Laureles Saul R. 4

What Happened

• Saul R. Laureles, Chief Legal Officer of STEM, converted/exercised performance-based equity into a total of 7,750 common shares (two conversions recorded: 5,000 and 2,750 shares) at an effective per-share exercise price of $7.81, for a cash outlay of about $60,528. The filing also shows the related cancellation/disposition of the underlying PSUs (reported at $0).
• Following the settlement, 675 shares were sold in an open-market transaction on July 2, 2026 for $7.85 per share, generating $5,299. Separately, certain shares were automatically sold to cover the reporting person’s tax withholding obligations (a "sell-to-cover"); that sell-to-cover was not a discretionary trade.

Key Details

• Transaction dates and prices:
  • June 30, 2026: Conversion/exercise of PSUs → 5,000 shares @ $7.81 ($39,050) and 2,750 shares @ $7.81 ($21,478).
  • June 30, 2026: Corresponding disposition entries for 5,000 and 2,750 PSUs at $0 (PSU settlement/cancellation).
  • July 2, 2026: Open-market sale → 675 shares @ $7.85 = $5,299.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: Some shares were automatically sold to cover tax withholding on PSU settlement (sell-to-cover)—not a discretionary trade.
  • F2–F4: PSUs granted in 2025 (5,500 on 6/30/25 and 10,000 on 7/28/25); 2,750 and 5,000 of those grants, respectively, vested on June 30, 2026 after satisfying a performance metric tied to a $17.60 VWAP threshold.
• Filing date: July 2, 2026 (listed filing date). Timeliness not indicated in the excerpt.

Context

• These entries reflect the settlement/conversion of performance stock units (PSUs) into shares and follow-up sales: the PSUs converted to shares (derivative code M), some shares were withheld/sold to cover taxes, and a small number were sold in the open market. Sell-to-cover transactions are routine for tax purposes and are not considered discretionary insider selling.