Document:

Exhibit

Exhibit 10.10

EQT CORPORATION 
2016 SHORT-TERM INCENTIVE PLAN
EQT CORPORATION (the “Company”) hereby establishes this EQT CORPORATION 2016 SHORT-TERM INCENTIVE PLAN (the “Plan”) as of this 1st day of January, 2016, in accordance with the terms provided herein.
WHEREAS, the Company desires to establish an incentive plan which describes the goals of the Company and the methodology for awarding incentive amounts; 
NOW, THEREFORE, the Company hereby adopts the terms of the Plan as follows:
Section 1.  Incentive Program Purposes.  The Company’s main purposes in providing the incentive programs described within the Plan (collectively, the “Incentive Programs”) are to maintain a competitive level of total cash compensation and to align the interests of the Company’s employees with those of the Company’s shareholders and customers and with the strategic objectives of the Company.  By placing a portion of employee compensation at risk, the Company can reward performance based on the overall performance of the Company, the business segment and the individual contribution of each employee.
Section 2.  Effective Date.  The effective date of this Plan is January 1, 2016.  The Plan will remain in effect for the calendar year 2016 (the “Plan Year”) unless earlier replaced or terminated in accordance with Section 18 or the occurrence of a Change of Control as provided in Section 15, or unless adopted with respect to future calendar years.  
Section 3.  Eligibility.  To be eligible for the Incentive Programs in the Plan Year, employees must execute an Alternative Dispute Resolution Program Agreement and related documents on or before deadlines established by the Company.  Additional eligibility requirements for each Incentive Program may be proposed from time to time by the appropriate business segment or functional officer and approved by the Company’s Chief Human Resources Officer.  Based upon such eligibility requirements, the Company’s Chief Human Resources Officer or the Company’s Corporate Director, Compensation and Benefits, as applicable, may designate any eligible employee for participation in the Plan in his or her complete and sole discretion.  Following initial designation of eligible employees in the Plan Year, an eligible employee will be notified in writing of his or her participation, and a Plan document will be made available to all eligible employees.  
Section 4.  Administration of the Plan.  The Company’s Corporate Director, Compensation and Benefits shall administer all Incentive Programs under the general direction of the Company’s Chief Human Resources Officer; provided, however, that the Management Development and Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) shall at all times retain the discretion with respect to all Incentive Programs to reduce, eliminate or determine the source of any payment or award hereunder without regard to any particular factors specified in the Plan.  On an annual basis, the Committee must review and approve (a) the Plan, (b) the methodology for determining the incentive pools, including the Financial Measures and the Value Drivers, as defined in Section 7 of the Plan, and (c) the projected payout under the Plan and under each Incentive Program.  The Committee must also review and approve any proposed amendments to the Plan throughout the Plan Year.  

Section 5.  Incentive Programs.  The following Incentive Programs shall be administered under the Plan:
		
	•
	EQT Corporation Headquarters Short-Term Incentive Program;

		
	•
	EQT Commercial Short-Term Incentive Program;

		
	•
	EQT Production Short-Term Incentive Program; and

		
	•
	EQT Midstream Short-Term Incentive Program.

Section 6.  Definitions.  The following provides the definition of certain Financial Measures, identified in Section 7 of the Plan, as may be used in the Incentive Programs: 
		
	 (a)
	Earnings before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”).     Subject to Section 6(d) below, EBITDA is calculated as follows:

Company EBITDA means 2016 EBITDA, as defined in and calculated in accordance with the Company’s 2016 Value Driver Performance Award Agreements.  Business unit EBITDA means total revenues of the applicable business unit, minus total expenses of the applicable business unit, excluding (i) interest, income taxes, depreciation and amortization expenses, for the Plan Year, and (ii) gains/losses on derivatives not designated as hedges, in each case including the components thereof attributable to noncontrolling interests, if any.  The calculation of Company and business unit EBITDA for the Plan Year will be calculated by the Company’s Chief Accounting Officer and submitted to the Company’s Chief Financial Officer for approval.  The Company’s Chief Financial Officer will determine, for purposes of the Plan, the Company EBITDA and the applicable business unit’s EBITDA under the general direction of the Committee. 
		
	(b)
	Earnings before Interest, Income Taxes, Depreciation, Amortization and Exploration Expense (“EBITDAX”).     Subject to Section 6(d) below, EBITDAX is calculated as follows:

Company EBITDAX means, for the Plan Year, the Company’s income from continuing operations (which shall, for the avoidance of doubt, include income attributable to noncontrolling interests) (i) before interest, income taxes, depreciation, amortization and exploration expenses and (ii) excluding gains/losses on derivatives not designated as hedges, in each case including the components thereof attributable to noncontrolling interests.  Business unit EBITDAX means, for the Plan Year, total revenues of the applicable business unit, minus total expenses of the applicable business unit, excluding in each case (i) interest, income taxes, depreciation, amortization and exploration expenses and (ii) gains/losses on derivatives not designated as hedges, in each case including the components thereof attributable to noncontrolling interests.  The calculation of Company and business unit EBITDAX for the Plan Year will be calculated by the Company’s Chief Accounting Officer and submitted to the Company’s Chief Financial Officer for approval.  The Company’s Chief Financial Officer will determine, for purposes of the Plan, the Company EBITDAX and the applicable business unit’s EBITDAX under the general direction of the Committee.  

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	(c)
	Peer Group.  The Committee may establish a peer group (“Peer Group”) for purposes of applying any peer comparative to performance measures used in the Plan.  Any changes to the Peer Group must be approved by the Committee.

		
	(d) 
	Acquisitions/Dispositions.  The calculations set forth in Sections 6(a) and 6(b) shall be adjusted to exclude the impact of acquisitions and/or dispositions in which the total consideration paid, received or assumed is in excess of $100 million.  Such calculations may also be adjusted, in the discretion of the Committee, to exclude the impact of acquisitions and/or dispositions in which the total consideration paid, received or assumed is in excess of $50 million and less than or equal to $100 million.  For the avoidance of doubt, Dropdown Transactions (as hereinafter defined) shall not be deemed to be dispositions for purposes of the Plan.  For purposes of the Plan, “Dropdown Transaction” means any transfer of assets, other than in the ordinary course of business, by the Company or any of its affiliates (other than EQT Midstream Partners, LP (the “Partnership”) or any subsidiary of the Partnership) to the Partnership or any subsidiary of the Partnership, whether by sale of assets, merger or otherwise; provided that, upon the transfer of such assets, the assets continue to be consolidated in the Company’s financial statements.        

Section 7.  Determination of Incentive Pools.  
		
	(a)
	All Incentive Programs provide for incentive payments that are funded based on incentive pools.  An incentive pool is created for each Incentive Program.  The base amount of each incentive pool shall be determined by the extent to which one or more specific and defined financial measures (the “Financial Measures”) and operational and efficiency measures (the “Operational and Efficiency Measures”) are achieved for the Plan Year.  In addition, defined operational or strategic measures (“Value Drivers”) may affect the determination of the incentive pool, in the discretion of the Company’s Chief Executive Officer (the “CEO”).  The Value Drivers for each of the Incentive Programs are attached hereto as Attachment A.  For purposes of determining achievement of the Financial Measures under the Plan, the business plan Financial Measures will be adjusted to exclude, as applicable: (i) the planned impact of Dropdown Transactions that are not consummated during the Plan Year; and (ii) if any event occurs after the commencement of the Plan Year that causes the Company to report discontinued operations for 2016 not contemplated in the Company’s 2016 business plan, the components of the business plan Financial Measures attributable to such discontinued operations.  

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	(b)
	The following chart provides the specific Financial and Operational and Efficiency Measures for each of the Incentive Programs:

	
		
	Incentive Program
	Financial and Operational and Efficiency Measures

	EQT Corporation Headquarters
	Company EBITDA to Business Plan (EQT Year to Year Comparison)

	EQT Midstream, EQT Production and EQT Commercial
	Business unit EBITDAX
Business unit Operational and Efficiency Measures identified on Attachment A

		
	(c)
	The base amount of each incentive pool is determined based upon the Financial and Operational and Efficiency Measures listed above.  Additional adjustments are made based on any minimum threshold amounts established therefor, and, if applicable, the Value Drivers, in accordance with the weightings assigned to each as listed on Attachment B.  Attachment C to this Plan specifies the base or target amount for each incentive pool, expressed as the total of all Incentive Targets, as defined in Section 8 of the Plan, of those participants in each particular Incentive Program.  The targets on Attachment C are automatically amended in the event of the addition of new hires as participants, the elimination of the targets of former participants, participant compensation changes and participant moves between pools due to job changes.  No incentive pool shall exceed three (3) times the target set forth on Attachment C, subject to the adjustments described in the preceding sentence.  

		
	(d)
	The CEO may, in his sole and absolute discretion, adjust the determination of the base amount of any business segment incentive pool (i) by any amount ranging from a reduction of up to fifty percent (50%) of the target incentive pool to an increase of up to an additional one hundred fifty percent (150%) of the target incentive pool, in each case based on the Value Drivers applicable to the particular business segment incentive pool, and (ii) by adjusting EBITDAX or EBITDA for the impact of the prices of gas, oil and liquids and/or any extraordinary items, provided that such adjustment shall be limited to the difference between the business plan assumption and the actual impact of such items.  The Committee may, in its sole and absolute discretion, adjust the determination of the base amount of the Headquarters incentive pool (i) by any amount based upon earnings per share and (ii) by adjusting EBITDAX or EBITDA for the impact of the prices of gas, oil and liquids and/or any extraordinary items or performance factors determined by the Committee, provided that such adjustment shall be limited to the difference between the business plan assumption and the actual impact of such items.  Such adjustments by the CEO or the Committee may be either positive or negative.  Notwithstanding the forgoing, under no circumstance shall the aggregate of all incentive pools exceed 6.5% of the Company’s EBITDAX for the Plan Year, calculated without adjusting EBITDAX for the impact of the prices of gas, oil and liquids and/or any extraordinary items or performance factors.  

Section 8.  Incentive Targets.  Each participant under the Plan shall be given an incentive target (an “Incentive Target”) that shall be determined based on market competitive levels.  All Incentive Targets shall be determined within ninety (90) days of the commencement of each Plan 

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Year by the Company’s Corporate Director, Compensation and Benefits, in consultation with the appropriate business segment or functional officer and approved by the Company’s Chief Human Resources Officer.  Actual incentive awards payable (“Incentive Awards”), subject to adjustments as provided in the Plan, shall be based on the overall determination of the incentive pools and on individual performance.  
Section 9.  Performance Goals. 
		
	(a)
	Each participant shall have specific performance goals (the “Performance Goals”) determined for his or her position for the Plan Year.  These Performance Goals must support the approved business plan of the Company, affiliate or business unit, as applicable, and should identify how the participant will support any specific Value Drivers established.  

		
	(b)
	A copy of each participant’s Performance Goals and objectives shall be determined in writing, and kept on file with the appropriate business segment Human Resources Department, by February 28 of the Plan Year to which they relate. 

		
	(c)
	Following the determination of the incentive pools as described in Section 7, an evaluation of each participant’s actual performance relative to his or her individual Performance Goals for the Plan Year shall be completed.  Performance can be rated as Outstanding Performer, Exceeds Expectations, Successful, Partially Successful, Fails to Meet Expectations and Not Rated.  The definition of each rating is as follows: 

	
		
	Performance Level
	Performance Definition

	Outstanding Performer

	Recognized leader in the department, business unit and/or Company.  Contributes to the organization’s success by adding significant value well beyond job requirements.  Identifies opportunities and provides unique, innovative and practical solutions to problems.  Consistently exceeds expectations and demonstrates a unique understanding of work beyond assigned area of responsibility.

	Exceeds Expectations
	Makes significant contributions to department, business unit and/or Company’s business results.  Overall performance far exceeds all requirements necessary to fulfill the principal duties, responsibilities, objectives and expectations of the position.

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	Performance Level
	Performance Definition

	Successful
	Overall performance meets all and may exceed some of the requirements necessary to fulfill the principal duties, responsibilities, objectives and expectations of the position.   Produces timely and accurate results.  Works independently to perform all aspects of the job.  Recognizes, participates in and adjusts to changing work assignments.

	Partially Successful
	Overall performance meets most of the requirements necessary to fulfill the principal duties, responsibilities, objectives and expectations of the position.  May require additional training, resources or coaching in an area before Successful.

	Fails to Meet Expectations
	Overall performance fails to meet all or most of the requirements necessary to fulfill the principal duties, responsibilities, objectives and expectations of the position.   Performance Improvement Plan is required.

	Not Rated
	Appropriate only for employees who have been in current position less than three months.

Based on the evaluation of the participant’s performance relative to his or her Performance Goals, individual performance adjustments can be made by the appropriate business segment or functional officer, ranging from elimination of the Incentive Target to 150% of the Incentive Target.  The CEO must approve all individual performance adjustments under the Plan and may make individual performance adjustments in excess of 150%.
Section 10.  Distributing the Incentive Pool.  Incentive Awards may be earned based on the determination of the incentive pools and individual performance as follows:
		
	(1)
	The incentive pool is determined as described in Section 7.  If the established Financial Measures and Operational and Efficiency Measures for the incentive pool are not achieved, the process to calculate Incentive Awards for the related Incentive Program is terminated.

		
	(2)
	The performance of each participant is reviewed by the appropriate business segment or functional officer and the individual performance adjustment described in Section 9, if any, is applied as appropriate to the participant’s original Incentive Target.

		
	(3)
	The Incentive Targets for each participant within an incentive pool, after giving effect to the individual performance adjustments described in Section 9, if any, are totaled.  Each participant’s adjusted Incentive Target is then calculated as a 

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percent of the total adjusted Incentive Targets for all participants within the incentive pool.
		
	(4)
	The percent assigned to each participant in step 3 is multiplied by the total incentive pool generated, resulting in the amount of the participant’s actual Incentive Award payable, subject to reduction, elimination or substitution of the final incentive pool by the Committee as provided in Section 4.  

		
	(5)
	Distributions, if any, may be paid in cash or other property, including shares of Company stock, from the Plan or other source as determined by the Committee, in its discretion.

Except as provided in Sections 10(5) and 11 of the Plan, the amount of the Incentive Awards payable from the Plan, as calculated in Section 10(4) above, shall be paid in cash to participants.  Payments shall be made within 21⁄2 months following the end of the Plan Year in which the amounts are no longer subject to a substantial risk of forfeiture.  An Incentive Award shall not be earned and a participant shall have no vested right, interest or entitlement to any Incentive Award hereunder, prior to its actual payment.
Section 11.  Alternate Forms of Payment.  In accordance with the Company’s Equity Ownership Guidelines adopted on January 30, 2003 (as amended on July 8, 2008, July 11, 2012 and April 14, 2015), or any successor thereto or revision thereof, the Chairman of the Board may elect to pay all or some of a participant’s Incentive Award in stock, including restricted stock subject to the similar terms and conditions as the Company’s annual restricted stock or phantom unit awards, if the participant has not satisfied the Equity Ownership Guidelines.  
Section 12.  Impact on Benefit Plans.  Payments under the Plan shall not be considered as earnings for purposes of the Company’s or its affiliates’ qualified retirement plans or any other retirement, compensation or benefit plan or program of the Company or its affiliates, except to the extent specifically provided in such other plan or program.
Section 13.  Tax Consequences.  It is intended that: (a) until the Incentive Award is actually paid to a participant, the participant’s right to payment of the Incentive Award shall be considered to be subject to a substantial risk of forfeiture in accordance with those terms as defined or referenced in Sections 83(a), 409A and 3121(v)(2) of the Internal Revenue Code of 1986, as amended (the “Code”); (b) the Incentive Award shall be subject to employment taxes upon payment; and (c) until the Incentive Award is actually paid to a participant, the participant shall have merely an unfunded, unsecured promise to be paid the benefit if and to the extent earned, and such unfunded promise shall not consist of a transfer of “property” within the meaning of Code Section 83.  It is further intended that a participant will not be in actual or constructive receipt of compensation with respect to the Incentive Award within the meaning of Code Section 451 until the Incentive Award is actually paid.  
Section 14.  Change of Status.  In making decisions regarding employees’ participation in the Plan, the Company’s Chief Human Resources Officer or Corporate Director, Compensation and Benefits, as applicable, may consider any factors that he or she may consider relevant in their sole discretion.  The Company shall have no obligation to exercise its discretion to make an award to any employee affected by the described status changes.  The following guidelines are provided as general information regarding employee status changes upon the occurrence of the events described below.
		
	(a)
	New Hires. A newly hired employee will participate in the Plan (or successor plan, as applicable) in the Plan Year following the year in which the employee is hired, unless otherwise specified in an applicable employment offer.    

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	(b)
	Involuntary Termination.  No Incentive Award shall be paid to any employee whose services are terminated by the Company prior to payment of an Incentive Award; provided, however, as follows:

(i)     an employee or the estate of an employee whose employment is terminated by reason of death or long-term disability following the conclusion of the Plan Year but prior to payment of an Incentive Award shall be entitled to the payment that the deceased or disabled employee would have received had that individual been employed as of the date of the payment of an Incentive Award; and 
(ii)      an employee or the estate of an employee whose employment is terminated by reason of death or long-term disability during the Plan Year may be entitled to payment of a pro-rated Incentive Award based on the employee’s amount of active service during the Plan Year and contingent upon satisfaction of the performance criteria contained in the Plan; provided, however, that the Company shall have sole discretion, subject to its obligations under applicable federal, state or local law, to determine whether or not any Incentive Award will be paid in such event.  
		
	(c)
	Voluntary Termination.  No Incentive Award shall be paid to an employee who voluntarily terminates, or gives formal or informal notice of termination of, his/her employment for any reason, including but not limited to resignation, retirement or job abandonment, prior to the payment of an Incentive Award.    

Nothing in the Plan, in any Incentive Program or in any Incentive Target or Incentive Award shall confer any right on any employee to continue in the employ of the Company.  In the event any payments are made under the guidelines provided in this Section 14, the timing of such payments shall be in accordance with the provisions of Section 10; provided, however, if the participant is a “specified employee” under Section 409A of the Code at the time of his or her separation from service, then, if required to avoid an additional tax under Section 409A of the Code, any payment based upon separation from service may not be made until the first day following the six-month anniversary of the participant’s separation from service. 
Section 15.  Change of Control.  In the event of a Change of Control of the Company, as then defined under the EQT Corporation 2014 Long-Term Incentive Plan (as in effect at the start of the Plan Year), or its successor, the Plan Year shall end on the date of the Change of Control, and the target Financial Measures and Value Drivers shall be deemed to have been achieved at the “Successful” level for the pro-rata portion of the calendar year that elapsed through the date of the Change of Control.  In such event, any Incentive Awards earned shall be paid to participants on such pro-rata basis in accordance with the provisions set forth in Section 10 and without adjustment to any individual Incentive Targets, but subject to the Committee’s overall discretion as provided in Section 4.  
Section 16.    Compensation Recoupment Policy.  Any Incentive Award paid to a participant hereunder shall be subject to the terms and conditions of any compensation recoupment policy adopted from time to time by the Board or any committee of the Board, to the extent such policy is applicable to annual incentive compensation and the participant.
Section 17.  Dispute Resolution.  The following is the exclusive procedure to be followed by all participants in resolving disputes arising from participation in and payments made under the Plan.  Claims must be based on the participant’s performance rating under Section 9(c) and/or payment amount under the Plan.  Any claim relative to a given Plan Year must be presented to the Company’s Corporate Director, Compensation and Benefits within thirty (30) 

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days following the later of (a) the payment date of the Incentive Award for that Plan Year or (b) the participant’s receipt of his or her performance rating.  If a participant’s claim is not presented within such thirty (30) day period, the participant’s rights in respect of a claim for payment will be forfeited.  Once the Corporate Director, Compensation and Benefits has received a claim, he or she will assemble a meeting to review the issue.  The participants in the meeting will include the Corporate Director, Compensation and Benefits, the manager of the participant with the dispute, the appropriate human resources business partner, and, if desired by the participant, a peer chosen by the participant.  The participant will be given an opportunity to present his or her issues to the Corporate Director, Compensation and Benefits.  A decision will be rendered by the Corporate Director, Compensation and Benefits within thirty (30) business days of the meeting.  The Corporate Director, Compensation and Benefits will be responsible for preparing a written version of the decision.  This decision may be appealed to the Company’s Chief Human Resources Officer.  Appealed decisions will be reviewed by the Chief Human Resources Officer with information requested from the appropriate parties as he or she may determine in his or her sole discretion.  The decision made by the Chief Human Resources Officer regarding the matter is final and binding on all Plan participants.
Section 18.  Amendment, Replacement or Termination of this Plan.  The Company shall have the right to amend, replace or terminate the Plan at any time by written action of the Committee, provided that no employee or participant shall have any vested right, interest or entitlement to payment of any Incentive Award hereunder prior to its payment.  The Company shall notify affected participants in writing of any material amendment or Plan termination.

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ATTACHMENT A
Value Drivers

Headquarters Value Drivers
Production, Midstream and Commercial Business Unit Value Drivers     40%

Midstream Value Drivers – See Attachment A-1
Production Value Drivers – See Attachment A-2
Commercial Value Drivers – See Attachment A-3

\

ATTACHMENT B
Weighting of Financial and Operational and Efficiency Measures and Value Drivers
	
		
	Programs and Measures
	Weighting

	EQT Corporation Headquarters Incentive Program
	 

	Company EBITDA To Business Plan
	60%

	Business Unit Value Drivers
	40%

	Total
	100%

EQT Midstream Incentive Program – See Attachment A-1
EQT Production Incentive Program – See Attachment A-2
EQT Commercial Incentive Program  – See Attachment A-3

\

ATTACHMENT C
Incentive Targets $(000,000)

Headquarters    $6.3
Commercial    $2.6    
Production    $16.9
Midstream    $13.5
    
Total    $39.3

\Exhibit

Exhibit 10.11

AMENDED AND RESTATED
CONFIDENTIALITY, NON‐SOLICITATION and
NON‐COMPETITION AGREEMENT
This AMENDED AND RESTATED CONFIDENTIALITY, NON-SOLICITATION AND NON-COMPETITION AGREEMENT (this “Agreement”) is entered into and effective as of September 10, 2016, by and between EQT Corporation, a Pennsylvania corporation (EQT Corporation and its subsidiary companies are hereinafter collectively referred to as the “Company”), and JIMMI SUE SMITH (the “Employee”).  This Agreement amends and restates in its entirety that certain Confidentiality, Non-Solicitation and Non-Competition Agreement by and between the Company and the Employee originally dated as of January 13, 2012, as amended effective January 1, 2014 and January 1, 2015 (the “Original Agreement”).
WITNESSETH:
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
WHEREAS, the Employee is willing to agree to these confidentiality, non-competition and non-solicitation covenants by entering into this Agreement, which amends and restates the Original Agreement, in exchange for a grant of restricted stock (which is subject to the terms and conditions of the 2014 EQT Corporation Long-Term Incentive Plan and the applicable Participant Award Agreement) and the Company's agreement to pay the severance benefits described in Section 3 below in the event that Employee's employment with the Company is terminated in certain circumstances; 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/herself or on behalf of any entity conducting business anywhere in the Restricted Territory (as defined below): (i) act in any capacity for any business in which his/her 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 Employee acquired or was privy to confidential information regarding such services, products or businesses.  Employee acknowledges that this restriction will prevent 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.  Notwithstanding anything to the contrary in the foregoing paragraph or in this Agreement, Employee shall not in any way be restricted from being employed as an attorney in the oil and gas industry immediately following the date of Employee’s termination of employment with the Company. 
Restricted Territory shall mean (i) the entire geographic location of any natural gas and oil play in which the Company owns, operates or has contractual rights to purchase natural gas-related assets (other than commodity trading rights and pipeline capacity contracts on non-affiliated or third-party pipelines), 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 (ii) the entire geographic location of any natural gas and oil play 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 (iii) the entire geographic location of any natural gas and oil play in which the Company has decided to make or has made an offer to purchase or lease assets for the purpose of conducting any of the business activities described in subparagraphs (i) and (ii) above within the six (6) month period immediately preceding the end of the Employee’s employment with the Company provided that Employee had actual knowledge of the offer or decision to make an offer prior to Employee’s separation from the Company.  For geographic locations of natural gas and oil plays, refer to the maps produced by the United States Energy Information Administration located at www.eia.gov/maps.
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) 

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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 thirty-six (36) months after the date of Employee's termination of employment with the Company for any reason, Employee shall not (directly or indirectly) on his/her own behalf or on behalf of any other person or entity solicit or induce, or cause any other person or entity to solicit or induce, or attempt to solicit or induce, any employee, consultant, vendor or independent contractor to leave the employ of or engagement by the Company or its successors, assigns or affiliates, or to violate the terms of their contracts with the Company.
2.    Confidentiality of Information and Nondisclosure.  Employee acknowledges and agrees that his/her employment by the Company necessarily involves his/her knowledge of and access to confidential and proprietary information pertaining to the business of the Company.  Accordingly, 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, he/she 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 himself/herself, any person, corporation or other entity other than the Company, (i) any information concerning any financial matters, employees of the Company, customer relationships, competitive status, supplier matters, internal organizational matters, current or future plans, or other business affairs of or relating to the Company, (ii) any management, operational, trade, technical or other secrets or any other proprietary information or other data of the Company, or (iii) any other information related to the Company 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.  Nothing in this Agreement prohibits Employee from: (i) reporting possible violations of federal, state, or local law or regulation to any governmental agency or entity, or from making other disclosures (including of confidential information) that are protected under the whistleblower provisions of federal, state, or local law or regulation; or (ii) disclosing trade secrets when the disclosure is solely for the purpose of: (a) reporting possible violations of federal, state, or local law or regulation to any governmental agency or entity; (b) working with legal counsel in order to determine whether possible violations of federal, state, or local law or regulation exist; or (c) filing a complaint or other document in a lawsuit or other proceeding, if such filing is made under seal. Any disclosures of trade secrets must be consistent with 18 U.S.C. §1833.  
3.    Severance Benefit.  If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

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(a)  Continuation of Employee’s base salary in effect at the time of such termination, or immediately prior to the event that serves as the basis for termination for Good Reason, for a period of twelve (12) months from the date thereof.  Such salary continuation payments will be in accordance with the Company’s payroll practices;
(b)  A lump sum payment payable within 60 days following Employee’s termination date equal to the average annual incentive (bonus) payment earned by the Employee under the Company’s applicable Short-Term Incentive Plan (or any successor plan) for the three (3) full years prior to Employee’s termination date; 
(c)  A lump sum payment payable within 60 days following Employee’s termination date equal to the product of (i) twelve (12) and (ii) 100% of the then-current Consolidated Omnibus Budget Reconciliation Act of 1985 monthly rate for family coverage;
(d)  A lump sum payment payable within 60 days following Employee’s termination date equal to $25,000.00;
(e)  Subject to Section 13 of this Agreement, all stock options, restricted stock, restricted stock units and other time-vesting equity awards granted to Employee under the 2009 EQT Corporation Long-Term Incentive Plan (as amended, the “2009 LTIP”), the EQT Corporation 2014 Long-Term Incentive Plan (as amended from time to time, and including any successor plan thereto, the “2014 LTIP”), the EQT Midstream Services, LLC 2012 Long-Term Incentive Plan (as amended from time to time, and including any successor plan thereto, the “2012 LTIP”), the EQT GP Services, LLC 2015 Long-Term Incentive Plan (as amended from time to time, and including any successor plan thereto, the “2015 LTIP”), and any other long-term incentive plan of the Company (the 2009 LTIP, the 2014 LTIP, the 2012 LTIP, the 2015 LTIP and any other long-term incentive plan of the Company are, collectively, the “LTIPs”) shall immediately become vested and exercisable in full and/or all restrictions on such awards shall lapse (for avoidance of doubt, this provision shall supersede any provision to the contrary contained in any award agreement or program); 
(f)   Subject to Section 13 of this Agreement, all performance-based equity awards granted to Employee by the Company under the LTIPs (other than those discussed in subsection (g) of this Section 3) shall remain outstanding and shall be earned, if at all, based on actual performance through the end of the performance period as if Employee’s employment had not been terminated (for avoidance of doubt, this provision shall supersede any provision to the contrary contained in any award agreement or program); and
(g)  Subject to Section 13 of this Agreement, all “value driver”-type performance-based equity awards (i.e., equity awards that may be earned based on the Company’s attainment of one or more threshold performance goals together with the application of a performance multiplier based on individual performance, and become vested based on Employee’s continued employment with the Company through one or more vesting dates) shall be earned based on (i) “target” levels of performance, if Employee’s termination date occurs before the relevant performance level has been approved by the Management Development and Compensation Committee of the Board of Directors (the “Committee”), or (ii) actual levels of performance, if Employee’s termination date occurs after the relevant performance level has been approved by 

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the Committee, and in either case, the number of award shares earned shall immediately become vested and payable as of the date of termination (for avoidance of doubt, this provision shall supersede any provision to the contrary contained in any award agreement or program). 
The payments provided under this Section 3 shall be subject to applicable tax and payroll withholdings, and shall be in addition to any payments and/or benefits to which the Employee would otherwise be entitled under the EQT Corporation Severance Pay Plan (as amended from time to time).  
The Company’s obligation to provide the payments and benefits under this Section 3 shall be contingent upon the following:
(a)  Employee’s execution of a release of claims in a form acceptable to the Company; and
(b)  Employee’s compliance with his/her obligations hereunder, including, but not limited to, Employee’s obligations set forth in Sections 1 and 2 (the “Restrictive Covenants”).
Solely for purposes of this Agreement, “Cause” as a reason for the Employee’s termination of employment shall mean: (i) Employee’s conviction of a felony, a crime of moral turpitude or fraud or Employee having committed fraud, misappropriation or embezzlement in connection with the performance of his/her duties; (ii) Employee’s willful and repeated failures to substantially perform assigned duties; or (iii) Employee’s violation of any provision of a written employment-related agreement between Employee and the Company or express significant policies of the Company.  If the Company terminates Employee’s employment for Cause, the Company shall give Employee written notice setting forth the reason for his/her termination not later than 30 days after such termination.  
Solely for purposes of this Agreement, “Good Reason” shall mean Employee’s resignation within 90 days after: (i) a reduction in Employee’s base salary of 10% or more (unless the reduction is applicable to all similarly situated employees); (ii) a reduction in Employee’s annual short-term bonus target of 10% or more (unless the reduction is applicable to all similarly situated employees); (iii) a significant diminution in Employee’s job responsibilities, duties or authority; (iv) a change in the geographic location of Employee’s primary reporting location of more than 50 miles; and/or (v) any other action or inaction that constitutes a material breach by the Company of this Agreement.  A termination by Employee shall not constitute termination for Good Reason unless Employee first delivers to the General Counsel of the Company written notice: (i) stating that Employee intends to resign for Good Reason pursuant to this Agreement; and (ii) setting forth with specificity the occurrence deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than 90 days after the initial occurrence of such event).  The Company shall have a reasonable period of time (not less than 30 days after receipt of Employee’s written notice that Employee is resigning for Good Reason) to take action to correct, rescind or substantially reverse the occurrence supporting termination for Good Reason as identified by Employee.  Failure by the Company to act or respond to the written notice shall not be deemed to be an admission that Good Reason exists.

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4.    Severability and Modification of Covenants.  Employee acknowledges and agrees that each of the Restrictive Covenants is reasonable and valid in time and scope and in all other respects.  The parties agree that it is their intention that the Restrictive Covenants be enforced in accordance with their terms to the maximum extent permitted by law.  Each of the Restrictive Covenants shall be considered and construed as a separate and independent covenant.  Should any part or provision of any of the Restrictive Covenants be held invalid, void, or unenforceable, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement or such Restrictive Covenant.  If any of the provisions of the Restrictive Covenants should ever be held by a court of competent jurisdiction to exceed the scope permitted by the applicable law, such provision or provisions shall be automatically modified to such lesser scope as such court may deem just and proper for the reasonable protection of the Company’s legitimate business interests and may be enforced by the Company to that extent in the manner described above and all other provisions of this Agreement shall be valid and 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 the Restrictive Covenants 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 the need to post bond or prove actual damages, to obtain such preliminary, temporary or permanent injunctions, orders or decrees as may be necessary to protect the Company against, or on account of, any breach by the Employee of the Restrictive Covenants.  In the event the Company obtains any such injunction, order, decree or other relief, in law or in equity, the duration of any violation of Section 1 shall be added to the twelve (12) month restricted period specified in Section 1.  Employee understands and agrees that, if the parties become involved in a lawsuit regarding the enforcement of the Restrictive Covenants and if the Company prevails in such legal action, the Company will be entitled, in addition to any other remedy, to recover from Employee its reasonable costs and attorneys’ fees incurred in enforcing such covenants.  The Company’s ability to enforce its rights under the Restrictive Covenants or applicable law against Employee shall not be impaired in any way by the existence of a claim or cause of action on the part of Employee based on, or arising out of, this Agreement or any other event or transaction arising out of the employment relationship.
7.    Binding Agreement.  This Agreement (including the Restrictive Covenants) shall be binding upon and inure to the benefit of the successors and assigns of the Company.

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8.    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.
9.    Applicable Law; Exclusive Forum Selection; Consent to Jurisdiction.  The Company and Employee agree that this Agreement shall be governed by and construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to its conflicts of law principles.  Except to the extent that a dispute is required to be submitted to arbitration as set forth in Section 10 below, Employee agrees that the exclusive forum for any action to enforce this Agreement, as well as any action relating to or arising out of this Agreement, shall be the state courts of Allegheny County, Pennsylvania or the United States District Court for the Western District of Pennsylvania, Pittsburgh Division.  With respect to any such court action, Employee hereby (a) irrevocably submits to the personal jurisdiction of such courts; (b) consents to service of process; (c) consents to venue; and (d) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, service of process, or venue.  Both parties hereto further agree that such courts are convenient forums for any dispute that may arise herefrom and that neither party shall raise as a defense that such courts are not convenient forums.  
10.    Arbitration of Employment Claims.  In the event that Employee does not execute a release of all claims pursuant to Section 3 above, any dispute arising out of or relating to Employee’s employment or termination of employment with the Company shall be resolved by the sole and exclusive means of binding arbitration in accordance with the terms of the EQT Corporation Alternative Dispute Resolution Program (the “ADR Program”) pursuant to the Alternative Dispute Resolution Program Agreement (“ADR Agreement”) executed by Employee, attached hereto as Appendix A, and incorporated by reference into this Agreement as if fully set forth herein.  Consistent with the provisions of the ADR Program and the ADR Agreement, the parties further agree that any dispute arising out of or relating to their obligations under this Agreement itself, including but not limited to the Company’s obligations under Section 3 and Employee’s obligations under the Restrictive Covenants, shall not be subject to binding arbitration under the ADR Program.
11.    Notification of Subsequent Employment.  Employee shall upon termination of his/her employment with the Company, as soon as practicable and for the length of the non-competition period described in Section 1 above, notify the Company: (i) of the name, address and nature of the business of his/her new employer; (ii) if self-employed, of the name, address and nature of his/her new business; (iii) that he/she has not yet secured new employment; and (iv) each time his/her employment status changes.  In addition, Employee shall notify any prospective employer that this Agreement exists and shall provide a copy of this Agreement to the prospective employer prior to beginning employment with that prospective employer.  Any notice provided under this Section 11 (or otherwise under this Agreement) shall be in writing directed to the General Counsel, EQT Corporation, 625 Liberty Avenue, Suite 1700, Pittsburgh, PA 15222-3111. 
12.    Mandatory Reduction of Payments in Certain Events.
(a)    Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of the Employee (whether paid or payable or distributed or distributable pursuant to the terms of this 

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Agreement or otherwise) (such benefits, payments or distributions are hereinafter referred to as “Payments”) would, if paid, be subject to the excise tax (the “Excise Tax”) imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then, prior to the making of any Payments to the Employee, a calculation shall be made comparing (i) the net after-tax benefit to the Employee of the Payments after payment by the Employee of the Excise Tax, to (ii) the net after-tax benefit to the Employee if the Payments had been limited to the extent necessary to avoid being subject to the Excise Tax.  If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced Amount”).  The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the change in control transaction, as determined by the Determination Firm (as defined in Section 12(b) below).  For purposes of this Section 12, present value shall be determined in accordance with Section 280G(d)(4) of the Code.  For purposes of this Section 12, the “Parachute Value” of a Payment means the present value as of the date of the change in control transaction of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.  
(b)    All determinations required to be made under this Section 12, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations, shall be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and the Employee (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company and the Employee within 15 business days after the receipt of notice from the Employee that a Payment is due to be made, or such earlier time as is requested by the Company.  All fees and expenses of the Determination Firm shall be borne solely by the Company.  Any determination by the Determination 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 Determination Firm hereunder, it is possible that Payments which the Employee was entitled to, but did not receive pursuant to Section 12(a), could have been made without the imposition of the Excise Tax (“Underpayment”), consistent with the calculations required to be made hereunder.  In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Employee but no later than March 15 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises.  
(c)    In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 12 shall be of no further force or effect.
13.    Internal Revenue Code Section 409A.  

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(a)    General.  This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A of the Code and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed.  Neither the Company, nor its directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by Employee as a result of the application of Section 409A of the Code.
(b)    Separation from Service.  For purposes of the Agreement, the term “termination,” when used in the context of a condition to, or the timing of, a payment hereunder, shall be interpreted to mean a “separation from service” as such term is used in Section 409A of the Code. 
(c)    Six-Month Delay in Certain Circumstances.  Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable under this Agreement by reason of Employee’s separation from service during a period in which Employee is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
(i) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following Employee’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following Employee’s separation from service (or, if Employee dies during such period, within thirty (30) days after Employee’s death) (in either case, the “Required Delay Period”); and
(ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period.
For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder.
(d)    Timing of Release of Claims.  Whenever in this Agreement a payment or benefit is conditioned on Employee’s execution of a release of claims, such release must be executed and all revocation periods shall have expired within sixty (60) days after the date of termination; failing which such payment or benefit shall be forfeited.  If such payment or benefit constitutes Non-Exempt Deferred Compensation, and if such 60-day period begins in one calendar year and ends in the next calendar year, the payment or benefit shall not be made or commence before the second such calendar year, even if the release becomes irrevocable in the first such calendar year.  In other words, Employee is not permitted to influence the calendar year of payment based on the timing of his/her signing of the release.

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14.    Entire Agreement.  This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, including the Original Agreement, but with the exception of the ADR Agreement attached hereto as Appendix A.  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.
                                                  (Signatures on following page)

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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.

EQT CORPORATION                    EMPLOYEE

By:  /s/ Charlene Petrelli                  /s/ Jimmi Sue Smith                         
Name:  Charlene Petrelli

Title: Vice President & 
          Chief Human Resources Officer  

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APPENDIX A
ADR AGREEMENT

ALTERNATIVE DISPUTE RESOLUTION PROGRAM AGREEMENT
(INCLUDING THE ADR PROGRAM POLICY 1.16)
I, Jimmi Sue Smith, have received a copy of the Equitable Resources, Inc. (“Equitable” or “Company”) Alternative Dispute Resolution Program (“ADR Program”).  A copy of the ADR Program is attached to this Alternative Dispute Resolution Program Agreement ("ADR Program Agreement") as Attachment 1 and is incorporated herein by reference.  I agree as follows:

		
	1.
	I understand that it is the policy of Equitable to encourage resolution of individual employment disputes, except those excluded by Section I.A. of the ADR Program, through a process of mandatory and binding arbitration.

		
	2.
	I understand that by signing this ADR Program Agreement, I am agreeing to submit all Employment Disputes as defined by Section I.A. of the ADR Program to final and binding arbitration before a neutral Arbitrator.

		
	3.
	I understand that in exchange for agreeing to submit my Employment Disputes to final and binding arbitration in accordance with the ADR Program, I will be eligible to participate in Equitable’ s Short Term Incentive Plan ("STIP") in the 2008 calendar year, and in each year thereafter that the STIP is offered, provided that I am otherwise eligible for the STIP in accordance with its terms.

		
	4.
	I understand that the ADR Program Agreement and the ADR Program affect the forum in which I can file suit against Equitable, and accordingly, I have been provided with an opportunity to seek legal advice before signing this ADR Program Agreement.

		
	5.
	I understand that to invoke the ADR Program, I must have: (1) an Employment Dispute (which is not excluded by the ADR Program) for which the law in that jurisdiction provides a remedy; and (2) exhausted all administrative remedies available for that Employment Dispute.  I further understand that this ADR Program Agreement and the ADR Program do not restrict my rights to file administrative charges with the Equal Employment Opportunity Commission, the National Labor Relations Board, or any other similar federal, state or local agency; provided, however, that upon receipt of a notice of right-to-sue or similar administrative determination that does not fully and finally dispose of the Employment Dispute, I shall arbitrate the Employment Dispute in accordance with the ADR Program.  

		
	6.
	I understand that I must file a claim under the ADR Program by the later of the following:  (1) within one year of the date on which I became aware of the Employment Dispute; or (2) within the applicable statute of limitations provided for that particular Employment Dispute.

		
	7.
	I understand that neither the ADR Program Agreement nor the ADR Program form a contract of employment between Equitable and me and they in no way alter the "at-will" status of my employment.  I understand that my employment with Equitable is at-will, which means that my employment, at the option of Equitable or myself, can be terminated at any time, with or without cause and with or without notice.

BY SIGNING THIS ADR PROGRAM AGREEMENT I ACKNOWLEDGE THAT I RECEIVED, REVIEWED AND AGREE TO THE ADR PROGRAM.
Agreed:     Date:

  /s/ Jimmi Sue Babcock Smith            11/16/07                 
Employee Name

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