8-KLeadership ChangesRegulation FDExhibits & Filings

EQT Corp 8-K Report, Executive Changes (Mar 7, 2019)

Filed March 7, 2019For Securities:EQT

Summary

EQT Corporation (EQT) filed an 8-K on March 7, 2019, to announce a key executive appointment and provide related compensation details. The company has appointed Gary E. Gould as its new Executive Vice President and Chief Operating Officer, effective upon his start date in April 2019. Mr. Gould brings extensive experience from previous senior operational roles at Continental Resources, Chesapeake Energy, Kinder Morgan, ConocoPhillips, Burlington Resources, and Exxon Corporation, with a strong background in petroleum engineering. This appointment is significant as it brings a seasoned executive to lead the company's operations. Investors should note the substantial compensation package offered to Mr. Gould, which includes a base salary, short-term and long-term incentive targets, a significant signing bonus, and restricted stock awards. The company has also outlined expected non-compete and non-solicitation agreements, aligning with those of other executives. This move signals EQT's strategic focus on strengthening its operational leadership.

Key Highlights

  • 1EQT Corporation appointed Gary E. Gould as Executive Vice President and Chief Operating Officer, effective April 2019.
  • 2Mr. Gould possesses extensive experience in oil and gas operations and engineering from companies like Continental Resources and Chesapeake Energy.
  • 3The executive appointment is effective upon commencement of employment in April 2019.
  • 4Mr. Gould's compensation package includes an annual base salary of $550,000.
  • 5He is eligible for a 2019 short-term incentive target of $495,000 and a long-term incentive award valued at $2.5 million.
  • 6A signing bonus of $500,000 cash and $3.9 million in restricted stock awards was granted to Mr. Gould.
  • 7The signing bonus and stock award are subject to clawback provisions if employment is terminated within one year under certain conditions.

Frequently Asked Questions

Gary E. Gould has been appointed as EQT Corporation's new Executive Vice President and Chief Operating Officer. He has a strong background in petroleum engineering and extensive operational leadership experience from various major energy companies.

Mr. Gould's appointment is effective upon his commencement of employment with EQT Corporation, which is expected to be in April 2019.

Mr. Gould's compensation includes an annual base salary of $550,000, a 2019 short-term incentive target of $495,000, a $2.5 million long-term incentive award, a $500,000 cash signing bonus, and a $3.9 million restricted stock award.

Yes, the $500,000 cash signing bonus is subject to repayment if Mr. Gould terminates his employment or if EQT terminates his employment for cause before his first anniversary with the company. The restricted stock award also vests over three years.