Filing Analysis
Stem, Inc. filed an 8-K to announce its financial results for the second quarter ended June 30, 2026. The filing serves as a formal notice that earnings results have been released via press release and investor relations slides.
📋 Key Facts
- Company announced Q2 2026 financial results on August 12, 2026.
- Financial results were issued via press release (Exhibit 99).
- Investor presentation slides are available on the company's investor relations website.
Stem, Inc. reported the results of its 2026 Annual Meeting of Stockholders held on June 3, 2026. Stockholders elected Class II directors, ratified the auditor, approved executive compensation, and approved an amendment to the 2024 Equity Incentive Plan.
📋 Key Facts
- Election of three Class II directors: Ira Birns, Adam E. Daley, and Anil Tammineedi.
- Approval of the Second Amended and Restated 2024 Equity Incentive Plan, increasing available shares by 425,000 and extending the plan term.
- Ratification of RSM US LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
- Approval of named executive officer compensation on a non-binding, advisory basis.
- Quorum was established with 4,532,097 shares present or represented by proxy (approximately 53% of total shares).
Stem, Inc. announced its financial results for the first quarter ended March 31, 2026. The company furnished the earnings press release and investor slides as part of the filing.
📋 Key Facts
- Financial results announced for the quarter ended March 31, 2026
- Filing includes Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure)
- Earnings press release and slides were made available on the company's investor relations website
- Report was signed by Saul R. Laureles, Chief Legal Officer and Secretary
Stem, Inc. dismissed Deloitte & Touche LLP as its independent auditor and appointed RSM US LLP, effective March 12, 2026. The transition appears standard with no reported disagreements or financial statement qualifications for the prior two fiscal years.
🚩 Red Flags
- Change in auditor can sometimes signal underlying accounting disputes not yet classified as formal disagreements
📋 Key Facts
- Dismissed Deloitte & Touche LLP on March 12, 2026
- Appointed RSM US LLP for the fiscal year ending December 31, 2026
- No disagreements or reportable events cited for FY 2024 or 2025
- Deloitte's previous audit reports for 2024 and 2025 were unqualified and contained no modifications
Stem, Inc. has entered into an at-the-market (ATM) equity offering program to sell up to $30 million of its common stock through Jefferies LLC. The sales will occur from time to time at prevailing market prices on the NYSE.
🚩 Red Flags
- Potential for significant shareholder dilution through the issuance of up to $30 million in new equity
- Reliance on equity markets for liquidity
📋 Key Facts
- Agreement Date: March 6, 2026
- Agent: Jefferies LLC
- Maximum Offering Amount: $30,000,000
- Agent Commission: Up to 3.0% of gross proceeds
- Registration: Shares offered under Form S-3 (No. 333-291820) effective December 11, 2025
Stem, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2025. The filing includes the formal press release and references investor presentation materials available on the company's website.
📋 Key Facts
- Reported financial results for Q4 and full year 2025 on March 4, 2026.
- The information was furnished under Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure).
- Exhibit 99 contains the full earnings press release.
- The company provided links to investor slides and supplemental materials on its investor relations website.
Stem, Inc. announced that a U.S. District Court has dismissed all claims in a putative securities class action lawsuit against the company and its former officers/directors with prejudice.
📋 Key Facts
- The dismissal was entered by the United States District Court for the Northern District of California on December 17, 2025.
- The case (In re Stem, Inc. Sec. Litig., Case No. 23-CV-02329-MMC) involved claims under federal securities laws.
- The dismissal was 'with prejudice,' meaning the claims cannot be refiled.
Stem, Inc. announced the departure of Chief Accounting Officer Rahul Shukla effective December 19, 2025, and the appointment of Jeffrey Cabot as his successor, effective January 5, 2026.
🚩 Red Flags
- Departure of a key financial officer (CAO) during the year-end period/early January transition.
- The company noted that an amendment to this report will be filed once a separation agreement with Mr. Shukla is executed, which may involve disclosure of severance or other liabilities.
📋 Key Facts
- Rahul Shukla is stepping down as CAO on a mutual agreement basis; separation agreement negotiations are ongoing.
- Jeffrey Cabot appointed as new CAO, effective January 5, 2026.
- Cabot's compensation includes a $325,000 annual base salary and a target bonus of 45% of base salary.
- New CAO to receive an initial long-term incentive equity award consisting of 14,000 shares (7,000 RSUs, 3,500 PSUs, and 3,500 stock options) vesting over three years.
- Cabot brings experience from Oak View Group, Air Methods Corporation, and Sonoco Products Company.
Stem, Inc. announced an expansion of its Board of Directors from seven to eight members and the appointment of CEO Arun Narayanan to the Board as a Class I Director.
📋 Key Facts
- Board size increased from seven to eight directors.
- CEO Arun Narayanan appointed to the Board effective December 1, 2025.
- Narayanan will serve as a Class I Director.
- The appointment was made on recommendation of the Nominating, Governance and Sustainability Committee.
- Mr. Narayanan will receive no additional compensation for his service as a director.
Stem, Inc. filed an 8-K to announce its financial results for the third quarter ended September 30, 2025. The filing includes a press release and investor presentation slides via Exhibit 99.
📋 Key Facts
- Reporting period: Quarter ended September 30, 2025
- Filing date: October 29, 2025
- The company issued a press release regarding financial results (Exhibit 99)
- Investor presentation slides were made available on the investor relations website
Stem, Inc. has amended its bylaws to reduce the quorum requirement for stockholder meetings from a majority of voting power to one-third of voting power. This change is intended to prevent meeting failures caused by a dispersed shareholder base.
🚩 Red Flags
- Reduced quorum requirements can sometimes be viewed by activist investors as a way to facilitate easier passage of certain corporate actions or management-driven initiatives with lower participation.
📋 Key Facts
- Board approved amendment on October 15, 2025.
- Quorum requirement reduced from a majority ( >50%) to one-third (~33.3%) of voting power.
- The company cited difficulties reaching quorums in the past due to its large and dispersed stockholder base.
- Goal is to avoid costs associated with adjourning meetings, such as proxy solicitation and host costs.
Stem, Inc. filed an 8-K to disclose a letter issued by CEO Arun Narayanan to shareholders via Regulation FD disclosure.
📋 Key Facts
- The filing is made pursuant to Item 7.01 (Regulation FD Disclosure).
- CEO Arun Narayanan issued a 'CEO Letter' to shareholders on September 9, 2025.
- The letter is attached as Exhibit 99 and is furnished but not filed for purposes of Section 18 of the Exchange Act.
Stem, Inc. filed an 8-K to announce its financial results for the second quarter ended June 30, 2025. The filing serves as a formal notice that earnings data has been released via press release and investor relations website.
📋 Key Facts
- Company announced Q2 2025 financial results on August 7, 2025.
- The reporting period ended June 30, 2025.
- Results were released via press release and investor relations slides.
Stem, Inc. filed an amendment to its previous 8-K to disclose the finalized terms of CFO Spencer Doran Hole's separation and a subsequent advisory agreement. The filing details cash severance payments, COBRA reimbursements, and the accelerated vesting of certain RSUs in exchange for advisory services.
🚩 Red Flags
- Departure of a key C-suite officer (CFO) can create leadership instability or signal internal friction.
- The use of an 'Amendment' to disclose terms not finalized in the original filing suggests delayed disclosure of material separation terms.
📋 Key Facts
- Spencer Doran Hole stepped down as CFO and EVP effective July 17, 2025.
- Separation Agreement includes a $475,000 cash payment (equivalent to 12 months of base salary).
- Company will reimburse COBRA premiums for up to nine months following the separation date.
- An Advisor Agreement was entered into on July 21, 2025; Mr. Hole will provide services until August 7, 2025.
- Under the Advisor Agreement, $18,269.23 in cash and accelerated vesting of specific RSUs will occur on August 7, 2025.
Stem, Inc. announced the departure of CFO Doran Hole effective July 17, 2025, and the appointment of Brian Musfeldt as his successor. The filing also serves to correct a typographical error regarding option awards in a previous 8-K.
🚩 Red Flags
- Sudden departure of CFO (effective within two weeks of announcement).
- Negotiation of separation agreement for outgoing CFO suggests potential non-standard exit terms.
📋 Key Facts
- Doran Hole is stepping down as CFO and EVP, effective July 17, 2025; he will serve as an advisor through July 31, 2025.
- Brian Musfeldt appointed as new CFO, effective July 17, 2025.
- Musfeldt's compensation includes a $400,000 annual base salary and a $50,000 sign-on cash bonus.
- New CFO to receive significant equity awards including RSUs, PSUs, and stock options vesting over multiple years.
- The filing corrects a typographical error in the July 2, 2025, 8-K regarding option awards for Brian Musfeldt.
Stem, Inc. announced the departure of CFO Doran Hole effective July 17, 2025, and the appointment of Brian Musfeldt as his successor. The transition includes a brief advisory period for the outgoing CFO to ensure an orderly handover.
🚩 Red Flags
- Sudden departure of a key executive (CFO) can sometimes signal internal friction or disagreements over financial reporting/strategy, though no specific cause was stated.
- The company is still negotiating the separation agreement for the outgoing CFO, which may lead to further disclosures regarding severance or legal settlements.
📋 Key Facts
- Doran Hole is stepping down as CFO and EVP, effective July 17, 2025.
- Mr. Hole will serve as an advisor from July 17, 2025, through July 31, 2025.
- Brian Musfeldt appointed as new CFO, effective July 17, 2025.
- Musfeldt's compensation includes a $400,000 annual base salary and a $50,000 sign-on cash bonus.
- New CFO compensation includes significant equity awards: 5,000 RSUs, 1,250 PSUs, and 1,250,000 stock options vesting in August 2027, plus an additional initial long-term incentive grant.
Stem, Inc. has entered into a significant debt exchange agreement to restructure approximately $349 million of existing convertible notes into new high-interest Senior Secured PIK Toggle Notes due 2030 and warrants.
🚩 Red Flags
- Significant increase in cost of debt (from <5% to up to 12%).
- Debt restructuring involves a significant reduction in principal amount ($349M exchanged for $155.4M), suggesting potential distress or negotiation with creditors.
- New debt is senior secured by substantially all company assets, increasing the risk profile for existing unsecured holders.
- Issuance of warrants at a $30.00 strike price suggests significant dilution if exercised.
📋 Key Facts
- Exchanged $228.8M of 0.50% Green Convertible Senior Notes (due 2028) and $121.3M of 4.25% Green Convertible Senior Notes (due 2030).
- Issued $155.4M in new 12.00%/11.00% Senior Secured PIK Toggle Notes due 2030.
- The new notes are senior secured by a first priority lien on substantially all assets of the Company and Guarantors.
- Warrants issued for 439,919 shares of Common Stock with an exercise price of $30.00 per share.
- New notes feature a 'PIK Toggle' option: 12% interest if paid in kind, or 11% if paid in cash.
Stem, Inc. has announced a 1-for-20 reverse stock split to be effective on June 23, 2025. The action also includes a reduction in authorized shares from 500 million to 250 million.
🚩 Red Flags
- Reverse stock split: Often used to combat low share prices and avoid delisting from major exchanges like the NYSE.
- Significant reduction in authorized shares (50%) suggests a restructuring of capital base.
📋 Key Facts
- Reverse stock split ratio is 1-for-20.
- Effective time: 12:01 a.m. ET on June 23, 2025.
- Authorized shares reduced from 500 million to 250 million.
- Fractional shares will be paid in cash based on the closing price on June 20, 2025.
- New CUSIP number (85859N300) will be assigned upon split-adjusted trading.
Stem, Inc. held its 2025 Annual Meeting of Stockholders on June 4, 2025, where shareholders approved several key measures including a reverse stock split and an increase in equity incentive shares.
🚩 Red Flags
- Approval of a significant reverse stock split (10:1 to 20:1) often indicates attempts to maintain exchange listing requirements or combat low share prices.
- Reduction in authorized shares combined with an increase in equity incentive plan capacity suggests aggressive capital structure management.
📋 Key Facts
- Annual Meeting held on June 4, 2025, with approximately 54% of total shares represented (89,497,115 shares).
- Shareholders approved a reverse stock split ratio ranging from 10:1 to 20:1.
- Approved an amendment to the 2024 Equity Incentive Plan to increase available shares by 4,000,000.
- Ratified Deloitte & Touche LLP as independent auditor for fiscal year ending Dec 31, 2025.
- Approved a reduction in the total number of authorized shares of common stock.
Stem, Inc. filed an 8-K to announce its financial results for the first quarter ended March 31, 2025. The filing serves as a formal notice that earnings information has been released via press release and investor relations materials.
📋 Key Facts
- Company announced Q1 2025 financial results on April 29, 2025.
- Financial results were issued via press release (Exhibit 99).
- Earnings presentation slides are available on the company's investor relations website.
STEM, Inc. announced a significant reduction in force (RIF) plan aimed at reducing global full-time workforce by approximately 27%. The restructuring is intended to prioritize software investments and drive profitable growth through cost reductions.
🚩 Red Flags
- Significant restructuring costs ($6.0M-$6.5M) impacting near-term cash flow in Q2 2025.
- Large workforce reduction (27%) may impact operational continuity or ability to execute strategy if key talent is lost.
📋 Key Facts
- Reduction in force will impact approximately 27% of the company's global full-time workforce.
- Estimated cash expenditures for the plan: $6.0 million to $6.5 million, primarily in Q2 2025.
- Expected partial year 2025 savings: approximately $24 million.
- Expected full-year 2026 savings: approximately $30 million.
- The plan is expected to be substantially complete by the end of Q2 2025.
Stem, Inc. filed an amendment to its previous 8-K to disclose the finalized material terms of a separation and release of claims agreement for former CEO John Carrington.
🚩 Red Flags
- Departure of a CEO (though this is an amendment to a previously disclosed event).
📋 Key Facts
- John Carrington stepped down as CEO and Board member effective September 11, 2024.
- Separation Agreement entered into on March 24, 2025.
- Cash payment of $600,000 (equivalent to 12 months of base salary) less withholdings.
- Company will reimburse 100% of monthly COBRA premium costs for up to 12 months following the Separation Date.
- All unvested stock options and RSUs as of the Separation Date were cancelled/forfeited, except for accelerated vesting of 171,428 RSUs in the 'Closing Grant'.
- Vested stock options remain exercisable until 3 months post-Separation Date or expiration of the award term.
Stem, Inc. announced the appointment of two new directors to its Board of Directors, effective March 17, 2025.
📋 Key Facts
- Krishna Shivram appointed as Class I director, effective March 17, 2025.
- Vasudevan (Vasu) Guruswamy appointed as Class III director, effective March 17, 2025.
- Both directors will participate in the Company's non-employee director compensation arrangements on a pro-rated basis for fiscal 2025.
- No specific board committee assignments have been determined at this time.
STEM, Inc. announced a leadership transition effective March 6, 2025, involving the movement of Michael Carlson from Chief Operating Officer to President, Managed Services.
📋 Key Facts
- Effective Date: March 6, 2025
- Michael Carlson has transitioned from Chief Operating Officer (COO) to President, Managed Services.
- The change is reported under Item 5.02 of Form 8-K.
Stem, Inc. filed an 8-K to announce its financial results for the fourth quarter and full year of 2024. The filing serves as a formal announcement of earnings release via press release.
📋 Key Facts
- Company announced Q4 and Full Year 2024 financial results on March 4, 2025.
- Financial results were released via a press release (Exhibit 99).
- The filing includes Regulation FD disclosures related to the earnings announcement.
Stem, Inc. announced the resignation of Gerard Cunningham from its Board of Directors, effective February 28, 2025. The departure is attributed to personal reasons and not due to any disagreement with the company's operations or management.
📋 Key Facts
- Gerard Cunningham resigned from the Board of Directors on February 25, 2025.
- The resignation becomes effective on February 28, 2025.
- The departure is for personal reasons and not due to any disagreement with management or the Board regarding company operations, policies, or practices.
Stem, Inc. filed an amendment to its previous 8-K to disclose the finalized material terms of a separation agreement with former CFO William Bush. The filing details cash severance, bonus provisions, and the forfeiture of unvested equity following his departure on November 8, 2024.
🚩 Red Flags
- Departure of a key executive (CFO) often signals internal transition or instability, though this is an amendment to clarify terms rather than a new departure notice.
- Forfeiture of unvested equity is standard but highlights the termination of long-term incentive alignment for the departing officer.
📋 Key Facts
- William Bush's employment ended on November 8, 2024 (Separation Date).
- The Company entered into a Separation and Release of Claims Agreement with Mr. Bush on January 30, 2025.
- Severance includes a cash payment of $318,750 (equivalent to nine months of base salary).
- Mr. Bush is entitled to a pro rata portion of his fiscal year 2024 annual incentive bonus based on Board determination.
- The agreement includes reimbursement for up to nine months of COBRA premium costs.
- All outstanding and unvested stock options and RSUs were cancelled/forfeited as of the Separation Date.
Jane Woodward has resigned from the Board of Directors of Stem, Inc., effective January 31, 2025. The resignation is for personal reasons and was not due to any disagreement with the company or its management.
📋 Key Facts
- Director Jane Woodward notified the Board of her resignation on January 17, 2025.
- The resignation will be effective as of January 31, 2025.
- Reason for departure is stated as 'personal reasons'.
- The company explicitly states there was no disagreement with management or the Board regarding operations, policies, or practices.
Stem, Inc. announced the appointment of Arun Narayanan as new CEO, effective January 27, 2025. He succeeds David Buzby, who will transition from Interim CEO and Executive Chair to a non-executive Chair role.
🚩 Red Flags
- Leadership transition following an 'Interim' CEO period often suggests recent volatility or strategic shifts in management.
📋 Key Facts
- Arun Narayanan appointed CEO effective Jan 27, 2025; previously CEO at RES Digital Solutions.
- David Buzby transitioning from Interim CEO/Executive Chair to non-executive Chair on Jan 27, 2025.
- Narayanan's compensation includes $575,000 base salary and significant RSU/PSU equity grants vesting over 2-3 years.
- Buzby's amended agreement includes a target bonus of 125% for his interim service period.
Stem, Inc. filed an 8-K to announce its financial results for the third quarter ended September 30, 2024. The filing serves as a formal notice that earnings information has been released via press release and investor relations materials.
📋 Key Facts
- Company announced Q3 2024 financial results on October 30, 2024.
- Financial results were issued via press release (Exhibit 99).
- The filing includes information regarding Results of Operations and Financial Condition under Item 2.02.
Stem, Inc. issued a press release regarding the outcome of its previously announced business strategy review via Regulation FD disclosure.
🚩 Red Flags
- Strategic reviews often precede significant restructuring, layoffs, or changes in business model which can introduce volatility.
📋 Key Facts
- The filing relates to an announcement concerning the results of a strategic business review.
- The information was disclosed on October 1, 2024.
- The company is utilizing Item 7.01 (Regulation FD Disclosure) to communicate these findings.
Stem, Inc. announced the departure of CEO John Carrington effective September 11, 2024. The Board has appointed current Executive Chair David Buzby as Interim CEO through December 31, 2024.
🚩 Red Flags
- Sudden departure of the CEO and Board member.
- Appointment of an 'Interim' CEO suggests a period of leadership instability or transition.
- The use of a strategic advisor role for the departing CEO often indicates a non-standard exit or negotiated departure.
📋 Key Facts
- CEO John Carrington stepped down from his roles as CEO and Board member on Sept 11, 2024.
- Carrington will serve as a strategic advisor through Dec 31, 2024; severance terms are currently being negotiated.
- David Buzby appointed Interim CEO effective Sept 11, 2024, while maintaining his role as Chairman and Executive Chair.
- Interim CEO compensation includes $600,000 annualized base salary (prorated) and a target bonus of 125% with a 50% guaranteed minimum.
- Buzby received a grant of 400,000 stock options with an exercise price of $1.00, vesting monthly through Dec 31, 2024.
Stem, Inc. received a notice from the NYSE stating that its common stock failed to maintain a minimum average closing price of $1.00 over 30 consecutive trading days. The company has six months to regain compliance through specific price requirements or face potential delisting.
🚩 Red Flags
- Delisting notice from NYSE (Section 802.01C).
- Stock price performance below the $1.00 minimum requirement for a sustained period.
- Risk of delisting if compliance is not met within the six-month window.
📋 Key Facts
- Received written notice from NYSE on August 28, 2024.
- Deficiency caused by average closing price falling below $1.00 per share over 30 consecutive trading days (NYSE Section 802.01C).
- The company has a six-month cure period to regain compliance.
- Compliance can be achieved if the stock closes at or above $1.00 on the last trading day of any calendar month during the cure period, with a 30-day average also meeting the $1.00 threshold.
- The notice does not trigger defaults in material debt or other agreements.
Stem, Inc. announced the resignation of Michael C. Morgan from its Board of Directors, effective October 7, 2024. The departure is attributed to personal reasons and not due to any disagreements with the company's operations or management.
📋 Key Facts
- Michael C. Morgan resigned from the Board of Directors on August 8, 2024.
- The resignation becomes effective on October 7, 2024.
- The departure is for personal reasons and not due to any disagreement with management or the Board.
Stem, Inc. announced significant leadership turnover involving the departure of its CFO and Chief Strategy Officer, alongside the appointment of a new CFO and an Executive Chair. The simultaneous exit of two key executives and the elimination of the Chief Strategy Officer role suggests organizational restructuring.
🚩 Red Flags
- Simultaneous departure of two high-level executives (CFO and CSO).
- Elimination of a C-suite role (Chief Strategy Officer) following an executive's departure.
- Negotiation of separation agreements for departing officers often indicates non-standard departures.
📋 Key Facts
- CFO William Bush is stepping down effective September 2, 2024.
- Chief Strategy Officer Prakesh Patel is departing effective immediately; his role will be eliminated.
- Doran Hole (formerly of Ameresco, Inc.) appointed as new CFO and EVP, effective September 2, 2024.
- David Buzby appointed Executive Chair of the Board, effective immediately.
- The company is negotiating separation agreements for both departing executives.
Stem, Inc. filed an 8-K to announce its second quarter 2024 financial results for the period ended June 30, 2024. The filing serves as a formal notice that earnings results have been released via press release and investor presentation.
📋 Key Facts
- Company announced Q2 2024 financial results on August 6, 2024.
- Results were published via press release (Exhibit 99) and an investor presentation.
- The filing includes a Regulation FD disclosure regarding the dissemination of non-public information.
Stem, Inc. announced the resignation of its Chief Revenue Officer, Alan Russo, effective July 12, 2024. The company stated it does not intend to seek a replacement for this role as part of a realignment to improve customer engagement and profitability.
🚩 Red Flags
- Departure of a C-suite executive (CRO) during a period of organizational realignment.
📋 Key Facts
- Alan Russo resigned as Chief Revenue Officer on June 28, 2024.
- The resignation is effective July 12, 2024.
- The company will not be hiring a replacement for the CRO position.
- The departure is part of a sales team realignment aimed at driving profitability.
Stem, Inc. held its 2024 Annual Meeting of Stockholders on May 29, 2024, where shareholders voted on several key proposals including director elections and auditor ratification. While most proposals passed, a proposal to amend the Certificate of Incorporation for officer exculpation failed to receive the required supermajority vote.
🚩 Red Flags
- Failure of Proposal 5: The rejection of officer exculpation may indicate shareholder dissatisfaction with current governance structures or liability protections for management.
📋 Key Facts
- Annual Meeting held on May 29, 2024, with approximately 63% of total shares entitled to vote represented (102,232,824 shares).
- Three Class III director nominees (David Buzby, John Carrington, and Michael C. Morgan) were elected to serve until the 2027 Annual Meeting.
- The Stem, Inc. 2024 Equity Incentive Plan was approved by stockholders.
- Compensation of named executive officers was approved on an advisory basis.
- Deloitte & Touche LLP was ratified as the independent auditor for fiscal year 2024.
- Proposal 5 (Officer Exculpation amendment) failed to reach the required 66.7% affirmative vote threshold.
Stem, Inc. filed an 8-K to announce its financial results for the first quarter ended March 31, 2024. The filing serves as a formal notice that earnings results have been released via press release and investor presentation.
📋 Key Facts
- Company announced Q1 2024 financial results on May 2, 2024.
- Results for the quarter ended March 31, 2024, were issued via press release (Exhibit 99).
- Investor presentation slides are made available on the company's investor relations website.
Stem, Inc. announced the appointment of Gerard Cunningham to its Board of Directors as a Class I director, effective April 19, 2024. The appointment brings expertise in AI, SaaS, and clean technology to the board.
📋 Key Facts
- Gerard Cunningham appointed to the Board of Directors on April 19, 2024.
- Cunningham is a former partner at McKinsey & Company, where he co-founded the global clean technology practice.
- The appointment includes a pro-rated grant of 12,138 restricted stock units (RSUs) with a value of $19,178.
- RSUs are set to vest in full on June 7, 2024, contingent upon continued service.
Stem, Inc. filed an amendment to its previous 8-K to disclose the specific material terms of a separation and consulting agreement for Robert Schaefer, President of the Behind the Meter Division.
🚩 Red Flags
- Departure of a divisional President (Behind the Meter Division).
📋 Key Facts
- Robert Schaefer will retire as President, Behind the Meter Division, effective May 3, 2024.
- Separation Agreement includes a cash payment of $425,000 (equivalent to 12 months' base salary) and pro-rata 2024 annual incentive bonus.
- The Company will reimburse 100% of COBRA premium costs for nine months following the Separation Date.
- A Consulting Agreement effective May 3, 2024, provides for a monthly fee of $5,000 through February 2, 2025.
- The 'Closing Grant' of 667,556 RSUs (vesting Feb 1, 2025) will continue to vest contingent upon performance under the Consulting Agreement.
Stem, Inc. announced the retirement of Robert Schaefer, President of the Behind the Meter Division, effective May 3, 2024. The company expects to enter into separation and consulting agreements with Mr. Schaefer at a later date.
📋 Key Facts
- Robert Schaefer is retiring from his role as President, Behind the Meter Division.
- The retirement is effective as of May 3, 2024.
- The company anticipates entering into a separation agreement and a consulting agreement with Mr. Schaefer in the future.
Stem, Inc. filed an 8-K to announce its financial results for the fourth quarter and full year of 2023. The filing serves as a formal notification that earnings data has been released via press release.
📋 Key Facts
- Reported date: February 28, 2024
- Content covers Q4 2023 and Full Year 2023 financial results
- Results were issued via press release (Exhibit 99)
- Information is furnished but not 'filed' for purposes of Section 18 of the Exchange Act