Antero Resources (AR) settles 2023 TSR PSUs with tax withholding

Rhea-AI Filing Summary

Antero Resources director and officer Michael N. Kennedy exercised performance share units into common stock and had shares withheld for taxes. On March 16, 2026, 10,510 performance share units granted under the 2023 TSR PSU award were settled into 10,510 shares of common stock. In connection with this vesting, 13,729 shares of common stock were withheld at $41.03 per share to satisfy tax obligations, a non-market disposition. Following these transactions, Kennedy directly holds 1,271,018 shares of Antero Resources common stock, and footnotes note additional restricted stock units and performance share units that remain subject to service-based vesting.

Insights

Equity compensation and governance analyst

Routine equity award vesting with tax withholding; no open-market trading.

Michael N. Kennedy exercised 10,510 performance share units into Antero Resources common stock, reflecting vesting of part of a 2023 total shareholder return-based award. This is standard long-term incentive plan activity rather than an open-market purchase.

The company withheld 13,729 shares at $41.03 per share to cover tax obligations, which is not a discretionary sale. After these entries, Kennedy directly owns 1,271,018 shares, plus additional restricted and performance-based units that continue to vest over time.

Because there were no open-market buys or sells and the transactions relate to pre-existing awards under the 2020 long-term incentive plan, this filing mainly updates ownership records and does not materially change the investment thesis.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kennedy Michael N.

(Last) (First) (Middle)

1615 WYNKOOP STREET

(Street)

DENVER COLORADO 80202

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ANTERO RESOURCES Corp [ AR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, par value $0.01 per share	03/16/2026		M		10,510(1)	A	$0	1,284,747(2)	D
Common stock, par value $0.01 per share	03/16/2026		F		13,729(3)	D	$41.03	1,271,018(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Share Unit	(1)	03/16/2026		M			10,510	(1)	(1)	Common stock, par value $0.01 per share	10,510	(1)	0	D

Explanation of Responses:

1. On March 7, 2023, the Compensation Committee (the "Compensation Committee") of Antero Resources Corp. (the "Issuer") granted performance share units (the "2023 TSR PSUs"), 25% of which vest based on the Issuer's absolute total shareholder return ("TSR") over the fourth and final performance period, which ran from March 7, 2023 through March 7, 2026 (the "Fourth Tranche"). On March 16, 2026, the Compensation Committee certified the Issuer's absolute TSR over the fourth performance period between the target and maximum performance level, resulting in the Fourth Tranche becoming earned at 101.52% of the target amount granted for that tranche and 25.38% of the total target number of 2023 TSR PSUs granted.

2. Includes 172,117 shares of common stock of the Issuer ("Common Stock") subject to restricted stock units ("RSU") awards and 70,747 performance share units ("PSUs") in respect of which performance has been certified, in each case that remain subject to service-based vesting.

3. In connection with the vesting and settlement of the 2023 TSR PSUs through the issuance of Common Stock pursuant to the Amended and Restated Antero Resources Corporation 2020 Long-Term Incentive Plan, the Issuer withheld Common Stock that would have otherwise been issued to the Reporting Person to satisfy their tax withholding obligations. The number of shares of Common Stock withheld was determined based on the closing price per share of Common Stock on March 16, 2026.

Remarks:

Chief Executive Officer & President

	/s/ Yvette K. Schultz, as attorney-in-fact for Michael N. Kennedy	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Michael N. Kennedy do in this Antero Resources (AR) Form 4 filing?

Michael N. Kennedy exercised 10,510 performance share units into common stock and had 13,729 shares withheld for taxes. These actions reflect vesting of a prior equity award, not an open-market stock purchase or sale.

How many Antero Resources (AR) shares does Michael N. Kennedy now hold?

After the reported transactions, Michael N. Kennedy directly holds 1,271,018 shares of Antero Resources common stock. Footnotes also reference 172,117 restricted stock units and 70,747 performance share units that are still subject to service-based vesting conditions.

Was there an open-market sale of Antero Resources (AR) stock in this Form 4?

No open-market sale occurred. The only share reduction was 13,729 shares withheld at $41.03 per share to satisfy tax obligations upon vesting. Tax-withholding dispositions are administrative and do not represent discretionary market selling by the insider.

What is the 2023 TSR PSU award mentioned for Antero Resources (AR)?

The 2023 TSR PSUs are performance share units granted in March 2023 that vest based on Antero’s total shareholder return. The fourth tranche, covering March 7, 2023 to March 7, 2026, was earned at 101.52% of target for that tranche, or 25.38% of total target PSUs.

How were the tax withholding shares calculated in the Antero Resources (AR) Form 4?

The company withheld 13,729 shares of common stock to cover Michael N. Kennedy’s tax obligations on the PSU vesting. The number of shares was determined using the closing price of Antero Resources common stock, $41.03 per share, on March 16, 2026.