[Form 4] SM Energy Company Insider Trading Activity

Rhea-AI Filing Summary

Greif, Inc. (GEF) has filed a Form 144 indicating that insider Ole Rosgaard intends to sell 1,611 Class A shares through Fidelity Brokerage on 03 July 2025. At the most recent market price reflected in the filing, the transaction is valued at $112,771.

Key details:

• Class A shares outstanding: 26,129,971
• Proposed sale as % of shares outstanding: ~0.006%
• Broker: Fidelity Brokerage Services LLC, Smithfield, RI
• Origin of shares: Restricted-stock vesting on 16 Jan 2024, received as compensation

The filing also discloses that Rosgaard has already sold 50,156 Class A shares within the past three months, generating gross proceeds of approximately $3.38 million across three transactions (30,000 shares on 09 Jun 2025, 19,248 on 01 Jul 2025, and 908 on 02 Jul 2025).

Form 144 serves only as a notice of intent; the sale may not occur as scheduled. The disclosure allows investors to track insider selling patterns and assess potential implications for sentiment or liquidity.

Positive

• Proposed sale represents only ~0.006% of shares outstanding, indicating negligible dilution or market impact.

Negative

• Insider sold 50,156 shares (~$3.38 M) over the past three months, suggesting ongoing disposition that may influence investor sentiment.

Insights

Securities Analyst

TL;DR: Small planned sale but continued insider disposition worth noting.

Rosgaard’s planned divestiture of 1,611 shares is immaterial at 0.006% of Greif’s outstanding Class A stock. However, combined with 50 k shares sold in the prior quarter, total insider cash-outs reach ~$3.5 M. While this may relate to compensation or a 10b5-1 plan, repetitive selling can still pressure sentiment. The filing itself does not change fundamentals and should be viewed in the context of overall insider activity and upcoming earnings.

Corporate Governance Expert

TL;DR: Routine Rule 144 notice; impact neutral absent undisclosed risks.

Form 144 merely signals intent and affirms that the seller attests to no undisclosed adverse information. The proposed sale volume is de-minimis relative to float and appears linked to vested stock-based compensation. Although continuous selling by a senior insider can raise optics issues, the company’s disclosure obligations are met. No governance red flags are evident in the document itself.

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^*

Knott Kenneth J.

(Last) (First) (Middle)

1700 LINCOLN STREET

SUITE 3200

(Street)

DENVER CO 80203

(City) (State) (Zip)

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)
	SVP - Bus Dev & Land

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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, $.01 Par Value	12/31/2024		J(1)		256	A	$32.7	123,343	D
Common Stock, $.01 Par Value	06/30/2025		J(2)		575	A	$21.34	123,918	D
Common Stock, $.01 Par Value	07/01/2025		M		3,179	A	(3)	127,097	D
Common Stock, $.01 Par Value	07/01/2025		F		775	D	$24.71	126,322	D
Common Stock, $.01 Par Value	07/01/2025		M		3,952	A	(4)	130,274	D
Common Stock, $.01 Par Value	07/01/2025		F		963	D	$24.71	129,311	D
Common Stock, $.01 Par Value	07/01/2025		M		3,053	A	(5)	132,364	D
Common Stock, $.01 Par Value	07/01/2025		F		744	D	$24.71	131,620	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	(3)	07/01/2025		M			3,179	(3)	(3)	Common Stock, $.01 Par Value	3,179	(3)	0	D
Restricted Stock Units	(4)	07/01/2025		M			3,952	(4)	(4)	Common Stock, $.01 Par Value	3,952	(4)	3,952	D
Restricted Stock Units	(5)	07/01/2025		M			3,053	(5)	(5)	Common Stock, $.01 Par Value	3,053	(5)	6,109	D

Explanation of Responses:

1. The Reporting Person purchased 256 shares of the Issuer's common stock on December 31, 2024, through the Issuer's Employee Stock Purchase Plan.

2. The Reporting Person purchased 575 shares of the Issuer's common stock on June 30, 2025, through the Issuer's Employee Stock Purchase Plan.

3. Each restricted stock unit represents a contingent right to receive one share of stock. The restricted stock unit grant vested in three equal annual installments beginning on July 1, 2023. The vested shares were issued to the Reporting Person on the vesting dates, at which time all restrictions on the vested shares lapsed.

4. 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, 2024. 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.

5. 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, 2025. 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)	07/03/2025
	** 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 Greif (GEF) shares does Ole Rosgaard plan to sell?

The Form 144 states a proposed sale of 1,611 Class A shares.

What is the value of the planned insider sale in Greif's Form 144?

The aggregate market value reported is $112,771.

When is the approximate sale date for the Greif insider transaction?

The filing lists an approximate sale date of 03 July 2025.

How many Greif shares has the insider sold in the last three months?

According to the filing, 50,156 Class A shares were sold between 09 Jun 2025 and 02 Jul 2025.

What percentage of Greif’s outstanding shares does the proposed sale represent?

Approximately 0.006% of the 26,129,971 Class A shares outstanding.

Which brokerage firm will handle the Greif insider sale?

The planned transaction is through Fidelity Brokerage Services LLC.