Lebeck James Barker 4

What Happened

• James Barker Lebeck, EVP Corporate Development & General Counsel of SM Energy (SM), had a restricted stock unit (RSU) grant vest on January 23, 2026 and the RSUs were issued (conversion/exercise of a derivative). 14,698 shares were issued on vesting. To satisfy tax withholding, 6,791 of those shares were disposed at $18.75 per share, generating $127,331. After withholding, 7,907 shares from this award remained issued to him. This was a vesting/tax withholding event, not an open‑market purchase or a discretionary sale.

Key Details

• Transaction date: January 23, 2026 (reported on Form 4 filed January 26, 2026)
• Conversion/exercise (code M): 14,698 shares issued (no per‑share price reported for the issuance)
• Tax withholding/disposition (code F): 6,791 shares sold/withheld at $18.75 for $127,331
• Shares remaining from this award after withholding: 7,907 (company/total holdings beyond this award not provided)
• Footnote: The RSU grant vested in one installment and restrictions lapsed on January 23, 2026 (per filing)
• No 10b5‑1 plan, late filing flag, or other special plan noted in the provided filing

Context

• This filing reflects a standard equity compensation vesting and mandatory tax withholding (common for RSU issuances). The "exercise/conversion" here is the issuance of shares upon RSU vesting; the subsequent disposition was to cover taxes, not an investment sale decision. Such transactions are routine compensation events and don't by themselves indicate insider market timing or a discretionary buy/sell signal.