Lebeck James Barker 4

What Happened

• James Barker Lebeck, EVP, General Counsel & Corporate Secretary of SM Energy (SM), had multiple restricted stock units (RSUs) convert to common shares on July 1, 2026 and also purchased shares through the company ESPP. In total 22,257 shares were issued on conversion of RSUs; 9,740 of those shares were withheld/disposed to cover tax liabilities (receipts $254,214 at $26.10/share), leaving a net 12,517 shares issued to him. Separately, he purchased 622 shares on June 30, 2026 through the Employee Stock Purchase Plan at $15.90 per share for $9,890.
• These transactions are not open-market “sales” by choice of the insider; the dispositions recorded (F code) reflect shares withheld to satisfy tax withholding on RSU vesting.

Key Details

• Dates and prices: ESPP purchase on 2026-06-30 — 622 shares at $15.90 ($9,890). RSU conversions and tax withholding on 2026-07-01 — 22,257 shares converted; 9,740 shares withheld at $26.10 for taxes (proceeds $60,187 + $69,765 + $124,262 = $254,214).
• Net new shares received from vesting: 22,257 converted − 9,740 withheld = 12,517 shares.
• Footnotes: F1 confirms the 622 ESPP purchase. F2–F4 explain the converted securities were restricted stock units that vest in scheduled installments (vesting schedules began July 1, 2024 / 2025 / 2026); vested shares were issued when restrictions lapsed.
• Filing timeliness: Form filed 2026-07-02 for transactions through 2026-07-01 — appears timely (Form 4 must generally be filed within two business days).
• Shares owned after the transactions: not provided in the supplied excerpt.

Context

• The RSU conversions were recorded as exercise/conversion of derivative awards (M code). The subsequent F-code dispositions are tax-withholding transactions (company withholding or sale of shares to cover taxes), not voluntary market sales — a common administrative step when awards vest.
• The ESPP purchase is an actual buy (usually viewed more bullish than withholding transactions). These transactions are routine compensation and withholding matters and do not, by themselves, indicate broader insider sentiment.