Yvette Schultz
Chief Compliance Officer, Senior Vice President—Legal, General Counsel and Corporate Secretary at 
Antero Midstream
Antero MidstreamExecutive
Board
About Yvette Schultz
Yvette K. Schultz, 43, is Senior Vice President—Legal, Chief Compliance Officer, General Counsel, and Corporate Secretary at AM; she joined Antero in 2015, became General Counsel in 2017, Corporate Secretary in 2021, and SVP—Legal/Chief Compliance Officer in January 2022 . She holds a B.S. in Computer Science and an MBA (University of South Dakota) and J.D./B.C.L. summa cum laude (LSU), graduating law school valedictorian . Company performance during her recent tenure included 2023 net income rising 14% to $372M, FCF after dividends beating guidance by over 40%, leverage improvement (Net Debt reduced ~$150M), and strong volume growth—factors that drove a 199.6% 2023 annual incentive payout and informed 2024 program design . In August 2025, she was appointed to AM’s Board of Directors; as an executive officer, she is not independent under NYSE standards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Antero Midstream/Antero Resources | Senior Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary | 2022–present (SVP/CCO since 2022; GC since 2017; Corp. Secretary since 2021) | Leads legal, compliance, and corporate governance; signatory on key corporate actions (e.g., charter amendment) . |
| Antero Midstream/Antero Resources | Director of Legal | 2015–2017 | Built internal legal function pre/post simplification transactions . |
| Latham & Watkins LLP | Attorney | 2012–2015 | Advised on energy/transactions; relevant to midstream legal and compliance . |
| Vinson & Elkins LLP | Attorney | 2008–2012 | Energy-focused legal practice; groundwork for in-house leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No additional public company directorships disclosed in AM filings for Schultz as of the 2025 Proxy (her AM board appointment occurred Aug 14, 2025) . |
Fixed Compensation
Multi-year summary compensation (AM share of pay; $USD):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $130,625 | $133,238 | $144,001 |
| Bonus (discretionary) | $13,879 | — | — |
| Stock Awards (Grant-Date FV) | $2,499,986 | $2,624,994 | $2,597,926 |
| Non-Equity Incentive (AIP) | $147,116 | $226,051 | $189,279 |
| All Other Comp (401k match) | $3,190 | $5,049 | $5,486 |
| Total | $2,794,796 | $2,989,332 | $2,936,692 |
2025 base salary decisions: Schultz’s 2025 base was set at $149,036 (3.5% increase from $144,001), reflecting market benchmarking and 2024 performance . AM emphasizes competitive but measured base salary adjustments; salaries are reviewed annually considering role scope, contribution, and market trends .
Performance Compensation
Annual Incentive (AIP) – 2024 Structure and Outcomes
- Target bonus as % of salary: 85% for Schultz; maximum 200% of target .
- 2024 AIP metrics and performance produced a total payout of 154.6% of target; ESG assessed qualitatively .
| Metric | Weighting | Threshold | Target | Maximum | Performance Score (% of Target) | Weighted Score |
|---|---|---|---|---|---|---|
| Free Cash Flow after Dividends | Not disclosed (weighted total shown) | — | — | — | 100% | 25.1% |
| Net Debt/EBITDA | — | — | — | — | 132% | 39.5% |
| ROIC | — | — | — | — | 200% | 60.0% |
| ESG (Qualitative) | — | Qualitative | Qualitative | Qualitative | 200% | 30.0% |
| Total Payout | — | — | — | — | — | 154.6% |
- Schultz’s 2024 AIP payout: $189,279, reported as Non-Equity Incentive Plan Compensation .
Long-Term Incentives (LTI)
Design emphasizes retention and capital discipline: 75% time-based RSUs and 25% PSUs tied to ROIC; no stock options granted in 2024 .
| Grant Year | Vehicle | Grant Date | Target/Units | Max Units | Vesting / Performance |
|---|---|---|---|---|---|
| 2024 | RSUs | 3/7/2024 | 144,974 | — | Ratable over 3 years: 3/7/2025, 3/7/2026, 3/7/2027, continued service . |
| 2024 | PSUs (ROIC) | 3/7/2024 | 48,324 | 96,648 | 3-year ROIC: Below 85% (0%), 85% (50%), 100% (100%), 115% (200%); performance 1/1/2024–12/31/2026 . |
| 2023 | RSUs | 3/7/2023 | 186,082 | — | Ratable over 3 years: 3/7/2024, 3/7/2025, 3/7/2026, continued service . |
| 2023 | PSUs (ROIC) | 3/7/2023 | 62,027 | 124,054 | 3-year ROIC: 1/1/2023–12/31/2025; same 50/100/200% thresholds . |
- 2022 PSU performance certified at 200% payout for the 1/1/2022–12/31/2024 period (company-level ROIC achieved max) .
Shares Vested – 2024
| Metric | 2024 |
|---|---|
| Shares (RSUs/PSUs) acquired on vesting | 247,404 |
| Value realized on vesting | $3,524,357 |
Equity Ownership & Alignment
Beneficial Ownership and Outstanding Equity
| Category | 12/31/2023 | 12/31/2024 |
|---|---|---|
| Common stock beneficially owned | — | 294,329 shares; <1% of class |
| Unvested RSUs (units) | 323,231 | 331,615 |
| Market value of unvested RSUs | $4,050,084 (at $12.53) | $5,004,070 (at $15.09) |
| PSUs (reported at maximum units) | 234,868 | 220,702 |
| Market/payout value of PSUs (at max) | $2,942,896 (at $12.53) | $3,330,393 (at $15.09) |
Vesting schedule for outstanding RSUs as of 12/31/2024 (subject to continued employment) :
- 2021 RSU: 7,176 units; vests 4/15/2025 .
- 2022 RSU: 55,409 units; vests 4/15/2025 .
- 2023 RSU: 124,056 units; vests 3/7/2025 and 3/7/2026 .
- 2024 RSU: 144,974 units; vests 3/7/2025, 3/7/2026, 3/7/2027 .
Ownership guidelines and policies:
- Executive ownership guidelines: CEO/President/CFO 5x salary; Vice President 3x; Other Officers 1x; measured as of June 30 annually; NEOs still within 5-year compliance window as of June 30, 2024 .
- Hedging and pledging prohibited; margin purchases and pledging of company securities disallowed .
- Clawback policy adopted Nov 30, 2023, compliant with SEC and NYSE requirements; covers incentive-based compensation for 3 preceding completed fiscal years upon restatement .
Insider selling pressure lens:
- Significant scheduled RSU vesting dates in March/April 2025–2027 may create liquidity events; company prohibits hedging/pledging and maintains insider trading policies, mitigating risk of opportunistic trading outside permitted windows .
Employment Terms
| Topic | Details |
|---|---|
| Employment/Severance/CIC Agreements | AM maintains no employment, severance, or stand-alone change-in-control agreements with its NEOs, including Schultz . |
| Equity Treatment on Death/Disability/CIC | Unvested RSUs fully vest; PSUs settle based on actual performance through the earlier of performance period end or trigger date (2013/2014 awards described); as of 12/31/2024, PSUs trending at max (200%) . |
| Quantified Benefits (12/31/2024 pricing at $15.09) | Death/Disability/CIC: RSUs $5,004,070; PSUs $3,330,393; Total $8,334,464. Termination without Cause: PSUs $1,734,123 (one-third of 2023 PSUs eligible, at 200% performance). No RSU acceleration for no-cause termination . |
| Clawback | Incentive Compensation Recovery Policy effective 11/30/2023; applies to covered executives and incentive-based compensation per SEC Rule 10D . |
Historical (12/31/2022) quantification (for context; stock at $10.79): Death/Disability/CIC aggregate value $3,518,177; none eligible upon termination other than for cause at that measurement date .
Board Governance
- Board appointment: Schultz joined AM’s Board effective Aug 14, 2025, following leadership transitions separating Chair and CEO roles at AM and AR; committee assignments were not disclosed in the 8-K/press release .
- Independence: As a current executive officer, Schultz is a non-independent director under NYSE rules; AM’s Board had 8 of 10 independent directors as of the 2025 Proxy, with a Lead Director structure to mitigate combined CEO/Chair risks (noting subsequent separation in Aug 2025) .
- Governance processes: Regular executive sessions of non-management directors; robust committee structure and self-evaluations; majority independent committees (Audit, Compensation, Nominating & Governance, ESG, Conflicts) .
Director compensation note: Non-employee director retainers and equity are disclosed, but as an officer-director, Schultz would not be eligible for non-employee director compensation .
Compensation Peer Group and Pay Practices
- 2024 compensation peer group included APA, Coterra, Continental Resources, Devon, Diamondback, EQT, Marathon Oil, Ovintiv, Range, and Southwestern; AM references peer data but sets awards with discretion based on role, impact, and retention .
- LTI mix: 75% RSUs (lower risk/retention) and 25% PSUs (at-risk tied to ROIC); no stock options in 2024 .
- AIP metrics emphasize FCF after dividends, leverage (Net Debt/EBITDA), ROIC, and ESG—aligned with deleveraging, capital discipline, and safety/environmental priorities .
Track Record, Value Creation, and Execution Risk
- 2023 execution: Net income +14% to $372M; reduced debt by ~$150M; record gathering/compression volumes; capex down 30%; FCF after dividends >40% above initial guidance—supporting high AIP payout and PSU performance momentum .
- 2024 ESG execution: zero environmental NOVs with fines/penalties, third consecutive year without OSHA lost time injury, SIF prevention program launch, ~90% wastewater recycled—contributing to ESG component scoring .
- PSU calibration: ROIC-based PSUs certified at 200% for 2022 cohort; 2023–2024 PSUs tracking at max as of 12/31/2024—indicating strong capital returns but implying elevated realized comp sensitivity to sustained ROIC performance .
Board Service History, Committees, and Dual-Role Implications
- Service history: Appointed to AM Board on Aug 14, 2025; prior to that, she served in executive roles and as Corporate Secretary since 2021 .
- Committees: No committee assignments disclosed at appointment; Board committees are majority independent by charter and composition .
- Dual-role considerations: As a management director, Schultz is non-independent, but AM’s governance includes an independent Lead Director and, post-Aug 2025, separation of Chair/CEO roles—mitigating concentration of power while adding legal/compliance expertise to the Board .
Investment Implications
- Pay-for-performance alignment: Compensation is heavily equity-based with at-risk PSUs tied to ROIC; 2022 PSU payout at 200% and 2023–2024 PSUs trending at max reflect strong capital efficiency, but also increase realized pay sensitivity to sustaining ROIC outperformance—watch for capital allocation discipline and commodity backdrop .
- Near-term selling pressure: Substantial scheduled RSU vesting in March/April 2025–2027 (and PSU settlements as performance periods end) can create periodic liquidity overhang; insider policies prohibit hedging/pledging and govern trading windows, which may smooth but not eliminate supply .
- Retention and CIC economics: No cash severance agreements; equity acceleration upon death/disability/CIC is meaningful (e.g., $8.33M at 12/31/2024 for Schultz), implying strong retention through vesting but potential CIC-related dilution costs; notably, AM does not offer employment/severance agreements, reducing fixed liabilities .
- Governance balance: Schultz’s board seat adds deep internal legal/compliance insight; independence concerns are mitigated by post-2025 separation of Chair/CEO and the Lead Director framework with majority-independent committees .