Form 4: Antero Resources Executive Reports Changes in Beneficial Ownership After PSU Vesting

Yvette K. Schultz, a Senior Vice President at Antero Resources, reports changes in her beneficial ownership of company stock following the vesting and settlement of performance share units (PSUs).

Summary

• On May 6, 2025, Yvette K. Schultz, a Senior Vice President at Antero Resources, reported changes in her beneficial ownership of Antero Resources Corp. stock.
• These changes are due to the vesting and settlement of performance share units (PSUs) originally granted on April 15, 2022.
• The Compensation Committee certified the company's total shareholder return (TSR) performance for two periods: April 15, 2024 April 15, 2025, and April 15, 2022 April 15, 2025.
• For the first period, the TSR performance was at the maximum level, resulting in 25% of the target PSUs vesting at 200% of the target amount.
• For the second period, the TSR performance was between floor and target levels, resulting in 25% of the PSUs vesting at 39.49% of the target amount.
• Ms. Schultz acquired 10,606 shares of common stock upon the vesting of the PSUs.
• The company withheld 8,561 shares to satisfy tax withholding obligations, based on a share price of $35.5 on May 6, 2025.
• Following these transactions, Ms. Schultz directly owns 332,019 shares of common stock.
• She also holds 100,804 shares subject to restricted stock units (RSUs) and 104,849 shares subject to PSUs, both of which are still subject to service-based vesting.

Sentiment

Score: 6

Explanation: The document is neutral in tone, reporting factual information about stock transactions. The vesting of PSUs suggests positive performance, but the document itself doesn't express strong optimism or pessimism.

Positives

• The vesting of PSUs indicates that the company achieved certain performance targets related to total shareholder return (TSR).

Future Outlook

The document does not contain specific forward-looking statements, but it implies continued vesting of RSUs and PSUs subject to service-based requirements.

Industry Context

Form 4 filings are standard disclosures required by the SEC to provide transparency into the transactions of company insiders. This filing indicates that Antero Resources' executive compensation plan includes performance-based equity awards tied to TSR.

Comparison to Industry Standards

• Performance Share Units (PSUs) are a common form of executive compensation in the oil and gas industry, aligning executive incentives with shareholder returns.
• Tying vesting to Total Shareholder Return (TSR) is a widely used metric for performance-based compensation, as it directly reflects the value created for shareholders.
• Companies like EQT Corporation and Southwestern Energy also utilize PSUs and TSR metrics in their executive compensation plans.

Stakeholder Impact

• The vesting of PSUs and subsequent stock transactions can influence shareholder perception of management's alignment with company performance.
• The tax withholding obligations impact the number of shares received by the reporting person.

Key Dates

Keywords

beneficial ownership, Form 4, Antero Resources, PSU, TSR, vesting, stock, RSU, Compensation Committee