CARNEGIE, Pa.–(BUSINESS WIRE)–Toby Z. Rice and Derek A. Rice, shareholders of EQT Corporation (NYSE:
EQT), today sent a letter to the Board of Directors of EQT requesting
that it commit to holding the 2019 Annual Meeting of Shareholders of EQT
Corporation in April as it did every year before 2018.
The letter follows:
February 13, 2019
Board of Directors
Avenue, Suite 1700
Pittsburgh, PA 15222
Dear Members of the Board:
The Rice Team is writing to you today to ask that EQT Corporation (NYSE:
EQT) (“EQT”) hold its 2019 Annual Meeting in April, as the Company has
for decades. We are making this request for one simple reason: because
it is in the best interests of EQT and all its stakeholders for
shareholders to timely decide EQT’s path forward.
It remains our preference to work with the Board in order to reach a
constructive solution that capitalizes on the unique and proven
operational expertise of the Rice Team and helps EQT realize its full
potential. However, as we have made clear, should the Board choose an
alternate path and decide not to engage with us, we are ready to
nominate highly-qualified director candidates and allow shareholders to
vote at the meeting.
Regardless of whether you agree with our views or our publicly stated
plan for the Company, the fact is that further delaying a resolution to
this situation benefits no one. EQT needs a clear path forward and the
matters facing the Company are urgent. The meeting was only moved to
June last year due to circumstances related to the spinoff of the
midstream business, and this scheduling anomaly should not serve as an
excuse. As such, shareholders should be able to have their voices heard
in April, as they always have been. We know that other shareholders have
publicly and privately shared their support for this view, and we
sincerely hope that you appreciate our position and decide to hold the
meeting in April without further delay.
Toby Z. Rice
Derek A. Rice
Further information regarding the Rice Team plan can be viewed at www.EQTPathForward.com.
Toby Z. Rice and Derek A. Rice, as well as certain of their affiliates,
may file a proxy statement with the U.S. Securities and Exchange
Commission (“SEC”) to solicit proxies from stockholders of EQT for use
at EQT’s 2019 annual meeting of stockholders. TOBY Z. RICE AND DEREK A.
RICE STRONGLY ADVISE ALL SECURITY HOLDERS OF EQT TO READ ANY SUCH PROXY
STATEMENT IF AND WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN
IMPORTANT INFORMATION. Any such proxy statement, if and when filed, and
any other relevant documents will be available at no charge on the SEC’s
website at http://www.sec.gov/.
In accordance with Rule 14a-12(a)(1)(i) under the Securities Exchange
Act of 1934, as amended, the following persons are, or may be deemed to
be, participants in the potential proxy solicitation: Toby Z. Rice and
Derek A. Rice. Toby Z. Rice holds a total of 400,000 shares of common
stock, both directly and indirectly, in EQT, and Derek A. Rice holds a
total of 272,651 shares of common stock, both directly and indirectly,
in EQT. In addition, Toby Z. Rice and Derek A. Rice are potential
beneficiaries of the Rice Energy 2016 Irrevocable Trust, which holds a
total of 5,676,000 shares of EQT’s common stock.
For Investor Inquiries:
Sard Verbinnen & Co
Frances Jeter 832.680.5120