Bennett Alan D 4

What Happened

• Alan D. Bennett, Vice President — Controller of SM Energy (SM), had restricted stock units (RSUs) convert into 3,497 shares on July 1, 2026 (reported in a Form 4 filed 2026-07-02). To satisfy tax withholding/tax liability, 1,462 shares were surrendered (disposed) at an effective withholding value of $26.10 per share, totaling $38,158. After withholding, Bennett received a net 2,035 shares.
• This was not an open-market purchase or sale but the issuance of vested equity (routine RSU vesting and share-withholding for taxes).

Key Details

• Transaction date: July 1, 2026; Form 4 filed: July 2, 2026 (timely).
• Derivative/conversion (code M): 3,497 shares converted into common stock (three separate conversions: 948, 630, 1,919).
• Tax withholding/payment (code F): 1,462 shares withheld (396, 264, 802) at $26.10/share = $38,158.
• Net shares delivered to insider: 2,035 shares.
• Shares owned after transaction: not disclosed in the filing.
• Relevant footnotes: F1–F3 describe RSU grants that vest in three equal annual installments (grants dated with vesting start years 2024, 2025, 2026); vested RSUs converted to shares and restrictions lapsed when issued.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability (share withholding).

Context

• This is a routine vesting and share-withholding event (a cashless-like settlement for tax purposes), not an open-market sale or purchase. Such transactions typically reflect scheduled vesting under company grants rather than a trading decision by the insider.
• For retail investors, purchases by insiders are often more informative than routine vested-issue events; this filing mainly documents compensation vesting and tax withholding.