Daniel J. Rice IV
EQTAbout Daniel J. Rice IV
Daniel J. Rice IV (age 44) has served on EQT’s Board since November 2017. He is Chief Executive Officer of NET Power Inc. (since 2023) and a Partner at Rice Investment Group (since 2018). Previously, he was Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer at Rice Energy Inc. prior to its acquisition by EQT in 2017, bringing over a decade of natural gas industry leadership to EQT’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Rice Energy Inc. | Chief Financial Officer | 2008–2013 | Built finance function pre-IPO; positioned for sale to EQT |
| Rice Energy Inc. | Chief Operating Officer | 2012–2013 | Led operations ahead of CEO transition |
| Rice Energy Inc. | Chief Executive Officer & Director | 2013–Nov 2017 | Led company until acquisition by EQT in 2017 |
| Rice Midstream Management LLC (GP of Rice Midstream Partners LP) | CEO & Director | 2014–2017 | Oversaw midstream GP during MLP period |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NET Power Inc. (NYSE: NPWR) | Chief Executive Officer & Director | 2023–present | Oversees clean energy technology commercialization |
| Rice Investment Group (RIG) | Partner | 2018–present | Energy-focused multi‑strategy investing |
Board Governance
- Committee assignments: Public Policy and Corporate Responsibility Committee (member) .
- Independence: Not independent due to immediate family relationship (brother of EQT CEO Toby Z. Rice) .
- Attendance: Each director attended at least 75% of total Board and committee meetings in 2024; all directors attended the 2024 Annual Meeting .
- Years of service on EQT Board: Since November 2017 .
- Board leadership: Independent Chair role separated from CEO; independent Chair transitions from Lydia I. Beebe to Thomas F. Karam after the 2025 Annual Meeting .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Board member annual cash retainer | $85,000 | Paid quarterly |
| Committee member retainer (non‑Audit) | $5,000 | Per committee; PPCR applies |
| Audit Committee member retainer | $10,000 | Not applicable to D. Rice (not an Audit member) |
| Independent Board Chair retainer | $150,000 | N/A for D. Rice |
| Special committees (per committee) | $5,000 | If appointed; three special committees existed in 2024 |
Director-specific 2024 compensation:
| Name | Fees Earned/Paid in Cash ($) | Stock Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|
| Daniel J. Rice IV | $95,000 | $211,046 | $44 | $306,090 |
Performance Compensation
| Equity Award | Grant Date | RSUs (#) | Grant Date Fair Value ($) | Vesting | Notes |
|---|---|---|---|---|---|
| Annual RSU grant | Apr 17, 2024 | 5,830 | $211,046 | Vests at 2025 Annual Meeting | Based on $210k annual value / $36.03 avg price; rounded to nearest 10 |
| Unvested RSUs as of Dec 31, 2024 | N/A | 5,901 | N/A | Various | Includes accrued dividends; standard for non‑employee directors |
| Deferred compensation election | 2024 | N/A | N/A | N/A | Elected to defer fees under DDCP |
- Director equity awards are time-based RSUs; no performance metrics, options, or meeting fees disclosed for directors .
Other Directorships & Interlocks
| Company | Role | Committees | Interlocks/Notes |
|---|---|---|---|
| NET Power Inc. | CEO & Director | N/A | Only current public company board disclosed |
- No shared directorships with EQT’s direct competitors, suppliers, or customers disclosed beyond NET Power; EQT’s governance disclosures emphasize oversight of potential conflicts .
Expertise & Qualifications
- Senior leadership experience across upstream and midstream (CEO, COO, CFO roles) providing operational and financial oversight capabilities .
- Current CEO of a public clean energy technology company (NET Power) adds energy technology perspective .
- Partner at RIG enhances capital markets/investment acumen (managed via specific conflict governance policy) .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (EQT common) | 305,838 shares | Less than 1% of class |
| Exercisable EQT stock options (within 60 days) | 0 | — |
| Deferred stock units (EQT DDCP) | See footnote | Directors’ DSUs settled in common stock at distribution; components detailed in footnotes |
| Deferred stock units (Equitrans DDCP) | 1,727 units | Settled in common stock at distribution |
| Unvested RSUs (as of 12/31/24) | 5,901 | Includes accrued dividends |
| Pledged shares | None | “None of the EQT shares are subject to a pledge” |
| Director ownership guidelines | 5× annual cash retainer | To be met within five years; all non‑employee directors satisfied or on track |
Footnote references: For Daniel J. Rice IV, DSU counts appear across EQT DDCP and fee deferral components; proxy footnotes detail multiple categories (e.g., 45,184 and 27,749 units) and Equitrans DDCP units (1,727) .
Related Party Transactions (Conflict Management)
EQT maintains a specific governance policy to manage potential conflicts involving Rice Investment Group (RIG), requiring Corporate Governance Committee review, pre‑approval, and annual ratification; transactions must demonstrate market terms and benefit to EQT .
| Counterparty | Relationship | 2024 Payments | Governance Treatment |
|---|---|---|---|
| Cold Bore Technology Inc. | RIG holds ~19% equity | ~$1,338,000 | Trial/engagement approved and annually reviewed by Corporate Governance Committee |
| ComboCurve, Inc. | RIG holds ~20% equity | ~$255,000 | Trial/license approved and renewed (2‑yr renewal in 2024) by Corporate Governance Committee |
Governance Assessment
-
Strengths
- Industry and finance expertise from prior CFO/COO/CEO roles; current CEO of NPWR adds technology perspective .
- Active committee service (Public Policy & Corporate Responsibility) in areas tied to ESG oversight and sustainability strategy .
- Strong alignment mechanisms: RSU-based director pay, five‑times retainer ownership guideline, prohibition on hedging/pledging, and mandatory clawback for executives; directors meet or are on track for guideline compliance .
- Board reported robust attendance (≥75%) and participation in executive sessions; independent Chair structure supports oversight .
-
Risks / RED FLAGS (mitigants noted)
- Independence: Not independent due to familial relationship with EQT’s CEO (potential perception of influence over management) .
- Related-party exposure via RIG portfolio companies (Cold Bore, ComboCurve), though subjected to formal governance policy, Committee pre‑approval, and annual review; payments disclosed with oversight .
- Time‑commitment considerations: Board guidelines cap outside boards (particularly for public company CEOs); monitoring ensures director capacity (policy noted in proxy) .
Director Compensation (Structure and Daniel J. Rice IV specifics)
| Category | Structure/Amount | Details |
|---|---|---|
| Annual cash retainer | $85,000 | Paid quarterly |
| Committee retainer | $5,000 (non‑Audit) | Per committee membership; PPCR |
| Equity grant (annual) | $210,000 RSUs | Granted post‑Annual Meeting; 2024 grant: 5,830 RSUs, vests at 2025 Meeting |
| 2024 Daniel J. Rice IV totals | $306,090 | $95,000 cash; $211,046 stock awards; $44 other |
Say‑on‑Pay & Investor Sentiment (context)
- 2024 Say‑on‑Pay approval: 98% support, reflecting shareholder confidence in compensation governance; ongoing engagement with holders covering governance, strategy, compensation, and ESG .
Compensation & Incentives (Director‑specific clarifications)
- No director bonuses, options, or performance‑conditioned equity disclosed; RSUs are time‑based with dividend equivalents credited as additional RSUs .
- Directors may elect to defer RSUs and retainers under the DDCP; D. Rice elected fee deferrals in 2024 .
Employment & Contracts (Director‑specific)
- No director employment contract or severance provisions disclosed for non‑employee directors; governance policies apply (e.g., trading, conflicts) .
Executive Sessions & ESG Oversight (Board context)
- Independent directors meet in executive session regularly; ESG oversight embedded in committee charters (including PPCR) .