STEM (STEM) executive receives 25,800 RSUs and 17,200 PSUs in equity grants

Rhea-AI Filing Summary

Carlson Michael James reported acquisition or exercise transactions in this Form 4 filing.

STEM, INC. reported that executive Michael James Carlson received new equity awards. On February 26, 2026, he was granted 25,800 restricted stock units that vest in three nearly equal annual installments beginning March 7, 2027. He also received 17,200 performance stock units that may vest if the company’s volume-weighted average share price meets a specified stock price target over a consecutive sixty-trading-day period.

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

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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^*

Carlson Michael James

(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)
	President, Managed Services

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).
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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 Michael James Carlson?

STEM reported that executive Michael James Carlson received equity awards on February 26, 2026. He was granted 25,800 restricted stock units and 17,200 performance stock units, both representing rights to receive common shares if vesting conditions are met.

How many restricted stock units did STEM (STEM) grant to Michael James Carlson?

STEM granted Michael James Carlson 25,800 restricted stock units on February 26, 2026. These RSUs vest in three nearly equal annual installments of 33%, 33%, and 34%, starting on March 7, 2027, subject to his continued service and applicable plan terms.

What are the vesting terms for Michael James Carlson’s RSUs at STEM (STEM)?

Carlson’s 25,800 RSUs vest in three nearly equal annual installments of 33%, 33% and 34%. Vesting begins on March 7, 2027, meaning portions of the award settle into common shares over three years if conditions in the equity plan are satisfied.

What performance conditions apply to Michael James Carlson’s PSUs at STEM (STEM)?

Carlson’s 17,200 performance stock units vest only if a stock-price hurdle is met. A portion vests when the volume-weighted average price of STEM’s common stock over any consecutive sixty trading-day period equals or exceeds a specified stock price target.

Do Michael James Carlson’s RSUs and PSUs at STEM (STEM) equal common shares immediately?

No. Each restricted stock unit and performance stock unit represents a contingent right to receive one common share. Shares are delivered only if the time-based vesting for RSUs or the stock price performance conditions for PSUs are satisfied under the award terms.

Is Michael James Carlson’s Form 4 transaction at STEM (STEM) a purchase or a grant?

The Form 4 reflects equity grants, not open-market purchases. Carlson acquired 25,800 RSUs and 17,200 PSUs as awards with a stated price of $0.00 per unit, consistent with compensatory grants from the company rather than cash share purchases.