Exhibit 10.19(b)
NONCOMPETE
AGREEMENT
This Agreement is made as of Nov. 6,
2004 by and between Equitable Resources, Inc., a Pennsylvania
corporation (Equitable Resources, Inc. and its majority-owned
subsidiaries are hereinafter collectively referred to as the
“Company”), and Diane L. Prier (the
“Employee”).
WITNESSETH:
WHEREAS, in order to protect the
business and goodwill of the Company, the Company desires to obtain
certain non-competition covenants from the Employee and the
Employee desires to agree to such covenants in exchange for the
Company’s agreement to pay certain severance benefits in the
event that the Employee’s employment with the Company is
terminated in certain events; and
WHEREAS, the Employee is willing to
enter into this Agreement, which contains, among other things,
specific non-competition agreements, in consideration of the
simultaneous execution by the Company and the Employee of a Change
of Control Agreement (the “Change of Control
Agreement”), which enhances in certain respects the benefits
that the Company will pay to the Employee if the Employee’s
employment with the Company is terminated in certain events
following a change of control of the Company.
NOW, THEREFORE, in consideration of
the premises and the mutual covenants and agreements contained
herein, and intending to be legally bound hereby, the parties
hereto agree as follows:
1.
If the employment of the Employee with the Company is terminated by
the Company for any reason other than Cause (as defined below), the
Company shall pay the Employee, from the date of termination,
twenty-four (24) months of base salary at the Employee’s
annual base salary level in effect at the time of such termination
or immediately prior to the salary reduction that serves as the
basis for termination for Good Reason. Employee will also be
entitled to twenty-four (24) months of health benefits continuation
and outplacement assistance for a period not to exceed twelve (12)
months. Such base salary amount shall be paid by the Company to the
Employee in one lump sum payable within thirty (30) days after the
Employee’s termination or resignation hereunder. Solely for
purposes of this Agreement, “Cause” shall mean (i) a
conviction of a felony, a crime of moral turpitude or fraud, (ii)
the Employee’s willful and continuous engagement in conduct
which is demonstrably and materially injurious to the Company, or
(iii) the willful and continued refusal by the Employee to perform
the duties of his or her position in a reasonable manner for thirty
(30) days after written notice is given to the Employee by the
Company specifying in reasonable detail the nature of the
deficiency in the Employee’s performance.
2.
While the Employee is employed by the Company and for a period of
twelve (12) months after date of Employee’s termination of
employment with Company for any reason, the Employee shall not (i)
directly or indirectly engage, whether as an employee, consultant,
partner, owner, agent, stockholder, officer, director or otherwise,
alone or in association with any other person or entity, in (A) the
energy industry, including the exploration, production,
transmission, distribution and marketing of oil, natural gas or
natural gas liquids anywhere in the continental
United States east of the
Mississippi River (excluding the Gulf of Mexico), except that the
restriction as to the regulated distribution of oil, natural gas or
natural gas liquids shall be limited to the markets in which the
Company conducted such business or contemplated (with the
Employee’s knowledge) conducting such business at the time of
the termination of Employee’s employment, or (B) any business
activity that competes with any project or proposed project which
was discussed by or with the Employee in the course of his or her
employment with the Company or any project or proposed project with
respect to which the Company initiated any business activity during
the course of his or her employment (for purposes of this
subsection (i) employment or engagement by a customer of the
Company to provide or manage services that are provided by the
Company shall be deemed to violate this subsection (i)); (ii)
directly or indirectly on his or her own behalf or on behalf of any
other person or entity contact (A) any customer of the Company with
whom he or she had contact while employed by the Company, or (B)
any person or entity to whom he or she attempted to market the
Company’s products and services while employed by the
Company, in either case, for the purpose of soliciting
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