8-KLeadership ChangesRegulation FDExhibits & Filings

EQT Corp 8-K Report, Executive Changes (Feb 13, 2023)

Filed February 13, 2023For Securities:EQT

Summary

EQT Corporation (EQT) filed an 8-K on February 13, 2023, to announce the transition of its Chief Financial Officer, David Khani. Mr. Khani will continue in his role until a future Transition Date, after which he will remain with the company in an advisory capacity until a designated Separation Date, on or after July 31, 2023, to assist in the identification and appointment of his successor. Under a Transition Agreement and General Release, Mr. Khani is set to receive a severance package totaling approximately $2.62 million in cash, including 24 months of base salary, two times his average annual incentive payment over the past three years, 12 months of COBRA premiums, and a $25,000 lump sum. Additionally, his unvested equity awards will see accelerated vesting (pro-rata for 2023 awards), and his performance share units will continue vesting based on pre-established criteria. These payments are contingent on Mr. Khani not resigning, not being terminated for cause, and re-executing the agreement and releasing claims.

Key Highlights

  • 1David Khani, CFO of EQT Corporation, will be transitioning out of his role.
  • 2Mr. Khani will remain CFO until a designated Transition Date and then provide transition services until a Separation Date on or after July 31, 2023.
  • 3EQT has entered into a Transition Agreement and General Release with Mr. Khani.
  • 4The severance package includes a cash payment of approximately $2,624,494.60.
  • 5The cash payment comprises 24 months of base salary, two times average annual incentive payments (2020-2022), 12 months of COBRA premiums, and a $25,000 lump sum.
  • 6Unvested equity awards will have accelerated vesting (pro-rata for 2023 grants), and performance share units will continue vesting based on performance criteria.
  • 7Payments are conditional on Mr. Khani's cooperation, non-resignation, and release of claims.

Frequently Asked Questions

The 8-K filing does not explicitly state the reason for David Khani's transition, only that it has been determined he will transition from his role as Chief Financial Officer.

The total cash severance package for David Khani is approximately $2,624,494.60. This is in addition to accelerated vesting of equity awards and continued vesting of performance share units.

Mr. Khani must not resign, his employment must not be terminated for 'cause,' and he must re-execute the Transition Agreement and General Release (including a release of claims) on or after the Separation Date, and comply with the terms of the agreement and his non-compete agreement.

No, this 8-K filing does not announce the successor to David Khani. It states that Mr. Khani will remain employed to assist in the identification and appointment of his successor.