[Form 4] SM Energy Company Insider Trading Activity

Rhea-AI Filing Summary

SM Energy Company (SM) Form 4: On 25 Jul 2025 the company reported a routine insider equity award to Vice President-Controller Alan D. Bennett. The filing shows the acquisition (transaction code “A”) of 5,760 restricted stock units (RSUs) at a cost of $0. Each RSU represents the right to receive one share of SM common stock.

The RSUs vest in three equal annual installments beginning 1 Jul 2026; shares are delivered on the respective vesting dates when restrictions lapse. After the transaction, Bennett beneficially owns 5,760 derivative securities; no open-market purchases, sales, or disposals were reported and there is no immediate impact on the public float.

The grant is part of normal executive compensation and is not, by itself, expected to be material to SM Energy’s financials or share count, but it does further align the officer’s incentives with shareholder value creation.

Insights

Financial Analyst

TL;DR: Routine RSU grant; neutral effect on valuation and liquidity.

The Form 4 discloses a standard equity compensation award—5,760 RSUs—to SM Energy’s VP-Controller. No shares were sold, and the zero-cost award does not alter cash flow, leverage, or shares outstanding today. Vesting is spread over three years, creating a modest overhang of dilution (<0.01% of float) that is already contemplated in typical SBC forecasts. Such grants are commonplace among mid-cap E&P firms and should not materially influence the investment thesis or near-term trading dynamics. Overall impact: 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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bennett Alan D

(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)
	Vice President - Controller

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

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

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	(1)	07/25/2025		A		5,760		(1)	(1)	Common Stock, $.01 Par Value	5,760	$0	5,760	D

Explanation of Responses:

1. 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, 2026. 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)	07/25/2025
	** 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 RSUs did SM Energy (SM) grant to Alan Bennett on 25 July 2025?

The filing reports a grant of 5,760 restricted stock units.

What is the vesting schedule for the newly granted RSUs?

The RSUs vest in three equal annual installments beginning on 1 Jul 2026.

What transaction code and price were recorded in the Form 4?

Transaction code was “A” (award); price per RSU was $0.

Did the Form 4 disclose any sale or disposal of SM Energy shares?

No. The filing only reports an equity award; there were no sales or disposals.

How many derivative securities does Alan Bennett own after this transaction?

He beneficially owns 5,760 derivative securities (the RSUs) following the grant.