Document:

EX 10.05

Exhibit 10.05
EXECUTION COPY

SHARE REPURCHASE AGREEMENT

THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of this 12th day of May, 2015, by and among Steven T. Schlotterbeck (the “Seller”) and EQT Corporation, a Pennsylvania corporation (the “Purchaser”).
RECITALS
WHEREAS, the Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, a number of shares of Common Stock, no par value, of the Purchaser with a value, based on the Purchase Price (as defined below), equal to $500,000 (the “Repurchase Shares”),  on the terms and conditions set forth in this Agreement (the “Repurchase Transaction”).
WHEREAS, the members of the board of directors of the Purchaser have (i) received and reviewed all information they deemed necessary or appropriate in considering the Repurchase Transaction, (ii) concluded that it is in the best interests of the Purchaser to enter into the Repurchase Transaction in accordance with this Agreement and (iii) approved the Repurchase Transaction and related transactions that may be required in connection with the Repurchase Transaction.
NOW, THEREFORE, in consideration of the premises and the agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
Article I 
SALE AND PURCHASE OF REPURCHASE SHARES
Section 1.1    Purchase.  Upon the terms and subject to the conditions of this Agreement, and in reliance on the representations, warranties and agreements set forth in this Agreement, at the Closing (as defined below), the Seller shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the Seller, the Repurchase Shares.  The purchase price (the “Purchase Price”) for each Repurchase Share shall be equal to the closing price for the Purchaser’s Common Stock on the date prior to the Closing Date (as defined below) as reported on the New York Stock Exchange. Any fractional Repurchased Share shall be rounded to the next whole share.  
Section 1.2    Closing.  The closing of the Repurchase Transaction (the “Closing”) will take place at the Purchaser’s offices in Pittsburgh, Pennsylvania on the business day following the pricing of EQT GP Holdings, LP’s anticipated initial public offering and after satisfaction or waiver of all conditions set forth in Section 1.3 hereof (the “Closing Date”).  At the Closing, (a) the Seller shall deliver or cause to be delivered to the Purchaser all of the Seller’s right, title and interest in and to the Repurchase Shares (including causing the Repurchase Shares to be electronically transferred to the Purchaser’s account at the transfer agent for the Purchaser), together with all documentation reasonably necessary to transfer to Purchaser all right, title and interest in and to the Repurchase Shares, and (b) the Purchaser shall pay to the Seller the aggregate Purchase Price in respect of the Repurchase Shares in cash by wire transfer of immediately available funds in accordance with the wire transfer instructions provided by the Seller to the Purchaser.

1

Section 1.3    Closing Conditions.  
(a)    The obligations of the Purchaser to consummate the Repurchase Transaction at the Closing are subject to the following conditions:
		
	(i)
	The representations and warranties of the Seller contained in this Agreement shall be true and accurate as of the Closing Date.

		
	(ii)
	No order of any nature issued by a court of competent jurisdiction restraining, prohibiting or affecting the consummation of the Repurchase Transaction (a “Court Order”) shall be in effect, and no claim, suit, action, investigation, inquiry or other proceedings by any governmental authority or other person (a “Governmental Proceeding”) shall be pending or threatened which questions the validity or legality of the Repurchase Transaction or prohibits the consummation of the Closing.

(b)    The obligations of the Seller to consummate the Repurchase Transaction at the Closing are subject to the following conditions:
		
	(i)
	The representations and warranties of the Purchaser contained in this Agreement shall be true and accurate as of the Closing Date.

		
	(ii)
	No Court Order shall be in effect, and no Governmental Proceeding shall be pending or threatened which questions the validity or legality of the Repurchase Transaction or prohibits the consummation of the Closing.

Section 1.4    Termination.  This Agreement shall automatically terminate if the Closing does not occur by May 31, 2015.  
ARTICLE II     
REPRESENTATIONS AND WARRANTIES OF THE SELLER
The Seller hereby makes the following representations and warranties to the Purchaser, each of which is true and correct on the date hereof and the Closing Date and shall survive the Closing Date.
Section 2.1    Power; Authorization and Enforceability.
(a)    The Seller is a resident of the Commonwealth of Pennsylvania with all necessary power, authority and capacity to execute and deliver this Agreement, to perform his or her obligations hereunder, and to consummate the transactions contemplated hereby.  All consents, orders, approvals and other authorizations, whether governmental or otherwise, necessary for such execution, delivery and performance by the Seller of this Agreement and the Repurchase Transaction have been obtained and are in full force and effect.

2

(b)    This Agreement has been duly executed and delivered by the Seller and, assuming due authorization, execution and delivery by the Purchaser, constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
Section 2.2    No Conflicts.  The execution and delivery of this Agreement by the Seller and the consummation by the Seller of the Repurchase Transaction does not and will not constitute or result in a violation of any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority, arbitrator, mediator or similar body (“Law”) on the part of the Seller, except as would not reasonably be expected to have a material adverse effect upon the ability of the Seller to consummate the Repurchase Transaction and perform his or her obligations under this Agreement.  Assuming the accuracy of the representations and warranties set forth in Article III, the execution and delivery of this Agreement by the Seller and the performance and consummation of the Repurchase Transaction do not require any registration, filing (except for filings pursuant to the Securities Exchange Act of 1934), qualification, consent, authorization or approval under any Law.
Section 2.3    Title to Repurchase Shares.  The Seller is the sole legal and beneficial owner of and has good and valid title to the Repurchase Shares and upon delivery to the Purchaser of the Repurchase Shares to be sold by the Seller to the Purchaser, against payment made pursuant to this Agreement, good and valid title to such Repurchase Shares, free and clear of any lien, pledge, charge, security interest, mortgage, or other encumbrance or adverse claim, will pass to the Purchaser.
Section 2.4    Sophistication of Seller.  The Seller (either alone or together with its advisors) has such knowledge and experience in financial or business matters that he or she is capable of evaluating the merits and risks of the Repurchase Transaction.  The Seller has had the opportunity to ask questions and receive answers concerning the terms and conditions of the Repurchase Transaction and the Repurchase Shares and has had full access to such other information concerning the Repurchase Shares and the Purchaser as it has requested.  The Seller has received all information that it believes is necessary or appropriate in connection with the Repurchase Transaction.  The Seller is an informed and sophisticated party and has engaged, to the extent the Seller deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby.  The Seller acknowledges that the Seller has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Purchaser, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Seller in this Agreement.
Section 2.5    Filings.  The Seller will make all necessary filings required under federal and state securities laws and regulations or any other applicable laws or regulations in connection with the Repurchase Transaction.
ARTICLE III     
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

3

The Purchaser hereby makes the following representations and warranties to the Seller, each of which is true and correct on the date hereof and the Closing Date and shall survive the Closing Date.
Section 3.1    Power; Authorization and Enforceability.
(c)    The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Pennsylvania, and has the power, authority and capacity to execute and deliver this Agreement, to perform the Purchaser’s obligations hereunder, and to consummate the transactions contemplated hereby.  All consents, orders, approvals and other authorizations, whether governmental, corporate or otherwise, necessary for such execution, delivery and performance by the Purchaser of this Agreement and the transactions contemplated hereby have been obtained and are in full force and effect.
(d)    This Agreement has been duly executed and delivered by the Purchaser and, assuming the due authorization, execution and delivery by the Seller, constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
Section 3.2    No Conflicts.  The execution and delivery of this Agreement by the Purchaser and the consummation by the Purchaser of the transactions contemplated hereby does not and will not constitute or result in a breach, violation or default under (i) any agreement or instrument, whether written or oral, express or implied, to which the Purchaser is a party, (ii) the Purchaser’s articles of incorporation or bylaws or (iii) any Law on the part of the Purchaser, except, in each case, as would not reasonably be expected to have a material adverse effect upon the ability of the Purchaser to consummate the Repurchase Transaction and perform its obligations under this Agreement.  Assuming the accuracy of the representations and warranties set forth in Article II, the execution and delivery of this Agreement by the Purchaser and the performance and consummation of the Repurchase Transaction do not require any registration, filing (except for filings pursuant to the Securities Exchange Act of 1934), qualification, consent or approval under any Law.
Section 3.3    Sophistication of Purchaser.  The Purchaser has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the Repurchase Transaction.  The Purchaser is an informed and sophisticated party and has engaged, to the extent the Purchaser deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby. The Purchaser acknowledges that the Purchaser has not relied upon any express or implied representations or warranties of any nature made by or on behalf of the Seller, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of the Purchaser in this Agreement.
ARTICLE IV     
MISCELLANEOUS PROVISIONS

4

Section 4.1    Notice.  All notices, requests, certificates and other communications to either party hereunder shall be in writing and given to the other party hereto and shall be deemed given or made (i) as of the date delivered, if delivered personally, (ii) on the date the delivering party receives confirmation, if delivered by facsimile or electronic mail, (iii) three business days after being mailed by registered or certified mail (postage prepaid, return receipt requested), or (iv) one business day after being sent by overnight courier (providing proof of delivery), to the parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 4.1).
If delivered to the Purchaser, to:
EQT Corporation
625 Liberty Avenue, Suite 1700
Pittsburgh, PA 15222
Attention:  General Counsel
Facsimile No.:             
Email:                     
if to the Seller, to:
Name: Steven T. Schlotterbeck
Address:                 
                              
Facsimile No.:             
Email:                     
Section 4.2    No Broker.  Except as previously disclosed to the other party, no party has engaged any third party as broker or finder or incurred or become obligated to pay any broker’s commission or finder’s fee in connection with the transaction contemplated hereby.
Section 4.3    Entire Agreement.  This Agreement and the other documents and agreements executed in connection with the Repurchase Transaction shall constitute the entire agreement between the parties with respect to the subject matter hereof and shall supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.
Section 4.4    Assignment; Binding Agreement.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by either of the parties without the prior written consent of the other party.  Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns. Any purported assignment not permitted under this Section 4.4 shall be null and void.
Section 4.5    Counterparts.  This Agreement may be executed and delivered (including by facsimile or electronic mail transmission) in one or more counterparts, and by the different parties in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of 

5

executed counterparts transmitted by telecopy, telefax or electronic transmission shall be considered original executed counterparts for purposes of this Section 4.5.
Section 4.6    Governing Law; Waiver of Jury Trial.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to any conflicts of Laws principles which would result in the application of the Laws of any other jurisdiction. To the fullest extent permitted by Law, each party hereto waives any and all rights such party may have to a jury trial with respect to any dispute arising under this Agreement or the Repurchase Transaction.
Section 4.7    No Third Party Beneficiaries or Other Rights.  This Agreement is for the sole benefit of the parties and their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and permitted assigns.
Section 4.8    Amendments; Waivers.  This Agreement and its terms may not be changed, amended, waived, terminated, augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto.
Section 4.9    Further Assurances.  Each party hereto shall use its reasonable best efforts to do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as the  other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.
Section 4.10    Severability.  In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.  The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
Section 4.11    Survival of Representations and Warranties.  All representations and warranties contained herein or made in writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the Repurchase Transaction.
Section 4.12    Expenses.  Each of the Purchaser and the Seller shall bear their own expenses in connection with the drafting, negotiation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.
(Signatures appear on the next page.)

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written.
THE PURCHASER:
EQT Corporation

By:     /s/ Philip P. Conti            
Name:     Philip P. Conti                
Title:   Senior Vice President and Chief    
           Financial Officer            

THE SELLER:
  /s/ Steven T. Schlotterbeck            
Steven T. Schlotterbeck

6EX 10.06

Exhibit 10.06
 
 

     
 
 
EQT Corporation
(formerly known as Equitable Resources, Inc.)
 
 
2006 PAYROLL DEDUCTION
AND
CONTRIBUTION PROGRAM
(as amended and restated effective July 7, 2015)

EQT CORPORATION 
2006 PAYROLL DEDUCTION AND CONTRIBUTION PROGRAM 
(As amended and restated effective July 7, 2015)  
TABLE OF CONTENTS
		
	ARTICLE I
	1

		
	1.1
	Statement of Purpose    1

		
	ARTICLE II - DEFINITIONS
	1

		
	2.1
	Base Salary.    1

		
	2.1
	Bonus.    1

		
	2.3
	Code.    1

		
	2.4
	Committee (BAC) and Committee (BIC).    1

		
	2.5
	Company.    1

		
	2.6
	Company Benefit.    2

		
	2.7
	Compensation.    2

		
	2.8
	Contribution Amount.    2

		
	2.9
	Eligible Employee.    2

		
	2.10
	Employer.    2

		
	2.11
	Management Development and Compensation Committee    2

		
	2.12
	Participant.    2

		
	2.13
	Personal Retirement Annuity.    2

		
	2.14
	Program Year.    3

		
	2.15
	Program.    3

2.16    Selected Affiliate ....................................................................................................    3
		
	ARTICLE III - ELIGIBILITY AND PARTICIPATION
	3

		
	3.1
	Eligibility.    3

		
	3.2
	Participation; Removal from Participation.    3

		
	3.3
	Ineligible Participant    4

		
	ARTICLE IV - CONTRIBUTIONS AND COMPANY BENEFITS
	4

		
	4.1
	Contribution Amounts.    4

		
	4.2
	Company Benefit.    5

		
	4.3
	Company Benefit Amounts.    5

		
	ARTICLE V - PERSONAL RETIREMENT ANNUITIES
	6

		
	5.1
	General.    6

		
	5.2
	Terms of Personal Retirement Annuity.    6

		
	ARTICLE VI - ADMINISTRATION
	6

		
	6.1
	Committees.    6

		
	6.2
	Agents.    6

		
	6.3
	Binding Effect of Decisions.    7

		
	6.4
	Indemnification of Committees.    7

		
	ARTICLE VII - AMENDMENT AND TERMINATION OF PROGRAM
	7

		
	7.1
	Amendment.    7

		
	7.2
	Termination.    7

		
	ARTICLE VIII - MISCELLANEOUS
	8

		
	8.1
	Funding.    8

		
	8.2
	Nonassignability.    8

		
	8.3
	No Acceleration of Benefits; No Deferred Compensation; Taxation; Tax Withholding.    8

		
	8.4
	Captions.    9

		
	8.5
	Governing Law.    9

		
	8.6
	Successors.    9

		
	8.7
	No Right to Continued Service.    9

		
	8.8
	Benefit Claims.    9

		
	EXHIBIT A – Section 3.1 – Description of Eligible Employees
	11

		
	EXHIBIT B – Personal Retirement Annuity
	12

ARTICLE I
1.1    Statement of Purpose
This is the EQT Corporation 2006 Payroll Deduction and Contribution Program (as amended from time to time, the “Program”).  The purpose of the Program is to provide a select group of management and highly compensated employees of the Employer with the ability to deposit in a Personal Retirement Annuity, as per Article V, an amount of Company Benefit on an after-tax basis (and, for periods prior to January 1, 2011, portions of their compensation payable for services rendered to the Employer).  It is intended that the Program will assist in attracting and retaining qualified individuals to serve as officers and managers of the Employer.
ARTICLE II
DEFINITIONS
When used in this Program and initially capitalized, the following words and phrases shall have the meanings indicated:
2.1    Base Salary.
“Base Salary” means a Participant’s base earnings paid by the Employer to a Participant without regard to any increases or decreases in base earnings as a result of an election between benefits or cash provided under a plan of an Employer maintained pursuant to Section 125 or 401(k) of the Code.  
2.2    Bonus.   
“Bonus” means the total amount awarded and paid, prior to any reduction for applicable tax withholdings, under the EQT Corporation 2011 Executive Short-Term Incentive Plan (as implemented each year) or the EQT Corporation Short-Term Incentive Plan (as implemented each year).
2.3    Code.
“Code” means the Internal Revenue Code of 1986, as amended.
2.4    Committee (BAC) and Committee (BIC).
“Committee (BAC)” and “Committee (BIC)” have the meanings set forth in Section 6.1.  Together the Committee (BAC) and the Committee (BIC) shall be referred to as the “Committees.”
2.5    Company.
“Company” means EQT Corporation and any successor thereto.

2.6    Company Benefit.
“Company Benefit” means the benefit contributed to the Personal Retirement Annuity on behalf of the Participant pursuant to Sections 4.2 and 4.3.
2.7    Compensation.
“Compensation” means the Base Salary payable with respect to an Eligible Employee for each Program Year in excess of the Base Salary taken into account for purposes of determining a Participant’s deferrals under the EQT 401(k) Plan (as defined in Section 4.2).
2.8    Contribution Amount.
“Contribution Amount” means, for periods prior to January 1, 2011, the amount contributed to the Personal Retirement Annuity by a Participant under Section 4.1.
2.9    Eligible Employee.
“Eligible Employee” means a highly compensated or management employee of the Employer who is designated by the Company, by name or group or description, in accordance with Section 3.1, as eligible to participate in the Program; provided that to the extent such employee is an executive officer such participation must be approved by the Management Development and Compensation Committee.
2.10    Employer.
“Employer” means, with respect to a Participant, the Company or the Selected Affiliate which pays such Participant’s Compensation.
2.11    Management Development and Compensation Committee.
“Management Development and Compensation Committee” means the Management Development and Compensation Committee of the Company’s Board of Directors.
2.12    Participant.
“Participant” means any Eligible Employee listed on Exhibit A and designated under Section 3.2.
2.13    Personal Retirement Annuity.
“Personal Retirement Annuity” means the annuity described in Section 5.1.
2.14    Program Year.
“Program Year” means each twelve-month period commencing January 1 and ending December 31, except that the first Program Year shall commence on August 14, 2006 and end on December 31, 2006.
2.15    Program.
“Program” means this EQT Corporation 2006 Payroll Deduction and Contribution Program, as amended from time to time.
2.16    Selected Affiliate.
“Selected Affiliate” means (1) any company in an unbroken chain of companies beginning with the Company if each of the companies other than the last company in the chain owns or controls, directly or indirectly, stock possessing not less than 50 percent of the total combined voting power of all classes of stock in one of the other companies, or (2) any partnership or joint venture in which one or more of such companies is a partner or venturer, each of which shall be selected by the Company.
ARTICLE III
ELIGIBILITY AND PARTICIPATION
3.1    Eligibility.
Eligibility to participate in the Program is limited to Eligible Employees.  From time to time, and subject to Section 3.3, the Company shall prepare, and attach to the Program as Exhibit A, a complete list of the Eligible Employees, by individual name or by reference to an identifiable group of persons or by descriptions of individuals which would qualify as individuals who are eligible to participate, and all of whom shall be a select group of management or highly compensated employees. 
3.2    Participation; Removal from Participation.
Participation in the Program shall be limited to Eligible Employees.  An Eligible Employee shall commence participation in the Program upon designation as an Eligible Employee by the Vice President  & Chief Human Resources Officer of the Company, provided that, to the extent such Eligible Employee is an executive officer, such designation also must be approved by the Management Development and Compensation Committee.  Following designation, an Eligible Employee shall continue participation in the Program from year to year without further action by the Company, subject to this Section and Section 3.3.  
Notwithstanding the foregoing, an Eligible Employee may be removed from participation at any time: (a) in the case of an executive officer, by the Management Development and Compensation Committee and (b) in all other cases, by the Vice President  & Chief Human Resources Officer of the Company.  In the event of such removal: 
		
	(i)
	there shall be no reduction of any Program benefits attributable to participation for years prior to the year of removal; 

		
	(ii)
	for the year of removal, there shall be no reduction of any Program benefits (including Employer contributions under Article IV) that have been made already to the Personal Retirement Annuity prior to such removal; and 

		
	(iii)
	for the year of removal, the removed Eligible Employee shall not have any right to a pro-rated or proportionate share of Program benefits for such year (including Employer contributions under Article IV) that have not been made to the Personal Retirement Annuity prior to such removal.  

Eligible Employees who are removed under this Section 3.2 shall be notified in writing by the Company, not later than 90 days after their removal.
3.3    Ineligible Participant.
Notwithstanding any other provisions of this Program to the contrary, if the Committee (BAC) determines that any Participant may not qualify as a member of a select group of “management or highly compensated employee” within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or regulations thereunder, the Committee (BAC) may determine, in its sole discretion, that such Participant shall cease to be eligible to participate in this Program.  Upon such determination by the Committee (BAC), the Committee (BAC) shall give written notice to the individual who has ceased to be eligible to participate in this Program (and, in the case of an executive officer, a copy of such notice shall also be given to the Management Development and Compensation Committee).  In any such notice, the Committee (BAC) shall explain that all benefits under the Program have been forfeited (or otherwise handled in a manner that the Committee (BAC) determines is consistent with applicable law) due to loss of eligibility under applicable law.
ARTICLE IV
CONTRIBUTIONS AND COMPANY BENEFITS
4.1    Contribution Amounts.
Effective January 1, 2011, no Participant may elect to have a payroll deduction taken from his or her Compensation.  Prior to January 1, 2011, all payroll deductions by Participants were administered on an after-tax basis and, consistent with Section 4.3, contributed on such basis to each Participant’s Personal Retirement Annuity.
4.2    Company Benefit.
The Employer shall provide a Company Benefit under this Program with respect to each Participant who is eligible to be allocated matching contributions and/or performance contributions (also known as “retirement contributions”) under the EQT Corporation Employee Savings Plan (as amended from time to time, the “EQT 401(k) Plan”).  Prior to reduction for taxes as set forth in Section 4.3, the Company Benefit under this Program on behalf of a Participant for a Program Year shall be equal to the sum of (a) the matching contributions which would be credited to the Participant under the EQT 401(k) Plan based upon the Participant’s hypothetical pre-tax personal contribution amount that would be made under the EQT 401(k) Plan, absent the limitations of Sections 402(g), 401(a)(17), and 415 of the Code, (b) the performance contributions which would be credited to the Participant under the EQT 401(k) Plan, absent the limitations of Sections 401(a)(17) and 415 of the Code, (c) an amount equal to 9% (which increases to 11% effective with the Bonus payment in respect of the 2013 plan year) of the Participant’s Bonus payment, prior to reduction for any applicable tax withholding, and (d) an amount equal to 2% of the Participant’s Bonus payment in respect of the 2012 plan year, prior to reduction for any applicable tax withholding, only if the Participant executed and delivered to the Company by a specified date a qualifying change in control agreement.  The express provisions herein on the time and form of payment applicable to Company Benefits shall control over the terms and conditions provided in the EQT 401(k) Plan.  For the avoidance of doubt, Eligible Employees are not required to make personal contributions to their EQT 401(k) Plan account or otherwise in order to receive the Company Benefit described in items (b), (c) or (d) above and, for periods on and after January 1, 2011, personal contributions to the EQT 401(k) Plan are required to receive the Company Benefit described in item (a) above. 
4.3    Company Benefit Amounts.
The Company Benefit under the Program for each Participant shall be contributed by the Employer to the Participant’s Personal Retirement Annuity on an after-tax basis.  The gross amount (pre-tax) of the Company Benefit is determined under Section 4.2.  Prior to contribution to the Participant’s Personal Retirement Annuity, the Company shall withhold, and reduce the Company Benefit by, the applicable income and other taxes that the Company determines to be appropriate.  All references herein to “contribution of the Company Benefit” (or similar terminology) shall mean such amount remaining after applicable tax withholding.  In no event shall any Company Benefit be contributed to the Participant’s Personal Retirement Annuity later than 21⁄2 months following the Program Year to which the Company Benefit relates.  An Eligible Employee must be a full-time, regular employee of the Employer on the date that the Employer makes the contribution to the Participant’s Personal Retirement Annuity.  If a Participant ceases to be employed by the Employer as a full-time, regular employee prior to the date that the Employer makes the contribution to the Participant’s Personal Retirement Annuity, or has terminated his or her participation in the Program prior to such date, the Company Benefit for such annual period shall be forfeited without any further action required by the Employer.  
ARTICLE V
PERSONAL RETIREMENT ANNUITIES
5.1    General.
The Personal Retirement Annuity to which Company Benefits will be contributed is listed on Exhibit B hereto and may be changed, on a prospective basis, from time to time.  Any such changes shall be authorized and approved by the Committee (BIC) or the Management Development and Compensation Committee.
5.2    Terms of Personal Retirement Annuity.
The terms of the Personal Retirement Annuity, which is owned by the Participant, shall be as provided solely by the third-party sponsor of such annuity, including the investment returns and elections, payment and withdrawal provisions and statements of account.  The election of investments within a Personal Retirement Annuity shall be the sole responsibility of each Participant.  The Company, the other Employers, their employees and members of the Committees are not authorized to make any recommendation to any Participant with respect to such election.  Each Participant assumes all risk connected with any adjustment to the value of his or her Personal Retirement Annuity.  None of the Committees, the Management Development and Compensation Committee, the Company and the other Employers in any way guarantees against loss or depreciation.
ARTICLE VI
ADMINISTRATION
6.1    Committees.
The administrative committee for the Program (the “Committee (BAC)”) shall be the Benefits Administration Committee of the Company.  The Committee (BAC) shall have (i) complete discretion to supervise the administration and operation of the Program, (ii) complete discretion to adopt rules and procedures governing the Program from time to time, and (iii) sole authority to give interpretive rulings with respect to the Program.
The investment committee for the Program (the “Committee (BIC)”) shall be the Benefits Investment Committee of the Company.  The Committee (BIC) shall have (i) complete discretion to determine and select the personal retirement annuity program under Section 5.1; (ii) complete discretion to monitor, remove and replace all or part of any personal retirement annuity program; and (iii) complete discretion to adopt rules, guidelines or other procedures for the management and investment of Program assets.
6.2    Agents.
The Committees may appoint an individual, who may be an employee of the Company, to be the Committees’ agent with respect to the day-to-day administration of the Program.  In addition, the Committees may, from time to time, employ other agents and delegate to them such administrative duties as they see fit, and may from time to time consult with counsel who may be counsel to the Company.
6.3    Binding Effect of Decisions.
Any decision or action of the Committees with respect to any question arising out of or in connection with the administration, investment, interpretation and application of the Program shall be final and binding upon all persons having any interest in the Program.
6.4    Indemnification of Committees.
The Company shall indemnify and hold harmless the members of the Committees and their duly appointed agents under Section 6.2 against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to the Program, except in the case of gross negligence or willful misconduct by any such member or agent of the Committees.
ARTICLE VII
AMENDMENT AND TERMINATION OF PROGRAM
7.1    Amendment.
The Company, on behalf of itself and of each Selected Affiliate, may at any time amend, suspend or reinstate any or all of the provisions of the Program, except that no such amendment, suspension or reinstatement may adversely affect any Participant’s Personal Retirement Annuity as it existed as of the day before the effective date of such amendment, suspension or reinstatement, without such Participant’s prior written consent, and provided that any amendment, suspension or reinstatement affecting the benefits to any executive officer of the Company shall require the approval of the Management Development and Compensation Committee.  Written notice of any amendment, suspension or reinstatement with respect to the Program shall be given to each Participant by the Committee (BAC).
7.2    Termination.
The Company, on behalf of itself and of each Selected Affiliate, in its sole discretion, may terminate this Program at any time and for any reason whatsoever.  A termination of the Program shall not adversely affect any Participant’s Personal Retirement Annuity as it existed on the day before such termination, without the Participant’s prior written consent.

ARTICLE VIII
MISCELLANEOUS
8.1    Funding.
Participants and their heirs, successors and assigns, shall have no secured interest or claim in any property or assets of the Company or any other Employer.  The Employer’s obligation under the Program to contribute Company Benefits to a Participant’s Personal Retirement Annuity shall be merely that of an unfunded and unsecured promise.  To the extent that any Participant or other person acquires a right to receive Company Benefits under the Program, such right shall be no greater than the right, and each Participant shall at all times have the status, of a general unsecured creditor of the Company or any other Employer.
8.2    Nonassignability.
No right or interest under the Program of a Participant (or any person claiming through or under him or her) shall be assignable or transferable in any manner or be subject to alienation, anticipation, sale, pledge, encumbrance or other legal process or in any manner be liable for or subject to the debts or liabilities of any such Participant.  If any Participant shall attempt to or shall transfer, assign, alienate, anticipate, sell, pledge or otherwise encumber his or her benefits hereunder or any part thereof, or if by reason of his or her bankruptcy or other event happening at any time such benefits would devolve upon anyone else or would not be enjoyed by him or her, then the Committee (BAC), in its discretion, may terminate his or her interest in any such benefit to the extent the Committee (BAC) considers necessary or advisable to prevent or limit the effects of such occurrence.  Termination shall be effected by filing a written “termination declaration” with the Company’s Corporate Director, Compensation and Benefits and making reasonable efforts to deliver a copy to the Participant whose interest is adversely affected.
8.3    No Acceleration of Benefits; No Deferred Compensation; Taxation; Tax Withholding.
This Program is not intended to provide for the deferral of compensation and there shall be no acceleration of the time or schedule of any payments or contributions under the Program.  The Employer shall be and is authorized to withhold from Company Benefits under this Program, or from such other compensation or benefits paid or payable to the Participant, those federal, state or local income taxes or similar charges that the Committee (BAC), in its sole discretion, determines are required to be withheld under applicable law. The Employer does not represent or guarantee that any particular federal, state or local income, payroll, personal property or other tax consequence will result from participation in this Program.  Participants are directed to consult with professional tax advisors to determine the tax consequences of their participation.

8.4    Captions.
The captions contained herein are for convenience only and shall not control or affect the meaning or construction hereof.
8.5    Governing Law.
The provisions of the Program shall be construed and interpreted according to the laws of the Commonwealth of Pennsylvania without regard to its conflicts of laws provisions.  If any insubstantial provision of this Program is declared unlawful for any reason, including by state or federal legislative act, regulation or judicial ruling, such provision shall become inoperative but will not affect the validity of any other provision.
8.6    Successors.
The provisions of the Program shall bind and inure to the benefit of the Company, the other Employers, and their respective successors and assigns.  The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise, acquire all or substantially all of the business and assets of the Company or any other Employer and successors of any such Company or other business entity.
8.7    No Right to Continued Service.
Nothing contained herein shall be construed to confer upon any Eligible Employee the right to continue to serve as an Eligible Employee of an Employer or in any other capacity.
8.8    Benefit Claims.
(a)    Initial Claims.  To make a claim for a benefit, a Participant (or the Participant’s authorized representative) may file a written request setting forth the claim for such benefit with: (i) in the case of an executive officer, the Management Development and Compensation Committee; and (ii) in all other cases, the Committee (BAC).  (On a case-by-case basis, the Management Development and Compensation Committee may delegate its claim review functions to the Committee (BAC).  All references in this Section 8.8 to Committee (BAC) shall include the Management Development and Compensation Committee, where the Management Development and Compensation Committee undertakes the review of a claim and does not delegate such review to the Committee (BAC).)  
(b)    Denied Claims.  If the Committee (BAC) receives a claim in writing, the Committee (BAC) will advise the Participant of its decision on the claim in writing in a reasonable period of time after receipt of the claim (not to exceed 120 days).  The notice shall set forth the following information:
(1)    The specific basis for its decision,
(2)    Specific reference to pertinent Program provisions on which the decision is based,
(3)    A description of any additional material or information necessary for the Participant to perfect a claim and an explanation of why such material or information is necessary, 
(4)    An explanation of the Program’s claim review procedure, and 
(5)    If applicable, a statement of the Participant’s right to bring an action under Section 502 of ERISA upon the denial of the appeal of a previously denied claim.
(c)    Appealing a Claim.  The Participant (or the Participant’s authorized representative) may make a written request within 60 days of the denial to the Committee (BAC) to have a designated appeals authority (which shall be different than the Committee (BAC)) review the denial.  The Participant may review the pertinent documents and submit issues and comments in writing for consideration by the appeals authority.  If the Participant does not request a review of the initial determination within such 60-day period, he or she will be barred from challenging the determination by reason of failure to exhaust administrative remedies.  
Within 60 days after the Committee (BAC)’s receipt of the Participant’s request for appeal review, the Participant will receive notice of the appeals authority’s decision.  If the claim is further denied, the notice will contain the specific reasons for the decision of the appeals authority; specific references to the pertinent provisions of this Program upon which the decision is based; and, if applicable, a statement of the Participant’s right to bring an action under Section 502 of ERISA.  If special circumstances require that the 60-day time period be extended, the appeals authority will notify the Participant within the initial 60-day time period and will render the decision as soon as possible, but no later than 120 days, after receipt of the request for review.
(d)      Limitation of Time to Commence Legal Action.  Notwithstanding any otherwise applicable legally-prescribed statute of limitations period, no legal action may be commenced or maintained to recover benefits under this Program more than twelve (12) months after the final review decision by the appeals authority has been rendered (or deemed rendered).

EXHIBIT A
Section 3.1 ‐ Description of Eligible Employees
 

		
	•
	The executive officers of the Company designated as Eligible Employees by the Vice President & Chief Human Resources Officer and approved by the Management Development and Compensation Committee, which record of designated Eligible Employees is maintained in the Company’s Human Resources Department.

		
	•
	Such employees of the Company or any Selected Affiliate other than executive officers of the Company designated as Eligible Employees by the Vice President & Chief Human Resources Officer, which record of designated Eligible Employees is maintained in the Company’s Human Resources Department.

Effective Date:  January 1, 2015
Initials:  CP

EXHIBIT B

Personal Retirement Annuity

Fidelity Personal Retirement Annuity

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]