Effective April 27, 2026, the Management Development and Compensation Committee of the Company's Board of Directors granted an aggregate total of 3,650,000 non-qualified stock options to EQT's executive officers under the EQT Corporation 2020 Long-Term Incentive Plan. The grant of stock options to each executive officer was allocated equally to three separate tranches, with each tranche having a strike price (i.e., an exercise price) set at a significant premium to the then-current market value of EQT common stock (specifically, the exercise price for these tranches was set at $90, $95 and $100 per share). Subject to the conditions set forth in the option award agreement, the three tranches vest and become exercisable on the third, fourth and fifth anniversary of the grant date, with the option award agreement expiring on April 27, 2033. Consistent with the objectives of the Company's executive compensation program, these stock options were designed to further align executive long-term incentive compensation opportunity with the long-term interests of the Company's shareholders and to support the retention of the Company's executive officers.


	Option Tranche 1		Option Tranche 2		Option Tranche 3
Shares granted	1,216,667		1,216,667		1,216,666
Years to vesting	3		4		5
Stock price at grant date	$	58.64	$	58.64	$	58.64
Strike price	$	90.00	$	95.00	$	100.00





Expected term in years	6.46		6.65		6.81
Grant date fair value per share	$	20.51	$	20.20	$	19.80

Across all three tranches, the valuation used the same blended volatility (45.86%), risk-free rate (4.09%) and dividend yield (1.09%). Expected volatility was based on an equal blend of the Company's historical and implied volatility. The risk-free rate was based on the U.S. Treasury yield curve in effect at the grant date. The dividend yield was based on the Company's three-month average expected dividend rate.

The aggregate grant-date fair value of the awards was $73.6 million. The Company recognized $3.4 million of compensation cost related to this grant during the three and six months ended June 30, 2026 and expects to recognize $70.2 million of unrecognized compensation cost over a weighted average remaining period of 3.8 years.