Document:

Exhibit
10.4

  

METROPOLITAN
BANK HOLDING CORP.

 

 

 

2009
EQUITY INCENTIVE PLAN

 

 

 

 

 

Adopted:
may 18, 2009

 

 

 

     

     

    

   

 

 

METROPOLITAN
BANK HOLDING CORP.

2009
EQUITY INCENTIVE PLAN

 

 

 

		1	PURPOSE;
                                         TYPES OF AWARDS; CONSTRUCTION.

 

		1.1.	Purpose.
The purpose of this 2009 Equity Incentive Plan (the “Plan”) is to afford an incentive to employees, directors, officers,
consultants, advisors, suppliers and any other person or entity whose services are considered valuable (collectively, the “Service
Providers”) to Metropolitan Bank Holding Corp., a New York corporation (the “Company”), or any Affiliate of the
Company, which now exists or hereafter is organized or acquired by the Company, to continue as Service Providers, to increase their
efforts on behalf of the Company or Affiliate and/or to promote the success of the Company's business, by providing such Service
Providers with opportunities to acquire a proprietary interest in the Company by the issuance of shares of Common Stock of the
Company (the “Shares’), and the grant of options to purchase Shares, restricted Shares awards (“Restricted Shares”),
restricted Share units and other Share-based Awards pursuant to the Plan.

 

		1.2.	Types of Awards.
The Plan is intended to enable the Company to issue Awards under varying tax regimes, including, without limitation:

 

	(i)
	Restricted Shares;
	 	 
	(ii)	Incentive Stock Options within the meaning of Section 422 of the Code;
	 	 
	(iii)	Nonqualified Stock Options;
	 	 
	(iv)	Stock Appreciation Rights;
	 	 
	(v)	Restricted share units; and
	 	 
	(vi)	other stock-based Awards pursuant to Section 10 hereof.

 

		2	DEFINITIONS.

 

		2.1.	Terms Generally.
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
Unless the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented
or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth therein
or herein), (ii) references to any law, constitution, statute, treaty, regulation, rule or ordinance, including any section or
other part thereof shall refer to that it as amended from time to time and shall include any successor law, (iii) reference to
a person shall means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization,
or a government or agency or political subdivision thereof, (iv) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Plan in its entirety and not to any particular provision hereof
and (v) all references herein to Sections shall be construed to refer to Sections to this Plan.

 

     

     

    

  

		2.2.	Defined Terms. The following
terms shall have the meanings ascribed to them in this Section 2:

 

		2.2.1.	“Affiliate” shall mean an affiliate of, or person affiliated with, a specified person
or company or other trade or business that directly, or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with such person within the meaning of Rule 405 of Regulation C under the Securities Act, including,
without limitation, any Subsidiary.

 

		2.2.2.	“Applicable Law” shall mean any applicable law, rule, regulation, statute, pronouncement,
policy, interpretation, judgment, order or decree of any federal, provincial, state or local governmental, regulatory or adjudicative
authority or agency, of any jurisdiction, and the rules and regulations of any stock exchange or trading system on which the Shares
are then traded or listed.

 

		2.2.3.	“Award” shall mean any Option, Restricted Share, RSU, Stock Appreciation Right or any
other Share-based award, granted to a Grantee under the Plan and any Share issued pursuant to the exercise thereof.

 

		2.2.4.	“Board” shall mean the Board of Directors of the Company.

 

		2.2.5.	“Bonus Shares” shall mean any shares of capital stock of the Company distributed to
existing stockholders of the Company as a result of a dividend, stock split or other similar distribution.

 

		2.2.6.	“Code” shall mean the United States Internal Revenue Code of 1986, as amended.

 

		2.2.7.	“Committee” shall mean a committee established or designated by the Board to administer
the Plan, subject to Section 3.1.

 

		2.2.8.	“Common Stock” shall mean the common stock, $0.01 par value per share, of the Company.

 

		2.2.9.	“Disability” shall mean (i) the inability of a Grantee to engage in any substantial
gainful activity on behalf of the Company by reason of any medically determinable physical or mental impairment which has lasted
or can be expected to last for a continuous period of not less than 6 months, as determined by a medical doctor satisfactory to
the Committee or, if applicable, (ii) a “permanent and total disability” as defined in Section 22(e)(3) of the Code.

 

		2.2.10.	“Employee” shall mean a person who is employed by the Company or any of its Affiliates.

 

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		2.2.11.	“Exercise Period” shall mean the period, commencing on the date of grant of an Option,
during which an Option shall be exercisable, subject to any vesting provisions thereof and the termination provisions hereof or
as set forth in the individual Option Agreement evidencing such Option.

 

		2.2.12.	“Exercise Price” shall mean the exercise price for each Share of Common Stock covered
by an Option.

 

		2.2.13.	“Fair Market Value” per share as of a particular date shall mean (i) the closing sales
price per Share on the securities exchange on which the Shares of Common Stock are principally traded for the last preceding date
on which there was a sale of such Shares on such exchange; or (ii) if the Shares of Common Stock are listed on The Nasdaq Global
Market, the closing sales price per Share on The Nasdaq Global Market on the last preceding date on which there was a sale of such
Share on The Nasdaq Global Market; or (iii) if the Shares of Common Stock are then traded in another over-the-counter market, the
closing sales price per Share in such over-the-counter market for the last preceding date on which there was a sale of such Shares
in such market; (iv) if the Shares are not then listed on a securities exchange or market or traded in an over-the-counter market,
such value as the Committee, in its sole discretion, shall determine which determination shall be conclusive and binding on all
parties, and shall be made after such consultations with outside legal, accounting and other experts as the Committee may deem
advisable. The Committee shall maintain a written record of its method of determining such value. If the Shares are listed or quoted
on more than one established stock exchange or national market system, the Committee shall determine the appropriate exchange or
system for the purpose of determination of Fair Market Value.

 

		2.2.14.	“Grantee” shall mean a person who receives a grant of Award under the Plan, and who
at the time of grant is a Service Provider of the Company or any Affiliate thereof.

 

		2.2.15.	“Non-Employee” shall mean a consultant, adviser, director, or any other Service Provider
who is not an Employee.

 

		2.2.16.	“Nonqualified Stock Option” shall mean any Option, which Option is not designated as,
or does not meet the conditions for, an Incentive Stock Option.

 

		2.2.17.	“Options” shall mean all options to purchase Shares granted as Incentive Stock Options
and Non-Qualified Stock Options.

 

		2.2.18.	“Parent” shall mean any company (other than the Company), which now exists or is hereafter
organized, (i) in an unbroken chain of companies ending with the Company if, at the time of granting an Award, each of the companies
(other than the Company) owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of
stock in one of the other companies in such chain, or, if applicable, (ii) as defined in Section 424(e) of the Code.

 

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		2.2.19.	“Retirement” shall mean a Grantee's retirement pursuant to Applicable Law or in accordance
with the terms of any tax-qualified retirement plan maintained by the Company or any of its Affiliates in which the Grantee participates.

 

		2.2.20.	“Securities Act” shall mean United States Securities Act of 1933, as amended.

 

		2.2.21.	“Subsidiary” shall mean any company (other than the Company), which now exists or is
hereafter organized or acquired by the Company, (i) in an unbroken chain of companies beginning with the Company if, at the time
of granting an Award, each of the companies other than the last company in the unbroken chain owns stock possessing fifty percent
(50%) or more of the total combined voting power of all classes of stock in one of the other companies in such chain, or, if applicable,
(ii) as defined in Section 424(f) of the Code.

 

		2.2.22.	“Stock Appreciation Right” or “SAR” shall mean a right to receive, in cash
or shares of Common Stock (as determined by the Committee), value with respect to a specific number of shares of Common Stock equal
to or otherwise based on the excess of (i) the Fair Market Value of a share of Common Stock at the time of exercise over (ii) the
exercise price of the right (which shall be no less than the Fair Market Value of a share of Common Stock on the date of grant
of the right), subject to such terms and conditions as are expressed in the document(s) evidencing the Award (the “SAR Agreement”).

 

		2.2.23.	“Ten Percent Shareholder” shall mean a Grantee who, at the time an Incentive Stock
Option is granted, owns shares possessing more than ten percent (10%) of the total combined voting power of all classes of shares
of the Company or any Parent or Subsidiary.

 

		3.	ADMINISTRATION.

 

		3.1.	The Plan shall be administered by the Committee. In lieu of appointing a Committee, the Plan may
be administered by the Board. In the event that an action necessary for the administration of the Plan is required under law to
be taken by the Board, then such action shall be so taken by the Board. In any such event, all references herein to the Committee
shall be construed as references to the Board.

 

		3.2.	The Board shall appoint or shall have appointed the members of the Committee, may from time to
time remove members from, or add members to, the Committee, and shall fill vacancies in the Committee however caused, provided
that the composition of the Committee shall at all times be in compliance with any mandatory requirements of Applicable Law. The
Committee may select one of its members as its Chairman and shall hold its meetings at such times and places as it shall determine.
The Committee may appoint a Secretary, who shall keep records of its meetings and shall make such rules and regulations for the
conduct of its business, as it shall deem advisable and subject to requirements of Applicable Law.

 

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		3.3.	Subject to the terms and conditions of this Plan and any mandatory provisions of Applicable Law,
and in addition to the Committee's powers contained elsewhere in this Plan, the Committee shall have full authority in its discretion,
from time to time and at any time, to determine any of the following:

 

		(i)	eligible Grantees,

 

		(ii)	grants of Awards and setting the terms and provisions of Option Agreements, Restricted Share Agreements,
Restricted Share Unit Agreements (none of which need be identical) and any other agreements or instruments under which Awards are
made, including, but not limited to, the number of Shares underlying each Award,

 

		(iii)	the time or times at which Awards shall be granted,

 

		(iv)	the schedule and conditions on which Awards may be exercised,

 

		(v)	the Exercise Price,

 

		(vi)	to interpret the Plan,

 

		(vii)	prescribe, amend and rescind rules and regulations relating to and for carrying out the Plan, as
it may deem appropriate,

 

		(viii)	the Fair Market Value of the Shares, and

 

		(ix)	any other matter which is necessary or desirable for, or
incidental to, the administration of the Plan and any Award thereunder.

 

		3.4.	Grants of Awards shall be made pursuant to written notice to Grantees setting forth the terms of
the Award. Such notice shall designate the type of Award as one of the following: (i) Incentive Stock Option, (ii) Nonqualified
Stock Option, (iii) Restricted Shares, (iv) Restricted Share Units, (v) Stock Appreciation Rights, or (vi) any other type of Award.
Notwithstanding the foregoing, written notice may be substituted by delivery of the applicable written Award agreement evidencing
the Award.

 

		3.5.	Subject to the mandatory provisions of Applicable Law, the grant of any Award shall be deemed
                                                                                  to include an authorization of the issuance of shares of Common Stock upon the due exercise thereof.

 

		3.6.	All decisions, determination and interpretations of the
Committee shall be final and binding on all Grantees of any Awards under this Plan, unless otherwise determined by the Board.
No member of the Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or
any Award granted hereunder.

 

		4.	ELIGIBILITY.

 

		4.1.	Awards may be granted to Service Providers of the Company and any Affiliate of the Company. A person
who has been granted an Award hereunder may be granted additional Awards, if the Committee shall so determine, subject to the limitations
herein. In determining the persons to whom Awards shall be granted and the number of Shares to be covered by each Award, the Committee
shall take into account the duties of the respective persons, their present and potential contributions to the success of the Company
and such other factors as the Committee shall deem relevant in connection with accomplishing the purpose of the Plan.

 

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		5.	SHARES.

 

The
initial number of Shares of Common Stock reserved for the grant of Awards under the Plan shall be 123,000 Shares. Any share underlying
an Award granted hereunder which has expired, or was cancelled or terminated or forfeited for any reason without having been exercised,
shall be automatically, and without any further action on the part of the Company or any Grantee, returned to the “pool”
of reserved Shares hereunder and shall again be available for grant for the purposes of this Plan (unless this Plan shall have
been terminated) or unless the Board determines otherwise. The Board may, subject to any other approvals required under any Applicable
Law, increase or decrease the number of Shares of Common Stock to be reserved under the Plan. Such Shares may, in whole or in part,
be authorized but unissued Shares, or Shares that shall have been or may be reacquired by the Company. Any Shares of Common Stock
which are not subject to outstanding Awards at the termination of the Plan shall cease to be reserved for the purpose of the Plan,
but until termination of the Plan, the Company shall at all times reserve a sufficient number of Shares to meet the requirements
of the Plan.

 

		6.	TERMS
AND CONDITIONS OF OPTIONS.

 

Each
Option granted pursuant to the Plan shall be evidenced by a written agreement between the Company and the Grantee or a written
notice delivered by the Company and accepted by the Grantee (the “Option Agreement”), in such form and containing such
terms and conditions as the Committee shall from time to time approve, which Option Agreement shall comply with and be subject
to the following terms and conditions, unless otherwise specifically provided in such Option Agreement or the terms referred to
in Sections 7 and 8 below. Notwithstanding the foregoing, such Options shall be subject to all applicable terms of the Plan and
may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Option Agreements entered
into under the Plan need not be identical.

 

		6.1.	Number of
Shares. Each Option Agreement shall state the number of Shares covered by the Option.

 

		6.2.	Type of Option.
Each Option Agreement shall specifically state the type of Option granted thereunder and whether it constitutes an Incentive Stock
Option, or Nonqualified Stock Option.

 

		6.3.	Exercise Price.
Each Option Agreement shall state the Exercise Price, which shall not be less than one hundred percent (100%) of the Fair Market
Value of the Shares covered by the Option on the date of grant. In the case of an Incentive Stock Option granted to any Ten-Percent
Shareholder, the Exercise Price shall not be less than 110% of the Fair Market Value of the Shares covered by the Option on the
date of grant. In no event shall the Exercise Price of an Option be less than the par value of the Shares for which such Option
is exercisable.

 

		6.4.	Manner of
Exercise. An Option may be exercised, as to any or all Shares as to which the Option has become exercisable, by written
notice delivered in person or by mail to the Secretary of the Company or to such other person as determined by the Company, specifying
the number of Shares with respect to which the Option is being exercised, accompanied by payment of the Exercise Price for such
Shares in the manner specified in the following sentence. The Exercise Price shall be paid in full with respect to each Share,
at the time of exercise, either in (i) cash, or (ii) in such other manner as the Company shall implement from time to time, which
may include procedures for cashless exercise.

 

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		6.5.	Termand
Vesting of Options. EachOptionAgreement shall provide the vesting schedule for the Option as determined by
the Committee. To the extent permitted under Applicable Law, the Committee shall have the authority to determine the vesting schedule
and accelerate the vesting of any outstanding Option at such time and under such circumstances as it, in its sole discretion,
deems appropriate. The Option Agreement may contain performance goals and measurements, and the provisions with respect to any
Option need not be the same as the provisions with respect to any other Option. The Exercise Period of an Option will be specified
in the Option Agreement but in no event shall the Exercise Period exceed ten (10) years from the date of grant of the Option;
provided, however, that in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, such Exercise Period shall
not exceed five (5) years from the date of grant of such Option (as further described in Section 8.2 of this Plan). At the expiration
of the Exercise Period, all unexercised Options shall become null and void.

 

		6.6.	Termination.

 

		6.6.1.	Except as provided in this Section 6.6 and in Section 6.7
hereof, an Option may not be exercisedunlessthe Grantee is then in the employ of or maintaining a director,officer,consultant,
advisor or supplier relationship with the Company or a Subsidiary thereof or, in the case of an Incentive Stock Option, a company
or a parent or subsidiary company of such company issuing or assuming the Option in a transaction to which Section 424(a) of the
Code applies, and unless the Grantee has remained continuously so employed or in the director, officer, supplier, consultant,
or advisor relationship since the date of grant of the Option. In the event that the employment or director, officer or consultant,
advisor or supplier relationship of a Grantee shall terminate (other than by reason of death, Disability or Retirement), all Options
of such Grantee that are vested and exercisable at the time of such termination may, unless earlier terminated in accordance with
their terms, be exercised within up to ninety (90) days after the date of such termination (or such different period as the Committee
shall prescribe); provided, however, that if the Company (or the Subsidiary, when applicable) shall terminate the Grantee’s
employment or service for Cause (as defined below) or if following the Grantee’s termination of employment or service, circumstances
arise or are discovered with respect to the Grantee that would have constituted Cause for termination of his or her employment
or service, all Options theretofore granted to such Grantee (whether vested or not) shall, to the extent not theretofore exercised,
terminate on the date of such termination (or on which such circumstance arise or are discovered, as the case may be) unless otherwise
determined by the Committee.

 

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		6.6.2.	In the case of a Grantee whose principal employer is an
Affiliate, the Grantee’s employment shall also be deemed terminated for purposes of this Section 6.6 as of the date on which
such principal employer ceases to be a Subsidiary. Notwithstanding anything to the contrary, the Committee, in its absolute discretion
may, on such terms and conditions as it may determine appropriate, extend the periods for which the Options held by any individual
may continue to vest and be exercisable; provided, that such Options may lose their status as Incentive Stock Options under applicable
law and be deemed Nonqualified Stock Options in the event that the period of vesting and/or exercisability of any option is extended
beyond the later of: (i) one hundred and eighty (180) days after the date of cessation of employment or performance of services;
or (ii) the applicable period under Section 6.7 below.

 

		6.6.3.	For purposes of this Plan, the term “Cause” shall mean any of the following: (a) fraud,
embezzlement or felony or similar act by the Grantee; (b) an act of moral turpitude by the Grantee, or any similar act, to the
extent that such act causes significant injury to the reputation, business or business relationship of the Company (or a Subsidiary
or Affiliate thereof); (c) any breach by the Grantee of an agreement between the Company or any Subsidiary or Affiliate thereof
and the Grantee (including breach of confidentiality, non-competition or non-solicitation covenants); or (d) any circumstances
that constitute grounds for termination for cause under the Grantee’s employment, consulting or service agreement with the
Company or Affiliate, to the extent applicable, or under any policies in effect relating to employment by the Company or any of
its Subsidiaries or Affiliates known by or that should have been known by the Grantee.

 

		6.7.	Death, Disability
or Retirement of Grantee. If a Grantee shall die while employed by, or performing service for, the Company or an Affiliate,
or die within the one (1) year period after the date of termination of such Grantee's employment or service (or within such different
period as the Committee may have provided pursuant to Section 6.6 hereof), or if the Grantee's employment or service shall terminate
by reason of Disability, all Options theretofore granted to such Grantee may (to the extent otherwise vested and exercisable and
unless earlier terminated in accordance with their terms), be exercised by the Grantee or by the Grantee's estate or by a person
who acquired the right to exercise such Options by bequest or inheritance or otherwise by result of death or Disability of the
Grantee, at any time within one (1) year after the death or Disability of the Grantee (or such different period as the Committee
shall prescribe). In the event that an Option granted hereunder shall be exercised by the legal representatives of a deceased or
Disabled Grantee, written notice of such exercise shall be accompanied by a certified copy of letters testamentary or equivalent
proof of the right of such legal representative to exercise such Option. In the event that the employment or service of a Grantee
shall terminate on account of such Grantee's Retirement, all Options of such Grantee that are exercisable at the time of such Retirement
may, unless earlier terminated in accordance with their terms, be exercised at any time within the three (3) month period after
the date of such Retirement (or such different period as the Committee shall prescribe).

 

		6.8.	Suspension
of Vesting. Unless the Committee provides otherwise, vesting of Options granted hereunder shall be suspended during
any unpaid leave of absence, other than in the case of any (a) leave of absence which was pre-approved by the Company, (b) maternity
leave in accordance with Company policy in effect from time to time or (c) transfers between locations of the Company or between
the Company, any Affiliate, or any respective successor thereof.

 

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		6.9.	Other Provisions.
The Option Agreement evidencing Awards under the Plan shall contain such other terms and conditions not inconsistent with the Plan
as the Committee may determine, at or after the date of grant, including without limitation, provisions in connection with the
restrictions on transferring the Awards, which shall be binding upon the Grantees, and other terms and conditions as the Committee
shall deem appropriate.

 

		7.	NONQUALIFIED
STOCK OPTIONS.

 

Options
granted pursuant to this Section 7 are intended to constitute Nonqualified Stock Options and shall be subject to the general terms
and conditions specified in Section 6 hereof and other applicable provisions of the Plan.

 

		8.	INCENTIVE
STOCK OPTIONS.

 

Options
granted pursuant to this Section 8 are intended to constitute Incentive Stock Options and shall be granted subject to the following
special terms and conditions, the general terms and conditions specified in Section 6 hereof and other applicable provisions of
the Plan:

 

		8.1.	Value of Shares.
The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares of Common Stock
with respect to which all Incentive Stock Options granted under this Plan and all other option plans of any Subsidiary or Affiliate
become exercisable for the first time by each Grantee during any calendar year shall not exceed one hundred thousand United States
dollars ($100,000) with respect to such Grantee. To the extent that the aggregate Fair Market Value of Shares with respect to which
the Incentive Stock Options are exercisable for the first time by any Grantee during any calendar years exceeds one hundred thousand
United States dollars ($100,000), such Options shall be treated as Nonqualified Stock Options. The foregoing shall be applied by
taking options into account in the order in which they were granted, with the Fair Market Value of any Share to be determined at
the time of the grant of the Option. In the event the foregoing results in the portion of an Incentive Stock Option exceeding the
one hundred thousand United States dollars ($100,000) limitation, only such excess shall be treated as a Nonqualified Stock Option.

 

		8.2.	Ten Percent
Shareholder. In the case of an Incentive Stock Option granted to a Ten Percent Shareholder, (i) the Exercise Price shall
not be less than one hundred and ten percent (110%) of the Fair Market Value of the Shares on the date of grant of such Incentive
Stock Option, and (ii) the Exercise Period shall not exceed five (5) years from the date of grant of such Incentive Stock Option.

 

		8.3.	Exercise Following
Termination. Notwithstanding anything else in this Plan to the contrary, Incentive Stock Options that are not exercised
within ninety (90) days following termination of Grantee’s employment in the Company or its Affiliates and Subsidiaries,
or within one year in case of termination of Grantee’s employment in the Company or its Affiliates and Subsidiaries due to
a disability (within the meaning of section 22(e)(3) of the Code), shall be deemed to be Nonqualified Stock Options.

 

		8.4.	Notice to
Company of Disqualifying Disposition. Each Grantee who receives an Incentive Stock Option must agree to notify the Company
in writing immediately after the Grantee makes a Disqualifying Disposition of any Shares of Common Stock acquired upon exercise
of an Incentive Stock Option (“ISO Shares”). A “Disqualifying Disposition” is any disposition (including
any sale) of such Shares before the later of (i) two years after the date the Grantee was granted the Incentive Stock Option, or
(ii) one year after the date the Grantee acquired Shares by exercising the Incentive Stock Option. If the Grantee dies before such
ISO Shares are sold, these holding period requirements do not apply and no disposition of the Shares of Common Stock acquired upon
exercise of the Incentive Stock Option will be deemed a Disqualifying Disposition.

 

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9.       RESTRICTED
SHARES.

 

The
Committee may award Restricted Shares to any eligible Grantee. Each Award of Restricted Shares under the Plan shall be evidenced
by a written agreement between the Company and the Grantee (the “Restricted Share Agreement”), in such form as the
Committee shall from time to time approve. Such Restricted Shares shall be subject to all applicable terms of the Plan and may
be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Share Agreements
entered into under the Plan need not be identical. The Restricted Share Agreement shall comply with and be subject to the following
terms and conditions, unless otherwise specifically provided in such Restricted Share Agreement:

 

		9.1.	Number of
Shares. Each Restricted Share Agreement shall state the number of Shares covered by an Award.

 

		9.2.	Purchase Price.
Each Restricted Share Agreement may state an amount of purchase price, if any, to be paid by the Grantee in consideration for the
issuance of the Restricted Shares and the terms of payment thereof, which may include payment by issuance of promissory notes or
other evidence of indebtedness on such terms and conditions as determined by the Committee; provided that in no event shall payment
be made by issuance of any evidence of indebtedness if such issuance would be a violation of Applicable Law.

 

		9.3.	Vesting.
Each Restricted Share Agreement shall provide the vesting schedule for the Restricted Shares as determined by the Committee, provided
that (to the extent permitted under Applicable Law) the Committee shall have the authority to determine the vesting schedule based
on the passage of time and/or such performance criteria as deemed appropriate by the Committee.

 

		9.4.	Restrictions.
Except as otherwise provided in Section 13.1 hereof, Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated
or otherwise disposed of, for such period as the Committee shall determine from the date on which the Award is granted (the “Restricted
Period”). Certificates for shares issued pursuant to Restricted Share Awards shall bear an appropriate legend referring to
such restrictions, and any attempt to dispose of any such shares in contravention of such restrictions shall be null and void and
without effect. Such certificates may, if so determined by the Committee, be held in escrow by an escrow agent appointed by the
Committee. In determining the Restricted Period of an Award the Committee may provide that the foregoing restrictions shall lapse
with respect to specified percentages of the awarded Restricted Shares on successive anniversaries of the date of such Award.

 

		9.5.	Forfeiture.
Subject to such exceptions as may be determined by the Committee from time to time in its sole discretion, if the Grantee's continuous
employment with the Company or any Subsidiary shall terminate for any reason prior to the vesting date or expiration of the Restricted
Period of an Award or, if applicable, prior to the payment in full of the purchase price of any Restricted Shares with respect
to which the vesting date or the Restricted Period has expired, any shares remaining subject to vesting or restrictions or with
respect to which the purchase price has not been paid in full, shall thereupon be forfeited and shall be deemed transferred to,
and reacquired by, or cancelled by, as the case may be, the Company at no cost to the Company, subject to all Applicable Laws.
Upon forfeiture of Restricted Shares, the Grantee shall have no further rights with respect to such Restricted Shares.

 

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		9.6.	Ownership.
During the Restricted Period the Grantee shall possess all incidents of ownership of such Restricted Shares, subject to Section
9.4, including the right to vote and receive dividends with respect to such shares. All distributions, if any, received by a Grantee
with respect to Restricted Shares as a result of any stock split, stock dividend, combination of shares, or other similar transaction
shall be subject to the restrictions applicable to the original Award.

 

		10.	RESTRICTED
SHARE UNITS.

 

		10.1.	A restricted Share unit (an “RSU”) is an Award covering a number of Shares that is
settled by issuance of those Shares or cash equal to the Fair Market Value of those Shares. Each grant of RSUs under the Plan shall
be evidenced by a written agreement between the Company and the Grantee (the “Restricted Share Unit Agreement”), in
such form as the Committee shall from time to time approve. Such RSUs shall be subject to all applicable terms of the Plan and
may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Share Unit
Agreements entered into under the Plan need not be identical.

 

		10.2.	Other than the par value of the Shares, no payment of cash shall be required as consideration for
RSUs. RSUs may or may not be subject to vesting as determined by the Committee which may be based on the passage of time and/or
such performance criteria as deemed appropriate by the Committee. Vesting shall occur, in full or in installments, upon satisfaction
of the conditions specified in the Restricted Share Unit Agreement.

 

		10.3.	No voting or dividend rights as a shareholder shall exist prior to the actual issuance of Shares
in the name of the Grantee. Each Restricted Share Unit Agreement shall specify its term and any conditions on the time or times
for settlement, and provide for expiration prior to the end of its term in the event of termination of employment or service providing
to the Company, and may provide for earlier settlement in the event of the Grantee’s death, Disability or other events.

 

		10.4.	Settlement of vested RSUs shall be made within seventy-five (75) days of vesting in the form of
Shares or cash equal to the Fair Market Value of those Shares as of the date of vesting.

 

		11.	OTHER
SHARE OR SHARE-BASED AWARDS.

 

The
Committee may grant other Awards under the Plan pursuant to which Shares (which may, but need not, be Restricted Shares pursuant
to Section 9 hereof), cash or a combination thereof, are or may in the future be acquired or received, or Awards denominated in
stock units, including units valued on the basis of measures other than market value. The Committee may also grant Stock Appreciation
Rights with or without the grant of an accompanying Option, which rights shall permit the Grantees to receive, at the time of any
exercise of such rights, cash equal to the amount by which the Fair Market Value of all Shares in respect to which the right was
granted exceeds the exercise price thereof.

 

    	 	11	 

     

    

 

		12.	EFFECT
OF CERTAIN CHANGES.

 

		12.1.	General.
With respect to Common Stock, in the event of a subdivision of the outstanding Share of the Company, any payment of a stock dividend
(distribution of bonus Shares), a recapitalization, a reorganization (which may include a combination or exchange of shares), a
consolidation, a stock split, a reverse stock split, a spin-off or other corporate divestiture or division, a reclassification
or other similar occurrence, the Committee shall make such adjustments as determined by the Committee to be appropriate in order
to adjust (i) the number of Shares available for grants of Awards, (ii) the number of Shares covered by outstanding Awards, and
(iii) the exercise price per Share covered by any Award; provided, however, that any fractional Shares resulting from such adjustment
shall be rounded down to the nearest whole Share and that the Company shall have no obligation to make any cash or other payment
with respect to such fractional Shares.

 

		12.2.	Merger and
Sale of Company. In the event of (i) a sale of all or substantially all of the assets of the Company; or (ii) a sale
(including an exchange) of all or substantially all of the Shares of the Company; (iii) a merger, consolidation, amalgamation or
like transaction of the Company with or into another corporation; (iv) a scheme of arrangement for the purpose of effecting such
sale, merger or amalgamation; or (v) such other transaction that is determined by the Committee to be a transaction having a similar
effect (all such transactions being herein referred to as a “Merger/Sale”), then, without the Grantee’s consent
and action:

 

		12.2.1.	The Committee in its sole and absolute discretion may cause that any Award then outstanding shall
be assumed or an equivalent Award shall be substituted by such successor corporation of the Merger/Sale or any parent or Affiliate
thereof as determined by the Board is its discretion (the “Successor Corporation”), under substantially the same terms
as the Award;

 

		12.2.2.	In the event that the Successor Corporation does not agree to assume the Award or to substitute
an equivalent Award, then the Committee may (but shall not be obligated to), in lieu of such assumption or substitution of the
Award and in its sole discretion, (i) provide for the Grantee to have the right to exercise the Award, or otherwise for the acceleration
of vesting of such Award, as to all or part of the Shares, including Shares covered by the Award which would not otherwise be exercisable
or vested, under such terms and conditions as the Committee shall determine, including the cancellation of all unexercised Awards
upon closing of the Merger/Sale; and/or (ii) provide for the cancellation of each outstanding Award at the closing of such Merger/Sale,
and payment to the Grantee of an amount in cash as determined by the Committee to be fair in the circumstances, subject to such
terms and conditions as determined by the Committee.

 

		12.3.	Reservation
of Rights. Except as expressly provided in this Section 12, the Grantee of an Award hereunder shall have no rights by
reason of any subdivision or consolidation of shares of any class or the payment of any stock dividend (bonus shares), any other
increase or decrease in the number of shares of any class or by reason of any dissolution, liquidation, Merger/Sale, or consolidation,
divestiture or spin-off of assets or shares of another company. Any issue by the Company of shares of any class, or securities
convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect
to, the number, type or price of shares subject to an Award. The grant of an Award pursuant to the Plan shall not affect in any
way the right pof power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business
structures or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or part of its business or assets or
engage in any similar transactions.

 

    	 	12	 

     

    

 

		13.	NON-TRANSFERABILITY
OF AWARDS; SURVIVINGBENEFICIARY.

 

		13.1.	All Awards granted under the Plan shall not be transferable otherwise than by will or by the laws
of descent and distribution. Awards may be exercised or otherwise realized, during the lifetime of the Grantee, only by the Grantee
or by his guardian or legal representative, to the extent provided for herein. Any transfer of an Award not permitted hereunder
(including transfers pursuant to any decree of divorce, dissolution or separate maintenance, any property settlement, any separation
agreement or any other agreement with a spouse) and any grant of any interest in any Award to, or creation in any way of any interest
in any Award by, any party other than the Grantee shall be null and void and shall not confer upon any party or person, other than
the Grantee, any rights.

 

		14.	CONDITIONS
UPON ISSUANCE OF SHARES

 

		14.1.	Legal Compliance.
Shares of Common Stock shall not be issued pursuant to the exercise of an Award, unless the exercise of such Award and the issuance
and delivery of such Shares shall comply with Applicable Laws as determined by counsel to the Company. The inability of the Company
to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the
failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

 

		14.2.	Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award
to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any
present intention to sell or distribute such Shares, and make other representations as may be required under applicable securities
laws if, in the opinion of counsel for the Company, such representations are required, all in form and content specified by the
Company.

 

		15.	AGREEMENT
BY GRANTEE REGARDING TAXES.

 

		15.1.	The Company or any Subsidiary or Affiliate may take such
action as it may deem necessary or appropriate, in its discretion, for the purpose of or in connection with withholding of any
taxes which the Company or any Subsidiary or Affiliate is required by any Applicable Law to withhold in connection with any Awards
(collectively, “Withholding Obligations”). Such actions may include, without limitation, (i) requiring a Grantees
to remit to the Company in cash an amount sufficient to satisfy such Withholding Obligations; (ii) subject to Applicable Law,
allowing the Grantees to provide Shares to the Company, in an amount that at such time, reflects a value that the Committee determines
to be sufficient to satisfy such Withholding Obligations; (iii) withholding Shares otherwise issuable upon the exercise of an
Award at a value which is determined by the Committee to be sufficient to satisfy such Withholding Obligations; or (iv) any
combination of the foregoing. The Company shall not be obligated to allow the exercise of any Award by or on behalf of a Grantee
until all tax consequences arising from the exercise of such Award are resolved in a manner acceptable to the Company.

 

    	 	13	 

     

    

 

		16.	RIGHTS
AS A STOCKHOLDER; VOTINGAND DIVIDENDS.

 

		16.1.	Subject to Section 9.6, a Grantee shall have no rights as a shareholder of the Company with respect
to any Shares covered by the Award until the date of the issuance of a share certificate to the Grantee for such Shares. The Grantee
shall not have any of the rights or privileges of shareholders of the Company in respect of any Shares purchasable upon the exercise
of any Award, nor shall they be deemed to be a class of shareholders, until registration of the Grantee as the holder of such Shares
in the Company’s register of shareholders upon exercise of the Award in accordance with the provisions of the Plan. No adjustment
shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distribution of other
rights for which the record date is prior to the date such share certificate is issued, except as provided in Section 12 hereof.

 

		16.2.	The Company may, but shall not be obligated to, register or qualify the sale of Shares under any
applicable securities law or any other applicable law.

 

		17.	NO
REPRESENTATION BY COMPANY.

 

By
granting the Awards, the Company is not, and shall not be deemed as,granting any representation or warranties to the Grantee
regarding the Company, its business affairs, its prospects or the future value of its Shares.

 

		18.	NO
RETENTION RIGHTS.

 

Nothing
in the Plan or in any Award granted or agreement entered into pursuant hereto shall confer upon any Grantee the right to continue
in the employ of, or be in a consultant, advisor, director, officer or supplier relationship with, the Company or any Subsidiary
or Affiliate or to be entitled to any remuneration or benefits not set forth in the Plan or such agreement or to interfere with
or limit in any way the right of the Company or any such Subsidiary or Affiliate to terminate such Grantee's employment or service.
Awards granted under the Plan shall not be affected by any change in duties or position of a Grantee as long as such Grantee continues
to be employed by, or be in a consultant, advisor, director, officer or supplier relationship with, the Company or any Subsidiary
or Affiliate.

 

		19.	PERIOD
DURING WHICH AWARDSMAY BEGRANTED.

 

Awards
may be granted pursuant to thePlanfromtimetotime within a period of ten (10) years from the Effective
Date. From the tenth (10th) anniversary of the Effective Date no grants of Awards may be made and the Plan shall
continue to be in full force and effect solely with respect to such Awards that remain outstanding. The Plan shall terminate
at such time after the tenth (10th) anniversary of the Effective Date that no Awards remain outstanding.

 

		20.	TERM
OF AWARD

 

Anything
herein to the contrary notwithstanding, if any Award, or any part thereof, has not been exercised and the Shares covered thereby
not paid for within the term of the Award as determined by the Committee, which in any event shall not exceed ten (10) years after
the date on which the Award was granted, as set forth in the Award Agreement in the Grantee’s Award, such Award, or such
part thereof, and the right to acquire such Shares shall terminate, and all interests and rights of the Grantee in and to the same
shall expire.

 

    	 	14	 

     

    

 

		21	AMENDMENT
                                         AND TERMINATION OF THE PLAN.

 

The
Board at any time and from time to time may suspend, terminate, modify or amend the Plan, whether retroactively or prospectively;
provided, however, that, unless otherwise determined by the Board, an amendment which requires shareholder approval in order for
the Plan to continue to comply with any Applicable Law shall not be effective unless and until approved by the requisite vote
of shareholders, and provided further that except as provided herein, no suspension, termination, modification or amendment of
the Plan may adversely affect any Award previously granted, unless the written consent of the respective Grantee is obtained.

 

		22.	APPROVAL.

 

The
Plan shall be effective as of its adoption by the Board (the “Effective Date”), subject to the subsequent approval
of the Company’s shareholders.

 

		23.	GOVERNING
LAW; JURISDICTION.

 

The
Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of New York.

 

		24.	NON-EXCLUSIVITY
OF THE PLAN.

 

Neither
the adoption of the Plan by the Board nor the submission of the Plan to shareholders of the Company for approval (to the extent
required under Applicable Law), shall be construed as creating any limitations on the power or authority of the Board to adopt
such other or additional incentive or other compensation arrangements of whatever nature as the Board may deem necessary or desirable
or preclude or limit the continuation of any other plan, practice or arrangement for the payment of compensation or fringe benefits
to employees generally, or to any class or group of employees, which the Company or any Subsidiary now has lawfully put into effect,
including, without limitation, any retirement, pension, savings and stock purchase plan, insurance, death and disability benefits
and executive short-term or long-term incentive plans.

 

		25.	Section 409A
of the Code. To the extent applicable, it is intended that this Plan and any grants made hereunder are exempt from Section
409A of the Code or are structured in a manner that would not cause a Participant to be subject to taxes and interest pursuant
to Section 409A of the Code. This Plan and any grants made hereunder shall be administered in a manner consistent with this intent,
and any provision that would cause this Plan or any grant made hereunder to become subject to taxation under Section 409A of the
Code shall have no force and effect until amended to comply with Section 409A of the Code.

 

		26.	MISCELLANEOUS.

 

		26.1.	Additional
Terms. Each Award awarded under the Plan may contain such other terms and conditions not inconsistent with the Plan
as may be determined by the Committee, in its sole discretion.

 

		26.2.	Severability.
If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and
all provisions shall remain enforceable in any other jurisdiction. In addition, if any particular provision contained in this Agreement
shall for any reason be held to be excessively broad as to duration, geographic scope, activity or subject, it shall be construed
by limiting and reducing such provision as to such characteristic so that the provision is enforceable to fullest extent compatible
with the applicable law as it shall then appear.

 

		26.3.	Captions and
Titles. The use of captions and titles in this Plan or any Option Agreement, Restricted Share Agreement or other Award
related agreement is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or such
agreement.

 

*         *         *

 

    	 	15	 

     

    

  

FIRST AMENDMENT TO THE

METROPOLITAN BANK HOLDING CORP.

2009 EQUITY INCENTIVE PLAN

 

WHEREAS, the
Board of Directors (the “Board”) of Metropolitan Bank Holding Corp. (the “Company”) adopted
the Metropolitan Bank Holding Corp. 2009 Equity Incentive Plan (“the “Plan”), which was approved by the
Company’s shareholders in 2009; and

 

WHEREAS, the
Plan originally reserved a total of 123,000 shares of common stock of the Company (the “Shares”) for issuance
to employees and non-employee directors; and

 

WHEREAS, Section
5 of the Plan provides that the Board may increase or decrease the number of Shares which may be issued under the Plan, subject
to any approvals required under applicable law; and

 

WHEREAS, Section
21 of the Plan provides that the Board may amend the Plan from time to time; and

 

WHEREAS, the
Board wishes to amend the Plan as set forth herein, in order to reserve an additional 300,000 Shares for issuance under the Plan;
and

 

WHEREAS, the
Board wishes to submit this First Amendment to the Company’s shareholders for approval at the Company’s 2013 special
meeting of shareholders.

 

NOW THEREFORE,
the Plan is hereby amended as follows, effective upon the approval of the Company’s shareholders:

 

1.       Amendment
to Section 5 of the Plan. The first sentence of Section 5 of the Plan is hereby amended and restated to read as follows:

 

“The number of Shares of
Common Stock reserved for the grant of Awards under the Plan shall be 423,000, which reflects the initial number of Shares reserved
for the grant of Awards under the Plan (123,000) plus an additional 300,000, which are added pursuant to the terms of this amendment.

 

2.       All
other provisions of the Plan shall remain unchanged and shall continue in effect.

 

IN WITNESS WHEREOF,
the Board has adopted this First Amendment as of the date of the Company’s 2013 special meeting of shareholders.

 

	 	METROPOLITAN BANK HOLDING CORP.
	 	 
	 	By:	/s/ Mark R. DeFazio

 

     

     

    

 

 

SECOND AMENDMENT TO THE

METROPOLITAN BANK HOLDING CORP.

2009 EQUITY INCENTIVE PLAN

 

WHEREAS, the
Board of Directors (the “Board”) of Metropolitan Bank Holding Corp. (the “Company”) adopted
the Metropolitan Bank Holding Corp. 2009 Equity Incentive Plan (“the “Plan”), which was approved by the
Company’s shareholders in 2009; and

 

WHEREAS, Section
5 of the Plan provides that the Board may increase or decrease the number of shares of common stock of the Company (the “Shares”)
which may be issued under the Plan, subject to any approvals required under applicable law; and

 

WHEREAS, Section
21 of the Plan provides that the Board may amend the Plan from time to time; and

 

WHEREAS, the
Board wishes to amend the Plan as set forth herein, in order to reserve an additional 760,000 Shares for issuance under the Plan;
and

 

WHEREAS, the
Board wishes to submit this Second Amendment to the Company’s shareholders for approval at the Company’s 2016 annual
meeting of shareholders.

 

NOW THEREFORE,
the Plan is hereby amended as follows, effective upon the approval of the Company’s shareholders:

 

1.       Amendment
to Section 5 of the Plan. The first sentence of Section 5 of the Plan is hereby amended and restated to read as follows:

 

“The number of Shares of
Common Stock reserved for the grant of Awards under the Plan shall be 1,183,000, which reflects the number of Shares reserved for
the grant of Awards under the Plan (423,000), as amended, plus an additional 760,000, which are added pursuant to the terms of
this amendment.

 

2.       All
other provisions of the Plan shall remain unchanged and shall continue in effect.

 

IN WITNESS WHEREOF,
the Board has adopted this Second Amendment as of the date of the Company’s 2016 annual meeting of shareholders.

 

	 	METROPOLITAN BANK HOLDING CORP.
	 	 
	 	By:	/s/ Mark R. DeFazioExhibit 4.3

 

EQT CORPORATION

 

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON,

 

as Trustee

 

 

FIFTH SUPPLEMENTAL INDENTURE

 

Dated as of October 4, 2017

 

to

 

INDENTURE

 

Dated as of March 18, 2008

 

 

Floating Rate Notes due 2020

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
 
    	
 
    	
Page
    
	
ARTICLE 1.
    
	
 
    
	
DEFINITIONS
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 1.1
    	
 
    	
Definition of Terms
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 2.
    
	
 
    
	
GENERAL TERMS AND CONDITIONS OF THE FLOATING RATE   NOTES
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 2.1
    	
 
    	
Designation and Principal Amount
    	
 
    	
3
    
	
Section 2.2
    	
 
    	
Maturity
    	
 
    	
3
    
	
Section 2.3
    	
 
    	
Further Issues
    	
 
    	
3
    
	
Section 2.4
    	
 
    	
Form of Payment
    	
 
    	
4
    
	
Section 2.5
    	
 
    	
Global Securities
    	
 
    	
4
    
	
Section 2.6
    	
 
    	
Interest
    	
 
    	
4
    
	
Section 2.7
    	
 
    	
Reserved
    	
 
    	
4
    
	
Section 2.8
    	
 
    	
Authorized Denominations
    	
 
    	
4
    
	
Section 2.9
    	
 
    	
Redemption
    	
 
    	
4
    
	
Section 2.10
    	
 
    	
Limitation on Liens
    	
 
    	
4
    
	
Section 2.11
    	
 
    	
Limitation on Sale and Leaseback Transactions
    	
 
    	
6
    
	
Section 2.12
    	
 
    	
Merger, Consolidation and Sale of Assets
    	
 
    	
7
    
	
Section 2.13
    	
 
    	
Events of Default
    	
 
    	
8
    
	
Section 2.14
    	
 
    	
Appointment of Agents
    	
 
    	
9
    
	
Section 2.15
    	
 
    	
Defeasance upon Deposit of Moneys or U.S. Government   Obligations
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 3.
    
	
 
    
	
FORM OF NOTES
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 3.1
    	
 
    	
Form of Floating Rate Notes
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 4.
    
	
 
    
	
ORIGINAL ISSUE OF NOTES
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 4.1
    	
 
    	
Original Issue of Floating Rate Notes
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 5.
    
	
 
    
	
MISCELLANEOUS
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Section 5.1
    	
 
    	
Ratification of Indenture
    	
 
    	
10
    
	
Section 5.2
    	
 
    	
Trustee Not Responsible for Recitals
    	
 
    	
10
    

 

i

 

	
Section 5.3
    	
 
    	
Governing Law
    	
 
    	
10
    
	
Section 5.4
    	
 
    	
Separability
    	
 
    	
10
    
	
Section 5.5
    	
 
    	
Counterparts
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
EXHIBIT A —   Form of Floating Rate Notes
    	
 
    	
A-1
    

 

ii

 

FIFTH SUPPLEMENTAL INDENTURE, dated as of October 4, 2017 (this “Fifth Supplemental Indenture”), between EQT Corporation, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania, having its principal office at EQT Plaza, 625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania 15222 (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”).

 

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

 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its notes under the Base Indenture to be known as its “Floating Rate Notes due 2020” (the “Floating Rate Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Fifth Supplemental Indenture;

 

WHEREAS, the Board of Directors of the Company pursuant to resolutions duly adopted on June 19, 2017, has duly authorized the issuance of the Floating Rate Notes, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance;

 

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

 

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

 

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

 

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

 

 

ARTICLE 1.

 

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 2.

 

GENERAL TERMS AND CONDITIONS OF THE FLOATING RATE NOTES

 

Section 2.1            Designation and Principal Amount.  There is hereby authorized and established a new series of Securities under the Base Indenture, designated as the “Floating Rate Notes due 2020”, which is not limited in aggregate principal amount.  The initial aggregate principal amount of the Floating Rate Notes to be issued under this Fifth Supplemental Indenture shall be limited to $500,000,000.  Any additional amounts of such series to be issued shall be set forth in a Company Order.

 

Section 2.2            Maturity.  The stated maturity of principal for the Floating Rate Notes will be October 1, 2020 (the “Stated Maturity Date”).

 

Section 2.3            Further Issues.  The Company may at any time and from time to time, without notice to or the consent of the Holders of the Floating Rate Notes, issue additional

 

3

 

notes of such series.  Any such additional notes will have the same ranking, interest rate, maturity date and other terms as the Floating Rate Notes.  Any such additional notes, together with the Floating Rate Notes herein provided for, will constitute a single series of Securities under the Indenture; provided, that any such additional notes that are not fungible with the Floating Rate Notes for U.S. Federal income tax purposes will have a separate CUSIP, ISIN and/or other identifying number, if applicable, than the Floating Rate Notes.

 

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

 

Section 2.5            Global Securities.  Upon the original issuance, the Floating Rate Notes will be represented by one or more Global Securities.  The Company will issue the Floating Rate Notes in denominations of $2,000 and in integral multiples of $1,000 in excess thereof and will deposit the Global Securities with the Trustee as custodian for The Depository Trust Company (“DTC”), in New York, New York, and register the Global Securities in the name of DTC or its nominee.

 

Section 2.6            Interest.  The Floating Rate Notes will bear interest at a floating rate of interest as set forth in the form of Floating Rate Note attached hereto as Exhibit A.

 

Section 2.7            Reserved.

 

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

 

Section 2.9            Redemption.  The Floating Rate Notes are subject to optional and mandatory redemption as set forth in the form of Floating Rate Note attached hereto as Exhibit A.

 

Section 2.10          Limitation on Liens.

 

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

 

(i)            Liens on property of, or shares of stock or Debt issued by, any Subsidiary existing at the time such Subsidiary becomes a Restricted Subsidiary; provided, that such Lien shall not have been incurred in connection with the transfer by the Company or a Restricted Subsidiary of a Principal Property to such Subsidiary unless

 

4

 

the Company, within 180 days of the effective date of such transfer, applies or causes a Restricted Subsidiary to apply an amount equal to the fair value, as determined by the Board of Directors, of such Principal Property at the time of such transfer, to the prepayment or retirement of Floating Rate Notes or other Debt of the Company (other than Debt subordinated to the Floating Rate Notes), or Debt of any Restricted Subsidiary (other than Debt owed to the Company or any Restricted Subsidiary), having a stated maturity (x) more than 12 months from the date of such application or (y) which is extendable at the option of the obligor thereon to a date more than 12 months from the date of such application;

 

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

 

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

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

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

 

Section 2.11          Limitation on Sale and Leaseback Transactions.  The Company shall not, and shall not permit any Restricted Subsidiary to, enter into any arrangement after the date of this Fifth Supplemental Indenture with any bank, insurance company or other lender or investor (other than the Company or another Restricted Subsidiary) providing for the leasing as lessee by the Company or a Restricted Subsidiary of any Principal Property (except a lease for a term not to exceed three years by the end of which term it is intended that the use of such Principal Property by the lessee will be discontinued and a lease which secures or relates to industrial revenue or pollution control bonds or similar financing), which was or is owned by the

 

6

 

Company or a Restricted Subsidiary and which has been or is to be sold or transferred by the Company or a Restricted Subsidiary to such Person, more than 180 days after the completion of construction and commencement of full operation of such property by the Company or such Restricted Subsidiary, to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such Principal Property (herein called a “Sale and Leaseback Transaction”) unless:

 

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

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)            the commencement by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state

 

8

 

bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company to the entry of an order for relief in an involuntary case under any such law, or the consent by the Company to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company or of substantially all the property of the Company or the making by it of an assignment for the benefit of creditors or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any action;

 

provided, however, that no event described in clause (c) or (d) above shall constitute an Event of Default hereunder until a Responsible Officer assigned to and working in the Trustee’s corporate trust department has actual knowledge thereof or until a written notice of any such event is received by the Trustee at the Corporate Trust Office, and such notice refers to the facts underlying such event, the Floating Rate Notes generally, the Company and the Indenture.

 

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

 

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

 

ARTICLE 3.

 

FORM OF NOTES

 

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

 

ARTICLE 4.

 

ORIGINAL ISSUE OF NOTES

 

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

 

9

 

ARTICLE 5.

 

MISCELLANEOUS

 

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

 

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

 

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

 

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

 

Section 5.5            Counterparts.  This Fifth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.

 

10

 

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

 

 

	
 
    	
EQT   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert J. McNally
    
	
 
    	
 
    	
Name:
    	
Robert   J. McNally
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   BANK OF NEW YORK MELLON, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Laurence J. O’Brien
    
	
 
    	
 
    	
Name:   Laurence J. O’Brien
    
	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to Fifth Supplemental Indenture]

 

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

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

 

A-1

 

CUSIP No. 26884L AD1

 

EQT CORPORATION
 FLOATING RATE NOTES DUE 2020

 

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

 

Interest.  EQT Corporation, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [         ] dollars ($[         ]), as revised by the Schedule of Increases or Decreases in Global Security attached hereto, on October 1, 2020 and to pay interest on the principal amount of this Security at a floating rate of interest, reset quarterly, from October 4, 2017 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or provided for until the principal hereof is paid or made available for payment. The Company will pay interest quarterly in arrears on January 1, April 1, July 1 and October 1 of each year (each an “Interest Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day. The per annum interest rate on the Securities for the period from October 4, 2017 to but not including the first Interest Payment Date shall be equal to LIBOR (as defined below) on October 2, 2017, plus 77 basis points (such rate, the “Initial Interest Rate”). Following the initial Interest Period (as defined below), the per annum interest rate on the Securities for each subsequent Interest Period shall be equal to LIBOR as determined on the related LIBOR Determination Date (as defined below), plus 77 basis points. The interest rate applicable to any day in a given Interest Period shall be either the Initial Interest Rate or the interest rate as reset on the immediately preceding Interest Payment Date. Interest on the Securities shall accrue from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from October 4, 2017; provided that the first Interest Payment Date shall be January 2, 2018 (the next succeeding Business Day after January 1, 2018). The Company shall pay interest on overdue principal and premium (if any) from time to time at a rate equal to the interest rate in effect from time to time; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time at the same rate to the extent lawful. The amount of interest for each day that the Securities are outstanding (the “Daily Interest Amount”) shall be calculated by dividing the interest rate in effect for such day by 360 and multiplying the result by the principal amount of the Securities outstanding on such day. The amount of interest to be paid on the Securities for each Interest Period shall be calculated by adding such Daily Interest Amounts for each day in such Interest Period.

 

If any Interest Payment Date, other than the Stated Maturity Date, falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next day that is a Business Day. If the Stated Maturity Date falls on a day that is not a Business Day, the payment of interest and principal shall be made on the next succeeding Business Day, and no interest on

 

A-2

 

such payment shall accrue for the period from and after the Stated Maturity Date. If any such Interest Payment Date (other than the Stated Maturity Date) is postponed as described above, the amount of interest for the relevant Interest Period shall be adjusted accordingly.

 

All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).  The Calculation Agent (as defined below) will, upon the written request of any Holder of Securities, provide the interest rate then in effect with respect to the Securities. All calculations made by the Calculation Agent in the absence of manifest error will be conclusive for all purposes and binding on the Company and the Holders of the Securities.

 

Notwithstanding the foregoing, the interest rate on the Securities shall in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. In addition, the interest rate on the Securities shall in no event be lower than zero.

 

Set forth below is a summary of certain of the defined terms used for purposes of determining the interest rate payable on the Securities.

 

“Calculation Agent” means The Bank of New York Mellon, in its capacity as calculation agent for the Securities under a Calculation Agency Agreement between the Company and The Bank of New York Mellon to be dated as of October 4, 2017; provided, that the Company may change the calculation agent without prior notice to or consent of the Holders of the Securities.

 

“Designated LIBOR Page” shall be Bloomberg L.P. page “BBAM” or such other page as may replace Bloomberg L.P. page “BBAM” on that service or any successor service for the purpose of displaying London interbank offered rates for U.S. dollar deposits of major banks.

 

“Interest Period” means the period from, and including, an Interest Payment Date to, but excluding, the next succeeding Interest Payment Date, except for the initial Interest Period, which shall be the period from, and including, October 4, 2017 to, but excluding, the Interest Payment Date occurring on January 2, 2018 (the next succeeding Business Day after January 1, 2018).

 

“LIBOR” means, with respect to an Interest Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period beginning on the second London Banking Day (as defined below) after the applicable LIBOR Determination Date that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on such LIBOR Determination Date. If the Designated LIBOR Page does not include such a rate or is unavailable on a LIBOR Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Company, to provide such bank’s offered quotation (expressed as a percentage per annum), as of approximately 11:00 a.m., London time, on such LIBOR Determination Date, to prime banks in the London interbank

 

A-3

 

market for deposits in a Representative Amount (as defined below) of U.S. dollars for a three-month period beginning on the second London Banking Day after such LIBOR Determination Date. If at least two such offered quotations are so provided, the LIBOR rate for the Interest Period shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Company, to provide such bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on such LIBOR Determination Date, for loans in a Representative Amount in U.S. dollars to leading European banks for a three-month period beginning on the second London Banking Day after such LIBOR Determination Date. If at least two such rates are so provided, the LIBOR rate for the Interest Period shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, then the LIBOR rate for the Interest Period shall be the rate in effect with respect to the immediately preceding Interest Period.

 

“LIBOR Determination Date” means, with respect to an Interest Period, the London Banking Day that is two London Banking Days prior to the first day of such Interest Period.

 

“London Banking Day” is any day on which dealings in U.S. dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market.

 

“Representative Amount” means a principal amount of not less than $1,000,000 for a single transaction in the relevant market at the relevant time.

 

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

 

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

 

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

 

A-4

 

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

 

October 4, 2017

 

 

	
 
    	
EQT   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

A-5

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Dated:  October 4, 2017

 

THE BANK OF NEW YORK MELLON

 

	
as Trustee, certifies
    
	
that this is one of
    
	
the Securities referred
    
	
to in the Indenture.
    
	
 
    
	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Authorized Signatory
    	
 
    

 

A-6

 

[FORM OF REVERSE OF SECURITY]

 

Indenture.  This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 18, 2008, between EQT Corporation (the “Company”), as successor, and The Bank of New York Mellon, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented and amended by a Second Supplemental Indenture, dated June 30, 2008, and by a Fifth Supplemental Indenture, dated October 4, 2017 (as so supplemented, herein called the “Indenture”), between the Company and the Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof, initially in aggregate principal amount of $500,000,000.

 

Optional Redemption.  The Company may redeem all (but not some) of the outstanding Securities at its option on October 5, 2018 (the date that is the first Business Day after the date that is one year following the issue date of the Securities) or at any time thereafter at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

Notice of any redemption will be mailed, or delivered electronically if such Securities are held by any Depositary (including, without limitation, DTC) in accordance with such Depositary’s customary procedures, at least 15 days but not more than 60 days before the Redemption Date to each registered holder of Securities to be redeemed.  Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Special Mandatory Redemption.  If (x) the consummation of the Rice Merger (as defined below) does not occur on or before May 19, 2018 (the “Outside Date”) or (y) the Company notifies the Trustee that the Company will not pursue the consummation of the Rice Merger (the earlier of the date of delivery of such notice described in clause (y) and the Outside Date, the “Special Mandatory Redemption Trigger Date”), the Company will be required to redeem the Securities of this series then outstanding (such redemption, the “Special Mandatory Redemption”) at a Redemption Price equal to 101% of the principal amount of the Securities of this series to be redeemed plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date (as defined below) (the “Special Mandatory Redemption Price”).

 

In the event that the Company becomes obligated to redeem Securities of this series pursuant to the Special Mandatory Redemption, the Company will promptly, and in any event not more than ten Business Days after the Special Mandatory Redemption Trigger Date, deliver notice to the Trustee of the Special Mandatory Redemption and the date upon which such Securities will be redeemed (the “Special Mandatory Redemption Date,” which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed.  The Trustee will then promptly mail, or deliver electronically if such Securities

 

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are held by any Depositary (including, without limitation, DTC) in accordance with such Depositary’s customary procedures, such notice of Special Mandatory Redemption to each registered Holder of Securities to be redeemed at its registered address.  Unless the Company defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption Date, interest will cease to accrue on the Securities to be redeemed.

 

For purposes of the Special Mandatory Redemption provisions of this Security, the following definitions are applicable:

 

“Rice” means Rice Energy Inc., a Delaware corporation, and its successors.

 

“Rice Merger” means the acquisition of Rice by the Company pursuant to the Rice Merger Agreement (as defined below).

 

“Rice Merger Agreement” means that certain Agreement and Plan of Merger, dated as of June 19, 2017, by and among the Company, Rice and Eagle Merger Sub I, Inc., a Delaware corporation, as amended, supplemented, restated or otherwise modified from time to time.

 

Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be entitled to the benefit of any sinking fund.

 

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

 

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

 

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

 

A-8

 

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

 

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

 

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

 

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

 

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

 

A-9

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

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

 

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

 

A-10

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