NEXT insider Form 4 details Tranche C warrants and Series A loans

Rhea-AI Filing Summary

NextDecade Corp (NEXT) reported insider derivative transactions involving Man Investment Partners (US) LP and related reporting persons. The Form 4 shows activity dated 11/17/2025 in several securities linked to NextDecade common stock.

In Table II, the reporting persons show Tranche C Warrants with an exercise price of $9.3, tied to 818,171 shares of common stock, with one line coded as a disposition and another as an acquisition, with expiration dates in 2030 and 2032. They also report Series A-1 Loans and Series A-2 Loans, each treated as derivative securities with a conversion or exercise price of $9.5, linked to 1,587,947 and 452,059 shares of common stock, respectively, exercisable from 11/17/2025 and expiring on 11/17/2030. All positions are reported as indirectly owned, with detailed footnotes and joint filer information incorporated by reference to attached exhibits.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Man Investment Partners (US) LP, Kripalani Avinash, Greene John Winand JR, Dillow Jason, Desai Pratik, Bardin Hill Opportunistic Credit Master (US) Fund II LP, Man Investment (US) Opportunistic Credit Fund II GP LLC

Role Insider | Director | Insider | Insider | Insider | Insider | Insider

Type	Security	Shares	Price	Value
Disposition	Tranche C Warrants	818,171	$0.00	--
Grant/Award	Tranche C Warrants	818,171	$0.00	--
Grant/Award	Series A-1 Loans	1,587,947	$0.00	--
Grant/Award	Series A-2 Loans	452,059	$0.00	--

Holdings After Transaction: Tranche C Warrants — 818,171 shares (Indirect, See notes); Series A-1 Loans — 1,587,947 shares (Indirect, See notes); Series A-2 Loans — 452,059 shares (Indirect, See notes)

Footnotes (1)

1. See Exhibit 99.1 for text of footnote (1). See Exhibit 99.1 for text of footnote (2). See Exhibit 99.1 for text of footnote (3). See Exhibit 99.1 for text of footnote (4). See Exhibit 99.1 for text of footnote (5). See Exhibit 99.1 for text of footnote (6). See Exhibit 99.1 for text of footnote (7).

Form 4 Insider Transactions: What Each Field Means →

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^*

Man Investment Partners (US) LP

(Last) (First) (Middle)

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NextDecade Corp [ NEXT ]

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

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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

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

	Form filed by One Reporting Person
X	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

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
Tranche C Warrants	$9.3	11/17/2025		D(3)			818,171(3)(4)	11/17/2025	05/14/2030	Common Stock	818,171(4)	(3)	818,171(4)	I	See notes(1)(2)(7)
Tranche C Warrants	$9.3	11/17/2025		A(3)		818,171(3)(4)		11/17/2025	05/14/2032	Common Stock	818,171(4)	(3)	818,171(4)	I	See notes(1)(2)(7)
Series A-1 Loans	$9.5	11/17/2025		A(5)		1,587,947(5)		11/17/2025	11/17/2030	Common Stock	1,587,947	(5)	1,587,947(5)	I	See notes(1)(2)(7)
Series A-2 Loans	$9.5	11/17/2025		A(6)		452,059(6)		11/17/2025	11/17/2030	Common Stock	452,059	(6)	452,059(6)	I	See notes(1)(2)(7)

1. Name and Address of Reporting Person^*

Man Investment Partners (US) LP

(Last) (First) (Middle)

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Kripalani Avinash

(Last) (First) (Middle)

C/O MAN INVESTMENT PARTNERS (US) LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Greene John Winand JR

(Last) (First) (Middle)

C/O MAN INVESTMENT PARTNERS (US) LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Dillow Jason

(Last) (First) (Middle)

C/O MAN INVESTMENT PARTNERS (US) LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Desai Pratik

(Last) (First) (Middle)

C/O MAN INVESTMENT PARTNERS (US) LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Bardin Hill Opportunistic Credit Master (US) Fund II LP

(Last) (First) (Middle)

C/O MAN INVESTMENT PARTNERS (US) LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

1. Name and Address of Reporting Person^*

Man Investment (US) Opportunistic Credit Fund II GP LLC

(Last) (First) (Middle)

C/O MAN INVESTMENT PARTNERS (US) LP

299 PARK AVE., 24TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by Deputization

Explanation of Responses:

1. See Exhibit 99.1 for text of footnote (1).

2. See Exhibit 99.1 for text of footnote (2).

3. See Exhibit 99.1 for text of footnote (3).

4. See Exhibit 99.1 for text of footnote (4).

5. See Exhibit 99.1 for text of footnote (5).

6. See Exhibit 99.1 for text of footnote (6).

7. See Exhibit 99.1 for text of footnote (7).

Remarks:

Exhibit 99.1 (Footnotes) and Exhibit 99.2 (Joint Filer Information and Signatures) are incorporated herein by reference. This Form 4 is filed by Designated Filer Man Investment Partners (US) LP.

	See Exhibit 99.2 for Signatures	11/19/2025
	** 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.

FAQ

What does NextDecade Corp (NEXT) report in this Form 4 filing?

The filing reports derivative securities transactions by affiliated holders of NextDecade Corp (NEXT) on 11/17/2025, including warrants and loan-related derivative positions tied to NextDecade common stock.

Which derivative securities tied to NEXT stock are disclosed?

The report lists Tranche C Warrants with an exercise price of $9.3 and Series A-1 Loans and Series A-2 Loans with a conversion or exercise price of $9.5, each linked to specified amounts of NextDecade common stock.

How many NextDecade shares underlie the reported Tranche C Warrants?

The Tranche C Warrants are shown as derivative securities referencing 818,171 shares of NextDecade common stock, with one disposition and one acquisition reported on 11/17/2025.

What are the underlying share amounts for the Series A-1 and Series A-2 Loans in this Form 4?

The Series A-1 Loans are tied to 1,587,947 shares of common stock, while the Series A-2 Loans are tied to 452,059 shares, both treated as derivative securities in the filing.

When do the reported derivative securities in NEXT become exercisable and when do they expire?

The Form 4 states that the derivative positions, including the Tranche C Warrants and the Series A-1 and A-2 Loans, become exercisable on 11/17/2025, with expiration dates ranging from 05/14/2030 to 11/17/2032, depending on the specific instrument.

How is ownership reported for these NEXT derivative positions?

All listed derivative securities are reported as owned indirectly (I), with the nature of indirect beneficial ownership and detailed explanatory footnotes incorporated by reference to Exhibit 99.1 and joint filer information in Exhibit 99.2.

Who is identified as the designated filer on this NextDecade (NEXT) Form 4?

The Form 4 states that it is filed by designated filer Man Investment Partners (US) LP, with additional reporting persons and their relationships to NextDecade described through the exhibit references.