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NONCOMPETE AGREEMENT

NonCompetition Agreement

NONCOMPETE AGREEMENT | Document Parties: EQUITABLE RESOURCES INC /PA/ | Diane L. Prier You are currently viewing:
This NonCompetition Agreement involves

EQUITABLE RESOURCES INC /PA/ | Diane L. Prier

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Title: NONCOMPETE AGREEMENT
Governing Law: Pennsylvania     Date: 2/24/2006
Industry: Natural Gas Utilities     Sector: Utilities

NONCOMPETE AGREEMENT, Parties: equitable resources inc /pa/ , diane l. prier
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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 t


 
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