To be more specific, You'll get a lot of exp if you meet your damage quota, but for actual EQ points the boss needs to die. It doesn't have to be killed by you, it could be killed by a friend responding to a help request you sent out, or some other player helping out in the same request you are responding to. Basically, as long as you had some involvement in its takedown (whether you meet quota or not) you'll get points when it dies.
You won't get any reward items if your participation consists of you getting KO'd and/or you retiring from the battle, but you'll still get the points.
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