UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) FEBRUARY 14, 2003
EQUITABLE RESOURCES, INC.
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-3551 25-0464690
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
ONE OXFORD CENTRE, SUITE 3300, 301 GRANT STREET, PITTSBURGH, PENNSYLVANIA 15219
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 553-5700
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NONE
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(Former name or former address, if changed since last report)
ITEM 5. Other Events
Equitable Resources Inc. announced the adoption of new stock ownership
guidelines on the January 30, 2003 teleconference with security analysts
discussing financial results for the calendar year 2002. This filing provides
specific information about the new stock ownership guidelines.
STOCK OWNERSHIP GUIDELINES
New Number of
Position EQT Guidelines Employees
-------------------------------------------- -------------------- ------------
CEO 8 times base salary 1
CFO 8 times base salary 1
Direct Reports to CEO 4 times base salary 5
Other Officers 2 times base salary 3
Direct Reports to Officers and Key Employees 1-2 times base salary 60
The program is designed to satisfy an individual employee's needs for
portfolio diversification, while maintaining management stock ownership at
levels high enough to assure shareholders of management's commitment to value
creation. Shares personally held, stock held in employee benefit plans, and
"time restricted" long-term incentive shares qualify toward meeting the plan
requirement. As long as an employee maintains qualified shareholdings in excess
of the applicable guideline, he or she may sell shares or exercise options for
cash by selling shares ("cashless exercise"). The guidelines are mandatory for
officers and recommended for other covered employees.
In 2002, the Company established a new executive performance incentive
share program to provide additional retention incentives for key executive
employees. The 143,000 restricted shares awarded in 2002 under the program vest
in 2005 in a range of 0-200% of the number of shares awarded, depending on the
attainment of pre-set financial performance measures. Because the award is
contingent, these restricted shares are not counted toward the stock ownership
guidelines.
OFFICER OWNERSHIP POSITION
Stock Approx. Qualifying Options
Ownership Required Shares Expiring
Name Title Guideline Shares+ Held 2003
--------------------- ------------------------------- -------------- --------- ---------- --------
Gerber, Murry S. President & CEO 8 times salary 132,000 329,963 100,000*
Porges, David L. EVP & Chief Financial Officer 8 times salary 75,000 158,946
Funk, James M. President - Equitable Supply 4 times salary 32,000 53,713
O'Brien, Joseph E. President - NORESCO 4 times salary 28,000 42,702
O'Loughlin, Johanna G. Sr VP General Counsel & Corp Sec 4 times salary 26,000 31,199
Crawford, Randall L. President, Equitable Gas 4 times salary 20,000 17,592
Cantrell, Arthur G. President, Equitrans 4 times salary 20,000 18,282
Conti, Philip P. VP Finance & Treasurer 2 times salary 10,000 27,812
Bergonzi, John A. VP & Corporate Controller 2 times salary 10,000 34,672
Petrelli, Charlene VP Human Resources 2 times salary 10,000 4,695
+ Assuming $35/share at current salaries.
*Incentive options issued 5/4/98, expire 5/4/03. Mr. Gerber intends to exercise the expiring
options and may employ a cashless exercise.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
EQUITABLE RESOURCES, INC.
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(Registrant)
By /s/ DAVID L. PORGES
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David L. Porges
Executive Vice President and
Chief Financial Officer
FEBRUARY 14, 2003
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