Excelerate Energy (EE) awards 10,582 performance stock units to executive Liner

Rhea-AI Filing Summary

Excelerate Energy, Inc. reported that executive David A. Liner acquired 10,582 performance stock units as a compensation-related award tied to prior performance. Each unit represents a right to receive one share of Class A common stock or the cash equivalent.

These units relate to PSUs granted on March 31, 2023 under the company’s Long-Term Incentive Plan, which vested based on results from January 1, 2023 through December 31, 2025. The award vested at 132% of the target level for adjusted return on equity and 96.80% of the target level for relative total shareholder return versus a peer group.

Liner elected to defer receipt of the 10,582 shares issuable upon vesting. The deferred PSUs will be paid in a single lump sum or in five annual installments after his separation from service. Following this transaction, he holds 46,086 derivative units directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Liner David A.

Role See Remarks

Type	Security	Shares	Price	Value
Grant/Award	Performance Stock Unit	10,582	$0.00	--

Holdings After Transaction: Performance Stock Unit — 46,086 shares (Direct, null)

Footnotes (1)

1. Each performance stock unit ("PSU") represents a contingent right to receive one share of Class A common stock of the Issuer, or the cash equivalent thereof. The reporting person elected to defer receipt of 10,582 shares of common stock issuable upon the vesting of PSUs granted on March 31, 2023 pursuant to the Excelerate Energy, Inc. Long-Term Incentive Plan. The PSUs vested at 132% of the target amount of the Issuer's adjusted return on equity and 96.80% of the target amount of the Issuer's relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025. The Issuer's compensation committee certified the achievement of the performance goal on February 18, 2026. The deferred PSUs become payable in a single lump sum or in five annual installments upon the reporting person's separation from service.

Key Figures

PSUs granted: 10,582 units Holdings after transaction: 46,086 units ROE performance vs target: 132% +3 more

6 metrics

PSUs granted 10,582 units Performance stock units tied to Class A common stock

Holdings after transaction 46,086 units Total derivative units held by David A. Liner after award

ROE performance vs target 132% Adjusted return on equity target achievement for 2023–2025 PSUs

TSR performance vs target 96.80% Relative total shareholder return target achievement for 2023–2025 PSUs

Performance period January 1, 2023–December 31, 2025 Measurement window for PSU performance metrics

Certification date February 18, 2026 Date compensation committee certified PSU performance

Key Terms

Performance Stock Unit, adjusted return on equity, relative total shareholder return, Long-Term Incentive Plan, +1 more

5 terms

Performance Stock Unit financial

"Each performance stock unit ("PSU") represents a contingent right to receive one share..."

A performance stock unit is a type of reward companies give to employees, usually managers, that depends on how well the company performs over time. If the company hits specific goals, the employee earns shares of stock, like earning a prize for reaching certain levels in a game. It motivates employees to work hard because their rewards are tied to the company's success.

adjusted return on equity financial

"The PSUs vested at 132% of the target amount of the Issuer's adjusted return on equity..."

Adjusted return on equity is a profitability measure that shows how much profit a company generates for common shareholders after removing one-time items, accounting quirks, or other non-recurring effects from the usual return-on-equity calculation. It matters to investors because it gives a cleaner, more comparable view of how efficiently management turns shareholders’ capital into sustainable earnings—like judging a car’s normal fuel economy after excluding an unusual long trip.

relative total shareholder return financial

"and 96.80% of the target amount of the Issuer's relative total shareholder return within a group of peer companies..."

Relative total shareholder return measures how much an investor’s gain from a company — including stock price changes and dividends — beats or lags a chosen benchmark or peer group over a set time. Think of it as a race: it shows whether the company outpaced rivals or the market, which helps investors and boards judge performance, compare returns fairly, and link results to pay or investment decisions.

Long-Term Incentive Plan financial

"PSUs granted on March 31, 2023 pursuant to the Excelerate Energy, Inc. Long-Term Incentive Plan."

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

separation from service financial

"The deferred PSUs become payable ... upon the reporting person's separation from service."

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/26/2026 - 05:00 PM Accepted by SEC EDGAR 06/26/2026 - 04:59 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Liner David A.

(Last) (First) (Middle)

C/O EXCELERATE ENERGY, INC.

2445 TECHNOLOGY FOREST BLVD, LEVEL 6

(Street)

THE WOODLANDS TEXAS 77381

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Excelerate Energy, Inc. [ EE ]

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

	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)
02/18/2026

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

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 Stock Unit	(1)	02/18/2026		A		10,582(2)		(3)	(3)	Class A Common Stock	10,582	$0	46,086	D

Explanation of Responses:

1. Each performance stock unit ("PSU") represents a contingent right to receive one share of Class A common stock of the Issuer, or the cash equivalent thereof.

2. The reporting person elected to defer receipt of 10,582 shares of common stock issuable upon the vesting of PSUs granted on March 31, 2023 pursuant to the Excelerate Energy, Inc. Long-Term Incentive Plan. The PSUs vested at 132% of the target amount of the Issuer's adjusted return on equity and 96.80% of the target amount of the Issuer's relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025. The Issuer's compensation committee certified the achievement of the performance goal on February 18, 2026.

3. The deferred PSUs become payable in a single lump sum or in five annual installments upon the reporting person's separation from service.

Remarks:

Executive Vice President and Chief Operating Officer

	/s/ Alisa Newman Hood, Attorney-in-Fact	06/26/2026
	** 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 insider transaction did Excelerate Energy (EE) report for David A. Liner?

Excelerate Energy reported that executive David A. Liner acquired 10,582 performance stock units as a compensation-related award. These derivative units correspond to Class A common stock or cash and reflect previously granted PSUs that vested based on multi-year performance.

How many performance stock units did David A. Liner receive from Excelerate Energy (EE)?

David A. Liner received 10,582 performance stock units linked to Excelerate Energy Class A common stock. These PSUs were originally granted in March 2023 and vested based on performance through December 31, 2025, then were deferred instead of immediately settled in shares.

What performance goals determined the PSU vesting for Excelerate Energy (EE)?

The PSUs vested based on adjusted return on equity and relative total shareholder return. Adjusted return on equity reached 132% of its target, while relative total shareholder return reached 96.80% of its target, measured from January 1, 2023 through December 31, 2025.

When did Excelerate Energy (EE) certify the PSU performance results for David A. Liner?

Excelerate Energy’s compensation committee certified the achievement of the PSU performance goals on February 18, 2026. This certification confirmed the vesting levels for adjusted return on equity and relative total shareholder return over the January 2023 to December 2025 performance period.

How and when will the deferred PSUs for Excelerate Energy (EE) be paid to David A. Liner?

The deferred performance stock units will be paid after David A. Liner’s separation from service. They will be settled either in a single lump-sum payment or in five annual installments, according to the deferral election terms described in the filing’s footnotes.

What is David A. Liner’s total derivative holdings after this Excelerate Energy (EE) transaction?

After this award, David A. Liner holds 46,086 derivative units related to Excelerate Energy securities. This figure reflects his total derivative position following the 10,582 performance stock units associated with the vested and deferred PSU grant reported in the transaction.