Document:

Exhibit 10.05

 

10.05 – Form of Participant Award Agreement (Restricted Stock) under
1999 Equitable Resources, Inc. Long-Term Incentive Plan (amended and restated
October 20, 2004)

 

All restricted stock grants are made pursuant to an award agreement
substantially as follows:

 

PARTICIPANT
AWARD AGREEMENT

 

[DATE]

 

[NAME AND ADDRESS]

 

Dear [NAME]:

 

Pursuant to the terms and conditions of the Company’s 1999 Long-Term
Incentive Plan (the “Plan”), the Compensation Committee of the Board of
Directors of Equitable Resources, Inc. granted you a Restricted Stock Award
(the “Award”) for shares of the Company’s common stock as outlined below.

 

Shares Granted:

Grant Date:

Vesting Schedule:

 

The employee shall be entitled to vote the restricted shares, and
dividends issued with respect to such shares shall be invested in additional
shares of common stock and added to the original shares, subject to the same
restrictions as the shares originally awarded.

 

In the event of a change of control as defined in the Plan, all shares,
including reinvested dividend shares, will immediately vest without
restriction.  In the event of termination
of employment for any reason prior to [day prior to 100% vesting], including
death, disability or retirement, all unvested restricted shares, including
reinvested dividend shares, shall be forfeited, except that, if termination is
involuntary and without fault on the part of the employee (but not including
termination resulting from death or disability), the shares will vest on [last
day of vesting] as follows (including a proportional amount of reinvested
dividend shares):

 

	
  Termination Date

  	
   

  	
  Percent Vested

  
	
   

  	
   

  	
   

  
	
  [first year]

  	
   

  	
   

  
	
  [second year]

  	
   

  	
   

  
	
  [third year]

  	
   

  	
   

  

 

The employee may satisfy tax withholding obligations with respect to
the award by directing the company to (i) withhold that number of shares which
would otherwise be issued upon vesting to satisfy the minimum required
statutory tax withholding obligations, and (ii) accept delivery of previously
owned shares to satisfy such tax withholding; provided that if such withholding
is in

 

 

excess of the minimum statutory rate, such
shares must have been held by the employee for at least six months.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Johanna G. O’Loughlin

  
	
   

  	
   

  	
  For the Compensation Committee

  

 

By my signature below, I hereby acknowledge receipt of this Award
granted on the date shown above, which has been issued to me under the terms
and conditions of the Plan.  I further
acknowledge receipt of the copy of the Plan and agree to conform to all of the
terms and conditions of the Award and the Plan.

 

 

	
  Signature:

  	
   

  	
   

  	
  Date:Exhibit 10.26 (a)

 

CHANGE OF CONTROL AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) dated as of the first day of December, 1999 (the “Effective
Date”) by and between EQUITABLE RESOURCES, INC., a Pennsylvania corporation
with its principal place of business at Pittsburgh, Pennsylvania (the “Company”),
and John A. Bergonzi, an individual (the “Employee”);

 

WHEREAS,
the Company and certain of its employees, including possibly the Employee, are
parties to (i) a Change of Control Agreement, 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 and/or (ii)
an Employment Agreement, which provides for the payment of severance benefits
in certain circumstances (whether or not the Employee’s termination of
employment is in connection with a Change of Control) and includes a provision
pursuant to which Employee agrees not to compete with the Company for a stated
period of time (to the extent the Employee is a party to one or both of such
agreements as of the date of this Agreement, they are referred to as the “Existing
Agreements”); 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 order to more fully accomplish the foregoing objectives, the Company and the
Employee desire to terminate the Existing Agreements and to enter into this
Agreement, which, among other things, clarifies and enhances in certain
respects the benefits payable to the Employee if the Employee’s employment
terminates in certain circumstances following a Change in Control of the
Company;

 

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.                                       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 by the Company for any reason prior to a Change

 

 

of Control; or (ii) unless
further extended as hereinafter set forth, the date which is thirty-six (36)
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 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 thirty-six (36) calendar months after the last day of the month in
which such written notice is received.

 

2.                                       Change of Control.  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 any acquisition
by (x) 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 or (y) any person that is eligible, pursuant to Rule 13d-1(b)
under the Exchange Act (as such rule is in effect as of November 1, 1995) to
file a statement on Schedule 13G with respect to its beneficial ownership of
Company common stock and other voting securities, whether or not such person
shall have filed a statement on Schedule 13G, unless such person shall have
filed a statement on Schedule 13D with respect to beneficial ownership of
fifteen percent or more of the Company’s voting securities, shall not constitute
a Change of Control;

 

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

 

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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 annual base salary
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 highest annual incentive (bonus) payment earned by
the Employee for any year in the three years prior to the termination of
Employee’s employment; (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; (iv) contribution by the Company to
Employee’s account under the Company’s defined contribution retirement plan
(known as the Equitable Resources, Inc. Employee Savings Plan) of an amount of
cash equal to the amount that the Company would have contributed to such 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, 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; (vii) reimbursement to Employee of reasonable costs incurred by
Employee for outplacement services in the twelve (12) month period following
termination of Employee’s employment.

 

(b)                                 All
amounts payable by the Company to the Employee in cash pursuant to Section 3(a)
shall be made in a lump sum unless the Employee otherwise elects and notifies
the Company in writing prior to the termination of Employee’s employment of
Employee’s desire to have all payments made in accordance with the Company’s
regular salary and benefit payment practices, provided that (i) the lump sum
payment or first payment shall be made within thirty (30) days after the
Employee’s termination hereunder, and (ii) the Employee may elect to defer such
payments pursuant to the Company’s then-existing deferred compensation
plan(s).  All other amounts payable by
the Company to the Employee pursuant to Section 3 shall be paid or provided in
accordance with the Company’s standard payroll and reimbursement procedures, as
in effect immediately prior to the Change of Control.

 

(c)                                  In
the event that medical, long-term disability, dental and life insurance
benefits cannot be provided under appropriate Company group insurance policies,
an

 

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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) (payable in the manner elected by the Employee
pursuant to Section 3(b)).

 

(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 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 Employee’s annual base salary as in effect on
the date hereof or as the same may be increased from time to time, except for
proportional across-the-board salary reductions similarly affecting all
executives of the Company and all executives of any person in control of the
Company, provided, however, that in no event shall the Employee’s annual base
salary be reduced by an amount equal to ten percent or more of the Employee’s
annual base salary as of the end of the calendar year immediately preceding the
year in which the Change of Control occurs, without the Employee’s consent;

 

(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

 

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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 paragraph (f) 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
termination or expiration of this Agreement pursuant to Section 1 hereof.  The Employee’s subsequent employment, death
or disability within the thirty-six (36) month period 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 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.

 

6

 

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 the
confidentiality provision 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, 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.

 

7

 

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.

 

(a)                                  Confidentiality
of Information and Nondisclosure. 
The Employee acknowledges and agrees that his/her employment by the
Company under this Agreement 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 a period of two (2) years after the termination of the
Employee’s employment hereunder, 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, (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 or which the Employee subsidiaries which has not been published
and is not generally known outside of the Company.  The Employee acknowledges that all of the
foregoing, constitutes

 

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confidential and proprietary information, which is the
exclusive property of the Company.

 

(b)                                 Company
Remedies.  The Employee acknowledges
and agrees that any breach of this Agreement 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 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 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.

 

10.                                 Certain Reductions of Payments by the Company. 
Notwithstanding anything herein to the contrary, if the aggregate of the
amounts due the Employee under this Agreement and any other plan or program of
the Company constitutes a “Parachute Payment,” as such term is defined in
Section 280G of the Internal Revenue Code of 1986, as amended, then the
payments to be made to the Employee under this Agreement which are included in
the determination of such Parachute Payment shall be reduced to an amount which,
when added to the aggregate of all other payments to be made to the Employee
which are included in the determination of such Parachute Payment as a result
of the termination of his/her employment, will make the total amount of such
payment equal to 2.99 times his/her Base Amount.  The determinations to be made with respect to
this paragraph shall be made by an independent auditor (the “Auditor”) jointly
selected by the Employee and the Company and paid by the Company.  In the event the payments to be made to the
Employee are required to be reduced pursuant to the limitations in this Section
10, the Company shall allow the Employee to select which payment or benefits
Employee wants the Company to reduce in order that the total amount of such
payment is equal to 2.99 times such Employee’s Base Amount.  The Auditor shall be a nationally recognized

 

9

 

United States public accounting
firm that has not, during the two years preceding the date of its selection,
acted in any way on behalf of the Company or any of its subsidiaries.

 

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,
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 1994 Long-Term Incentive Plan (the “1994
Plan”) or 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 those
Plans as in effect on the date of this Agreement, without regard to the
subsequent amendment of those Plans.  For
purposes of this Section 12, the terms “Award” and “Change of Control”
shall have the meanings ascribed to them in the 1999 Plan and the 1994 Plan, as
the case may be.

 

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 Fair Labor
Standards Act, or the Age Discrimination in Employment Act of 1967.

 

10

 

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 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.

 

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.  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 Agreements, which
the parties agree shall terminate as of the Effective Date hereof) are merged
herein and superseded hereby; provided that any noncompetition agreement shall
not be merged or superseded but shall remain in full force and effect.  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.  No person acting other than pursuant to a
resolution of the Board of Directors shall have authority on behalf of the
Company to agree to amend, modify,

 

11

 

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.

 

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/ Jean F. Marks

  	
   

  	
  By:

  	
  /s/ Gregory R. Spencer

  	
   

  
	
   

  	
   

  	
   

  	
  Gregory R.
  Spencer

  
	
   

  	
   

  	
   

  	
  Senior Vice
  President and Chief

  
	
   

  	
   

  	
   

  	
  Administrative
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  One Oxford
  Centre

  
	
   

  	
   

  	
  Suite 3300

  
	
   

  	
   

  	
  Pittsburgh,
  PA 15219

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
  /s/ David J. Smith

  	
   

  	
  /s/ John A. Bergonzi

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  160
  Partridge Run

  
	
   

  	
   

  	
  Gibsonia, PA
  15044

  

 

12

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