PURSELL A WADE 4

What Happened

• A. Wade Pursell, EVP & CFO of SM Energy Co (SM), reported two transactions: a gift of 7,500 shares on March 12, 2026 (disposed) and a small purchase of 184 shares on December 31, 2025 through the company's Employee Stock Purchase Plan (acquired).
• The ESPP purchase was 184 shares at $15.96 per share (total ≈ $2,937). The gift was reported as a disposition of 7,500 shares with no proceeds (standard for gifts) and therefore shows $0 consideration.

Key Details

• Transaction dates/prices:
  • 2025-12-31: Acquired 184 shares via ESPP at $15.96 each (total ≈ $2,937). (Footnote: purchase made through Issuer's Employee Stock Purchase Plan.)
  • 2026-03-12: Disposed 7,500 shares as a gift (reported at $0).
• Filing date and timeliness: Form 4 filed 2026-03-13 for reporting period 2026-03-12 (filed one day after the gift).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Transaction codes: G = Gift; J/other acquisition in this filing corresponds to ESPP purchase per footnote.

Context

• Gifts are transfers of shares (often to family or charity) and do not necessarily indicate the insider's view on the company's stock price; they are non-market dispositions.
• The ESPP purchase is a routine, small employee purchase and is a more informative purchase signal than a gift is a sale signal — but the ESPP amount here is modest (~$2.9k).
• No 10% owner or option-exercise activity is involved in these reported transactions.