SM Energy executive granted RSUs and shares

SM Energy Co EVP, GC & Corp Secretary James Barker Lebeck reported equity awards and related share movements.

Rhea-AI Filing Summary

SM Energy Co EVP, GC & Corp Secretary James Barker Lebeck reported equity awards and related share movements. He received 42,752 restricted stock units, vesting in three equal annual installments beginning July 1, 2027. A prior PSU grant settled with 7,520 common shares issued, and 3,291 shares were delivered or withheld at $26.1000 per share to pay the exercise price or tax liability. The filing does not indicate use of a Rule 10b5-1 trading plan.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Lebeck James Barker

Role EVP, GC & Corp Secretary

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units F2	42,752	$0.00	$0.00
Exercise	Common Stock, $.01 Par Value F1	7,520	--	--
Exercise Price or Tax Liability	Common Stock, $.01 Par Value	3,291	$26.10	$86K

Holdings After Transaction: Restricted Stock Units — 42,752 contracts (Direct); Common Stock, $.01 Par Value — 32,205 shares (Direct)

Footnotes (2)

1. F1. On July 23, 2026, 7,520 shares of the Issuer's common stock were issued to the Reporting Person under the terms of a performance share unit ("PSU") award, based on the determination by the Compensation Committee of the Board of Directors of the Issuer regarding achievement of time-based vesting provisions and specific performance criteria that were not tied solely to the market price of the Issuer's common stock. The PSUs were granted to the Reporting Person on July 1, 2023, and represented the contingent right to receive between 0% to 200% of that number of shares of the Issuer's common stock based on the achievement of the vesting and performance criteria over a three-year performance period. The PSUs were fully vested on July 1, 2026.
2. F2. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal annual installments beginning on July 1, 2027. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse.

Key Figures

Restricted Stock Units Granted: 42,752 units Common Shares Issued from PSU Award: 7,520 shares Shares Withheld for Obligations: 3,291 shares +2 more

5 metrics

Restricted Stock Units Granted 42,752 units Grant of RSUs to EVP James Barker Lebeck; each unit for one share; vesting begins July 1, 2027

Common Shares Issued from PSU Award 7,520 shares Shares of common stock issued on July 23, 2026 under a 2023 PSU award after full vesting

Shares Withheld for Obligations 3,291 shares Common shares delivered or withheld to pay exercise price or tax liability at $26.1000 per share

RSU Vesting Schedule 3 installments RSU grant vests in three equal annual installments beginning on July 1, 2027

PSU Performance Range 0% to 200% Range of shares issuable under the July 1, 2023 PSU award over a three-year performance period

Key Terms

Restricted Stock Units, performance share unit, three-year performance period, time-based vesting provisions

4 terms

Restricted Stock Units financial

"Each restricted stock unit represents a contingent right to receive one share of stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

performance share unit financial

"shares of the Issuer's common stock were issued under the terms of a performance share unit"

A performance share unit (PSU) is a form of executive or employee pay that promises shares (or the cash value of shares) only if the company meets specific performance targets over a set period. Think of it like a bonus cheque that only arrives if the company hits agreed goals — it aligns managers’ rewards with business results and signals to investors how leadership is being incentivized to grow value over time.

three-year performance period financial

"based on the achievement of the vesting and performance criteria over a three-year performance period"

time-based vesting provisions financial

"regarding achievement of time-based vesting provisions and specific performance criteria"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What equity awards did SM (SM) executive James Barker Lebeck report in this Form 4?

James Barker Lebeck reported a grant of 42,752 restricted stock units and settlement of a prior PSU award for 7,520 common shares. The RSUs vest in three equal annual installments starting July 1, 2027, with one share issuable for each vested unit.

How many restricted stock units were granted to SM (SM) EVP James Barker Lebeck and how do they vest?

He was granted 42,752 restricted stock units. Each unit represents a contingent right to one share of stock and vests in three equal annual installments beginning on July 1, 2027; vested shares are issued on each vesting date when restrictions lapse.

What are the key terms of the performance share unit (PSU) award reported by SM (SM)?

The PSU award, granted July 1, 2023, allowed issuance of 0% to 200% of a target share number over a three-year performance period. It fully vested on July 1, 2026, leading to 7,520 common shares issued on July 23, 2026.

Were any SM Energy (SM) shares withheld to cover obligations in this Form 4?

Yes. 3,291 shares of SM Energy common stock were delivered or withheld at $26.1000 per share to pay the exercise price or tax liability associated with the equity awards, as indicated by transaction code F.

Is SM (SM) executive James Barker Lebeck’s Form 4 filed under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 checkbox is not selected, and there is no footnote stating that the transactions occurred pursuant to a Rule 10b5-1 or other pre-arranged trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/24/2026 - 04:19 PM EDT Learn about SEC filing dates

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^*

Lebeck James Barker

(Last) (First) (Middle)

1700 LINCOLN STREET

SUITE 3200

(Street)

DENVER COLORADO 80203

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SM Energy Co [ SM ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, GC & Corp Secretary

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2026

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

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

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

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, $.01 Par Value	07/24/2026		M		7,520	A	(1)	35,496	D
Common Stock, $.01 Par Value	07/24/2026		F		3,291	D	$26.1	32,205	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
Restricted Stock Units	(2)	07/24/2026		A		42,752		(2)	(2)	Common Stock, $.01 Par Value	42,752	$0	42,752	D

Explanation of Responses:

1. On July 23, 2026, 7,520 shares of the Issuer's common stock were issued to the Reporting Person under the terms of a performance share unit ("PSU") award, based on the determination by the Compensation Committee of the Board of Directors of the Issuer regarding achievement of time-based vesting provisions and specific performance criteria that were not tied solely to the market price of the Issuer's common stock. The PSUs were granted to the Reporting Person on July 1, 2023, and represented the contingent right to receive between 0% to 200% of that number of shares of the Issuer's common stock based on the achievement of the vesting and performance criteria over a three-year performance period. The PSUs were fully vested on July 1, 2026.

2. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vests in three equal annual installments beginning on July 1, 2027. The vested shares will be issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares will lapse.

Remarks:

	Andrew T. Fiske (Attorney-in-Fact)	07/24/2026
	** 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.
* Form 4: SEC 1474 (03-26)