ANTERO RESOURCES Corp — Director's Dealing 2025

Mar 10, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANTERO RESOURCES Corp (AR)
CIK: 0001433270
Period of Report: 2025-03-07

Reporting Person: Kennedy Michael N. (See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-07	Common stock, par value $0.01 per share	A	63647	$0.00	Acquired	1179277	Direct
2025-03-07	Common stock, par value $0.01 per share	F	23872	$33.64	Disposed	1155405	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-07	Performance Share Unit	$31823	A	31823	Acquired		Common stock, par value $0.01 per share (31823)	Direct

Footnotes

F1: Reflects the grant of restricted stock units ("RSUs") pursuant to the Amended and Restated Antero Resources Corporation 2020 Long-Term Incentive Plan (the "Plan") which vest as to 1/3 of the total amount granted on each of the first three anniversaries of March 7, 2025, generally subject to continued employment through each vesting date.

F2: Includes 243,650 shares of common stock, par value $0.01 per share ("Common Stock") of Antero Resources Corporation (the "Issuer") subject to previously granted RSU awards and 131,325 shares of Common Stock subject to 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 RSUs through the issuance of Common Stock pursuant to the 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 March 7, 2025.

F4: Includes 189,373 shares of Common Stock subject to previously granted RSU awards and 131,325 shares of Common Stock subject to PSU's in respect of which performance has been certified, in each case, that remain subject to service-based vesting.

F5: Each PSU represents a contingent right to receive one share of Common Stock.

F6: Vesting of the PSUs granted on March 7, 2025 is contingent upon the achievement of a performance and service requirement. The performance component measures absolute total shareholder return over each of four performance periods: Performance Period One beginning on March 7, 2025 and ending on March 7, 2026, Performance Period Two beginning on March 7, 2026 and ending on March 7, 2027, Performance Period Three beginning on March 7, 2027 and ending on March 7, 2028, and Performance Period Four beginning on March 7, 2025 and ending on March 7, 2028. Continued service is generally required through the end of each such performance period.

F7: The performance component for one quarter of the PSUs is determined following the completion of each respective performance period and will be settled shortly thereafter, contingent upon continued service through the end of the performance period. Depending on the level of achievement of such goals, the actual number of PSUs earned could range from 0% to 200% of the target number of PSUs shown in column 5.