[Form 4] SandRidge Energy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filed 5 Aug 2025: SandRidge Energy (SD) discloses that director Brett Icahn received 12,905 shares of common stock via a restricted-stock grant dated 1 Aug 2025. The award vests on the earlier of the first anniversary of grant or the day before the next annual meeting. After the grant, Icahn directly owns exactly 12,905 SD shares; no previous holdings, sales, or derivative positions are reported. The filing is a routine Section 16 compensation disclosure—no open-market purchase, cash consideration, or change in control is involved. While it modestly aligns the director’s incentives with shareholders, the stake is not large enough to be financially material to SandRidge’s total share count and provides no new information on operations, earnings, or strategy.

Insights

Securities Analyst

TL;DR: Routine director stock grant; limited market impact, mildly positive for governance alignment.

The reported transaction is a standard equity compensation grant—12,905 restricted shares to director Brett Icahn. With no cash paid and no disposals, it signals neither bullish buying nor insider selling. The dollar value (≈ low-six figures) is immaterial relative to SandRidge’s market cap, so liquidity or valuation effects should be negligible. Nevertheless, fresh equity links the director’s personal return to shareholder value, marginally improving alignment and governance. Overall impact on the investment thesis: neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ICAHN BRETT

(Last) (First) (Middle)

C/O SANDRIDGE ENERGY INC.

1 E. SHERIDAN AVE, SUITE 500

(Street)

OKLAHOMA CITY, OK 73104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SANDRIDGE ENERGY INC [ SD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share(1)	08/01/2025		A		12,905	A	$10	12,905	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects shares of restricted stock granted on August 1, 2025 which will vest on the earlier of the first anniversary of the grant date or the day immediately preceding the Company's next annual meeting of stockholders.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Ben Smolij, as Attorney-in-Fact	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many SandRidge Energy (SD) shares did Brett Icahn acquire?

The Form 4 shows a grant of 12,905 restricted shares.

Was this an open-market purchase of SD stock?

No. The shares were granted as restricted stock; no cash transaction occurred.

When will the restricted shares granted to Brett Icahn vest?

They vest on the earlier of 1 Aug 2026 or the day before SD’s next annual meeting.

What is Brett Icahn’s total beneficial ownership after the transaction?

Following the award, he directly owns 12,905 SD shares.

Does the filing report any derivative securities for Brett Icahn?

No derivative securities were disclosed in Table II of the Form 4.