Document:

Exhibit 10.12

 

CONFIDENTIALITY,
NON-SOLICITATION and

NON-COMPETITION
AGREEMENT

 

This Agreement is made as of September 8,
2008 by and between Equitable Resources, Inc., a Pennsylvania corporation
(Equitable Resources, Inc. and its subsidiary companies are hereinafter
collectively referred to as the “Company”), and Randall L. Crawford (the “Employee”).

 

WITNESSETH:

 

WHEREAS, the Company and the Employee are
parties to a NonCompete Agreement dated as of December 1, 1999 (the “Existing
Agreement”), which provides for the payment of certain benefits to the Employee
if the Employee’s employment terminates in certain circumstances; and

 

WHEREAS, during the course of Employee’s
employment with the Company, the Company has imparted and will continue to
impart to Employee proprietary and/or confidential information and/or trade
secrets of the Company; and

 

WHEREAS, in order to protect the business and
goodwill of the Company, the Company desires to obtain or continue to obtain
certain  confidentiality, non-competition and
non-solicitation covenants from the Employee and the Employee desires to
provide for or continue to agree to such covenants in exchange for the Company’s
agreement to pay certain severance benefits in the event that the Employee’s
employment with the Company is terminated in certain circumstances; and

 

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

 

WHEREAS, the Employee is willing to enter
into this Agreement, which contains, among other things, specific
confidentiality, non-competition and non-solicitation agreements, in
consideration of the foregoing and the simultaneous execution by the Company
and the Employee of a new Change of Control Agreement (the “Change of Control
Agreement”); and

 

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

 

1.                                       Restrictions on Competition and Solicitation.  While
the Employee is employed by the Company and for a period of twelve (12) months
after the date of Employee’s termination of employment with the Company for any
reason Employee will not, directly or indirectly, expressly or tacitly, for
himself or on behalf of any entity conducting business anywhere in the
Restricted Territory (as defined below): (i) act as an officer, manager,
advisor, executive, shareholder, or consultant to any business in which his
duties at or for such business include oversight of or actual involvement in
providing services which are competitive with the services 

 

 

1

 

or products being provided or which are being produced or developed by
the Company, or were under investigation by the Company within the last two (2) years
prior to the end of Employee’s employment with the Company, (ii) recruit
investors on behalf of an entity which engages in activities which are
competitive with the services or products being provided or which are being
produced or developed by the Company, or were under investigation by the
Company within the last two (2) years prior to the end of Employee’s
employment with the Company, or (iii) become employed by such an entity in
any capacity which would require Employee to carry out, in whole or in part,
the duties Employee has performed for the Company which are competitive with
the services or products being provided or which are being produced or
developed by the Company, or were under active investigation by the Company within
the last two (2) years prior to the end of Employee’s employment with the
Company.  Notwithstanding the foregoing,
the Employee may purchase or otherwise acquire up to (but not more than) 1% of
any class of securities of any enterprise (but without otherwise participating
in the activities of such enterprise) if such securities are listed on any
national or regional securities exchange or have been registered under Section 12(g) of
the Securities Exchange Act of 1934. 
This covenant shall apply to any services, products or businesses under
investigation by the Company within the last two (2) years prior to the
end of Employee’s employment with the Company only to the extent that the
Employee acquired or was privy to confidential information regarding such
services, products or businesses. 
Employee acknowledges that this restriction will prevent the Employee
from acting in any of the foregoing capacities for any competing entity
operating or conducting business within the Restricted Territory and that this
scope is reasonable in light of the business of the Company.

 
Restricted Territory shall mean (i) any states in which the Company has a regulated-utility operation, which may change from time to time, but as of the effective date of this Agreement are Pennsylvania, West Virginia and Kentucky; or (ii) any states in which the Company owns, operates or has contractual rights to purchase natural gas-related assets (other than commodity trading rights), including but not limited to, storage facilities, interstate pipelines, intrastate pipelines, intrastate distribution facilities, liquefied natural gas facilities, propane-air facilities or other peaking facilities, and/or processing or fractionation facilities; or (iii) any state in which the Company owns proved, developed and/or undeveloped natural gas and/or oil reserves and/or conducts natural gas or oil exploration and production activities of any kind; or (iv) any state investigated by the Company as a possible jurisdiction in which to conduct any of the business activities described in subparagraphs (i) through (iii) above within the last two (2) years prior to the end of Employee’s employment with the Company.
 
Employee agrees that for a period of twelve (12) months following the termination of Employee’s employment with the Company for any reason, including without limitation termination for cause or without cause, Employee shall not, directly or indirectly, solicit the business of, or do business with: (i) any customer that Employee approached, solicited or accepted business from on behalf of the Company, and/or was provided confidential or proprietary information about while employed by the Company within the one (1) year period preceding Employee’s separation from the Company; and (ii) any prospective customer of the Company who was identified to or by the Employee and/or who Employee was provided confidential or proprietary information about while employed by the Company within the one (1) year period preceding Employee’s separation from the Company, for purposes of marketing, selling and/or attempting to market or sell products and services which are the same as or similar 

 

 

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to any product or service the Company offers within the last two (2) years prior to the end of Employee’s employment with the Company, and/or, which are the same as or similar to any product or service the Company has in process over the last two (2) years prior to the end of Employee’s employment with the Company to be offered in the future.

 

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

 

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

 

3.                                       Severance
Benefit.

 

(a)                                  If the employment of the Employee with the
Company is terminated by the Company for any reason other than Cause (as defined
below) or if the Employee terminates his or her  employment
with the Company for Good Reason (as defined below), the Company shall pay the
Employee, from the date of termination, in addition to any payments to which
the Employee is entitled under the Company’s severance pay plan, twelve (12)
months of base salary at the Employee’s annual base salary level in effect at
the time of such termination or immediately prior to the salary reduction that
serves as the basis for termination for Good Reason.  Employee will also be entitled to payment of
an amount of cash equal to $20,000.  The
aggregate base salary and other cash amount payable shall be paid by the
Company to the Employee in one lump sum on the first day following the six (6) month

 

 

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anniversary
of the date of the Employee’s termination. 
For purposes of this Agreement, the term “termination” when used
in the context of a condition to, or timing of, payment hereunder shall be
interpreted to mean a “separation from service” as that term is used in Section 409A
of the Code.

 

(b)                                 Employee will also be entitled to  twelve (12) months of health benefits continuation if
terminated under circumstances described in subpart (a) above.  To the extent any such benefits cannot be
provided to the Employee on a non-taxable basis and the provision thereof would
cause any part of the benefits to be subject to additional taxes and interest
under Section 409A of the Code, then the provision of such benefits shall
be deferred to the earliest date upon which such benefits can be provided
without being subject to such additional taxes and interest.

 

(c)                                  Solely for purposes of this Agreement, “Cause”
shall include:

 

i.                                        the
conviction of a felony, a crime of moral turpitude or fraud or having committed
fraud, misappropriation or embezzlement in connection with the performance of
his duties hereunder,

 

ii.                                     willful
and repeated failures to substantially perform his assigned duties; or

 

iii.                                  a
violation of any provision of this Agreement or express significant policies of
the Company.

 

(d)                                 Solely for purposes of this Agreement,
termination for “Good Reason” shall mean termination of employment by the
Employee within ninety (90) days after:

 

i.                                        being
demoted, or

 

ii.                                     being
given notice of a reduction in his or her annual base salary (other than a
reduction of not more than 10% applicable to all senior officers of the
Company).

 

(e)                                  The Company’s obligation to provide continuing
salary and health insurance benefits under this Section 3 shall be
contingent upon the following:

 

i.                                        Employee’s
execution of a release in a form reasonably acceptable to the Company, which
releases any and all claims (other than amounts to be paid to Employee as
expressly provided for under this Agreement) the Employee has or may have
against the Company or its 

 

 

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subsidiaries, agents, officers, directors, successors
or assigns arising under any public policy, tort, contract or common law or any
provision of state, federal or local law, including, but not limited to, the
Pennsylvania Human Relations Act, the Americans with Disabilities Act, Title
VII of the Civil Rights Act of 1964, the Family and Medical Leave Act, the Age
Discrimination in Employment Act of 1967, the Older Workers Benefit Protection
Act, and the Employee Retirement Income Security Act of 1974, all as amended;
and

 

ii.                                       Employee’s
compliance with his contractual obligations to the Company including, but not
limited to, Employee’s obligations set forth in Sections 1 and 2 of this
Agreement.

 

4.                                       Authorization
to Modify Restrictions.  The
provisions of this Agreement are severable. 
To the extent that any provision of this Agreement is deemed
unenforceable in any court of law the parties intend that such provision be
construed by such court in a manner to make it enforceable.

 

5.                                       Reasonable
and Necessary Agreement.  The
Employee acknowledges and agrees that:  (i) this
Agreement is necessary for the protection of the legitimate business interests
of the Company; (ii) the restrictions contained in this Agreement are
reasonable; (iii) the Employee has no intention of competing with the
Company within the limitations set forth above; (iv) the Employee
acknowledges and warrants that Employee believes that Employee will be fully
able to earn an adequate livelihood for Employee and Employee’s dependents if
the covenant not to compete contained in this Agreement is enforced against the
Employee; and (v) the Employee has received adequate and valuable
consideration for entering into this Agreement.

 

6.                                       Injunctive
Relief and Attorneys’ Fees.  The
Employee stipulates and agrees that any breach of Sections 1 or 2 of this
Agreement by the Employee will result in immediate and irreparable harm to the
Company, the amount of which will be extremely difficult to ascertain, and that
the Company could not be reasonably or adequately compensated by damages in an
action at law.  For these reasons, the
Company shall have the right, without objection from the Employee, to obtain
such preliminary, temporary or permanent mandatory or restraining injunctions,
orders or decrees as may be necessary to protect the Company against, or on
account of, any breach by the Employee of the provisions of Sections 1
and 2 hereof.  In the event the
Company obtains any such injunction, order, decree or other relief, in law or
in equity, (i) the duration of any violation of Section 1 shall be
added to the twelve (12) month restricted period specified in Section 1,
and (ii) the Employee shall be responsible for reimbursing the Company for
all costs associated with obtaining the relief, including reasonable attorneys’
fees and expenses and costs of suit. 
Such right to equitable relief is in addition to the remedies the
Company may have to protect its rights at law, in equity or otherwise.

 

7.                                       Binding
Agreement.  This Agreement (including
the covenants contained in Sections 1 and 2) shall be binding upon and inure to
the benefit of the successors and assigns of the Company.

 

 

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

 

9.                                       Termination.  The Company may terminate this Agreement by
giving twelve (12) months’ prior written notice to the Employee; provided that
all provisions of this Agreement shall apply if any event specified in Section 3
occurs prior to the expiration of such twelve (12) month period.  Notwithstanding anything in this Agreement to
the contrary, upon the occurrence of a Change of Control as such term is
defined in the Change of Control Agreement, this Agreement shall remain in full
force and effect and may not thereafter be terminated by the Company (even if
notice of termination has been given in the previous twelve (12) months under
the first sentence of this Section).

 

10.                                 Employment at Will.  Employee shall be employed at-will and for no
definite term.  This means that either
party may terminate the employment relationship at any time for any or no
reason.

 

11.                                 Executive
Alternative Work Arrangement Employment Status.  As an executive officer of Equitable,
Employee also has the opportunity to elect now to participate in the
newly-created status of “Executive Alternative Work Arrangement” upon
discontinuing full-time status.  The
terms and conditions of Executive Alternative Work Arrangement Employment
Status are described in the Executive Alternative Work Arrangement Employment
Agreement attached as Exhibit A. 
Set forth below is an election form to elect to participate in this new
classification.  If Employee so elects to
participate by signing the election form below, the Executive Alternative Work
Arrangement classification will be automatically assigned to Employee if and
when Employee gives Equitable (delivered to the Vice President and Chief Human
Resources Officer) at least 90 days’ advance written notice of Employee’s
intention to discontinue full-time status. 
By signing the election below, Employee thereby agrees to execute the
attached Executive Alternative Work Arrangement Employment  Agreement,
which will become effective automatically on the day following Employee’s
relinquishment of full-time status, provided however that Employee has retained
executive officer status and is otherwise in good standing 

 

 

6

 

with Equitable
(i.e., has not been terminated for Cause nor left the Company for “Good
Reason”).

 

12.                                 Entire Agreement.  This Agreement contains the entire agreement
between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements (including the Existing Agreement) and
understandings, oral or written (other than the Change of Control Agreement
dated September 8, 2008).  This
Agreement may not be changed, amended, or modified, except by a written
instrument signed by the parties; provided, however, that the Company may amend this
Agreement from time to time without Employee’s consent to the extent deemed
necessary or appropriate, in its sole discretion, to effect compliance with Section 409A
of the Code, including regulations and interpretations thereunder, which
amendments may result in a reduction of benefits provided hereunder and/or
other unfavorable changes to Employee. 
Notwithstanding anything in this Agreement, if Employee is entitled to
receive payment of benefits under the Change of Control Agreement, or any
successor agreement, he or she shall not receive benefits under this Agreement
and, in lieu thereof, shall receive payment of benefits under the Change of
Control Agreement.

 

 

7

 

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

 

	
  ATTEST:

  	
  EQUITABLE RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/Kimberly L. Sachse

  	
   

  	
  By:

  	
  /s/Charlene Petrelli

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  September 23, 2008

  	
   

  	
  September 23, 2008

  
	
  Date

  	
  Date

  
	
   

  	
   

  
	
   

  	
   

  
	
  WITNESS

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/David J. Smith

  	
   

  	
  /s/Randall L. Crawford

  
	
   

  	
  Randall L. Crawford

  
	
   

  	
   

  
	
  September 19, 2008

  	
   

  	
  September 19, 2008

  
	
  Date

  	
  Date

  

 

 

8

 

EXHIBIT A

 

EXECUTIVE ALTERNATIVE WORK ARRANGEMENT
EMPLOYMENT AGREEMENT

 

This is an Executive Alternative Work Arrangement Employment Agreement
(“Agreement”) entered into between EQUITABLE RESOURCES, INC. (“Equitable” or
the “Company”) and Randall L. Crawford (“Employee”).

 

WHEREAS, Employee
is an executive officer of Equitable who desires to relinquish that status and
discontinue full-time employment with Equitable but continue employment with
Equitable on a part-time basis; and

 

WHEREAS, Equitable
is interested in continuing to retain the services of Employee on a part-time
basis for at least 100 (but no more than 1000) hours per year; and

 

WHEREAS, Employee
has elected to modify his/her employment status to Executive Alternative Work
Arrangement;

 

NOW, THEREFORE, in
consideration of the respective representations, acknowledgements, and
agreements of the parties set forth herein, and intending to be legally bound,
the parties agree as follows:

 

1.                                       The
term of this Agreement is for the one-year period commencing on the day after
Employee’s full-time status with Equitable ceases.  During that period, Employee will hold the
position of an EAW employee of Equitable. 
Employee’s status as Executive Alternative Work Arrangement (and this
one-year Agreement) will automatically renew annually unless either party
terminates this Agreement by written notice to the other not less than 30 days
prior to the renewal date.  The automatic
annual renewals of this Agreement will cease, however, at the end of five years
of Executive Alternative Work Arrangement employment status.

 

2.                                       During
each one-year period in Executive Alternative Work Arrangement employment
status, Employee is required to provide no less than 100 hours of service to
Equitable.  Additionally during each one-year
period, Employee will make himself/herself available for up to 300 more hours
of service upon request from the Company. 
With respect to the first 400 hours of service annually, those hours
will occur during the Company’s regularly scheduled business hours (unless
otherwise agreed by the parties), and no more than fifty hours will be
scheduled per month (unless otherwise agreed by the parties).

 

3.                                       Employee
shall be paid an hourly rate for Employee’s actual services provided under this
Agreement.  The hourly rate shall be
Employee’s annual base salary in effect immediately prior to Employee’s change
in employee classification to Executive Alternative Work Arrangement employment
status divided by 2080, provided however that if Employee works in excess of
400 hours in a one-year period, the hourly rate payable for hours worked in
excess of 400 per year will be a rate which is mutually agreed to by Employee
and the Company.  Employee shall submit
monthly time sheets in a form agreed upon by the parties, and Employee will be
paid on regularly scheduled payroll dates in accordance with the Company’s standard

 

 

payroll practices following submission of his/her time sheets.  If either party terminates the Executive
Alternative Work Arrangement prior to the fifth anniversary hereof, no
additional cash compensation will be paid to Employee.

 

4.                                       Employee
shall be eligible to continue to participate in the group medical, prescription
drug, dental and vision programs in which Employee participated immediately
before the classification change to Executive Alternative Work Arrangement (as
such plans might be modified by the Company from time-to-time), but Employee
will be required to pay 100% of the Company’s premium rates to the carriers
(the active employee premium rates as adjusted year-to-year) for participation
in such group insurance programs.  If
Employee completes five years of Executive Alternative Work Arrangement
employment status or if the Company terminates the Executive Alternative Work
Arrangement prior to the fifth anniversary hereof other than pursuant to
paragraph 17 hereof, Employee will be allowed to participate in such group
insurance programs at 100% of the then-applicable active employee premium rates
until Employee reaches age 65 even though Employee is no longer employed by
Equitable.

 

5.                                       During
the term of this Agreement, Employee will continue to receive service credit
for purposes of calculating the value of the Medical Spending Account.

 

6.                                       Employee
shall not be eligible to participate in the Company’s life insurance and
disability insurance programs, 401(k) Plan, ESPP, or any other
retirement or welfare benefit programs or perquisites of the Company.  Likewise, Employee shall not receive any paid
vacation, paid holidays or car allowance.

 

7.                                       Employee
is not eligible to receive bonus payments under any short-term incentive plans
of Equitable, and is not eligible to receive any awards under Equitable’s
long-term incentive plans, programs or arrangements.

 

8.                                       Effective
not later than the commencement of this Executive Alternative Work Arrangement,
Employee shall be deemed to have retired for purposes of measuring vesting
and/or post-termination exercise periods of all forms of long term incentive
awards, however, the timing of any payments for such awards will be as provided
in the underlying plans, programs or arrangements and is subject to any
required six-month delay in payment if Employee is a “specified employee” under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
at the time of Employee’s separation from service, with respect to payments
made by reason of Employee’s separation from service.

 

9.                                       Employee
shall receive reimbursement for monthly dues for one country club and one
dining club (such clubs to be approved by the Company’s Chief Executive
Officer) during the term of this Agreement or, if the Company terminates the
Executive Alternative Work Arrangement prior to the fifth anniversary hereof
other than pursuant to paragraph 17 hereof, through the fifth anniversary
hereof in accordance with and on the dates specified in the Company’s policies;
provided, however, that no such payments
or reimbursements shall be made until the first day following the six-month
anniversary of Employee’s separation from service if Employee is a specified
employee at the time of separation from service, all within the meaning of Section 409A
of the Code; provided, further, that to the
extent reimbursed or paid, all reimbursements and payments with respect to
expenses incurred within a particular year shall be

 

 

2

 

made no later than the end of Employee’s taxable year following the
taxable year in which the expense was incurred. 
The amount of payments or reimbursable expenses incurred in one taxable
year of Employee shall not affect the amount of reimbursable expenses in a
different taxable year, and such payments or reimbursement shall not be subject
to liquidation or exchange for another benefit.

 

10.                                 Employee
shall continue to have Blackberry (or its equivalent) service and reasonable
access to the Company’s Help Desk during the term of this Agreement or, if the
Company terminates the Executive Alternative Work Arrangement prior to the
fifth anniversary hereof other than pursuant to paragraph 17 hereof, through
the fifth anniversary hereof; provided, however, if the provision of such
service will result in taxable income to Employee, then no such taxable service
shall be provided until the first day following the six-month anniversary of
Employee’s separation from service if Employee is a specified employee at the
time of separation from service, all within the meaning of Section 409A of
the Code.

 

11.                                 Employee
shall receive tax and financial planning services from the respective teams of
Metz Lewis and Hawthorn (or equivalent tax preparers and financial planners
approved by the Company) during the term of this Agreement or, if the Company
terminates the Executive Alternative Work Arrangement prior to the fifth
anniversary hereof other than pursuant to paragraph 17 hereof, through the
fifth anniversary hereof, in amount not to exceed $15,000 per calendar year, to
be paid directly by the Company in accordance with and on the dates specified
in the Company’s policies; provided, however,
that no such payments or reimbursements shall be made until the first day
following the six-month anniversary of Employee’s separation from service if
Employee is a specified employee at the time of separation from service, all
within the meaning of Section 409A of Code; provided,
further, that to the extent reimbursed or paid, all reimbursements
and payments with respect to expenses incurred within a particular year shall
be made no later than the end of Employee’s taxable year following the taxable
year in which the expense was incurred. 
The amount of payments or reimbursable expenses incurred in one taxable
year of Employee shall not affect the amount of payments or reimbursable
expenses in a different taxable year, and such payments or reimbursement shall
not be subject to liquidation or exchange for another benefit.

 

12.                                 During
the term of this Agreement, Employee shall maintain an ownership level of
Company stock equal to not less than one-half of the value last required as a
full-time Employee.  In the event that at
any time during the term of this Agreement Employee does not maintain the
required ownership level, Employee shall promptly notify the Company and
increase his or her ownership to at least the required level.  Any failure of Employee to maintain at least
the required ownership level for more than three months during the term of this
Agreement shall constitute and be deemed to be an immediate termination by
Employee of his or her Executive Alternative Work Arrangement.

 

13.                                 This
Agreement sets forth all of the payments, benefits, perquisites and
entitlements to which Employee shall be entitled upon assuming Executive
Alternative Work Arrangement employment status. 
Employee shall not be entitled to receive any gross-up payments for any
taxes or other amounts with respect to amounts payable under this Agreement.

 

 

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14.                                 Nothing
in this Agreement shall prevent or prohibit the Company from modifying any of
its employee benefits plans, programs, or policies.

 

15.                                 Non-Competition
and Non-Solicitation.  The covenants
as to non-competition and non-solicitation contained in Section 1 of the
Confidentiality, Non-Solicitation and Non-Competition Agreement between
Equitable and Employee dated September 8, 2008 (hereinafter the “Non-Competition
Agreement”) and in paragraph 8 of the Change of Control Agreement dated September 8,
2008 (“Change of Control Agreement) shall remain in effect throughout Employee’s
employment with Equitable in Executive Alternative Work Arrangement employment
status and for a period of no less than twelve (12) months after the
termination of Employee’s employment as an Executive Alternative Work
Arrangement employee.  It is understood
and agreed that if Employee’s employment as an Executive Alternative Work
Arrangement employee terminates in the midst of any one-year Executive
Alternative Work Arrangement Employment Agreement for any reason, the covenants
as to non-competition and non-solicitation contained in the Non-Competition
Agreement and in the Change of Control Agreement shall remain in effect
throughout the full one-year term of said Executive Alternative Work
Arrangement Employment Agreement and for a period of twelve (12) months
thereafter.

 

16.                                 Confidential Information and Non-Disclosure.  Employee
acknowledges and agrees that Employee’s employment by Equitable necessarily
involves Employee’s knowledge of
and access to confidential and proprietary information pertaining to the
business of the Company and its subsidiaries. 
Accordingly, Employee agrees
that at all times during the term of this Agreement and for as long as the
information remains confidential after the termination of Employee’s
employment, Employee will not, directly or indirectly, without the express
written authority of the Company (unless directed by applicable legal authority
having jurisdiction over Employee)
disclose to or use, or knowingly permit to be so disclosed or used, for the
benefit of Employee, any person,
corporation or other entity other than the Company and its subsidiaries (i) any
information concerning any financial matters, customer relationships,
competitive status, supplier matters, internal organizational matters, current
or future plans, or other business affairs of or relating to the Company and its
subsidiaries; (ii) any management, operational, trade, technical or other
secrets or any other proprietary information or other data of the Company or
its subsidiaries; or (iii) any other information related to the Company or
its subsidiaries which has not been published and is not generally known
outside of the Company.  Employee acknowledges that all of the foregoing
constitutes confidential and proprietary information, which is the exclusive
property of the Company.

 

17.                                 Equitable
may terminate this Agreement and Employee’s employment at any time for
Cause.  Solely for purposes of this
Agreement, “Cause” shall mean:

 

i.                                          commission
of an act of moral turpitude, fraud, misappropriation or embezzlement in
connection with the performance of Employee’s duties;

 

ii.                                       failure
to substantially and/or satisfactorily perform assigned duties; or

 

 

4

 

iii.                                    a
violation of any provision of this Agreement or express significant policies of
the Company.

 

18.                                 It
is understood and agreed that upon Employee’s discontinuation of full-time
employment and transition to Executive Alternative Work Arrangement employment
status hereunder, Employee has no continuing rights under the Change of Control
Agreement or under Section 3 of the Non-Competition Agreement, and that
otherwise the Change of Control Agreement (except for Section 8) and Section 3
of the Non-Competition Agreement shall have no further force or effect.

 

19.                                 The
provisions of this Agreement are severable. 
To the extent that any provision of this Agreement is deemed
unenforceable in any court of law, the parties intend that such provision be
construed by such court in a manner to make it enforceable.

 

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

 

21.                                 This
Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania without regard to conflict of law principles.

 

22.                                 This
Agreement supersedes all prior agreements and understandings between Equitable
and Employee with respect to the subject matter hereof (oral or written),
including but not limited to the Change of Control Agreement and Section 3
of the Non-Competition Agreement.  It is
understood and agreed, however, that the covenants as to non-competition,
non-solicitation and confidentiality contained in Sections 1-2 of the
Non-Competition Agreement and in Section 8 of the Change of Control
Agreement remain in effect as modified herein, along with the provisions in
Sections 4-8 of the Non-Competition Agreement.

 

23.                                 This
Agreement may not be changed, amended, or modified except by a written
instrument signed by both parties, provided that the Company may amend this
Agreement from time to time without Executive’s consent to the extent deemed
necessary or appropriate, in its sole discretion, to effect compliance with Section 409A
of the Code, including regulations and interpretations thereunder, which
amendments may result in a reduction of benefits provided hereunder and/or
other unfavorable changes to Executive.

 

 

5

 

IN WITNESS WHEREOF, the parties have executed this Agreement on the
dates set forth below.

 

	
  EQUITABLE
  RESOURCES, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Employee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title

  	
   

  	
  Date

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  

 

 

6

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ELECTION TO PARTICIPATE IN

  	
   

  
	
   

  	
  EXECUTIVE ALTERNATIVE WORK ARRANGEMENT
  CLASSIFICATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  o

  	
  I hereby
  elect to participate in the Executive Alternative Work Arrangement
  Classification as described in paragraph 11 of the above Confidentiality,
  Non-Solicitation and Non-Competition Agreement (“Non-Competition Agreement”)
  and to execute the Executive Alternative Work Arrangement Employment
  Agreement attached as Exhibit A upon my discontinuation of full-time status
  as an Executive Officer in good standing with Equitable.  I understand that if my full-time
  employment with Equitable is terminated for Cause or if I terminate my
  employment for Good Reason (as those terms are defined in the Non-Competition
  Agreement), I will no longer be eligible for Executive Alternative Work
  Arrangement Employment Status.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  x

  	
  I hereby
  decline to participate in the Executive Alternative Work Arrangement
  Classification as described in paragraph 11 of the above Confidentiality,
  Non-Solicitation and Non-Competition Agreement.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Randall L. Crawford

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Employee Name Printed

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/Randall L. Crawford

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Employee Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  September 19, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  DateExhibit
10.13

 

CHANGE OF CONTROL AGREEMENT

 

THIS AGREEMENT
(the “Agreement”) dated as of the 8th day of September, 2008 (the “Effective
Date”) is made by and between EQUITABLE RESOURCES, INC., a Pennsylvania
corporation with its principal place of business at Pittsburgh, Pennsylvania
(the “Company”), and Randall L. Crawford, an individual (the “Employee”);

 

WITNESSETH:

 

WHEREAS, the
Company and the Employee are parties to a Change of Control Agreement dated as
of December 1, 1999, which provides for the payment of certain benefits to
the Employee if the Employee’s employment terminates in certain circumstances
following a change of control of the Company (the “Existing Agreement”); and

 

WHEREAS, the Board
of Directors of the Company (the “Board”) continues to believe that it is in
the best interest of the Company and its shareholders to assure that the
Company will have the continued dedication of the Employee, notwithstanding the
possibility, threat or occurrence of a Change of Control (as defined below) of the
Company; that it is imperative to diminish the inevitable distraction of the
Employee by virtue of the personal uncertainties and risks created by a pending
or threatened Change of Control and to encourage the Employee’s full attention
and dedication to the Company currently and in the event of any threatened or
pending Change of Control; and that it is appropriate to provide the Employee
with compensation and benefits arrangements upon a Change of Control which
ensure that the compensation and benefits expectations of the Employee will be
satisfied and which are competitive with those of other corporations in the
industry in which the Company’s principal business activity is conducted; and

 

WHEREAS, in
consideration of the compensation and benefits payable to the Employee under
this Agreement, the Company desires to restrict the Employee from competing
with the Company and from soliciting customers and employees of the Company for
one (1) year following the termination of the Employee’s employment following
a Change of Control.  Employer also
desires to require that Employee maintain the confidentiality of certain
information for two years following any such termination, and the Employee is
willing to agree to such restrictions in consideration of the compensation and
benefits payable under this Agreement; and

 

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

 

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

 

 

1

 

1.                                       Term.  The term of this Agreement shall commence on
the Effective Date hereof and, subject to Sections 3(f), 5 and 8, shall
terminate on the earlier of (i) the date of the termination of Employee’s
employment with the Company for any reason prior to a Change of Control; (ii) the
date of Employee’s transition to employment with the Company on a part-time
basis, including without limitation assumption of “Executive Alternative Work
Arrangement” status; or (iii) unless further extended as hereinafter set
forth, the date which is twenty-four (24) months after the Effective Date;
provided, that, commencing on the last day of the first full calendar month
after the Effective Date and on the last day of each succeeding calendar month,
the term of this Agreement shall be automatically extended without further
action by either party (but not beyond the date of the termination of Employee’s
employment or transition to part-time employment prior to a Change of Control)
for one (1) additional month unless one party provides written notice to
the other party that such party does not wish to extend the term of this
Agreement.  In the event that such notice
shall have been delivered, the term of this Agreement shall no longer be
subject to automatic extension and the term hereof shall expire on the date
which is twenty-four (24) calendar months after the last day of the month in
which such written notice is received.

 

2.                                       Change
of Control.  Except as provided in Section 12,
Change of Control shall mean any of the following events (each of such events
being herein referred to as a “Change of Control”):

 

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

 

(b)                                 The
acquisition in one or more transactions by any person or group, directly or
indirectly, of beneficial ownership of twenty percent (20%) or more of the
outstanding shares of Company common stock or the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in
the election of the Board of Directors; provided, however, that the following
shall not constitute a Change of Control: 
(i) any acquisition by the Company or any of its subsidiaries, or
any employee benefit plan (or related trust) sponsored or maintained by the
Company or any of its subsidiaries and (ii) an acquisition by 

 

 

2

 

any person or group of persons of not more than forty
percent (40%) of the outstanding shares of Company common stock or the combined
voting power of the then outstanding voting securities of the Company if such
acquisition resulted from the issuance of capital stock by the Company and the
issuance and the acquiring person or group was approved in advance of such
issuance by at least two-thirds of the Continuing Directors then in office;

 

(c)                                  The
Company’s termination of its business and liquidation of its assets;

 

(d)                                 There
is consummated a merger, consolidation, reorganization, share exchange, or
similar transaction involving the Company (including a triangular merger), in
any case, unless immediately following such transaction:  (i) all or substantially all of the
persons who were the beneficial owners of the outstanding common stock and
outstanding voting securities of the Company immediately prior to the
transaction beneficially own, directly or indirectly, more than 60% of the
outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of
directors of the corporation resulting from such transaction (including a
corporation or other person which as a result of such transaction owns the
Company or all or substantially all of the Company’s assets through one or more
subsidiaries (a “Parent Company”)) in substantially the same proportion as
their ownership of the common stock and other voting securities of the Company
immediately prior to the consummation of the transaction, (ii) no person
(other than (A) the Company, any employee benefit plan sponsored or
maintained by the Company or, if reference was made to equity ownership of any
Parent Company for purposes of determining whether clause (i) above is
satisfied in connection with the transaction, such Parent Company, or (B) any
person or group that satisfied the requirements of subsection (b)(ii), above)
beneficially owns, directly or indirectly, 20% or more of the outstanding
shares of common stock or the combined voting power of the voting securities
entitled to vote generally in the election of directors of the corporation
resulting from such transaction and (iii) individuals who were members of
the Company’s Board of Directors immediately prior to the consummation of the
transaction constitute at least a majority of the members of the board of
directors resulting from such transaction (or, if reference was made to equity
ownership of any Parent Company for purposes of determining whether clause, (i) above
is satisfied in connection with the transaction, such Parent Company); or

 

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

 

 

3

 

directors on the date
hereof or whose appointment, election or nomination for election was previously
so approved.

 

3.                                       Salary
and Benefits Continuation.

 

(a)                                  “Salary
and Benefits Continuation” shall be defined to mean the following:

 

(i)                                   payment
of an amount of cash equal to two (2) times the Employee’s base salary at
the rate of base salary per annum in effect immediately prior to the Change of
Control or the termination of Employee’s employment, whichever is higher;

 

(ii)                                payment
of an amount of cash equal to two (2) times the greater of (A) the
highest annual incentive (bonus) payment earned by the Employee under the
Company’s applicable Short-Term Incentive Plan (or any successor plan) for any
year in the five (5) years prior to the termination of Employee’s
employment or (B) the target incentive (bonus) award under the Company’s applicable
Short-Term Incentive Plan (or any successor plan) for the year in which the
Change of Control or termination of Employee’s employment occurs, whichever is
higher;

 

(iii)                             provision
to Employee and his/her eligible dependents of medical, long-term disability,
dental and life insurance coverage (to the extent such coverage was in effect
immediately prior to the Change of Control) for twenty-four (24) months (at the
end of which period the Company shall make such benefits available to the
Employee and his/her eligible dependents in accordance with the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”), whether or not the Company
is then required to comply with COBRA); and if the Employee would have become
entitled to benefits under the Company’s post-retirement health care or life
insurance plans (as in effect immediately prior to the Change of Control or the
date of the Employee’s termination of employment, whichever is most favorable
to the Employee) had the Employee’s employment terminated at any time during
the period of twenty-four (24) months after such date of termination, the
Company shall provide such post-retirement health care or life insurance
benefits to the Employee (subject to any employee contributions required under
the terms of such plans at the level in effect immediately prior to the Change
of Control or the date of termination, whichever is more favorable to the
Employee) commencing on the later of (i) the date that such coverage would
have first become available or (ii) the date that benefits described in
this subsection (iii) terminate;

 

(iv)                            contribution
by the Company to Employee’s account under the Company’s defined contribution
retirement plan (currently, the Equitable Resources, Inc. Employee Savings
Plan) of an amount of cash equal to the 

 

 

4

 

amount that the Company would have contributed to such
plan (including both retirement contributions and Company matching
contributions in respect of Employee contributions to the plan) had the
Employee continued to be employed by the Company for an additional twenty-four
(24) months at a base salary equal to the Employee’s base salary immediately
prior to the Change of Control or the termination of Employee’s employment,
whichever is higher (and assuming for this purpose that the Employee continued
to make the maximum permissible contributions to such plan during such period),
such contribution being deemed to be made immediately prior to the termination
of Employee’s employment; provided, that to the extent that the amount of such
contribution exceeds the amount then allowed to be contributed to the plan
under the applicable rules relating to tax-qualified retirement plans,
then the excess shall be paid to the Employee in cash in respect of both
retirement and matching contributions under the Company’s Employee Savings Plan
(or any successor plan) because of applicable rules relating to
tax-qualified retirement plans; and

 

(v)                                 Payment
of an amount of cash equal to $20,000.

 

(b)                                 All
amounts payable by the Company to the Employee pursuant to
Sections 3(a)(i), (ii), (iv) and (v) shall be made in a lump sum
on the first day following the six-month anniversary of the Employee’s
termination.  For purposes of this
Agreement, the term “termination” when used in the context of a condition to,
or timing of, payment hereunder shall be interpreted to mean a “separation from
service” as that term is used in Section 409A of the Code.

 

(c)                                  To
the extent that medical, long-term disability, dental and life insurance
benefits cannot be provided on a non-taxable basis to the Employee under
appropriate Company group insurance policies pursuant to Section 3(a)(iii),
an amount equal to the premium necessary for the Employee to purchase directly
the same level of coverage in effect immediately prior to the Change of Control
shall be added to the Company’s payments to Employee pursuant to Section 3(a).  Any such payment shall be made in a lump sum,
payable on the first day following the six-month anniversary of Employee’s
termination.  If Employee is required to
pay income or other taxes on any medical, long-term disability, dental or life
insurance benefits provided or paid to the Employee pursuant to Section 3(a)(iii) or
this Section 3(c), then the Company shall pay to the Employee an amount of
cash sufficient to “gross-up” such benefits or payments at the time specified
in Section 10 hereof so that Employee’s “net” benefits received under Section 3(a)(iii) and
this Section 3(c) are not diminished by any such taxes that are
imposed with respect to the same or the Company’s gross-up hereunder with
respect to such taxes.

 

(d)                                 If
there is a Change of Control as defined above, the Company will provide Salary
and Benefits Continuation if at any time during the first twenty-four (24)
months

 

 

5

 

following the Change of Control, either (i) the
Company terminates the Employee’s employment other than for Cause as defined in
Section 4 below or (ii) the Employee terminates his/her employment
for “Good Reason” as defined below.

 

(e)                                  For
purposes of this Agreement, “Good Reason” is defined as:

 

(i)                                   Removal
of the Employee from the position he/she held immediately prior to the Change
of Control (by reason other than death, disability or Cause);

 

(ii)                                The
assignment to the Employee of any duties inconsistent with those performed by
the Employee immediately prior to the Change of Control or a substantial
alteration in the nature or status of the Employee’s responsibilities which renders
the Employee’s position to be of less dignity, responsibility or scope;

 

(iii)                             A
reduction by the Company in the overall level of compensation of the Employee
for any year from the level in effect for the Employee in the prior year.  For purposes of this subsection (iii), the
following shall not constitute a reduction in the overall level of compensation
of the Employee:  (A) across-the-board
reductions in base salary similarly affecting all executives of the Company and
all executives of any person in control of the Company, provided, however, that
the Employee’s annual base salary rate shall not be reduced by an amount equal
to ten percent or more of the Employee’s annual base salary rate in effect
immediately prior to the Change of Control; (B) changes in the mix of base
salary payable to and the short-term incentive opportunity available to the
Employee; provided, that in no event shall the Employee’s base salary for any
year be reduced below 90% of the annual base salary paid to such Employee in the
prior year; (C) a reduction in the compensation of the Employee resulting
from the failure to achieve corporate, business unit and/or individual
performance goals established for purposes of incentive compensation for any
year or other period; provided, that the aggregate short-term incentive
opportunity, when combined with the Employee’s annual base salary, provides, in
the aggregate, an opportunity for the Employee to realize at least the same
overall level of base salary and short term incentive compensation as was paid
in the immediately prior year or period at target performance levels; and
provided, further, that such target performance levels are reasonable at all
times during the measurement period, taking into account the fact that one of
the purposes of such compensation is to incentivize the Employee; (D) reductions
in compensation resulting from changes to any Company benefit plan; provided,
that such changes are generally applicable to all participants in such Company
benefit plan; and (E) any combination of the foregoing;

 

 

6

 

(iv)                            The
failure to grant the Employee an annual salary increase reasonably necessary to
maintain such salary as reasonably comparable to salaries of senior executives
holding positions equivalent to the Employee’s in the industry in which the
Company’s then principal business activity is conducted;

 

(v)                               The
Company requiring the Employee to be based anywhere other than the Company’s
principal executive offices in the city in which the Employee is principally
located immediately prior to the Change of Control, except for required travel
on the Company’s business to an extent substantially consistent with the
Employee’s business travel obligations prior to the Change of Control;

 

(vi)                            Any
material reduction by the Company of the benefits enjoyed by the Employee under
any of the Company’s pension, retirement, profit sharing, savings, life
insurance, medical, health and accident, disability or other employee benefit
plans, programs or arrangements, the taking of any action by the Company which
would directly or indirectly materially reduce any of such benefits or deprive
the Employee of any material fringe benefits, or the failure by the Company to
provide the Employee with the number of paid vacation days to which he/she is
entitled on the basis of years of service with the Company in accordance with
the Company’s normal vacation policy, provided that this subparagraph (vi) shall
not apply to any proportional across-the-board reduction or action similarly
affecting all executives of the Company and all executives of any person in
control of the Company; or

 

(vii)                         The
failure of the Company to obtain a satisfactory agreement from any successor to
assume and agree to perform this Agreement, as contemplated in Section 15
hereof, or any other material breach by the Company of its obligations
contained in this Agreement.

 

(f)                                    The
Employee’s right to Salary and Benefits Continuation shall accrue upon the
occurrence of either of the events specified in (i) or (ii) of Section 3(d) and
shall continue as provided, notwithstanding the subsequent termination or
expiration of this Agreement pursuant to Section 1 hereof.  The Employee’s subsequent employment, death
or disability following the Employee’s termination of employment in connection
with a Change of Control shall not affect the Company’s obligation to continue
making Salary and Benefits Continuation payments.  The Employee shall not be required to
mitigate the amount of any payment provided for in this Section 3 by
seeking employment or otherwise.  The
rights to Salary and Benefits Continuation shall be in addition to whatever
other benefits the Employee may be entitled to under any other agreement or
compensation plan, program or arrangement of the Company; provided, that the
Employee shall not be entitled to any separate or additional severance payments
pursuant to the Company’s severance plan as then in effect and generally

 

 

7

 

applicable to similarly situated employees.  The Company shall be authorized to withhold
from any payment to the Employee, his/her estate or his/her beneficiaries
hereunder all such amounts, if any, that the Company may reasonably determine
it is required to withhold pursuant to any applicable law or regulation.

 

4.                                       Termination
of Employee for Cause.

 

(a)                                  Upon
or following a Change of Control, the Company may at any time terminate the
Employee’s employment for Cause. 
Termination of employment by the Company for “Cause” shall mean
termination upon:  (i) the willful
and continued failure by the Employee to substantially perform his/her duties
with the Company (other than (A) any such failure resulting from Employee’s
disability or (B) any such actual or anticipated failure resulting from
Employee’s termination of his/her employment for Good Reason), after a written
demand for substantial performance is delivered to the Employee by the Board of
Directors which specifically identifies the manner in which the Board of Directors
believes that the Employee has not substantially performed his/her duties, and
which failure has not been cured within thirty days (30) after such written
demand; or (ii) the willful and continued engaging by the Employee in
conduct which is demonstrably and materially injurious to the Company,
monetarily or otherwise, or (iii) the breach by the Employee of any of the
covenants set forth in Section 8 hereof.

 

(b)                                 For
purposes of this Section 4, no act, or failure to act, on the Employee’s
part shall be considered “willful” unless done, or omitted to be done, by the
Employee in bad faith and without reasonable belief that such action or
omission was in the best interest of the Company.  Notwithstanding the foregoing, the Employee
shall not be deemed to have been terminated for Cause unless and until there
shall have been delivered to him/her a copy of a resolution duly adopted by the
affirmative vote of not less than three-quarters of the entire membership of
the Board of Directors at a meeting of the Board of Directors called and held
for that purpose (after reasonable notice to the Employee and an opportunity
for the Employee, together with his/her counsel, to be heard before the Board
of Directors) finding that in the good faith opinion of the Board of Directors
the Employee is guilty of the conduct set forth above in clauses (a)(i), (ii) or
(iii) of this Section 4 and specifying the particulars thereof in
detail.

 

5.                                       Prior
Termination.  Anything in this
Agreement to the contrary notwithstanding, if the Employee’s employment with
the Company is terminated prior to the date on which a Change of Control occurs
either (i) by the Company other than for Cause or (ii) by the
Employee for Good Reason, and it is reasonably demonstrated by Employee that
such termination of employment (a) was at the request of a third party who
has taken steps reasonably calculated to effect the Change of Control, or (b) otherwise
arose in connection with or anticipation of the Change of Control, and (iii) a Change of Control that
constitutes a change in ownership or effective control of the Corporation or a
change in the ownership of a substantial portion of the assets of the Company
under

 

 

8

 

Section 409A of the Code occurs within
twenty-four (24) months following the Employee’s termination, then for all
purposes of this Agreement the termination shall be deemed to have occurred
upon a Change of Control and the Employee will be entitled to Salary and
Benefits Continuation as provided for in Section 3 hereof upon the date on which the Change of Control
set forth in clause (iii) of this Section 5 occurs or, if later,
the date specified in Section 3 hereof.

 

6.                                       Employment
at Will. Subject to the provisions of any other agreement between the
Employee and the Company, the Employee shall remain an employee at will and
nothing herein shall confer upon the Employee any right to continued employment
and shall not affect the right of the Company to terminate the Employee for any
reason not prohibited by law; provided, however, that any such removal shall be
without prejudice to any rights the Employee may have to Salary and Benefits
Continuation hereunder.

 

7.                                       Construction
of Agreement.

 

(a)                                  Governing
Law.  This Agreement shall be
governed by and construed under the laws of the Commonwealth of Pennsylvania
without regard to its conflict of law provisions.

 

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

 

(c)                                  Headings.  The descriptive headings of the several
paragraphs of this Agreement are inserted for convenience of reference only and
shall not constitute a part of this Agreement.

 

8.                                       Covenant
as to Confidential Information, Non-Competition and Non-Solicitation.

 

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

 

 

9

 

information or other data of the Company or its
subsidiaries, or (iii) any other information related to the Company or its
subsidiaries which has not been published and is not generally known outside of
the Company.  The Employee acknowledges
that all of the foregoing, constitutes confidential and proprietary information,
which is the exclusive property of the Company.

 

(b)                                 Non-Competition
and Non-Solicitation.  While the Employee is employed by the Company
and for a period of twelve (12) months after the date of Employee’s termination
of employment with the Company for any reason Employee will not, directly or
indirectly, expressly or tacitly, for himself or on behalf of any entity
conducting business anywhere in the Restricted Territory (as defined below): (i) act
as an officer, manager, advisor, executive, shareholder, or consultant to any
business in which his duties at or for such business include oversight of or
actual involvement in providing services which are competitive with the
services or products being provided or which are being produced or developed by
the Company, or were under investigation by the Company within the last two (2) years
prior to the end of Employee’s employment with the Company, (ii) recruit
investors on behalf of an entity which engages in activities which are
competitive with the services or products being provided or which are being
produced or developed by the Company, or were under investigation by the
Company within the last two (2) years prior to the end of Employee’s
employment with the Company, or (iii) become employed by such an entity in
any capacity which would require Employee to carry out, in whole or in part,
the duties Employee has performed for the Company which are competitive with
the services or products being provided or which are being produced or
developed by the Company, or were under active investigation by the Company
within the last two (2) years prior to the end of Employee’s employment
with the Company.  Notwithstanding the
foregoing, the Employee may purchase or otherwise acquire up to (but not more
than) 1% of any class of securities of any enterprise (but without otherwise
participating in the activities of such enterprise) if such securities are
listed on any national or regional securities exchange or have been registered
under Section 12(g) of the Securities Exchange Act of 1934.  This covenant shall apply to any services,
products or businesses under investigation by the Company within the last two (2) years
prior to the end of Employee’s employment with the Company only to the extent
that the Employee acquired or was privy to confidential information regarding
such services, products or businesses. 
Employee acknowledges that this restriction will prevent the Employee
from acting in any of the foregoing capacities for any competing entity
operating or conducting business within the Restricted Territory and that this
scope is reasonable in light of the business of the Company.

 

Restricted Territory shall mean (i) any states in which the Company has a regulated-utility operation, which may change from time to time, but as of the effective date of this Agreement are Pennsylvania, West Virginia and Kentucky; or (ii) any states in which the Company owns, operates or has contractual rights to purchase natural gas-related assets (other than commodity trading rights),

 

 

10

 

including but not limited to, storage facilities, interstate pipelines, intrastate pipelines, intrastate distribution facilities, liquefied natural gas facilities, propane-air facilities or other peaking facilities, and/or processing or fractionation facilities; or (iii) any state in which the Company owns proved, developed and/or undeveloped natural gas and/or oil reserves and/or conducts natural gas or oil exploration and production activities of any kind; or (iv) any state investigated by the Company as a possible jurisdiction in which to conduct any of the business activities described in subparagraphs (i) through (iii) above within the last two (2) years prior to the end of Employee’s employment with the Company.
 
Employee agrees that for a period of twelve (12) months following the termination of Employee’s employment with the Company for any reason, including without limitation termination for cause or without cause, Employee shall not, directly or indirectly, solicit the business of, or do business with: (i) any customer that Employee approached, solicited or accepted business from on behalf of the Company, and/or was provided confidential or proprietary information about while employed by the Company within the one (1) year period preceding Employee’s separation from the Company; and (ii) any prospective customer of the Company who was identified to or by the Employee and/or who Employee was provided confidential or proprietary information about while employed by the Company within the one (1) year period preceding Employee’s separation from the Company, for purposes of marketing, selling and/or attempting to market or sell products and services which are the same as or similar to any product or service the Company offers within the last two (2) years prior to the end of Employee’s employment with the Company, and/or, which are the same as or similar to any product or service the Company has in process over the last two (2) years prior to the end of Employee’s employment with the Company to be offered in the future.
 
While Employee is employed by the Company and for a period of twelve (12) months after the date of Employee’s termination of employment with the Company for any reason, Employee shall not (directly or indirectly) on his or her own behalf or on behalf of any other person or entity solicit or induce, or cause any other person or entity to solicit or induce, or attempt to solicit or induce, any employee or consultant to leave the employ of or engagement by the Company or its successors, assigns or affiliates, or to violate the terms of their contracts with the Company.
 

(c)                                  Company
Remedies.  The Employee acknowledges
and agrees that any breach of this Section 8 by him/her will result in
immediate irreparable harm to the Company, and that the Company cannot be
reasonably or adequately compensated by damages in an action at law.  In the event of an actual or threatened
breach by the Employee of the provisions of this Section 8, the Company
shall be entitled, to the extent permissible by law, immediately to cease to
pay or provide the Employee or his/her dependents any compensation or benefit
being, or to be, paid or provided to him pursuant to Section 3 of this

 

 

11

 

Agreement, and also to obtain immediate injunctive
relief restraining the Employee from conduct in breach or threatened breach of
the covenants contained in this Section 8. 
Nothing herein shall be construed as prohibiting the Company from
pursuing any other remedies available to it for such breach or threatened
breach, including the recovery of damages from the Employee.

 

9.                                       Reimbursement
of Fees.  The Company agrees to pay,
to the full extent permitted by law, all legal fees and expenses which the
Employee may reasonably incur for the
period beginning upon the Effective Date and ending upon the Employee’s death
as a result of any contest by the Company, Internal Revenue Service or others
regarding the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a
result of any contest by the Employee about the amount of any payment pursuant
to Section 3 of this Agreement) or in connection with any dispute arising
from this Agreement, regardless of whether Employee prevails in any such
contest or dispute.  The Company shall
pay or reimburse such fees and expenses on a monthly basis, payable on the
first of each month, and all reimbursement payments with respect to expenses
incurred within a particular year shall be made no later than the end of the
Employee’s taxable year following the taxable year in which the expense was
incurred.  Any amounts not paid within
such monthly reimbursement period shall bear interest at the rate per annum
established by PNC Bank, National Association (or its successor) from time to
time as its “prime” or equivalent rate. 
The amount of reimbursable expenses incurred in one taxable year of the
Employee shall not affect the amount of reimbursable expenses in a different
taxable year and such reimbursement shall not be subject to liquidation or
exchange for another benefit. 
Notwithstanding the foregoing, in the event such amounts are conditioned
upon a separation from service and not compensation the Employee could receive
without separating from service, then no such payments may be made to Employee
until the first day following the six-month anniversary of the Employee’s
termination.

 

10.                                 Tax
Gross-Up

 

(a)                                  Notwithstanding
anything in this Agreement to the contrary, if it shall be determined that any
payments, benefits and distributions due under this Agreement and those which
are otherwise payable or distributable to or for the benefit of the Employee
relating to the termination of the Employee’s employment in connection with a
change of control of the Company, including a Change of Control (whether paid
or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, including without limitation (i) payments,
benefits and distributions pursuant to Section 3 of this Agreement, and (ii) deemed
amounts under the Code, resulting from the acceleration of the vesting of any
stock options or other equity-based incentive award) (all such payments,
benefits and distributions being referred to herein as “Gross Payments”), would
be subject to the excise tax imposed by Section 4999 of the Code or any
interest or penalties are incurred by the Employee with respect to the excise
tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then the Company
shall

 

 

12

 

pay to the Employee an additional payment (a “Gross-Up
Payment”) in an amount such that after the payment by the Employee of all taxes
(including any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto) and Excise Tax imposed on the Gross-Up Payment,
the Employee retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed on the Gross Payments. 
Notwithstanding the foregoing provisions of this Section 10(a), if
it shall be determined that the Employee is entitled to a Gross-Up Payment, but
that the Gross Payments would not be subject to the Excise Tax if the Gross
Payments were reduced by an amount that is equal to or less than 10% of the
portion of the Gross Payments that would be treated as “parachute payments”
under Section 280G of the Code, then the amounts payable to the Employee
under this Agreement shall be reduced (but not below zero) to the maximum
amount that could be paid to the Employee without giving rise to the Excise Tax
(the “Safe Harbor Cap”), and no Gross-Up Payment shall be made to the
Employee.  The reduction of the amounts
payable hereunder, if applicable, shall be made by reducing first the payments
under Sections 3(a)(i) and (ii), unless an alternative method of reduction
is elected by the Employee in a manner consistent with Section 409A of the
Code.  For purposes of reducing the Gross
Payments to the Safe Harbor Cap, only amounts payable under this Agreement (and
no other Gross Payments) shall be reduced. 
If the reduction of the amounts payable hereunder would not result in a
reduction of the Gross Payments to the Safe Harbor Cap, no amounts payable
under this Agreement shall be reduced pursuant to this provision.

 

(b)                                 Subject
to the provisions of this Section 10, all determinations required to be
made under this Section 10, including, whether and when a Gross-Up Payment
is required and the amount of such Gross-Up Payment, shall be made by a
nationally recognized accounting firm designated by the Company (the “Accounting
Firm”) which shall provide detailed supporting calculations both to the Company
and the Employee within fifteen (15) business days after there has been a
Payment, or such earlier time as requested by the Company.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or group effecting
the Change of Control, the Company shall appoint another nationally recognized
accounting firm to make the determinations required hereunder (which accounting
firm shall then be referred to as the Accounting Firm hereunder).  All fees and expenses of the Accounting Firm
shall be borne solely by the Company. 
Any Gross-Up Payment, as determined pursuant to this Section 10,
shall be paid by the Company to the Employee as provided in Section 10(e).  Any determination by the Accounting Firm
shall be binding upon the Company and the Employee.  As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial
determination by the Accounting Firm hereunder, it is possible that Gross-Up
Payments which will not have been made by the Company should have been made (“Underpayment”),
consistent with the calculations required to be made hereunder.  In the event that the Company exhausts its
remedies pursuant to Section 10(c) and the Employee thereafter is

 

 

13

 

required to make a payment of any income taxes or
Excise Tax, the Accounting Firm shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be paid by the Company to or
for the benefit of the Employee on the thirtieth (30th) day following the final
determination of the amount; provided, further, that all such amounts shall be
paid by the end of the Employee’s taxable year next following the Employee’s
taxable year in which the Employee remits the related taxes or, in the case of
a tax audit or litigation addressing the existence or amount of a tax
liability, by the end of the Employee’s taxable year following the Employee’s taxable
year in which the taxes that are the subject of audit or litigation are
remitted to the taxing authority (or where as a result of such audit or
litigation no taxes are remitted, the end of the Employee’s taxable year
following the Employee’s taxable year in which the audit is completed or there
is a final and nonappealable settlement or other resolution of the litigation).

 

(c)                                  The
Employee shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company
of the Gross-Up Payment.  Such notification
shall be given as soon as practicable but no later than ten (10) business
days after the Employee is informed in writing of such claim and shall apprise
the Company of the nature of such claim and the date on which such claim is
requested to be paid.  The Employee shall
not pay such claim prior to the expiration of the 30-day period following the
date on which it gives such notice to the Company (or such shorter period
ending on the date any payment of taxes with respect to such claim is
due).  If the Company notifies the
Employee in writing prior to the expiration of such period that it desires to
contest such claim, the Employee shall:

 

(i)            give the Company any information
reasonably requested by the Company relating to such claim;

 

(ii)           take such action in connection with
contesting such claim as the Company shall reasonably request in writing from
time to time, including, without limitation, accepting legal representation
with respect to such claim by an attorney reasonably selected by the Company;

 

(iii)          cooperate with the Company in good
faith in order effectively to contest such claim; and

 

(iv)          permit the Company to participate in
any proceedings relating to such claim;

 

provided, however,
that the Company shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest for
the period commencing upon the Effective Date and ending upon the Employee’s
death and shall indemnify and hold the Employee harmless, on an after-tax basis,
for any income taxes or Excise Tax (including interest and

 

 

14

 

penalties with
respect thereto) imposed as a result of such representation and payment of
costs and expenses.  Such costs and
expenses incurred within a particular year shall be paid no later than the end
of the Employee’s taxable year following the taxable year in which the costs
and expenses were incurred.  The amount
of costs and expenses incurred in one taxable year of the Employee shall not
affect the amount of paid costs and expenses in a different taxable year and
such payment shall not be subject to liquidation or exchange for another
benefit.  Without limitation on the
foregoing provisions of this Section 10, the Company shall control all
proceedings taken in connection with such contest and, at its sole option, may
pursue or forego any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its
sole option, either direct the Employee to pay the tax claimed and sue for a
refund or contest the claim in any permissible manner, and the Employee agrees
to prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate
courts, as the Company shall determine; provided, however, that
if the Company directs the Employee to pay such claim and sue for a refund, the
Company shall advance the amount of such payment to the Employee, on an
interest-free basis, and shall indemnify and hold the Employee harmless, on an
after-tax basis, from any income taxes or Excise Tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with
respect to any imputed income with respect to such advance; and further
provided that any extension of the statute of limitations relating to payment
of taxes for the taxable year of the Employee with respect to which such
contested amount is claimed to be due is limited solely to such contested
amount.  Furthermore, the Company’s
control of the contest shall be limited to issues with respect to which a
Gross-Up Payment would be payable hereunder and the Employee shall be entitled
to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

 

(d)                                 If,
after the receipt by the Employee of an amount advanced by the Company pursuant
to Section 10, the Employee becomes entitled to receive any refund with
respect to such claim, the Employee shall (subject to the Company’s complying
with the requirements of Section 10) pay to the Company the amount of such
refund (together with any interest paid or credited thereon after taxes
applicable thereto), on the thirtieth (30th) day following the
receipt of such refund.  If, after the
receipt by the Employee of an amount advanced by the Company pursuant to Section 10,
a determination is made that the Employee shall not be entitled to any refund
with respect to such claim and the Company does not notify the Employee in
writing of its intent to contest such denial of refund prior to the expiration
of 30 days after such determination, then such advance shall be forgiven
on the date such determination becomes final and shall not be required to be repaid
and the amount of such advance shall offset, to the extent thereof, the amount
of Gross-Up Payment required to be paid.

 

 

15

 

(e)                                  The
payments provided for in this Section 10 shall be made upon the first day
following the six-month anniversary of the termination of the Employee’s
employment; provided, however, that if the amounts of such
payments cannot be finally determined on or before such day, the Company shall
pay to the Employee on such day an estimate, as determined in good faith by the
Employee, of the minimum amount of such payments to which the Employee is
clearly entitled.  The Company shall pay
the remainder of such payments (together with interest at 120% of the rate
provided in Section 1274(b)(2)(B) of the Code) on the thirtieth (30th)
day after the date specified for payment of the initial estimate.  In the event that the amount of the estimated
payments exceeds the amount subsequently determined to have been due, the
Employee shall repay such excess to the Company on the fifth (5th) business day
after calculation of the correct amount and demand by the Company (together
with interest at 120% of the rate provided in Section 1274(b)(2)(B) of
the Code).  In the event the Company
should fail to pay when due the amounts described in this Section 10, the
Employee shall also be entitled to receive from the Company an amount
representing interest on any unpaid or untimely paid amounts from the due date,
as determined under this Section 10, to the date of payment at a rate
equal to 120% of the rate provided in Section 1274(b)(2)(B) of the
Code.  Notwithstanding the foregoing
provisions of this subsection 10(e), all such amounts payable by the Company
shall be paid by the end of the Employee’s taxable year next following the
Employee’s taxable year in which the Employee remits the related taxes or, in
the case of a tax audit or litigation addressing the existence or amount of a
tax liability, by the end of the Employee’s
taxable year following the Employee’s
taxable year in which the taxes that are the subject of audit or
litigation are remitted to the taxing authority (or where as a result of such
audit or litigation no taxes are remitted, the end of the Employee’s taxable year following the Employee’s taxable year in which the
audit is completed or there is a final and nonappealable settlement or other
resolution of the litigation).

 

11.                                 Resolution
of Differences Over Breaches of Agreement. 
Except as otherwise provided herein, in the event of any controversy,
dispute or claim arising out of, or relating to this Agreement, or the breach
thereof, or arising out of any other matter relating to the Employee’s
employment with the Company or the termination of such employment, the parties
may seek recourse only for temporary or preliminary injunctive relief to the
courts having jurisdiction thereof and if any relief other than injunctive
relief is sought, the Company and the Employee agree that such underlying
controversy, dispute or claim shall be settled by arbitration conducted in
Pittsburgh, Pennsylvania in accordance with this Section 11 of this
Agreement and the Commercial Arbitration Rules of the American Arbitration
Association (“AAA”).  The matter shall be
heard and decided, and awards rendered by a panel of three (3) arbitrators
(the “Arbitration Panel”).  The Company
and the Employee shall each select one arbitrator from the AAA National Panel
of Commercial Arbitrators (the “Commercial Panel”) and AAA shall select a third
arbitrator from the Commercial Panel. 
The award rendered by the Arbitration Panel shall be final and binding
as between the parties hereto and their heirs, executors, administrators,

 

 

16

 

successors and assigns, and judgment on the award may
be entered by any court having jurisdiction thereof.

 

12.                                 Treatment
of Certain Incentive Awards.  All “Awards”
held by the Employee under the Company’s 1999 Long-Term Incentive Plan (the “1999
Plan”) shall, upon a Change of Control, be treated in accordance with the terms
of the 1999 Plan and underlying award agreements when and as awarded, without
regard to the subsequent amendment of the 1999 Plan.  For purposes of this Section 12, the
terms “Award” and “Change of Control” shall have the meanings ascribed to them
in the 1999 Plan.

 

13.                                 Release.  The Employee hereby acknowledges and agrees
that prior to the Employee’s or his/her dependents’ right to receive from the
Company any compensation or benefit to be paid or provided to him/her or
his/her dependents pursuant to Section 3 of this Agreement, the Employee
may be required by the Company, in its sole discretion, to execute a release in
a form reasonably acceptable to the Company, which releases any and all claims
(other than amounts to be paid to Employee as expressly provided for under this
Agreement) the Employee has or may have against the Company or its
subsidiaries, agents, officers, directors, successors or assigns arising under
any public policy, tort or common law or any provision of state, federal or
local law, including, but not limited to, the Pennsylvania Human Relations Act,
the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964,
the Civil Rights Protection Act, Family and Medical Leave Act, the Age
Discrimination in Employment Act of 1967, or the Employee Retirement Income
Security Act of 1974, all as amended.

 

14.                                 Waiver.  The waiver by a party hereto of any breach by
the other party hereto of any provision of this Agreement shall not operate or
be construed as a waiver of any subsequent breach by a party hereto.

 

15.                                 Assignment.  This Agreement, including the non-competition
and non-solicitation covenant in Section 8(b) hereof, shall be
binding upon and inure to the benefit of the successors and assigns of the
Company.  The Company shall be obligated
to require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the Company’s
business or assets, by a written agreement in form and substance satisfactory
to the Employee, to expressly assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to
perform if no succession had taken place. 
This Agreement shall inure to the extent provided hereunder to the
benefit of and be enforceable by the Employee or his/her legal representatives,
executors, administrators, successors, heirs, distributees, devisees and
legatees.  The Employee may not delegate
any of his/her duties, responsibilities, obligations or positions hereunder to
any person and any such purported delegation by him shall be void and of no
force and effect with respect to matters relating to his/her employment and
termination of employment.  Without
limiting the foregoing, the Employee’s rights to receive payments and benefits
hereunder shall not be assignable or transferable, other than a transfer by
Employee’s will or by the laws of descent and distribution.

 

 

17

 

16.                                 Notices.  Any notices required or permitted to be given
under this Agreement shall be sufficient if in writing, and if personally
delivered or when sent by first class certified or registered mail, postage
prepaid, return receipt requested — in the case of the Employee, to his/her
residence address as set forth below, and in the case of the Company, to the
address of its principal place of business as set forth below, in care of the
Chairman of the Board — or to such other person or at such other address with
respect to each party as such party shall notify the other in writing.

 

17.                                 Pronouns.  Pronouns stated in either the masculine,
feminine or neuter gender shall include the masculine, feminine and neuter.

 

18.                                 Entire
Agreement.  Except as set forth in
any confidentiality, non-solicitation or non-competition agreement to which you
are a party, this Agreement contains the entire agreement of the parties
concerning the matters set forth herein and all promises, representations,
understandings, arrangements and prior agreements regarding the subject matter
hereof (including the Existing Agreement, which the parties agree shall
terminate as of the Effective Date hereof) are merged herein and superseded
hereby.  The provisions of this Agreement
may not be amended, modified, repealed, waived, extended or discharged except
by an agreement in writing signed by the party against whom enforcement of any
amendment, modification, repeal, waiver, extension or discharge is sought;
provided, however, that the Company may amend this Agreement from time to time
without Employee’s consent to the extent deemed necessary or appropriate, in
its sole discretion, to effect compliance with Section 409A of the Code,
including regulations and interpretations thereunder, which amendments may
result in a reduction of benefits provided hereunder and/or other unfavorable
changes to Employee.  No person acting
other than pursuant to a resolution of the Board of Directors (or its designee)
shall have authority on behalf of the Company to agree to amend, modify, repeal,
waive, extend or discharge any provision of this Agreement or anything in
reference thereto or to exercise any of the Company’s rights to terminate or to
fail to extend this Agreement.

 

 

18

 

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

 

	
  ATTEST:

  	
  EQUITABLE
  RESOURCES, INC.

  
	
   

  	
   

  
	
  /s/Kimberly L.
  Sachse

  	
   

  	
  /s/Charlene
  Petrelli

  
	
   

  	
  By:

  	
  Charlene
  Petrelli

  
	
   

  	
  Title:

  	
  Vice
  President & Chief HR Officer

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  225 North Shore
  Drive, 6th Floor

  
	
   

  	
  Pittsburgh, PA
  15212

  
	
  WITNESS:

  	
   

  
	
   

  	
   

  
	
  /s/David J.
  Smith

  	
   

  	
  /s/Randall L.
  Crawford

  
	
   

  	
  Name: Randall L.
  Crawford

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
   

  
					

 

 

19

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