Document:

Exhibit
10.15(b)

ADDENDUM
NO. 1 TO CHANGE OF CONTROL AGREEMENT

This Addendum No.
1 to Change of Control Agreement (“Addendum No. 1”), dated as of December 29,
2006, amends that certain Change of Control Agreement (“Change of Control
Agreement”) dated as of the 1st day of September
2002, by and between Equitable Resources, Inc., a Pennsylvania corporation (the
“Company”), and Phillip P. Conti, an individual (the “Employee”).

WITNESSETH:

WHEREAS, in
connection with Employee’s employment by the Company, the parties entered into
the Change of Control Agreement; and

WHEREAS, the
Company and Employee desire to amend and supplement the Change of Control
Agreement in certain respects set forth below;

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.             Section 3(a) of the
Change of Control Agreement is deleted in its entirety and replaced with the
following paragraph:

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

(i)            payment of an amount
of cash equal to three (3) times the Employee’s base salary at the rate of base
salary per annum in effect immediately prior to the Change of Control or the
termination of Employee’s employment, whichever is higher;

(ii)           payment of an amount of
cash equal to three (3) times the greater of (A) the highest annual incentive
(bonus) payment earned by the Employee under the Company’s Short-Term
Incentive Plan (or any successor plan) for any year in the five (5) years prior
to the termination of Employee’s employment or (B) the target incentive (bonus)
award under the Company’s Executive Short-Term Incentive Plan (or any successor
plan) for the year in which the Change of Control or termination of Employee’s
employment occurs, whichever is higher;

(iii)          provision to Employee
and his/her eligible dependents of medical, long-term disability, dental
and life insurance coverage (to the extent such coverage was in effect
immediately prior to the Change of Control) for thirty-six (36) months
(at the end of which period the Company shall make such benefits available to
the Employee and his/her eligible dependents in accordance with the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), whether or
not the Company is then required to comply with COBRA); and if the Employee
would have become entitled to benefits under the Company’s post-retirement
health care or life insurance

plans (as in effect immediately prior to the
Change of Control or the date of the Employee’s termination of employment,
whichever is most favorable to the Employee) had the Employee’s employment
terminated at any time during the period of thirty-six (36) months after
such. date of termination, the Company shall provide such post-retirement
health care or life insurance benefits to the Employee (subject to any employee
contributions required under the terms of such plans at the level in effect
immediately prior to the Change of Control or the date of termination,
whichever is more favorable to the Employee) commencing on the later of (i) the
date that such coverage would have first become available or (ii) the date that
benefits described in this subsection (iii) terminate;

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

(v)           reimbursement to
Employee of reasonable costs incurred by Employee for outplacement services in
the twenty-four (24) month period following termination of Employee’s
employment.”

2.             Section
3(e) of the Change in Control Agreement is amended and supplemented by the
addition of the following paragraph to be inserted as Section 3(e)(viii):

“(viii)      Notwithstanding anything
herein to the contrary, a termination of employment by the Employee for any
reason during the 30-day period commencing on the one (1) year anniversary of a
Change of Control shall constitute Good Reason for purposes of this Agreement,
provided, however, that for purposes of this subsection (viii), a merger,
consolidation, reorganization, share exchange, or similar transaction involving
the Company (including a triangular merger), as referred to in

 2
 

Section 2(d) hereof, shall not constitute a
Change of Control if: (i) Continuing Directors constitute at least two-third
(2/3) of the board of directors of the Company and, if applicable, the Parent
Company after the consummation of such transaction and (ii) 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 50% of the outstanding shares of common stock and the combined voting
power of the then outstanding voting securities entitled to vote generally in
the election of directors of the corporation resulting from such transaction
(including a 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.”

3.             Except as provided in
this amendment, the Change of Control Agreement is, in all other respects,
unchanged and is and shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed.

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 MARKS

  	
   

  	
  /s/ CHARLENE
  PETRELLI

  	
   

  
	
  Assistant
  Corporate Secretary

  	
   

  	
  By:     Charlene Petrelli

  
	
   

  	
   

  	
  Title:  Vice President, Human Resources

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  225 North Shore
  Drive

  
	
   

  	
   

  	
  Pittsburgh, PA
  15219

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ DAVID J. SMITH

  	
   

  	
  /s/ PHILIP P.
  CONTI

  	
   

  
	
  Director of Compensation
  and Benefits

  	
   

  	
  Name: Philip P. Conti

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2134 Grandeur
  Drive

  
	
   

  	
   

  	
  Gibsonia, Pa.
  15044

  

 

 3Exhibit 10.21

DIRECTORS’ COMPENSATION

The Corporate Governance Committee of the Board of Directors discharges
the Board’s responsibilities relating to compensation of directors.  Compensation
of directors is reviewed by the Corporate Governance Committee annually at its
April meeting and is approved by the Board. 
No compensation is paid to employee directors for their service as
directors.

The Corporate Governance
Committee has engaged Towers, Perrin,
Forster & Crosby, Inc. (“Towers Perrin”), an external human resources
consulting firm, to conduct an annual review of the total compensation
for outside directors.  Specifically, retainer fees, meeting fees,
stock-based long-term incentives and insurance were evaluated using, as the
competitive benchmark, levels of total compensation paid to directors of 30
energy companies (including the 29 companies constituting the Long Term
Incentive Peer Group), 20 general industry companies of comparable revenue and
equity capitalization size and 14 companies located in the company’s geographic
area or of other relevance.  Set forth
below is the 2006 compensation of the company’s non-employee directors.

Cash
Compensation

·      An annual cash retainer of $30,000 is paid on a
quarterly basis.  The level of retainer
was increased in 2006 from $24,000 to be competitive with market peers.

·      The cash meeting fee is $1,500 for each Board and
committee meeting attended in person.  If
a director participates in a meeting by telephone, the meeting fee is
$750.  An additional $500 is paid to each
committee chair ($1,500 for the Audit Committee Chair) for each meeting of his
or her committee that the chair attends.

Equity-Based
Compensation

·      In 2003, the company began granting to each
director stock units that vested upon award and that are payable on a deferred
basis under the directors’ deferred compensation plans.  In 2006, a grant of 2,000 deferred stock
units was awarded to each non-employee director.  The deferred stock units are awarded by the
Board annually at the April Board meeting upon the recommendation of the Corporate
Governance Committee.  Each deferred
stock unit is equal in value to one share of company common stock, but does not
have voting rights.  Dividends are
credited quarterly in the form of additional stock units.  The value of the stock units will be paid in
cash on the earlier of the director’s death or termination of service as a
director.

·      The non-employee directors are subject to stock
ownership guidelines which require them to hold shares (or share equivalents, including
deferred stock units) with a value equal to at least two times the annual cash
retainer.  Under the guidelines,
directors have up to two years to acquire a sufficient number of shares (or
share equivalents, including deferred stock units) to meet this
requirement.  All of the company’s
non-employee directors meet this share ownership requirement.

Deferred
Compensation

·      The company has a deferred compensation plan for
non-employee directors.  In addition to
the automatic deferral of stock units awarded, non-employee directors may elect
to defer up to 100% of their annual retainer and fees into the 2005 Directors’
Deferred Compensation Plan and receive an investment return on the deferred
funds as if the funds were invested in company stock or permitted mutual
funds.  Prior to the deferral, plan
participants must irrevocably elect to receive the deferred funds either in a
lump sum or in equal installments.  Distributions
commence no earlier than 30 days following termination of service as a
director.  The directors’ deferred
compensation accounts are unsecured obligations of the company.  Ms. Jeremiah and Mr. Miles deferred fees
under the plan in 2006, and they and other directors have participated in prior
years.  The pre-existing Directors’
Deferred Compensation Plan continues to operate for the sole purpose of
administering amounts vested under the plan on or prior to December 31, 2004.

 A-1
 

Other

·      To further the company’s support for charitable
giving, all directors are eligible to participate in the Matching Gifts Program
of the Equitable Resources Foundation, Inc. (the “Equitable Foundation”) on the
same terms as company employees.  Under
this program, the Equitable Foundation will match gifts of at least $100 made
by the director to eligible charities, up to an aggregate total of $10,000 in
any calendar year.

·      Non-employee directors who joined the Board
prior to May 25, 1999 may designate a civic, charitable or educational
organization as beneficiary of a $500,000 gift funded by a life insurance policy
purchased by Equitable Resources.  The
directors do not receive any financial benefit from this program because the
charitable deductions accrue solely to the company.

·      The company reimburses directors for their travel
and related expenses in connection with attending Board meetings and
Board-related activities.  The company
also provides non-employee directors with $20,000 of life insurance and
$250,000 of travel accident insurance while traveling on business for the
company.

 A-2

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