Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
The 2022 STIP provides the Company's executive officers and other participating employees with an opportunity to earn cash incentive compensation based upon the achievement of performance goals over a specified performance period. All of the Company's executive officers and certain other employees designated as eligible employees from time to time are eligible to participate in the 2022 STIP.
The terms of the 2022 STIP are substantially the same as the terms of the
Awards under the 2022 STIP will be granted for services provided in calendar
year 2022 and will be payable in 2023. Incentive awards under the 2022 STIP are
paid in cash within two and one-half months following the end of calendar year
2022 and after the Compensation Committee has determined and certified the level
of performance achieved and the incentive awards earned. The Compensation
Committee may, in its discretion, determine to satisfy an obligation for all or
any part of an incentive award by issuing shares of the Company's common stock
equal in value to the cash payment otherwise due. Such shares, if any, would be
issued under the
In the event of a change of control of the Company, as defined under the 2020 LTIP or its successor plan, the period for which performance is measured will automatically end on the date of the change of control and the performance goals will be deemed to have been achieved for the pro-rata portion of the performance period that elapsed through the date of the change of control at target levels. In such event, incentive awards are paid to participants on a pro-rata basis within the time period specified above, subject to the Compensation Committee's overall discretion.
The foregoing description of the 2022 STIP does not purport to be complete and
is qualified in its entirety by reference to the form of EQT Corporation
Short-Term Incentive Plan, which is filed as Exhibit 10.1 to the Current
Report on Form 8-K filed by the Company with the
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