Document:

Document

Exhibit 10.01

SPECIFIC TERMS IN THIS LETTER AGREEMENT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND ARE OF A TYPE THAT EQT CORPORATION TREATS AS CONFIDENTIAL. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT AT THE APPROPRIATE PLACE WITH THREE ASTERISKS [***]. 
September 19, 2022
Rice Drilling B LLC    
625 Liberty Avenue, Suite 1700
Pittsburgh, Pa  15222-3111
Attn: J.E.B. Bolen

RE:    Whipkey Interim Flow Letter Agreement
Dear Mr. Bolen:
Reference is made to (A) that certain Gathering Agreement dated November 25, 2015 (as amended, the “Whipkey Gathering Agreement”) by and between Rice Drilling B LLC (“RDB”) and EQM Gathering Opco, LLC, successor to EQM Poseidon Midstream LLC (“Gatherer”), and (B) that certain Gas Gathering and Compression Agreement dated as of February 26, 2020 by and among EQT Corporation, EQT Production Company,  RDB and EQT Energy, LLC (collectively, “Producer”), and Gatherer, as the same was amended by that certain First Amendment to Gas Gathering and Compression Agreement dated August 26, 2020, that Second Amendment to Gas Gathering and Compression Agreement dated December 6, 2021 and that Third Amendment to Gas Gathering Compression Agreement dated December 21, 2021 between Producer and Gatherer (as amended, the “Trifecta Gathering Agreement”).  All capitalized terms used but not otherwise defined in this letter agreement (“Letter Agreement”) shall have the meanings (if any) ascribed to them in the Whipkey Gathering Agreement and the Trifecta Gathering Agreement, as applicable.
WHEREAS, Gatherer currently receives Dedicated Gas into the Trifecta Gathering System under the Trifecta Gathering Agreement (the “Trifecta Gathering System”) produced from Producer’s Well Pads (“Trifecta Pads”) within the ASR AMI (“Trifecta Gas”) as depicted on Exhibit A attached hereto for delivery through the Pettit compressor station to the TETCO Rawhide Delivery Point (“Rawhide Delivery Point”);
WHEREAS, Gatherer currently receives Dedicated Gas into the Whipkey Gathering System under the Whipkey Gathering Agreement (the “Whipkey Gathering System”) produced from Producer’s Well Pads (“Whipkey Pads”) known as the Jacobs 

Well Pad and the Whipkey Well Pad (“Whipkey Gas”) as depicted on Exhibit A attached hereto for delivery through the Pettit compressor station to the Rawhide Delivery Point;
WHEREAS Gatherer has determined that gas flow at the Pettit compressor station must be curtailed for a period commencing on or about September 20, 2022 and continuing through approximately September 21, 2022 (the actual duration of such period being the “Curtailment Avoidance Period”) and, accordingly, Gatherer will be unable to deliver Dedicated Gas from the Trifecta Pads and the Whipkey Pads to the Rawhide Delivery Point on the Trifecta Gathering System and Whipkey Gathering System during this Curtailment Avoidance Period;
WHEREAS, Producer has requested that Gatherer deliver Trifecta Gas to the TETCO Bambino Delivery Point (“Bambino Delivery Point”) during the Curtailment Avoidance Period via the Gather’s Whipkey Gathering System, subject to the Whipkey Gathering Agreement;
WHEREAS, Producer has requested that Gatherer deliver Whipkey Gas to the Bambino Delivery Point during the Curtailment Avoidance Period via the Gather’s Trifecta Gathering System, subject to the Trifecta Gathering Agreement; 
WHEREAS, Gatherer is willing to deliver Trifecta Gas to the Bambino Delivery Point via the Whipkey Gathering System during the Curtailment Avoidance Period, subject to the terms and conditions hereof; and
WHEREAS, Gatherer is willing to deliver Whipkey Gas to the Bambino Delivery Point via the Trifecta Gathering System during the Curtailment Avoidance Period, subject to the terms and conditions hereof. 
NOW, THEREFORE, Gatherer and Producer (collectively, “Parties” and each a “Party”), by execution of this Letter Agreement and in consideration of the mutual covenants contained herein, do hereby agree as follows:
1.Trifecta Gas; Fees. 
(a)During the Curtailment Avoidance Period, Gatherer agrees to deliver Trifecta Gas received into the Trifecta Gathering System for delivery to the Bambino Delivery Point via the Whipkey Gathering System.  The Parties acknowledge and agree that such Trifecta Gas shall be received into the Whipkey Gathering System at the Pettit Receipt Point (“Whipkey Receipt Point”) and such Trifecta Gas shall be delivered to the Bambino Delivery Point via the Mad Russian interconnect.
(b)In addition to [***], Producer agrees to pay Gatherer [***] for all Trifecta Gas volumes flowing from the Whipkey Receipt Point to the Bambino Delivery Point.
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(c)During the Curtailment Avoidance Period, Gatherer agrees to deliver Whipkey Gas received into the Whipkey Gathering System for delivery to the Bambino Delivery Point via the Trifecta Gathering System.  The Parties acknowledge and agree that such Whipkey Gas shall be received into the Trifecta Gathering System at the Mad Russian Receipt Point (“Trifecta Receipt Point”) and such Trifecta Gas shall be delivered to the Bambino Delivery Point.
(d)In addition to [***], Producer agrees to pay Gatherer [***]  for all Whipkey Gas volumes flowing from the Trifecta Receipt Point to the Bambino Delivery Point.
(e)The Parties hereby acknowledge and agree that (i) Gatherer shall not be in breach of its obligations to receive Dedicated Gas under the Trifecta Gathering Agreement, and (ii) Producer shall not be in breach of its obligations to deliver Dedicated Gas under the Trifecta Gathering Agreement, in each case, only with respect to the Trifecta Gas and to the extent the Parties are in compliance with the terms hereof.
2.    Termination.  Beginning on October 1, 2022, Producer shall have the right to terminate this Letter Agreement in its sole discretion and without cause, in any event following not less than [***] days’ written notice thereof to Gatherer.
3.    Miscellaneous.  The terms and provisions of this Letter Agreement shall be binding on, and shall inure to the benefit of, the Parties and their respective successors and permitted assigns.  This Letter Agreement may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all of such counterparts shall constitute for all purposes one agreement.  Any signature hereto delivered by a Party by facsimile or other electronic transmission (including scanned documents delivered by email) shall be deemed an original signature hereto, and execution and delivery by such means shall be binding upon the Parties.
4.    Effect of Letter Agreement.  The Parties acknowledge and agree that this Letter Agreement constitutes a written instrument executed by the Parties and fulfills the requirements of an amendment contemplated by (a) Section 18.8 of the Whipkey Gathering Agreement, and (b) to the extent and only to the extent of the Trifecta Gas, Section 18.7 of the Trifecta Gathering Agreement; provided, however, that except as expressly provided herein, the Parties hereby reserve all of their rights and remedies under the Trifecta Gathering Agreement and the Whipkey Gathering Agreement, and under applicable law and nothing herein will constitute a waiver, release, modification or alteration of the terms, conditions or covenants of the Trifecta Gathering Agreement and the Whipkey Gathering Agreement, the provisions of which are intended to remain in full force and effect in accordance with their respective terms, except to the extent expressly contemplated hereby.  In the event of any conflict or inconsistencies between this Letter Agreement, the Trifecta Gathering Agreement and the Whipkey Gathering Agreement, the terms and conditions of this Letter Agreement shall prevail. 
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the Parties have executed this Letter Agreement as of the date first written above 

									
	GATHERER:

	EQM GATHERING OPCO, LLC,

	a Delaware limited liability company

			
	By:		/s/ John M. Quinn

	Name:		John M. Quinn

	Title:		VP Business Development & Commercial Services

									
	PRODUCER:
			
	RICE DRILLING B LLC,

	a Delaware limited liability company

			
	By:		/s/ J.E.B. Bolen

	Name:		J.E.B. Bolen
	Title:		VP Operations Planning
			
	EQT CORPORATION,

	a Pennsylvania corporation

			
	By:		/s/ David Khani

	Name:		David Khani
	Title:		Chief Financial Officer
			
	EQT ENERGY, LLC,

	a Delaware limited liability company

			
	By:		/s/ Keith Shoemaker
	Name:		Keith Shoemaker
	Title:		SVP Commercial
			
	EQT PRODUCTION COMPANY,

	a Delaware limited liability company

			
	By:		/s/ J.E.B. Bolen

	Name:		J.E.B. Bolen
	Title:		VP Operations Planning

EXHIBIT A

Gathering System
[***]EXHIBIT 10.2

  

  

  

  

  

  
    FORM OF

    RESTRICTED STOCK AWARD AGREEMENT

    

    

    Granted by

    

    

    PB BANKSHARES, INC.

    

    

    under the

    

    

    PB BANKSHARES, INC. 2022 EQUITY INCENTIVE PLAN

    

    

    This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is
      and will be subject in every respect to the provisions of the PB Bankshares, Inc. 2022 Equity Incentive Plan (the “Plan”), which are incorporated herein by reference and made a part hereof,
      subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the
      Plan and this Agreement by the committee appointed to administer the Plan (the “Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the
      Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” means PB Bankshares, Inc. and its parent and
      all present and future subsidiaries as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein
      but not defined will have the same meaning as in the Plan.

     

    

    
      	 1.	
              Name of Participant:______________________________________________________

            

    

    

      	 2.	
              Date of Grant: _________, 20___. 

                

            

    

    

       

        

    
      	
               3.

            	
              Total number of shares of Company common stock, $0.01 par value per share, covered by this Restricted Stock Award:________

            

    

    (subject to adjustment pursuant to Section 8 hereof)

     

    

    	 4.	
            Vesting Schedule.  Except as otherwise provided for in this Agreement and the Plan, this Restricted Stock will vest (i.e., become earned) in accordance with the following schedule:

          

    

    

    Vesting Date Number of Shares Exercisable

    

    

    

    

    

    

    

    

    	 5.	
            Grant of Restricted Stock Award.  The Restricted Stock Award will be in the form of issued and outstanding shares of Stock registered in the name of the Participant and held by the Company, together
              with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock.  Notwithstanding the foregoing, the Company may, in its sole discretion, issue Restricted Stock in any other
              format (e.g., electronically) to facilitate the paperless transfer of the Awards.

          

    

    

    If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the Restricted Stock.  The Restricted Stock
      awarded to the Participant will not

    
      
        

    

    
    

    

    be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

     

    

    	6.	
            Terms and Conditions.

             

            

          

    	

          	6.1	
            The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require stockholder vote.

             

            

          

    	

          	6.2	
            A Participant granted Restricted Stock will have all of the rights of a shareholder, including the right to vote the Restricted Stock and the right to receive dividends thereon provided, however, that dividends payable with respect to Restricted Stock Awards (whether paid in cash or shares of Stock) will be subject to the same vesting conditions applicable to the Restricted Stock and will,
              if vested, be delivered or paid at the same time as the Restricted Stock to which they relate.

             

            

          

    	7.	
            Delivery of Shares.  Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including the requirements of the Securities Act of 1933, as amended), and
              the applicable requirements of any securities exchange or similar entity.

             

            

          

    	8.	
            Adjustment Provisions.  This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events specified in, and in
              accordance with the provisions of, Section 3.4 of the Plan.

          

    

      	9.	
              Effect of Termination of Service on Restricted Stock Award.

            

    

     

    

    Notwithstanding the vesting schedule set forth in Section 4 of this Agreement, upon the Participant’s Termination of Service, this Restricted Stock Award will vest in accordance with the terms of the Plan and as follows:

    

    

    	

          	9.1	
            Death.  In the event of the Participant’s Termination of Service by reason of death, any unvested shares of Restricted Stock subject to this Agreement will immediately vest.

             

            

          

    	

          	9.2	
            Disability.  In the event of the Participant’s Termination of Service by reason of Disability, any unvested shares of Restricted Stock subject to this Agreement will immediately vest.

             

            

          

    	

          	9.3	
            Change in Control.  In the event of the Participant’s Involuntary Termination of Service at or following a Change in Control, any unvested shares of Restricted Stock subject to this Agreement will
              immediately vest.

             

            

          

    	

          	9.4	
            Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, any unvested shares of Restricted Stock subject to this Agreement
              will expire and be forfeited as of the date of the Termination of Service.

             

            

          

    	

          	9.6	
            Other Termination.  In the event of the Participant’s Termination of Service for any reason other than due to death, Disability or for Cause or an Involuntary
              Termination of Service at or following a Change in Control, any unvested shares of Restricted Stock subject to this Agreement will expire and be forfeited as of the date of the Termination of Service.

          

    
      2

      
        

    

    
      	10.	
              Miscellaneous.

            

    

    	

          	10.1	
            This Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company with respect to the shares underlying the Award prior to the date on which the individual fulfills all conditions for receipt of such
              rights.

             

            

          

    	

          	10.2	
            Except as otherwise provided for in the Plan, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

             

            

          

    	

          	10.3	
            This Restricted Stock Award is not transferable except as provided for in the Plan.

             

            

          

    	

          	10.4	
            This Restricted Stock Award will be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania.

             

            

          

    	

          	10.5	
            Nothing in this Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate the employment or service of the Participant at any time, nor confer upon the Participant any right to continue in the
              employ or service of the Company or any Affiliate.

             

            

          

    	

          	10.6	
            This Restricted Stock Award is subject to forfeiture in accordance with the provisions of Section 7.16 of the Plan or as otherwise adopted by the Company.

             

            

          

    	

          	10.7	
            This Restricted Stock Award is subject to any required federal, state and local tax withholding which may be effected in the manner or manners permitted by the Company.

             

            

          

    	

          	10.8	
            In the event of a conflict between the terms of this Agreement and the Plan, the terms of the Plan will control.

             

            

          

    	

          	10.9	
            This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any
              shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

             

            

          

    	

          	10.10	
            The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying shares.  The
              Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action related to the Plan.

             

            

          

    	

          	10.11	
            This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Agreement and the Plan.

             

            

          

    [Signature page follows]

    

    

    
      3

      
        

    

    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Restricted Stock
      Award set forth above.

    PB BANKSHARES, INC.

     

    

    Name:_____________________________ 

    Title: ______________________________

    

    

    

    

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the PB Bankshares, Inc.
      2022 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the PB Bankshares, Inc. 2022 Equity Incentive Plan.

    PARTICIPANT

    

    

    

    

    __________________________________________ 

    

    Name: _____________________________________

    

    

    

    

  

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