How would you sharpen this?

With rectangular sharpening stones?

No. With the corners of the Sharpmaker's triangular rods. They're made specifically for the 'SpyderEdges' (serrations) on Spyderco's knives (or, for that matter, any other serrated blade).

Edited to add:
This is excerpted from Spyderco's own description of the Sharpmaker (referenced in my earlier post):

"The stones are triangular for sharpening Plainedges on the flat sides and SpyderEdges (serrations) on the corners."
 
There are other sharpeners on the market, for serrated edges. Basically, they're all similar in concept, either very narrow/round or triangular in order to fit into the serrations on the blade.

Other creative means could be employed, like wrapping sandpaper around a dowel or small screwdriver, etc.

Edited to add:
I've seen a post here, from a good while back, from somebody who used a Dremel with a felt buffing wheel & green compound to 'power strop' the serrations on a blade. As long as the serrations don't need any major repair, that sounds like it'd work pretty well too.
 
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The serrations are cut into the left side of the blade. Take a ceramic rod, round or square or triangular :) and sharpen the right side of the blade, then strop the burr off the left side. Takes a few minutes.
 
I usually do as Esav recommended but use a mini grinder with a cotton wheel and some compound to polish the edge.
 
I follow the Sharpmaker instructions to do 1-3 strokes on the side with the grind, and then one stroke on the other side just to cut off the burr.
 
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