Tappin Matthew 4

What Happened
Matthew Tappin, President, Software Products at STEM, exercised/converted derivative awards and settled vested performance stock units (PSUs). On June 30, 2026 he recorded acquisitions of 5,000 shares (@ $7.81, $39,050) and 2,750 shares (@ $7.81, $21,478) — a total acquisition cost of $60,528. The filing also shows PSUs settled on June 30 (2,750 and 5,000 shares reported with $0 proceeds) and an open-market sale on July 2, 2026 of 996 shares at $7.85 for $7,819. Footnotes indicate the $0 disposals were automatic "sell to cover" transactions to satisfy tax withholding and were not discretionary.

Key Details

• Transaction dates/prices: 6/30/2026 conversions/exercises at $7.81 (5,000 and 2,750 shares); 6/30/2026 PSU settlements (2,750 and 5,000 shares, $0, sell-to-cover); 7/02/2026 open-market sale of 996 sh @ $7.85 for $7,819.
• Vested PSUs: 7,750 PSUs vested (2,750 from a 6/30/2025 grant; 5,000 from a 7/28/2025 grant) and were settled on 6/30/2026 per footnotes.
• Tax withholding: Some shares were automatically sold to cover taxes on PSU settlement (footnote F1); this is not a discretionary sale.
• Shares owned after the transactions: Not stated in the filing.
• Filing timeliness: Report filed 2026-07-02; timeliness flagged as late (code L).

Context
PSUs are performance-based awards that convert to common stock only if a performance metric is met; here the PSUs vested after the Company achieved the stated performance metric. The filing combines derivative exercises/conversions and PSU settlement; automatic sell-to-cover is a common post-vesting tax-withholding mechanic and differs from a discretionary insider sale. The open-market sale of 996 shares is a separate disposal and generated ~$7.8K in proceeds.