SM Energy boosts CEO & COO LTIP targets; CEO severance multiplier raised to 3.0x

SM Energy Co

CEO McDonald LTIP target raised to $5.8M (40% RSU, 60% PSU); COO McKenna to $2.4M (50% each).
CEO change-of-control severance multiplier increased from 2.5x to 3.0x, effective Jan 30, 2026.
Amended severance agreement recognizes Jan 30, 2026 Civitas Merger as a Change of Control.
Annual meeting: all 11 incumbent directors elected; say-on-pay approved (95%); Deloitte ratified.

item 5.02 item 5.07 item 9.01

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