8-KLeadership ChangesExhibits & Filings

EQT Corp 8-K Report, Executive Changes (Oct 2, 2019)

Filed October 2, 2019For Securities:EQT

Summary

EQT Corporation (EQT) filed an 8-K on October 2, 2019, to report on executive departures and related settlement agreements. The company entered into letter agreements with four former executive officers, including the former President and CEO Robert J. McNally, effective October 1, 2019. These agreements terminated their existing Executive Alternative Work Arrangement Employment Agreements (EAWA). In exchange for terminating their EAWA rights to future expense reimbursements and other benefits, the former executives received lump sum cash payments. These payments represent a discount to the present value of their entitled benefits. In aggregate, these payments to the four executives totaled $659,632. This filing provides transparency on the financial impact of these executive transitions.

Key Highlights

  • 1EQT Corporation settled obligations with four former executive officers, including the former President and CEO.
  • 2Agreements effective October 1, 2019, terminated existing Executive Alternative Work Arrangement Employment Agreements (EAWA).
  • 3Former executives received lump sum cash payments in lieu of future expense reimbursements and benefits.
  • 4The cash payments were discounted compared to the present value of contractual future benefits.
  • 5Total aggregate payment to the four executives amounted to $659,632.
  • 6The filing includes the specific letter agreements with each former executive as exhibits.
  • 7William E. Jordan, Executive Vice President and General Counsel, signed the report on behalf of EQT.

Frequently Asked Questions

The primary purpose of this 8-K filing is to inform investors about the settlement agreements EQT Corporation entered into with four of its former executive officers. These agreements formally terminate their prior employment arrangements and define the financial settlements provided.

The filing identifies Robert J. McNally (former President and CEO), David L. Porges (former Interim President and CEO), David E. Schlosser, Jr. (former Senior Vice President and President, Exploration & Production), and Jimmi Sue Smith (former Senior Vice President and Chief Financial Officer).

EQT made aggregate lump sum cash payments totaling $659,632 to these four former executives. These payments were in exchange for them agreeing to terminate their rights to future expense reimbursements and other benefits under their prior employment agreements.

The term 'discount' indicates that the lump sum paid was less than the full, undiscounted present value of the benefits the executives would have been entitled to had their previous agreements remained in place. This suggests EQT negotiated a favorable settlement to resolve its obligations.