| | Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to Be Held April | | |
| | This notice and proxy statement and our annual report on Form 10-K for the year ended December 31, | | |
| | We commenced providing our proxy materials, or a notice of Internet availability providing access to such materials, on or about March | | |
| Proxy Statement Summary | | | | | i | | |
| Item No. 1 — Election of Directors | | | | | 1 | | |
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| Directors’ Compensation | | | | | | | |
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| Equity Ownership | | | | | | | |
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| Executive Compensation Information | | | | | | | |
| Compensation Discussion and Analysis | | | | | | | |
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| Executive Compensation Tables | | | | | 45 | | |
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| Pay Ratio Disclosure | | | | | 55 | | |
| Pay Versus Performance | | | | | 56 | | |
| Employee, Officer and Director Hedging | | | | | | | |
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| Report of the Audit Committee | | | | | | | |
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| Additional Information | | | | | | | |
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| Appendices | | | | | A-1 | | |
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| | | | | C-1 | | |
| PROXY STATEMENT SUMMARY | |
| OUR COMPANY | |
| Equitrans Midstream Corporation is one of the largest natural gas gatherers in the United States, with a premier asset footprint in the Appalachian Basin. Our Annual Report on Form 10-K for the year ended December 31, | |
| | This summary highlights information about Equitrans Midstream Corporation and the upcoming | | |
| Time and Date: | | | 9:00 a.m. (Eastern Time) on Tuesday, April | |
| Place: | | | Online at www.virtualshareholdermeeting.com/ | |
| Record Date: | | | February | |
| Participation: | | | You are entitled to participate in the virtual annual meeting if you were an Equitrans Midstream shareholder as of the close of business on the record date. See “Additional Information — Participating in the Annual Meeting” on page | |
| | | | Board Voting Recommendation | | | Page for More Information | |
| Item No. 1: Election of eight directors, each for a one-year term expiring at the | | | FOR EACH NOMINEE | | | | |
| Item No. 2: Approval, on an advisory basis, of the compensation of Equitrans Midstream’s named executive officers for | | | FOR | | | | |
| Item No. 3: Approval of the Equitrans Midstream Corporation 2024 Long-Term Incentive Plan | | | FOR | | | | |
| Item No. 4: Approval of an Amendment to the Company’s Bylaws to reflect new Pennsylvania law provisions regarding officer exculpation | | | FOR | | | | |
| Item No. 5: Ratification of the appointment of Ernst & Young LLP as Equitrans Midstream’s independent registered public accounting firm for | | | FOR | | | |
| Name, Principal Occupation & Current Other Public Company Board Service | | Age | | Director Since | | Independent | | | Equitrans Midstream Board Committee Membership | | Name, Principal Occupation & Current Other Public Company Board Service | | Age | | Director Since | | Independent | | | Equitrans Midstream Board Committee Membership | | ||||||||||||||||||||||||
| AC | | CGC | | HCCC | | HSSE | | | AC | | CGC | | HCCC | | HSSE | | |||||||||||||||||||||||||||||
| Vicky A. Bailey President, Anderson Stratton Enterprises, LLC Current Other Public Company Boards: Cheniere Energy, Inc., PNM Resources, Inc., Occidental Petroleum Corporation | | 70 | | 2018 | | ![]() | | | | ![]() Chair | | | | ![]() | | Vicky A. Bailey President, Anderson Stratton Enterprises, LLC Current Other Public Company Boards: PNM Resources, Inc., Occidental Petroleum Corporation | | 71 | | 2018 | | ![]() | | | | ![]() Chair | | | | ![]() | | ||||||||||||||
| Sarah M. Barpoulis President, Interim Energy Solutions, LLC Current Other Public Company Boards: None | | 57 | | 2020 | | ![]() | | | | ![]() | | | | ![]() Chair | | Sarah M. Barpoulis President, Interim Energy Solutions, LLC Current Other Public Company Boards: None | | 58 | | 2020 | | ![]() | | | | ![]() | | | | ![]() Chair | | ||||||||||||||
| Kenneth M. Burke Retired Partner, Ernst & Young LLP Current Other Public Company Boards: None | | 73 | | 2018 | | ![]() | | ![]() Chair | | ![]() | | | | | | Kenneth M. Burke Retired Partner, Ernst & Young LLP Current Other Public Company Boards: None | | 74 | | 2018 | | ![]() | | ![]() Chair | | ![]() | | | | | | ||||||||||||||
| Diana M. Charletta President and Chief Operating Officer, Equitrans Midstream Corporation Current Other Public Company Boards: None | | 50 | | 2022 | | | | | | | | | | | | Diana M. Charletta President and Chief Executive Officer*, Equitrans Midstream Corporation Current Other Public Company Boards: None | | 51 | | 2022 | | | | | | | | | | | | ||||||||||||||
| Patricia K. Collawn* Chairman and Chief Executive Officer, PNM Resources, Inc. Current Other Public Company Boards: PNM Resources, Inc., Cheniere Energy, Inc. | | 64 | | 2020 | | ![]() | | | | | | ![]() Chair | | ![]() | | Thomas F. Karam (Executive Chairman) Executive Chairman*, Equitrans Midstream Corporation Current Other Public Company Boards: None | | 65 | | 2018 | | | | | | | | | | | | ||||||||||||||
| Thomas F. Karam (Chairman) Chairman and Chief Executive Officer, Equitrans Midstream Corporation Current Other Public Company Boards: None | | 64 | | 2018 | | | | | | | | | | | | D. Mark Leland Retired Interim Chief Executive Officer, Deltic Timber Corporation and former Executive Vice President and Chief Financial Officer, El Paso Corporation Current Other Public Company Boards: PotlatchDeltic Corporation, Kinetik Holdings Inc. | | 62 | | 2020 | | ![]() | | ![]() | | | | ![]() Chair | | | | ||||||||||||||
| D. Mark Leland Retired Interim Chief Executive Officer, Deltic Timber Corporation and former Executive Vice President and Chief Financial Officer, El Paso Corporation Current Other Public Company Boards: PotlatchDeltic Corporation, Kinetik Holdings Inc. | | 61 | | 2020 | | ![]() | | ![]() | | | | ![]() | | | | Norman J. Szydlowski Retired President and Chief Executive Officer, SemGroup Corporation Current Other Public Company Boards: HF Sinclair Corporation | | 72 | | 2018 | | ![]() | | | | | | ![]() | | ![]() | | ||||||||||||||
| Norman J. Szydlowski Retired President and Chief Executive Officer, SemGroup Corporation Current Other Public Company Boards: HF Sinclair Corporation | | 71 | | 2018 | | ![]() | | | | | | ![]() | | ![]() | | Robert F. Vagt (Lead Independent Director) Retired President, The Heinz Endowments Current Other Public Company Boards: Kinder Morgan, Inc. | | 76 | | 2018 | | ![]() | | ![]() | | | | ![]() | | | | ||||||||||||||
| Robert F. Vagt (Lead Independent Director) Retired President, The Heinz Endowments Current Other Public Company Boards: Kinder Morgan, Inc. | | 75 | | 2018 | | ![]() | | ![]() | | | | | | | |
| AC | | | Audit Committee | | | HCCC | | | Human Capital and Compensation Committee | |
| CGC | | | Corporate Governance Committee | | | HSSE | | | Health, Safety, Sustainability and Environmental Committee | |
| Knowledge, Skill & Experience | | | Bailey | | | Barpoulis | | | Burke | | | Charletta | | | Karam | | | Leland | | | Szydlowski | | | Vagt | |
| Industry | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Public Company (Director) | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Public Company (C-Suite) | | | ![]() ![]() | | | ![]() ![]() | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Human Capital | | | ![]() ![]() | | | ![]() ![]() | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Environmental | | | | | | ![]() ![]() | | | | | | ![]() ![]() | | | ![]() ![]() | | | | | | ![]() ![]() | | | ![]() ![]() | |
| Strategic Planning | | | | | | ![]() ![]() | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Operational Experience | | | | | | | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Risk Management | | | | | | ![]() ![]() | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Financial | | | | | | ![]() ![]() | | | ![]() ![]() | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Capital Markets | | | | | | | | | | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Government & Regulatory | | | ![]() ![]() | | | | | | | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Investor Management | | | | | | | | | | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Climate-Related* | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Cybersecurity* | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | | | | | | ![]() ![]() | |
| Vicky A. Bailey | | | Age | | | Director since November 2018 | |
| Sarah M. Barpoulis | | | Age | | | Director since February 2020 | |
| Kenneth M. Burke | | | Age | | | Director since November 2018 | |
| Diana M. Charletta | | | Age | | | Director since April 2022 | |
| Thomas F. Karam | | | Age | | | Director since November 2018 | |
| D. Mark Leland | | | Age | | | Director since January 2020 | |
| Norman J. Szydlowski | | | Age | | | Director since November 2018 | |
| Robert F. Vagt | | | Age | | | Director since November 2018 | |
| | Audit Committee | | | |||
| | Members Kenneth M. Burke (Chair) D. Mark Leland Robert F. Vagt | | | Meetings Held in | | |
| | Primary Responsibilities: The Audit Committee assists the Board by overseeing: ➢ the accounting and financial reporting processes of the Company and related disclosure matters; ➢ the audits of the Company’s financial statements; ➢ the integrity of the Company’s financial statements; ➢ the qualifications, independence, and performance of the Company’s registered public accountants; ➢ the qualifications and performance of the Company’s internal audit function; and ➢ compliance with legal and regulatory requirements, including with the Company’s code of business conduct and ethics. Independence: Each member of the Committee is independent under the Company’s corporate governance guidelines and applicable New York Stock Exchange (NYSE) listing standards and SEC rules. Each member of the Committee is financially literate. The Board has determined that each of Messrs. Burke, Leland and Vagt qualify as an audit committee financial expert as defined under SEC rules. The designation as an audit committee financial expert does not impose any duties, obligations, or liabilities that are greater than those generally imposed upon a director who is a member of the Committee and the Board. As audit committee financial experts, Messrs. Burke, Leland and Vagt also have accounting or related financial management experience under applicable NYSE listing standards. | | |
| | Human Capital and Compensation Committee | | | |||
| | Patricia K. Collawn (Chair)* D. Mark Leland (Chair) Norman J. Szydlowski Robert F. Vagt | | | Meetings Held in | | |
| | * | | | |||
| | Primary Responsibilities: The Compensation Committee: ➢ oversees the human capital management matters relevant to the Company’s workforce, including workplace health and welfare, talent attraction and retention, pay equity, diversity and inclusion, corporate culture and employee engagement initiatives and other similar programs; ➢ assists the Board in the discharge of its fiduciary responsibilities relating to agreements with, and the fair and competitive compensation of, the CEO and other executive officers; ➢ reviews, approves and makes awards (or, as applicable, makes recommendations to the Board to make awards) under the Company’s incentive compensation and equity-based plans; ➢ provides oversight for the Company’s benefit plans in accordance with the Committee’s Charter and reviews and approves material amendments to and the adoption of new benefit plans; and ➢ prepares a report for inclusion in the Company’s proxy statement for the annual meeting of shareholders. The Committee has the authority, in its sole discretion, to retain or obtain the advice of an independent compensation consultant, outside legal counsel or other personnel. It may also obtain advice and assistance from internal legal, accounting, human resources and other advisors. Pursuant to its Charter, the Committee may delegate authority and responsibilities to subcommittees as it deems proper provided that no subcommittee shall consist of less than two members. Independence: Each member of the Committee meets the independence requirements of the NYSE and applicable federal securities law, including the rules and regulations of the SEC. | | |
| | Corporate Governance Committee | | | |||
| | Vicky A. Bailey (Chair) Sarah M. Barpoulis Kenneth M. Burke | | | Meetings Held in | ||
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| | Primary Responsibilities: The Corporate Governance Committee is responsible for: ➢ establishing and recommending to the Board the requisite skills and characteristics to be found in individuals qualified to serve as directors; ➢ identifying individuals qualified to become Board members consistent with criteria approved by the Board; ➢ recommending to the Board the director nominees for each annual meeting of shareholders; ➢ reviewing and recommending to the Board any updates to the Company’s corporate governance guidelines; ➢ recommending Committee membership, including a Chair, for each Committee; ➢ recommending an appropriate compensation structure for the directors, including administration of stock-based plans for the directors; ➢ reviewing plans for management succession for all executive officers other than the CEO (which is overseen by the Board); ➢ recommending director independence determinations to the Board; ➢ providing oversight for the corporate governance of the Company, including in connection with the corporate governance aspects of the Company’s policies, programs and strategies related to corporate social responsibility and sustainability and governance-related factors identified as part of the Company’s evaluation of ESG concerns; and ➢ reviewing related person transactions under the Company’s related person transaction approval policy. Independence: Each member of the Committee is independent under the Company’s corporate governance guidelines and applicable NYSE listing standards. | | |
| | Health, Safety, Sustainability and Environmental Committee | | | |||
| | Sarah M. Barpoulis (Chair) Vicky A. Bailey Patricia K. Collawn Norman J. Szydlowski | | | Meetings Held in | | |
| | * | | | |||
| | Primary Responsibilities: The HSSE Committee: ➢ provides oversight with respect to the Company’s approach to health, safety (including physical security), sustainability and environmental policies, programs and initiatives; ➢ reviews the overall adequacy of, and provides oversight with respect to, HSSE policies, programs, procedures and initiatives of the Company, including, without limitation, the Company’s emergency response ➢ periodically reviews reports from management with respect to significant risk exposures related to HSSE (including, without limitation, risks relating to energy transition, emissions and climate change, as well as biodiversity matters) and provides feedback to management regarding its approach to monitoring, controlling and reporting on such matters, and apprises the Board of its engagement with management with respect to such matters; ➢ reviews and discusses with management the status of HSSE issues, including compliance with applicable laws and regulations, results of internal compliance reviews and remediation projects; and ➢ ensures that appropriate HSSE goals are in place and evaluates the Company’s progress toward those goals. | | |
| | Our Lead Independent Director: | | |
| | ➢ convenes, presides over and sets agendas for regularly scheduled and special executive sessions of independent/non-management directors (which typically occur at each regularly scheduled meeting of the Board), and calls a meeting of the independent/non-management directors if requested by any other director; ➢ presides over any meeting at which the Chairman is not present; ➢ ➢ facilitates an assessment process with respect to the Board as a whole as well as for individual directors; and ➢ serves as the designated director to speak with shareholders (when requested) and to receive communications from interested parties. | | |
| | The Board | | |
| | ➢ Reviews the major risks facing the Company and delegates oversight of certain major risks to applicable Board Committees | | |
| | ➢ Reviews the options for mitigating major risks facing the Company | | |
| | Audit Committee ➢ Discusses the Company’s process for assessing major risk exposures and the guidelines and policies management has implemented to monitor and control such exposures, including the Company’s financial risk exposures, including financial statement risk and such other risk exposures as may be delegated by the Board to the Committee for oversight, and the Company’s risk management guidelines and policies ➢ Reviews the integrity of the Company’s financial statements ➢ Reviews the qualifications, independence and performance of the Company’s registered public accountants ➢ Reviews the qualifications and performance of the Company’s internal audit function | | | | | | | | | | | Corporate Governance Committee ➢ Oversees governance of the Company, including its director compensation structure, and is committed to governance that is in full compliance with law, reflects good corporate governance, encourages flexible and dynamic management without undue burdens and effectively manages the risks of the business and operations of the Company ➢ Identifies board nominees of the highest possible caliber to provide insightful, intelligent, and effective guidance to management ➢ Reviews plans for management succession ➢ Reviews periodically and makes recommendations regarding the Company’s risks as may be delegated to the Committee by the Board | | |
| | Human Capital and Compensation Committee ➢ Oversees the performance of an annual risk assessment of the Company’s compensation policies and practices ➢ Reviews periodically and makes recommendations regarding the Company’s risks as may be delegated to the Committee by the Board | | | | | | | | | | | Health, Safety, Sustainability and Environmental Committee ➢ Provides input and direction to management and the Board about the Company’s approach to ➢ Reviews periodically reports and makes recommendations regarding the Company’s significant HSSE risks (including, without limitation, risks relating to energy transition, emissions and climate change, as well as biodiversity matters) and other risks as may be delegated to the Committee by the Board ➢ Maintains awareness of, and provides updates to the Board with respect to, current trends, developments, research, and other emerging issues relating to HSSE which affect or which could affect the Company, including trends in legislation, proposed regulations and industry best practices | | |
| | Management | | |
| | ➢ The ERC is composed of certain executive officers and other members of management who oversee day-to-day risk management, meets quarterly (or more frequently as desirable) throughout the year to review the full set of risks, prioritize and address the Company’s major risk exposures and consider new or emerging risks, the results of which are reported to the Board ➢ The Company’s Risk Manager, with support from the Strategic Planning and IT teams, facilitates ERC meetings to evaluate new or previously identified risks, their classifications, and emerging or impactful issues or events. The ERC reviews and scores new or previously identified risks in each classification and uses a formula-based approach to determine the inherent risk of each issue ➢ The ERC (a) identifies, assesses, and recommends mitigation efforts with respect to key enterprise risks and emerging risks of the Company and its subsidiaries and (b) provides guidance for enterprise risk management activities. The activities of the ERC are subject to oversight by the Company’s Audit Committee ➢ The Risk Manager also reports periodically to the Board or designated Board committees regarding the status of enterprise risk management activities, including the results of periodic risk assessments | | |
| | ![]() ![]() | | | ETRN Board of Directors | | |
| | ![]() ![]() | | | ETRNPresidingDirector@equitransmidstream.com | | |
| | ![]() ![]() | | | Equitrans Midstream Corporation Attn: Lead Independent Director C/O Corporate Secretary 2200 Energy Drive Canonsburg, Pennsylvania 15317 | | |
| | Corporate Governance Highlights | | |
| | ➢ The Board has adopted corporate governance guidelines ➢ Our directors are elected annually for a term of one year ➢ We have a Lead Independent Director with defined duties ➢ ➢ The Board’s independent/non-management directors meet regularly in executive session, and the Lead Independent Director presides over and sets the agenda for sessions of the independent/non-management directors ➢ All members of each of the Audit, Compensation, Corporate Governance and HSSE Committees are independent of the Company and its management ➢ Each of the Audit, Compensation, and Corporate Governance Committees has a charter that meets applicable legal requirements and reflects good corporate governance ➢ The HSSE Committee has a charter that reflects good corporate governance ➢ The Board and each Board Committee engage in annual self-assessments ➢ The Company’s directors are encouraged to participate in educational programs relating to corporate governance and business-related issues, and the Company provides funding for such activities ➢ The Company has a code of business conduct and ethics applicable to all employees and directors of the Company ➢ Our Bylaws require that any nominee for election to the Board who does not receive a majority of the votes cast in favor of that director’s election to the Board in an uncontested election must tender his or her conditional resignation to the Board ➢ The Company has robust stock ownership requirements for executive management and the members of the Board ➢ A director may not be nominated for re-election to our Board after the director has 12 years of service on our Board ➢ Our Bylaws provide that shareholders meeting certain requirements may submit candidates for director to be included in our proxy statement ➢ The Compensation Committee has adopted a robust clawback policy, applicable to current and former executive officers of the Company ➢ We do not have supermajority voting requirements in our Articles of Incorporation and Bylaws | | |
| Compensation Feature | | | | |
| Annual cash retainer — Board member | | | $100,000 | |
| Annual cash retainer — Committee Chair | | | Audit: $20,000 Compensation: $20,000 All other Committees: $15,000 | |
| Annual cash retainer — Committee member (excluding the Chair) | | | Audit: $7,500 Corporate Governance, Compensation, HSSE: None | |
| Annual retainer — Chairman of the Board and Lead Independent Director | | | Chairman: $0 Lead Independent Director: $25,000 | |
| Deferred stock units | | | Value equal to | |
| Name | | Fees Earned or Paid in Cash ($)(1) | | Stock Awards ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($)(1) | | Stock Awards ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||
| Ms. Bailey | | | | 115,000 | | | | | 150,033 | | | | | 37,320 | | | | | 302,353 | | | Ms. Bailey | | | | 115,000 | | | | | 213,598 | | | | | 9,262 | | | | | 337,860 | | | ||||||||
| Ms. Barpoulis | | | | 110,220 | | | | | 150,033 | | | | | 11,049 | | | | | 271,302 | | | Ms. Barpoulis | | | | 115,000 | | | | | 213,598 | | | | | 16,399 | | | | | 344,997 | | | ||||||||
| Mr. Burke | | | | 120,000 | | | | | 150,033 | | | | | 49 | | | | | 270,082 | | | Mr. Burke | | | | 120,000 | | | | | 213,598 | | | | | 5,049 | | | | | 338,647 | | | ||||||||
| Ms. Collawn | | | | 113,626 | | | | | 150,033 | | | | | 49 | | | | | 263,708 | | | Ms. Collawn(4) | | | | 37,912 | | | | | — | | | | | — | | | | | 37,912 | | | ||||||||
| Ms. Dorman(4) | | | | 38,242 | | | | | 150,033 | | | | | — | | | | | 188,275 | | | Mr. Leland | | | | 121,181 | | | | | 213,598 | | | | | 49 | | | | | 334,828 | | | ||||||||
| Mr. Leland | | | | 107,500 | | | | | 150,033 | | | | | 49 | | | | | 257,582 | | | Mr. Szydlowski | | | | 100,000 | | | | | 213,598 | | | | | 50,049 | | | | | 363,647 | | | ||||||||
| Mr. Szydlowski | | | | 104,780 | | | | | 150,033 | | | | | 25,049 | | | | | 279,862 | | | Mr. Vagt | | | | 132,500 | | | | | 213,598 | | | | | 50,049 | | | | | 396,147 | | | ||||||||
| Mr. Vagt | | | | 132,500 | | | | | 150,033 | | | | | 50,049 | | | | | 332,582 | | |
| Name and Address | | Shares of Common Stock Beneficially Owned | | Percent of Common Stock Outstanding | | Shares of Series A Preferred Stock Beneficially Owned | | Percent of Series A Preferred Stock Outstanding | | Name and Address | | Shares of Common Stock Beneficially Owned | | Percent of Common Stock Outstanding | | Shares of Series A Preferred Stock Beneficially Owned | | Percent of Series A Preferred Stock Outstanding | | ||||||||||||||||||||||||||||||||
| Capital International Investors(1) 333 South Hope Street, 55th Floor Los Angeles, CA 90071 | | | | 53,000,392 | | | | | 12.2% | | | | | — | | | | | — | | | BlackRock, Inc.(1) 50 Hudson Yards New York, NY 10001 | | | | 55,168,841 | | | | | 12.7% | | | | | — | | | | | — | | | ||||||||
| BlackRock, Inc.(2) 55 East 52nd Street New York, NY 10055 | | | | 51,729,117 | | | | | 12.0% | | | | | 7,719,392 | | | | | 25.7% | | | The Vanguard Group(2) 100 Vanguard Boulevard Malvern, PA 19355 | | | | 46,756,511 | | | | | 10.8% | | | | | — | | | | | — | | | ||||||||
| The Vanguard Group(3) 100 Vanguard Boulevard Malvern, PA 19355 | | | | 46,363,990 | | | | | 10.7% | | | | | — | | | | | — | | | Capital International Investors(3) 333 South Hope Street, 55th Floor Los Angeles, CA 90071 | | | | 39,044,595 | | | | | 9.0% | | | | | — | | | | | — | | | ||||||||
| T. Rowe Price Associates, Inc.(4) 100 E. Pratt Street Baltimore, MD 21202 | | | | 31,316,116 | | | | | 7.2% | | | | | — | | | | | — | | | CIBC Private Wealth Group, LLC(4) 181 West Madison Street Chicago, IL 60602 | | | | — | | | | | — | | | | | 5,000,000 | | | | | 16.7% | | | ||||||||
| GSO Equitable Finance LP 345 Park Avenue, 31st Floor New York, NY 10154 | | | | — | | | | | — | | | | | 5,925,591 | | | | | 19.7% | | | D.E. Shaw Galvanic Portfolios, L.L.C.(5) 1166 Avenue of the Americas New York, NY 10036 | | | | — | | | | | — | | | | | 3,589,565 | | | | | 12.0% | | | ||||||||
| D.E. Shaw Galvanic Portfolios, L.L.C.(5) 1166 Avenue of the Americas New York, NY 10036 | | | | — | | | | | — | | | | | 8,039,565 | | | | | 26.8% | | | NB Burlington Aggregator LP(6) 1290 Avenue of the Americas, 24th Floor New York, NY 10104 | | | | — | | | | | — | | | | | 3,752,308 | | | | | 12.5% | | | ||||||||
| NB Burlington Aggregator LP(6) 1290 Avenue of the Americas, 24th Floor New York, NY 10104 | | | | — | | | | | — | | | | | 3,752,308 | | | | | 12.5% | | |
| Name | | | Common Stock(1) | | | Percent of Class(2) | | ||||||
| Non-Employee Directors: | | | | | | | | | | | | | |
| Vicky A. Bailey | | | | | | | | | | * | | | |
| Sarah M. Barpoulis | | | | | | | | | | * | | | |
| Kenneth M. Burke | | | | | |||||||||
| | | | | * | | | |||||||
| D. Mark Leland | | | | | | | | | | * | | | |
| Norman J. Szydlowski | | | | | | | | | | * | | | |
| Robert F. Vagt | | | | | | | | | | * | | | |
| Named Executive Officers: | | | | | | | | | | | | | |
| Thomas F. Karam(3) | | | | | | | | | | * | | | |
| Diana M. Charletta(4) | | | | | | | | | | * | | | |
| Stephen M. Moore | | | | | | | | | | * | | | |
| Kirk R. Oliver(5) | | | | | | | | | | * | | | |
| Brian P. Pietrandrea | | | | | | | | | | * | | | |
| Directors and | | | | | | | | | | * | | |
| COMPENSATION PHILOSOPHY AND OVERVIEW | | | ➢ The Human Capital and Compensation Committee (for purposes of this CD&A, the Committee) functions independently from management in overseeing compensation programs and practices. ➢ The compensation program includes three key elements (base salary, annual incentives and long-term incentives) and seeks to align total direct compensation (TDC) for our NEO positions with our Primary Compensation Peer Group (defined below) using market comparables and other relevant ➢ The program is designed to pay for performance and is weighted towards variable pay which requires the Company to achieve well-defined performance metrics in order for NEOs to realize performance-based annual and long-term incentives. ➢ Except as set forth below under the sections “Health Benefits” and “Limited Perquisites,” retirement and other benefit programs are the same for all employees and executive perquisites are limited. ➢ The program delivers transparency and fairness to shareholders, employees and other stakeholders while encouraging sound business strategy and execution that leads to long-term and sustainable shareholder value. | |
| COMPANY HIGHLIGHTS IN | | | ➢ Delivered ➢ ➢ ➢ Our sustainability program efforts continued to ➢ Developed and implemented a Proactive Regulatory Transparency (PRT) metric to reinforce the importance of internal and external transparency regarding environmental compliance; our 2023 PRT metric exceeded the maximum level of achievement. ➢ Finalized our GHG Management Program to align accountability for our climate goals and initiated plans for the implementation of our new Environmental Management System (EMS), which such programs will strengthen and support our ESG efforts. ➢ The “Safety Proactivity ➢ ➢ | |
| HOW DID WE PAY OUR NEOS IN | | | ➢ Made adjustments where appropriate to our NEOs’ fixed and incentive pay opportunities as merited by the Committee’s evaluation of the executive’s performance and evaluation of competitive pay practices. ➢ Retained our historical annual incentive program design under our ESTIP reflecting financial and HSSE metrics. ➢ Amounts earned under the ➢ Continued to provide long-term incentive opportunities to our NEOs, and ➢ ➢ | |
| | Compensation Element | | | Description | | | Objectives | | |
| | Base Salary | | | Fixed compensation that is reviewed annually and is based on performance, experience, responsibilities, | | | ➢ Provide a base level of compensation that corresponds to position and responsibilities. ➢ Attract, retain, reward and motivate qualified and experienced executives. | | |
| | Annual Short-Term Program (ESTIP) | | | “At-risk” compensation measured against clearly-defined annual financial and operational goals, including Economic Adjusted EBITDA, HSSE metrics & Free Cash | | | ➢ Incentivize executives to achieve near-term goals that ultimately contribute to long-term Company growth and shareholder returns. | | |
| | Long-Term Incentive Program (LTIP) | | | Mix of long-term target compensation consisting of PRSUs and time-based RSAs. In RSAs subject to three-year cliff vesting. | | | ➢ Align executives’ interests with those of Company shareholders. ➢ Promote stability among leadership via incentives to remain with the Company long-term. ➢ Incentivize executives to achieve goals that drive Company performance and shareholder value over the long-term. ➢ Pay-for-performance | | |
| ➢ Crestwood Equity Partners LP | | | ➢ National Fuel Gas Company | |
| ➢ DCP Midstream, LP | | | ➢ NuStar Energy L.P. | |
| ➢ DT Midstream, Inc. | | | ➢ ONEOK Inc. | |
| ➢ | | | ➢ Plains All American Pipeline, L.P. | |
| ➢ | | | ➢ Targa Resources Corp. | |
| ➢ Magellan Midstream Partners, L.P. | | | ➢ Western Midstream Partners, LP | |
| ➢ Antero Resources Corporation | | | ➢ Gulfport Energy Corporation | |
| ➢ Chesapeake Energy Corporation | | | ➢ Par Pacific Holdings, Inc. | |
| ➢ CNX Resources Corporation | | | ➢ PBF Energy Inc. | |
| ➢ Coterra Energy Inc. | | | ➢ Range Resources Corporation | |
| ➢ Delek US Holdings, Inc. | | | ➢ Southwestern Energy Company | |
| ➢ EQT Corporation | | | ➢ Tellurian Inc. | |
| | Name | | Title | | 2021 Base Salary | | 2022 Base Salary | | Percentage Increases | | | | Name | | Title | | 2022 Base Salary | | 2023 Base Salary | | Percentage Increases | | | ||||||||||||||||||||||||||
| | Thomas F. Karam | | Chairman and Chief Executive Officer | | | $ | 715,000 | | | | $ | 790,000 | | | | | 10.5% | | | | | Thomas F. Karam | | Chairman and Chief Executive Officer | | | $ | 790,000 | | | | $ | 790,000 | | | | | 0% | | | | ||||||||
| | Kirk R. Oliver | | Senior Vice President and Chief Financial Officer | | | $ | 500,000 | | | | $ | 500,000 | | | | | 0% | | | | | Kirk R. Oliver | | Senior Vice President and Chief Financial Officer | | | $ | 500,000 | | | | $ | 500,000 | | | | | 0% | | | | ||||||||
| | Diana M. Charletta | | President and Chief Operating Officer | | | $ | 485,000 | | | | $ | 505,000 | | | | | 4.1% | | | | | Diana M. Charletta | | President and Chief Operating Officer | | | $ | 505,000 | | | | $ | 520,000 | | | | | 3.0% | | | | ||||||||
| | Stephen M. Moore | | Senior Vice President and General Counsel | | | $ | 405,000 | | | | $ | 425,000 | | | | | 4.9% | | | | | Stephen M. Moore | | Senior Vice President and General Counsel | | | $ | 425,000 | | | | $ | 425,000 | | | | | 0% | | | | ||||||||
| | Brian P. Pietrandrea | | Vice President and Chief Accounting Officer | | | $ | 255,000 | | | | $ | 275,000 | | | | | 7.8% | | | | | Brian P. Pietrandrea | | Vice President and Chief Accounting Officer | | | $ | 275,000 | | | | $ | 300,000 | | | | | 9.1% | | | |
| | Metric | | | What it Measures | | | What it Does | | |
| | Economic Adjusted EBITDA | | | • Key business indicator used by management to evaluate overall performance. | | | ✓ Rewards our NEOs based on our annual financial results. | | |
| | Free Cash Flow Before Changes in Working Capital | | | • Demonstrates cash flow available to shareholders after all obligations have been met and provides a view of the overall health of the business. | | | ✓ Focuses our NEOs on optimizing capital spending and liquidity. | | |
| | Health, Safety, Sustainability and Environmental | | | • Determines performance against stringent safety, sustainability and environmental goals. | | | ✓ Promotes a culture where safety, health, sustainability and the environment is embedded into all aspects of our | | |
| | 2022 ESTIP Performance | | | ||||||||||||||||||||||||||||||
| | Category | | | Metric | | | Weight | | | Threshold (50%) | | | Target (100%) | | | Maximum (200%) | | | 2022 Results | | | 2022 Payout | | | |||||||||
| | Financial ($ in millions) | | | Economic Adjusted EBITDA | | | | | 60% | | | | $1,304 | | | $1,402 | | | $1,500 | | | | $ | 1,437(1) | | | | | | 135% | | | |
| Free Cash Flow | | | | | 15% | | | | $(276) | | | $(226) | | | $(176) | | | | $ | (176)(2) | | | | | | 200% | | | | ||||
| | HSSE(3) | | | Safety Proactivity Rate | | | | | 10% | | | | 1 Quarter ≥ 1.5 SPR | | | 2 Quarters ≥ 1.5 SPR | | | 4 Quarters ≥ 1.5 SPR | | | 4 Quarters ≥ 1.5 SPR | | | | | 200% | | | | |||
| Methane Emission Mitigation | | | | | 10% | | | | 4% Annualized Reduction | | | 6% Annualized Reduction | | | 8% Annualized Reduction | | | | | 8.04% | | | |||||||||||
| Water CDP Disclosure | | | | | 5% | | | | Submission by 2022 date assigned by CDP | | | | | 200% | | | |||||||||||||||||
| | Total 2022 ESTIP Payout | | | | | 161% | | | |
| | 2023 ESTIP Performance | | | |||||||||||||||||||||||||||||||||||||||
| | Category | | | Metric | | | Weight | | | Threshold (50%) | | | Target (100%) | | | Maximum (200%) | | | 2023 Results | | | 2023 Payout | | | ||||||||||||||||||
| | Financial ($ in millions) | | | Economic Adjusted EBITDA | | | | | 50% | | | | $1,331 | | | $1,431 | | | $1,531 | | | | $ | 1,494(1) | | | | | | 163% | | | | |||||||||
| Free Cash Flow Before Changes in Working Capital | | | | | 25% | | | | $(184) | | | $(134) | | | $(84) | | | | $ | (75)(2) | | | | | | 200% | | | | |||||||||||||
| | HSSE(3) | | | Safety Proactivity Rate | | | | | 10% | | | | 1 Quarter ≥ 1.5 SPR | | | 2 Quarters ≥ 1.5 SPR | | | 4 Quarters ≥ 1.5 SPR | | | 4 Quarters ≥ 1.5 SPR | | | | | 200% | | | | ||||||||||||
| TCFD | | | | | 10% | | | | Completion of 1 TCFD Scenario Analysis | | | Completion of 2 TCFD Scenario Analyses | | | Publishable TCFD Report Delivered to Board | | | Complete | | |||||||||||||||||||||||
| Proactive Regulatory Transparency Rate | | | | | 5% | | | | | | 80% | | | | | | 85% | | | | | | 95% | | | | | | 143% | | | |||||||||||
| | Total 2023 ESTIP Payout | | | | | 181% | | | |
| | NEO | | 2021 Target | | 2022 Target | | 2022 Threshold | | 2022 Target | | 2022 Maximum | | 2022 ESTIP Award Earned | | | | NEO | | 2022 Target | | 2023 Target* | | 2023 Threshold | | 2023 Target | | 2023 Maximum | | 2023 ESTIP Award Earned | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | Thomas F. Karam | | | | 120% | | | | | 120% | | | | $ | 474,000 | | | | $ | 948,000 | | | | $ | 1,896,000 | | | | $ | 1,526,280 | | | | | Thomas F. Karam | | | | 120% | | | | | 120% | | | | $ | 474,000 | | | | $ | 948,000 | | | | $ | 1,896,000 | | | | $ | 1,715,880 | | | | ||||||||||||
| | Kirk R. Oliver | | | | 90% | | | | | 95% | | | | $ | 237,500 | | | | $ | 475,000 | | | | $ | 950,000 | | | | $ | 764,750 | | | | | Kirk R. Oliver | | | | 95% | | | | | 100% | | | | $ | 250,000 | | | | $ | 500,000 | | | | $ | 1,000,000 | | | | $ | 905,000 | | | | ||||||||||||
| | Diana M. Charletta | | | | 100% | | | | | 100% | | | | $ | 252,500 | | | | $ | 505,000 | | | | $ | 1,010,000 | | | | $ | 813,050 | | | | | Diana M. Charletta | | | | 100% | | | | | 100% | | | | $ | 260,000 | | | | $ | 520,000 | | | | $ | 1,040,000 | | | | $ | 941,200 | | | | ||||||||||||
| | Stephen M. Moore | | | | 80% | | | | | 80% | | | | $ | 170,000 | | | | $ | 340,000 | | | | $ | 680,000 | | | | $ | 547,400 | | | | | Stephen M. Moore | | | | 80% | | | | | 100% | | | | $ | 212,500 | | | | $ | 425,000 | | | | $ | 850,000 | | | | $ | 769,250 | | | | ||||||||||||
| | Brian P. Pietrandrea | | | | 50% | | | | | 50% | | | | $ | 68,750 | | | | $ | 137,500 | | | | $ | 275,000 | | | | $ | 221,375 | | | | | Brian P. Pietrandrea | | | | 50% | | | | | 50% | | | | $ | 75,000 | | | | $ | 150,000 | | | | $ | 300,000 | | | | $ | 271,500 | | | |
or Above | ||||||||||
| | 2023-2025 PRSUs | | | ||||||||||||||||
| | Performance Metrics | | | | Threshold (50% Payout) | | | | Target (100% Payout) | | | | Maximum (200% Payout) | | | | Weight | | |
| | Relative TSR | | | | 25th Percentile | | | | 50th Percentile | | | | 75th Percentile or Above | | | | 60% | | |
| | 2023 Free Cash Flow — Before Changes in Working Capital** | | | | $(184) | | | | $(134) | | | | $(84) | | | | 25% | | |
| | 2024 Free Cash Flow — Before** Changes in Working Capital | | | | TBD | | | | TBD | | | | TBD | | | ||||
| | 2025 Free Cash Flow — Before** Changes in Working Capital | | | | TBD | | | | TBD | | | | TBD | | | ||||
| | Sustainability*** | | | | 2 Approved ESG-Related Projects Completed | | | | 3 Approved ESG-Related Projects Completed | | | | 4 Approved ESG-Related Projects Completed | | | | 15% | | |
| ➢ Antero Midstream Corporation | | | ➢ Magellan Midstream Partners, L.P.* | |
| ➢ Cheniere Energy, Inc. | | | ➢ National Fuel Gas Company | |
| ➢ Crestwood Equity Partners | | | ➢ NuStar Energy L.P. | |
| ➢ DCP Midstream, LP* | | | ➢ ONEOK Inc. | |
| ➢ | | | ➢ Plains All American Pipeline, L.P. | |
| ➢ EnLink Midstream, LLC | | | ➢ Targa Resources Corp. | |
| ➢ | | | ➢ The Williams Companies, Inc. | |
| ➢ Kinder Morgan, Inc. | | | ➢ Western Midstream Partners, LP | |
| | NEO | | 2021 Target | | 2022 Target | | 2022 Time-Based RSAs Awarded | | 2022 PRSUs Awarded | | | | NEO | | 2022 Target | | 2023 Target* | | 2023 Time-Based RSAs Awarded | | 2023 PRSUs Awarded | | | ||||||||||||||||||||||||||||||||
| | Thomas F. Karam | | | | 575% | | | | | 575% | | | | | 131,800 | | | | | 307,520 | | | | | Thomas F. Karam | | | | 575% | | | | | 650% | | | | | 372,110 | | | | | 454,800 | | | | ||||||||
| | Kirk R. Oliver | | | | 220% | | | | | 260% | | | | | 37,720 | | | | | 88,010 | | | | | Kirk R. Oliver | | | | 260% | | | | | 300% | | | | | 108,700 | | | | | 132,860 | | | | ||||||||
| | Diana M. Charletta | | | | 320% | | | | | 330% | | | | | 48,360 | | | | | 112,820 | | | | | Diana M. Charletta | | | | 330% | | | | | 363% | | | | | 136,790 | | | | | 167,180 | | | | ||||||||
| | Stephen M. Moore | | | | 220% | | | | | 260% | | | | | 32,060 | | | | | 74,810 | | | | | Stephen M. Moore | | | | 260% | | | | | 282% | | | | | 86,960 | | | | | 106,290 | | | | ||||||||
| | Brian P. Pietrandrea | | | | 100% | | | | | 100% | | | | | 7,980 | | | | | 18,620 | | | | | Brian P. Pietrandrea | | | | 100% | | | | | 125% | | | | | 27,180 | | | | | 33,220 | | | |
| | 2020 PSUP MATRIX — RELATIVE TOTAL SHAREHOLDER RETURN EACH CALENDAR YEAR PERIOD AND CUMULATIVE THREE-YEAR PERIOD | | | ||||||||||||
| | | | | | Threshold | | | | Target | | | | Maximum | | |
| | TSR Versus Peers | | | | 25th Percentile | | | | 50th Percentile | | | | 75th Percentile | | |
| | Payout | | | | 50% | | | | 100% | | | | 200% | | |
| | 2020 PERFORMANCE SHARE LTIP PROGRAM — PAYOUT | | | |||||||||||||||||||||
| | | | | | TSR Percentile | | | | Period Payout | | | | Program Payout | | | |||||||||
| | First Tranche (2020) | | | | | | 47.8 | | | | | | | 95.60% | | | | | | | 19.10% | | | |
| | Second Tranche (2021) | | | | | | 19.6 | | | | | | | 0% | | | | | | | 0.00% | | | |
| | Third Tranche (2022) | | | | | | 0 | | | | | | | 0% | | | | | | | 0.00% | | | |
| | Fourth Tranche (2020-2022) | | | | | | 0 | | | | | | | 0% | | | | | | | 0.00% | | | |
| | Program Payout | | | | | | | | | | | | | | | | | | | | 19.10% | | | |
| | Name | | | Ownership Guidelines (Multiple of Base Salary) as of December 31, 2023 | | | Actual Multiple of Base Salary Owned as of December 31, 2023 | | | ||||||
| | Thomas F. Karam | | | | | 5X | | | | | | 16.5X | | | |
| | Kirk R. Oliver | | | | | 3X | | | | | | 4.7X | | | |
| | Diana M. Charletta | | | | | 3X | | | | | | 7.0X | | | |
| | Stephen M. Moore | | | | | 3X | | | | | | 4.7X | | | |
| | Brian P. Pietrandrea | | | | | 1.5X | | | | | | 2.0X | | | |
| | Name and Principal Position | | Year | | Salary ($) | | Stock Awards ($)(1) | | Non-equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | | | Name and Principal Position(1) | | Year | | Salary ($) | | Bonus ($)(2) | | Stock Awards ($)(3) | | Non-equity Incentive Plan Compensation ($)(4) | | All Other Compensation ($)(5) | | Total ($) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Thomas F. Karam Chairman and Chief Executive Officer | | | | | 2022 | | | | | 787,116 | | | | | 5,932,559 | | | | | 1,526,280 | | | | | 84,010 | | | | | 8,329,965 | | | | | Thomas F. Karam Chairman and Chief Executive Officer | | | | | 2023 | | | | | 790,250 | | | | | 7,500,000 | | | | | 5,364,344 | | | | | 1,715,880 | | | | | 87,380 | | | | | 15,457,854 | | | | |||||||||||
| | | 2021 | | | | | 712,692 | | | | | 8,009,741 | | | | | 1,570,140 | | | | | 56,975 | | | | | 10,349,548 | | | | | | | 2022 | | | | | 787,116 | | | | | | | | | | 5,932,559 | | | | | 1,526,280 | | | | | 84,010 | | | | | 8,329,965 | | | | ||||||||||||||||||
| | | 2020 | | | | | 675,000 | | | | | 2,636,435 | | | | | 1,147,500 | | | | | 203,759 | | | | | 4,662,694 | | | | | | | 2021 | | | | | 712,692 | | | | | | | | | | 8,009,741 | | | | | 1,570,140 | | | | | 56,975 | | | | | 10,349,548 | | | | ||||||||||||||||||
| | Kirk R. Oliver Senior Vice President and Chief Financial Officer | | | | | 2022 | | | | | 500,001 | | | | | 1,697,854 | | | | | 764,750 | | | | | 46,570 | | | | | 3,009,175 | | | | | Kirk R. Oliver Senior Vice President and Chief Financial Officer | | | | | 2023 | | | | | 500,000 | | | | | — | | | | | 1,567,053 | | | | | 905,000 | | | | | 48,820 | | | | | 3,020,873 | | | | |||||||||||
| | | 2021 | | | | | 500,001 | | | | | 2,143,226 | | | | | 823,500 | | | | | 45,220 | | | | | 3,511,947 | | | | | | | 2022 | | | | | 500,001 | | | | | | | | | | 1,697,854 | | | | | 764,750 | | | | | 46,570 | | | | | 3,009,175 | | | | ||||||||||||||||||
| | | 2020 | | | | | 500,001 | | | | | 520,883 | | | | | 765,000 | | | | | 44,772 | | | | | 1,830,656 | | | | | | | 2021 | | | | | 500,001 | | | | | | | | | | 2,143,226 | | | | | 823,500 | | | | | 45,220 | | | | | 3,511,947 | | | | ||||||||||||||||||
| | Diana M. Charletta President and Chief Operating Officer | | | | | 2022 | | | | | 504,230 | | | | | 2,176,547 | | | | | 813,050 | | | | | 46,616 | | | | | 3,540,443 | | | | | Diana M. Charletta President and Chief Operating Officer | | | | | 2023 | | | | | 519,135 | | | | | — | | | | | 1,971,918 | | | | | 941,200 | | | | | 48,866 | | | | | 3,481,119 | | | | |||||||||||
| | | 2021 | | | | | 482,980 | | | | | 3,023,767 | | | | | 887,550 | | | | | 45,186 | | | | | 4,439,483 | | | | | | | 2022 | | | | | 504,230 | | | | | | | | | | 2,176,547 | | | | | 813,050 | | | | | 46,616 | | | | | 3,540,443 | | | | ||||||||||||||||||
| | | 2020 | | | | | 450,000 | | | | | 878,811 | | | | | 765,000 | | | | | 44,656 | | | | | 2,138,467 | | | | | | | 2021 | | | | | 482,980 | | | | | | | | | | 3,023,767 | | | | | 887,550 | | | | | 45,186 | | | | | 4,439,483 | | | | ||||||||||||||||||
| | Stephen M. Moore Senior Vice President and General Counsel | | | | | 2022 | | | | | 424,231 | | | | | 1,443,177 | | | | | 547,400 | | | | | 46,399 | | | | | 2,461,207 | | | | | Stephen M. Moore Senior Vice President and General Counsel | | | | | 2023 | | | | | 425,000 | | | | | — | | | | | 1,253,656 | | | | | 769,250 | | | | | 40,669 | | | | | 2,488,575 | | | | |||||||||||
| | | 2021 | | | | | 403,270 | | | | | 1,736,005 | | | | | 592,920 | | | | | 45,003 | | | | | 2,777,198 | | | | | | | 2022 | | | | | 424,231 | | | | | | | | | | 1,443,177 | | | | | 547,400 | | | | | 46,399 | | | | | 2,461,207 | | | | ||||||||||||||||||
| | | 2020 | | | | | 375,001 | | | | | 471,177 | | | | | 510,000 | | | | | 44,487 | | | | | 1,400,665 | | | | | | | 2021 | | | | | 403,270 | | | | | | | | | | 1,736,005 | | | | | 592,920 | | | | | 45,003 | | | | | 2,777,198 | | | | ||||||||||||||||||
| | Brian P. Pietrandrea Vice President and Chief Accounting Officer | | | | | 2022 | | | | | 274,231 | | | | | 359,206 | | | | | 221,375 | | | | | 28,134 | | | | | 882,946 | | | | | Brian P. Pietrandrea Vice President and Chief Accounting Officer | | | | | 2023 | | | | | 298,633 | | | | | — | | | | | 391,827 | | | | | 271,500 | | | | | 30,384 | | | | | 992,344 | | | | |||||||||||
| | | 2021 | | | | | 253,211 | | | | | 496,976 | | | | | 233,325 | | | | | 26,681 | | | | | 1,010,193 | | | | | | | 2022 | | | | | 274,231 | | | | | | | | | | 359,206 | | | | | 221,375 | | | | | 28,134 | | | | | 882,946 | | | | ||||||||||||||||||
| | | 2020 | | | | | 224,000 | | | | | 129,827 | | | | | 171,360 | | | | | 26,161 | | | | | 551,348 | | | | | | | 2021 | | | | | 253,211 | | | | | | | | | | 496,976 | | | | | 233,325 | | | | | 26,681 | | | | | 1,010,193 | | | |
| | Name | | Target Total Grant Date Fair Value ($) | | Maximum Total Grant Date Fair Value ($) | | | | Name | | Target Total Grant Date Fair Value ($) | | Maximum Total Grant Date Fair Value ($) | | | ||||||||||||||||
| | Thomas F. Karam | | | | 4,569,747 | | | | | 9,139,494 | | | | | Thomas F. Karam | | | | 3,046,099 | | | | | 6,092,198 | | | | ||||
| | Kirk R. Oliver | | | | 1,307,829 | | | | | 2,615,658 | | | | | Kirk R. Oliver | | | | 889,852 | | | | | 1,779,704 | | | | ||||
| | Diana M. Charletta | | | | 1,676,505 | | | | | 3,353,010 | | | | | Diana M. Charletta | | | | 1,119,716 | | | | | 2,239,432 | | | | ||||
| | Stephen M. Moore | | | | 1,111,677 | | | | | 2,223,354 | | | | | Stephen M. Moore | | | | 711,895 | | | | | 1,423,790 | | | | ||||
| | Brian P. Pietrandrea | | | | 276,693 | | | | | 553,386 | | | | | Brian P. Pietrandrea | | | | 222,496 | | | | | 444,992 | | | |
| | Name | | Insurance Premiums ($) | | 401(k) Contributions ($) | | Perquisites ($)(a) | | Other ($)(b) | | Total ($) | | | | Name | | Insurance Premiums ($) | | 401(k) Contributions ($) | | Perquisites ($)(a) | | Other ($)(b) | | Total ($) | | | ||||||||||||||||||||||||||||||||||||||||
| | Thomas F. Karam | | | | 1,801 | | | | | 27,450 | | | | | 53,559 | | | | | 1,200 | | | | | 84,010 | | | | | Thomas F. Karam | | | | 1,801 | | | | | 29,700 | | | | | 54,679 | | | | | 1,200 | | | | | 87,380 | | | | ||||||||||
| | Kirk R. Oliver | | | | 1,140 | | | | | 27,450 | | | | | 17,980 | | | | | — | | | | | 46,570 | | | | | Kirk R. Oliver | | | | 1,140 | | | | | 29,700 | | | | | 17,980 | | | | | — | | | | | 48,820 | | | | ||||||||||
| | Diana M. Charletta | | | | 1,186 | | | | | 27,450 | | | | | 17,980 | | | | | — | | | | | 46,616 | | | | | Diana M. Charletta | | | | 1,186 | | | | | 29,700 | | | | | 17,980 | | | | | — | | | | | 48,866 | | | | ||||||||||
| | Stephen M. Moore | | | | 969 | | | | | 27,450 | | | | | 17,980 | | | | | — | | | | | 46,399 | | | | | Stephen M. Moore | | | | 969 | | | | | 29,700 | | | | | 10,000 | | | | | — | | | | | 40,669 | | | | ||||||||||
| | Brian P. Pietrandrea | | | | 684 | | | | | 27,450 | | | | | — | | | | | — | | | | | 28,134 | | | | | Brian P. Pietrandrea | | | | 684 | | | | | 29,700 | | | | | — | | | | | — | | | | | 30,384 | | | |
| | Name | | Type of Award(1) | | Grant Date | | Approval Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(4) | | Grant Date Fair Value of Stock and Option Awards ($) | | | | Name | | Type of Award(1) | | Grant Date | | Approval Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(4) | | Grant Date Fair Value of Stock and Option Awards ($) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Threshold ($) | | Target ($)(2) | | Maximum ($)(2) | | Threshold (#) | | Target (#)(3) | | Maximum (#)(3) | | | Threshold ($) | | Target ($)(2) | | Maximum ($)(2) | | Threshold (#) | | Target (#)(3) | | Maximum (#)(3) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Thomas F. Karam | | | ESTIP | | | | — | | | | | — | | | | | 474,000 | | | | | 948,000 | | | | | 1,896,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | Thomas F. Karam | | | ESTIP | | | | — | | | | | — | | | | | 474,000 | | | | | 948,000 | | | | | 1,896,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | ||||||||||||||||||||
| PSU | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | 153,760 | | | | | 307,520 | | | | | 615,040 | | | | | — | | | | | 4,569,747 | | | | | PSU | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | 189,500 | | | | | 379,000 | | | | | 758,000 | | | | | — | | | | | 3,046,099 | | | | |||||||||||||||||||||||||||
| RS | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 131,800 | | | | | 1,362,812 | | | | | RS | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 372,110 | | | | | 2,318,245 | | | | |||||||||||||||||||||||||||
| | Kirk R. Oliver | | | ESTIP | | | | — | | | | | — | | | | | 237,500 | | | | | 475,000 | | | | | 950,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | Kirk R. Oliver | | | ESTIP | | | | — | | | | | — | | | | | 250,000 | | | | | 500,000 | | | | | 1,000,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | ||||||||||||||||||||
| PSU | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | 44,005 | | | | | 88,010 | | | | | 176,020 | | | | | — | | | | | 1,307,829 | | | | | PSU | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | 55,359 | | | | | 110,717 | | | | | 221,434 | | | | | — | | | | | 889,852 | | | | |||||||||||||||||||||||||||
| RS | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 37,720 | | | | | 390,025 | | | | | RS | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 108,700 | | | | | 677,201 | | | | |||||||||||||||||||||||||||
| | Diana M. Charletta | | | ESTIP | | | | — | | | | | — | | | | | 252,500 | | | | | 505,000 | | | | | 1,010,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | Diana M. Charletta | | | ESTIP | | | | — | | | | | — | | | | | 260,000 | | | �� | | 520,000 | | | | | 1,040,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | ||||||||||||||||||||
| PSU | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | 56,410 | | | | | 112,820 | | | | | 225,640 | | | | | — | | | | | 1,676,505 | | | | | PSU | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | 69,659 | | | | | 139,317 | | | | | 278,634 | | | | | — | | | | | 1,119,716 | | | | |||||||||||||||||||||||||||
| RS | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 48,360 | | | | | 500,042 | | | | | RS | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 136,790 | | | | | 852,202 | | | | |||||||||||||||||||||||||||
| | Stephen M. Moore | | | ESTIP | | | | — | | | | | — | | | | | 170,000 | | | | | 340,000 | | | | | 680,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | Stephen M. Moore | | | ESTIP | | | | — | | | | | — | | | | | 212,500 | | | | | 425,000 | | | | | 850,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | ||||||||||||||||||||
| PSU | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | 37,405 | | | | | 74,810 | | | | | 149,620 | | | | | — | | | | | 1,111,677 | | | | | PSU | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | 44,288 | | | | | 88,575 | | | | | 177,150 | | | | | — | | | | | 711,895 | | | | |||||||||||||||||||||||||||
| RS | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 32,060 | | | | | 331,500 | | | | | RS | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 86,960 | | | | | 541,761 | | | | |||||||||||||||||||||||||||
| | Brian P. Pietrandrea | | | ESTIP | | | | — | | | | | — | | | | | 68,750 | | | | | 137,500 | | | | | 275,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | Brian P. Pietrandrea | | | ESTIP | | | | — | | | | | — | | | | | 75,000 | | | | | 150,000 | | | | | 300,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | ||||||||||||||||||||
| PSU | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | 9,310 | | | | | 18,620 | | | | | 37,240 | | | | | — | | | | | 276,693 | | | | | PSU | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | 13,842 | | | | | 27,683 | | | | | 55,366 | | | | | — | | | | | 222,496 | | | | |||||||||||||||||||||||||||
| RS | | | | 1/7/2022 | | | | | 1/5/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 7,980 | | | | | 82,513 | | | | | RS | | | | 2/27/2023 | | | | | 2/20/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 27,180 | | | | | 169,331 | | | |
| | | | | Equity Awards | | | |||||||||||||||||||||
| | Name | | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | | Market Value of Shares or Units of Stock that Have Not Vested ($)(2) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) | | | ||||||||||||
| | Thomas F. Karam | | | | | — | | | | | | — | | | | | | | | | | | |||||
| | | ||||||||||||||||||||||||||
| | | — | | | | | | — | | | | | | 153,760 | | | | | | | | | |||||
| | | | | | | | — | | | | | | 909,600(e) | | | | | | 9,259,728 | | | | |||||
| | | 131,800(a) | | | | | | | | | | | — | | | | | | — | | | | |||||
| | | | | | | | |||||||||||||||||||||
| | | | | — | | | | | | — | | | | ||||||||||||||
| | Kirk R. Oliver | | | | | — | | | | | | — | | | | | | | | | | | |||||
| | | ||||||||||||||||||||||||||
| | | — | | | | | | — | | | | | | 44,005 | | | | | | | | | |||||
| | | | | | | | — | | | | | | 265,720(e) | | | | | | 2,705,030 | | | | |||||
| | | 37,720(a) | | | | | | | | | | | — | | | | | | — | | | | |||||
| | | | | | | | |||||||||||||||||||||
| | | | | — | | | | | | — | | | | ||||||||||||||
| | Diana M. Charletta | | | | | — | | | | | | — | | | | | | | | | | | |||||
| | | ||||||||||||||||||||||||||
| | | — | | | | | | — | | | | | | 56,410 | | | | | | | | | |||||
| | | | | | | | — | | | | | | 334,360(e) | | | | | | 3,403,785 | | | | |||||
| | | 48,360(a) | | | | | | | | | | | — | | | | | | — | | | | |||||
| | | | | | | | |||||||||||||||||||||
| | | | | — | | | | | | — | | | | ||||||||||||||
| | Stephen M. Moore | | | | | — | | | | | | — | | | | | | | | | | | |||||
| | | ||||||||||||||||||||||||||
| | | — | | | | | | — | | | | | | 37,405 | | | | | | | | | |||||
| | | | | | | | — | | | | | | 212,580(e) | | | | | | 2,164,064 | | | | |||||
| | | 32,060(a) | | | | | | | | | | | — | | | | | | — | | | | |||||
| | | | | | | | |||||||||||||||||||||
| | | | | — | | | | | | — | | | | ||||||||||||||
| | Brian P. Pietrandrea | | | | | — | | | | | | — | | | | | | | | | | | |||||
| | | ||||||||||||||||||||||||||
| | | — | | | | | | — | | | | | | 9,310 | | | | | | | | | |||||
| | | | | | | | — | | | | | | 66,440(e) | | | | | | 676,359 | | | | |||||
| | | 7,980(a) | | | | | | | | | | | — | | | | | | — | | | | |||||
| | | | | | | | |||||||||||||||||||||
| | | | | — | | | | | | — | | | |
| | | | Stock Awards | | | | | | Stock Awards | | | ||||||||||||||||||||
| | Name | | Number of Shares Acquired on Vesting (#)(1) | | Value Realized on Vesting ($)(2) | | | | Name | | Number of Shares Acquired on Vesting (#)(1) | | Value Realized on Vesting ($)(2) | | | ||||||||||||||||
| | Thomas F. Karam | | | | 80,919 | | | | | 1,067,322 | | | | | Thomas F. Karam | | | | 309,447 | | | | | 3,201,201 | | | | ||||
| | Kirk R. Oliver | | | | 15,984 | | | | | 210,829 | | | | | Kirk R. Oliver | | | | 71,880 | | | | | 761,902 | | | | ||||
| | Diana M. Charletta | | | | 23,976 | | | | | 316,243 | | | | | Diana M. Charletta | | | | 109,932 | | | | | 1,148,806 | | | | ||||
| | Stephen M. Moore | | | | 13,616 | | | | | 179,595 | | | | | Stephen M. Moore | | | | 61,136 | | | | | 642,391 | | | | ||||
| | Brian P. Pietrandrea | | | | 2,398 | | | | | 31,630 | | | | | Brian P. Pietrandrea | | | | 17,203 | | | | | 181,317 | | | |
| Cause | |
| | The NEOs: ➢ conviction of a felony, a crime of moral turpitude or fraud or the NEO having committed fraud, misappropriation or embezzlement in connection with the performance of the NEO’s duties; ➢ willful and repeated failures to substantially perform assigned duties; or ➢ violation of any provision of a written employment-related agreement or express significant policies of the Company. | | |
| Good Reason | |
| | The NEOs resignation within 90 days after: ➢ a reduction in the NEO’s base salary of 10% or more (unless the reduction is applicable to all similarly situated employees); ➢ a reduction in the NEO’s annual short-term bonus target of 10% or more (unless the reduction is applicable to all similarly situated employees); ➢ a significant diminution in the NEO’s job responsibilities, duties or authority; ➢ a change in the geographic location of the NEO’s primary reporting location of more than 50 miles (excluding any requirement to work remotely); and/or ➢ any other action or inaction that constitutes a material breach by the Company of the agreement. | | |
| Retirement | |
| | The NEOs voluntary termination of employment with the Company after he or she has: ➢ a length of service of at least ten (10) years; and ➢ a combined age and length of service equal to at least sixty (60) years. | | |
| Change of Control | |
| | Generally means any of the following events: ➢ the sale of all or substantially all of the Company’s assets, unless the Company’s shareholders prior to the sale own at least 80% of the acquirer’s stock after the sale; ➢ the acquisition by a person or group of beneficial ownership of 30% or more of the Company’s outstanding common stock, subject to enumerated exceptions; ➢ the termination of the Company’s business and the liquidation of the Company; ➢ the consummation of a merger, consolidation, reorganization, share exchange or similar transaction of the Company, unless the Company’s shareholders immediately prior to the transaction continue to hold more than 50% of the voting securities of the resulting entity, no person beneficially owns 30% or more of the resulting entity’s voting securities (subject to certain exceptions) and individuals serving on the Company’s Board immediately prior to the transaction constitute at least a majority of the resulting entity’s board; and ➢ a change in the composition of the Board, so that existing Board members and their approved successors do not constitute a majority of the Board. | | |
| | Cash Payments* | | | ||||
| | Severance | | | | Health Insurance | | |
| | 24 months base salary for Messrs. Oliver and Moore; 18 months base salary for Mr. Pietrandrea | | | | 30X monthly COBRA rate for family coverage 24X for Messrs. Oliver and Moore; 18X for Mr. Pietrandrea | | |
| | For each NEO, | ||||||
| |
| Resignation | |
| | ➢ | | | No payment if NEO resigns for any reason before awards are paid. | | |
| Death/Disability/ Termination Without Cause* | |
| | ➢ | | | Considered for pro-rata payment if NEO otherwise qualifies for payment of an incentive award. | | |
| Change of Control* | |
| | ➢ | | | The performance period will end on the date of the change of control, and the performance metrics will be deemed to be achieved for the pro-rata portion of the performance period that elapsed through the date of the change of control, at the greater of actual | | |
| | PROGRAM | | | | TERMINATION SCENARIO | | | ||||||||
| | | | | | DEATH OR DISABILITY | | | | QUALIFYING RETIREMENT | | | | TERMINATION WITHOUT CAUSE (2023 RSAS AND PSUP ONLY) | | |
| | | | | | | | A pro-rata portion* of the RSAs will vest, subject to the NEO’s continued employment with the Company through such retirement date. | | | | A pro-rata portion* of the 2023 RSAs will vest, subject to the NEO’s continued employment with the Company through such termination date. | | | ||
| | | | | | | | NEO will retain a pro-rata portion* of the PSUPs, subject to achievement of the performance conditions and the NEO’s continued employment with the Company through such retirement date. | | | | NEO will retain a pro-rata portion* of the 2023 PSUPs, subject to achievement of the performance conditions and the NEO’s continued employment with the Company through such termination date. | | |
| | TERMINATION SCENARIO | | | | PRIOR TO MVP IN-SERVICE | | | | AFTER MVP IN-SERVICE | | |
| | Death, Disability or Retirement | | | | A pro-rata* portion of the MVP PSUs will vest on or following the MVP In-Service date on a date selected by the Company that is no later than ninety days after the MVP In-Service date. | | | | All unvested MVP PSUs will vest in full on the date that is thirty days following the NEO’s termination of employment. | | |
| | Qualifying Change of Control | | | | 100% of the MVP PSUs will be forfeited. | | | | 100% of the unvested MVP PSUs will vest upon the closing of such Qualifying Change of Control. | | |
| | Change of Control that is not a Qualifying Change of Control and NEO is terminated without cause or resigns for good reason within two years after the change of control | | | | The MVP PSUs will vest in full on or following the MVP In-Service date. | | | | The unvested MVP PSUs will vest in full on the date of such termination without cause or resignation for good reason. | | |
| | Executive Benefits and Payments Upon Termination | | | Termination by Company Without Cause ($) | | | Resignation by Executive for Good Reason ($) | | | Death ($) | | | Disability ($) | | | Retirement ($) | | | Qualifying Change of Control ($) | | | ||||||||||||||||||
| | THOMAS F. KARAM | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 3,508,750 | | | | | | 3,508,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,508,750 | | | |
| | STIP | | | | | 1,526,280 | | | | | | 1,526,280 | | | | | | 1,526,280 | | | | | | 1,526,280 | | | | | | — | | | | | | 1,526,280 | | | |
| | LTIP | | | | | — | | | | | | — | | | | | | 12,683,098 | | | | | | 12,683,098 | | | | | | — | | | | | | 6,315,486 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 1,580,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 5,035,030 | | | | | | 5,035,030 | | | | | | 15,789,378 | | | | | | 14,209,378 | | | | | | — | | | | | | 11,350,516 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | KIRK R. OLIVER | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 1,982,750 | | | | | | 1,982,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,982,750 | | | |
| | STIP | | | | | 764,750 | | | | | | 764,750 | | | | | | 764,750 | | | | | | 764,750 | | | | | | — | | | | | | 764,750 | | | |
| | LTIP | | | | | — | | | | | | — | | | | | | 3,266,622 | | | | | | 3,266,622 | | | | | | — | | | | | | 1,611,694 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 2,747,500 | | | | | | 2,747,500 | | | | | | 5,031,372 | | | | | | 4,031,372 | | | | | | — | | | | | | 4,359,194 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | DIANA M. CHARLETTA | �� | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 2,052,750 | | | | | | 2,052,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,052,750 | | | |
| | STIP | | | | | 813,050 | | | | | | 813,050 | | | | | | 813,050 | | | | | | 813,050 | | | | | | 813,050 | | | | | | 813,050 | | | |
| | LTIP | | | | | — | | | | | | — | | | | | | 4,636,090 | | | | | | 4,636,090 | | | | | | 1,925,465 | | | | | | 2,313,340 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 1,010,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 2,865,800 | | | | | | 2,865,800 | | | | | | 6,459,140 | | | | | | 5,449,140 | | | | | | 2,738,515 | | | | | | 5,179,140 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | STEPHEN M. MOORE | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 1,562,750 | | | | | | 1,562,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,562,750 | | | |
| | STIP | | | | | 547,400 | | | | | | 547,400 | | | | | | 547,400 | | | | | | 547,400 | | | | | | — | | | | | | 547,400 | | | |
| | LTIP | | | | | — | | | | | | — | | | | | | 2,732,552 | | | | | | 2,732,552 | | | | | | — | | | | | | 1,342,112 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 850,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 2,110,150 | | | | | | 2,110,150 | | | | | | 4,129,952 | | | | | | 3,279,952 | | | | | | — | | | | | | 3,452,262 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | BRIAN P. PIETRANDREA | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 157,167 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 311,833 | | | |
| | STIP | | | | | 221,375 | | | | | | 221,375 | | | | | | 221,375 | | | | | | 221,375 | | | | | | 221,375 | | | | | | 221,375 | | | |
| | LTIP | | | | | — | | | | | | — | | | | | | 748,000 | | | | | | 748,000 | | | | | | 308,922 | | | | | | 372,827 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 550,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 378,542 | | | | | | 221,375 | | | | | | 1,519,375 | | | | | | 969,375 | | | | | | 530,367 | | | | | | 906,035 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Executive Benefits and Payments Upon Termination | | | Termination by Company Without Cause ($) | | | Resignation by Executive for Good Reason ($) | | | Death ($) | | | Disability ($) | | | Retirement ($) | | | Qualifying Change of Control ($) | | | ||||||||||||||||||
| | THOMAS F. KARAM | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 3,933,016 | | | | | | 3,933,016 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,933,016 | | | |
| | STIP | | | | | 1,715,880 | | | | | | 1,715,880 | | | | | | 1,715,880 | | | | | | 1,715,880 | | | | | | — | | | | | | 1,715,880 | | | |
| | LTIP | | | | | 4,082,652 | | | | | | — | | | | | | 22,517,771 | | | | | | 22,517,771 | | | | | | — | | | | | | 18,063,819 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 1,580,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 9,731,548 | | | | | | 5,648,896 | | | | | | 25,813,651 | | | | | | 24,233,651 | | | | | | — | | | | | | 23,712,715 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | KIRK R. OLIVER | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 2,049,613 | | | | | | 2,049,613 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,049,613 | | | |
| | STIP | | | | | 905,000 | | | | | | 905,000 | | | | | | 905,000 | | | | | | 905,000 | | | | | | — | | | | | | 905,000 | | | |
| | LTIP | | | | | 1,192,645 | | | | | | — | | | | | | 6,337,111 | | | | | | 6,337,111 | | | | | | — | | | | | | 5,162,030 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 4,147,258 | | | | | | 2,954,613 | | | | | | 8,242,111 | | | | | | 7,242,111 | | | | | | — | | | | | | 8,116,643 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | DIANA M. CHARLETTA | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 2,402,016 | | | | | | 2,402,016 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,402,016 | | | |
| | STIP | | | | | 941,200 | | | | | | 941,200 | | | | | | 941,200 | | | | | | 941,200 | | | | | | 941,200 | | | | | | 941,200 | | | |
| | LTIP | | | | | 1,500,764 | | | | | | — | | | | | | 8,359,157 | | | | | | 8,359,157 | | | | | | 3,496,930 | | | | | | 6,681,904 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 1,040,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 4,843,980 | | | | | | 3,343,216 | | | | | | 10,340,357 | | | | | | 9,300,357 | | | | | | 4,438,130 | | | | | | 10,025,120 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | STEPHEN M. MOORE | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 1,749,613 | | | | | | 1,749,613 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,749,613 | | | |
| | STIP | | | | | 769,250 | | | | | | 769,250 | | | | | | 769,250 | | | | | | 769,250 | | | | | | — | | | | | | 769,250 | | | |
| | LTIP | | | | | 954,128 | | | | | | — | | | | | | 5,164,260 | | | | | | 5,164,260 | | | | | | — | | | | | | 4,162,662 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 850,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 3,472,991 | | | | | | 2,518,863 | | | | | | 6,783,510 | | | | | | 5,933,510 | | | | | | — | | | | | | 6,681,525 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | BRIAN P. PIETRANDREA | | | ||||||||||||||||||||||||||||||||||||
| | Cash Severance Payments | | | | | 787,210 | | | | | | 787,210 | | | | | | — | | | | | | — | | | | | | — | | | | | | 787,210 | | | |
| | STIP | | | | | 271,500 | | | | | | 271,500 | | | | | | 271,500 | | | | | | 271,500 | | | | | | 271,500 | | | | | | 271,500 | | | |
| | LTIP | | | | | 298,209 | | | | | | — | | | | | | 1,487,667 | | | | | | 1,487,667 | | | | | | 626,522 | | | | | | 1,253,212 | | | |
| | Life Insurance | | | | | — | | | | | | — | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | |
| | Total | | | | | 1,356,919 | | | | | | 1,058,710 | | | | | | 2,359,167 | | | | | | 1,759,167 | | | | | | 898,022 | | | | | | 2,311,922 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Year | | Summary Compensation Table Total for CEO(1) $ | | Compensation Actually Paid CEO(2) $ | | Average Summary Compensation Table Total for other NEOs(3) $ | | Average Compensation Actually Paid for other NEOs(2)(3) $ | | | Value of initial fixed td00 investment based on: | | | Net Income (loss) $ in thousands | | Economic Adjusted EBITDA(5) $ in thousands | | | | Year | | Summary Compensation Table Total for CEO(1) $ | | Compensation Actually Paid CEO(2) $ | | Average Summary Compensation Table Total for other NEOs(3) $ | | Average Compensation Actually Paid for other NEOs(2)(3) $ | | | Value of initial fixed td00 investment based on: | | | Net Income (loss) $ in thousands | | Economic Adjusted EBITDA(5) $ in thousands | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TSR(4) | | Peer Group TSR(4) | | | TSR(4) | | Peer Group TSR(4) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2022 | | | | 8,329,965 | | | | | (1,363,805) | | | | | 2,473,443 | | | | | 267,940 | | | | | 64.36 | | | | | 140.99 | | | | | (257,138) | | | | | 1,416,515 | | | | | 2023 | | | | 15,457,854 | | | | | 24,828,074 | | | | | 2,495,728 | | | | | 4,718,595 | | | | | 106.25 | | | | | 168.00 | | | | | 454,754 | | | | | 1,368,171 | | | | ||||||||||||||||
| | 2021 | | | | 10,349,548 | | | | | 8,835,209 | | | | | 2,934,705 | | | | | 2,529,324 | | | | | 92.27 | | | | | 108.82 | | | | | (1,397,290) | | | | | 1,436,091 | | | | | 2022 | | | | 8,329,965 | | | | | (1,363,805) | | | | | 2,473,443 | | | | | 267,940 | | | | | 64.36 | | | | | 140.99 | | | | | (257,138) | | | | | 1,416,515 | | | | ||||||||||||||||
| | 2020 | | | | 4,662,694 | | | | | 4,203,284 | | | | | 1,480,284 | | | | | 1,419,654 | | | | | 66.74 | | | | | 75.04 | | | | | 632,984 | | | | | 1,440,374 | | | | | 2021 | | | | 10,349,548 | | | | | 8,835,209 | | | | | 2,934,705 | | | | | 2,529,324 | | | | | 92.27 | | | | | 108.82 | | | | | (1,397,290) | | | | | 1,436,091 | | | | ||||||||||||||||
| | 2020 | | | | 4,662,694 | | | | | 4,203,284 | | | | | 1,480,284 | | | | | 1,419,654 | | | | | 66.74 | | | | | 75.04 | | | | | 632,984 | | | | | 1,440,374 | | | |
| | Year | | Executive(s) | | Summary Compensation Table Total ($) | | Subtract Stock Awards ($) | | Add Year-End Equity Value ($) | | Change in Value of Prior Equity Awards ($) | | Add Change in Value of Vested Equity Awards ($) | | Subtract Value of Equity Awards that Failed to Meet Vesting Conditions ($) | | Compensation Actually Paid ($) | | | | | | Adjustments | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2022 | | | CEO | | | | 8,329,965 | | | | | (5,932,559) | | | | | 2,405,284 | | | | | (6,166,495) | | | | | — | | | | | — | | | | | (1,363,805) | | | | | Year | | Executive(s) | | Summary Compensation Table (SCT) Total for Covered Year ($) | | Subtract Stock Award Value as Reported in SCT for Covered Year ($) | | Add Covered Year-End Value of Awards Granted in Covered Year and Outstanding and Unvested as of Covered Year-End ($) | | Change in Value as of Covered Year-End (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year and Outstanding and Unvested as of Covered Year-End ($) | | Add, for Awards Granted and Vest in the Covered Year, Fair Value as of Vesting Date ($) | | Change in Value as of Vesting Date (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year that Vested During Covered Year ($) | | Subtract Prior Year-End Value of Equity Awards that Failed to Meet Vesting Conditions During Covered Year ($) | | Add Dollar Value of Dividends or Other Earnings Paid on Stock or Option Awards During Covered Year ($) | | Compensation Actually Paid ($) | | | ||||||||||||||||||||||||||||||||||||||||||||
| Other NEOs | | | | 2,473,443 | | | | | (1,419,196) | | | | | 575,398 | | | | | (1,361,704) | | | | | — | | | | | — | | | | | 267,940 | | | | | 2023 | | | CEO | | | | 15,457,854 | | | | | (5,364,344) | | | | | 9,909,536 | | | | | 5,103,707 | | | | | — | | | | | 544,606 | | | | | (823,285) | | | | | — | | | | | 24,828,074 | | | | ||||||||||||||||||||
| | 2021 | | | CEO | | | | 10,349,548 | | | | | (8,009,741) | | | | | 6,500,913 | | | | | 57,536 | | | | | 426,110 | | | | | (489,157) | | | | | 8,835,209 | | | | | Other NEOs | | | | 2,495,728 | | | | | (1,296,113) | | | | | 2,394,307 | | | | | 1,189,032 | | | | | — | | | | | 125,794 | | | | | (190,153) | | | | | — | | | | | 4,718,595 | | | | |||||||||||||||||||
| Other NEOs | | | | 2,934,705 | | | | | (1,849,994) | | | | | 1,501,526 | | | | | 7,792 | | | | | 19,885 | | | | | (84,590) | | | | | 2,529,324 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2020 | | | CEO | | | | 4,662,694 | | | | | (2,636,435) | | | | | 2,690,743 | | | | | (513,718) | | | | | — | | | | | — | | | | | 4,203,284 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other NEOs | | | | 1,480,284 | | | | | (500,175) | | | | | 510,575 | | | | | (71,030) | | | | | — | | | | | — | | | | | 1,419,654 | | | |
![]() | ![]() | ||||
![]() | ![]() |
| | Most Important Performance Measures | | |
| | Economic Adjusted EBITDA | | |
| | Free Cash Flow before Changes in Working Capital | | |
| | Relative TSR | | |
| | Safety Proactivity Rate | | |
| | | | |
| | | |
| | Stock Options | | | Restricted Stock and Performance Share Units Number of Shares Outstanding(1) | | | Number of Shares Available for Future Issuance under 2018 LTIP | | | Number of Shares in Respect of Directors Deferred Fees(2) | | | Number of Shares Available for Future Issuance Under Directors Plan | | | Common Stock Outstanding | | | |||||||||||||||||||||||||||
| | Number of Shares Subject to Options Outstanding | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term | | |||||||||||||||||||||||||||||||||||||
| | 244,470 | | | | | 37.99 | | | | | | 2.23 | | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | | | | | [•] | | | |
| | | 2022 | | 2021 | | | | 2023 | | 2022 | | ||||||||||||||||
| | | (in thousands) | | | | (in thousands) | | ||||||||||||||||||||
| Audit Fees(1) | | | $ | 2,697 | | | | $ | 2,276 | | | Audit Fees(1) | | | $ | 2,397 | | | | $ | 2,697 | | | ||||
| Audit-Related Fees(2) | | | $ | 57 | | | | $ | 56 | | | Audit-Related Fees(2) | | | $ | 62 | | | | $ | 57 | | | ||||
| Tax Fees | | | | — | | | | | — | | | Tax Fees | | | | — | | | | | — | | | ||||
| All Other Fees(3) | | | | — | | | | $ | 35 | | | All Other Fees | | | | — | | | | | — | | | ||||
| Total | | | $ | 2,754 | | | | $ | 2,367 | | | Total | | | $ | 2,459 | | | | $ | 2,754 | | | |
| Plan Category | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column A) | | | Plan Category | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column A) | | | ||||||||||||||||||||||||||||
| | | (A) | | (B) | | (C) | | | | | | (A) | | (B) | | (C) | | | | ||||||||||||||||||||||||||
| Equity Compensation Plans Approved by Shareholders(1) | | | | 12,032,525(3) | | | | | 39.72(5) | | | | | 16,969,056(6) | | | | | Equity Compensation Plans Approved by Shareholders(1) | | | | 15,199,322(3) | | | | | 40.63(5) | | | | | 8,254,974(6) | | | | | ||||||||
| Equity Compensation Plans Not Approved by Shareholders(2) | | | | 85,019(4) | | | | | N/A | | | | | 257,934 | | | | | Equity Compensation Plans Not Approved by Shareholders(2) | | | | 77,642(4) | | | | | N/A | | | | | 236,308 | | | | | ||||||||
| Total | | | | 12,117,544 | | | | | N/A | | | | | 17,226,990 | | | | | Total | | | | 15,276,964 | | | | | N/A | | | | | 8,491,282 | | | | |
Proposal | | | Board Recommendation | | | Vote Required | | | Broker Discretionary Voting Allowed | |
Item No. 1: Election of directors, each for a one-year term expiring at the | | | FOR EACH NOMINEE | | | Majority of votes cast.* | | | No | |
Item No. 2: Approval, on an advisory basis, of the compensation of our named executive officers for | | | FOR | | | Majority of votes cast. | | | No | |
Item No. 3: Approval of the Equitrans Midstream Corporation 2024 Long-Term Incentive Plan | | | FOR | | | Majority of votes cast. | | | No | |
Item No. 4: Approval of an amendment to the Company’s Bylaws to reflect new Pennsylvania law provisions regarding officer exculpation | | | FOR | | | Majority of votes cast. | | | No | |
Item No. 5:Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for | | | FOR | | | Majority of votes cast. | | | Yes | |
| ![]() ![]() | | | ➢ Mail: completing the proxy card as outlined in the instructions on the card and mailing the card in the prepaid envelope provided; | |
| ![]() ![]() | | | ➢ Internet: following the instructions at the Internet site http://www.proxyvote.com; or | |
| ![]() ![]() | | | ➢ Telephone: following the instructions for telephone voting after calling 1-800-690-6903 in the United States or 1-718-921-8500 from foreign countries. | |
| ![]() ![]() | | | ➢ Mail: completing the VIF as outlined in the instructions on the form and mailing the form in the prepaid envelope provided; | |
| ![]() ![]() | | | ➢ Internet: following the instructions at the Internet site http://www.proxyvote.com; or | |
| ![]() ![]() | | | ➢ Telephone: following the instructions for telephone voting after calling 1-800-690-6903 in the United States or 1-718-921-8500 from foreign countries. | |
| ![]() ![]() | | | ➢ Mail: completing the proxy card as outlined in the instructions on the card and mailing the card in the prepaid envelope provided; | |
| ![]() ![]() | | | ➢ Internet: following the instructions at the Internet site http:// | |
| ![]() ![]() | | | ➢ Telephone: following the instructions for telephone voting after calling 1-800-690-6903 in the United States or 1-718-921-8500 from foreign countries. | |
| ![]() ![]() | | | ➢ Mail: completing the proxy card as outlined in the instructions on the card and mailing the card in the prepaid envelope provided; | |
| ![]() ![]() | | | ➢ Internet: following the instructions at the Internet site http:// | |
| ![]() ![]() | | | ➢ Telephone: following the instructions for telephone voting after calling 1-800-690-6903 in the United States or 1-718-921-8500 from foreign countries. | |
| | | | Year Ended December 31, 2022 | | | | | | Year Ended December 31, 2023 | | | ||||||||
| | Net loss | | | $ | (257,138) | | | | | Net income | | | $ | 454,754 | | | | ||
| | Add (deduct): | | | | | | | | | Add (deduct): | | | | | | | | ||
| | Income tax expense | | | | 6,444 | | | | | Income tax benefit | | | | (18,823) | | | | ||
| | Net interest expense | | | | 394,333 | | | | | Net interest expense | | | | 426,884 | | | | ||
| | Loss on extinguishment of debt | | | | 24,937 | | | | | Depreciation | | | | 279,386 | | | | ||
| | Depreciation | | | | 272,195 | | | | | Amortization of intangible assets | | | | 64,819 | | | | ||
| | Amortization of intangible assets | | | | 64,819 | | | | | Preferred Interest payments | | | | 10,984 | | | | ||
| | Impairment of equity method investment | | | | 583,057 | | | | | Non-cash long-term compensation expense | | | | 39,313 | | | | ||
| | Preferred Interest payments | | | | 10,984 | | | | | Equity income | | | | (175,215) | | | | ||
| | Non-cash long-term compensation expense | | | | 15,800 | | | | | AFUDC-equity | | | | (1,068) | | | | ||
| | Rager Mountain incident | | | | 8,055 | | | | | Unrealized gain on derivative instruments | | | | (1,531) | | | | ||
| | Equity income | | | | (168) | | | | | Adjusted EBITDA attributable to noncontrolling interests(1) | | | | (40,649) | | | | ||
| | AFUDC-equity | | | | (332) | | | | | | | | | | | | | ||
| | Unrealized gain on derivative instruments | | | | (9,593) | | | | | Adjusted EBITDA | | | $ | 1,038,854 | | | | ||
| | Gain on sale of gathering assets | | | | (3,719) | | | | | | | | | | | | | ||
| | Adjusted EBITDA attributable to noncontrolling interests(1) | | | | (38,283) | | | | | Add: | | | | | | | | ||
| | | | | | | | | | | Deferred revenue(2) | | | | 329,317 | | | | ||
| | Adjusted EBITDA | | | $ | 1,071,391 | | | | | | | | | | | | | ||
| | | | | | | | | | | Economic Adjusted EBITDA | | | $ | 1,368,171 | | | | ||
| | Add: | | | | | | | | | | | | | | | | | ||
| | Deferred revenue | | | | 345,124 | | | | | MVP delay related adjustments | | | | 101,298 | | | | ||
| | | | | | | | | | | Rager Mountain incident expenses | | | | 9,444 | | | | ||
| | Economic Adjusted EBITDA | | | $ | 1,416,515 | | | | | Contract asset write-down | | | | 7,800 | | | | ||
| | | | | | | | | | | Legislation Bonus | | | | 7,275 | | | | ||
| | Rager Mountain incident(2) | | | | (8,055) | | | | | | | | | | | | | ||
| | MVP delay related adjustments | | | | 28,113 | | | | | Economic Adjusted EBITDA as adjusted for ESTIP | | | $ | 1,493,988 | | | | | |
| | Economic Adjusted EBITDA as adjusted for ESTIP | | | $ | 1,436,573 | | | | |||||||||||
| | | | |
| | | | | Year Ended December 31, 2022 | | | |||
| | Net cash provided by operating activities | | | | $ | 845,775 | | | |
| | Add (deduct): | | | | | | | | |
| | Principal payments received on the Preferred Interest | | | | | 5,518 | | | |
| | Payment of EQT Cash Option | | | | | 195,820 | | | |
| | Net cash provided by operating activities attributable to noncontrolling interest(1) | | | | | (33,413) | | | |
| | ETRN Series A Preferred Shares dividends | | | | | (58,512) | | | |
| | Premiums and fees paid on debt extinguishment | | | | | (20,400) | | | |
| | Capital expenditures(2) | | | | | (335,309) | | | |
| | Capital contributions to MVP JV | | | | | (199,613) | | | |
| | | | | | | | | | |
| | Free cash flow | | | | $ | 379,866 | | | |
| | | | | | | | | | |
| | Adjustments related to the Tender Offer | | | | | 19,660 | | | |
| | MVP delay related adjustments | | | | | (85,776) | | | |
| | Delayed capital contributions to MVP JV | | | | | (512,790) | | | |
| | Capital expenditures in connection with water pipeline replacements | | | | | 11,711 | | | |
| | Capital expenditures related to a certain customer project | | | | | 11,530 | | | |
| | | | | | | | | | |
| | Free cash flow as adjusted for ESTIP | | | | $ | (175,799) | | | |
| | | | | | | |
| | | | | Year Ended December 31, 2023 | | | |||
| | Net cash provided by operating activities | | | | $ | 1,016,078 | | | |
| | Add (deduct): | | | | | | | | |
| | Principal payments received on the Preferred Interest | | | | | 5,837 | | | |
| | Net cash provided by operating activities attributable to noncontrolling interest(1) | | | | | (30,568) | | | |
| | ETRN Series A Preferred Shares dividends | | | | | (58,512) | | | |
| | Capital expenditures(2) | | | | | (372,004) | | | |
| | Capital contributions to MVP JV | | | | | (689,405) | | | |
| | | | | | | | | | |
| | Free cash flow | | | | $ | (128,574) | | | |
| | | | | | | | | | |
| | Changes in working capital accounts(3) | | | | | (55,902) | | | |
| | Changes in working capital accounts attributable to noncontrolling interest | | | | | 1,154 | | | |
| | | | | | | | | | |
| | Free cash flow before changes in working capital | | | | $ | (183,322) | | | |
| | | | | | | | | | |
| | MVP delay related adjustments | | | | | 30,372 | | | |
| | Changes in capital contributions to MVP JV | | | | | 40,573 | | | |
| | Legislation Bonus | | | | | 7,500 | | | |
| | Rager Mountain incident costs | | | | | 18,740 | | | |
| | Capital contributions to MVP JV due to election of partner | | | | | 11,158 | | | |
| | | | | | | | | | |
| | Free cash flow before changes in working capital as adjusted for ESTIP | | | | $ | (74,979) | | | |
| | | | | | | |