Rice Team Revises Its EQT Board Slate from Nine to Seven Nominees Following EQT’s Decision to Remove Three Long-Serving Directors
CARNEGIE, Pa.--(BUSINESS WIRE)--May 16, 2019--
Toby Z. Rice and Derek A. Rice (the Rice Team), shareholders of EQT Corporation (NYSE:EQT), with a stake of approximately 3%, today announced they are reducing the size of their slate of highly qualified nominees for the EQT Board from nine to seven. The change in the slate of nominees offered by the Rice Team was motivated by EQT’s recent announcement that it will nominate three new director candidates to replace three long-tenured directors who have overseen the destruction of significant value at EQT.
Having reviewed these new EQT nominees, the Rice Team believes two of them, Ms. Janet L. Carrig and Mr. James T. McManus II, appear qualified to serve on the EQT Board and, as a result, the Rice Team’s new slate will be: Lydia I. Beebe, Lee M. Canaan, Dr. Kathryn J. Jackson, John F. McCartney, Daniel J. Rice IV, Toby Z. Rice and Hallie A. Vanderhider.
The Rice team issued the following statement in connection with its revised board slate:
“While we are pleased EQT has replaced three long-tenured directors, including its Chairman, and has added two qualified director nominees to its slate that we can support, we continue to believe that substantial Board change is required to achieve the fundamental improvements needed at EQT. If our seven nominees are elected, we believe the Board will have the right mix of expertise, experience and continuity to achieve the performance all shareholders deserve.”
Additional information regarding the proxy contest, as well as the Rice team’s presentation outlining its plan for EQT can be found at www.eqtpathforward.com.
For questions about how to vote your shares, please contact our proxy solicitor, D.F. King & Co., Inc., at (800) 207-3159.
Toby Z. Rice, together with the other participants named herein (collectively, the “Rice Group”), have filed a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (“SEC”), and the Rice Group intends to file a definitive proxy statement and accompanying WHITE universal proxy card with the SEC, to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2019 annual meeting of stockholders of EQT Corporation, a Pennsylvania corporation (“EQT”).
THE RICE GROUP STRONGLY ADVISES ALL STOCKHOLDERS OF EQT TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS NOW OR AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE OR WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV, OR BY CONTACTING D.F. KING & CO., INC., THE RICE GROUP’S PROXY SOLICITOR, BY PHONE (212-269-5550) OR E-MAIL ( RICE@DFKING.COM ). IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to be Toby Z. Rice, Derek A. Rice, the Rice Energy 2016 Irrevocable Trust (the “Rice Trust”), Andrew L. Share, Rice Investment Group, L.P. (“Rice Investment”), Daniel J. Rice III, J. Kyle Derham, William E. Jordan, Lydia I. Beebe, Lee M. Canaan, Dr. Kathryn J. Jackson, John F. McCartney, Daniel J. Rice IV, and Hallie A. Vanderhider.
As of the date hereof, Toby Z. Rice beneficially owns directly 400,000 shares of Common Stock, no par value, of EQT (the “Common Stock”), Derek A. Rice directly and indirectly beneficially owns 272,651 shares of Common Stock, the Rice Trust directly beneficially owns 5,676,000 shares of Common Stock, Andrew L. Share, as the trustee of the Rice Trust, may be deemed to beneficially own 5,676,000 shares of Common Stock that are beneficially owned directly by the Rice Trust, Daniel J. Rice III directly and indirectly beneficially owns 1,011,407 shares of Common Stock, J. Kyle Derham directly and indirectly beneficially owns 50,000 shares of Common Stock, Lydia I. Beebe directly beneficially owns 1,000 shares of Common Stock, Dr. Kathryn J. Jackson directly beneficially owns 500 shares of Common Stock, William E. Jordan directly and indirectly beneficially owns 103,285 shares of Common Stock, John F. McCartney directly beneficially owns 4,743 shares of Common Stock, Daniel J. Rice IV directly beneficially owns 220,634 shares of Common Stock and Hallie A. Vanderhider directly beneficially owns 5,000 shares of Common Stock. As of the date hereof, Ms. Canaan and Rice Investment do not own any shares of Common Stock.
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SOURCE: Rice Team
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PUB: 05/16/2019 05:31 PM/DISC: 05/16/2019 05:31 PM