Concessions Follow Lawsuit From Rice Team
CARNEGIE, Pa.–(BUSINESS WIRE)–Toby Z. Rice and Derek A. Rice (the Rice Team), shareholders of EQT Corporation (NYSE:EQT), today announced that they have been informed by EQT that, following a lawsuit filed by the Rice Team, EQT has removed its requirement that the Rice Team’s board nominees consent to being named in EQT’s proxy materials. EQT has also informed the Rice Team that it has approved the Rice Team’s nominees for purposes of the change of control provisions in the credit agreement, thereby eliminating the risk that EQT’s lenders would be able to declare a default in the event that the Rice Team’s nominees are elected. The lawsuit was filed by the Rice Team against EQT and its Board of Directors on April 25, 2019 in Pennsylvania Court to prevent EQT from manipulating the outcome of its upcoming contested election of directors at EQT’s 2019 Annual Meeting of Shareholders. As a result of EQT’s concessions, the Rice Team will withdraw its lawsuit.
“While we are pleased that EQT has conceded that it must withdraw its unreasonable requirements, we are deeply disappointed that we had to file a lawsuit to ensure the integrity of the upcoming contested election of directors at EQT’s 2019 Annual Meeting. We had tried to clarify these issues with EQT on multiple occasions over the course of almost three months, but it was only after we filed our lawsuit that we received any response from EQT.”
A copy of the Rice Team’s presentation outlining the its plan to deliver additional value at EQT can be found at www.eqtpathforward.com.
On April 22, 2019, Toby Z. Rice, together with the other participants named herein (collectively, the “Rice Group”), filed a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (“SEC”), and the Rice Group intends to file a definitive proxy statement and accompanying WHITE 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”).