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Rice group urges EQT shareholders to back handpicked board nominees

The group of former Rice Energy Inc. executives looking to shake up EQT Corp. called on shareholders to vote their seven director nominees onto EQT's board ahead of the company's annual shareholder meeting July 10.

The Rice team urged EQT shareholders to vote for board nominees Toby Rice; his brother Daniel Rice IV, who serves on the EQT board; Lydia Beebe; Lee Canaan; Kathryn Jackson; John McCartney; and Hallie Vanderhider, according to a June 3 news release.

In March, Toby and Derek Rice nominated nine directors to EQT's board as they seek control of the largest natural gas producer in the U.S. mostly in response to EQT's $2 billion 2019 capital spending plan. The brothers, along with former Rice Energy executives, filed a lawsuit in April seeking to stop EQT and its board from allegedly rigging the outcome of the election.

They eventually withdrew the suit after EQT eliminated its condition that the Rice executives' nominees be named in EQT's proxy statement. They also reduced their nominees to seven from nine after EQT decided to replace three of its board directors.