Form 8-K - Current report
10 2월 2024 - 6:16AM
Edgar (US Regulatory)
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2024-02-07
2024-02-07
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
February 9, 2024 (February 7, 2024)
EQT CORPORATION
(Exact name of registrant as specified in
its charter)
Pennsylvania |
|
001-3551 |
|
25-0464690 |
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification Number) |
625 Liberty Avenue, Suite 1700,
Pittsburgh, Pennsylvania 15222
(Address of principal executive offices,
including zip code)
(412) 553-5700
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of
the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, no par value |
|
EQT |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02. | Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers. |
On February 7, 2024, the Management Development
and Compensation Committee (the “Compensation Committee”) of the Board of Directors of EQT Corporation (the “Company”)
approved the EQT Corporation 2024 Short-Term Incentive Plan (the “2024 STIP”), to provide the terms of annual bonus opportunities
to be granted to the Company’s executive officers and other participating employees. The purposes of the 2024 STIP are to maintain
a competitive level of total cash compensation and to align the interests of the Company’s executives and other employees with those
of the Company’s shareholders and with the strategic objectives of the Company.
The 2024 STIP provides the Company’s executive
officers and other participating employees with an opportunity to earn cash incentive compensation based upon the achievement of performance
goals over a specified performance period. All of the Company’s executive officers and certain other employees designated as eligible
employees from time to time are eligible to participate in the 2024 STIP.
The terms of the 2024 STIP are substantially the
same as the terms of the EQT Corporation 2023 Short-Term Incentive Plan (the “2023 STIP”); however, the performance measures
on which awards under the 2024 STIP will be granted differ from those in the 2023 STIP, and include: (i) free cash flow per share;
(ii) total capital expenditure per Mcfe; (iii) adjusted gross selling, general and administrative expense per Mcfe; (iv) cash
operating margin; (v) finding and development costs; and (vi) environmental, health and safety intensity improvement. Payment
of incentive awards under the 2024 STIP is dependent upon achievement of defined goals for each performance metric; however, the Compensation
Committee retains the discretion to increase, reduce or eliminate any incentive award that becomes payable under the 2024 STIP.
Awards under the 2024 STIP will be granted for
services provided in calendar year 2024 and will be payable in 2025. Incentive awards under the 2024 STIP are paid in cash within two
and one-half months following the end of calendar year 2024 and after the Compensation Committee has determined and certified the level
of performance achieved and the incentive awards earned. The Compensation Committee may, in its discretion, determine to satisfy an obligation
for all or any part of an incentive award by issuing shares of the Company’s common stock equal in value to the cash payment otherwise
due. Such shares, if any, would be issued under the EQT Corporation 2020 Long-Term Incentive Plan (the “2020 LTIP”) or other
source as determined by the Compensation Committee, in its discretion, or any successor plan.
In the event of a change of control of the Company,
as defined under the 2020 LTIP or its successor plan, the period for which performance is measured will automatically end on the date
of the change of control and the performance goals will be deemed to have been achieved for the pro-rata portion of the performance period
that elapsed through the date of the change of control at target levels. In such event, incentive awards are paid to participants on a
pro-rata basis within the time period specified above, subject to the Compensation Committee’s overall discretion.
The
foregoing description of the 2024 STIP does not purport to be complete and is qualified in its entirety by reference to the form of EQT
Corporation Short-Term Incentive Plan, which is filed as Exhibit 10.1
to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on May 4, 2020 and
is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
EQT CORPORATION |
|
|
|
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Date: February 9, 2024 |
By: |
/s/
William E. Jordan |
|
Name: |
William E. Jordan |
|
Title: |
Executive Vice President, General Counsel and Corporate
Secretary |
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