8-KLeadership ChangesExhibits & Filings

EQT Corp 8-K Report, Executive Changes (Oct 17, 2019)

Filed October 17, 2019For Securities:EQT

Summary

EQT Corporation (EQT) has filed an 8-K report on October 17, 2019, to announce the appointment of Todd M. James as its new Chief Accounting Officer (CAO), effective November 4, 2019. Mr. James brings a strong background in accounting and financial reporting, including prior experience at Rice Energy and PricewaterhouseCoopers LLP. His compensation package includes a base salary, short-term and long-term incentive eligibility, and a significant long-term incentive award. The filing also details severance provisions and discloses existing lease agreements with certain family members of Mr. James for natural gas exploration and production.

Key Highlights

  • 1Appointment of Todd M. James as Chief Accounting Officer (CAO) and Principal Accounting Officer, effective November 4, 2019.
  • 2Mr. James's prior experience includes roles at L.B. Foster Company and Rice Energy, along with extensive experience at PricewaterhouseCoopers LLP.
  • 3Annual base salary for Mr. James is set at $304,500.
  • 4Mr. James is eligible for short-term and long-term incentive plans, with a 2019 long-term incentive award valued at $346,500.
  • 5The company has outlined severance benefits for Mr. James, including salary continuation, cash severance, COBRA payments, and equity vesting in case of termination without cause.
  • 6Existing leases for natural gas exploration and production with immediate family members of Mr. James resulted in $1.2 million in royalty payments to them between January 1, 2018, and the filing date.
  • 7Jeffery C. Mitchell will transition from Principal Accounting Officer to Vice President, Internal Audit upon Mr. James's commencement.

Frequently Asked Questions

EQT Corporation is appointing Todd M. James as its new Chief Accounting Officer (CAO) and Principal Accounting Officer, effective November 4, 2019.

Mr. James, age 37, has a comprehensive background in accounting and financial reporting. He most recently served as Corporate Controller & Chief Accounting Officer of L.B. Foster Company. Previously, he was Senior Director, Technical Accounting & Financial Reporting at Rice Energy Inc. before its acquisition by EQT, and also worked at EQT. His earlier career includes significant experience as a Senior Manager in Assurance at PricewaterhouseCoopers LLP. He is a certified public accountant and holds advanced degrees in accounting and forensic accounting.

Mr. James will receive an annual base salary of $304,500. He is also eligible to participate in the Company’s Short-Term Incentive Plan. Additionally, he will receive a 2019 long-term incentive award with a grant date value of $346,500 and has a long-term incentive target of $346,500 for 2020.

Yes, the filing discloses that certain immediate family members of Mr. James are parties to previously existing leases with EQT for natural gas exploration and production. EQT made royalty payments totaling $1.2 million to these individuals between January 1, 2018, and the filing date under these leases.