8-KLeadership ChangesRegulation FDExhibits & Filings

EQT Corp 8-K Report, Executive Changes (Jul 21, 2023)

Filed July 21, 2023For Securities:EQT

Summary

EQT Corporation announced a key executive change with the appointment of Jeremy T. Knop as Chief Financial Officer (CFO), effective July 24, 2023. Mr. Knop, previously the Executive Vice President of Corporate Development, brings extensive experience in mergers and acquisitions and a background from The Blackstone Group. He succeeds David M. Khani, who will remain with the company in a transitional role until July 31, 2023, and is entitled to specific separation benefits as previously disclosed. This appointment signals a strategic shift or continuation in financial leadership, with Knop's M&A expertise potentially influencing future corporate actions. Investors should note the compensation package for Mr. Knop, which includes a base salary, short-term incentive targets, and significant equity awards comprising both performance-based and time-based restricted stock units, aligning his incentives with long-term company performance.

Key Highlights

  • 1Jeremy T. Knop appointed as new Chief Financial Officer (CFO), effective July 24, 2023.
  • 2David M. Khani transitions out of the CFO role, remaining with EQT for transition services until July 31, 2023.
  • 3Mr. Knop has a strong background in corporate development and M&A, having previously served as EVP of Corporate Development.
  • 4Mr. Knop's prior experience includes significant roles at The Blackstone Group, focusing on energy credit investments.
  • 5New CFO compensation package includes $500,000 base salary and $450,000 target for the short-term incentive plan (2023).
  • 6Mr. Knop will receive one-time equity awards valued at $733,000 (performance and time-based RSUs) and $300,000 (time-based RSUs vesting in five years).
  • 7The company also issued a related news release on July 20, 2023, accompanying this executive change.

Frequently Asked Questions

Jeremy T. Knop has been appointed as the new Chief Financial Officer (CFO) of EQT Corporation, with the appointment effective July 24, 2023.

Mr. Knop, 35, has a strong background in corporate development and mergers and acquisitions. He previously served as EQT's Executive Vice President of Corporate Development and held various roles at The Blackstone Group, focusing on energy credit investments.

Mr. Knop will receive an annual base salary of $500,000, be eligible for EQT's Short-Term Incentive Plan with a 2023 target of $450,000, and receive significant one-time equity awards totaling $1,033,000. These equity awards include performance share units and time-based restricted stock units with varying vesting schedules.

David M. Khani, the outgoing CFO, will remain with EQT to provide transition services until July 31, 2023. He is entitled to specific payments and benefits upon his separation, provided certain conditions are met, as previously outlined in a February 13, 2023 filing.