2018 Short-Term Incentive Plan

EQT CORPORATION (the “Company”) hereby establishes this EQT CORPORATION 2018 SHORT-TERM INCENTIVE PLAN (the “Plan”) as of this 1st day of January, 2018, in accordance with the terms provided herein.

WHEREAS, the Company desires to establish an incentive plan which describes the goals of the Company and the methodology for awarding incentive amounts;

NOW, THEREFORE, the Company hereby adopts the terms of the Plan as follows:

Section 1. Incentive Program Purposes. The Company’s main purposes in providing the incentive programs described within the Plan (collectively, the “Incentive Programs”) are to maintain a competitive level of total cash compensation and to align the interests of the Company’s employees with those of the Company’s shareholders and customers and with the strategic objectives of the Company. By placing a portion of employee compensation at risk, the Company can reward performance based on the overall performance of the Company, the business segment and the individual contribution of each employee.

Section 2. Effective Date. The effective date of this Plan is January 1, 2018. The Plan will remain in effect for the calendar year 2018 (the “Plan Year”) unless earlier replaced or terminated in accordance with Section 18 or the occurrence of a Change of Control as provided in Section 15, or unless adopted with respect to future calendar years.

Section 3. Eligibility. To be eligible for the Incentive Programs in the Plan Year, employees must execute an Alternative Dispute Resolution Program Agreement and related documents on or before deadlines established by the Company. Additional eligibility requirements for each Incentive Program may be proposed from time to time by the appropriate business segment or functional officer and approved by the Company’s Chief Human Resources Officer. Based upon such eligibility requirements, the Company’s Chief Human Resources Officer or the Company’s Corporate Director, Compensation and Benefits, as applicable, may designate any eligible employee for participation in the Plan in his or her complete and sole discretion. Following initial designation of eligible employees in the Plan Year, an eligible employee will be notified in writing of his or her participation, and a Plan document will be made available to all eligible employees.

Section 4. Administration of the Plan. The Company’s Corporate Director, Compensation and Benefits shall administer all Incentive Programs under the general direction of the Company’s Chief Human Resources Officer; provided, however, that the Management Development and Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) shall at all times retain the discretion with respect to all Incentive Programs to reduce, eliminate or determine the source of any payment or award hereunder without regard to any particular factors specified in the Plan. On an annual basis, the Committee

must review and approve (a) the Plan, (b) the methodology for determining the incentive pools, including the Financial Measures and the Value Drivers, as defined in Section 7 of the Plan, and (c) the projected payout under the Plan and under each Incentive Program. The Committee must also review and approve any proposed amendments to the Plan throughout the Plan Year.

Section 5. Incentive Programs. The following Incentive Programs shall be administered under the Plan:

Section 6. Definitions. The following provides the definition of certain Financial Measures, identified in Section 7 of the Plan, as may be used in the Incentive Programs:

Company EBITDA means 2018 EBITDA, as defined in and calculated in accordance with the Company’s 2018 Value Driver Performance Share Unit Award Agreements. Business unit EBITDA means total revenues of the applicable business unit, minus total expenses of the applicable business unit, excluding (i) interest, income taxes, depreciation, depletion and amortization expenses, for the Plan Year, (ii) non-cash gains/losses on derivatives not designated as hedges, and (iii) to the extent charged to the business unit, (A) the cumulative effect of accounting change and (B) the 2018 Review Costs (as defined in Section 6(b)). For the avoidance of doubt, all amounts referenced above shall include the components thereof attributable to noncontrolling interests, if any. By way of example only, total revenues shall include components attributable to noncontrolling interests and the income taxes excluded shall include components attributable to noncontrolling interests. The calculation of Company and business unit EBITDA for the Plan Year will be calculated by the Company’s Chief Accounting Officer and submitted to the Company’s Chief Financial Officer for approval. The Company’s Chief Financial Officer will determine, for purposes of the Plan, the Company EBITDA and the applicable business unit’s EBITDA under the general direction of the Committee.

Company EBITDAX means, for the Plan Year, the Company’s income from continuing operations (i) before interest, income taxes, depreciation, depletion, amortization, and exploration expenses, the cumulative effect of accounting change and any charge and benefit associated with the repurchase of debt by the Company and (ii) excluding non-cash gains/losses on derivatives not designated as hedges and, to the extent not contemplated by the Company’s 2018 business plan, the costs associated with the Company’s analysis of (Y) the Company’s “sum-of-the-parts discount” and (Z) the structure of the Company’s master limited partnerships, and the implementation of changes as a result of either of the foregoing (collectively, the “2018 Review Costs”). Business unit EBITDAX means, for the Plan Year, total revenues of the applicable business unit, minus total expenses of the applicable business unit, excluding in each case (i) interest, income taxes, depreciation, depletion, amortization and exploration expenses, (ii) non-cash gains/losses on derivatives not designated as hedges and (iii) to the extent charged to the business unit and not contemplated by the business unit’s 2018 business plan, (A) the cumulative effect of accounting change and (B) the 2018 Review Costs. For the avoidance of doubt, all amounts referenced above in the definitions of Company EBITDAX and Business Unit EBITDAX shall include the components thereof attributable to noncontrolling interests, if any, consistent with the definition of Company EBITDA above. The calculation of Company and business unit EBITDAX for the Plan Year will be calculated by the Company’s Chief Accounting Officer and submitted to the Company’s Chief Financial Officer for approval. The Company’s Chief Financial Officer will determine, for purposes of the Plan, the Company EBITDAX and the applicable business unit’s EBITDAX under the general direction of the Committee.

provided that, upon the transfer of such assets, the assets continue to be consolidated in the Company’s financial statements.

Section 7. Determination of Incentive Pools.

pools due to job changes. No incentive pool shall exceed three (3) times the target set forth on Attachment C, subject to the adjustments described in the preceding sentence.

Section 8. Incentive Targets. Each participant under the Plan shall be given an incentive target (an “Incentive Target”) that shall be determined based on market competitive levels. All Incentive Targets shall be determined within ninety (90) days of the commencement of each Plan Year by the Company’s Corporate Director, Compensation and Benefits, in consultation with the appropriate business segment or functional officer and approved by the Company’s Chief Human Resources Officer. Actual incentive awards payable (“Incentive Awards”), subject to adjustments as provided in the Plan, shall be based on the overall determination of the incentive pools and on individual performance.

Section 9. Performance Goals.

Based on the evaluation of the participant’s performance relative to his or her Performance Goals, individual performance adjustments can be made by the appropriate business segment or functional officer, ranging from elimination of the Incentive Target to 150% of the Incentive Target. The CEO must approve all individual performance adjustments under the Plan and may make individual performance adjustments in excess of 150%.

Section 10. Distributing the Incentive Pool. Incentive Awards may be earned based on the determination of the incentive pools and individual performance as follows:

Except as provided in Sections 10(5) and 11 of the Plan, the amount of the Incentive Awards payable from the Plan, as calculated in Section 10(4) above, shall be paid in cash to participants. Payments shall be made within 2½ months following the end of the Plan Year in which the amounts are no longer subject to a substantial risk of forfeiture. An Incentive Award shall not be earned and a participant shall have no vested right, interest or entitlement to any Incentive Award hereunder, prior to its actual payment.

Section 11. Alternate Forms of Payment. In accordance with the Company’s Equity Ownership Guidelines adopted on January 30, 2003 (as amended on July 8, 2008, July 11, 2012 and April 14, 2015), or any successor thereto or revision thereof, the Chairman of the Board may elect to pay all or some of a participant’s Incentive Award in stock, including restricted stock

subject to the similar terms and conditions as the Company’s annual restricted stock or phantom unit awards, if the participant has not satisfied the Equity Ownership Guidelines.

Section 12. Impact on Benefit Plans. Payments under the Plan shall not be considered as earnings for purposes of the Company’s or its affiliates’ qualified retirement plans or any other retirement, compensation or benefit plan or program of the Company or its affiliates, except to the extent specifically provided in such other plan or program.

Section 13. Tax Consequences. It is intended that: (a) until the Incentive Award is actually paid to a participant, the participant’s right to payment of the Incentive Award shall be considered to be subject to a substantial risk of forfeiture in accordance with those terms as defined or referenced in Sections 83(a), 409A and 3121(v)(2) of the Internal Revenue Code of 1986, as amended (the “Code”); (b) the Incentive Award shall be subject to employment taxes upon payment; and (c) until the Incentive Award is actually paid to a participant, the participant shall have merely an unfunded, unsecured promise to be paid the benefit if and to the extent earned, and such unfunded promise shall not consist of a transfer of “property” within the meaning of Code Section 83. It is further intended that a participant will not be in actual or constructive receipt of compensation with respect to the Incentive Award within the meaning of Code Section 451 until the Incentive Award is actually paid.

Section 14. Change of Status. In making decisions regarding employees’ participation in the Plan, the Company’s Chief Human Resources Officer or Corporate Director, Compensation and Benefits, as applicable, may consider any factors that he or she may consider relevant in their sole discretion. The Company shall have no obligation to exercise its discretion to make an award to any employee affected by the described status changes. The following guidelines are provided as general information regarding employee status changes upon the occurrence of the events described below.

(i)     an employee or the estate of an employee whose employment is terminated by reason of death or long-term disability following the conclusion of the Plan Year but prior to payment of an Incentive Award shall be eligible for the payment that the deceased or disabled employee would have received had that individual been employed as of the date of the payment of an Incentive Award; and

(ii)     an employee or the estate of an employee whose employment is terminated by reason of death or long-term disability during the Plan Year may be eligible for payment of a pro-rated Incentive Award based on the

employee’s amount of active service during the Plan Year and contingent upon satisfaction of the performance criteria contained in the Plan; provided, however, that the Company shall have sole discretion, subject to its obligations under applicable federal, state or local law, to determine whether or not any Incentive Award will be paid in such event.

Nothing in the Plan, in any Incentive Program or in any Incentive Target or Incentive Award shall confer any right on any employee to continue in the employ of the Company. In the event any payments are made under the guidelines provided in this Section 14, the timing of such payments shall be in accordance with the provisions of Section 10; provided, however, if the participant is a “specified employee” under Section 409A of the Code at the time of his or her separation from service, then, if required to avoid an additional tax under Section 409A of the Code, any payment based upon separation from service may not be made until the first day following the six-month anniversary of the participant’s separation from service.

Section 15. Change of Control. In the event of a Change of Control of the Company, as then defined under the EQT Corporation 2014 Long-Term Incentive Plan (as in effect at the start of the Plan Year), or its successor, the Plan Year shall end on the date of the Change of Control, and the target Financial Measures and Value Drivers shall be deemed to have been achieved at the “Successful” level for the pro-rata portion of the calendar year that elapsed through the date of the Change of Control. In such event, any Incentive Awards earned shall be paid to participants on such pro-rata basis in accordance with the provisions set forth in Section 10 and without adjustment to any individual Incentive Targets, but subject to the Committee’s overall discretion as provided in Section 4.

Section 16.    Compensation Recoupment Policy. Any Incentive Award paid to a participant hereunder shall be subject to the terms and conditions of any compensation recoupment policy adopted from time to time by the Board or any committee of the Board, to the extent such policy is applicable to annual incentive compensation and the participant.

Section 17. Dispute Resolution. The following is the exclusive procedure to be followed by all participants in resolving disputes arising from participation in and payments made under the Plan. Claims must be based on the participant’s performance rating under Section 9(c) and/or payment amount under the Plan. Any claim relative to a given Plan Year must be presented to the Company’s Corporate Director, Compensation and Benefits within thirty (30) days following the later of (a) the payment date of the Incentive Award for that Plan Year or (b) the participant’s receipt of his or her performance rating. If a participant’s claim is not presented within such thirty (30) day period, the participant’s rights in respect of a claim for payment will be forfeited. Once the Corporate Director, Compensation and Benefits has received a claim, he or she will assemble a meeting to review the issue. The participants in the meeting will include the Corporate Director, Compensation and Benefits, the manager of the participant with the dispute,

the appropriate human resources business partner, and, if desired by the participant, a peer chosen by the participant. The participant will be given an opportunity to present his or her issues to the Corporate Director, Compensation and Benefits. A decision will be rendered by the Corporate Director, Compensation and Benefits within thirty (30) business days of the meeting. The Corporate Director, Compensation and Benefits will be responsible for preparing a written version of the decision. This decision may be appealed to the Company’s Chief Human Resources Officer. Appealed decisions will be reviewed by the Chief Human Resources Officer with information requested from the appropriate parties as he or she may determine in his or her sole discretion. The decision made by the Chief Human Resources Officer regarding the matter is final and binding on all Plan participants.

Section 18. Amendment, Replacement or Termination of this Plan. The Company shall have the right to amend, replace or terminate the Plan at any time by written action of the Committee, provided that no employee or participant shall have any vested right, interest or entitlement to payment of any Incentive Award hereunder prior to its payment. The Company shall notify affected participants in writing of any material amendment or Plan termination.

Production, Midstream and Commercial Business Unit Value Drivers     40%

Midstream Value Drivers – See Attachment A-1

Production Value Drivers – See Attachment A-2

Commercial Value Drivers – See Attachment A-3

EQT Midstream Incentive Program – See Attachment A-1

EQT Production Incentive Program – See Attachment A-2

EQT Commercial Incentive Program – See Attachment A-3

Headquarters    $11.1

Commercial    $1.56    

Production    $16.8

Midstream    $14.7

    

Total    $44.16