[Form 4] NextDecade Corp Insider Trading Activity

Rhea-AI Filing Summary

William C. Vrattos, a director of NextDecade Corp (NEXT), reported purchases of common stock on 09/12/2025 totaling 500,000 shares at a weighted-average price of $7.3124 per share. After the transactions the filing shows Mr. Vrattos (through entities and holdings) beneficially owns 929,812 shares directly or indirectly, plus additional indirect holdings of 306,551 shares via CGW Holdings II LLC and 8,123 shares held in an IRA. The filing notes purchases occurred across prices ranging from $7.16 to $7.40 and disclaims beneficial ownership of shares held by LLCs except to the extent of pecuniary interest.

Positive

• Director purchase of 500,000 shares at a weighted-average price of $7.3124, indicating insider buying activity
• Post-transaction beneficial ownership reported as 929,812 shares, showing an increased insider stake
• Purchase prices disclosed (range $7.16 to $7.40) and willingness to provide per-lot details on request

Negative

• None.

Insights

Securities Analyst

TL;DR: A director executed a sizeable open-market buy of 500,000 NEXT shares, increasing reported beneficial ownership to a material stake under insider reporting rules.

The transaction indicates director-level acquisition activity at a weighted-average price of $7.3124 per share with executions between $7.16 and $7.40. Reported post-transaction holdings total 929,812 shares attributable to the reporting person directly or indirectly, plus additional indirect positions via affiliated entities and an IRA. For investors, director purchases are a disclosure signal of insider participation but do not, by themselves, quantify intent or future corporate actions. The filing includes standard disclaimers about indirect ownership via controlled LLCs.

Corporate Governance Expert

TL;DR: Director-level purchase disclosed; ownership largely indirect through LLCs with a formal disclaimer of beneficial ownership beyond pecuniary interest.

The Form 4 properly reports a Section 16 transaction: a purchase (code P) of 500,000 common shares and updated beneficial ownership figures. The reporting person notes control of CGW Holdings LLC and CGW Holdings II LLC, while disclaiming beneficial ownership for Section 16 purposes except for pecuniary interest, which is standard governance language but relevant to interpreting voting and control implications. The IRA-held shares were received via pro rata distribution and held for the reporting person's benefit. Filing appears complete and compliant with required explanations.

09/16/2025 - 08:15 AM

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
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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).

1. Name and Address of Reporting Person^*

Vrattos William C

(Last) (First) (Middle)

1000 LOUISIANA STREET, SUITE 3300

(Street)

HOUSTON TX 77002

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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	09/12/2025		P		500,000	A	$7.3124(1)	929,812	I	By CGW Holdings LLC(2)
Common Stock								26,533	D
Common Stock								306,551	I	By CGW Holdings II LLC(2)
Common Stock								8,123	I	By IRA(3)

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

Explanation of Responses:

1. Reflects the weighted-average price of shares purchased. These shares were purchased in multiple transactions at prices ranging from $7.16 to $7.40. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.

2. The reporting person controls the limited liability company with his spouse and disclaims beneficial ownership of any such shares for Section 16 purposes except to the extent of his pecuniary interest therein, if any.

3. Shares received in a pro rata fund distribution for no additional consideration and held by IRA custodian for benefit of the reporting person.

Remarks:

	William Vrattos	09/16/2025
	** 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 did NextDecade director William Vrattos report on Form 4 (NEXT)?

The Form 4 reports a purchase of 500,000 NextDecade common shares on 09/12/2025 at a weighted-average price of $7.3124 per share.

How many NEXT shares does William Vrattos beneficially own after the transaction?

The filing shows 929,812 shares beneficially owned following the reported transactions, plus additional indirect holdings noted in the form.

Were the shares purchased at a single price?

No. The filing states purchases occurred at prices ranging from $7.16 to $7.40 and the reported $7.3124 is a weighted-average price.

Does Vrattos claim direct beneficial ownership of all reported shares?

No. The filing disclaims beneficial ownership of shares held by CGW Holdings LLC and CGW Holdings II LLC except to the extent of any pecuniary interest; some holdings are indirect and shares in an IRA were received via fund distribution.

What transaction code was used on the Form 4?

The purchase is reported with transaction code P (open-market or private purchase).