Kennedy Michael N. 4
4 · ANTERO RESOURCES Corp · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
Antero Resources (AR) CEO Michael Kennedy Converts PSUs; Shares Withheld
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.
Insider Transaction Report
- Exercise/Conversion
Common stock, par value $0.01 per share
[F1][F2]2026-03-16+10,510→ 1,284,747 total - Tax Payment
Common stock, par value $0.01 per share
[F3][F2]2026-03-16$41.03/sh−13,729$563,301→ 1,271,018 total - Exercise/Conversion
Performance Share Unit
[F1]2026-03-16−10,510→ 0 total→ Common stock, par value $0.01 per share (10,510 underlying)
Footnotes (3)
- [F1]On March 7, 2023, the Compensation Committee (the "Compensation Committee") of Antero Resources Corp. (the "Issuer") granted performance share units (the "2023 TSR PSUs"), 25% of which vest based on the Issuer's absolute total shareholder return ("TSR") over the fourth and final performance period, which ran from March 7, 2023 through March 7, 2026 (the "Fourth Tranche"). On March 16, 2026, the Compensation Committee certified the Issuer's absolute TSR over the fourth performance period between the target and maximum performance level, resulting in the Fourth Tranche becoming earned at 101.52% of the target amount granted for that tranche and 25.38% of the total target number of 2023 TSR PSUs granted.
- [F2]Includes 172,117 shares of common stock of the Issuer ("Common Stock") subject to restricted stock units ("RSU") awards and 70,747 performance share units ("PSUs") in respect of which performance has been certified, in each case that remain subject to service-based vesting.
- [F3]In connection with the vesting and settlement of the 2023 TSR PSUs through the issuance of Common Stock pursuant to the Amended and Restated Antero Resources Corporation 2020 Long-Term Incentive Plan, the Issuer withheld Common Stock that would have otherwise been issued to the Reporting Person to satisfy their tax withholding obligations. The number of shares of Common Stock withheld was determined based on the closing price per share of Common Stock on March 16, 2026.