Lebeck James Barker 4

What Happened

• James Barker Lebeck, EVP, General Counsel & Corporate Secretary of SM Energy (SM), had performance share units (PSUs) convert to 7,520 shares and was issued those shares in late July 2026. To satisfy tax withholding on that issuance, 3,291 shares were surrendered/disposed at $26.10 per share for a withholding value of $85,895. Separately, Lebeck was granted 42,752 restricted stock units (RSUs) as a derivative award (no cash paid).

Key Details

• Transaction dates: PSU shares issued on July 23, 2026 (reported on Form 4 dated July 24, 2026); Form 4 filed July 24, 2026.
• Prices/values: tax withholding disposal 3,291 shares at $26.10 each = $85,895; granted RSUs shown at $0.00 (typical for awards); PSU conversion reported as exercise/conversion (no per-share price listed).
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes: PSUs were granted July 1, 2023, represented 0–200% payout based on performance and time, and fully vested on July 1, 2026 (footnote F1). Each RSU is a contingent right to one share and vests in three equal annual installments beginning July 1, 2027 (footnote F2).
• Filing timeliness: filing dated July 24, 2026 — appears to be timely (no late filing indicated).
• Transaction codes: M = exercise/conversion of derivative (PSU conversion to shares); F = tax withholding (disposal of shares to satisfy tax liability); A = grant/award (RSU grant).

Context

• The 7,520 shares resulted from vested performance-based awards (PSUs) and were issued rather than bought on the open market. The 3,291-share disposal was for tax withholding, a routine administrative step that does not necessarily indicate a decision to sell for investment reasons. The 42,752 RSUs are restricted and will vest over future years (starting July 1, 2027), so they are not immediately tradable.