Yvette K. Schultz
Chief Compliance Officer, Senior Vice President—Legal, General Counsel and Corporate Secretary at AR
Executive
About Yvette K. Schultz
Yvette K. Schultz is Chief Compliance Officer, Senior Vice President—Legal, General Counsel and Corporate Secretary of Antero Resources. She is 43 years old and has served as General Counsel since January 2017, Corporate Secretary since April 2021, and Chief Compliance Officer and SVP—Legal since January 2022; previously Director of Legal from 2015–2017 . Schultz holds a B.S. in Computer Science and an MBA from the University of South Dakota, and a J.D. and B.C.L. from LSU’s Paul M. Hebert Law Center . Company performance in 2024 included 1% net production growth, a 32% reduction in drilling and completion capital vs. 2023, $48 million debt reduction despite low natural gas prices, and an annual incentive payout at 186.9% of target; PSU awards with performance periods ending in 2024 paid out at 118.1%–200% of target, underscoring pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Antero Resources | Chief Compliance Officer; SVP—Legal | Jan 2022–present | Oversees compliance and legal functions; supports ESG-linked incentive metrics and governance . |
| Antero Resources | General Counsel | Jan 2017–present | Leads legal strategy across corporate and operational matters . |
| Antero Resources | Corporate Secretary | Apr 2021–present | Board governance, disclosure, and investor communications oversight . |
| Antero Resources | Director of Legal | 2015–2017 | Built internal legal capability prior to GC role . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Latham & Watkins LLP | Attorney (Natural Resources) | 2012–2015 | Advised energy clients; developed transactional and regulatory expertise . |
| Vinson & Elkins LLP | Attorney (Natural Resources) | 2008–2012 | Legal advisory across upstream/midstream matters . |
Fixed Compensation
Multi-year compensation for services to Antero Resources (Company-only portions as disclosed):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 344,375 | 389,263 | 399,399 |
| Bonus ($) | 134,943 | — | — |
| Stock Awards ($) | 5,750,785 | 2,827,203 | 2,728,782 |
| Non-Equity Incentive ($) | 304,135 | 397,048 | 634,649 |
| All Other Compensation ($) | 8,410 | 30,731 | 27,555 |
| Total ($) | 6,542,648 | 3,644,245 | 3,790,385 |
Additional fixed comp details:
- 2024 base salary: $399,399; 2025 base salary approved at $413,364 (+3.5%) for Company portion (final allocation subject to 2025 reimbursement percentage methodology) .
- Target annual bonus: 85% of base salary (unchanged vs. 2023) .
Performance Compensation
2024 Annual Incentive Plan Outcomes
| Metric | Weighting | Target | Actual | Payout (% of target) | Weighted Score |
|---|---|---|---|---|---|
| Operational Strategy Execution: Meeting Budgeted D&C Capital | Included in plan | Budgeted D&C capital | Achieved | 200% | 50.0% |
| Operational Strategy Execution: Meeting Budgeted Production Volumes (MMcfe/d) | Included in plan | Budgeted volumes | Achieved | 200% | 50.0% |
| Net Debt/EBITDAX | Included in plan | Pre-set 2024 target | Achieved | 161.1% | 20.1% |
| Total Net Debt | Included in plan | Pre-set 2024 target | Achieved | 200% | 25.0% |
| Cash Costs | Included in plan | Pre-set 2024 target | Achieved | 118.1% | 11.8% |
| ESG (Qualitative) | Included in plan | Qualitative assessment | Strong performance (zero NOVs, SIF program, Ghana offsets project) | 200% | 30.0% |
| Total Payout | — | — | — | 186.9% | 186.9% |
Individual payout:
- Schultz 2024 annual cash bonus: $634,649 at 186.9% of target (85% × base salary) .
Long-Term Incentive Awards (Granted March 7, 2024)
| Award Type | Metric | Target Units (#) | Max Units (#) | Vesting / Performance Schedule | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| RSUs | Time-based | 48,846 | — | 33% on each of the first three anniversaries of grant (Mar 7, 2025/2026/2027) | 1,293,442 |
| PSUs | Absolute TSR | 24,423 | 48,846 | Four periods: 1-year (Mar 7, 2024–Mar 7, 2025), 1-year (Mar 7, 2025–Mar 7, 2026), 1-year (Mar 7, 2026–Mar 7, 2027), and cumulative 3-year (Mar 7, 2024–Mar 7, 2027); payouts: 0%/100%/200% at 0%/10%/20% absolute TSR with linear interpolation | 788,619 |
| PSUs | Net Debt to EBITDAX | 24,423 | 48,846 | Three periods: FY 2024, FY 2025, FY 2026; payouts: 0%/100%/200% at >2.5x/2.0x/1.5x with linear interpolation | 646,721 |
Historical PSU performance certifications:
- 2021 Absolute TSR PSUs vested at 150% cumulatively across their performance periods (ended April 2024) .
- 2022 Net Debt to EBITDAX PSUs vested at 193.51% cumulatively (ended Dec 31, 2024) .
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Common stock beneficially owned | 115,463 shares; <1% of shares outstanding . |
| Unvested RSUs (12/31/2024) | 202,317 units; market value $7,091,225 at $35.05/share . |
| Unearned PSUs (12/31/2024) | 126,591 units; indicative payout value $4,437,015 at $35.05/share (subject to performance) . |
| Stock ownership guidelines | Other Officers: 3× annual base salary; compliance assessed annually; all NEOs and directors were compliant or within allowed ramp period as of June 30, 2024 . |
| Hedging/Pledging | Prohibited by Insider Trading Policy; options to purchase on margin and pledging securities are disallowed . |
| 2024 stock option grants | Company did not grant stock options in 2024 . |
| Section 16 compliance | No delinquent Section 16 reports in 2024 . |
Detailed vesting schedule (remaining as of 12/31/2024):
| Award | Units Unvested | Vesting/Certification Dates |
|---|---|---|
| 2021 RSU | 6,565 | Apr 15, 2025 |
| 2022 (Apr) RSU | 11,811 | Apr 15, 2025 |
| 2022 (Oct) RSU | 12,532 | Oct 15, 2025 |
| 2023 RSU | 33,706 | Mar 7, 2025; Mar 7, 2026 |
| 2024 RSU | 48,846 | Mar 7, 2025; Mar 7, 2026; Mar 7, 2027 |
| 2022 (Apr) Absolute TSR PSU | 8,858 | Apr 15, 2025 (vest in full) |
| 2022 (Oct) Net Debt to EBITDAX PSU | 23,842 | Dec 31, 2025 (vest in full) |
| 2022 (Oct) Absolute TSR PSU | 9,398 | Dec 31, 2025 (vest in full) |
| 2023 Net Debt to EBITDAX PSU | 32,063 | Dec 31, 2025 (vest in full) |
| 2023 Absolute TSR PSU | 0 | Mar 7, 2026 (vest in full) |
| 2024 Net Debt to EBITDAX PSU | 14,696 | Dec 31, 2026 (vest in full) |
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | Employed at-will; Company does not maintain individual employment, severance or change-in-control agreements with NEOs . |
| Executive Severance Plan (adopted Sept 17, 2025) | Schultz designated participant; upon eligible termination (without cause, resignation for Good Reason, or death): lump sum cash equal to 3×(highest base salary in prior 3 years + Target Annual Bonus), prior year unpaid bonus, pro-rata Target Annual Bonus, Company-paid COBRA for 18 months then cash for an additional 18 months; subject to release, one-year non-compete, non-solicit, confidentiality, and non-disparagement . |
| Good Reason (selected terms) | Material pay reduction (≥10%) or material diminution of authority; material breach by Company; relocation >50 miles; with notice and cure periods; exclusions apply . |
| Clawback | Incentive Compensation Recovery Policy adopted Nov 30, 2023 compliant with SEC/NYSE rules; recovery for restatements within 3 prior years as applicable; Company found no erroneous compensation due to an immaterial revision in depletion accounting . |
| Change-in-control (equity) | RSUs and stock options vest immediately upon death/disability or change-in-control; PSU acceleration and settlement mechanics defined for 2022–2024 awards, generally allowing settlement for completed periods at actual performance, truncation of in-progress periods at actual performance, and target settlement for not-yet-begun periods, with proration for certain 2023/2024 TSR PSUs on terminations other than cause . |
| Insider trading policy | Prohibits hedging/pledging; outlines grant timing practices and blackout compliance . |
Compensation Structure Analysis
- Equity-heavy mix with 50% of long-term awards performance-based (absolute TSR and leverage metrics), supporting pay-for-performance alignment; Company did not grant stock options in 2024, indicating a shift toward RSUs/PSUs with multi-year vesting .
- Annual incentive paid at 186.9% of target for 2024 on strong operational execution, leverage reduction, cost control and ESG performance, reinforcing linkage of cash compensation to measurable outcomes .
- Stock ownership guidelines (3× salary for non-CEO/CFO officers) and hedging/pledging prohibitions promote alignment and mitigate risk-taking; all covered executives were compliant or within ramp period as of June 30, 2024 .
- Peer benchmarking used across a stable 2024 peer group (APA, CTRA, DVN, FANG, EQT, MRO, OVV, RRC, SWN) with independent consultants (NFPCC, CBIZ) advising program design .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay approval was 68%; Committee conducted outreach (46% of outstanding shares) and retained the program pillars given broad support; no off-cycle awards in 2024 .
Equity Ownership & Alignment Details
- Beneficial ownership: 115,463 shares; less than 1% of class .
- Significant unvested equity through 2027 across RSUs and PSUs creates disciplined retention incentives and potential trading windows upon vesting; Insider Trading Policy restricts hedging/pledging .
Expertise & Qualifications
- Degrees in Computer Science (B.S.), Business Administration (MBA), and law (J.D., B.C.L.), with prior large-firm legal experience in natural resources, supporting deep domain expertise across regulatory, transactional, and compliance arenas .
Investment Implications
- Strong pay-for-performance alignment: 2024 cash and equity outcomes tied to operational execution, leverage metrics, and absolute TSR; this supports confidence in legal/compliance leadership’s alignment with value creation .
- Retention risk moderated by multi-year vesting and newly adopted Executive Severance Plan (3× base + target bonus, restrictive covenants), though the severance multiple is at the higher end and could be shareholder sensitive in a change scenario .
- Potential selling pressure around scheduled vest dates (Mar 7, 2025/2026/2027; Apr/Oct/Dec certifications/vestings) should be monitored, albeit mitigated by ownership guidelines and hedging/pledging bans .
- Governance factors: 68% Say-on-Pay suggests room for continued investor engagement; robust clawback and ESG-linked incentives reduce governance risk and enhance alignment .