NEXT Form 4: William Vrattos acquires 100k shares; holds 1.3M indirectly

Rhea-AI Filing Summary

NextDecade Corp (NEXT) director William C. Vrattos reported purchases and holdings in the company. On 09/17/2025 he acquired 100,000 common shares at a weighted-average price of $6.864 (purchases ranged from $6.82 to $6.89). After the reported transaction the filing shows Vrattos' indirect holdings include 1,029,812 shares held by CGW Holdings LLC and 306,551 shares held by CGW Holdings II LLC, plus 8,123 shares held in an IRA for his benefit. The form also discloses a disposition of 26,533 shares. Vrattos disclaims beneficial ownership of the LLC-held shares except to the extent of any pecuniary interest.

Positive

• Director purchase of 100,000 shares at a weighted-average price of $6.864, indicating insider buying activity
• Detailed pricing disclosure showing purchase prices ranged from $6.82 to $6.89 and willingness to provide per-trade details

Negative

• Majority holdings are indirect via CGW Holdings LLC and CGW Holdings II LLC, with Vrattos disclaiming beneficial ownership except for pecuniary interest
• Reported disposition of 26,533 shares reduces direct holdings modestly

Insights

Securities Analyst

TL;DR: Director purchased 100,000 shares at ~$6.86, increasing indirect holdings; transaction is a material insider buy but ownership mainly indirect.

The reported 100,000-share purchase at a weighted-average price of $6.864 represents a meaningful director-level acquisition and may signal confidence in the issuer at that price range. Most shares remain held indirectly through controlled LLCs and an IRA; the reporting person explicitly disclaims direct beneficial ownership of LLC-held shares except for any pecuniary interest. The filing also shows a small disposition of 26,533 shares, and the disclosure clarifies multiple purchase prices between $6.82 and $6.89.

Corporate Governance Expert

TL;DR: Insider activity is transparent and properly disclosed, but majority ownership is indirect through controlled entities.

The Form 4 provides clear itemization of direct and indirect positions and includes required explanatory notes: control of CGW entities with spouse and an IRA holding. The disclaimer of beneficial ownership for LLC-held shares is standard; investors should note that reported voting or economic interests may differ from direct ownership. The filing follows Section 16 disclosure norms and provides range pricing details upon request.

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).

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)
09/17/2025

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	09/17/2025		P		100,000	A	$6.864(1)	1,029,812	I	By CGW Holdings LLC(2)
Common Stock								306,551	I	By CGW Holdings II LLC(2)
Common Stock								8,123	I	By IRA(3)
Common Stock								26,533	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

Explanation of Responses:

1. Reflects the weighted-average price of shares purchased. These shares were purchased in multiple transactions at prices ranging from $6.82 to $6.89. 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 held by IRA custodian for benefit of the reporting person.

Remarks:

	William Vrattos	09/18/2025
	** 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 NEXT director William Vrattos report buying on Form 4?

He acquired 100,000 common shares on 09/17/2025 at a weighted-average price of $6.864 (purchases ranged $6.82–$6.89).

How many NEXT shares does William Vrattos indirectly hold?

Indirect holdings reported: 1,029,812 shares in CGW Holdings LLC and 306,551 shares in CGW Holdings II LLC, plus 8,123 shares in an IRA.

Did Vrattos sell any NEXT shares in this filing?

Yes: the Form 4 reports a disposition of 26,533 common shares.

What price range were the purchases executed at?

Purchase prices ranged from $6.82 to $6.89; the weighted-average price reported is $6.864.

Does Vrattos claim direct ownership of the LLC-held shares?

No; he disclaims beneficial ownership of the LLC-held shares for Section 16 purposes except to the extent of any pecuniary interest.