
unfavorable changes to Participants, (ii) no amendment may alter the time of payment as provided in Section 6 of the Program,
and (iii) no amendment may be made following a Change of Control.

 

    10 

     

    

 

Attachment A

 

2020 Performance Share Unit Program

 

Calculation
of Relative Total Shareholder Return & Payout Factors 

 

For purposes of the Program, “Total
Shareholder Return” or “TSR” shall mean the total shareholder return as determined by dividing (i) the sum of
(A) the Ending Period Average Price minus the Beginning Period Average Price plus (B) all dividends and other distributions paid
on the issuer’s shares during the Performance Period or Sub Period (as applicable), assuming such dividends and other distributions
are invested in shares on the ex-dividend date for such dividend or other distribution, by (ii) the Beginning Period Average Price.
The Committee shall have the authority to make appropriate equitable adjustments to account for extraordinary items affecting the
TSR.

 

For purposes of calculating TSR for the
Performance Period or any Sub Period, “Beginning Period Average Price” shall mean the average official closing price
per share of the issuer over the 15 consecutive trading days ending with and including December 31st (if the applicable day is
not a trading day, the immediately preceding trading day) immediately preceding the beginning date of the Performance Period or
Sub Period (as applicable).

 

For purposes of calculating TSR for the
Performance Period or any Sub Period, “Ending Period Average Price” shall mean the average official closing price per
share of the issuer over the 15 consecutive trading days ending with and including December 31st (if the applicable day is not
a trading day, the immediately preceding trading day) immediately preceding the ending date of the Performance Period or Sub Period
(as applicable).

 

All references in this Program to the “Nationally
Recognized Reporting Service” shall be references to either the print or electronic version of a nationally recognized publication
that reports the daily closing stock price of the Company and each member of the Peer Group described below.

 

For purposes of determining Relative TSR
performance for the Performance Period or any Sub Period, each company, including the Company, will be ranked in descending order
by the TSR so calculated. In the event any member of the Peer Group identified below liquidates or reorganizes under the United
States Bankruptcy Code (U.S.C. Title 11) before the end of the Performance Period or any Sub Period (as applicable), such member
shall remain in the Peer Group for purposes of calculating the Payout Factor for the Performance Period or Sub Period (as applicable).
In the event of any acquisition, merger, consolidation, other reorganization, asset sale, go private transaction or material change
in ownership, legal structure, or business operations (including, for the avoidance of doubt, any rollup or other simplification
transaction involving related parties) of any member of the Peer Group before the end of the Performance Period or any Sub Period
(as applicable), the Committee shall have discretionary authority to retain, remove, or replace such member for purposes of calculating
the applicable Payout Factor.

 

     

     

    

 

The Payout Factor for the Performance Period
and for each Sub Period will be determined based on the level of achievement of the Relative TSR Ranking during the Performance
Period or Sub Period (as applicable); provided that the Payout Factor applicable to the Performance Period and each individual
Sub Period shall in no event exceed 100% for such period if the Company’s TSR for such Performance Period or Sub Period,
as applicable, is less than 0%.

 

Relative TSR Ranking 

 

	 	Threshold	Target	Maximum
	Performance Goal	At 25th percentile	50th percentile	At or above 75th percentile
	Payout Factor	50%	100%	200%

 

NOTE: Above Threshold all Payout Factors are interpolated on
a straight-line basis between the data points above, with 200% being the maximum in all cases. Below threshold, the Payout Factor
shall be zero.

 

For purposes of the Program, the Peer Group shall consist of
the following companies:

 

	Antero Midstream Corporation
	Cheniere Energy Inc.
	Crestwood Equity Partners LP
	DCP Midstream LP
	Enable Midstream Partners LP
	EnLink Midstream LLC
	Kinder Morgan Inc.
	Magellan Midstream Partners LP
	ONEOK Inc.
	Targa Resources Corp
	The Williams Companies Inc.
	Western Midstream Partners LP

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