Kennedy Michael N. 4

What Happened
Michael N. Kennedy, Chief Executive Officer & President of Antero Resources Corp. (AR), had performance share units (PSUs) from the 2023 grant certified and settled on March 16, 2026. The filing shows 10,510 shares were issued to him upon conversion of those derivative awards (transaction code M, acquired at $0.00). To satisfy tax withholding obligations, 13,729 shares were withheld/disposed at $41.03 per share for total withholding of $563,301 (transaction code F).

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
• Issued/Acquired: 10,510 shares (conversion of PSUs) at $0.00 exercise price. Implied market value at $41.03/share ≈ $431,223.
• Withheld/Disposed: 13,729 shares at $41.03/share for $563,301 to cover tax withholding.
• Grant background: 2023 TSR PSUs granted March 7, 2023; the fourth tranche (3/7/23–3/7/26) was certified at 101.52% of target, resulting in 25.38% of the total target PSUs vesting/being earned (see footnote).
• Remaining awards: filing notes 172,117 RSUs and 70,747 PSUs remain subject to service-based vesting (footnote F2).
• Filing timeliness: Reported within two days of the transaction (not late).

Context
This was a settlement of performance-based equity (PSUs) rather than an open-market buy or sale. The conversion of PSUs into shares and the subsequent withholding of a portion of those shares to cover taxes is a routine administrative step (often called a cashless/withholding settlement). Transaction code M denotes exercise or conversion of a derivative; F denotes shares withheld for tax liabilities. Such award settlements do not necessarily signal a change in insider sentiment.