Michael N. Kennedy - May 5, 2022 Form 4 Insider Report for ANTERO RESOURCES Corp (AR)

Role
Chief Financial Officer and Senior Vice President - Finance
Signature
/s/ Yvette K. Schultz, as attorney-in-fact for Michael N. Kennedy
Stock symbol
AR
Transactions as of
May 5, 2022
Transactions value $
$0
Form type
4
Date filed
5/9/2022, 05:27 PM
Previous filing
Apr 21, 2022
Next filing
Oct 21, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AR Common stock, par value $0.01 per share Options Exercise +13.1K +1.15% 1.15M May 5, 2022 Direct F1, F2
transaction AR Common stock, par value $0.01 per share Award $0 +17.5K +1.52% $0.00 1.17M May 5, 2022 Direct F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AR Performance Share Units Options Exercise -13.1K -40% 19.7K May 5, 2022 Common stock, par value $0.01 per share 13.1K Direct F1, F5, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On May 5, 2022, the Compensation Committee (the "Compensation Committee") of Antero Resources Corp. (the "Issuer") certified the Issuer's absolute total shareholder return ("TSR") performance over the first performance period, which ran from April 15, 2021 through April 15, 2022, at the maximum level, resulting in 25% of the performance share units ("PSUs") originally granted on April 15, 2021 that vest based on absolute TSR becoming earned at 200% of the target amount granted. These PSUs remain outstanding and subject to service-based vesting requirements until April 15, 2024.
F2 Includes 531,756 shares of common stock of the Issuer ("Common Stock") subject to previously granted restricted stock unit awards ("RSUs") and 13,130 shares of Common Stock subject to previously granted PSUs, in each case, that remain subject to vesting.
F3 On May 5, 2022, the Compensation Committee certified the Issuer's net debt to adjusted EBITDAX multiple over the first performance period, which ran from January 1, 2021 through December 31, 2021, at the maximum level, resulting in 33% of the PSUs originally granted on April 15, 2021 that vest based on the Issuer's net debt to adjusted EBITDAX multiple becoming earned at 200% of the target amount granted. These PSUs remain outstanding and subject to service-based vesting requirements until December 31, 2023.
F4 Includes 531,756 shares of Common Stock subject to previously granted RSUs and 30,636 shares of Common Stock subject to previously granted PSUs, in each case, that remain subject to vesting.
F5 Each PSU represented a contingent right to receive one share of Common Stock.
F6 Vesting of these PSUs granted on April 15, 2021 is contingent upon the achievement of both a performance and service requirement. One-third of the remaining 19,695 PSUs will become earned based on the Issuer's absolute TSR over the course of each of performance period two (beginning on April 15, 2022 and ending on April 15, 2023), performance period three (beginning on April 15, 2023 and ending on April 15, 2024) and performance period four (beginning on April 15, 2021 and ending on April 15, 2024).

Remarks:

Chief Financial Officer and Senior Vice President - Finance