STEM (STEM) CFO receives 25,800 RSUs and 17,200 PSUs in new grant

Rhea-AI Filing Summary

Musfeldt Brian reported acquisition or exercise transactions in this Form 4 filing.

STEM, INC. Chief Financial Officer Brian Musfeldt reported equity awards consisting of restricted stock units and performance stock units, each representing the right to receive one share of common stock. These awards are part of his compensation rather than open-market purchases.

He received 25,800 restricted stock units that vest in three nearly equal annual installments of 33%, 33%, and 34%, beginning on March 7, 2027. He was also granted 17,200 performance stock units, which may vest only if the company’s volume-weighted average share price meets or exceeds a specified stock price target over a consecutive 60 trading-day period.

Insights

Equity Compensation Analyst

Routine equity awards grant STEM’s CFO additional long-term stock-based incentives.

The transactions show Brian Musfeldt, STEM’s Chief Financial Officer, receiving grants of 25,800 RSUs and 17,200 PSUs. These are non-cash awards that align part of his compensation with the company’s share performance over time.

The RSUs vest in three annual tranches starting on March 7, 2027, creating a multi-year retention incentive. The PSUs vest only if the volume-weighted average price of STEM’s stock reaches a preset target for a consecutive 60 trading-day period, tying value realization directly to sustained share-price performance.

Because these are standard incentive grants with no open-market buying or selling, they are typically viewed as routine compensation rather than a directional signal. Future company filings may detail whether and when the PSU performance conditions are actually met.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Musfeldt Brian

(Last) (First) (Middle)

1400 POST OAK BOULEVARD

SUITE 560

(Street)

HOUSTON TX 77056

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
STEM, INC. [ STEM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	02/26/2026		A		25,800		(2)	(2)	Common Stock, Par Value $0.0001 Per Share	25,800	$0	25,800	D
Performance Stock Unit	(1)	02/26/2026		A		17,200		(3)	(3)	Common Stock, Par Value $0.0001 Per Share	17,200	$0	17,200	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") and performance stock unit ("PSU") represents a contingent right to receive one share of the Issuer's common stock.

2. On February 26, 2026, the Reporting Person was granted 25,800 RSUs vesting in three nearly equal annual installments (33%, 33%, 34%), beginning on March 7, 2027.

3. On February 26, 2026, the Reporting Person was granted 17,200 PSUs, a portion of which vests, if the volume-weighted average price of the Issuer's common stock for any consecutive sixty (60) trading-day period equals or exceeds a stock price target.

Remarks:

	/s/ Sarah Dunn, attorney-in-fact	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did STEM (STEM) report for CFO Brian Musfeldt?

STEM reported that CFO Brian Musfeldt received equity awards, not open-market trades. He was granted restricted stock units and performance stock units, each representing the right to receive one share of STEM common stock, subject to time-based and performance-based vesting conditions.

How many restricted stock units did STEM’s CFO receive in the latest Form 4?

The CFO received a grant of 25,800 restricted stock units. These RSUs vest in three nearly equal annual installments of 33%, 33%, and 34%, starting on March 7, 2027, creating a multi-year incentive tied to his continued service with STEM.

What are the vesting terms for the 25,800 STEM restricted stock units?

The 25,800 restricted stock units vest over three years. STEM specified vesting in three nearly equal annual installments of 33%, 33%, and 34%, beginning on March 7, 2027, meaning the award becomes deliverable in staged portions over that period.

How many performance stock units were granted to STEM’s CFO and how do they vest?

STEM’s CFO received 17,200 performance stock units. A portion of these PSUs vests only if the volume-weighted average price of STEM’s common stock equals or exceeds a designated stock price target over any consecutive sixty trading-day period, adding a performance hurdle.

Do the STEM RSUs and PSUs each convert into one share of common stock?

Yes. Each restricted stock unit and performance stock unit represents a contingent right to receive one share of STEM common stock. Actual delivery depends on satisfying time-based vesting for RSUs and specified share-price performance conditions for the PSU portion that may vest.

Were STEM shares bought or sold on the market in this Form 4 filing?

No, the Form 4 reflects equity awards, not market trades. The transactions are coded as grants or awards, giving the CFO rights to future common shares through restricted stock units and performance stock units rather than immediate open-market purchases or sales.