EQT Corp

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CERTIFICATION OF PERFORMANCE UNDER PREVIOUSLY AWARDED LONG-TERM INCENTIVE PROGRAMS

The performance period for the PSUs awarded under the 2022 Incentive PSU Program ended December 31, 2024. In early 2025, the Committee certified the Company’s actual performance against the performance measures for the 2022 Incentive PSU Program and, as a result, the payout for the 2022 Incentive PSU Program was calculated using a payout multiple of 2.15x.

This payout multiple was determined in two steps, in accordance with the terms of the 2022 Incentive PSU Program. First, under the 2022 Incentive PSU Program, a preliminary payout factor of 1.96x was determined based on the Company’s absolute shareholder return and total shareholder return relative to the Company’s 2022 performance peer group over the three-year performance period of January 1, 2022 through December 31, 2024. Second, in alignment with the Company’s net zero goal―announced in 2021―of achieving net zero greenhouse gas emissions from the Company’s then-existing production segment operations―on a Scope 1 and Scope 2 basis―by 2025 (our “2025 Net Zero Goal”),(1) the Committee designed the 2022 Incentive PSU Program to include a performance payout modifier tied to the successful achievement of the 2025 Net Zero Goal. In 2024, the Company successfully achieved the 2025 Net Zero Goal, with approximately 307,000 metric tons of CO 2 equivalent emissions being offset with generated carbon offsets. These carbon offsets were generated at a total direct incremental cost to the Company that was less than the maximum allowable cost established under the 2022 Incentive PSU Program, resulting in a performance payout incentive modifier of 1.1x which, when multiplied by the preliminary payout factor of 1.96x, resulted in a payout multiple for the 2022 Incentive PSU Program of 2.15x.

Each of the NEOs participated in the 2022 Incentive PSU Program. Please refer to the Company’s 2023 Proxy Statement for additional information regarding the 2022 Incentive PSU Program, including a description of the 2025 Net Zero Goal payout modifier.

Other Compensation Components

HEALTH AND WELFARE BENEFITS

For 2024, the NEOs participated in the same health and welfare benefit plans offered to other EQT employees, including medical, prescription drug, dental, vision, short- and long-term disability, wellness, and employee assistance programs. The same contribution amounts, deductibles, and plan design provisions are generally applicable to all employees.

RETIREMENT PROGRAMS

The NEOs participate in the same defined contribution 401(k) plan, and on the same terms, as other EQT employees. The Company does not have any defined benefit retirement plans, supplemental executive retirement plans, or deferred compensation obligations to any employees.

(1)

For this purpose, “net zero” means zero metric tons of CO2 equivalent on a Scope 1 and Scope 2 basis attributable to the Company’s then-owned production segment assets (i.e., production segment assets owned by the Company as of June 30, 2021) during the twelve-months ended December 31, 2024, after adjusting for carbon offsets generated and carbon credits purchased during such twelve-month period.

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