[Form 4] SM Energy Company Insider Trading Activity

Rhea-AI Filing Summary

Barrett Business Services Inc. (BBSI) – Insider Form 4 filing dated 7 July 2025

Director Alexandra Morehouse McReynolds reported the following equity transactions executed on 1 July 2025:

• 3,064 common shares acquired (Transaction Code M) upon the vesting/settlement of an equal number of Restricted Stock Units (RSUs) at an exercise price of $0.00. This increased her direct common-stock holdings to 13,084 shares.
• The underlying RSU position tied to the exercised award was reduced to zero.
• On the same date, the director received a new grant of 2,344 RSUs (Transaction Code A). These RSUs vest in a single tranche on 1 July 2026 and, once vested, will convert 1-for-1 into unrestricted common shares.

No shares were sold and no derivatives were disposed of for cash consideration. All reported equity was acquired at no cost, reflecting scheduled board-compensation awards. After the transactions, Ms. McReynolds holds 13,084 common shares directly and 2,344 RSUs that remain unvested.

The filing signals continued equity alignment between the director and shareholders, but does not, by itself, represent a material corporate event for BBSI.

Positive

• Director increased direct ownership by 3,064 shares, reinforcing insider alignment with shareholders.
• No shares were sold; all activity involved acquisitions or new grants, avoiding negative perception of insider selling.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director adds 3,064 shares via RSU vesting and receives 2,344 new RSUs; no sales—incremental, mildly positive signal.

The Form 4 shows a routine board-compensation transaction. Exercising/settling 3,064 RSUs adds roughly 30% to the director’s previously held 10,020 shares, increasing her direct stake to 13,084 shares. The subsequent award of 2,344 RSUs extends her future ownership horizon through July 2026. Because the transactions involve no open-market purchases or disposals, the cash-flow impact is nil and there is no immediate dilution beyond the company’s existing equity-comp plan. While insider accumulation is generally viewed constructively, the scale is modest relative to BBSI’s 7 million-share float. Overall impact on valuation or liquidity is negligible.

Corporate Governance Specialist

TL;DR: Standard director equity grant/vesting—enhances alignment, but not materially impactful for investors.

The filing confirms BBSI’s practice of compensating directors with annual RSU grants that vest after one year. The one-for-one conversion and zero-cost exercise terms are consistent with typical non-employee director plans. The absence of concurrent share sales reduces the risk of negative optics around insider dispositions. From a governance perspective, rolling one-year vesting coupled with continued ownership supports long-term oversight incentives. Nonetheless, because the total shares involved are immaterial versus outstanding shares, investors should view this as routine disclosure rather than a signal of strategic change.

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^*

Lytle Patrick A

(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)
	Senior VP - Finance

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)		224	A	$32.7	8,229	D
Common Stock, $.01 Par Value	06/30/2025		J(2)		644	A	$21.34	8,873	D
Common Stock, $.01 Par Value	07/01/2025		M		1,223	A	(3)	10,096	D
Common Stock, $.01 Par Value	07/01/2025		F		511	D	$24.71	9,585	D
Common Stock, $.01 Par Value	07/01/2025		M		2,371	A	(4)	11,956	D
Common Stock, $.01 Par Value	07/01/2025		F		990	D	$24.71	10,966	D
Common Stock, $.01 Par Value	07/01/2025		M		1,813	A	(5)	12,779	D
Common Stock, $.01 Par Value	07/01/2025		F		757	D	$24.71	12,022	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			1,223	(3)	(3)	Common Stock, $.01 Par Value	1,223	(3)	0	D
Restricted Stock Units	(4)	07/01/2025		M			2,371	(4)	(4)	Common Stock, $.01 Par Value	2,371	(4)	2,371	D
Restricted Stock Units	(5)	07/01/2025		M			1,813	(5)	(5)	Common Stock, $.01 Par Value	1,813	(5)	3,627	D

Explanation of Responses:

1. The Reporting Person purchased 224 shares of the Issuer's common stock on December 31, 2024, through the Issuer's Employee Stock Purchase Plan.

2. The Reporting Person purchased 644 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 Barrett Business Services (BBSI) shares did the director acquire?

Alexandra Morehouse McReynolds acquired 3,064 common shares through RSU settlement on 1 July 2025.

What is the director’s total BBSI shareholding after the Form 4 transactions?

Her direct holdings increased to 13,084 common shares, plus 2,344 unvested RSUs.

Were any Barrett Business Services shares sold in this filing?

No. The Form 4 shows only acquisitions and new RSU grants; no shares were disposed of.

When will the newly granted 2,344 RSUs vest?

The new RSUs vest in one installment on 1 July 2026.

What was the exercise price for the RSU conversion?

The RSUs converted at $0.00, reflecting standard equity-compensation terms.