ANTERO RESOURCES Corp — Director's Dealing 2025

Apr 16, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANTERO RESOURCES Corp (AR)
CIK: 0001433270
Period of Report: 2025-04-15

Reporting Person: RADY PAUL M (Director, See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-04-15	Common stock, par value $0.01 per share	M	48152	—	Acquired	11881406	Direct
2025-04-15	Common stock, par value $0.01 per share	M	46520	—	Acquired	11927926	Direct
2025-04-15	Common stock, par value $0.01 per share	F	45726	$33.10	Disposed	11882200	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-04-15	Performance Share Unit	$	M	48152	Disposed		Common stock, par value $0.01 per share (48152)	Direct
2025-04-15	Performance Share Unit	$	M	46520	Disposed		Common stock, par value $0.01 per share (46520)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock, par value $0.01 per share	5284264	Indirect

Footnotes

F1: In connection with the completion of the second performance period, which ran from March 7, 2024 through March 7, 2025, the Compensation Committee (the "Compensation Committee") of Antero Resources Corp. (the "Issuer") certified the Issuer's absolute total shareholder return ("TSR") at the maximum level, resulting in 25% of the performance share units ("PSUs") originally granted on March 7, 2023 that vest based on the Issuer's absolute TSR becoming earned at 200% of the target amount granted. These PSUs remain outstanding and subject to service-based vesting requirements until March 7, 2026.

F2: Includes 487,859 shares of Common Stock subject to restricted stock units ("RSU") awards and 386,266 PSUs in respect of which performance has been certified, in each case that remain subject to service-based vesting.

F3: In connection with the completion of the first performance period, which ran from March 7, 2024 through March 7, 2025, the Compensation Committee certified the Issuer's absolute TSR at the maximum level, resulting in 25% of the PSUs originally granted on March 7, 2024 that vest based on the Issuer's absolute TSR becoming earned at 200% of the target amount granted. These PSUs remain outstanding and subject to service-based vesting requirements until March 7, 2027.

F4: Includes 487,859 shares of Common Stock subject to RSU awards and 432,786 PSUs in respect of which performance has been certified, in each case that remain subject to service-based vesting.

F5: In connection with the vesting and settlement of RSUs through the issuance of common stock ("Common Stock") of the Issuer pursuant to the Antero Resources Corporation Amended and Restated 2020 Long Term Incentive Plan, the Issuer withheld Common Stock that would otherwise have 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 April 15, 2025.

F6: Includes 383,893 shares of Common Stock subject to RSU awards and 432,786 PSUs in respect of which performance has been certified, in each case that remain subject to service-based vesting.

F7: Includes 2,822,552 shares of Common Stock held by Salisbury Investment Holdings LLC ("Salisbury") and 2,461,712 shares of Common Stock held by Mockingbird Investments LLC ("Mockingbird"). The Reporting Person owns a 95% limited liability company interest in Salisbury and his spouse owns the remaining 5%. The Reporting Person owns a 13.1874% limited liability company interest in Mockingbird and two trusts under his control own the remaining 86.8126%. The Reporting Person disclaims beneficial ownership of all shares of Common Stock held by Salisbury and Mockingbird except to the extent of his pecuniary interest therein.