Carlson Michael James 4

What Happened

• Michael Carlson, President, Managed Services at STEM, reported the conversion of 3,541 restricted stock units (RSUs) into common shares on March 7, 2026, and an open-market sale of 2,079 shares on March 10, 2026. The March 10 sale was at $11.12 per share for total gross proceeds of $23,118. A portion of the shares resulting from the March 7 RSU settlement were automatically sold to cover taxes (a sell-to-cover).

Key Details

• Transaction dates and prices:
  • March 7, 2026: 3,541 RSUs converted into 3,541 shares (one-for-one) (derivative exercise/conversion, code M).
  • March 7, 2026: 3,541 shares disposed at $0.00 reflecting tax withholding / sell-to-cover (non-discretionary) (footnote F2).
  • March 10, 2026: Open-market sale of 2,079 shares at $11.12 each for $23,118 (code S).
• Shares owned after the transactions: not specified in the provided filing details.
• Relevant footnotes:
  • F1: RSUs converted one-for-one into common shares.
  • F2: Shares were automatically sold to cover tax liability on RSU settlement; not a discretionary sale.
  • F3: The RSUs were granted May 28, 2024 (10,625 RSUs total); the second installment vested March 7, 2026.
• Filing: Reported on March 10, 2026 for transactions on March 7 and March 10; appears timely based on the filing date.

Context

• This filing shows an RSU settlement (award conversion) and routine selling activity. The sell-to-cover is administrative/tax-related and not a discretionary trade signal. The separate open-market sale on March 10 generated modest proceeds ($23.1k) and may reflect personal liquidity needs rather than an investment view.