Stock awards boost Antero Resources (NYSE: AR) holdings despite tax hit

Rhea-AI Filing Summary

Antero Resources Corp executive Yvette K. Schultz reported equity compensation activity tied to performance share units and restricted stock. On February 25, 2026, she acquired multiple blocks of common stock at $0.00 per share through grants and derivative exercises, and ended with 315,763 shares held directly.

The Compensation Committee certified the company’s net debt to adjusted EBITDAX performance for several PSU awards at maximum levels, causing portions of awards from October 19, 2022, March 7, 2023, March 7, 2024, and March 7, 2025 to become earned at up to 200% of target. Absolute total shareholder return performance for certain 2022 PSUs was certified at 99.2% and 27.13% of target for different periods.

In connection with these PSU vestings, 50,101 shares of common stock were withheld at $34.41 per share to satisfy tax obligations, which is reported as a disposition but reflects tax withholding rather than an open-market sale.

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

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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^*

Schultz Yvette K

(Last) (First) (Middle)

1615 WYNKOOP STREET

(Street)

DENVER CO 80202

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

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

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

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

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	02/25/2026		A		12,532(1)	A	$0	313,839(2)	D
Common stock, par value $0.01 per share	02/25/2026		A		16,854(3)	A	$0	330,693(4)	D
Common stock, par value $0.01 per share	02/25/2026		A		16,282(5)	A	$0	346,975(6)	D
Common stock, par value $0.01 per share	02/25/2026		A		12,952(7)	A	$0	359,927(6)	D
Common stock, par value $0.01 per share	02/25/2026		M		5,937(8)(9)	A	$0	365,864(10)	D
Common stock, par value $0.01 per share	02/25/2026		F		50,101(11)	D	$34.41	315,763(10)	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
Common stock, par value $0.01 per share	(8)(9)	02/25/2026		M			5,937	(8)(9)	(8)(9)	Common stock, par value $0.01 per share	5,937	(8)(9)	0	D

Explanation of Responses:

1. On February 25, 2026, the Compensation Committee (the "Compensation Committee") of Antero Resources Corp. (the "Issuer") certified the Issuer's net debt to adjusted EBITDAX multiple over the third and final performance period, which ran from January 1, 2025 through December 31, 2025, at maximum performance levels, resulting in 33% of the performance share units ("PSUs") originally granted on October 19, 2022 that vest based on the Issuer's net debt to adjusted EBITDAX multiple becoming earned at 200% of the target amount granted. The service-based vesting requirements applicable to the PSUs originally granted on October 19, 2022 that vest based on the Issuer's net debt to adjusted EBITDAX multiple were satisfied as of December 31, 2025.

2. Includes 88,272 shares of common stock of the Issuer ("Common Stock") subject to previously granted restricted stock unit awards ("RSUs") and 81,007 shares of Common Stock subject to previously granted PSUs, in each case, that remain subject to service-based vesting.

3. On February 25, 2026, the Compensation Committee certified the Issuer's net debt to adjusted EBITDAX multiple over the third and final performance period, which ran from January 1, 2025 through December 31, 2025, at maximum performance levels, resulting in 33% of the PSUs originally granted on March 7, 2023 that vest based on the Issuer's net debt to adjusted EBITDAX multiple becoming earned at 200% of the target amount granted. The service-based vesting requirements applicable to the PSUs originally granted on March 7, 2023 that vest based on the Issuer's net debt to adjusted EBITDAX multiple were satisfied as of December 31, 2025.

4. Includes 88,272 shares of Common Stock subject to previously granted RSUs and 48,944 shares of Common Stock subject to previously granted PSUs, in each case, that remain subject to service-based vesting.

5. On February 25, 2026, the Compensation Committee certified the Issuer's net debt to adjusted EBITDAX multiple over the second performance period, which ran from January 1, 2025 through December 31, 2025, at maximum performance levels, resulting in 33% of the PSUs originally granted on March 7, 2024 that vest based on the Issuer's net debt to adjusted EBITDAX multiple becoming earned at 200% of the target amount granted. These PSUs remain outstanding and subject to service-based vesting requirements until December 31, 2026.

6. Includes 88,272 shares of Common Stock subject to previously granted RSUs and 65,226 shares of Common Stock subject to previously granted PSUs, in each case, that remain subject to service-based vesting.

7. On February 25, 2026, the Compensation Committee certified the Issuer's net debt to adjusted EBITDAX multiple over the first performance period, which ran from January 1, 2025 through December 31, 2025, at maximum performance levels, resulting in 33% of the PSUs originally granted on March 7, 2025 that vest based on the Issuer's net debt to adjusted EBITDAX multiple becoming earned at 200% of the target amount granted. The service-based vesting requirements applicable to the aforementioned tranche of PSUs originally granted on March 7, 2025 that vest based on the Issuer's net debt to adjusted EBITDAX multiple were satisfied as of December 31, 2025.

8. On February 25, 2026, the Compensation Committee certified the Issuer's absolute total stockholder return ("TSR") performance over the third performance period, which ran from January 1, 2025 through December 31, 2025, resulting in 25% of the PSUs originally granted on October 19, 2022 that vest based on absolute TSR over such third performance period becoming earned at 99.2% of the target amount granted over such third performance period.

9. On February 25, 2026, the Compensation Committee certified the Issuer's absolute total stockholder return TSR performance over the fourth and final performance period, which ran from January 1, 2023 through December 31, 2025, resulting in 25% of the PSUs originally granted on October 19, 2022 that vest based on absolute TSR over such fourth performance period becoming earned at 27.13% of the target amount granted over such fourth performance period.

10. Includes 88,272 shares of Common Stock subject to previously granted RSUs and 55,828 shares of Common Stock subject to previously granted PSUs, in each case, that remain subject to service-based vesting.

11. In connection with the vesting and settlement of the PSUs originally granted on October 19, 2022; March 7, 2023; and March 7, 2025 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 February 25, 2026.

Remarks:

Senior Vice President - Legal, Chief Compliance Officer, General Counsel and Corporate Secretary

	/s/ Yvette K. Schultz	02/26/2026
	** Signature of Reporting Person	Date
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FAQ

What did Yvette K. Schultz report in this Antero Resources (AR) Form 4?

Yvette K. Schultz reported equity compensation activity involving grants, PSU vesting, and tax withholding. She acquired several batches of Antero common stock and, after these transactions and related withholdings, directly held 315,763 shares of the company’s common stock.

Were the Antero Resources (AR) Form 4 transactions open-market stock purchases or sales?

The Form 4 shows no open-market purchases or sales. Shares were acquired through equity grants and derivative exercises at $0.00 per share, while 50,101 shares were withheld at $34.41 per share solely to cover tax obligations on vesting awards.

How did performance share units affect Yvette K. Schultz’s Antero (AR) holdings?

Performance share units significantly contributed to her reported equity changes. The Compensation Committee certified net debt to adjusted EBITDAX performance at maximum levels, causing portions of multiple PSU grants to become earned at up to 200% of target, increasing her stock-based compensation.

What performance metrics did Antero Resources (AR) use for these PSU awards?

The awards were tied to net debt to adjusted EBITDAX and absolute total shareholder return. For some 2022 PSUs, TSR performance earned 99.2% of target over one period and 27.13% of target over another, directly influencing how many shares vested.

Why were 50,101 Antero Resources (AR) shares reported as disposed in this Form 4?

The 50,101 shares reported as disposed reflect tax withholding on PSU vesting and settlement. The company withheld these shares, valued at $34.41 each, instead of issuing them to Schultz, to satisfy her tax obligations related to the vested awards.

Do Yvette K. Schultz’s remaining Antero (AR) awards still have vesting conditions?

Yes. The footnotes state that tens of thousands of shares underlying RSUs and PSUs remain subject to service-based vesting. Some PSUs tied to net debt to adjusted EBITDAX performance continue outstanding and must satisfy service conditions through December 31, 2026.