Armstrong Dana A 4

What Happened
Dana A. Armstrong, Executive Vice President and Chief Financial Officer of Excelerate Energy (EE), received 17,198 performance stock units (PSUs) that vested on February 18, 2026 (reported on Form 4). Of those vested shares, 6,354 were withheld to satisfy tax withholding at $41.78 per share, resulting in $265,470 withheld. The PSUs were granted March 31, 2023 under the company’s Long-Term Incentive Plan and vested based on performance metrics measured through December 31, 2025.

Key Details

• Transaction date: February 18, 2026; Form 4 filed February 20, 2026 (timely filing).
• Award: 17,198 PSUs reported as acquired (transaction code A) at $0.00 (conversion into shares upon vesting).
• Withholding: 6,354 shares were disposed/withheld to cover taxes (transaction code F) at $41.78 per share for $265,470.
• Implied gross value of the vested shares using $41.78/share: ~ $718,532 (approximate).
• Footnotes: PSUs were granted 3/31/2023 and vested at performance levels certified by the compensation committee on 2/18/2026 (132% of adjusted ROE target and 96.80% of relative TSR target). Withheld shares satisfy the Reporting Person’s tax withholding liability.
• Shares owned after the transaction: not specified in the reported extract.

Context
This filing reflects a performance-based equity award vesting and a routine tax-withholding disposition—not an open-market purchase or sale indicating directional trading. For executives, withholding shares to cover taxes is common when PSUs/RSUs vest; it does not by itself indicate a change in the insider’s view of the company.