# EDGAR Filing Document

**Accession Number:** 0001758766
**File Stem:** 0001758766-26-000037
**Filing Date:** 2026-4
**Character Count:** 363060
**Document Hash:** f536c968da67f199432699bbadca6ebf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001758766-26-000037.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001758766-26-000037

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260424

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STEM, INC.
- **CENTRAL INDEX KEY:** 0001758766
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 264466193
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39455
- **FILM NUMBER:** 26894341

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 POST OAK BOULEVARD, SUITE 560
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 877-374-7836

**MAIL ADDRESS:**
- **STREET 1:** 1400 POST OAK BOULEVARD, SUITE 560
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Star Peak Energy Transition Corp.
- **DATE OF NAME CHANGE:** 20200714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Star Peak Energy Acquisition Corp.
- **DATE OF NAME CHANGE:** 20181119

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roaring Fork Acquisition Corp.
- **DATE OF NAME CHANGE:** 20181109

?xml version='1.0' encoding='ASCII'? stem-20260424

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A**

**Proxy Statement Pursuant to Section 14(a) of the**

**Securities Exchange Act of 1934**

**(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)**

---

| | | |
|:---|:---|:---|
| Filed by the Registrant | Filed by the Registrant | ⌧ |
| Filed by a Party other than the Registrant | Filed by a Party other than the Registrant | □ |
| Check the appropriate box: | Check the appropriate box: | Check the appropriate box: |
| □ | Preliminary Proxy Statement | Preliminary Proxy Statement |
| □ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ⌧ | Definitive Proxy Statement | Definitive Proxy Statement |
| □ | Definitive Additional Materials | Definitive Additional Materials |
| □ | Soliciting Material under §240.14a-12 | Soliciting Material under §240.14a-12 |

---

**Stem, Inc.**

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

---

| | |
|:---|:---|
| Payment of Filing Fee (Check all boxes that apply): | Payment of Filing Fee (Check all boxes that apply): |
| ⌧ | No fee required. |
| □ | Fee paid previously with preliminary materials. |
| □ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |

---

------

![Picture1.jpg](stem-20260424_g1.jpg)

1400 Post Oak Boulevard, Suite 560, Houston, Texas 77056

**NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS**

**TO BE HELD ON JUNE 3, 2026**

To our Stockholders:

Stem, Inc. (the "Company") will hold its 2026 Annual Meeting of Stockholders (the "Annual Meeting") on Wednesday, June 3, 2026, beginning at 10:00 a.m. Central Time. The Annual Meeting will be a virtual meeting conducted exclusively online via live audio webcast at *www.virtualshareholdermeeting.com/STEM2026*. The Annual Meeting will be held for the following purposes, as more fully described in the accompanying proxy statement (the "Proxy Statement"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;to elect the three Class II director nominees named in the Proxy Statement to serve until the 2029 Annual Meeting of Stockholders and until their successors are duly elected and qualified ("Proposal 1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;to approve an amendment and restatement of our Amended and Restated 2024 Equity Incentive Plan to increase the number of shares available for issuance by 425,000 shares and to extend the plan term ("Proposal 2");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;to approve, on a non-binding, advisory basis, the compensation of our named executive officers ("Proposal 3");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;to ratify the selection of RSM US LLP as our independent registered public accounting firm for the year ending December 31, 2026 ("Proposal 4"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;to transact any other matters that may properly come before the Annual Meeting or any adjournments or postponements thereof.

Our Board of Directors (the "Board") has fixed April 10, 2026 as the record date for the Annual Meeting. Only stockholders of record at the close of business on that date will be entitled to notice of, and to vote at, the Annual Meeting or any adjournment or postponement thereof.

Instructions for accessing the virtual Annual Meeting are provided in the Proxy Statement. We believe that holding the Annual Meeting online via a live audio webcast expands stockholder access, improves communications, and lowers our costs while reducing the environmental impact of the meeting. Stockholders will be able to listen to the Annual Meeting live online, submit questions and vote their shares virtually.

By Order of the Board,

![Image_1.jpg](stem-20260424_g2.jpg)

---

| |
|:---|
| Saul R. Laureles |
| Chief Legal Officer and Corporate Secretary |
| Houston, Texas |
| April 24, 2026 |

---

**Whether or not you expect to participate in the virtual Annual Meeting, please vote as promptly as possible in order to ensure your representation at the Annual Meeting. You may vote online or, if you requested printed copies of the proxy materials, by telephone or by using the proxy card or voting instruction form provided with the printed proxy materials.**

i

------

![Picture1.jpg](stem-20260424_g1.jpg)

**PROXY OVERVIEW**

**ANNUAL MEETING OF STOCKHOLDERS**

**To Be Held on Wednesday, June 3, 2026**

![Image_11.jpg](stem-20260424_g3.jpg)

*"Thank you for being a Stem stockholder. No matter how large or small your holdings, your vote is important to us. We encourage you to vote in accordance with the Board's recommendations." —David Buzby, Chairman of the Board* 

---

| | | |
|:---|:---|:---|
| **Voting Roadmap**  | | |
| **Voting Items** | &nbsp;&nbsp;**Board's Voting**<br>**Recommendation** | **More**<br>**Information**<br>**Beginning on**<br>**Page** |
| **1.**&nbsp;&nbsp;&nbsp;&nbsp;**Election of three Class II director nominees to serve 3-year terms**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;***Ira Birns***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;***Adam E. Daley***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;***Anil Tammineedi*** | **FOR**<br>(each nominee) | **[6](#i9051f3aa71174aec8660218b96182850_19)** |
| **2.**&nbsp;&nbsp;&nbsp;&nbsp;**Approval of an amendment and restatement of the 2024 Equity Incentive Plan** | **FOR** | **[16](#i9051f3aa71174aec8660218b96182850_64)** |
| **3.**&nbsp;&nbsp;&nbsp;&nbsp;**Non-binding, advisory approval of the compensation of our named executive officers** | **FOR** | **[27](#i9051f3aa71174aec8660218b96182850_67)** |
| **4.**&nbsp;&nbsp;&nbsp;&nbsp;**Ratification of RSM US LLP as our independent auditor for 2026** | **FOR** | **[28](#i9051f3aa71174aec8660218b96182850_70)** |

---

ii

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **<u>Page</u>** |
| **[PROPOSAL 1: ELECTION OF DIRECTORS](#i9051f3aa71174aec8660218b96182850_19)** | **[6](#i9051f3aa71174aec8660218b96182850_19)** |
| **[PROPOSAL 2: APPROVAL OF](#i9051f3aa71174aec8660218b96182850_64)[AN AMENDMENT AND RESTATEMENT OF](#i9051f3aa71174aec8660218b96182850_64)[THE](#i9051f3aa71174aec8660218b96182850_64)[STEM, INC.](#i9051f3aa71174aec8660218b96182850_64)[2024 EQUITY INCENTIVE PLAN](#i9051f3aa71174aec8660218b96182850_64)** | **[16](#i9051f3aa71174aec8660218b96182850_64)** |
| **[PROPOSAL 3: ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION](#i9051f3aa71174aec8660218b96182850_67)** | **[27](#i9051f3aa71174aec8660218b96182850_67)** |
| **[PROPOSAL 4: RATIFICATION OF INDEPENDENT AUDITOR SELECTION](#i9051f3aa71174aec8660218b96182850_70)** | **[28](#i9051f3aa71174aec8660218b96182850_70)** |
| **[CORPORATE GOVERNANCE](#i9051f3aa71174aec8660218b96182850_79)** | **[31](#i9051f3aa71174aec8660218b96182850_79)** |
| **[EXECUTIVE OFFICERS](#i9051f3aa71174aec8660218b96182850_82)** | **[40](#i9051f3aa71174aec8660218b96182850_82)** |
| **[EXECUTIVE COMPENSATION](#i9051f3aa71174aec8660218b96182850_85)** | **[40](#i9051f3aa71174aec8660218b96182850_85)** |
| **[DIRECTOR COMPENSATION](#i9051f3aa71174aec8660218b96182850_124)** | **[59](#i9051f3aa71174aec8660218b96182850_124)** |
| **[CERTAIN INFORMATION ABOUT OUR COMMON STOCK](#i9051f3aa71174aec8660218b96182850_127)** | **[61](#i9051f3aa71174aec8660218b96182850_127)** |
| **[CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#i9051f3aa71174aec8660218b96182850_130)** | **[63](#i9051f3aa71174aec8660218b96182850_130)** |
| **[OTHER MATTERS](#i9051f3aa71174aec8660218b96182850_133)** | **[64](#i9051f3aa71174aec8660218b96182850_133)** |
| **APPENDIX A: STEM, INC. AMENDED AND RESTATED 2024 EQUITY INCENTIVE PLAN** | **A-1** |

---

iii

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**LEGAL MATTERS**

***Important Notice Regarding the Availability of Proxy Materials for the 2026 Annual Meeting of Stockholders to Be Held on June 3, 2026***. The Proxy Statement and our Annual Report on Form 10-K for the year ended December 31, 2025 are available at *www.proxyvote.com*.

***Forward-Looking Statements***. The Proxy Statement may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements other than statements of historical fact included in the Proxy Statement are forward-looking statements, including statements about the Company's Board of Directors, corporate governance practices, executive compensation program, equity compensation utilization, and environment, social, and governance initiatives. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "plan," or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that could cause our actual results or outcomes to differ materially from the forward-looking statements expressed or implied in the Proxy Statement. Such risks, uncertainties, and other factors include those identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission ("SEC") and other subsequent documents we file with the SEC. The Company expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events, or otherwise, except as required by law.

***Website References***. Website references throughout this document are inactive textual references and provided for convenience only, and the content on the referenced websites is not incorporated herein by reference and does not constitute a part of the Proxy Statement.

***Use of Trademarks***. Trademarks of Stem, Inc. include Stem, PowerTrack<sup>™</sup>, PowerTrack Sage<sup>™</sup>, Athena<sup>®</sup> a registered-trademark, and Athena's trademarked applications include "Analyzer<sup>™</sup>," "Supervisor<sup>™</sup>," "Explorer<sup>™</sup>," and "PowerBidder<sup>™</sup>." Other names and brands may be claimed as the property of others.

***Company References***. Unless the context otherwise requires, references in the Proxy Statement to "Stem," "we," "us," "our," or the "Company" refer to Stem, Inc. and its consolidated subsidiaries. The Company was originally known as Star Peak Energy Transition Corp. ("STPK"). On April 28, 2021, we merged with an affiliate of STPK (the "Merger").

***Reverse Stock Split***. Effective June 23, 2025, the Company effected a reverse stock split of all outstanding shares of the Company's common stock at a ratio of 1-for-20. Unless otherwise specified, all share amounts and related figures (as applicable) reported in this Proxy Statement are presented on a post-split basis.

iv

------

![Picture1.jpg](stem-20260424_g1.jpg)

1400 Post Oak Boulevard, Suite 560, Houston, Texas 77056

**PROXY STATEMENT**

**FOR THE 2026 ANNUAL MEETING OF STOCKHOLDERS**

**QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND VOTING**

**What Is the Purpose of These Proxy Materials?**

We are making these proxy materials available to you in connection with the solicitation of proxies by our Board of Directors (the "Board") for use at our 2026 Annual Meeting of Stockholders (the "Annual Meeting"), to be held virtually on June 3, 2026 at 10:00 a.m. Central Time, or at any other time following adjournment or postponement thereof. You are invited to participate in the Annual Meeting and to vote on the proposals described in this Proxy Statement. The proxy materials will be first made available to our stockholders on or about April 24, 2026.

**Why Did I Receive a Notice of Internet Availability?** 

Pursuant to SEC rules, we are furnishing the proxy materials to our stockholders primarily via the Internet instead of mailing printed copies. This process allows us to expedite our stockholders' receipt of proxy materials, lower the costs of printing and mailing the proxy materials, and reduce the environmental impact of our Annual Meeting. If you received a Notice of Internet Availability of Proxy Materials (the "Notice"), you will not receive a printed copy of the proxy materials unless you request one. The Notice provides instructions on how to access the proxy materials for the Annual Meeting via the Internet, how to request a printed set of proxy materials, and how to vote your shares.

**Why Are We Holding a Virtual Annual Meeting?** 

We have adopted a virtual meeting format for the Annual Meeting to provide a consistent experience to all stockholders regardless of geographic location. We believe this expands stockholder access, improves communications, and lowers our costs, while reducing the environmental impact of the meeting. In structuring our virtual Annual Meeting, our goal is to enhance rather than constrain stockholder participation in the meeting, and we have designed the meeting to provide stockholders with the same rights and opportunities to participate as they would have at an in-person meeting.

**Who Can Vote?** 

Only stockholders of record at the close of business on April 10, 2026 (the "Record Date") are entitled to notice of the Annual Meeting and to vote on the proposals described in this Proxy Statement. At the close of business on the Record Date, 8,567,840 shares of our common stock were issued and outstanding.

**What Is the Difference between Holding Shares of Common Stock as a Registered Stockholder and as a Beneficial Owner?** 

*Registered Stockholder: Shares Registered in Your Name* 

If your shares of common stock are registered directly in your name with our transfer agent, Computershare Trust Company, N.A., you are considered to be, with respect to those shares of common stock, the registered stockholder, and these proxy materials are being sent directly to you by us.

*Beneficial Owner: Shares Registered in the Name of a Broker, Fiduciary, or Custodian* 

If your shares of common stock are held by a broker, fiduciary, or custodian, you are considered the beneficial owner of shares of common stock held in "street name," and these proxy materials are being forwarded to you from that broker, fiduciary, or custodian.

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**How Can I Participate in the Virtual Annual Meeting?** 

Only stockholders of record and beneficial owners of shares of our common stock as of the close of business on April 10, 2026, the Record Date, may attend and participate in the virtual Annual Meeting, including to vote and ask questions. Because the Annual Meeting is solely virtual, you will not be able to attend the Annual Meeting physically in person.

*If you are the beneficial owner of shares held of record (i.e. in "street name") by a broker, bank, or other nominee*, you will receive voting instructions from your broker, bank, or other nominee. If your voting instruction form or Notice indicates that you may vote those shares through *www.proxyvote.com*, then you may access, participate in and vote at the Annual Meeting with the 16-digit access code indicated on that voting instruction form or Notice. Otherwise, stockholders who hold their shares in street name should contact their bank, broker or other nominee (preferably at least five days before the Annual Meeting) and obtain a "legal proxy" in order to be able to attend, participate in or vote at the Annual Meeting.

*If you are the stockholder of record*, you may vote and ask questions at the meeting by logging on to the meeting website at *www.virtualshareholdermeeting.com/STEM2026*, enter the control number found on your proxy card or Notice, and follow the instructions on the website.

We will endeavor to answer as many stockholder-submitted questions as time permits that comply with the Annual Meeting rules of conduct. We reserve the right to edit profanity or other inappropriate language and to exclude questions regarding topics that are not pertinent to meeting matters or Company business. If we receive substantially similar questions, we may group such questions together and provide a single response to avoid repetition.

The meeting webcast will begin promptly at 10:00 a.m. Central Time. Online check-in will begin approximately 15 minutes before then. We encourage you to allow ample time for check-in procedures. If you experience technical difficulties during the check-in process or during the meeting, please call the number listed on the meeting website for technical support. Additional information regarding the rules and procedures for participating in the Annual Meeting will be set forth in our meeting rules of conduct, which stockholders can view during the meeting at the meeting website.

**What Am I Voting on?**

The proposals to be voted on at the Annual Meeting are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to elect the three Class II director nominees named in the Proxy Statement to serve until the 2029 Annual Meeting of Stockholders and until their successors are duly elected and qualified ("Proposal 1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to approve an amendment and restatement of our Amended and Restated 2024 Equity Incentive Plan to increase the number of shares available for issuance by 425,000 shares and to extend the plan term ("Proposal 2");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)to approve, on a non-binding, advisory basis, the compensation of our named executive officers ("Proposal 3");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)to ratify the selection of RSM US LLP as our independent registered public accounting firm for the year ending December 31, 2026 ("Proposal 4"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)to transact any other matters that may properly come before the Annual Meeting or any adjournments or postponements thereof.

**How Does the Board Recommend That I Vote?**

The Board recommends that you vote your shares "**FOR**" each director nominee in Proposal 1 and "**FOR**" Proposals 2 through 4.

**What If Another Matter Is Properly Brought before the Annual Meeting?**

As of the date of filing this Proxy Statement, the Board knows of no other matters that will be presented for consideration at the Annual Meeting. If any other matters are properly brought before the Annual Meeting, it is the intention of the persons named as proxies in the proxy card to vote on such matters in accordance with their best judgment.

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**How Many Votes Do I Have?** 

Each share of common stock is entitled to one vote on each proposal to be voted on at the Annual Meeting.

**What Does It Mean If I Receive More Than One Set of Proxy Materials?** 

If you receive more than one set of proxy materials, your shares may be registered in more than one name or held in different accounts. Please cast your vote with respect to each set of proxy materials that you receive to ensure that all of your shares are voted.

**How Do I Vote?** 

*Registered Stockholder: Shares Registered in Your Name* 

If you are the registered stockholder, you may vote your shares online during the virtual Annual Meeting (see "How Can I Participate in the Virtual Annual Meeting?" above) or by proxy in advance of the Annual Meeting by Internet at *www.proxyvote.com* or, if you requested paper copies of the proxy materials, by completing and mailing a proxy card or by telephone at 1-800-690-6903. Even if you plan to attend the Annual Meeting, we recommend that you also submit your vote as early as possible in advance so that your vote will be counted if you later decide not to, or are unable to, virtually attend the Annual Meeting.

*Beneficial Owner: Shares Registered in the Name of a Broker, Fiduciary, or Custodian* 

If you are the beneficial owner, you will receive voting instructions from your broker, bank, or other nominee. You must follow the voting instructions provided by your broker, bank, or other nominee in order to instruct your broker, bank, or other nominee how to vote your shares. The availability of Internet and telephone voting options will depend on the voting process of your broker, bank, or other nominee. You may not vote your shares live at the Annual Meeting unless you obtain a legal proxy from your broker, bank, or other nominee.

**What Happens If I Do Not Vote?** 

*Registered Stockholder: Shares Registered in Your Name* 

If you are the registered stockholder and do not vote in one of the ways described above, your shares will not be voted at the Annual Meeting and will not be counted toward the quorum requirement.

*Beneficial Owner: Shares Registered in the Name of a Broker, Fiduciary, or Custodian* 

If you are the beneficial owner and do not direct your broker, fiduciary, or custodian how to vote your shares, your broker, fiduciary, or custodian will only be able to vote your shares with respect to proposals considered to be "routine." Your broker, fiduciary, or custodian is not entitled to vote your shares with respect to "non-routine" proposals, which we refer to as a "broker non-vote." Whether a proposal is considered routine or non-routine is subject to stock exchange rules and final determination by the stock exchange. Even with respect to routine matters, some brokers are choosing not to exercise discretionary voting authority. As a result, we urge you to direct your broker, fiduciary, or custodian how to vote your shares on all proposals to ensure that your vote is counted.

**What If I Sign and Return a Proxy Card or Otherwise Vote but Do Not Indicate Specific Choices?** 

*Registered Stockholder: Shares Registered in Your Name* 

The shares represented by each signed and returned proxy will be voted at the Annual Meeting by the persons named as proxies in the proxy card in accordance with the instructions indicated on the proxy card. However, if you are the registered stockholder and sign and return your proxy card without giving specific instructions, the persons named as proxies in the proxy card will vote your shares in accordance with the recommendations of the Board. Your shares will be counted toward the quorum requirement.

*Beneficial Owner: Shares Registered in the Name of a Broker, Fiduciary, or Custodian* 

If you are the beneficial owner and sign and return your voting instruction form without giving specific instructions, your broker, fiduciary, or custodian will only be able to vote your shares with respect to proposals considered to be

------

"routine." Your broker, fiduciary, or custodian is not entitled to vote your shares with respect to "non-routine" proposals, resulting in a broker non-vote with respect to such proposals.

**Can I Change My Vote after I Submit My Proxy?** 

*Registered Stockholder: Shares Registered in Your Name* 

If you are the registered stockholder, you may revoke your proxy at any time before the final vote at the Annual Meeting in any one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;you may complete and submit a new proxy card, but it must bear a later date than the original proxy card;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;you may submit new proxy instructions via telephone or the Internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;you may send a timely written notice that you are revoking your proxy to our Corporate Secretary at the address set forth on the first page of this Proxy Statement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;you may vote by attending the Annual Meeting virtually. However, your virtual attendance at the Annual Meeting will not, by itself, revoke your proxy.

Your last submitted vote is the one that will be counted.

*Beneficial Owner: Shares Registered in the Name of a Broker, Fiduciary, or Custodian* 

If you are the beneficial owner, you must follow the instructions you receive from your broker, fiduciary, or custodian with respect to changing your vote.

**What Is the Quorum Requirement?** 

The holders of one-third of the shares of common stock outstanding and entitled to vote at the Annual Meeting must be present at the Annual Meeting, either virtually or represented by proxy, to constitute a quorum. A quorum is required to transact business at the Annual Meeting.

Your shares will be counted toward the quorum only if you submit a valid proxy (or a valid proxy is submitted on your behalf by your broker, fiduciary, or custodian) or if you attend the Annual Meeting virtually and vote. Abstentions and broker non-votes will be counted toward the quorum requirement. If there is no quorum, the chairman of the Annual Meeting or the holders of a majority of shares of common stock virtually present at the Annual Meeting, either personally or by proxy, may adjourn the Annual Meeting to another time or date.

**How Many Votes Are Required to Approve Each Proposal and How Are Votes Counted?** 

Votes will be counted by a representative of Carideo Group, who has been appointed as the independent Inspector of Elections for the Annual Meeting.

*Proposal 1: Election of Directors* 

A nominee will be elected as a director at the Annual Meeting if the nominee receives a plurality of the votes cast "FOR" their election. "Plurality" means that the individuals who receive the largest number of votes cast "FOR" are elected as directors. Broker non-votes, if any, and votes that are withheld will not be counted as votes cast on the proposal and will have no effect on the outcome of the election. Stockholders do not have cumulative voting rights for the election of directors.

*Proposal 2: Approval of an Amendment and Restatement of the 2024 Equity Incentive Plan* 

The affirmative vote of a majority of shares of common stock present or represented at the Annual Meeting and entitled to vote thereon is required for the approval of this proposal. Abstentions will have the same effect as a vote "AGAINST" the proposal. Broker non-votes, if any, will have no effect on the outcome of this proposal.

*Proposal 3: Non-binding, Advisory Approval of Named Executive Officer Compensation* 

The affirmative vote of a majority of shares of common stock present or represented at the Annual Meeting and entitled to vote thereon is required for the approval of this proposal. Abstentions will have the same effect as a vote "AGAINST" the proposal. Broker non-votes, if any, will have no effect on the outcome of this proposal.

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*Proposal 4: Ratification of Independent Auditor Selection* 

The affirmative vote of a majority of shares of common stock present or represented at the Annual Meeting and entitled to vote thereon is required for the approval of this proposal. Abstentions will have the same effect as a vote "AGAINST" the proposal. Broker non-votes, if any, will have no effect on the outcome of this proposal.

**Who Is Paying for This Proxy Solicitation?** 

We will pay the costs associated with the solicitation of proxies, including the preparation, assembly, printing, and mailing of the proxy materials. We have retained D.F. King & Co., Inc. and its affiliate to assist in the solicitation of proxies for a fee estimated at $5,500 plus reasonable expenses. Our employees, officers, and directors may solicit proxies in person or via telephone or the Internet. We will not pay additional compensation for any of these services. We may also reimburse brokers, fiduciaries, or custodians for the cost of forwarding proxy materials to beneficial owners of shares of common stock held in "street name."

**How Can I Find out the Voting Results?** 

We expect to announce preliminary voting results at the Annual Meeting. We will disclose final voting results in a Current Report on Form 8-K that we will file with the SEC within four business days after the Annual Meeting.

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**PROPOSAL 1: ELECTION OF DIRECTORS**

Our Board is currently divided into three classes, with members of each class holding office for staggered three-year terms.

There are currently three Class I directors, whose terms expire at the 2028 Annual Meeting of Stockholders; three Class II directors who are up for election at the Annual Meeting to serve for terms expiring at the 2029 Annual Meeting of Stockholders; and two Class III directors, whose terms expire at the 2027 Annual Meeting of Stockholders, in all cases until their successors have been duly elected and qualified or until the earlier of their resignation or removal.

Our Board has nominated Ira Birns, Adam E. Daley and Anil Tammineedi for election as Class II directors. Mr. Birns was appointed to the Board in November 2023 and was identified to us by an outside law firm. Messrs. Daley and Tammineedi were most recently elected by stockholders at the 2023 Annual Meeting of Stockholders. Each has indicated that they are willing and able to serve as directors. However, if any of them becomes unable or, for good cause, unwilling to serve, proxies may be voted for the election of such other person as will be designated by our Board, or the Board may decrease the size of the Board.

**Information Regarding Director Nominees and Continuing Directors**

Biographical and other information regarding our director nominees and directors continuing in office, including the primary skills and experiences considered by our Nominating, Governance and Sustainability Committee (the "Nominating Committee") in determining to recommend them as nominees, is set forth below.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Class** | &nbsp;&nbsp;**Age**<br>(as of April 24, 2026) | **Position** |
| David Buzby  | III | 66 | &nbsp;&nbsp;Independent Chairman of the Board |
| Ira Birns <sup>(1)</sup> | II | 63 | &nbsp;&nbsp;Independent Director |
| Adam E. Daley <sup>(1), (2)</sup> | II | 49 | &nbsp;&nbsp;Independent Director |
| Vasudevan (Vasu) Guruswamy <sup>(3)</sup> | III | 65 | &nbsp;&nbsp;Independent Director |
| Krishna Shivram <sup>(2)</sup> | I | 63 | &nbsp;&nbsp;Independent Director |
| Anil Tammineedi <sup>(2), (3)</sup> | II | 49 | &nbsp;&nbsp;Independent Director |
| Laura D'Andrea Tyson <sup>(1), (3)</sup> | I | 78 | &nbsp;&nbsp;Independent Director |
| Arun Narayanan | I | 51 | &nbsp;&nbsp;Chief Executive Officer and Director |

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<sup>(1)</sup> Member of the Audit Committee.

<sup>(2)</sup> Member of the Compensation Committee.

<sup>(3)</sup> Member of the Nominating Committee.

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***Class II Director Nominees***

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|:---|:---|
| ![Ira Birns Headshot for Proxy.jpg](stem-20260424_g4.jpg) | **IRA BIRNS**<br>**INDEPENDENT DIRECTOR**<br>**CHAIR, AUDIT COMMITTEE** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Mr. Birns has served as a member of our Board since November 2023.<br>Mr. Birns is qualified to serve as a director due to his extensive experience in management, finance, and accounting, as well as his significant experience in M&A, capital markets, investor relations, and in the energy sector, including renewable fuels and power. | **Chief Executive Officer and Member of Board of Directors at World Kinect Corp. (f/k/a World Fuel Services Corporation) (NYSE: WKC)**, a global energy management company offering fulfillment and related services to customers in the aviation, marine and land transportation industries, *January 2026 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;President, *October 2025 – December 2025*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Financial Officer, *April 2025 – October 2025*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and Chief Financial Officer, *2007 – April 2025*<br>**Vice President – Treasurer at Arrow Electronics, Inc. (NYSE: ARW)**, a global provider of technology products, services, and solutions to technology manufacturers and service providers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer, *2002 – 2007*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, *1996 – 2002*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer, *1989 – 1996*<br>**<u>EDUCATION</u>**<br>**BBA Public Accounting**, Hofstra University<br>**Certified Public Accountant**<br>**Certified Treasury Professional** |
| Mr. Birns has served as a member of our Board since November 2023.<br>Mr. Birns is qualified to serve as a director due to his extensive experience in management, finance, and accounting, as well as his significant experience in M&A, capital markets, investor relations, and in the energy sector, including renewable fuels and power. | **Chief Executive Officer and Member of Board of Directors at World Kinect Corp. (f/k/a World Fuel Services Corporation) (NYSE: WKC)**, a global energy management company offering fulfillment and related services to customers in the aviation, marine and land transportation industries, *January 2026 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;President, *October 2025 – December 2025*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Financial Officer, *April 2025 – October 2025*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and Chief Financial Officer, *2007 – April 2025*<br>**Vice President – Treasurer at Arrow Electronics, Inc. (NYSE: ARW)**, a global provider of technology products, services, and solutions to technology manufacturers and service providers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer, *2002 – 2007*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, *1996 – 2002*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer, *1989 – 1996*<br>**<u>EDUCATION</u>**<br>**BBA Public Accounting**, Hofstra University<br>**Certified Public Accountant**<br>**Certified Treasury Professional** |
| Mr. Birns has served as a member of our Board since November 2023.<br>Mr. Birns is qualified to serve as a director due to his extensive experience in management, finance, and accounting, as well as his significant experience in M&A, capital markets, investor relations, and in the energy sector, including renewable fuels and power. | **Chief Executive Officer and Member of Board of Directors at World Kinect Corp. (f/k/a World Fuel Services Corporation) (NYSE: WKC)**, a global energy management company offering fulfillment and related services to customers in the aviation, marine and land transportation industries, *January 2026 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;President, *October 2025 – December 2025*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Financial Officer, *April 2025 – October 2025*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and Chief Financial Officer, *2007 – April 2025*<br>**Vice President – Treasurer at Arrow Electronics, Inc. (NYSE: ARW)**, a global provider of technology products, services, and solutions to technology manufacturers and service providers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer, *2002 – 2007*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, *1996 – 2002*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer, *1989 – 1996*<br>**<u>EDUCATION</u>**<br>**BBA Public Accounting**, Hofstra University<br>**Certified Public Accountant**<br>**Certified Treasury Professional** |

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|:---|:---|
| ![Image_6.jpg](stem-20260424_g5.jpg) | **ADAM E. DALEY**<br>**INDEPENDENT DIRECTOR**<br>**MEMBER, AUDIT COMMITTEE**<br>**MEMBER, COMPENSATION COMMITTEE** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Mr. Daley has served as a member of our Board since the closing of our IPO in April 2021 and was a member of the STPK board of directors from 2020 until our IPO.<br>Mr. Daley is qualified to serve as a director due to his broad transactional experience in the energy, energy infrastructure, and renewables sectors, his strong strategic focus and his financial expertise, all of which enable him to make valuable contributions to Stem's financial and strategic planning and industry competitiveness. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder & Managing Partner at Elda River Capital Management*,* LLC**, a real assets investment firm focusing on energy transition and infrastructure opportunities, *2024 – present*<br>**Partner, Co-Head of Magnetar's Energy & Infrastructure Group, and Member of the Management Committee and Investment Committee at Magnetar Capital LLC**, a leading alternative investment management firm, *2005 – 2024*<br>**Investment Banker at Global Corporate & Investment Bank of Citigroup (NYSE: C)**, an investment bank, *1999 – 2005*<br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**Star Peak Corp. II (formerly NYSE: STPC)**, merged with Benson Hill, a sustainable food technology company, *January 2021 – September 2021*<br>*Private Companies:*<br>**Vesper Energy Development LLC**, a developer and operator of utility-scale renewable energy and energy storage assets, *2020 – present*<br>**Double Eagle Energy III, LLC**, an energy exploration, development, and production company, *2018 – present*<br>**DoublePoint Energy, LLC**, a developer of energy assets, *2018* – *present*<br>**MC Tumbleweed Royalty, LLC**, an exploration development and production company, *2020 – present*<br>**Double Eagle Energy Holdings V, LLC**, an energy exploration, development and production company, *2024 – present*<br>**<u>EDUCATION</u>**<br>**BS, Finance**, with High Honors from the University of Illinois |
| Mr. Daley has served as a member of our Board since the closing of our IPO in April 2021 and was a member of the STPK board of directors from 2020 until our IPO.<br>Mr. Daley is qualified to serve as a director due to his broad transactional experience in the energy, energy infrastructure, and renewables sectors, his strong strategic focus and his financial expertise, all of which enable him to make valuable contributions to Stem's financial and strategic planning and industry competitiveness. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder & Managing Partner at Elda River Capital Management*,* LLC**, a real assets investment firm focusing on energy transition and infrastructure opportunities, *2024 – present*<br>**Partner, Co-Head of Magnetar's Energy & Infrastructure Group, and Member of the Management Committee and Investment Committee at Magnetar Capital LLC**, a leading alternative investment management firm, *2005 – 2024*<br>**Investment Banker at Global Corporate & Investment Bank of Citigroup (NYSE: C)**, an investment bank, *1999 – 2005*<br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**Star Peak Corp. II (formerly NYSE: STPC)**, merged with Benson Hill, a sustainable food technology company, *January 2021 – September 2021*<br>*Private Companies:*<br>**Vesper Energy Development LLC**, a developer and operator of utility-scale renewable energy and energy storage assets, *2020 – present*<br>**Double Eagle Energy III, LLC**, an energy exploration, development, and production company, *2018 – present*<br>**DoublePoint Energy, LLC**, a developer of energy assets, *2018* – *present*<br>**MC Tumbleweed Royalty, LLC**, an exploration development and production company, *2020 – present*<br>**Double Eagle Energy Holdings V, LLC**, an energy exploration, development and production company, *2024 – present*<br>**<u>EDUCATION</u>**<br>**BS, Finance**, with High Honors from the University of Illinois |
| Mr. Daley has served as a member of our Board since the closing of our IPO in April 2021 and was a member of the STPK board of directors from 2020 until our IPO.<br>Mr. Daley is qualified to serve as a director due to his broad transactional experience in the energy, energy infrastructure, and renewables sectors, his strong strategic focus and his financial expertise, all of which enable him to make valuable contributions to Stem's financial and strategic planning and industry competitiveness. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder & Managing Partner at Elda River Capital Management*,* LLC**, a real assets investment firm focusing on energy transition and infrastructure opportunities, *2024 – present*<br>**Partner, Co-Head of Magnetar's Energy & Infrastructure Group, and Member of the Management Committee and Investment Committee at Magnetar Capital LLC**, a leading alternative investment management firm, *2005 – 2024*<br>**Investment Banker at Global Corporate & Investment Bank of Citigroup (NYSE: C)**, an investment bank, *1999 – 2005*<br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**Star Peak Corp. II (formerly NYSE: STPC)**, merged with Benson Hill, a sustainable food technology company, *January 2021 – September 2021*<br>*Private Companies:*<br>**Vesper Energy Development LLC**, a developer and operator of utility-scale renewable energy and energy storage assets, *2020 – present*<br>**Double Eagle Energy III, LLC**, an energy exploration, development, and production company, *2018 – present*<br>**DoublePoint Energy, LLC**, a developer of energy assets, *2018* – *present*<br>**MC Tumbleweed Royalty, LLC**, an exploration development and production company, *2020 – present*<br>**Double Eagle Energy Holdings V, LLC**, an energy exploration, development and production company, *2024 – present*<br>**<u>EDUCATION</u>**<br>**BS, Finance**, with High Honors from the University of Illinois |
| Mr. Daley has served as a member of our Board since the closing of our IPO in April 2021 and was a member of the STPK board of directors from 2020 until our IPO.<br>Mr. Daley is qualified to serve as a director due to his broad transactional experience in the energy, energy infrastructure, and renewables sectors, his strong strategic focus and his financial expertise, all of which enable him to make valuable contributions to Stem's financial and strategic planning and industry competitiveness. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder & Managing Partner at Elda River Capital Management*,* LLC**, a real assets investment firm focusing on energy transition and infrastructure opportunities, *2024 – present*<br>**Partner, Co-Head of Magnetar's Energy & Infrastructure Group, and Member of the Management Committee and Investment Committee at Magnetar Capital LLC**, a leading alternative investment management firm, *2005 – 2024*<br>**Investment Banker at Global Corporate & Investment Bank of Citigroup (NYSE: C)**, an investment bank, *1999 – 2005*<br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**Star Peak Corp. II (formerly NYSE: STPC)**, merged with Benson Hill, a sustainable food technology company, *January 2021 – September 2021*<br>*Private Companies:*<br>**Vesper Energy Development LLC**, a developer and operator of utility-scale renewable energy and energy storage assets, *2020 – present*<br>**Double Eagle Energy III, LLC**, an energy exploration, development, and production company, *2018 – present*<br>**DoublePoint Energy, LLC**, a developer of energy assets, *2018* – *present*<br>**MC Tumbleweed Royalty, LLC**, an exploration development and production company, *2020 – present*<br>**Double Eagle Energy Holdings V, LLC**, an energy exploration, development and production company, *2024 – present*<br>**<u>EDUCATION</u>**<br>**BS, Finance**, with High Honors from the University of Illinois |
| Mr. Daley has served as a member of our Board since the closing of our IPO in April 2021 and was a member of the STPK board of directors from 2020 until our IPO.<br>Mr. Daley is qualified to serve as a director due to his broad transactional experience in the energy, energy infrastructure, and renewables sectors, his strong strategic focus and his financial expertise, all of which enable him to make valuable contributions to Stem's financial and strategic planning and industry competitiveness. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder & Managing Partner at Elda River Capital Management*,* LLC**, a real assets investment firm focusing on energy transition and infrastructure opportunities, *2024 – present*<br>**Partner, Co-Head of Magnetar's Energy & Infrastructure Group, and Member of the Management Committee and Investment Committee at Magnetar Capital LLC**, a leading alternative investment management firm, *2005 – 2024*<br>**Investment Banker at Global Corporate & Investment Bank of Citigroup (NYSE: C)**, an investment bank, *1999 – 2005*<br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**Star Peak Corp. II (formerly NYSE: STPC)**, merged with Benson Hill, a sustainable food technology company, *January 2021 – September 2021*<br>*Private Companies:*<br>**Vesper Energy Development LLC**, a developer and operator of utility-scale renewable energy and energy storage assets, *2020 – present*<br>**Double Eagle Energy III, LLC**, an energy exploration, development, and production company, *2018 – present*<br>**DoublePoint Energy, LLC**, a developer of energy assets, *2018* – *present*<br>**MC Tumbleweed Royalty, LLC**, an exploration development and production company, *2020 – present*<br>**Double Eagle Energy Holdings V, LLC**, an energy exploration, development and production company, *2024 – present*<br>**<u>EDUCATION</u>**<br>**BS, Finance**, with High Honors from the University of Illinois |

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|:---|:---|
| ![Image_7.jpg](stem-20260424_g6.jpg) | **ANIL TAMMINEEDI**<br>**INDEPENDENT DIRECTOR**<br>**MEMBER, COMPENSATION COMMITTEE**<br>**MEMBER, NOMINATING COMMITTEE** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Mr. Tammineedi has served as member of our Board since the closing of our IPO in April 2021 and was a member of the Legacy Stem board of directors from 2019 until our IPO.<br>Mr. Tammineedi is qualified to serve as a director due to his extensive experience in the technology sector and with high-growth and clean energy companies, and as a director on the boards of other companies, as well as his financial expertise. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Partner at the Angeleno Group, LLC**, a leading global investment firm, focused on high-growth clean energy and climate solutions companies, where he has been leading investments across a number of sectors, including sustainable mobility, energy storage, resource efficiency, and smart infrastructure, *2008 – present*<br>**Senior Faculty Advisor and Lecturer on Impact Investing and Entrepreneurship at UCLA Anderson School of Management**, *2019 – present*<br>**Various product development and management roles at Broadcom, Inc. (Nasdaq: AVGO)**, a semiconductor company, focused on semiconductors targeting communications, mobile, and power management applications, *1997 – 2006*<br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:* <br>**None**<br>*Private Companies:*<br>**Locana**, a geospatial location and mapping company focused on enterprise GIS products and services, *2016 – 2023*<br>**Patriot Environmental Services, Inc.**, an environmental services company specializing in wastewater, emergency response and industrial services, *2016 – 2022*<br>**REsurety** (observer), a data analytics and transactional platform for clean energy, *2024 – present*<br>**Azzo**, an Australia-based energy management software and integrator focused on commercial and industrial customers, *2024 – present* <br>**IND Technology**, an Australia-based radio-frequency sensor company focused on early fault detection in electric transmission and distribution grid infrastructure to help prevent wildfires and improve reliability, *2025 – present*<br>**<u>EDUCATION</u>**<br>**MBA**, UCLA Anderson School of Management **<br>MS, Electrical and Computer Engineering**, Iowa State University<br>**Kauffman Fellow** |

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**Required Vote** 

A nominee will be elected as a director at the Annual Meeting if the nominee receives a plurality of the votes cast "FOR" their election. "Plurality" means that the individuals who receive the largest number of votes cast "FOR" are elected as directors. ***Broker non-votes, if any, will not be counted as votes cast on this proposal and will have no effect on the outcome of the election.*** 

**Recommendation of the Board** 

**The Board recommends a vote "FOR" the election of each Class II director nominee set forth above.** 

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***Class I Directors Continuing in Office***

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| ![Image_8.jpg](stem-20260424_g7.jpg) | **KRISHNA SHIVRAM** <br>**INDEPENDENT DIRECTOR**<br>**CHAIR, COMPENSATION COMMITTEE** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Mr. Shivram has served as a member of our Board since March 2025.<br>Mr. Shivram is qualified to serve as a director due to his extensive experience as a public company director, as well as in senior leadership positions at public companies, and in corporate finance, capital structure management, and mergers and acquisitions. | **Managing Partner at Veritec Capital Partners**, a private capital firm, *2023 – present*<br>**General Partner at Lavni Ventures India**, a venture capital firm, *2021 – present* <br>**General Partner at Lavni Ventures USA**, a venture capital firm, *2020 – present* <br>**Chief Executive Officer at Sentinel Energy Services Inc. (formerly, Nasdaq: STNL)**, a former special purpose acquisition company, *2017 – 2020* <br>**Interim Chief Executive Officer at Weatherford International plc (Nasdaq: WFRD)**, a leading global energy services company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Interim Chief Executive Officer, *2016 – 2017* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice-President and Chief Financial Officer, *2013 – 2016*<br>**Vice-President and Treasurer at SLB (formerly Schlumberger Limited) (NYSE: SLB)**, a global technology company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice-President and Treasurer, *2011 – 2013*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Head, M&A, *2009 – 2011*  |
| Mr. Shivram has served as a member of our Board since March 2025.<br>Mr. Shivram is qualified to serve as a director due to his extensive experience as a public company director, as well as in senior leadership positions at public companies, and in corporate finance, capital structure management, and mergers and acquisitions. | **<u>OTHER COMPANY BOARDS</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;*Public Companies:*<br>**Allison Transmission Holdings, Inc. (NYSE: ALSN)**, a leading designer and manufacturer of propulsion solutions, *2022 – present* <br>**Ranger Energy Services, Inc. (NYSE: RNGR)**, a provider of onshore high specification well service rigs, wireline services, and additional processing solutions, *2017 – present* <br>**Superior Energy Services (formerly, NYSE: SPN)**, a global oilfield products and services company, *2021 – 2024*<br>**Sentinel Energy Services Inc. (formerly, Nasdaq: STNL)**, a former special purpose acquisition company, *2017 – 2023*<br>**GulfMark Offshore Inc. (formerly, NYSE: GLF)**, an offshore supply vessel operator, *2017 – 2018* |
|  | **<u>EDUCATION</u>** |
|  | **Bachelor of Commerce**, Mumbai University<br>**Chartered Accountancy Degree**, Institute of Chartered Accountants of India |

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|:---|:---|
| ![Image_9.jpg](stem-20260424_g8.jpg) | **LAURA D'ANDREA TYSON**<br>**INDEPENDENT DIRECTOR**<br>**CHAIR, NOMINATING COMMITTEE**<br>**MEMBER, AUDIT COMMITTEE** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Dr. Tyson has been a member of our Board since the closing of our IPO in April 2021. Dr. Tyson is qualified to serve as a director due to her extensive experience in public company board and governance, technology and energy industries, economics and public policy, advisory in various business and political arenas, and her accomplishment at the highest levels of government service.<br>Dr. Tyson was a member of President Clinton's cabinet from 1993 to 1996 and was the first woman to serve in the positions of Chair of the President's Council of Economic Advisors, from 1993 to 1995, and Director of the White House National Economic Council, from 1995 to 1996.<br>She is a regular opinion columnist for Project Syndicate, an international media group that publishes on its website and in numerous print publications around the world.<br>Dr. Tyson has held numerous advisory roles, such as Senior Advisor to the Rock Creek Group since 2009 and to APAX Partners since 2021. She is a Senior External Advisor to the McKinsey Global Institute and an Advisory Board member at the Morgan Stanley Institute for Sustainable Investing. Dr. Tyson was a member of the *Commission d'experts sur les grands dèfis èconomiques* for French President Emmanuel Macron from 2020-2021. <br>She has served as an advisory board member of Generation Investment Management since 2005, and Angeleno Group since 2019. She is the co-chair of the California Governor's Council of Economic Advisors. Other government roles include membership on the US President's Council of Advisors on Science and Technology (Semiconductor Working Group) from 2016 to 2017; US Department of State Foreign Affairs Policy Board from 2011 to 2013; President Obama's Council on Jobs from 2011 to 2013; and the US President's Economic Recovery Advisory Board from 2009 to 2011.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***University of California, Berkeley***<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Distinguished Professor of the Graduate School and Professor Emeritus of the Haas School of Business**, *2016 – present*<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Faculty Director and Interim Faculty Director of the Haas School's Institute for Business and Social Impact**, *2013 – 2020*<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Ex-Officio Board Member, Haas School of Business**, *2020 – present*<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Interim Dean of the Haas School of Business**, *July 2018 – December 2018*<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Professor of Business Administration and Economics at the Haas School of Business**, *1992 – 2016*<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Dean of the Haas School of Business**, *1998 – 2001*<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Chair of the Board of Trustees and a Steering Committee Member of the Blum Center for Developing Economies**, *2006 – present*<br>•&nbsp;&nbsp;&nbsp;&nbsp;**Dean of the London Business School, University of London**, *2002 – 2006*<br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**Silver Springs Networks, Inc. (formerly NYSE: SSNI)**, a smart grid company, *2009 – 2018*<br>**AT&T Inc. (NYSE: T)**, a telecommunications company, *1999 – 2020*<br>**CBRE Group, Inc. (NYSE: CBRE)**, a real estate company, *2010 – 2022*<br>**Morgan Stanley (NYSE: MS)**, an investment bank, *1997 – 2016*<br>**<u>EDUCATION</u>**<br>**BA, Economics**, Smith College<br>**Ph.D., Economics**, Massachusetts Institute of Technology |

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|:---|:---|
| ![Image_10.jpg](stem-20260424_g9.jpg) | **ARUN NARAYANAN** <br>**DIRECTOR AND CHIEF EXECUTIVE OFFICER** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Mr. Narayanan has served as a member of our Board since December 2025.<br>Mr. Narayanan is qualified to serve as a director due to his experience as Stem's Chief Executive Officer and extensive software expertise and leadership experience. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chief Executive Officer of Stem (NYSE: STEM)**, *January 2025 – present*<br>**Chief Executive Officer at RES Digital Solutions**, a division of RES, a global independent renewable energy company, *2024 – 2025* <br>**Chief Digital Officer at RES**, *2023 – 2024*<br>**Chief Data Officer at Anglo American plc**, a global mining company, *2018 – 2023*<br>**Various strategy, digital, technical, and management positions at SLB (formerly Schlumberger Limited) (NYSE: SLB)**, a global technology company, *1997 – 2018*  |
|  | **<u>EDUCATION</u>** |
|  | **Bachelor of Engg. (Computer Engg.)**, University of Mumbai<br>**MS, Computer Science**, Iowa State University of Science and Technology<br>**MBA**, University of Houston<br>**MBA**, University of Texas |

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***Class III Directors Continuing in Office***

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|:---|:---|
| ![Image_11.jpg](stem-20260424_g3.jpg) | **DAVID BUZBY**<br>**INDEPENDENT CHAIRMAN OF THE BOARD** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Mr. Buzby has served as a member of our Board since the closing of our IPO in April 2021 and served on the Legacy Stem board of directors from April 2010 until our IPO. In April 2021, he was appointed Chairman of our Board. He served as Interim CEO and Executive Chair of our Board from September and August 2024, respectively, to January 2025.<br>Mr. Buzby is qualified to serve as a director due to his extensive experience in the climate transition sector and as a director on the boards of other public companies. | **Chairman of Wondrwall Group Ltd.**, a UK-based developer of integrated software and hardware systems designed to reduce energy costs and create net-zero homes, *2023 – present*<br>**Interim CEO and Executive Chair of Stem (NYSE: STEM)**, *September 2024 – January 2025*<br>**Investment Advisory Committee Member at the PRIME Coalition**, a 501(c) (3) charity focused on accelerating climate technology, *2016 – 2022*<br>**Founding Investor and CEO of Bright Plain Renewable Energy, LLC**, a company focused on the acquisition and management of solar projects, *2011 – 2016*<br>**Founding Investor & Director of SunRun Inc. (Nasdaq: RUN)**, North America's leading residential solar energy company, *2008 – 2012*<br>**Founding Investor, Chairman and CEO of SunEdison, Inc. (formerly NYSE: SUNE)**, until its sale in 2009. North America's leading commercial and utility scale solar energy company, *2004 – 2009*<br>**Founding Investor & Director of Valueclick, Inc. (formerly Nasdaq: CNVR)**, an online marketing company, *1998 – 2014*<br>**Founding Investor, Director & Chief Financial Officer of Best Internet**, a shared server web hosting company, *1995 – 1999* |
|  | **<u>OTHER COMPANY BOARDS</u>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Public Companies:*<br>**Spring Valley Acquisition Corp. IV (Nasdaq: SVIV)**, a special purpose acquisition company focused on sustainability, *2026 – present*<br>**Spring Valley Acquisition Corp. III (Nasdaq: SVAC)**, a special purpose acquisition company focused on sustainability, *2025 – present*<br>**Spring Valley Acquisition Corp. II (Nasdaq: SVIIU)**, a special purpose acquisition company focused on sustainability, *2022 – 2026*<br>**Climate Transition Capital Acquisition (AEX: CTCA 1)**, a special purpose acquisition company, *2021 – 2023*<br>*Private Companies:*<br>**Leading Edge Equipment Technologies**, a developer of solar panel technology, *2017 – 2023*<br>**Cambrian Innovation Inc.**, a provider of wastewater treatment and resource recovery solutions, *2016 – 2020* |
|  | **<u>EDUCATION</u>** |
|  | **BA**, Middlebury College<br>**MBA**, Harvard Business School |

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|:---|:---|
| ![Image_12.jpg](stem-20260424_g10.jpg) | **VASUDEVAN (VASU) GURUSWAMY**<br>**INDEPENDENT DIRECTOR**<br>**MEMBER, NOMINATING COMMITTEE** |
| **PROFILE** | **<u>CAREER HIGHLIGHTS</u>** |
| Mr. Guruswamy has served as a member of our Board since March 2025.<br>Mr. Guruswamy is qualified to serve as a director due to his extensive experience in the energy, digital technology, and software industries, including as global VP of Software Services for a global energy technology company. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder and General Partner at Lavni Ventures USA and India**, a venture capital firm, *2019 – present*<br>**Venture Partner at CSL Capital Management**, an investment firm<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Venture Partner, *2020 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Managing Director, *2018 – 2020* <br>**Vice-President, Services, at SLB (formerly Schlumberger Limited) (NYSE: SLB)**, a global technology company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Services, *2011 – 2017* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Various technical and operational roles, *1984 – 2010* <br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**None**<br>*Private Companies:*<br>**FlytBase**, an enterprise drone autonomy software platform, *2020 – present*<br>**Redlist**, a field asset management software platform, *2020 – present*<br>**<u>EDUCATION</u>**<br>**M.S. in Chemical Engineering**, Rensselaer Polytechnic Institute, Troy, NY<br>**B.Tech. in Chemical Engineering**, Indian Institute of Technology, Madras |
| Mr. Guruswamy has served as a member of our Board since March 2025.<br>Mr. Guruswamy is qualified to serve as a director due to his extensive experience in the energy, digital technology, and software industries, including as global VP of Software Services for a global energy technology company. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder and General Partner at Lavni Ventures USA and India**, a venture capital firm, *2019 – present*<br>**Venture Partner at CSL Capital Management**, an investment firm<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Venture Partner, *2020 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Managing Director, *2018 – 2020* <br>**Vice-President, Services, at SLB (formerly Schlumberger Limited) (NYSE: SLB)**, a global technology company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Services, *2011 – 2017* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Various technical and operational roles, *1984 – 2010* <br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**None**<br>*Private Companies:*<br>**FlytBase**, an enterprise drone autonomy software platform, *2020 – present*<br>**Redlist**, a field asset management software platform, *2020 – present*<br>**<u>EDUCATION</u>**<br>**M.S. in Chemical Engineering**, Rensselaer Polytechnic Institute, Troy, NY<br>**B.Tech. in Chemical Engineering**, Indian Institute of Technology, Madras |
| Mr. Guruswamy has served as a member of our Board since March 2025.<br>Mr. Guruswamy is qualified to serve as a director due to his extensive experience in the energy, digital technology, and software industries, including as global VP of Software Services for a global energy technology company. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder and General Partner at Lavni Ventures USA and India**, a venture capital firm, *2019 – present*<br>**Venture Partner at CSL Capital Management**, an investment firm<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Venture Partner, *2020 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Managing Director, *2018 – 2020* <br>**Vice-President, Services, at SLB (formerly Schlumberger Limited) (NYSE: SLB)**, a global technology company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Services, *2011 – 2017* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Various technical and operational roles, *1984 – 2010* <br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**None**<br>*Private Companies:*<br>**FlytBase**, an enterprise drone autonomy software platform, *2020 – present*<br>**Redlist**, a field asset management software platform, *2020 – present*<br>**<u>EDUCATION</u>**<br>**M.S. in Chemical Engineering**, Rensselaer Polytechnic Institute, Troy, NY<br>**B.Tech. in Chemical Engineering**, Indian Institute of Technology, Madras |
| Mr. Guruswamy has served as a member of our Board since March 2025.<br>Mr. Guruswamy is qualified to serve as a director due to his extensive experience in the energy, digital technology, and software industries, including as global VP of Software Services for a global energy technology company. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder and General Partner at Lavni Ventures USA and India**, a venture capital firm, *2019 – present*<br>**Venture Partner at CSL Capital Management**, an investment firm<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Venture Partner, *2020 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Managing Director, *2018 – 2020* <br>**Vice-President, Services, at SLB (formerly Schlumberger Limited) (NYSE: SLB)**, a global technology company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Services, *2011 – 2017* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Various technical and operational roles, *1984 – 2010* <br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**None**<br>*Private Companies:*<br>**FlytBase**, an enterprise drone autonomy software platform, *2020 – present*<br>**Redlist**, a field asset management software platform, *2020 – present*<br>**<u>EDUCATION</u>**<br>**M.S. in Chemical Engineering**, Rensselaer Polytechnic Institute, Troy, NY<br>**B.Tech. in Chemical Engineering**, Indian Institute of Technology, Madras |
| Mr. Guruswamy has served as a member of our Board since March 2025.<br>Mr. Guruswamy is qualified to serve as a director due to his extensive experience in the energy, digital technology, and software industries, including as global VP of Software Services for a global energy technology company. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Co-Founder and General Partner at Lavni Ventures USA and India**, a venture capital firm, *2019 – present*<br>**Venture Partner at CSL Capital Management**, an investment firm<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Venture Partner, *2020 – present*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Managing Director, *2018 – 2020* <br>**Vice-President, Services, at SLB (formerly Schlumberger Limited) (NYSE: SLB)**, a global technology company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Vice President, Services, *2011 – 2017* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Various technical and operational roles, *1984 – 2010* <br>**<u>OTHER COMPANY BOARDS</u>**<br>*Public Companies:*<br>**None**<br>*Private Companies:*<br>**FlytBase**, an enterprise drone autonomy software platform, *2020 – present*<br>**Redlist**, a field asset management software platform, *2020 – present*<br>**<u>EDUCATION</u>**<br>**M.S. in Chemical Engineering**, Rensselaer Polytechnic Institute, Troy, NY<br>**B.Tech. in Chemical Engineering**, Indian Institute of Technology, Madras |

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**PROPOSAL 2: APPROVAL OF AN AMENDMENT AND RESTATEMENT OF THE 2024 EQUITY INCENTIVE PLAN**

**Executive Summary** 

The Company's stockholders previously approved the Stem, Inc. Amended and Restated 2024 Equity Incentive Plan (referred to for purposes of this Proposal 2 as the "Plan") on June 4, 2025, under which employees, directors, and consultants may be granted equity-based incentive awards. At the Annual Meeting, stockholders will be asked to approve an amendment and restatement of the Plan, which was approved by the Board on April 6, 2026 (the "2026 Restatement").

The 2026 Restatement would increase the number of shares of Stem's common stock that may be issued under the Plan by 425,000 shares (the "Additional Shares") as of the effective date of the 2026 Restatement (the "Effective Date"). The Company believes that this increase is advisable in order to ensure that the Company has an adequate number of shares available in connection with its incentive compensation programs.

The 2026 Restatement would also extend the term of the Plan through the tenth anniversary of the Effective Date.

The text of the Plan, as proposed to be amended by the 2026 Restatement, appears at the end of this Proxy as <u>Appendix A</u>. The following description of the 2026 Restatement is a summary only and should be read in conjunction with the full text of the 2026 Restatement.

**Reasons for the Proposal** 

The Board unanimously recommends that the Company's stockholders approve the 2026 Restatement. The Company's ability to grant an appropriate number of equity-based awards continues to be crucial in helping the Company compete more effectively for key employee talent. It is in the long-term interest of the Company and its stockholders to strengthen the ability to attract, motivate, and retain officers, directors, employees, advisors and consultants, and to provide additional incentive for those persons through stock ownership and other incentives to improve operations, increase profits, and strengthen the mutuality of interest between those persons and the Company's stockholders.

If the 2026 Restatement is not approved, the number of shares currently available under the Plan is not projected to be sufficient to cover all of our future equity compensation needs. Thus, if the 2026 Restatement is not approved, we may not be able to provide persons eligible for awards who are presently providing services to the Company with compensation packages that are necessary to retain and motivate these individuals. In addition, if the 2026 Restatement is not approved, we may not be able to provide potential new hires with compensation packages necessary to attract them.

**Material Differences from the Plan** 

***The Additional Shares***

The 2026 Restatement would add 425,000 shares to the reserve available for future grants. This increased share reserve would allow the Company to continue to grant a variety of equity-based compensation alternatives in structuring compensation arrangements for our key talent, including officers, directors, employees, advisors and consultants, and to attract potential new service providers through competitive compensation packages.

Our stock plan is a critical tool for motivating and retaining key talent both at the executive level and further down in the organization. 359 of our 556 employees on March 31, 2026 held outstanding equity awards (i.e., 64.6% participation), and we made equity grants to 61% of our employees during 2025. If the Additional Shares are not approved then we will not be able to make competitive equity awards after 2026 and we would risk losing key talent at various employee levels who are critical to executing our turnaround plan.

Under the existing share reserve, as of March 31, 2026, there were approximately 1,090,009 shares subject to outstanding equity awards under the Plan, and approximately 169,941 shares available for future grants under the Plan.

**Key Data** 

When approving the 2026 Restatement, the Board considered the "burn rate" with respect to the equity awards granted by the Company, as well as the Company's "fully-diluted overhang." The burn rate is equal to the total number of equity awards the Company granted in a fiscal year, divided by the weighted average common stock outstanding during the year. Fully-diluted overhang is equal to the total number of equity awards outstanding plus the total number of shares

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available for grant under the Company's equity plans, divided by the sum of the total number of equity awards outstanding plus the total number of shares available for grant under the Company's equity plans plus total common stock outstanding.

The Company's three-year average burn rate for the last three fiscal years was approximately 7.2% (which consisted of 5.8% in 2023, 8.9% in 2024, and 6.9% in 2025).

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**2023**  | &nbsp;&nbsp;**2024** <sup>(1)</sup> | **2025** |
| Stock options granted | 64567 | 70513 | 39413 |
| Time-based restricted stock units ("RSUs") granted | 387228 | 647893 | 533576 |
| Performance-based restricted stock units ("PSUs") granted <sup>(2)</sup> | 10526 | &nbsp;&nbsp;&nbsp;&nbsp;0&nbsp;&nbsp;&nbsp;&nbsp; | 86492 |
| PSUs earned and vested <sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0&nbsp;&nbsp;&nbsp;&nbsp; | 0 |
| Total shares utilized | 451795 | 718406 | 572989 |
| Basic weighted average common shares outstanding | 7779198 | 8072127 | 8338759 |
| Total shares utilized as a % of basic weighted average common shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;8.9&nbsp;&nbsp;&nbsp;&nbsp;% | 6.9% |
|  | **Three-year average 2023 - 2025** | **Three-year average 2023 - 2025** | **Three-year average 2023 - 2025** |
| Three-year average total shares utilized as a % of basic weighted average common shares outstanding <sup>(4)</sup> | 7% | 7% | 7% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;2024 includes 148,407 shares granted in lieu of cash to pay earned bonuses for 2023 performance. Our 2024 share utilization from the equity compensation program unrelated to the 2023 bonus program was 570,000 shares, which was 7.1% of our weighted average common shares outstanding.

(2)&nbsp;&nbsp;&nbsp;&nbsp;In 2023, we granted 10,526 PSUs to our former CEO, John Carrington with rigorous stock price milestone goals. Mr. Carrington forfeited all of these PSUs in connection with his separation from the Company. In 2025, we granted 86,492 PSUs at target to 10 employees with rigorous stock prices milestone goals.

(3)&nbsp;&nbsp;&nbsp;&nbsp;No performance-based equity was earned or became vested during 2023-2024. In 2025, 40,038 PSUs were earned, but such PSUs do not vest until the first anniversary of their grant date.

(4)&nbsp;&nbsp;&nbsp;&nbsp;If the 148,407 shares granted in lieu of cash to pay earned bonuses for 2023 performance are excluded, our 3-year average share utilization would have been 5.8%.

The Company's fully-diluted overhang as of March 31, 2026 was 12.8%. If the 2026 Restatement is approved, the Company's overhang would increase to 16.4%. However, 189,661 of the 1,090,009 outstanding awards on March 31, 2026 are PSUs that will only be earned if the volume-weighted average price (VWAP) of our stock for any consecutive sixty trading-day period equals at least $30, and if these 189,661 PSUs are excluded, our fully-diluted overhang, including the 425,000 new shares being requested, would be 14.9% rather than 16.4%.

Both the 16.4% fully-diluted overhang and the 14.9% fully-diluted overhang if excluding PSUs with a $30 price goal are below the 18.1% peer group median fully-diluted overhang benchmark calculated by our independent compensation consultant, Frederic W. Cook & Co., Inc. (our "Compensation Consultant"), in a recent market study that was reviewed by the Compensation Committee in February 2026. Furthermore, our outstanding award overhang, which is calculated as the sum of outstanding awards divided by the sum of outstanding awards, available stock plan shares (including the request for 425,000 additional shares), and common shares outstanding, was 10.6%, which is also below the 13.3% peer group median outstanding award overhang benchmark.

The peer group consists of comparably-sized companies, nearly all of them with a software focus. These benchmarks are relevant for Stem because a majority of Stem's 2025 revenue came from software and project, professional & managed services, and we compete for talent with software companies as we continue focusing on growing this part of our business.

The table below shows the stock awards that were outstanding under Plan as of March 31, 2026.

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| | |
|:---|:---|
| Total shares underlying outstanding options | 172851 |
| Weighted average exercise price of outstanding options | $104.45 |
| Weighted average remaining term of outstanding options | 5.9 years |
| Total shares underlying outstanding unvested RSUs | 684251 |
| Total shares underlying outstanding unvested PSUs, assuming target performance | 281712 |
| Total shares available for grant | 169941 |
| Total common shares outstanding | 8567751 |

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While the Company recognizes the significant motivational and performance benefits that may be achieved from granting equity awards, Stem is also mindful of the potential dilutive effect of such awards and the Company's responsibility to our stockholders. The Board believes that the Additional Shares represent a reasonable amount of potential equity dilution and would allow the Company to continue granting equity awards, which is an important component of the Company's overall compensation plan. The number of Additional Shares was determined in part based on our average burn rate over the last three years and is needed to allow the Company to make equity-based grants during the remainder of 2026 and in 2027.

**Promotion of Good Corporate Governance Practices** 

The 2026 Restatement provides for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;stock options and stock appreciation rights ("SARs") may not have a term in excess of ten (10) years and may not be granted at a discount to the fair market value of our common stock on the grant date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;no repricing of stock options and SARs and no cash buyout of underwater awards without the approval of stockholders (subject to limited and standard exceptions in the event of certain equitable adjustments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;no liberal recycling of any award types;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;no annual "evergreen" provision that automatically increases the number of shares available for issuance, instead, stockholder approval is required for any increases in the share reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;no excise tax gross-ups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;annual limits on equity and cash compensation that may be awarded to non-employee directors (subject to certain exceptions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;one-year minimum vesting periods on all award types (subject to only limited exceptions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;no automatic vesting of awards upon a change in control and no liberal change in control definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;robust transfer restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;no dividend or dividend equivalent payments with respect to stock options and SARs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;dividend or dividend equivalent payments for awards other than stock options and SARs will be paid only at the time(s) the vesting requirement(s) of the underlying award are satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;all awards under the 2026 Restatement, including time-based and performance-based awards, are subject to the Company's clawback policy (as further described in the CD&A section of this Proxy Statement), and all are subject to clawback in accordance with an additional recoupment provision in the 2026 Restatement that is also triggered by an accounting restatement due to the Company's material noncompliance with any financial reporting requirement under the securities laws.

**Plan Summary** 

The following summary of the material terms of the 2026 Restatement is qualified in its entirety by reference to the complete text of the 2026 Restatement, which is set forth in <u>Appendix A</u>. Stockholders are encouraged to read the text of the 2026 Restatement in its entirety.

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*Purpose* 

The 2026 Restatement is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and its affiliates and provide a means by which the eligible award recipients may benefit from increases in the value of our common stock.

*Administration* 

The Board has the authority to administer the 2026 Restatement, including the powers to: (i) determine who will be granted awards and what type of award, when and how each award will be granted, the provisions of each award (which need not be identical), the number of shares or cash value subject to an award and the fair market value applicable to an award; (ii) construe and interpret the 2026 Restatement and awards granted thereunder and establish, amend and revoke rules and regulations for administration of the 2026 Restatement and awards, including the ability to correct any defect, omission or inconsistency in the 2026 Restatement or any award document; (iii) settle all controversies regarding the 2026 Restatement and awards granted thereunder; (iv) accelerate or extend, in whole or in part, the time during which an award may be exercised or vested or at which cash or shares may be issued; (v) suspend or terminate the 2026 Restatement at any time, including to impose a "blackout" or other periods during which awards may not be exercised or settled; (vi) amend the 2026 Restatement; (vii) submit any amendment to the 2026 Restatement for stockholder approval; (viii) approve forms of award documents for use under the 2026 Restatement and amend the terms of any one or more outstanding awards; (ix) generally exercise such powers and perform such acts as the Board may deem necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the 2026 Restatement or any award documents; and (x) adopt procedures and sub-plans as are necessary or appropriate.

The Board may delegate some or all administration of the 2026 Restatement to a committee consisting solely of two or more non-employee directors and/or to an officer in accordance with the provisions of and subject to the terms set forth in the 2026 Restatement. All determinations, interpretations and constructions made by the Board (or another authorized committee or officer exercising powers delegated by the Board) in good faith will be final, binding and conclusive on all persons.

*Eligible Participants* 

Awards may be granted to employees, including officers, directors and certain consultants of the Company and its affiliates. As of March 31, 2026, approximately 363 employees and seven non-employee directors were eligible to participate in the Plan. Options intending to qualify as incentive stock options ("ISOs") within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") may only be granted to employees of the Company or any qualifying Company subsidiary.

*Available Shares* 

Subject to adjustment for certain dilutive or related events and as described below, if approved by stockholders, the aggregate number of shares of common stock that will be available for issuance under the 2026 Restatement, or the Share Reserve, will be 594,941 (which is the sum of the 169,941 shares remaining available for grant under the Plan as of March 31, 2026 plus the 425,000 Additional Shares). In addition, the Share Reserve may be increased by any shares of common stock subject to outstanding awards under the Company's 2021 Equity Incentive Plan and 2009 Equity Incentive Plan that, on or after May 29, 2024, cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and nonforfeitable shares of common stock).

The Share Reserve will not be reduced if an award or any portion thereof (i) expires, is cancelled or forfeited or otherwise terminates without all of the shares covered by such award having been issued or (ii) is settled in cash. If any shares of common stock under an award are forfeited back to, reacquired at no cost by, or repurchased at cost by the Company because of the failure to meet a contingency or condition required to vest such shares in the participant, such shares will revert to and again be made available for issuance under the 2026 Restatement. Notwithstanding the foregoing, the following shares of common stock will not be recredited to the Share Reserve: (x) shares of common stock not issued or delivered as a result of the net settlement of an outstanding stock award, (y) shares of common stock used to pay the exercise price or withholding taxes related to any outstanding stock award, or (z) shares of common stock reacquired by the Company with the amount received upon exercise of an option.

The aggregate number of shares of common stock that may be issued on the exercise of ISOs is 594,941.

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Shares issued under the 2026 Restatement may consist of authorized by unissued or reacquired common stock of the Company, including shares repurchased by the Company on the open market or otherwise or shares classified as treasury shares.

*Non-Employee Director Compensation Limit* 

The maximum number of shares of common stock subject to awards granted during a single fiscal year to any non-employee director, together with any cash fees paid to such non-employee director during such fiscal year in respect of such non-employee director's service as a member of the Board during such fiscal year, will not exceed a total value of $600,000 (calculating the value of any awards based on the grant date fair value in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto) ("ASC Topic 718")). Notwithstanding the foregoing, the Board may provide, in its discretion, for exceptions to this limit for a non-employee director, provided that the non-employee director receiving such additional compensation may not participate in the decision to award such compensation.

*Termination and Amendment* 

The Board may amend the 2026 Restatement as it deems necessary or advisable. To the extent required by applicable law or listing requirements, the Company will seek stockholder approval of any amendment of the 2026 Restatement that materially (A) increases the number of shares available for issuance under the 2026 Restatement, (B) expands the class of individuals eligible to receive awards, (C) increases the benefits accruing to participants under the 2026 Restatement, (D) reduces the price at which shares of common stock may be issued or purchased under the 2026 Restatement, (E) extends the term of the 2026 Restatement, or (F) expands the types of awards available for issuance under the 2026 Restatement. Except as otherwise provided in the 2026 Restatement or an award document, no amendment of the 2026 Restatement may materially impair a participant's rights under an outstanding award without the participant's written consent. The Board or the Compensation Committee of the Board may suspend or terminate the 2026 Restatement at any time. The 2026 Restatement will automatically terminate on the tenth anniversary of the Effective Date, provided, however, that ISOs may not be granted more than ten (10) years after the later of (i) April 6, 2026 (which is the original date of approval of the 2026 Restatement by the Board) and (ii) the adoption by the Board of any amendment to the 2026 Restatement that constitutes the adoption of a new plan for purposes of Section 422 of the Code. No awards may be granted under the 2026 Restatement while the 2026 Restatement is suspended or terminated.

*Awards* 

The 2026 Restatement authorizes the Board to grant awards to eligible participants, any of which may be subject to the achievement of performance goals, in the form of incentive and nonstatutory stock options, SARs, restricted stock, and RSUs.

*Stock Options* 

A stock option may be granted as an ISO or a stock option which is not intended qualify as an ISO (a "nonstatutory stock option"). The option exercise price may not be less than the fair market value of the stock subject to the option on the date of grant (or, with respect to ISOs, may not be less than 110% of the fair market value if the recipient owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any affiliate, who we refer to herein as a "Ten Percent Stockholder"), unless the option was granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A and, if applicable, Section 424(a) of the Code. Options will not be exercisable after the expiration of ten years from the date of grant (or after five years, in the case of an ISO issued to a Ten Percent Stockholder).

Each award agreement will set forth the number of shares subject to each option. The purchase price of any shares acquired pursuant to an option may be payable either by cash, check, bank draft, money order, or, as determined by the Board in its sole discretion, by any combination of: net exercise (but only if the option is a nonstatutory stock option), through an irrevocable commitment by a broker to pay over such amount from a sale of the shares issuable under the option, the delivery of previously owned shares, and any other form of legal consideration that may be acceptable to the Board. The vesting schedule applicable to any option, including any performance goals, will be as set forth in the award agreement.

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*Stock Appreciation Rights* 

A SAR is a right that entitles the participant to receive upon exercise, in cash, shares of stock or a combination thereof, as determined by the Board, value equal to or otherwise based on the excess of (i) the fair market value of a specified number of shares at the time of exercise over (ii) the exercise price of the right, as established by the Board on the date of grant. The exercise price of each SAR may not be less than the fair market value of the stock subject to the award on the date the SAR is granted, unless the SAR was granted pursuant to an assumption of or substitution for another option in a manner satisfying the provisions of Section 409A of the Code. SARs will not be exercisable after the expiration of ten years from the date of grant. Each award agreement will set forth the number of shares subject to the SAR and the vesting schedule applicable thereto, including any performance goals.

*Provisions Applicable to Both Stock Options and Stock Appreciation Rights* 

<u>Transferability</u>. The Board may, in its sole discretion, impose limitations on the transferability of options and SARs. Unless the Board provides otherwise, an option or SAR will not be transferable except by will or the laws of descent and distribution and will be exercisable during the lifetime of a participant only by such participant. The Board may permit transfer of an option or SAR in a manner not prohibited by applicable law, except an option or SAR may never be transferred to a third-party financial institution for value. Subject to approval by the Board, an option or SAR may be transferred pursuant to the terms of a domestic relations order or similar instrument and participants may designate a beneficiary who following the participant's death will be entitled to exercise the option or SAR.

<u>Termination of Service</u>. Except as otherwise provided in an applicable award document or other agreement between a participant and the Company, upon a participant's termination for any reason other than for cause or due to death or disability, a participant may exercise his or her option or SAR (to the extent such award was exercisable as of the date of termination) for a period of three months following the termination date or, if earlier, until the expiration of the original term of such award. Upon a participant's termination due to a participant's disability, unless otherwise provided in an applicable award or other agreement, the participant may exercise his or her option or SAR (to the extent that such award was exercisable as of the date of termination) for a period of 12 months following the termination date or, if earlier, until the expiration of the original term of such award. Upon a termination due to a participant's death, unless otherwise provided in an applicable award or other agreement, the participant's estate may exercise the option or SAR (to the extent such award was exercisable as of the termination date) for a period of 18 months following the date of death or, if earlier, until the expiration of the original term of such award. Unless provided otherwise in an award or other agreement, if a participant is terminated for cause, such participant's option or SAR will terminate on the date the event giving rise to the termination for cause first occurred and the participant will not be permitted to exercise such award.

<u>No Dividends or Dividend Equivalents</u>. No options or SARs may provide for the payment of dividends or dividend equivalents thereon.

<u>No Repricing</u>. Options and SARs may not be modified to reduce the exercise price thereof nor may (i) a new option, SAR or other award at a lower price be substituted or exchanged for a surrendered option or SAR, (ii) any option or SAR with an exercise price that exceeds the fair market value of a share be exchanged for a new option, SAR, cash or other consideration (other than in connection with a change in control), or (iii) any action be taken that would be considered a "repricing" of an option or SAR under the applicable listing standards of the national securities exchange on which the Company's common stock is listed, unless such action is approved by the stockholders of the Company and otherwise as permitted in the event of certain equitable adjustments.

*Restricted Stock and Restricted Stock Units* 

Restricted shares are awards of shares, the grant, issuance, retention, vesting or transferability of which is subject to such conditions (including continued employment or the satisfaction of performance goals, or both) and terms as the Board deems appropriate. RSUs are awards denominated in units under which the issuance of shares (or cash payment in lieu thereof) is subject to such conditions (including continued employment and/or the satisfaction of performance goals) and terms as the Board deems appropriate. Each award document evidencing a grant of restricted stock or RSUs will set forth the terms and conditions of each award, including vesting and forfeiture provisions, and transferability. No dividends or dividend equivalents shall be paid or settled with respect to such awards unless and until, and then only to the extent that, the underlying award vests.

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*Performance Goals* 

The Board, the Compensation Committee of the Board, or an authorized officer, as the case may be, may establish performance criteria, performance period, and level of achievement versus such criteria that will determine the number of shares or units to be granted, retained, vested, issued, or issuable under or in settlement of or the amount payable pursuant to an award. The Board, the Compensation Committee of the Board, or an authorized officer, as the case may be, also retains the discretion to define the manner of calculating the performance criteria it selects.

In determining the outcome of a performance goal or performance-based vesting award, the Committee may provide for exclusion of the impact of an event or occurrence which the Committee determines should appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary items, and other unusual, infrequently occurring or non-recurring charges or events, (b) asset write-downs, (c) litigation or claim judgments or settlements, (d) acquisitions or divestitures, (e) reorganization or change in the corporate structure or capital structure of the Company, (f) an event either not directly related to the operations of the Company, Subsidiary, division, business segment or business unit or not within the reasonable control of management, (g) foreign exchange gains and losses, (h) a change in the fiscal year of the Company, (i) the refinancing or repurchase of bank loans or debt securities, (j), unbudgeted capital expenditures, (k) the issuance or repurchase of equity securities and other changes in the number of outstanding shares, (l) conversion of some or all of convertible securities to common stock, (m) any business interruption event, (n) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting principles, or (o) the effect of changes in other laws or regulatory rules affecting reported results.

*Minimum Vesting Requirements* 

Stock awards granted under the 2026 Restatement may not become exercisable, vest or be settled, in whole or in part, prior to the one-year anniversary of the date of grant except (i) with respect to an award that is granted in connection with a merger or other acquisition as a substitute or replacement award for awards held by participants of the acquired business and (ii) with respect to an award granted to a non-employee director that vests on the earlier of the one-year anniversary of the date of grant and the next annual meeting of stockholders which is at least 50 weeks after the immediately preceding year's annual meeting; provided, that (x) up to 5% of the Share Reserve may be issued pursuant to awards that are subject to vesting periods of less than one year, and (y) provided, further, that the foregoing restriction does not apply to the Board's discretion to provide for accelerated exercisability or vesting of any award, including in cases of retirement, death, disability or a change in control, in the terms of the award or otherwise.

*Adjustments of and Changes in the Stock* 

In the event of any change in the capitalization of the Company, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the 2026 Restatement; (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of ISOs; and (iii) the class(es) and number of securities or other property and value (including price per share of stock) subject to outstanding stock awards. The Board will make such adjustments, and its determination will be final, binding and conclusive. Unless provided otherwise in an award or other agreement, in the event of a dissolution or liquidation of the Company, all outstanding stock awards (other than stock awards consisting of vested and outstanding shares of Company common stock not subject to a forfeiture condition or the Company's right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of common stock subject to the Company's repurchase rights or subject to forfeiture may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such stock award is providing continuous service; provided, however, that the Board may, in its sole discretion, provide that some or all stock awards will become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent not already expired or terminated) before the dissolution or liquidation is completed but contingent upon its completion.

In the event of a Change in Control (as defined in the 2026 Restatement), the Board will take one or more of the following actions with respect to each outstanding award, contingent upon the closing or completion of the Change in Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the surviving corporation or acquiring corporation (or the parent company thereof) to assume or continue the award or to substitute a similar award for the award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of common stock issued pursuant to the award to the surviving corporation or acquiring corporation (or the parent company thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;accelerate the vesting, in whole or in part, of the award (and, if applicable, the time at which the award may be exercised) to a date prior to the effective time of such Change in Control as determined by the Board (or, if the Board will not determine such a date, to the date that is five days prior to the effective date of the Change in Control), with such award terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;cancel, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for such consideration (in cash, property, securities or a combination thereof), if any, as the Board, in its reasonable determination, may consider appropriate as an approximation of the value of the canceled award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;cancel, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for a payment equal to the excess, if any, of (A) the value in the Change in Control of the property the participant would have received upon the exercise of the award immediately prior to the effective time of the Change in Control, over (B) any exercise price payable by such holder in connection with such exercise; provided, that the Board may cancel and terminate without payment any option or SAR with an exercise price equal to or in excess of the value of the shares of common stock subject to such option or SAR determined as of immediately prior to the Change in Control.

The Board need not take the same action with respect to all awards or portions thereof or with respect to all participants and may take different actions with respect to the vested and unvested portions of an award.

In the absence of any affirmative determination by the Board at the time of a Change in Control, each outstanding award will be assumed or an equivalent award will be substituted by such successor corporation or a parent or subsidiary thereof, unless such successor corporation does not agree to assume or substitute the award, in which case the vesting of such award will accelerate (along with, if applicable, the time at which the award may be exercised) to a date prior to the effective time of such Change in Control as the Board will determine (or, if the Board will not determine such a date, to the date that is five days prior to the effective date of the Change in Control), with such award terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective.

An award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the award agreement for such award or as may be provided in any other written agreement with the participant, but in the absence of such provision, no such acceleration will occur.

**U.S. Federal Income Tax Consequences** 

The following discussion of the federal income tax consequences of the 2026 Restatement is intended to be a summary of applicable U.S. federal law as currently in effect. The discussion is intended solely for general information purposes and does not make specific representations to any participant. The discussion does not address state, local, or foreign income tax rules or other U.S. tax provisions, such as estate or gift taxes. A participant's particular situation may be such that some variation of the basic rules is applicable to them. In addition, the federal income tax laws and regulations frequently have been revised and may be changed again at any time. Therefore, each participant is urged to consult a tax advisor before exercising any award or before disposing of any shares acquired under the 2026 Restatement both with respect to federal income tax consequences as well as any state, local, or foreign tax consequences.

*Stock Options* 

ISOs and nonstatutory stock options are treated differently for federal income tax purposes. ISOs are intended to comply with the requirements of Section 422 of the Code and nonstatutory stock options are not intended to comply with such requirements.

An optionee generally does not recognize taxable income on the grant or exercise of an ISO. The difference between the exercise price and the fair market value of the shares on the exercise date (the "Spread Value") may, however, be a preference item for purposes of the alternative minimum tax. If an optionee holds the shares acquired upon exercise of an ISO for at least two years following the option grant date and at least one year following exercise, the optionee's gain, if any, upon a subsequent disposition of such shares will be taxed as long-term capital gain. The measure of the gain is the

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difference between the proceeds received on disposition and the optionee's basis in the shares (which generally equals the exercise price). If an optionee disposes of stock acquired pursuant to the exercise of an ISO before satisfying these holding periods, the optionee will recognize ordinary income in the year of disposition in an amount equal to the excess of the fair market value of the shares at the time of exercise (or, if less, the amount realized on the disposition of the shares), over the exercise price paid for the shares, and any additional gain or loss recognized upon the disposition will be a capital gain or loss. The Company is not entitled to an income tax deduction on the grant or exercise of an ISO or on the optionee's disposition of the shares after satisfying the holding period requirement described above. If the holding periods are not satisfied, the Company will be entitled to a deduction in the year the optionee disposes of the shares in an amount equal to the ordinary income recognized by the optionee.

In order for an option to qualify for ISO tax treatment, the grant of the option must satisfy various other conditions more fully described in the Code. The Company does not guarantee that any option will qualify for ISO tax treatment even if the option is intended to qualify for such treatment. In the event an option intended to be an ISO fails to so qualify, it will be taxed as a nonstatutory stock option as described below.

An optionee is not taxed on the grant of a nonstatutory stock option. On exercise, the optionee recognizes ordinary income equal to the Spread Value on the date of exercise. The Company is entitled to an income tax deduction in the year of exercise in the amount recognized by the optionee as ordinary income. The optionee's gain (or loss) on a subsequent disposition of the shares will be long-term or short-term capital gain (or loss) depending on the holding period of such shares following exercise. The Company does not receive a deduction for any such gain.

*Stock Appreciation Rights* 

A participant is not taxed on the grant of a SAR. On exercise, the participant recognizes ordinary income equal to the Spread Value. The Company is entitled to an income tax deduction in the year of exercise in the amount recognized by the participant as ordinary income.

*Restricted Stock* 

Participants who receive restricted stock will not recognize any taxable income at the time those shares are granted but will have to report as ordinary income, as and when those shares subsequently vest, an amount equal to the excess of (i) the fair market value of the shares on the vesting date over (ii) the cash consideration (if any) paid for the shares. The participant may, however, elect under Section 83(b) of the Code within 30 days of the grant date to include as ordinary income in the year the unvested shares are granted an amount equal to the excess of (a) the fair market value of those shares on the grant date over (b) the cash consideration (if any) paid for such shares. If the Section 83(b) election is made, the participant will not recognize any additional income as and when the shares subsequently vest and if the participant forfeits the shares to the Company (e.g., upon the participant's termination prior to vesting), the participant may not claim a deduction with respect to the income recognized as a result of the election. The Company will be entitled to an income tax deduction equal to the amount of ordinary income recognized by the participant at the time such ordinary income is recognized by the participant.

*Restricted Stock Units* 

Participants who receive RSUs do not recognize income at the time of the grant. When the RSUs vest, participants generally recognize ordinary income in an amount equal to the fair market value of the stock, cash, or other consideration received in settlement of the RSUs, and the Company will receive a corresponding income tax deduction.

*Company Deduction and Section 162(m)* 

Section 162(m) of the Code generally limits the federal income tax deduction for compensation paid to "covered employees" (in general, the CEO, the CFO, and the three other most highly-compensated executive officers for the year at issue and any person who was part of that group for any other year beginning after December 31, 2016) to $1,000,000. It is expected that compensation deductions for any covered employee with respect to awards granted under the 2026 Restatement will be subject to the $1,000,000 annual deduction limitation. The Board may grant awards under the 2026 Restatement or otherwise that are or may become non-deductible when it believes doing so is in the best interests of the Company and our stockholders.

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*Withholding Taxes* 

The Company will generally be required to withhold applicable taxes with respect to any ordinary income recognized by a participant who is an employee in connection with awards made under the 2026 Restatement.

**THE FOREGOING IS ONLY A SUMMARY OF THE EFFECTS OF U.S. FEDERAL INCOME TAXATION UPON PARTICIPANTS AND STEM WITH RESPECT TO AWARDS UNDER THE 2026 RESTATEMENT. IT DOES NOT PURPORT TO BE COMPLETE, AND DOES NOT DISCUSS THE IMPACT OF EMPLOYMENT OR OTHER TAX REQUIREMENTS, THE TAX CONSEQUENCES OF A PARTICIPANT'S DEATH OR THE PROVISIONS OF THE INCOME TAX LAWS OF ANY MUNICIPALITY, STATE OR FOREIGN COUNTRY IN WHICH THE PARTICIPANT MAY RESIDE.** 

**Existing Plan Benefits** 

No awards made under the Plan prior to the date of the Annual Meeting were granted subject to stockholder approval of this Proposal 2. The following table sets forth information with respect to stock options and stock awards that have been granted to our named executive officers and the specified groups set forth below under the Plan as of March 31, 2026.

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| | | |
|:---|:---|:---|
| **Name and Principal Position** | **Stock<br>Options**  | **Stock<br>Awards** <sup>(1)</sup>  |
| **All Named Executive Officers** |  |  |
| **Arun Narayanan**<br>Chief Executive Officer and Director&nbsp;&nbsp;&nbsp;&nbsp; |  | 196450 <sup>(2)</sup> |
| **David Buzby**<br>Former Interim CEO and Executive Chair of the Board | 32819 | 14171 |
| **Mike Carlson**<br>President, Managed Services & OEM Hardware | 17730 | 137579 <sup>(3)</sup> |
| **Saul R. Laureles**<br>&nbsp;&nbsp;&nbsp;&nbsp;Chief Legal Officer and Corporate Secretary | 24177 | 125909 <sup>(4)</sup> |
| **All executive officers as a group (5 persons)** | 65814 | 551221 <sup>(5)</sup> |
| **All non-employee directors as a group (7 persons)** | 32819 | 80984 |
| **Class II Director Nominees** |  |  |
| **Ira Birns** |  | 14205 |
| **Adam E. Daley** |  | 15195 |
| **Anil Tammineedi** |  | 15195 |
| **Associates of directors, executive officers, or director nominees as a group** |  |  |
| **5% award holders** |  | 196450 |
| **All employees (other than executive officers and non-employee directors as a group)** | 18772 | 721152 <sup>(6)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)All listed PSU awards for PSUs (i) granted in 2025 assume maximum performance, which in the case of PSUs granted in 2025 equals 200% and in the case of PSUs granted in 2026 equals 150%. See "—Long-Term Equity Incentive Awards" for details on 2025 PSU vesting mechanics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Mr. Narayanan's Stock Awards include 106,350 RSUs and 90,100 PSUs (32,500 granted in 2025 at 200% performance and 57,600 granted in 2026 at 150% performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Mr. Carlson's Stock Awards include 80,779 RSUs and 56,800 PSUs (31,000 granted in 2025 at 200% performance and 25,800 granted in 2026 at 150% performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Mr. Laureles' Stock Awards include 76,909 RSUs and 49,000 PSUs (31,000 granted in 2025 at 200% performance and 18,000 granted in 2026 at 150% performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Stock Awards for executive officers include 379,721 RSUs and 171,500 PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Stock Awards for all employees include 560,168 RSUs and 160,984 PSUs.

**New Plan Benefits; Market Value of Securities** 

The benefits that will be awarded or paid in the future under the 2026 Restatement are not currently determinable. Such awards are within the discretion of the Board or its Compensation Committee, and neither the Board nor the

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Compensation Committee has determined future awards or who might receive them. Therefore, a New Plan Benefits Table is not provided. As of March 31, 2026, the closing price of a share of the Company's common stock was $8.84.

**Registration With the SEC** 

Assuming that stockholders approve the 2026 Restatement, we intend to file with the SEC a registration statement on Form S-8 covering the Additional Shares in the second quarter of calendar year 2026.

**Required Vote** 

The affirmative vote of a majority of shares of common stock present or represented at the Annual Meeting and entitled to vote thereon is required for the approval of the amendment and restatement of the Amended and Restated 2024 Equity Incentive Plan. ***Abstentions will have the same effect as a vote "against" this proposal. Broker non-votes, if any, will have no effect on the outcome of this proposal.*** 

**Recommendation of the Board** 

**The Board unanimously recommends that you vote "FOR" the approval of the amendment and restatement of the Company's Amended and Restated 2024 Equity Incentive Plan.** 

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**PROPOSAL 3: NON-BINDING, ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION** 

Our Board is asking you to approve, on a non-binding, advisory basis, the compensation of our named executive officers ("NEOs"), as disclosed in this Proxy Statement. This item, which is provided pursuant to Section 14A of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is commonly referred to as a "say-on-pay" resolution.

This say-on-pay proposal gives our stockholders the opportunity to express their views on our NEOs' compensation as a whole. This vote is not intended to address any specific element of compensation but rather the overall compensation of our NEOs and our compensation philosophy, policies, and practices described in this Proxy Statement. Please read the "Executive Compensation" section and the compensation tables and narrative disclosure that follow for information about our executive compensation program, including details of the 2025 compensation of our NEOs. Our Compensation Committee believes that these policies and practices are effective in implementing our compensation philosophy and achieving our compensation program goals.

As an advisory vote, the outcome of the vote on this proposal is not binding. However, our Compensation Committee, which is responsible for designing and administering our executive compensation program, will consider the outcome of this vote when making future executive compensation decisions. Unless our Board modifies its current policy on the frequency of holding say-on-pay votes, the next say-on-pay vote is expected to occur at our 2027 Annual Meeting of Stockholders.

**Required Vote** 

The affirmative vote of a majority of shares of common stock present or represented at the Annual Meeting and entitled to vote thereon is required for the non-binding, advisory approval of our named executive officers' compensation. ***Abstentions will have the same effect as a vote "against" this proposal. Broker non-votes, if any, will have no effect on the outcome of this proposal.*** 

**Recommendation of the Board** 

**The Board recommends a vote "FOR" the approval, on a non-binding, advisory basis, of our named executive officers' compensation.** 

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**PROPOSAL 4: RATIFICATION OF INDEPENDENT AUDITOR SELECTION** 

Our Audit Committee has selected RSM US LLP ("<u>RSM</u>") as the Company's independent registered public accounting firm for the year ending December 31, 2026, subject to RSM finalizing customary acceptance procedures. In this proposal, we are asking stockholders to vote to ratify this selection. Representatives of RSM are expected to be present at the Annual Meeting. They will have the opportunity to make a statement, if they desire to do so, and will be available to respond to appropriate questions from stockholders.

Stockholder ratification of the selection of RSM as the Company's independent registered public accounting firm is not required by law or our Bylaws. However, we are seeking stockholder ratification as a matter of good corporate practice. If our stockholders fail to ratify the selection, our Audit Committee will reconsider its selection. Even if the selection is ratified, the Audit Committee, in its discretion, may direct the selection of a different independent registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company and our stockholders.

Prior to the appointment of RSM, Deloitte & Touche LLP ("Deloitte") served as our independent registered public accounting firm. For additional information, see "Change in Independent Registered Public Accounting Firm" below. We do not expect that a representative of Deloitte will be present at the Annual Meeting.

**Change in Independent Registered Public Accounting Firm**

On March 12, 2026, the Audit Committee approved (i) the dismissal of Deloitte as the Company's independent registered public accounting firm and (ii) the engagement of RSM as the Company's independent registered public accounting firm beginning with the review of the Company's financial statements for the quarter ending March 31, 2026, and including the audit of the Company's consolidated financial statements for the fiscal year ending December 31, 2026.

Deloitte's report on the Company's consolidated financial statements as of December 31, 2024 and December 31, 2025, did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal year ended December 31, 2024, the fiscal year ended December 31, 2025, and the subsequent period through March 12, 2026, there were no: (i) disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Deloitte's satisfaction, would have caused Deloitte to make reference to the subject matter of the disagreement in connection with its report or (ii) "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K and related instructions.

The Company requested that Deloitte furnish a letter addressed to the SEC stating whether it agrees with the above statements. A copy of Deloitte's letter, dated March 17, 2026, is filed as Exhibit 16 to our Current Report on Form 8-K filed with the SEC on March 17, 2026.

During the years ended December 31, 2024, and December 31, 2025, and through March 12, 2026, the Company did not consult with RSM regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report was provided to the Company or oral advice was provided that RSM concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions; and (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.

**Independent Registered Public Accounting Firm Fees**

As described more fully above, the Audit Committee has selected RSM as the Company's independent registered public accounting firm for the year ending December 31, 2026. Prior to this, Deloitte served as the Company's independent registered public accounting firm from August 2021 to March 2026, and provided services to Legacy Stem from 2018 until the Merger. The following table summarizes the audit fees billed by Deloitte for the indicated fiscal years and the fees billed by Deloitte for all other services rendered during the indicated fiscal years. All services associated with such fees were pre-approved by our Audit Committee in accordance with the "Pre-Approval Policy and Procedures" described below.

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| **Fee Category** | **2025** | **2024** |
| Audit Fees <sup>(1)</sup> | $2213000.00 | $2979353 |
| Audit-Related Fees <sup>(2)</sup> | $272000.00 | $32000.00 |
| Tax Fees <sup>(3)</sup> |  |  |
| All Other Fees <sup>(4)</sup> | $2051.00 | $1895.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fees | $2487051 | $3013248 |

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<sup>(1)</sup> Consists of fees for the audit of our annual financial statements included in Annual Reports on Form 10-K, as well as reviews of quarterly financial statements included in Quarterly Reports on Form 10-Q.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Consists of fees for assurance and related services reasonably related to the performance of the audit or review of our financial statements and services provided in connection with SEC filings, including consents and comfort letters.

<sup>(</sup><sup>3</sup><sup>)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Consists of fees for professional services for tax compliance, tax advice, and tax planning.

<sup>(</sup><sup>4</sup><sup>)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Consists of fees for an accounting research software subscription.

**Pre-Approval Policy and Procedures** 

Our Audit Committee has adopted procedures requiring the pre-approval of all audit and permissible non-audit services performed by our independent registered public accounting firm. In its pre-approval and review of non-audit service fees, the Audit Committee considers, among other factors, the possible effect of the performance of such services on the auditors' independence.

These procedures generally approve the performance of specific services subject to a cost limit for all such services. This general approval is reviewed, and if necessary modified, at least annually. The Committee may pre-approve certain other audit-related or other non-audit services it believes would not impair the independence of the auditor and are consistent with SEC and Public Company Accounting Oversight Board ("PCAOB") rules on auditor independence. The Committee does not delegate its responsibility to approve services performed by our auditor to any member of management. The Committee has delegated authority to the Committee chair to pre-approve any audit or non-audit service to be provided to us by our auditor provided that the fees for such services do not exceed $150,000, (1) per each engagement or project, (2) per each additional category of services, or (3) to the extent required under such procedures, for any individual service exceeding the pre-approved budgeted fee levels for the specified service, in each case with such limit applying to each individual engagement/project, service or category of services being approved by the Committee chair and not on an aggregated or quarterly/annual basis. Any approval of services by the Committee chair pursuant to this delegated authority must be reported to the Committee at its next regularly scheduled meeting.

**Required Vote** 

The affirmative vote of a majority of shares of common stock present or represented at the Annual Meeting and entitled to vote thereon is required for the ratification of the selection of RSM as our independent registered public accounting firm for the year ending December 31, 2026. ***Abstentions will have the same effect as a vote "against" this proposal. Broker non-votes, if any, will have no effect on the outcome of this proposal.*** 

**Recommendation of the Board** 

**The Board recommends that you vote "FOR" the ratification of the selection of RSM as our independent registered public accounting firm for fiscal year 2026.**

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**REPORT OF THE AUDIT COMMITTEE**

During 2025, only non-management directors comprised the Audit Committee. The Board determined that each member of the Audit Committee is independent under the New York Stock Exchange ("NYSE") listing standards. The Audit Committee operates under a written charter adopted by the Board. As described more fully in its charter, the purpose of the Audit Committee is to assist the Board in its general oversight of the Company's accounting and financial reporting processes, audits of the financial statements, internal control and audit functions, and compliance with legal and regulatory requirements and ethical standards adopted by the Company.

The Audit Committee has reviewed and discussed the audited financial statements for the year ended December 31, 2025 with the Company's management and with Deloitte & Touche LLP ("Deloitte"), the Company's independent registered public accounting firm for the year ended December 31, 2025. The Audit Committee has discussed with Deloitte the matters required to be discussed by the applicable requirements of the PCAOB and the SEC. The Audit Committee (i) received the written disclosures and the letter from Deloitte pursuant to applicable PCAOB requirements regarding its communications with the Audit Committee concerning independence, and (ii) has discussed with Deloitte its independence.

Based on the foregoing, the Audit Committee recommended to the Board, and the Board approved, the inclusion of the audited financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for filing with the SEC.

As discussed in Proposal 4, on March 12, 2026, the Audit Committee approved (i) the dismissal of Deloitte as the Company's independent registered public accounting firm and (ii) the engagement of RSM US LLP as the Company's independent registered public accounting firm beginning with the review of the Company's financial statements for the quarter ending March 31, 2026, and including the audit of the Company's consolidated financial statements for the fiscal year ending December 31, 2026.

**Submitted by the Stem Audit Committee**

Ira Birns (Chair)

Adam E. Daley

Laura D'Andrea Tyson

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**CORPORATE GOVERNANCE**

Our current governance practices provide for strong independent leadership, active participation by independent directors, and independent evaluation of, and communication with, many members of senior management. These governance practices are reflected in our Corporate Governance Guidelines and our various committee charters, which are available on our website located at *investors.stem.com*, under "Governance."

**Our Governance Philosophy** 

Our Board believes that there is no single set of generally accepted corporate governance practices that is appropriate across all companies, and that governance practices may evolve as circumstances change. Our Board has determined to separate the CEO and Chairman of the Board ("Chairman") functions to allow our Chairman (or if the Chairman is not independent, the Lead Independent Director) to oversee corporate governance matters and our CEO to focus on leading the Company's business. See "—Board Leadership Structure" below for more information.

Our history as a special purpose acquisition company prior to the Merger left us with certain structural protections. For example, we currently have a classified Board and plurality voting for the election of directors, only the Board is empowered to call a special meeting of our stockholders, and we require a supermajority vote for stockholders to propose and approve amendments to our Bylaws and a limited number of items in our Certificate of Incorporation. Following careful deliberation after the closing of the Merger, our Board initially determined to retain these measures for a period to promote stability and continuity of our Board and to allow us to focus on a consistent strategy while we matured as a public company.

The Board assesses our corporate governance practices at least annually, and may modify these practices from time to time to best address the Company's unique circumstances, and respond to feedback from and advance the best interests of all stockholders, as and when it believes appropriate.

At its February 2026 meeting, the Board, on recommendation of the Nominating, Governance and Sustainability Committee, determined that it was appropriate to preserve our post-IPO governance structure in 2026 to provide our senior management team (of which, our CEO and CFO are new to their roles) sufficient time to execute the Company's new software-centric strategy and to continue to provide stability and continuity through that transitional phase. The Board expects that i8t will reconsider the potential inclusion of proposals to declassify our Board and remove the supermajority vote requirement at our 2027 Annual Meeting of Stockholders.

**Board Composition**

*Director Nomination Process* 

The Nominating Committee is responsible for, among other things, overseeing succession planning for directors and building a qualified board to oversee management's execution of the Company's strategy and safeguard the long-term interests of stockholders. In this regard, the Committee is charged with developing and recommending Board membership criteria to the Board for approval, evaluating the composition of the Board annually to assess the skills and experiences that are currently represented on the Board and the skills and experiences that the Board may find valuable in the future, and identifying, evaluating, and recommending potential director candidates.

In identifying potential candidates for Board membership, the Nominating Committee considers recommendations from directors, stockholders, management, and others, including, from time to time, third-party search firms to assist it in locating qualified candidates. Once potential director candidates are identified, the Nominating Committee, with the assistance of senior executive management, undertakes a vetting process that considers each candidate's background, independence, and fit with the Board's priorities. As part of this vetting process, the Nominating Committee, as well as other members of the Board and the CEO, conduct interviews with the candidates. If the Nominating Committee

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determines that a potential candidate meets the needs of the Board and has the desired qualifications, it recommends the candidate to the Board for appointment or nomination and to the stockholders for election at the annual meeting.

*Criteria for Board Membership* 

In assessing potential candidates for Board membership and in assessing Board composition, the Nominating Committee considers a wide range of factors and generally seeks to balance the following skills, experiences, and backgrounds on the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**SaaS Knowledge and Experience:** Directors with experience as executives, directors or in other leadership positions in Software as a Service (SaaS) and other areas in which we compete, because our success depends on developing and investing in innovative products and technologies. Among other things, this experience is critical to the Board's ability to understand our products and business, to assess our competitive position within the clean energy industry and the strengths and weaknesses of our competitors, to be aware of technology trends and innovations, and to evaluate potential acquisitions and our acquisition strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Public Company Board Experience:** Directors with public company board experience understand the dynamics and operation of a corporate board, the relationship of a public company's board to the CEO and other senior management, the legal and regulatory landscape in which public companies must operate, the importance of particular agenda and oversight issues, and how to oversee an ever-changing mix of strategic, operational and compliance-related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Senior Leadership**: Directors who have served in senior leadership positions are important to us because they have the experience and perspective to analyze, shape, and oversee the execution of important and complex operational and strategic issues. These directors' insights and guidance, and their ability to assess and respond to situations encountered while serving on our Board, may be enhanced by leadership experience at businesses or organizations that involve organizational growth, expansion into new markets, navigation of the regulatory landscapes, and technology or other rapidly evolving business models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Financial Expertise:** Knowledge of financial markets, financing, and funding operations, as well as accounting and financial reporting processes, assists our directors in understanding, advising on, and overseeing Stem's capital structure, financing, and investing activities, as well as our financial reporting and internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Business Development and M&A Experience:** Directors with a background in business development and M&A provide insight into developing and implementing strategies for growing our business. Useful experiences in this area includes skills in assessing "make" vs. "buy" decisions, analyzing the "fit" of a proposed acquisition with a company's strategy, valuing transactions, and assessing management's plans for integration with existing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Clean Energy and Renewables:** Directors with experience in the energy, energy infrastructure, clean energy, and renewables industries provide valuable insight to our Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Government and Regulatory Experience:** Directors who have served in government positions provide experience and insights that help us work constructively with governments at the federal, state, and local levels and address public policy issues, particularly as they relate to Stem's operations and public support for renewable energy and the energy transition. Directors with a background in regulation can assist the Board in fulfilling its oversight responsibilities related to Stem's legal and regulatory compliance and its engagement with regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;**Diverse Perspectives and Backgrounds**: We seek a diversity of perspectives and backgrounds on the Board, including with respect to gender, race, ethnic and national background, geography, age, and sexual orientation. For example, one of eight directors identifies as female and two directors identify as racially/ethnically diverse.

In addition to the above, the Nominating Committee generally believes it is important for all Board members to possess the highest personal and professional ethics, integrity, and values, an inquisitive and objective perspective, a sense for priorities and balance, the ability and willingness to devote sufficient time and attention to Board matters, and a willingness to represent the long-term interests of all our stockholders.

The Nominating Committee assesses its effectiveness in balancing these considerations in connection with its annual evaluation of the composition of the Board.

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*Summary of Director Skills and Characteristics* 

The chart below summarizes the qualifications of our directors, as well as director nominees, including knowledge, skills, experiences, and other attributes that the Board believes are relevant to their Board and committee service. Not having a mark does not mean the director does not possess that qualification, skill, or experience. Each director and nominee possesses numerous other skills and experience not identified in the following chart, as further detailed in their biographies beginning on or around page <u>[6](#i9051f3aa71174aec8660218b96182850_22)</u> of this Proxy Statement. We believe our directors, including our director nominees, provide a well-rounded set of expertise to assist in effective oversight of Stem management.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Substantial Knowledge, Skills, and Experience** | **Buzby** | **Birns** | **Daley** | **Guruswamy** | **Shivram** | **Tammineedi** | **Tyson** | **Narayanan** |
| **Other Public Company Boards** | X | | X | | X | | X | |
| **SaaS/Services** | | | | X | | X | | X |
| **Capital Allocation** | X | X | X | X | X | X | X | X |
| **Industry/Operational Experience** | X | X | X | X | X | X | | X |
| **Business Development and Strategy** | X | X | X | X | X | X | X | X |
| **Corporate Finance** | X | X | X | | X | X | | |
| **Current or Former CEO** | X | | X | | X | | | X |
| **Accounting and Financial Reporting** | X | X | X | | X | X | | X |
| **Energy Transition** | X | | X | X | X | X | | X |
| **Cybersecurity / Information Security** | | | | | | | X | |
| **Mergers & Acquisitions** | X | X | X | X | X | X | | X |
| **Enterprise Risk Management** | X | X | X | | X | | X | X |
| **Global Business Experience** | X | X | | X | X | | X | X |
| **Government, Regulatory & Public Policy** | | | | | | | X | |

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*Stockholder Recommendations for Directors* 

It is the Nominating Committee's policy to consider written recommendations from stockholders for nominees for director. The Committee considers nominees recommended by our stockholders in the same manner as a candidate recommended by other sources. Any such recommendations should be submitted to the Committee as described in the section titled "Communications with the Board" and should include the same information required under our Bylaws for nominating a director, as described under "Stockholder Proposals and Director Nominations for Next Year's Annual Meeting."

**Board Leadership Structure** 

One of the Board's key responsibilities is to evaluate and determine an appropriate board leadership structure to provide for independent oversight of management. The independent members of the Board periodically review the Board's leadership structure to evaluate whether the structure remains appropriate for the Company, and may modify this structure from time to time to best address the Company's unique circumstances and advance the best interests of all stockholders, as and when appropriate.

Our Board's independent directors have selected an independent member of the Board, David Buzby, to serve as Chairman of the Board. The Board recognizes that one of its key responsibilities is to evaluate and determine an appropriate board leadership structure so as to promote independent oversight of management. Currently, the Board believes that the roles of Chairman and CEO should be separate as this structure enables our Chairman to oversee corporate governance matters and our CEO to focus on leading the Company's business. While our current Chairman is independent, the Board does not have a policy mandating that the Chairman be independent. The Board believes it is important to retain flexibility to determine whether this role will be held by an independent member of the Board based upon the Board's assessment of the Company's needs and leadership at a given point in time. At any time when the Chairman is not independent, the independent members of the Board will, upon the recommendation of the Nominating Committee, designate an independent director to serve as lead independent director (the "Lead Independent Director").

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Our Board believes that its programs for overseeing risk, as described in the "Board Oversight of Risk Management" section below, would be effective under a variety of leadership frameworks. Accordingly, the Board's risk oversight function did not significantly affect its selection of the current leadership structure.

The independent directors generally meet in executive session without management present at every regular Board meeting. The purpose of these executive sessions, which are led by our independent Chairman (or if the Chairman is not independent, the Lead Independent Director), is to encourage and enhance communication among independent directors.

**Board Oversight of Risk Management** 

The Board and its committees are actively involved in overseeing risk management for Stem. The Board routinely assesses the Company's major risks and options for mitigation, in order to promote our stockholders' interests in Stem's long-term health, financial strength, and overall success. We believe that our Board composition provides the Company with robust and well-rounded experience to assist in effective oversight of management, as discussed on or around page <u>[33](#i329f4b30f1c9437da1ec905f4511670c_34475)</u> of this Proxy Statement. The full Board oversees assessment of major risks facing the Company, determining the extent to which such risks are applicable and, to the extent the Board deems it appropriate, evaluating management's plans for their mitigation. The risks that the Board routinely considers broadly relate to strategic, operational, financial, regulatory, competitive and geopolitical risks. The full Board oversees risk management by the CEO and the rest of our senior management team, by reviewing major financial objectives and critical strategies and long-term plans, including, but not limited to, major allocations of capital, operating performance, and sustainability.

In addition, the Board delegates to its committees responsibility for overseeing certain types of risk, some of which are reflected below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has overall responsibility for overseeing the Company's practices with respect to risk assessment and management. Some of the specific responsibilities of the Committee are overseeing management of risks related to our financial reporting and internal controls, cybersecurity risks, and major financial risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee is responsible for overseeing management of risks related to our compensation policies and programs and human capital resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee is responsible for overseeing management of risks related to director succession planning, our corporate governance, and our sustainability practices and initiatives.

The Board committees report regularly to the Board on activities in their respective areas of oversight. In addition, the Board and its committees receive regular reports from members of the Company's senior management on areas of significant risk to the Company, including strategic, operational, financial, cybersecurity, legal and regulatory risks. While our Board has an oversight role, management is tasked with direct day-to-day responsibility for management and assessment of risks and the implementation of processes and controls to mitigate their effects on the Company.

Our senior management team has developed a comprehensive strategic planning and enterprise risk management ("ERM") process for identifying, assessing and managing risk. Through this process, we identify key risks through a quarterly corporate-level risk mapping exercise, which involves the CEO, CFO, CLO, and other members of senior management, along with a bottom-up operational risk assessment by our various business units and functions. Our executive leadership team and its ERM and Disclosure Committee report directly to the Board, and on a quarterly basis, present to the Board a comprehensive report on material risk identification, response, and mitigation strategies.

**Director Independence** 

The NYSE listing rules require a majority of a listed company's board of directors to be comprised of independent directors who do not have a disqualifying relationship, as described in the NYSE listing rules, and who, in the opinion of the board of directors, have no direct or indirect material relationship with the company. Subject to specified exceptions, each member of a listed company's audit, compensation, and nominating committees must be independent, and audit and compensation committee members must satisfy additional independence criteria under the NYSE listing rules and the Exchange Act.

Our Board annually undertakes a review of its composition and the independence of each director. Based upon information requested from and provided by each director concerning his or her background, employment, and affiliations, including the beneficial ownership of our capital stock by each non-employee director, our Board has determined that all of

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our current non-employee directors, including Messrs. Buzby, Birns, Daley, Guruswamy, Shivram, and Tammineedi and Dr. Tyson, qualify as "independent directors" as defined by the NYSE listing rules. Mr. Buzby was not independent while he served as Interim CEO and Executive Chair of the Company in connection with the leadership transition, but, in accordance with NYSE listing rules, resumed his status as an independent director following such service. Mr. Narayanan is not independent, as defined by the NYSE listing rules, due to his service as our Chief Executive Officer. Former director Gerard Cunningham was not independent during the period he served on the Board in 2025 due to the compensation received for his former service on the Company's Software Strategy Working Group. Former director Jane Woodward was independent during the period she served on the Board in 2025.

Our Board also determined that each of the directors currently serving on the Audit Committee and the Compensation Committee satisfy the independence standards for audit committees and compensation committees, as applicable, established by the SEC and NYSE listing rules.

**Director Time Commitments**

While Board members benefit from service on the boards of other companies and such service is encouraged, under the Board's Corporate Governance Guidelines, directors are expected to limit the number of other boards on which they serve so as not to interfere with their service as a director of the Company. In this regard, the Company has adopted specific limits on the number of other public company boards upon which a director may sit. Ordinarily, directors may not serve on the boards of more than four public companies (including the Company's Board) and the CEO and directors who are executive officers of public companies may not serve on the board of more than one public company (in addition to the Company's Board). As part of the annual director nomination process, the Nominating Committee considers directors' adherence to these expectations, and directors are expected to notify and receive approval from the Nominating Committee before accepting a seat on the board of another for-profit organization.

**Director Meeting Attendance**

In 2025, all of our directors attended at least 75% of the total number of meetings of the Board and its committees on which they served, and all of our directors attended at least 89% of the Board and its committees on which they served. Meetings of the Board and its committees were held in 2025 as follows:

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| | |
|:---|:---|
| | **# of Meetings** <sup>(1)</sup> |
| Board | 12 |
| Audit Committee | 7 |
| Compensation Committee | 5 |
| Nominating Committee | 3 |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes special meetings as follows: the Board held 8 special meetings in 2025; the Audit Committee held 3 special meetings; the Compensation Committee held one special meeting, and the Nominating Committee held one special meeting.

At each 2025 Board meeting, the Board's independent Chair, or lead independent director, as applicable, led one or more executive session(s) of non-employee directors. In addition, Stem officers regularly attend Board meetings to present information on our business and strategy, and directors have access to our employees outside of Board meetings. From time to time between meetings, Board and committee members confer with each other, with management, and with independent consultants, and representatives of management may meet with these consultants on behalf of the relevant committee.

The Board's policy is that directors should endeavor to attend the annual meeting of stockholders. Two of our directors then-serving attended our 2025 Annual Meeting of Stockholders.

**Board Committees** 

Our Board has a separately designated Audit, Compensation, and Nominating Committee, each of which has the composition and responsibilities described below. Members serve on these committees until their resignation or until otherwise determined by our Board. Each of these committees is empowered to retain outside advisors as it deems

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appropriate, regularly reports its activities to the full Board and has a written charter, which is posted on our website located at *investors.stem.com*, under "Governance."

**Board Committee Members as of April 24, 2026**

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Audit<br>Committee** | **Compensation<br>Committee** | **Nominating<br>Committee** |
| David Buzby | | | |
| Ira Birns | Chair | | |
| Adam E. Daley | X | X | |
| Vasudevan (Vasu) Guruswamy | | | X |
| Krishna Shivram | | Chair | |
| Anil Tammineedi | | X | X |
| Laura D'Andrea Tyson | X | | Chair |
| Arun Narayanan | | | |

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***Audit Committee***. The primary responsibilities of our Audit Committee are to oversee the accounting and financial reporting processes of the Company and its subsidiaries, including the audits of the Company's financial statements, the integrity of the financial statements, and the annual review of the performance, effectiveness, and independence of the outside auditor; and the periodic review of our key sustainability policies and disclosures, and the adequacy and effectiveness of applicable internal reporting and controls related to such disclosures. This includes reviewing the financial information provided to stockholders and others, and reviewing the adequacy and effectiveness of the Company's internal controls. The Committee also makes recommendations to the Board as to whether our financial statements should be included in our Annual Report on Form 10-K.

The Board has determined that Mr. Birns qualifies as an "audit committee financial expert" under SEC rules, and that each Audit Committee member is sufficiently proficient in reading and understanding the Company's financial statements to serve on the Audit Committee.

***Compensation Committee***. The primary responsibilities of our Compensation Committee are to periodically review, evaluate, and approve the total direct compensation and other benefits for our executive officers and directors, and to evaluate whether each element remains competitive with the companies in our executive compensation peer group. This includes reviewing and approving corporate goals and objectives relevant to the compensation of our executive officers, evaluating the performance of these officers in light of the goals and objectives, and setting the officers' total direct compensation based on those evaluations (except for the total direct compensation of the CEO, which is determined by the independent members of the Board on recommendation of the Compensation Committee). The Compensation Committee oversees our engagement with stockholders on executive compensation matters and also oversees how we manage our human capital resources. The Compensation Committee also administers and makes recommendations to the Board regarding equity incentive plans and approves the grant of equity awards under the plans. The Compensation Committee may delegate its authority to one or more subcommittees or to one member of the Committee.

The Compensation Committee may also delegate authority to review and approve the compensation of our employees to certain of our executive officers. Even where the Compensation Committee does not delegate authority, our executive officers will typically make recommendations to the Compensation Committee regarding compensation to be paid to our employees and the size of equity awards under our equity incentive plans, but will not be present during voting or deliberations on their own compensation. The Compensation Committee has the authority to engage outside advisors, such as compensation consultants, to assist it in carrying out its responsibilities. The Compensation Committee engaged Frederic W. Cook & Co., Inc. as its independent compensation consultant in 2025 to provide advice regarding the amount and form of executive and director compensation.

*Compensation Committee Interlocks and Insider Participation.* None of the members of our Compensation Committee has at any time during the prior three years been one of our officers or employees. None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or the compensation committee of any entity that has one or more executive officers serving on our Board or Compensation Committee.

***Nominating Committee***. The primary responsibilities of our Nominating Committee are to engage in succession planning for the Board, develop and recommend to the Board criteria for identifying and evaluating qualified director

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candidates, and make recommendations to the Board regarding candidates for election or re-election to the Board at each annual meeting of stockholders. The Committee is responsible for overseeing our corporate governance practices and making recommendations to the Board concerning corporate governance matters. The Committee is also responsible for making recommendations to the Board concerning the size, structure, composition, and functioning of the Board and its committees. In addition, the Committee is responsible for overseeing our sustainability policies, activities, and opportunities, our political contributions and lobbying activities, if any, and our engagement with stockholders on governance, sustainability, and related matters.

**Stockholder Engagement**

During the past fiscal year, we met with analysts and institutional investors to inform and share our perspective, and to solicit their feedback on our performance. Our stockholder engagement program included our participation in investor conferences and other formal events, and group and one-on-one meetings throughout the year. We also invited our 25 largest stockholders to participate in individual conference calls with members of our legal team, our investor relations team and our Chairman of the Board and held meetings with the two institutional investors that responded to our invitation, as described more fully under "*Executive Compensation*". Engaging directly with our stockholders provides us with a better understanding of their priorities, perspectives and positions and gives us the opportunity to receive feedback on corporate governance, executive compensation or other programs that may be under consideration by the Board.

**Our Commitment to Sustainability** 

We are committed to the health and well-being of our people, our communities, and our planet. As we mature as a public company, we intend to continue to formalize our sustainability function and programs by developing our processes, strategies, and governance frameworks. Our Sustainability Policy Statement is available on our website and outlines our philosophy with respect to climate change, greenhouse gas emissions ("GHG"), and supply chain concerns, among other things.

*Sustainability Management and Oversight* 

Our sustainability governance structure is evolving to include numerous participants engaging in information-sharing and decision-making, capitalizing on the depth and breadth of expertise throughout Stem. As discussed in "—Board Committees" above, our Nominating Committee has direct oversight over sustainability issues and regularly meets with key stakeholders to oversee the development of our sustainability program. Our Audit Committee also periodically reviews our key sustainability disclosures and the adequacy and effectiveness of applicable internal reporting and controls related to such disclosures. Our management-level sustainability committee, which is comprised of senior executives and other key stakeholders from our legal, investor relations, and operations functions, provides functional oversight for various sustainability activities at the Company.

*Sustainability Partnerships and Reporting* 

We have engaged a third-party firm to help us develop our supply chain due diligence program, including with respect to conflict minerals and human rights issues. Our aim is to promote sustainability at all points in our supply chain, and comprehensive due diligence is step one. As we establish and grow these programs, our goal is to have a positive influence, by being open and transparent in our communication and education, with all our partners with whom we engage. Our goal is to develop sustainable relationships with our partners while being guided by the circular economy principle, a model of production and consumption that favors durability, reuse, remanufacturing, and recycling to keep materials circulating for as long as possible and reduce waste. Our Partner Code of Conduct and Human Rights Policy Statement can be found on our website and set out our philosophy with respect to our relationship with our partners and human rights concerns.

In 2025, we continued to work with our carbon accounting partner to assist with tracking our GHG emissions in alignment with the GHG Protocol. In addition, we continued to work with our sustainability partner to assist us with climate and sustainability reporting in alignment with the Task Force on Climate-Related Financial Disclosures ("TCFD") and the Sustainability Accounting Standards Board ("SASB") frameworks. We closely follow the global consolidation of various climate and sustainability disclosure frameworks, and we are considering reporting under the Global Reporting Initiative ("GRI"), which we believe may help represent our global presence, and we intend to continue to align our disclosures in a manner that promotes transparency and accountability.

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*Valuing Inclusion* 

We are committed to building an inclusive culture and team environment that promotes equal employment opportunities and supports our talent. In the spirit of our core values, we are "One Team" and succeed through collaboration when we respect, acknowledge, and celebrate each other's varied perspectives. We are committed to creating an environment that promotes inclusivity and respect by implementing policies, benefits, training, recruiting, and recognition practices to support our colleagues.

We believe that helping all our employees realize their highest potential by fostering a culture that supports personal development across the organization is necessary to promote inclusion. Our employees have opportunities to learn new skills to develop and advance their careers, and we provide opportunities for all our employees to receive ongoing formal training to help foster their professional development.

We also value the feedback we receive from our employees. In 2023, we launched "Your Voice," a quarterly employee sentiment portal, which is designed to facilitate communication with our employees and enhance our understanding of employee feedback. In addition, our annual employee engagement survey asks all our employees for their input on a variety of matters. The results of the employee survey are disseminated to all employees, and the results are used to design action plans to assist managers with actively responding to employees' sentiments. We believe that the employee survey is an important tool that allows us to improve, innovate, and evolve through ongoing engagement and measurement.

**Other Corporate Governance Practices and Policies** 

*Board Evaluation Process* 

In addition to regularly reviewing its leadership structure, the Board conducts an annual self-assessment of its overall functioning and effectiveness. In order to maximize input and facilitate useful feedback, our Corporate Secretary solicits from each director, on an anonymous basis, comments on overall Board and committee performance, Board priorities, interaction with management, the flow of information from management to and from the Board and its committees, Board discussion topics, agendas, and processes, and how to further improve overall Board functioning. This information is collected through written questionnaires and assessments, and individual director interviews. In addition, the Chairman of the Board makes himself available for one-on-one discussions with the other members of the Board. Our Corporate Secretary then aggregates and anonymizes the responses, which he then shares with the Nominating Committee. The Chair of the Nominating Committee, along with our Corporate Secretary, reviews the feedback from the self-evaluation process and makes recommendations to the Board for areas with respect to which the Board and its committees should consider improvements. These areas are further discussed at a meeting led by our Corporate Secretary, at which all Board members are present. At the conclusion of this meeting, the Chairman of the Board, working with the senior management team, develops action plans for any items that require follow-up. For example, in 2025, directors continued to prioritize the need for meeting discussions that allowed the Board to discuss and interact efficiently with management on key topics relating to long-term strategy, capital allocation, cost structure, risk management, and other matters relevant to the business in the dynamic external environment. Similarly, the Board made, and planned for, ongoing adjustments and improvements to its Board and committee meetings in connection with its new strategy and business needs and to help promote efficient and effective interaction and performance of its critical governance and risk oversight roles.

*Communications with the Board* 

Our Board has established a process whereby interested parties may communicate with our Board or with any individual director. Interested parties, including stockholders, may send communications in writing addressed to the Board or an individual director, at *Corporate_Secretary@stem.com*, with a confirmation copy sent by mail to Stem, Inc., c/o the Corporate Secretary, 1400 Post Oak Boulevard, Suite 560, Houston, Texas 77056. Our Corporate Secretary will forward these communications as appropriate to the addressee, depending on the facts and circumstances outlined in the communication. Our Board has directed our Corporate Secretary not to forward certain items such as spam, junk mailings, product inquiries, resumes, and other forms of job inquiries, surveys, and business solicitations. Additionally, our Board has advised the Corporate Secretary not to forward material that is illegal or threatening, but to make our Board aware of such material which it may request be forwarded, retained, or destroyed at our Board's discretion.

To enable the Company to speak with a single voice, as a general matter, senior management serves as the primary spokesperson for the Company and is responsible for communicating with various constituencies, including stockholders, on behalf of the Company. Directors may participate in discussions with stockholders and other constituencies on issues

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where Board-level involvement is appropriate. In addition, the Board is kept informed by Company management of the Company's stockholder engagement efforts.

*Code of Business Conduct and Ethics* 

Our Board has adopted a Code of Business Conduct and Ethics that establishes the standards of ethical conduct applicable to all our directors, officers, and employees, including our principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions. It addresses, among other matters, compliance with laws and policies, conflicts of interest, corporate opportunities, regulatory reporting, external communications, confidentiality requirements, proper use of assets, and how to report compliance concerns. A copy of the code is available on our website located *at investors.stem.com*, under "Employee Code of Conduct" in the "Governance" tab. Our Code of Business Conduct and Ethics was revised and approved by the Board on October 15, 2025. We intend to disclose future amendments to certain provisions of the code, or waivers of the code granted to executive officers and directors, on our website to the extent required by applicable rules. Our Board is responsible for applying and interpreting the code in situations where questions are presented to it.

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**EXECUTIVE OFFICERS**

Biographical and other information regarding our executive officers is set forth below. There are no family relationships among any of our directors or executive officers.

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| | | |
|:---|:---|:---|
| **Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Age**<br> (as of April 24,<br>2026)  | **Position** |
| Arun Narayanan <sup>(1)</sup> | 51 | &nbsp;&nbsp;Chief Executive Officer and Director |
| Brian Musfeldt | 52 | &nbsp;&nbsp;Chief Financial Officer |
| Saul R. Laureles | 60 | &nbsp;&nbsp;Chief Legal Officer and Corporate Secretary |
| Michael Carlson | 62 | &nbsp;&nbsp;President, Managed Services & OEM Hardware |
| Matt Tappin | 39 | &nbsp;&nbsp;President, Software Products |

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(1) For Mr. Narayanan's biographical information, see "Information Regarding Director Nominees and Continuing Directors" above.

***Brian Musfeldt***. Mr. Musfeldt has served as our Chief Financial Officer since July 2025. From June 2023 to July 2025, he served as Chief Financial Officer of ikeGPS, a platform technology company supporting above ground grid resiliency and capacity expansion for utilities. Prior to that, he served as Chief Financial Officer of Also Energy, Inc. (which Stem acquired in February 2022), from November 2017 to June 2023. Mr. Musfeldt also held Chief Financial Officer roles at Connect First, Inc., a provider of cloud-based contact center software solutions, from February 2015 to November 2017; and MST Global Inc., an industrial network and software provider for mining and other critical infrastructure companies, from November 2011 to February 2015. Mr. Musfeldt began his career as a Certified Public Accountant, with six years at KPMG and Arthur Anderson as an audit manager focused on the high-tech and manufacturing sectors. Mr. Musfeldt earned a Bachelor of Business Administration in Accounting from the University of Colorado and an MBA in 2012 from Colorado State University.

***Saul R. Laureles***. Mr. Laureles has served as our Chief Legal Officer and Corporate Secretary since May 2021. From 2007 to May 2021, he served in various leadership roles at SLB (formerly known as Schlumberger Limited), a global energy technology company, including most recently as Director, Corporate Legal Affairs and Assistant Corporate Secretary, from May 2007 to May 2021. Mr. Laureles earned his B.A. from the University of Chicago and his J.D. from the University of Michigan Law School.

***Michael Carlson****.* Mr. Carlson has served as our President, Managed Services & OEM Hardware since March 2025. Previously, he served as our Chief Operating Officer from September 2022 to March 2025. Mr. Carlson served as a consultant at Koch Engineered Solutions ("KES"), a company that provides engineering, procurement, and construction services, from April 2020 to August 2020, then as Vice President of KES from August 2020 to September 2022. Prior to that, he served as President, Digital Grid North America, of Siemens Industries, Inc., a digital grid services platform, from July 2014 to March 2019, and as General Manager, Global Software Solutions at General Electric ("GE"), a high-tech industrial company, from July 2010 to June 2014. Mr. Carlson has a B.S. in Accounting and Business Management from Union College and an MBA in Finance and Marketing from Pepperdine University.

***Matt Tappin****.* Mr. Tappin has served as our President, Software Products (and in predecessor roles) since March 2023, where he leads the development and execution of the Company's software business. Prior to this, Mr. Tappin was SVP of corporate development for the Company from May 2021 to March 2023. Prior to joining the Company, Mr. Tappin held senior corporate development positions at Royal Dutch Shell, an energy company, from August 2019 to May 2021, where he focused on investments in the electricity sector, and Centrica, an energy company, from June 2017 to August 2019, where he led corporate development for the distributed energy business globally. Prior to those roles, he was an investment banker in Lazard's Power, Energy & Infrastructure Group and a corporate attorney at Simpson Thacher & Bartlett. Mr. Tappin earned his B.A. from Washington University in St. Louis and his J.D. and L.L.M. from the Duke University School of Law.

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**EXECUTIVE COMPENSATION** 

Our NEOs for 2025 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Arun Narayanan – CEO<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Michael Carlson – President, Managed Services & OEM Hardware

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Saul R. Laureles – Chief Legal Officer and Corporate Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;David Buzby – Former Interim CEO and Executive Chair of the Board <sup>(2)</sup> 

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Mr. Narayanan was appointed as the Company's Chief Executive Officer, effective January 27, 2025.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Mr. Buzby was appointed Executive Chair of the Board in August 2024. On September 11, 2024, the Board appointed Mr. Buzby as Interim CEO. He served in these capacities until January 27, 2025. Mr. Buzby currently serves as the non-executive Chair of the Board.

**Summary Compensation Table**

The following table sets forth information concerning the compensation paid to our NEOs:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)**<sup>(1)</sup> | **Bonus<br>($)**  | **Stock**<br>**Awards**<br>**($)**<sup>(2)</sup> | **Option**<br>**Awards**<br>**($)**<sup>(3)</sup> | **All Other**<br>**Compensation**<br>**($)**<sup>(4)</sup> | **Total<br>($)** |
| Arun Narayanan<sup>(5)</sup> <br>Chief Executive Officer | 2025 | $520266 | $743079<sup>(8)</sup> | $791213 |  | $13690 | $2068248 |
| Arun Narayanan<sup>(5)</sup> <br>Chief Executive Officer |  |  |  |  |  |  |  |
| David Buzby <br>Former Interim Chief Executive Officer and Executive Chair<sup>(6)</sup> | 2025 | $173089 |  | $81747 | $10075 |  | $264911 |
| David Buzby <br>Former Interim Chief Executive Officer and Executive Chair<sup>(6)</sup> | 2024 | $376062 | $320548 <sup>(7)</sup> | $140000 | $164000 | $11708 | $1012318 |
| David Buzby <br>Former Interim Chief Executive Officer and Executive Chair<sup>(6)</sup> |  |  |  |  |  |  |  |
| Michael Carlson<br>President, Managed Services & OEM Hardware  | 2025 | $430373 | $379923 | $525965 | $29095 |  | $1365356 |
| Michael Carlson<br>President, Managed Services & OEM Hardware  | 2024 | $418269 |  | $397000 | $282108 |  | $1097377 |
| Saul R. Laureles<br>Chief Legal Officer and Corporate Secretary | 2025 | $410223 | $376424 | $525965 | $29095 | $8608 | $1350315 |
| Saul R. Laureles<br>Chief Legal Officer and Corporate Secretary | 2024 | $401200 |  | $348000 | $232324 | $7385 | $981524 |

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(1)Amounts reflect salary actually paid to the NEOs in the years shown. Amounts for Mr. Buzby reflect: (a) for 2024, (i) $289,062 for his role as Interim CEO and Executive Chair of the Board and (ii) $87,000 for his role as non-executive Chair of the Board; and (b) for 2025, (i) $57,900 for his role as Interim CEO and Executive Chair of the Board and (ii) $115,189 for his role as non-executive Chair of the Board. Amount shown for Mr. Buzby for 2024 in Stem's 2025 Proxy Statement inadvertently omitted the $87,000 paid to Mr. Buzby for his role as non-executive Chair of the Board.

(2)Stock awards granted to Mr. Buzby were granted in connection with his role as non-executive Chair of the Board. See "Director Compensation" for additional detail. For 2024, amounts reflect the aggregate grant date fair value of time-vested RSUs. For 2025, amounts reflect the aggregate grant date fair value of long-term equity awards, including time-vested RSUs and performance-based PSUs. See "Long-Term Equity Incentive Awards" for additional detail. We calculate the grant date fair value of these awards in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation ("ASC Topic 718"), and in the case of RSUs, based on the closing price of our common stock on the date of grant, and in the case of PSUs, based on the probable outcome of the performance conditions using a Monte Carlo simulation valuation method. These amounts may not correspond to the actual value eventually realized by each NEO because the value depends on the market value of our common stock at the time the award vests. See Note 14, "Stock-Based Compensation," to our audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding these amounts.

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(3)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Option awards granted to Mr. Buzby were granted in connection with his role as Interim CEO and Executive Chair of the Board. Amounts reflect the aggregate grant date fair value of option awards granted to the NEOs in the years shown, computed in accordance with ASC Topic 718. These amounts reflect an accounting grant date value of such awards and such amounts do not correspond to actual value that may be realized by the NEOs in the future. A description of the methodologies and assumptions we use to value option awards, and the manner in which we recognize the related expense, are described in Note 14, "Stock-Based Compensation," to our audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2025. The NEOs may never realize any value from these stock options and, to the extent that they do, the amounts realized may have no correlation to the amounts reported above.

(4)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amounts reflect (i) for Messrs. Narayanan and Laureles, 401(k) matching contributions and (ii) for Mr. Buzby, amounts paid for temporary housing in San Francisco.

(5)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Mr. Narayanan was appointed as Chief Executive Officer on January 27, 2025.

(6)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Mr. Buzby served as Interim CEO and Executive Chair of the Board until January 27, 2025, at which time Mr. Buzby returned to his role as non-executive Chair of the Board. For so long as Mr. Buzby served as Executive Chair and Interim CEO, he was not entitled to any additional cash compensation for his service as non-executive Chair of the Board. Amounts received by Mr. Buzby in his respective roles as (a) Interim CEO and Executive Chair of the Board and (b) non-executive Chair of the Board, are itemized in respective footnotes. Mr. Buzby's compensation for his role as non-executive Chair and member of the Board is further described in "Director Compensation."

(7)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amount reflects a guaranteed minimum payout for fiscal 2024 bonus, in accordance with the terms of Mr. Buzby's amended executive employment agreement, which amended the end date of the term during which Mr. Buzby was eligible to earn a bonus from December 31, 2024 to January 25, 2025, resulting in a higher bonus paid than what was reported last year.

(8)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amount reflects (i) $50,000 sign on bonus in accordance with the terms of Mr. Narayanan's executive employment agreement; and (ii) $693,079 paid in accordance with the 2025 Annual Incentive Plan (the "2025 AIP").

**Narrative to Summary Compensation Table** 

***Elements of 2025 Total Direct Compensation***

Our 2025 executive compensation program consisted of three primary elements, comprising our NEOs' total direct compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;annual (short-term) cash incentive awards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Long-term incentive ("LTI") awards.

The chart below sets out the primary elements of our NEOs' 2025 total direct compensation, certain key features of each element, and how each of these compensation elements supports our strategy.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **ELEMENT** | **KEY FEATURES** | **HOW THIS ELEMENT SUPPORTS<br>OUR STRATEGY** | **PERFORMANCE-<br>BASED?** | **AT<br>RISK?** |
| Fixed | Base Salary | Only compensation element that is fixed | Provides a base level of competitive cash compensation when all other pay elements are variable or contingent | No | No |
| Short-Term | Annual <br>Cash Incentive | Payout is 100% based on achievement of rigorous quantitative financial goals | Incentivizes performance of key objectives | Yes | Yes |
| Long-Term | RSUs | Time vesting, subject to continued employment through the vesting date | Promotes stability and retention of our executive team | No | Yes |
| Long-Term | Stock Options | Have value only when the stock price is higher than the exercise price | Aligns interests of our executive officers with our stockholders | Yes | Yes |
| Long-Term | PSUs | Earned only if pre-determined performance targets are met | Rewards long-term financial results and aligns with stockholder value creation | Yes | Yes |

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These elements allow the Company to remain competitive and attract, retain and motivate top executive talent with current and potential future financial rewards.

The Compensation Committee reviews the elements of total direct compensation for the NEOs at least annually to evaluate whether each element of direct compensation remains competitive with that of companies in our peer group. The Compensation Committee relies on its own judgment in making these compensation decisions after its review of external market practices of companies in our executive compensation peer group, including the size and mix of direct compensation for executives in those companies. The Compensation Committee seeks to achieve an appropriate balance between annual cash rewards that encourage achievement of annual financial and non-financial objectives, and LTI awards that encourage positive long-term stock price performance, with a greater emphasis on LTI awards for more senior executives.

While external market data provides important guidance in making decisions on executive compensation, the Compensation Committee does not set compensation based on market data alone. When determining the size and mix of each element of an NEO's target total direct compensation, the Compensation Committee also considers the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the size and complexity of the executive's scope of responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;leadership, management and technical expertise, performance history, growth potential, and position in reporting structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;overall Company and individual performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;retention needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the recommendations of the CEO (except for his own compensation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;internal pay equity.

***Stockholder Engagement***

In late 2025, we contacted our 25 largest stockholders, representing 14.2% of our outstanding stock, to request individual meetings to discuss corporate governance, executive compensation and other matters, and two of these stockholders, representing 6.8% of our outstanding common stock, accepted our request for a meeting. Members of our legal team, our investor relations team and in one case, our Chairman of the Board, engaged these stockholders in frank and productive discussions regarding our executive compensation program, including the addition of PSUs to our LTI program in 2025 in response to prior stockholder feedback, and other corporate governance matters.

Our Board and Compensation Committee recognize that continued, regular engagement with our stockholders is critical to achieving and maintaining the stockholder support of our executive compensation program, as well as to further align our executive compensation objectives with our stockholders' priorities. We intend to continue our stockholder engagement efforts going forward and consider our stockholders' priorities and recommendations with respect to our executive compensation program design and practices in 2026 and beyond. As an example of how we have incorporated recent stockholder feedback, we continued to grant PSUs with rigorous goals to our executives in 2026.

*Base Salary* 

Base salary is the fixed portion of an executive's annual compensation. The Compensation Committee typically reviews base salaries on an annual basis, referring to market data to understand the marketplace for individuals in similar positions. The Committee does not use a formulaic approach when setting an executive officer's base salary. Instead, taking into account the recommendations of our CEO (except for his own compensation), the Compensation Committee considers the following factors when determining (or, in the case of the CEO, recommending to the Board) individual base salary levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the nature and responsibility of the executive's position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;market trends for individuals in similar positions at comparable companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the executive's expertise, tenure, responsibilities, and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;competitiveness of the market for the executive's services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;the desire to maintain internal pay equity among our executives.

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*Base Salary Decisions in 2025* 

On January 14, 2025, Mr. Narayanan entered into the Company's form of executive employment agreement with the Company in connection with his appointment as Chief Executive Officer, which agreement provides that Mr. Narayanan will receive an annualized base salary of $575,000.

In May 2025, our Compensation Committee reviewed the base salaries of our NEOs, other than David Buzby, whose employment as Interim CEO and Executive Chair terminated in January 2025, and Mr. Narayanan, who was appointed Chief Executive Officer in January 2025. Applying the factors above, the Committee increased the annual base salary of Mr. Carlson from $4425,000 to $433,500 and that of Mr. Laureles from $400,000 to $415,000.

*Annual Cash Incentive Awards* 

Our executives are eligible to earn performance-based annual cash incentive awards, based 100% on the achievement of rigorous quantitative financial and operational metrics that are directly linked to the Company's business strategy.

The purpose of our 2025 AIP is to foster a results-driven, pay-for-performance culture and to align executives' interests with those of our stockholders. Our Compensation Committee selects financial and performance objectives that it believes support our strategy and strike a balance between motivating our executives to increase near-term financial and operating results while driving profitable long-term Company growth and value for stockholders.

The performance metrics under the 2025 AIP were adjusted EBITDA, free cash flow generated (used), revenue and in the case of business unit presidents, BU contribution, which were chosen by the Compensation Committee to align incentive compensation with the Company's strategic priorities of profitable growth and operational efficiency during its ongoing transition to a software-centric business model. The below sets forth the Compensation Committee's considerations in selecting these metrics:

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| | | | |
|:---|:---|:---|:---|
| ***Why This Metric?*** | ***Why This Metric?*** | ***Why This Metric?*** | ***Why This Metric?*** |
| **Adjusted EBITDA\*** | **Free Cash Flow Generated (Used)** | **Revenue** | **BU Contribution\*** |
| Shows Company value across periods, with non-recurring events removed for a normalized view. Also reinforces the Company's stated goal of achieving positive adjusted EBITDA. <br>Connects executive compensation to the Company's ability to manage operational expenses over the long term. | Promotes management focus on how much cash is generated (and consumed) from operating activities during a relevant period.<br>Aligns executive compensation with actual cash generation. | Provides a simple snapshot of the Company's ability to deliver in the current period.<br>Ties executive compensation to the Company's ability to generate cash. | Encourages business unit presidents to drive business unit ("BU") level results while still contributing to the broader Company.<br>\*Applicable to business unit presidents only.  |

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The 2025 AIP incorporated a minimum performance threshold of 80% of target for each financial metric. If performance on a given metric fell below this threshold, no payout would be earned for that component. The minimum thresholds were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue: $139.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA: $3.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow Generated (Used): $(9.1) million.

Two of the four performance metrics under our 2024 Annual Incentive Plan (the "2024 AIP")—adjusted EBITDA and revenue—are also included in the 2025 AIP. The 2025 AIP replaced the 2024 AIP's remaining two metrics—operating cash flow and contracted annual recurring revenue ("CARR")—with free cash flow generated (used). The Compensation

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Committee approved the removal of CARR as a metric, recognizing that CARR measures revenue commitments rather than realized earnings and therefore does not adequately incentivize the behaviors necessary to drive profitability. The Committee also approved the replacement of operating cash flow with free cash flow generated (used), which more precisely captures actual cash production and consumption by accounting for capital expenditures and capitalized software investments, thereby enhancing the transparency of our incentive framework.

While the corporate performance measures described above applied to all NEOs, certain NEOs, our Business Unit Presidents, participated in a modified version of the 2025 AIP that included additional performance measures tied to specific business outcomes within their areas of responsibility. These modifications were designed to create a direct line of sight between individual incentive compensation and the operational results each executive was best positioned to influence, allowing functional leaders to focus on enterprise-wide outcomes while giving BU presidents direct accountability for their BU's results. The below describes the weighting applied to each metric for our executives who are not BU presidents and our BU president executives.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Weighting of 2025 AIP Metrics** | **Weighting of 2025 AIP Metrics** | **Weighting of 2025 AIP Metrics** | **Weighting of 2025 AIP Metrics** | **Weighting of 2025 AIP Metrics** | **Weighting of 2025 AIP Metrics** | **Weighting of 2025 AIP Metrics** |
| | **Company Metrics** | **Company Metrics** | **Company Metrics** | **Business Unit Metrics** | **Business Unit Metrics** | **Business Unit Metrics** | **Business Unit Metrics** |
| **Weighting** | **Adjusted EBITDA** | **Free Cash Flow Generated (Used)** | **Revenue** | **BU Adjusted EBITDA** | **BU Free Cash Flow Generated (Used)** | **BU Revenue** | **BU Contribution** |
| **Executives (Non-BU Presidents):** | 33% | 34% | 33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **BU Presidents:** | **25% of AIP Attributable to Company Metrics** | **25% of AIP Attributable to Company Metrics** | **25% of AIP Attributable to Company Metrics** | **75% of AIP Attributable to Business Unit Metrics** | **75% of AIP Attributable to Business Unit Metrics** | **75% of AIP Attributable to Business Unit Metrics** | **75% of AIP Attributable to Business Unit Metrics** |
| **BU Presidents:** | 33% | 34% | 33% | 25% | 25% | 25% | 25% |

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The Compensation Committee established performance goals for each metric in May 2025. These goals were calibrated to drive performance aligned with the Company's annual operating plan and long-term strategic objectives. Actual payouts were determined based on the Company's performance relative to these approved targets.

*Annual Cash Incentive Decisions and 2025 AIP Results*

Each NEO's target bonus opportunity was expressed as a percentage of base salary. Actual payouts under the 2025 AIP could range from 0% to 150% of target. At threshold-level performance (80% of target), payout would equal 80% of the NEO's target bonus amount, scaling upward based on performance above target, up to the 150% maximum.

Upon review of market data of the applicable compensation peer group, and taking into consideration internal pay equity, the Compensation Committee determined in May 2025 to set Mr. Carlson's and Mr. Laureles's 2025 target bonus opportunities as set forth in the table below. Mr. Narayanan's target bonus opportunity was set at 100% of salary upon hire in January 2025. Mr. Buzby stepped down from his role as Interim CEO and Executive Chair in January 2025 and was not eligible for a bonus in 2025.

The following table shows each NEO's target 2025 AIP and final earned 2025 AIP.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Metric** | **Goals ($ in millions)** | **Goals ($ in millions)** | **Goals ($ in millions)** | **Performance Achieved** |
| **Metric** | **Threshold** | **Target** | **Maximum** | **Performance Achieved** |
| Adjusted EBITDA\* | 3.6 | 4.5 | 5.6 | 6.7 |
| Free Cash Flow Generated (Used) | (9.1) | (7.3) | (5.8) | 6.9 |
| Revenue | 139.9 | 174.9 | 218.6 | 156.3 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NEO** | **Target Bonus (as a % of Base Salary)** | **Target Bonus Amount** | **Earned 2025 AIP Bonus (as a % of Target)** | **Earned 2025 AIP Bonus ($)** |
| Arun Narayanan | 100% | $534041.10 | 129.8% | $693079 |
| David Buzby |  |  |  |  |
| Michael Carlson | 75% | $322487.67 | 117.8% | $379923 |
| Saul R. Laureles | 75% | $290047.98 | 129.8% | $376424 |

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*Sign-On Bonus* 

In connection with his appointment as Chief Executive Officer, Mr. Narayanan received a sign-on bonus of $50,000, subject to repayment if Mr. Narayanan resigned from his employment for a reason other than for "Good Reason" (as defined in his employment agreement) or was terminated for cause, in each case, within one year of payment of the bonus.

*Long-Term Equity Incentive Awards* 

The 2025 LTI awards granted to NEOs included stock options (25%), RSUs (50%) and PSUs (25%) (compared to our 2024 LTI mix of 75% RSUs and 25% options). Compared to the 2024 LTI mix, the Compensation Committee believes the 2025 LTI mix better addresses risk tolerances, aligns with the Company's expectation of increased stock price in light of our software-focused strategy announced in October 2024 and increases alignment with the stockholder experience. In part due to stockholder feedback, the Compensation Committee determined that the addition of PSUs to the 2025 LTI mix was now appropriate and would serve to increase executive alignment with shareholder experience.

When determining the amount of LTI awards granted to an NEO, the Compensation Committee considers the executive's experience, level of responsibilities, and contributions to the success of the Company, as well as market data and internal pay equity. In addition to rewarding our NEOs based on personal and Company performance, equity awards have also served to retain the services of such executives since they are subject to time-based vesting conditions.

In 2025, the Compensation Committee introduced PSUs to the mix of annual equity awards for our executives. This change was made to further reinforce our senior executives' focus on long-term performance goals tied to our growth strategy, strengthen the direct alignment between the interests of our senior executives and stockholders and further support our long-held compensation philosophy of pay for performance.

The PSUs have a performance period beginning on June 30, 2025 and ending on June 30, 2028. Subject to an executive's continued employment with the Company, shares underlying the PSUs will be earned if the Company achieves or beats three stock price hurdles at threshold, target and maximum levels, as shown in the table below. A stock price hurdle is achieved if the rolling average volume-weighted average price ("VWAP") of the Company's common stock for any sixty trading-day period equals or exceeds a price set forth in the table below (each, a "Stock Price Hurdle").

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PSU Stock Price Hurdles** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PSU Stock Price Hurdles** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PSU Stock Price Hurdles** |
| **Hurdle** | **Stock Price** | **Percentage of PSUs Vesting** |
| Threshold | $17.60 | 50% |
| Target | $30.00 | 100% |
| Maximum | $50.00 | 200% |

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The vesting date for PSUs earned based on the achievement of a Stock Price Hurdle is the date the Stock Price Hurdle has been achieved, except that if a Stock Price Hurdle is achieved prior to the first anniversary of the grant date of the PSUs, the vesting date is the first anniversary of the grant date. The percentages set forth in the table above are cumulative and take into account PSUs that vested based on the achievement of lower Stock Price Hurdles, and only the incremental PSUs will vest based on the achievement of the higher Stock Price Hurdles. Any PSUs that are not earned as of the last day of the three-year performance period will be forfeited.

The first Stock Price Hurdle goal was achieved on October 21, 2025 and therefore 50% of the target PSUs will vest in mid-2026.

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The Compensation Committee approved the LTI awards set forth in the table below to our NEOs in 2025. In approving these awards, the Committee considered numerous factors, including the share constraint in the Company's equity incentive plan due to, among other things, our low common stock price; the Committee's desire to keep the "burn rate" to an acceptable level; market data; internal pay equity; and the need to balance the appropriate size and mix of awards to incentivize and retain executives. The Compensation Committee also considered stockholder feedback, particularly regarding the addition of PSUs. Additionally, in response to Stem's decline in market capitalization over the years, the Compensation Committee approved a restructuring of the Company's peer group for executive compensation, effective for 2026 executive compensation—see "Peer Group Companies" below for more information.

Equity awards to Arun Narayanan were determined at the time of his commencement of employment and are described in the "Employment Agreements" section below. RSUs and PSUs were granted to Mr. Carlson and Mr. Laureles on two separate dates (June 30, 2025 and July 28, 2025) to further incentivize and align our NEOs' interests with shareholders when our stock price increased from $6.23 on the June 30, 2025 grant date to $18.91 on the July 28, 2025 grant date. The total grant date fair value of equity compensation for each of Mr. Carlson and Mr. Laureles was $555,060 in 2025, which was 4% to 18% lower than the grant date fair value of their 2024 equity compensation, in recognition of our lower market capitalization in 2025, but 48% of their 2025 grant date fair value was in PSUs whereas 0% of their 2024 awards were performance-based.

Except as described in the footnotes to the table below, the vesting for the 2025 LTI awards are as follows: stock options vest in three annual installments, RSUs vest in three annual installments, in each case beginning on August 7, 2026, and PSUs vest as described above.

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| | | | |
|:---|:---|:---|:---|
| **2025 LTI Awards** | **2025 LTI Awards** | **2025 LTI Awards** | **2025 LTI Awards** |
| **NEO** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br>RSUs Granted**  | &nbsp;&nbsp;&nbsp;**Number of Options<br>Granted**  | **Number of PSUs<br>Granted**  |
| Arun Narayanan | 48750 <sup>(1)</sup> |  | 16250<sup>(7)</sup> |
| David Buzby | 7486 <sup>(2)</sup> | 3333<sup>(5)</sup> |  |
| Michael Carlson | 21000<sup>(3)</sup> | 5500<sup>(6)</sup> | 15500<sup>(8)</sup> |
| Saul R. Laureles | 21000<sup>(4)</sup> | 5500<sup>(6)</sup> | 15500<sup>(9)</sup> |

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(1) Amount reflects Mr. Narayanan's January 27, 2025 equity award at the commencement of his employment.

(2) Amount reflects Mr. Buzby's annual stock awards granted pursuant to his service as a director, which are described further in "Director Compensation."

(3) Amount reflects Mr. Carlson's June 30, 2025 grant of 11,000 RSUs and July 28, 2025 grant of 10,000 RSUs.

(4) Amount reflects Mr. Laureles's June 30, 2025 grant of 11,000 RSUs and July 28, 2025 grant of 10,000 RSUs.

(5) Amount reflects Mr. Buzby's January 14, 2025 grant of 3,333 stock options, at an exercise price of $0.84, which vested in full on January 26, 2025.

(6) Amounts reflect Mr. Carlson's and Mr. Laureles's grants of stock options, each granted on June 30, 2025, with an exercise price of $6.23.

(7) Amount reflects Mr. Narayanan's June 30, 2025 grant of 16,250 PSUs, which were determined at the time of his commencement of employment.

(8) Amount reflects Mr. Carlson's June 30, 2025 grant of 5,500 PSUs and July 28, 2025 grant of 10,000 PSUs.

(9) Amount reflects Mr. Laureles's June 30, 2025 grant of 5,500 PSUs and July 28, 2025 grant of 10,000 PSUs.

*Peer Group Companies* 

The Compensation Committee considers formal executive compensation market data prepared by Frederic W. Cook & Co., Inc. (the Committee's independent compensation consultant, our "Compensation Consultant") when it reviews and determines executive compensation. The Compensation Committee also considers the executive compensation practices at various "peer group" companies when evaluating changes to the Company's executive compensation program. The purpose of our peer group comparison is to ensure that our total executive compensation package operates effectively and remains both reasonable and competitive.

In October 2025, the Compensation Committee approved a restructuring of the Company's peer group for executive compensation, effective for 2026 executive compensation. The Company's peer group was previously updated in 2023, when the Company's market capitalization was $750 million, and was comprised of "cleantech" and other hardware-focused technology companies. At the time of the peer group restructuring analysis on October 3, 2025, the Company's

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market capitalization was $187 million and, as announced in October 2024, its business strategy had shifted toward a software and services-centric strategy. The peer group has been updated to include companies with similar market capitalizations to Stem and also to include software and similar industry peers in light of the Company's software and services-focused strategy.

The Compensation Committee's selection criteria for companies comprising our 2025 peer group included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• predominately software and internet technology companies, hardware/software blend companies and consulting/services companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• companies with revenues from approximately $60 million to $500 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• companies with market capitalization from approximately $25 million to $500 million.

Applying the criteria above, the Compensation Committee approved the following companies as our executive compensation peer group, effective for 2026 compensation decisions:

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| | | |
|:---|:---|:---|
| Arteris, Inc. | CS Disco, Inc. | Spire Global, Inc. |
| Backblaze, Inc. | Kaltura, Inc. | Synchronoss Technologies, Inc. |
| Cerence Inc. | LivePerson, Inc. | Telos Corporation |
| ChargePoint Holdings, Inc. | ON24, Inc. | Tucows Inc. |
| CoreCard Corporation | Ooma, Inc. | Upland Software, Inc. |
| CPI Card Group Inc. | Rimini Street, Inc. | Veritone, Inc. |
| Crexendo, Inc. | SoundThinking, Inc. |  |

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At the time of the peer group restructuring on October 3, 2025, Stem's $187 million market capitalization was in range of the $260 million median market capitalization of the peer group, and all peers had a market capitalization within 0.33x and 3.0x of Stem's $187 million market capitalization. Stem's $156 million trailing four-quarter revenue was aligned with the peer group's median trailing four-quarter revenue of $160 million.

**Outstanding Equity Awards at 2025 Fiscal-Year End** 

The following table sets forth additional information regarding outstanding equity awards held by each of our NEOs as of December 31, 2025:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** <sup>(1)</sup> | **Stock Awards** <sup>(1)</sup> | **Stock Awards** <sup>(1)</sup> | **Stock Awards** <sup>(1)</sup> |
|<br>**Name** |<br>**Grant Date** | **Number of Securities Underlying Unexercised Options (#) Exercisable** | **Number of Securities Underlying Unexercised Options (#) Unexercisable** | **Option Exercise Price ($)** | **Option Expiration Date** | **Number of Shares or Units of Stock That Have Not Vested (#)** | **Market Value of Shares or Units of Stock That Have Not Vested ($)\*** | **Equity**<br>**incentive**<br>**plan awards: Number of**<br>**unearned**<br>**shares, units or other rights that have not vested**<br>**(#)**<sup>(12)</sup> | **Equity<br>Incentive<br>Plan<br>Awards:<br>Market or<br>Payout<br>Value Of<br>Unearned<br>Shares,<br>Units or<br>Other<br>Rights<br>That<br>Have Not<br>Vested<br>($)\*** |
| Arun Narayanan | 1/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 48750 | $733688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Arun Narayanan | 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 8125 | $122282 | 24375 | $366844 |
| David Buzby | 11/1/2018 <sup>(2)</sup> | 1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | $45.40 | &nbsp;&nbsp;&nbsp;&nbsp;11/1/2028&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| David Buzby | 8/28/2024 <sup>(3)</sup> | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | $20.00 | &nbsp;&nbsp;&nbsp;&nbsp;8/28/2034&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| David Buzby | 1/14/2025 <sup>(4)</sup> | 3333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | $25.00 | 1/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| David Buzby | 6/4/2025 <sup>(</sup><sup>5</sup><sup>)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 7486 | $112664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Michael Carlson | 9/26/2022 <sup>(6)</sup> | 1245 | 420 | $256.60 | 9/26/2032 | 305 | $4590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Michael Carlson | 2/15/2023 <sup>(7)</sup> | 3364 | 1735 | $205.00 | 2/15/2033 | 1342 | $20197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Michael Carlson | 2/15/2024 <sup>(8)</sup> | 1822 | 3644 | $67.40 | 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Michael Carlson | 5/28/2024 <sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 7084 | $106614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Michael Carlson | 6/30/2025 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 5500 | $6.23 | 6/30/2035 | 13750<sup>(10)</sup> | $206938 | 8250 | $124163 |
| Michael Carlson | 7/28/2025 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 15000<sup>(11)</sup> | $225750 | 15000 | $225750 |
| Saul Laureles | 5/28/2021 <sup>(6)</sup> | 1726 |  | $506.80 | 5/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Saul Laureles | 3/1/2022 <sup>(6)</sup> | 4239 | 1412 | $186.60 | 3/1/2032 | 904 | $13605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Saul Laureles | 2/15/2023 <sup>(7)</sup> | 4486 | 2313 | $205.00 | 2/15/2033 | 1790 | $26940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Saul Laureles | 2/15/2024 <sup>(8)</sup> | 1501 | 3000 | $67.40 | 2/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Saul Laureles | 5/28/2024 <sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 5834 | $87802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Saul Laureles | 6/30/2025 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 5500 | $6.23 | 6/30/2035 | 13750<sup>(10)</sup> | $206938 | 8250 | $124163 |
| Saul Laureles | 7/28/2025 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | 15000<sup>(11)</sup> | $225750 | 15000 | $225750 |

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\* &nbsp;&nbsp;&nbsp;&nbsp;Market values in these columns were determined by multiplying the number of shares of stock by $15.05, the closing price of our common stock on December 31, 2025.

(1)A portion of PSUs vests if the rolling average volume-weighted average price (VWAP) of the Company's common stock for any sixty trading-day period equals or exceeds a stock price target criteria.

(2)Mr. Buzby's stock options vested in twelve equal monthly installments, beginning on January 1, 2019.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Mr. Buzby's stock options vested in six equal monthly installments, subject to his continuing service as Executive Chair through the applicable vesting date.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Mr. Buzby's Stock Options vested in full on January 26, 2025.

(5)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Mr. Buzby's RSU grant vests in full on the one-year anniversary of the grant date, subject to his continuing service through the applicable vesting date.

(6) Mr. Carlson's and Mr. Laureles's respective Stock Options and RSU grants will each vest in equal annual installments over a period of 4 years beginning one year following the grant date.

(7) Mr. Carlson's and Mr. Laureles's respective Stock Options and RSU grants will each vest in equal annual installments over a period of 3 years beginning one year following the grant date.

(8) Mr. Carlson's and Mr. Laureles's respective Stock Options and RSU grants will each vest in equal annual installments over a period of 3 years beginning on March 7, 2025.

(9) Mr. Carlson's and Mr. Laureles's (i) respective Stock Options and RSU grants will each vest in equal annual installments over a period of 3 years beginning on August 7, 2026; and (ii) respective PSU grants will vest, subject to achievement of performance metrics described in Footnote 12 to this table, in equal annual installments over a period of 3 years beginning on June 30, 2026.

(10) Mr. Carlson's and Mr. Laureles's respective shares reflect 11,000 in RSUs that have not vested and 2,750 in PSUs that were earned in 2025 but will have a vesting date of the first anniversary of the grant date.

(11) Mr. Carlson's and Mr. Laureles's respective shares reflect 10,000 RSUs that have not vested and 5,000 PSUs that were earned in 2025 but will have a vesting date of the first anniversary of the grant date.

(12) &nbsp;&nbsp;&nbsp;&nbsp;Units in this column reflect PSUs for which the performance metrics have not yet been met and assume maximum performance of 200%. If the rolling average VWAP of the Company's common stock for any sixty trading-day period equals or exceeds (i) $30.00, then the PSUs vest 100% (target performance) and (ii) $50.00, then the shares vest 200% (maximum performance). A 50% portion of the original award for each award listed in this column have been earned and are unvested and are shown in the column titled "Number of Shares or Units of Stock That Have Not Vested". See "—*Long-Term Equity Incentive Awards*" for details on PSU vesting mechanics*.*

**Potential Payments Upon Termination or Change in Control** 

Each NEO is party to an employment agreement (each, an "Employment Agreement") that provides for certain severance payments and benefits in connection with certain qualifying terminations of employment, as well as enhanced

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severance payments and benefits if qualifying terminations of employment occur in connection with a "Change in Control" (as defined in the Company's Amended & Restated 2024 Equity Incentive Plan).

*Employment Agreements* 

<u>Arun Narayanan</u>: We entered into an executive employment agreement with Mr. Narayanan in connection with his appointment as CEO. Under his Employment Agreement, Mr. Naraynan received an annualized base salary of $575,000, less applicable taxes, payroll deductions and withholdings. In connection with his service, he also received (a) a sign-on cash bonus of $50,000, subject to repayment under certain circumstances; (b) a sign-on equity award of (i) 11,250 RSUs, which vest ratably in two equal annual installments, with the first 50% vesting on March 7, 2026, and (ii) 7,500 PSUs, which vest ratably in two equal annual installments, with the first 50% vesting on March 7, 2026, subject to achievement of performance metrics; and (c) an initial long-term incentive equity award, in the form of 37,500 RSUs, which vest ratably in three equal annual installments, with the first 33% vesting on March 7, 2026, and 25,000 PSUs, which vest ratably in three equal annual installments, with the first 33% vesting on March 7, 2026, subject to achievement of performance metrics. In addition, Mr. Narayanan was eligible to receive a cash incentive award under the Company's annual incentive plan with a target bonus opportunity of 100% of his annual base salary, to be prorated for 2025.

<u>David Buzby</u>: In connection with Mr. Buzby continuing to serve as Interim Chief Executive Officer and Executive Chair through January 26, 2025, Mr. Buzby entered into an amendment to his executive employment agreement with the Company (as amended, the "Amended Agreement"). Under the Amended Agreement, Mr. Buzby received an annualized base salary of $600,000, prorated for his service as Interim CEO and Executive Chair in 2025. Mr. Buzby also received (a) a cash incentive award under the Company's annual incentive plan with a target bonus opportunity of 125% of his annual base salary, subject to the Company's performance and a guaranteed minimum payout of 75% of the target bonus opportunity, prorated for his service as Interim CEO and Executive Chair in 2024 and 2025, and (b) a grant of 3,333 stock options, at an exercise price equal to fair market value on the date of grant, which vested in full on January 26, 2025. Mr. Buzby served as Interim CEO and Executive Chair until the Board appointed Mr. Narayanan as the Company's CEO on January 27, 2025; Mr. Buzby now serves the Company as the Non-Executive Chair of the Board and is no longer entitled to the compensation and benefits described above.

<u>Michael Carlson</u>: We entered into an employment agreement with Mr. Carlson in 2022, which provided for his initial compensation and benefits, including an initial base salary, annual bonus opportunity, and initial equity awards. Mr. Carlson's employment agreement is on the Company's standard form of Executive Employment Agreement, a copy of which was previously filed with the SEC as Exhibit 10.11 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

<u>Saul R. Laureles</u>: We entered into an employment agreement with Mr. Laureles in 2021, which provided for his initial compensation and benefits, including an initial base salary, annual bonus opportunity, and initial equity awards. Mr. Laureles's employment agreement is on the Company's standard form of Executive Employment Agreement, a copy of which was previously filed with the SEC as Exhibit 10.11 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

*Change in Control Benefits* 

The "Change in Control Period" in Mr. Narayanan's, Mr. Carlson's and Mr. Laureles's Employment Agreements commences three months prior to the occurrence of the Change in Control and ends 12 months following the Change in Control. Upon a termination without "Cause" (other than a termination due to death or disability) or resignation for "Good Reason," in each case, outside of the Change in Control Period (each, as defined in the employment agreements), the NEO would be eligible to receive: (i) payment of any bonus earned, but not yet paid for the year prior to the year of termination; (ii) in the cases of Messrs. Carlson and Narayanan, an amount equal to twelve months of annual base salary in effect immediately prior to termination and in the case of Mr. Laureles, an amount equal to nine months of annual base salary in effect immediately prior to termination; (iii) payment of a pro rata bonus for the year of termination based on actual performance; (iv) payment or reimbursement for the premiums that the NEO would be required to pay to maintain continued health coverage under COBRA for a period of, in the case of Messrs. Narayanan and Laureles, up to nine months following the date of termination and in the case of Mr. Carlson, up to twelve months following the date of termination; and (v) for Messrs. Carlson and Narayanan, the accelerated vesting of certain outstanding equity awards. Receipt of all such payments and benefits would be subject to the NEO's execution and non-revocation of a release of claims and his continued compliance with the covenants set forth in his employment agreement.

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Upon a termination without Cause (other than a termination due to death or disability) or resignation for Good Reason, in each case, during the Change in Control Period, the NEO would be eligible to receive: (i) cash payment equal to, in the case of Mr. Laureles, one times the sum of his annual base salary plus target bonus and in the case of Messrs. Carlson and Narayanan, two times the sum of the NEO's annual base salary plus target bonus; (ii) payment of any bonus earned, but not yet paid for the year prior to the year of termination; (iii) payment of a pro rata bonus for the year of termination based on actual performance; and (iv) payment or reimbursement for the premium that the NEO would be required to pay to maintain continued health coverage under COBRA for a period of, in the case of Messrs. Narayanan and Laureles, up to twelve months following the date of termination and in the case of Mr. Carlson, up to eighteen months following the date of termination. Receipt of all such payments and benefits would be subject to the NEO's execution and non-revocation of a release of claims and his continued compliance with the covenants set forth in the employment agreements.

*The 2021 Plan* 

Pursuant to the terms of the 2021 Equity Incentive Plan, and unless provided otherwise in an award agreement or other agreement between us or an affiliate and the participant, in the event of Change in Control (as defined in the 2021 Plan), our Board will take one or more of the following actions with respect to each outstanding award, contingent upon the closing or completion of the Change in Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) to assume or continue the award or to substitute a similar stock award for the award (including, but not limited to, an award to acquire the same consideration per share paid to the stockholders of the Company pursuant to the Change in Control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the assignment of any reacquisition or repurchase rights held by us in respect of common stock issued pursuant to the award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;accelerate the vesting, in whole or in part, of the award (and, if applicable, the time at which the award may be exercised) to a date prior to the effective time of such Change in Control as determined by our Board, with such award terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by us with respect to the award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;cancel or arrange for the cancellation of the award, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for such cash consideration, if any, as our Board, in its reasonable determination, may consider appropriate as an approximation of the value of the cancelled award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;cancel or arrange for the cancellation of the award, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for a payment equal to the excess, if any, of (A) the value in the Change in Control of the property the participant would have received upon the exercise of the award immediately prior to the effective time of the Change in Control, over (B) any exercise price payable by such holder in connection with such exercise.

Our Board need not take the same action or actions with respect to all awards or portions thereof or with respect to all participants and may take different actions with respect to the vested and unvested portions of an award. In the absence of any affirmative determination by our Board at the time of a Change in Control, each outstanding award will be assumed or an equivalent award will be substituted by such successor corporation or a parent or subsidiary of such successor corporation, referred to as a successor corporation, unless the successor corporation does not agree to assume the award or to substitute an equivalent award, in which case the vesting of such award will accelerate in its entirety (along with, if applicable, the time at which the award may be exercised) to a date prior to the effective time of such Change in Control as our Board will determine (or, if our Board does not determine such a date, to the date that is five (5) days prior to the effective date of the Change in Control), with such award terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective.

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*The 2024 Plan* 

In the event of a Change in Control (as defined in the Amended & Restated 2024 Equity Incentive Plan), the Board will take one or more of the following actions with respect to each outstanding award, contingent upon the closing or completion of the Change in Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the surviving corporation or acquiring corporation (or the parent company thereof) to assume or continue the award or to substitute a similar award for the award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of common stock issued pursuant to the award to the surviving corporation or acquiring corporation (or the parent company thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;accelerate the vesting, in whole or in part, of the award (and, if applicable, the time at which the award may be exercised) to a date prior to the effective time of such Change in Control as determined by the Board (or, if the Board will not determine such a date, to the date that is five days prior to the effective date of the Change in Control), with such award terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;cancel, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for such consideration (in cash, property, securities or a combination thereof), if any, as the Board, in its reasonable determination, may consider appropriate as an approximation of the value of the canceled award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;cancel, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for a payment equal to the excess, if any, of (A) the value in the Change in Control of the property the participant would have received upon the exercise of the award immediately prior to the effective time of the Change in Control, over (B) any exercise price payable by such holder in connection with such exercise; provided, that the Board may cancel and terminate without payment any option or SAR with an exercise price equal to or in excess of the value of the shares of common stock subject to such option or SAR determined as of immediately prior to the Change in Control.

The Board need not take the same action with respect to all awards or portions thereof or with respect to all participants and may take different actions with respect to the vested and unvested portions of an award.

In the absence of any affirmative determination by the Board at the time of a Change in Control, each outstanding award will be assumed or an equivalent award will be substituted by such successor corporation or a parent or subsidiary thereof, unless such successor corporation does not agree to assume or substitute the award, in which case the vesting of such award will accelerate (along with, if applicable, the time at which the award may be exercised) to a date prior to the effective time of such Change in Control as the Board will determine (or, if the Board will not determine such a date, to the date that is five days prior to the effective date of the Change in Control), with such award terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective.

An award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the award agreement for such award or as may be provided in any other written agreement with the participant, but in the absence of such provision, no such acceleration will occur.

***Other Compensation Plans***

<u>Health and Welfare Plans and 401(k) Plan</u>. The NEOs are eligible to participate in the Company's employee benefit plans and programs, including medical and dental benefits, flexible spending accounts, long-term care benefits, and short- and long-term disability and life insurance, to the same extent as the Company's other full-time employees, subject to the terms and eligibility requirements of those plans. The NEOs also participate in our 401(k) plan, subject to limits imposed by the Internal Revenue Code, to the same extent as the Company's other full-time employees.

<u>Other Benefits</u>. We do not maintain any defined benefit pension plans or any nonqualified deferred compensation plans.

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<u>Limited Perquisites</u>. We provide only limited perquisites to our NEOs. None of our NEOs (other than David Buzby, in his capacity as Interim CEO), received $10,000 or more of perquisites or other personal benefits from the Company in 2025.

***Stock Ownership Guidelines***

In April 2022, the Compensation Committee adopted Stock Ownership Guidelines that apply to our executive officers and directors. The guidelines are intended to further the Company's goal of promoting sound corporate governance practices by aligning the financial interests of the executive officers and directors with those of our stockholders.

Under the guidelines, our CEO is expected to maintain ownership of Stem common stock representing five times his annual base salary, and each other executive officer is expected to maintain ownership of Stem common stock representing two times his or her annual base salary. Board members are each expected to maintain ownership of Stem common stock representing four times his or her annual cash retainer. Under the guidelines, our executives and board members have five years to satisfy the ownership requirements. During that time, directors and executive officers are expected to retain 50% of the net shares acquired upon stock option exercises and RSU vesting, until they achieve their minimum requirement under the guidelines.

The following shares count towards the satisfaction of the Stock Ownership Guidelines for our directors and officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares owned outright by a director or executive officer (including through open market purchases or acquired and held upon vesting of Company equity awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares owned jointly with, or separately by, a director's or executive's spouse and other immediate family members residing in the same household; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares held in a trust established by the director or executive, their spouse and/or children.

The following shares do not count towards the satisfaction of the Stock Ownership Guidelines for our directors and officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unvested restricted stock, RSUs or PSUs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares pledged as collateral for a loan (which is prohibited for our directors and executive officers under our insider trading policy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexercised stock options (whether vested or unvested); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• long-term equity incentive or performance awards that may be settled in cash (whether vested or unvested).

As of March 31, 2026, all of our NEOs and board members were in compliance with our stock ownership guidelines.

***Insider Trading Policy and Prohibitions on Hedging and Pledging***

In October 2025, we adopted a revised insider trading policy (the "Insider Trading Policy") and procedures governing the purchase, sale, and other transactions in Company securities by the Company's directors, officers and employees, that we believe are reasonably designed to promote compliance with insider trading laws, rules, and regulations and NYSE listing standards. Our Insider Trading Policy also applies to certain related persons of individuals covered by the Insider Trading Policy, including family members, other members of a person's household and entities controlled by a person covered by the Insider Trading Policy. We may also determine that other persons, such as contractors or consultants that have access to material nonpublic information, should be subject to the Insider Trading Policy. Persons subject to our Insider Trading Policy are prohibited from trading while aware of material, non-public information. The Insider Trading Policy also prohibits for all persons subject to the Insider Trading Policy (a) short-term trading; (b) short sales; (c) transactions involving publicly traded options or other derivatives, such as trading in puts or calls with respect to Company securities and (d) hedging or monetization transactions.

The Insider Trading Policy provides for restricted periods and preclearance procedures for our directors, executive officers and certain specified employees. Further, in addition to the restrictions noted above, our directors, executive officers and certain specified employees are prohibited at any time from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchasing, or carrying, Stem securities on margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pledging Stem securities as collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing a "limit" order or a "stop loss" order; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in hedging transactions or speculative transactions involving Stem securities, including, but not limited to short sales, buying or selling publicly-traded options (including writing covered calls) and entering into any other type of derivative arrangement that has a similar economic effect.

While our Insider Trading Policy does not prohibit Stem employees who are not directors, executive officers or the specified employees from including Stem securities in a margin account or pledging Stem securities as collateral for a loan, the Insider Trading Policy encourages individuals to exercise caution when doing so.

In addition, from time to time, the Company may engage in transactions in its own securities, including share issuances and repurchases. The Company's practices with respect to share issuances and repurchases, which are overseen by the Finance and Legal departments (and, if appropriate, approved by the Board or appropriate committee), are designed to promote compliance with applicable insider trading and other securities laws, rules, regulations, and NYSE listing standards. Transactions pursuant to equity-based compensation arrangements are conducted in accordance with the terms of the plans and agreements.

For more information, please see the description of our insider trading policies and procedures, which is included as Exhibit 19 in our Annual Report on Form 10-K for the year ended December 31, 2025.

***Executive Compensation Recoupment Policy***

We adopted a clawback policy in October 2023 that is intended to comply with the requirements of NYSE Listing Standard 303A.14 implementing Rule 10D-1 under the Exchange Act. In the event the Company is required to prepare an accounting restatement of the Company's financial statements due to material non-compliance with any financial reporting requirement under the federal securities laws, the Company will recover the excess incentive-based compensation received by any covered executive, which includes former executives and the NEOs, during the prior three fiscal years that exceeds the amount that the executive otherwise would have received had the incentive-based compensation been determined based on the restated financial statements. Our clawback policy is filed as Exhibit 97 to our Annual Report on Form 10-K for the year ended December 31, 2025.

***Equity Grant Timing***

The Compensation Committee approves and grants annual equity awards at approximately the same time each year, in late February. The Compensation Committee may also consider and approve interim or mid-year grants from time to time based on business needs, such as when a new executive joins the Company. The Committee does not take material nonpublic information into account when determining the timing and terms of equity awards and does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. During 2025, the Compensation Committee did grant stock option awards to our named executive officers within the period beginning four business days before our filing of a periodic report on Form 10-K or Form 10-Q or the filing or furnishing of a current report on Form 8-K that disclosed material nonpublic information and ending one business day after the filing or furnishing of such report. The following information regarding such option grants is provided in accordance with SEC rules:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Grant Date** | **Number of Securities Underlying Award** | **Exercise Price** | **Grant Date Fair Value** | **Percentage Change in Closing Market Price of Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic Information and the Trading Day Beginning Immediately Following the Disclosure of Material Nonpublic Information** | **Percentage Change in Closing Market Price of Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic Information and the Trading Day Beginning Immediately Following the Disclosure of Material Nonpublic Information** | **Percentage Change in Closing Market Price of Securities Underlying the Award Between the Trading Day Ending Immediately Prior to the Disclosure of Material Nonpublic Information and the Trading Day Beginning Immediately Following the Disclosure of Material Nonpublic Information** |
| David Buzby | 1/14/2025 | 3333 | $25.00 | $10075 | 4% |  |  |
| Michael Carlson | 6/30/2025 | 5500 | $6.23 | $29095 | (1.08)% | and | 33.9% |
| Saul Laureles | 6/30/2025 | 5500 | $6.23 | $29095 | (1.08)% | and | 33.9% |

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**PAY VERSUS PERFORMANCE**

The Company has prepared this disclosure in accordance with the SEC's pay versus performance rules in Item 402(v) of Regulation S-K under the Exchange Act ("Item 402(v)") and does not necessarily reflect value actually realized by our NEOs or how the Compensation Committee evaluates compensation decisions in light of Company or individual performance. For discussion of how the Compensation Committee seeks to align pay with performance when making compensation decisions, please review "Executive Compensation" beginning on or around page [40](#i9051f3aa71174aec8660218b96182850_85).

**Pay Versus Performance Table**

The following table and related disclosure provide the information required for our NEOs for each of the fiscal years ended December 31, 2025, 2024 and 2023 along with the required financial information required for each fiscal year (note that "SCT" refers to Summary Compensation Table amounts):

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **SCT Total for Former CEO (Carrington) $** | **Compensation<br>Actually Paid<br>to Former CEO (Carrington)<br>$(1)** | **SCT Total for Former Interim CEO (Buzby) <br>$** | **Compensation Actually Paid to Former Interim CEO (Buzby) <br>$(1)** | **SCT Total for CEO (Narayanan)<br>$** | **Compensation Actually Paid to CEO (Narayanan)**<br>**$** <sup>(1)</sup> | **Average SCT Total for Non-CEO NEOs <br>$(2)** | **Average Compensation Actually Paid to Non-CEO NEOs <br>$(1)(2)** | **Value of<br>Initial<br>Fixed $100<br>Investment<br>Based<br>On Total<br>Shareholder<br>Return<br>("TSR")**  | **Net Income (in millions)<br>$** |
| &nbsp;&nbsp;2025 |  |  | 264911 | 307553 | 2068248 | 2370091 | 1357836 | 1623284 | 8.42 | 137.8 |
| &nbsp;&nbsp;2024 | 2296957 | (3541104) | 1012318 | 824094 |  |  | 1138587 | 816569 | 6.74 | (854.0) |
| &nbsp;&nbsp;2023 | 3884232 | (6086830) |  |  |  |  | 3154648 | 380032 | 43.40 | (140.4) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Deductions from, and additions to, total compensation in the Summary Compensation Table for 2025 to calculate Compensation Actually Paid include:

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| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
| | **David Buzby** | **Arun Narayanan** | **Average Other NEOs** <sup>(2)</sup> |
| **Total Compensation from Summary Compensation Table** | $**264911** | $**2068248** | $**1357836** |
| **Adjustments for Equity Awards** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjustment for grant date values in the Summary Compensation Table | $(91822) | $(791213) | $(555060) |
| &nbsp;&nbsp;&nbsp;Year-end fair value of unvested awards granted in the current year | $112664 | $1093056 | $725129 |
| &nbsp;&nbsp;&nbsp;Year-over-year difference of year-end fair values for unvested awards granted in prior years | $— | $— | $26106 |
| &nbsp;&nbsp;&nbsp;Fair values at vest date for awards granted and vested in current year | $37253 | $— | $— |
| &nbsp;&nbsp;&nbsp;Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years | $(15453) | $— | $69274 |
| &nbsp;&nbsp;&nbsp;Forfeitures during current year equal to prior year-end fair value | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Dividends or dividend equivalents not otherwise included in total compensation | $— | $— | $— |
| **Total Adjustments for Equity Awards** | $**42642** | $**301843** | $**265449** |
| **<u>Compensation Actually Paid (as calculated)</u>** | $**307553** | $**2370091** | $**1623284** |

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\*&nbsp;&nbsp;&nbsp;&nbsp;All stock option and Performance Stock Unit (PSU) valuations included in "Compensation Actually Paid" values were performed using the Black-Scholes option pricing model and Monte Carlo simulation valuation method, respectively, in a manner consistent with the process used to determine stock option grant date fair values under ASC 718. All stock award valuations (other than for PSUs) included in "Compensation Actually Paid" values were performed using the closing price of the Company's common stock.

(2)&nbsp;&nbsp;&nbsp;&nbsp;The other NEOs in each covered year were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2025: Michael Carlson, Saul Laureles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;2024: Doran Hole, Michael Carlson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;2023: William Bush, Saul Laureles, Alan Russo, Prakesh Patel

**Analysis of the Information Presented in the Pay versus Performance Table** 

Our executive compensation program reflects a variable pay-for-performance philosophy. While we utilize several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the Pay versus Performance table. Moreover, we generally seek to incentivize long-term performance, and therefore do not specifically align the Company's performance measures with compensation that is actually paid (as computed in accordance with SEC rules) for a particular year. In accordance with SEC rules, we are providing the following descriptions of the relationships between information presented in the Pay versus Performance table.

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The illustrations below provide a graphical description of CAP (as calculated in accordance with the SEC rules) and the following measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cumulative TSR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Income

![2700](stem-20260424_g11.jpg)

![2703](stem-20260424_g12.jpg)

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**EQUITY COMPENSATION PLAN INFORMATION**

The following table sets forth information as of December 31, 2025 about our equity compensation plans, all of which have been approved by our stockholders (and does not take into account the potential effect of Proposal 2 to approve the amendment and restatement to the Stem, Inc. Amended and Restated 2024 Equity Incentive Plan (for purposes of this document section, the "2024 Plan")). As of December 31, 2025, we had outstanding awards under three equity compensation plans: the 2009 Equity Incentive Plan (the "2009 Plan"), the 2021 Equity Incentive Plan (the "2021 Plan") and the 2024 Plan. Awards currently may be granted only under our 2024 Plan.

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| | | | |
|:---|:---|:---|:---|
|<br>**Plan Category** | **a**<br>**Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights**<br>**(1)** | **b**<br>**Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights**<br>**(2)** | **c**<br>**Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))** |
| Equity compensation plans approved by security holders | 770751 | $106.56 | 787487 |
| Equity compensation plans not approved by security holders | N/A&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp; | N/A&nbsp;&nbsp;&nbsp;&nbsp; |

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<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Reflects all shares of common stock subject to outstanding options, RSUs, and PSUs granted under the 2009 Plan, the 2021 Plan and the 2024 Plan.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The weighted average exercise price relates solely to outstanding stock options, since shares subject to the RSUs and PSUs have no exercise price.

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**DIRECTOR COMPENSATION**

The Compensation Committee is responsible for periodically reviewing and approving the form and amount of compensation paid to our non-employee directors for their service on our Board and its committees. Generally, directors who are employees of the Company do not receive compensation for serving on the Board.

In making non-employee director compensation recommendations, the Compensation Committee takes various factors into consideration, including the responsibilities of directors generally, as well as committee chairs, and the form and amount of compensation paid to directors by peer companies.

As a general matter, our Compensation Committee annually reviews our non-employee director compensation. However, in 2025, the Committee determined that, given the Company's then-current stock price and in the interest of conserving cash, it would not undertake a market review of non-employee director pay. As a result, for the third consecutive year, the Committee did not approve any non-employee director pay increases at that time.

***Cash Compensation***. The following table shows the cash retainer for service on the Board and various committees. Cash payments were made quarterly in arrears. Compensation for committee chair service is in lieu of compensation for committee membership, and not in addition to it.

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| | |
|:---|:---|
| **Position** | **Cash Retainer<br>($)** |
| Board Member | 60000 |
| ***Additional Retainers*** |  |
| Chairman of the Board | 45000 |
| Audit Committee Chair | 20000 |
| Compensation Committee Chair | 12000 |
| Nominating Committee Chair | 10000 |
| Audit Committee Member | 10000 |
| Compensation Committee Member | 6000 |
| Nominating Committee Member | 4000 |

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***Equity Compensation***. Upon election or re-election to our Board and in connection with each annual meeting of stockholders, non-employee directors receive an annual equity grant of time-based RSUs with a target grant date fair value of $81,747, subject to an overall per-director limit of $600,000 on the total cash fees paid and value of equity granted in a single year. In 2025, each non-employee director was awarded 7,486 RSUs, which will vest in full on August 7, 2026. The 2025 director grant value of $81,747 was 26% lower than the 2024 director grant value of $110,236.

The following table shows total compensation received by our non-employee directors for their service in 2025, calculated in accordance with SEC rules. Mr. Narayanan does not receive any separate compensation for his service as a director. Mr. Buzby's compensation for his service as a non-employee director in 2025 after he ceased serving as Executive Chair and Interim CEO is included in the Summary Compensation Table above in accordance with SEC rules and thus he is not included in the table below. For information on Messrs. Narayanan's and Buzby's compensation for 2025, see "Executive Compensation."

**2025 Non-Employee Director Compensation Table**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid in Cash ($)** | **Stock Awards ($)** <sup>(1)</sup> | **Option Awards ($)**  | **All Other<br>Compensation ($)**  | **Total ($)** |
| Adam E. Daley | $88939 | $81747 | – | – | $170686 |
| Anil Tammineedi | $163138 | $81747 | – | – | $244885 |
| Laura D'Andrea Tyson | $165138 | $81747 | – | – | $246885 |
| Ira Birns | $92569 | $81747 | – | – | $174316 |
| Vasudevan (Vasu) Guruswamy | $66735 | $109871 | – | – | $176606 |
| Krishna Shivram | $69236 | $109871 | – | – | $179107 |

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| | | |
|:---|:---|:---|
| Gerard Cunningham <sup>(2)</sup> | $15000.0 | $15000.0 |
| Jane Woodward <sup>(3)</sup> | $5833.0 | $5833.0 |

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(1)Amounts reported for all directors reflect the aggregate grant date fair value of RSUs calculated in accordance with applicable accounting standards and based on the closing price of our common stock on June 4, 2025 (the grant date of the RSUs) of $10.92. These amounts may not correspond to the actual value eventually realized by each director because the value depends on the market value of our common stock at the time the RSUs vest. As of December 31, 2025, none of our non-employee directors held outstanding equity awards, other than those shown in the table above, except for Mr. Buzby who holds 24,519 stock options, a portion of which were awarded before the Merger and the remaining portion of which were awarded in connection with his role as Interim CEO and Executive Chairman.

(2)Mr. Cunningham resigned from the Board effective February 28, 2025.

(3)Ms. Woodward resigned from the Board effective January 31, 2025.

Non-employee directors who begin their Board, Board Chair, committee or committee chair service after the Annual Meeting of Stockholders receive a prorated amount of annual compensation. The Company also reimburses non-employee directors for reasonable travel and other business expenses incurred in the performance of their services for the Company, in accordance with our expense reimbursement policy as in effect from time to time.

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**CERTAIN INFORMATION ABOUT OUR COMMON STOCK**

**Security Ownership by Management and our Board**

The following table and accompanying footnotes set forth information known to us with respect to the beneficial ownership of our common stock as of March 31, 2026 for (i) each director and director nominee, (ii) each of our NEOs, and (iii) all current directors and executive officers as a group.

Beneficial ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. A person is a "beneficial owner" of a security if that person has or shares "voting power," which includes the power to vote or to direct the voting of the security, or "investment power," which includes the power to dispose of or to direct the disposition of the security, or has the right to acquire such powers within 60 days.

The beneficial ownership percentages set forth in the table below are based on 8,567,751 shares of our common stock issued and outstanding as of March 31, 2026. The number of shares beneficially owned by each person or group as of March 31, 2026 includes shares of common stock that such person or group has the right to acquire within 60 days of March 31, 2026, including shares upon the exercise of options to purchase common stock or the vesting of RSUs. References to options in the footnotes to the table below include only options outstanding as of March 31, 2026 that are currently exercisable or that become exercisable within 60 days of March 31, 2026, and references to RSUs in the footnotes to the table below are only to RSUs outstanding as of March 31, 2026 and that vest within 60 days of March 31, 2026.

Unless otherwise noted in the footnotes to the following table, and subject to applicable community property laws, the persons and entities named in the table have sole voting and investment power with respect to the shares listed and the address of each individual is the Company's address set forth on the first page of this Proxy Statement.

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| | | |
|:---|:---|:---|
| **Name and Address** | **Shares Beneficially Owned** | **Percentage of Total** |
| **Named Executive Officers and Directors** | | |
| Arun Narayanan<sup>(1)</sup> | 12980 | \* |
| David Buzby <sup>(2)</sup> | 68079 | \* |
| Michael Carlson<sup>(3)</sup> | 29446 | \* |
| Saul R. Laureles<sup>(4)</sup> | 44627 | \* |
| Ira Birns <sup>(5)</sup> | 6721 | \* |
| Adam E. Daley <sup>(6)</sup> | 21500 | \* |
| Vasudevan (Vasu) Guruswamy <sup>(7)</sup> | 3111 | \* |
| Krishna Shivram <sup>(8)</sup>  | 3111 | \* |
| Anil Tammineedi <sup>(9)</sup> | 222479 | 2.60% |
| Laura D'Andrea Tyson <sup>(10)</sup> | 6686 |  |
| **All current directors and executive officers as a group<br>(12 persons)** <sup>(11)</sup> | 440457 | 5.1% |

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\*Represents beneficial ownership of less than one percent.

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes 12,980 shares of common stock.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes (a) 24,519 options to purchase shares of common stock held by Mr. Buzby, (b) 38,745 shares of common stock held by the David S. Buzby Revocable Trust, of which Mr. Buzby serves as trustee and over which he holds sole voting and investment power, and (c) 4,815 shares of common stock held in a Roth IRA for Mr. Buzby.

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes (a) 9,988 options to purchase shares of common stock, and (b) 19,458 shares of common stock.

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes (a) 17,177 options to purchase shares of common stock, and (b) 27,450 shares of common stock.

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes 6,721 shares of common stock.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes (a) 12,050 shares of common stock held by Mr. Daley, (b) 4,638 shares of common stock held by Daley Revocable Trust, of which Mr. Daley serves as co-trustee, and (c) 4,812 shares of common stock held by Daley Investment Trust, of which Mr. Daley serves as co-trustee. With respect to each trust, Mr. Daley shares voting and investment power with his spouse.

<sup>(7)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes 3,111 shares of common stock.

<sup>(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes 3,111 shares of common stock.

<sup>(9)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes (a) 7,987 shares of common stock held by Mr. Tammineedi and (b) 214,492 shares of common stock held by Angeleno Investors III, L.P. Mr. Tammineedi is a Principal at Angeleno Group, an affiliate of Angeleno Investors III, L.P., and may be deemed to share voting and investment power with respect to all shares held by Angeleno Investors III, L.P.

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<sup>(10)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes 6,686 shares of common stock.

<sup>(11)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Includes (a) 62,591 options to purchase shares of common stock and (b) 377,866 shares of common stock. Other than the 24,519 options to purchase shares of common stock held by Mr. Buzby, all of such options are held by our executive officers.

**Security Ownership of Certain Beneficial Owners** 

As of March 31, 2026, to our knowledge, no stockholder was the beneficial owner of more than 5% of our common stock.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Exchange Act requires the Company's executive officers and directors, among others, to file an initial report of ownership of Stem common stock on Form 3 and reports of changes in ownership on Form 4 or Form 5. The Company believes, based solely on a review of the forms filed with the SEC and on written representations from reporting persons, that with respect to the fiscal year ended December 31, 2025, all of its executive officers, directors, and beneficial owners (if any) of more than 10% of its equity securities filed on a timely basis the reports required to be filed under Section 16(a) of the Exchange Act except that due to administrative errors, the following Section 16 reports were not timely filed: (i) one Form 3, one Form 4 reporting three transactions and one Form 4/A reporting three transactions for Brian Musfeldt; (ii) three Forms 4 reporting a total of seven transactions for Matt Tappin; (iii) one Form 4 reporting seven transactions for our former CAO, Rahul Shukla; (iv) one Form 4 reporting two transactions for Saul R. Laureles; (v) one Form 4 reporting two transactions for Michael Carlson; and (vi) one Form 4 reporting three transactions for Arun Narayanan.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

**Related Party Transactions** 

The Board has a written policy governing the review, approval, and ratification of "related person transactions." Under SEC rules, as applied by the Board, "related persons" include any director, executive officer, director nominee, or greater than 5% stockholder of Stem since the beginning of the previous fiscal year, and their immediate family members. The policy applies to any transaction in which Stem is a participant and any related person has a direct or indirect material interest, where the amount involved exceeds $100,000, unless excluded under Item 404(a) of SEC Regulation S-K.

The Nominating Committee, with assistance from the Company's Chief Legal Officer and Corporate Secretary, is responsible for reviewing and, where appropriate, approving any related person transaction involving Stem and any related persons. The Nominating Committee approves only those related person transactions that are in, or are not inconsistent with, the best interests of Stem and its stockholders.

Since the beginning of 2024, there were no related person transactions under the relevant standards.

**Related Party Transaction Policy and Review Process** 

Our related party transaction policy sets forth our procedures for the identification, review, consideration, and approval or ratification of related person transactions. Transactions involving compensation for services provided to us as an employee or director, among other limited exceptions, are deemed to have standing pre-approval by the Nominating Committee but may be specifically reviewed if appropriate in light of the facts and circumstances.

Under the policy, if a transaction has been identified as a related party transaction, our management must present information regarding the related party transaction to our Nominating Committee for review, consideration, and approval or ratification. We will collect information that we deem reasonably necessary from each director, executive officer and, to the extent feasible, significant stockholder to enable us to identify any existing or potential related party transactions and to effectuate the terms of the policy. In addition, under our Code of Business Conduct and Ethics, our directors, officers, and employees have an affirmative responsibility to disclose any transaction or relationship that reasonably could be expected to give rise to a conflict of interest. In considering related party transactions, our Nominating Committee will take into account the relevant available facts and circumstances including, but not limited to: (i) whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and (ii) the extent of the interest of the related person in the transaction.

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**OTHER MATTERS**

**Stockholder Proposals and Director Nominations for Next Year's Annual Meeting** 

Pursuant to Rule 14a-8 of the Exchange Act, stockholders who wish to submit proposals for inclusion in the proxy statement for the 2027 Annual Meeting of Stockholders must send such proposals to our Corporate Secretary at *Corporate_Secretary@stem.com*, with a confirmation copy sent by mail to the address set forth on the first page of this Proxy Statement. Such proposals must be received by us as of 6:00 p.m. Central Time on December 23, 2026 and must comply with Rule 14a-8 of the Exchange Act. The submission of a stockholder proposal does not guarantee that it will be included in the proxy statement.

As set forth in our Bylaws, if a stockholder intends to make a nomination for director election or present a proposal for other business (other than pursuant to Rule 14a-8 of the Exchange Act) at the 2027 Annual

Meeting of Stockholders, the stockholder's notice must be received by our Corporate Secretary at the address set forth on the first page of this Proxy Statement no earlier than the 120th day and no later than the 90th day before the anniversary of the last annual meeting; provided, however, that if the date of the annual meeting is more than 30 days before or more than 60 days after such anniversary date, the stockholder's notice must be delivered no earlier than the close of business on the 120th day before such annual meeting and no later than the close of business on the later of the 90th day before such annual meeting or the 10th day following the date on which the Company makes the first public announcement of the date of such annual meeting. Therefore, unless the 2027 Annual Meeting of Stockholders is more than 30 days before or more than 60 days after the anniversary of the Annual Meeting, notice of proposed nominations or proposals (other than pursuant to Rule 14a-8 of the Exchange Act) must be received by our Corporate Secretary no earlier than February 3, 2027 and no later than the 6:00 p.m. Central Time on March 5, 2027.

Any such director nomination or stockholder proposal must be a proper matter for stockholder action and must comply with the terms and conditions set forth in our Bylaws (which include the timing and information required under Rule 14a-19 of the Exchange Act). If a stockholder fails to meet these deadlines or fails to satisfy the requirements of Rule 14a-4 of the Exchange Act, we may exercise discretionary voting authority under proxies we solicit to vote on any such proposal as we determine appropriate. We reserve the right to reject, rule out of order or take other appropriate action with respect to any nomination or proposal that does not comply with these and other applicable requirements.

**Delivery of Documents to Stockholders Sharing an Address** 

A number of brokerage firms have adopted a procedure approved by the SEC called "householding." Under this procedure, certain stockholders who have the same address and do not participate in electronic delivery of proxy materials will receive only one copy of the proxy materials, including this Proxy Statement, the Notice, and our Annual Report on Form 10-K for the year ended December 31, 2025, until such time as one or more of these stockholders notifies us that they wish to receive individual copies. This procedure helps to reduce duplicate mailings and save printing costs and postage fees, as well as natural resources. If you received a "householding" mailing this year and would like to have additional copies of the proxy materials mailed to you, please send a written request to our Corporate Secretary at the address set forth on the first page of this Proxy Statement, or call (877) 374-7836, and we will promptly deliver the proxy materials to you. Please contact your broker if you received multiple copies of the proxy materials and would prefer to receive a single copy in the future, or if you would like to opt out of "householding" for future mailings.

**Availability of Additional Information**

**We will provide, free of charge, a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including exhibits, on the written or oral request of any stockholder of the Company**. Please send a written request to our Corporate Secretary at the address set forth on the first page of this Proxy Statement, or call the number above.

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**APPENDIX A**

**STEM, INC.**

**SECOND AMENDED & RESTATED 2024 EQUITY INCENTIVE PLAN**

**Amended and Restated as of June 3, 2026 (the "Effective Date")**

**1. GENERAL.**

(a) **Purpose**. This Plan, through the granting of Awards, is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible award recipients may benefit from increases in the value of the Common Stock.

(b) **Eligible Award Recipients**. Employees, Directors and Consultants are eligible to receive Awards.

(c) **Available Awards**. This Plan provides for the grant of the following Awards, any of which may be subject to the achievement of Performance Goals: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) Stock Appreciation Rights; (iv) Restricted Stock Awards; and (v) Restricted Stock Unit Awards.

(d) **History**. The Plan was originally effective on May 29, 2024 (the "**Original Effective Date**") and was amended and restated on June 4, 2025.Following the Original Effective Date, no further equity compensation awards were granted pursuant to the Prior Plan.

**2. ADMINISTRATION.**

(a) **Administration by Board**. The Board will administer this Plan. The Board may delegate administration of this Plan to a Committee or Committees, as provided in <u>Section 2(c)</u>.

(b) **Powers of Board**. The Board will have the power, subject to, and within the limitations of, the express provisions of this Plan:

(i) To determine: (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when or how a person will be permitted to exercise or otherwise receive cash or Common Stock under the Award; (E) the number of shares of Common Stock subject to, or the cash value of, an Award; and (F) the Fair Market Value applicable to a Stock Award.

(ii) To construe and interpret this Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration of this Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in this Plan or in any Award Document, in a manner and to the extent it will deem necessary or expedient to make this Plan or Award fully effective.

(iii) To settle all controversies regarding this Plan and Awards granted under it.

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(iv) To accelerate, in whole or in part, or to extend, in whole or in part, the time during which an Award may be exercised or vest, or at which cash or shares of Common Stock may be issued.

(v) To suspend or terminate this Plan at any time, including to impose a "blackout" or other periods during which Awards may not be exercised or settled. Except as otherwise provided in this Plan or an Award Document, suspension or termination of this Plan will not materially impair a Participant's rights under his or her then-outstanding Award without his or her written consent except as provided in subsection (viii) below.

(vi) To amend this Plan in any respect the Board deems necessary or advisable, including, without limitation, adopting amendments relating to Incentive Stock Options and nonqualified deferred compensation under Section 409A of the Code and/or making this Plan or Awards granted under this Plan exempt from or compliant with the requirements for Incentive Stock Options or exempt from or compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. To the extent required by applicable law or listing requirements, and except as provided in <u>Section 9(a)</u> relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of this Plan that (A) materially increases the number of shares of Common Stock available for issuance under this Plan, (B) materially expands the class of individuals eligible to receive Awards under this Plan, (C) materially increases the benefits accruing to Participants under this Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased under this Plan, (E) materially extends the term of this Plan, or (F) materially expands the types of Awards available for issuance under this Plan. Except as otherwise provided in this Plan (including subsection (viii) below) or an Award Document, no amendment of this Plan will materially impair a Participant's rights under an outstanding Award without the Participant's written consent.

(vii) To submit any amendment to this Plan for stockholder approval, including, but not limited to, amendments to this Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding "incentive stock options" or (B) Rule 16b-3 of the Exchange Act or any successor rule, if applicable.

(viii) To approve forms of Award Documents for use under this Plan and to amend the terms of any one or more outstanding Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Documents for such Awards, subject to any specified limits in this Plan that are not subject to Board discretion. A Participant's rights under any Award will not be impaired by any such amendment unless the Company requests the consent of the affected Participant, and the Participant consents in writing. However, a Participant's rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights. In addition, subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant's consent (A) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code, (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status

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of the Award as an Incentive Stock Option under Section 422 of the Code, (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code, or (D) to comply with other applicable laws or listing requirements.

(ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of this Plan and/or Award Documents.

(x) To adopt such procedures and sub-plans as are necessary or appropriate (A) to permit or facilitate participation in this Plan by persons eligible to receive Awards under this Plan who are not citizens of or who are not subject to taxation by or who are employed outside of the United States or (B) to allow Awards to qualify for special tax treatment in a jurisdiction other than the United States. Board approval will not be necessary for immaterial modifications to this Plan or any Award Document that are required for compliance with the laws of the relevant jurisdiction.

(c) **Delegation to Committee**.

(i) General. The Board may delegate some or all of the administration of this Plan to a Committee or Committees. If administration of this Plan is delegated to a Committee, the Committee will have, in connection with the administration of this Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee). Any delegation of administrative powers will be reflected in the charter of the Committee to which the delegation is made, or resolutions, not inconsistent with the provisions of this Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to any subcommittee. Unless otherwise provided by the Board, delegation of authority by the Board to a Committee, or to an Officer or employee pursuant to <u>Section 2(d)</u>, does not limit the authority of the Board, which may continue to exercise any authority so delegated and may concurrently administer this Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

(ii) <u>Rule 16b-3 Compliance</u>. The Committee may consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3 of the Exchange Act.

(d) **Delegation to an Officer**. The Board may delegate to one (1) or more Officers the authority to do one or both of the following, to the maximum extent permitted by applicable law: (i) designate Employees who are not Officers to be recipients of Stock Awards and the terms of such Stock Awards; and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the following: (1) the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer; (2) the time period during which such Stock Awards may be granted and the time period during which the shares of Common Stock issuable upon exercise of a Stock Award may be

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issued; (3) a minimum amount of consideration (if any) for which such Stock Awards may be issued and a minimum amount of consideration for the shares of Common Stock issuable upon the exercise of a Stock Award; and (4) that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on a form that is substantially the same as the form of Stock Award Document approved by the Committee or the Board for use in connection with such Stock Awards, unless otherwise provided for in the resolutions approving the delegation authority.

(e) **Award Vesting Limitations**. Notwithstanding any other provision of the Plan to the contrary, Stock Awards granted under the Plan may not become exercisable, vest or be settled, in whole or in part, prior to the one (1) year anniversary of the date of grant except (i) with respect to an Award that is granted in connection with a merger or other acquisition as a substitute or replacement award for awards held by grantees of the acquired business and (ii) with respect to an Award granted to a Non-Employee Director that vests on the earlier of the one-year anniversary of the date of grant and the next annual meeting of stockholders (provided that such next annual meeting is at least 50 weeks after the immediately preceding year's annual meeting); provided, further, that (x) up to 5% of the aggregate number of shares of Common Stock authorized for issuance under this Plan (as described in <u>Section 3(a)</u>) may be issued pursuant to Awards that are subject to vesting periods of less than one-year, and (y) the foregoing restriction does not apply to the Board's discretion to provide for accelerated exercisability or vesting of any Award, including in cases of retirement, death, Disability, or a Change in Control, in the terms of the Award or otherwise.

(f) **Effect of Board's Decision**. All determinations, interpretations and constructions made by the Board (or a duly authorized Committee, subcommittee or Officer exercising powers delegated by the Board under this <u>Section 2</u>) in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

**3. SHARES SUBJECT TO THIS PLAN.**

(a) **Share Reserve**.

(i) As of the Effective Date, and subject to adjustment as provided in Section 9(a), a total of 594,941 shares of Common Stock shall be authorized for issuance pursuant to Stock Awards granted under the Plan, less one share for every one share granted under this Plan after March 31, 2026 and prior to the Effective Date (the "**Share Reserve**"). The foregoing shall also be increased by any shares of Common Stock that would have been issuable pursuant to outstanding awards under the Prior Plans that, on or after the Original Effective Date, cease for any reason to be subject to any such awards under the Prior Plans (other than by reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and nonforfeitable shares of Common Stock).

(ii) For clarity, the Share Reserve is a limitation on the number of shares of Common Stock that may be issued under this Plan. As a single share may be subject to grant more than once (e.g., if a share subject to a Stock Award is forfeited, it may be made subject to grant again as provided in <u>Section 3(b)</u> below), the Share Reserve is not a limit on the number of Stock Awards that can be granted.

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(iii) Shares may be issued under the terms of this Plan in connection with a merger or acquisition as permitted by Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under this Plan.

(b) **Reversion of Shares to the Share Reserve**. If a Stock Award or any portion of a Stock Award (i) expires, is cancelled or forfeited or otherwise terminates without all of the shares covered by the Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), such expiration, cancellation, forfeiture, termination or settlement will not reduce (or otherwise offset) the number of shares of Common Stock that are available for issuance under this Plan. If any shares of Common Stock issued under a Stock Award are forfeited back to, reacquired at no cost by, or repurchased at cost by the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited, reacquired or repurchased will revert to and again become available for issuance under this Plan. The following shares of Common Stock shall not be recredited to the Share Reserve and may not again be used for new Stock Awards under this Plan: (x) shares of Common Stock not issued or delivered as a result of the net settlement of an outstanding Stock Award, (y) shares of Common Stock used to pay the exercise price or withholding taxes related to any outstanding Stock Award, or (z) shares of Common Stock reacquired by the Company with the amount received upon exercise of an Option.

(c) **Incentive Stock Option Limit**. Subject to <u>Section 9(a)</u> relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued on the exercise of Incentive Stock Options will be 594,941 shares of Common Stock.

(d) **Source of Shares**. The stock issuable under this Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise or shares classified as treasury shares.

(e) **Non-Employee Director Compensation Limit**. The maximum number of shares of Common Stock subject to Awards granted during a single fiscal year to any Non-Employee Director, together with any cash fees paid to such Non-Employee Director during such fiscal year in respect of such Non-Employee Director's service as a member of the Board during such fiscal year, shall not exceed a total value of $600,000 (calculating the value of any Awards based on the grant date fair value in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto)). Notwithstanding the foregoing, the Board may provide, in its discretion, for exceptions to any limit set forth in this <u>Section 3(e)</u> for a Non-Employee Director, *provided* that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation. For the avoidance of doubt, any compensation that is deferred shall be counted toward this limit for the year in which it was first earned, and not when paid or settled if later.

(f) **Dividends and Dividend Equivalents**. Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that provides for or includes a right to dividends or dividend equivalents, if dividends are declared during the period that an equity Award is outstanding, such

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dividends (or dividend equivalents) shall remain subject to vesting requirement(s) to the same extent as the underlying Award and shall only be paid at the time or times such vesting requirement(s) are satisfied. In no event shall dividends or dividend equivalents be paid with respect to Options or SARs.

**4. ELIGIBILITY.**

(a) **Eligibility for Specific Stock Awards**. Incentive Stock Options may be granted only to employees of the Company or a "parent corporation" or "subsidiary corporation" thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants.

(b) **Ten Percent Stockholders**. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant.

**5. PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS.**

Each Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Award Document will conform to (through incorporation of provisions hereof by reference in the applicable Award Document or otherwise) the substance of each of the following provisions:

(a) **Term**. Subject to <u>Section 4(b)</u> regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of 10 years from the date of its grant or such shorter period specified in the Award Document.

(b) **Exercise Price**. Subject to <u>Section 4(b)</u> regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a corporate transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.

(c) **Purchase Price for Options**. The purchase price of Common Stock acquired pursuant to the exercise of an Option, which shall be denominated in U.S. dollars, may be paid, to the extent permitted by applicable law, either by cash, check, bank draft or money order payable to the Company or, as

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determined by the Board in its sole discretion, by any combination of the methods of payment set forth below:

(i) pursuant to a program developed under Regulation T as promulgated by the United States Federal Reserve Board or a successor regulation, or a similar rule in a foreign jurisdiction of domicile of a Participant, that, prior to or contemporaneously with the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the proceeds of sale of such stock;

(ii) by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock; provided, that, unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by shares of the Common Stock of the Company that have been held during the period of time required to avoid a charge to earnings for financial accounting purposes or a violation of applicable law;

(iii) if an Option is a Nonstatutory Stock Option, by a "net exercise" arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the "net exercise," (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

(iv) in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Document.

(d) **Exercise and Payment of a SAR**. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the Stock Appreciation Right Award Document evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such SAR (with respect to which the Participant is exercising the SAR on such date), over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Document evidencing such SAR.

(e) **Transferability of Options and SARs**. The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as the Board determines. In the absence of such a

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determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply:

(i) <u>Restrictions on Transfer</u>. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or pursuant to subsections (ii), (iii) and (iv) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration, and in no event may an Option or SAR be transferred to a third-party financial institution for value.

(ii) <u>Domestic Relations Orders</u>. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by U.S. Treasury Regulation 1.421-1(b)(2) or other applicable law. If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.

(iii) <u>Beneficiary Designation</u>. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, the executor or administrator of the Participant's estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

(f) **Vesting Generally**. Subject to Section 2(e), the total number of shares of Common Stock subject to an Option or SAR may vest and therefore become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this <u>Section 5(f)</u> are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised.

(g) **Termination of Continuous Service**. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant and the Company, if a Participant's Continuous Service terminates (other than for Cause and other than upon the Participant's death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date three (3) months following the termination of the Participant's Continuous Service and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR will terminate.

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(h) **Extension of Termination Date**. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant's Continuous Service (other than for Cause and other than upon the Participant's death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of three (3) months (that need not be consecutive) after the termination of the Participant's Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document. In addition, unless otherwise provided in a Participant's applicable Award Document, or other agreement between the Participant and the Company, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant's Continuous Service (other than for Cause) would violate the Company's insider trading policy, and the Company does not waive the potential violation of the policy or otherwise permit the sale, or allow the Participant to surrender shares of Common Stock to the Company in satisfaction of any exercise price and/or any withholding obligations under <u>Section 8(g)</u>, then the Option or SAR will terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant's Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company's insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document.

(i) **Disability of Participant**. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant and the Company, if a Participant's Continuous Service terminates as a result of the Participant's Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such termination of Continuous Service, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate.

(j) **Death of Participant**. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant and the Company, if (i) a Participant's Continuous Service terminates as a result of the Participant's death, or (ii) the Participant dies within the period (if any) specified in this Plan or the applicable Award Document, or other agreement between the Participant and the Company, for exercisability after the termination of the Participant's Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant's estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant's death, but only within the period ending on the earlier of (i) the

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date 18 months following the date of death, and (ii) the expiration of the term of such Option or SAR as set forth in the applicable Award Document. If, after the Participant's death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR will terminate.

(k) **Termination for Cause**. Except as explicitly provided otherwise in a Participant's Award Document or other individual written agreement between the Company or any Subsidiary and the Participant, if a Participant's Continuous Service is terminated for Cause, the Option or SAR will terminate upon the date on which the event giving rise to the termination for Cause first occurred, and the Participant will be prohibited from exercising his or her Option or SAR from and after the date on which the event giving rise to the termination for Cause first occurred (or, if required by law, the date of termination of Continuous Service). If a Participant's Continuous Service is suspended pending an investigation of the existence of Cause, all of the Participant's rights under the Option or SAR will also be suspended during the investigation period.

(l) **Non-Exempt Employees**. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the U.S. Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least 6 months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the U.S. Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Change in Control in which such Option or SAR is not assumed, continued, or substituted, or (iii) upon the non-exempt Employee's retirement (as such term may be defined in the non-exempt Employee's applicable Award Document, in another agreement between the non-exempt Employee and the Company, or, if no such definition, in accordance with the Company's then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than 6 months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt Employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the U.S. Worker Economic Opportunity Act to ensure that any income derived by a non-exempt Employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from such employee's regular rate of pay, the provisions of this paragraph will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Documents.

(m) **No Repricing**. Neither an Option nor SAR may be modified to reduce the exercise price thereof nor may (i) a new Option, SAR or other Award at a lower price be substituted or exchanged for a surrendered Option or SAR, (ii) any Option or SAR with an exercise price that exceeds the Fair Market Value of a share of Common Stock be exchanged for a new Option, SAR, cash or other consideration (other than in connection with a Change in Control), or (iii) any action be taken that would be considered a "repricing" of an Option or SAR under the applicable listing standards of the national securities exchange on which the Common Stock is listed, if any (other than adjustments or substitutions in accordance with <u>Section 9(a)</u> relating to Capitalization Adjustments), unless such action is approved by the stockholders of the Company.

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**6. PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS AND SARS.**

(a) **Restricted Stock Awards**. Each Restricted Stock Award Document will be in such form and will contain such terms and conditions as the Board deems appropriate. To the extent consistent with the Company's bylaws, at the Board's election, shares of Common Stock may be (x) held in book entry form subject to the Company's instructions until any restrictions relating to the Restricted Stock Award lapse, or (y) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Documents may change from time to time, and the terms and conditions of separate Restricted Stock Award Documents need not be identical. Each Restricted Stock Award Document will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

(i) <u>Consideration</u>. A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or a Subsidiary, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

(ii) <u>Vesting</u>. Shares of Common Stock awarded under the Restricted Stock Award Document may be subject to forfeiture to the Company in accordance with a vesting schedule and subject to such conditions as may be determined by the Board (which may be based on the satisfaction of Performance Goals or other criteria).

(iii) <u>Termination of Participant's Continuous Service</u>. If a Participant's Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Document.

(iv) <u>Transferability</u>. Common Stock issued pursuant to an Award, and rights to acquire shares of Common Stock under the Restricted Stock Award Document, will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Document, as the Board determines in its sole discretion, so long as such Common Stock remains subject to the terms of the Restricted Stock Award Document. Notwithstanding the foregoing, subject to the approval of the Committee or a duly authorized Officer, a Participant may transfer unvested shares of Common Stock subject to a Restricted Stock Award to members of the Participant's immediate family (which shall mean the Participant's spouse, children, grandchildren, parents, siblings and spouses of such individuals), or to one or more trusts for the benefit of one or more such immediate family members, or to any other transferee approved by the Committee; provided, that in no event may a transfer under this Section 6(a)(iv) be for value (within the meaning of the General Instructions to Form S-8 under the Securities Act) and any such transfer shall be in compliance with all applicable securities laws; provided, further, that any transferred shares shall remain subject to the same vesting, forfeiture and other terms and conditions that were applicable immediately prior to transfer.

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(v) <u>Dividends</u>. Any dividends paid on Restricted Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate. For avoidance of doubt, no dividends or dividend equivalents shall be paid out or settled unless and until, and then only to the extent that, the underlying Award vests.

(b) **Restricted Stock Unit Awards**. Each Restricted Stock Unit Award Document will be in such form and will contain such terms and conditions as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award Documents may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Documents need not be identical. Each Restricted Stock Unit Award Document will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

(i) <u>Consideration</u>. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

(ii) <u>Vesting</u>. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate (which may be based on the satisfaction of Performance Goals or other criteria).

(iii) <u>Payment</u>. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Document.

(iv) <u>Additional Restrictions</u>. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

(v) <u>Dividend Equivalents</u>. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Document. At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner as determined by the Board. Any dividend equivalents and/or additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Document to which they relate. For avoidance of doubt, no dividends or dividend equivalents shall be paid out or settled unless and until, and then only to the extent that, the underlying Award vests.

(vi) <u>Termination of Participant's Continuous Service</u>. Except as otherwise provided in the applicable Restricted Stock Unit Award Document, or other agreement between the Participant and the Company,

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such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant's termination of Continuous Service.

**7. COVENANTS OF THE COMPANY.**

(a) **Securities Law Compliance**. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over this Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act this Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under this Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

(b) **No Obligation to Notify or Minimize Taxes**. The Company will have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to, and does not undertake to, provide tax advice or to minimize the tax consequences of an Award to the holder of such Award.

**8. MISCELLANEOUS.**

(a) **Use of Proceeds from Sales of Common Stock**. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will constitute general funds of the Company.

(b) **Corporate Action Constituting Grant of Awards**. Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the latest date that all necessary corporate action has occurred and all material terms of the Award (including, in the case of stock options, the exercise price thereof) are fixed, unless otherwise determined by the Board, regardless of when the documentation evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Document as a result of a clerical error in the papering of the Award Document, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Document.

(c) **Stockholder Rights**. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common

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Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to such Stock Award has been entered into the books and records of the Company.

(d) **No Employment or Other Service Rights**. Nothing in this Plan, any Award Document or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or any other capacity or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, including, but not limited to, Cause, (ii) the service of a Consultant pursuant to the terms of such Consultant's agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the organizational documents of the Company or an Affiliate (including articles of incorporation and bylaws), and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

(e) **Change in Time Commitment**. In the event a Participant's regular level of time commitment in the performance of his or her services for the Company and any Subsidiaries is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence), or the Participant's role or primary responsibilities are changed to a level that, in the Board's determination does not justify the Participant's unvested Awards, and such reduction or change occurs after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

(f) **Incentive Stock Option Limitations**. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds USD$100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

(g) **Withholding Obligations**. Unless prohibited by the terms of an Award Document, the Company may, in its sole discretion, satisfy any national, state, local or other tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award having a Fair Market Value equal to the amount required to be withheld (which may be up to the maximum individual statutory tax

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rate in the applicable jurisdiction at the time of such withholding, or such other rate as the Committee may determine); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant, including proceeds from the sale of shares of Common Stock issued pursuant to a Stock Award; or (v) by such other method as may be set forth in the Award Document.

(h) **Electronic Delivery**. Any reference herein to a "written" agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto), or posted on the Company's intranet (or other shared electronic medium controlled by the Company to which the Participant has access).

(i) **Deferrals**. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code (to the extent applicable to a Participant). Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant's termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of this Plan and in accordance with applicable law.

(j) **Compliance with Section 409A**. Unless otherwise expressly provided for in an Award Document, or other agreement between the Participant and the Company, this Plan and Award Documents will be interpreted to the greatest extent possible in a manner that makes this Plan and the Awards granted hereunder exempt from Section 409A of the Code, to the extent that Section 409A of the Code is applicable to an Award, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board determines that any Award granted hereunder is subject to Section 409A of the Code, the Award Document evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Document is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Document. Notwithstanding anything to the contrary in this Plan (and unless the Award Document specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes "deferred compensation" under Section 409A of the Code is a "specified employee" for purposes of Section 409A of the Code and the Participant is otherwise subject to Section 409A of the Code, no distribution or payment of any amount that is due because of a "separation from service" (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six (6) months following the date of such Participant's "separation from service" or, if earlier, the date of the Participant's death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses, with the balance paid thereafter on the original schedule.

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(k) **Clawback/Recovery**. All Awards granted under this Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law, including, without limitation, the Stem Inc. Clawback Policy. Further, if the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, then the Board may, in its sole discretion (considering any factors the Board deems appropriate, subject to the terms of the Company's clawback policies, if applicable), require a Participant to disgorge or forfeit to the Company that portion of time- and/or performance-based Awards that were granted, earned or vested during the Company's three completed fiscal years immediately preceding the date the Company is required to prepare the accounting restatement, that the Board determines was in excess of the amount that would have been granted, earned or vested during such period based on the restated results. In the case of time-based Awards, a recoupment may occur, in the Board's sole discretion, if the Board concludes that the grant, earning and/or vesting of the Awards would not have been made, or would have been lower had they been based on the restated results, and it is possible to clearly compute the amount of such lesser award. The amount to be recouped shall be determined by the Board in its sole and absolute discretion, and the form of such recoupment may be made, in the Board's sole and absolute discretion, through the forfeiture or cancellation of vested or unvested Awards, cash repayment or both (provided that any recoupment required under the Company's clawback policies shall serve as the minimum amount subject to recoupment). Any decision by the Board that no recoupment shall occur because of difficulties of computation or otherwise shall not be reviewable (subject to the terms of the Company's clawback policies). In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Document as the Board determines necessary or appropriate, including, but not limited to, a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy or other recoupment provisions will be an event giving rise to a right to resign for "good reason" or "constructive termination" (or similar term) under any agreement with the Company or any Subsidiary.

(l) **Exclusion of Certain Events**. In determining the outcome of a performance goal or performance-based vesting award, the Committee may provide for exclusion of the impact of an event or occurrence which the Committee determines should appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary items, and other unusual, infrequently occurring or non-recurring charges or events, (b) asset write-downs, (c) litigation or claim judgments or settlements, (d) acquisitions or divestitures, (e) reorganization or change in the corporate structure or capital structure of the Company, (f) an event either not directly related to the operations of the Company, Subsidiary, division, business segment or business unit or not within the reasonable control of management, (g) foreign exchange gains and losses, (h) a change in the fiscal year of the Company, (i) the refinancing or repurchase of bank loans or debt securities, (j), unbudgeted capital expenditures, (k) the issuance or repurchase of equity securities and other changes in the number of outstanding shares, (l) conversion of

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some or all of convertible securities to common stock, (m) any business interruption event, (n) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting principles, or (o) the effect of changes in other laws or regulatory rules affecting reported results.

**9. ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS.**

(a) **Capitalization Adjustments**. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to this Plan pursuant to <u>Section 3(a)</u>; (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to <u>Section 3(c)</u>; and (iii) the class(es) and number of securities or other property and value (including price per share of stock) subject to outstanding Stock Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.

(b) **Dissolution or Liquidation**. Except as otherwise provided in the Stock Award Document, or other agreement between the Participant and the Company, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company's right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company's repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

(c) **Change in Control**. The following provisions will apply to Awards in the event of a Change in Control unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Subsidiary and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Change in Control, then, notwithstanding any other provision of this Plan, the Board will take one or more of the following actions with respect to each outstanding Award, contingent upon the closing or completion of the Change in Control:

(i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) to assume or continue the Award or to substitute a similar award for the Award (including, but not limited to, an award to acquire the same consideration per share paid to the stockholders of the Company pursuant to the Change in Control);

(ii) arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company);

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(iii) accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date prior to the effective time of such Change in Control as the Board will determine (or, if the Board will not determine such a date, to the date that is 5 days prior to the effective date of the Change in Control), with such Award terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective;

(iv) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award;

(v) cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for such consideration (in cash, property, securities or a combination thereof), if any, as the Board, in its reasonable determination, may consider appropriate as an

approximation of the value of the canceled Award, taking into account the value of the Common Stock subject to the canceled Award, the possibility that the Award might not otherwise vest in full, and such other factors as the Board deems relevant; and

(vi) cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Change in Control, in exchange for a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value in the Change in Control of the property the Participant would have received upon the exercise of the Award immediately prior to the effective time of the Change in Control, over (B) any exercise price payable by such holder in connection with such exercise; *provided*, that the Board may cancel and terminate without payment or consideration any Option or SAR with an exercise price equal to or in excess of the value of the shares of Common Stock subject to such Option or SAR determined as of immediately prior to the Change in Control.

The Board need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of an Award. Any Awards subject to performance-based vesting treatment shall be calculated or deemed earned or vested based on the terms in the individual Award Documents or as otherwise determined by the Committee.

In the absence of any affirmative determination by the Board at the time of a Change in Control, each outstanding Award will be assumed or an equivalent Award will be substituted by such successor corporation or a parent or subsidiary of such successor corporation (the "**Successor Corporation**"), unless the Successor Corporation does not agree to assume the Award or to substitute an equivalent Award, in which case the vesting of such Award will accelerate in its entirety (along with, if applicable, the time at which the Award may be exercised) to a date prior to the effective time of such Change in Control as the Board will determine (or, if the Board will not determine such a date, to the date that is 5 days prior to the effective date of the Change in Control), with such Award terminating if not exercised

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(if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective.

(d) **Acceleration of Awards upon a Change in Control**. An Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Award Document for such Award or as may be provided in any other written agreement between the Company or any Subsidiary and the Participant, but in the absence of such provision, no such acceleration will occur.

**10. TERMINATION OR SUSPENSION OF THIS PLAN.**

The Board or the Compensation Committee may suspend or terminate this Plan at any time. This Plan will terminate automatically on the tenth (10th) anniversary of the Effective Date; provided, however, that no Incentive Stock Option may be granted more than 10 years after the later of (i) the Adoption Date and (ii) the adoption by the Board of any amendment to this Plan that constitutes the adoption of a new plan for purposes of Section 422 of the Code. No Awards may be granted under this Plan while this Plan is suspended or after it is terminated.

**11. EFFECTIVE DATE OF PLAN.**

This Plan, as amended and restated, was approved by the Board on April 6, 2026, and will become effective on the Effective Date. No Award may be granted under this Plan, as amended and restated, prior to the Effective Date. This Plan, as amended and restated, shall continue in effect for a term of ten (10) years after the date on which the stockholders of the Company approve this Plan, unless sooner terminated by action of the Board or the Compensation Committee.

**12. CHOICE OF LAW.**

The laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state's conflict of laws rules.

**13. DEFINITIONS.**

As used in this Plan, the following definitions will apply to the capitalized terms indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"**Adoption Date**" means April 6, 2026, the date this Plan was originally adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"**Affiliate**" means, at the time of determination, any "parent" or "subsidiary" of the Company, as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the time or times at which "parent" or "subsidiary" status is determined within the foregoing definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"**Award**" means a Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"**Award Document**" means a written agreement between the Company and a Participant, or a written notice issued by the Company to a Participant, evidencing the terms and conditions of an Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"**Board**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"**Capitalization Adjustment**" means any change that is made in, or other events that occur with respect to, the Common Stock subject to this Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"**Cause**" will have the meaning ascribed to such term in any written agreement between the Participant and the Company or any Subsidiary defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) Participant's failure substantially to perform his or her duties and responsibilities to the Company or any Subsidiary or violation of a policy of the Company or any Subsidiary, including policies related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct; (ii) Participant's commission of, or plea of guilty or no contest to, any felony or act of fraud, embezzlement, dishonesty or any other act involving a breach of fiduciary duty with respect to the Company or any Subsidiary, or any other misconduct that has caused or is reasonably expected to result in injury to the Company or any Subsidiary; (iii) unauthorized use or disclosure by Participant of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company or any Subsidiary; or (iv) Participant's breach of any of his or her obligations under any written agreement or covenant with the Company or any Subsidiary, including, without limitation, a breach of any employment, consulting, confidentiality, non-competition, non-solicitation, non-disparagement or similar agreement. The determination as to whether a Participant is being terminated for Cause will be made in good faith by the Company and will be final and binding on the Participant. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company, any Affiliate or such Participant for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"**Change in Control**," unless otherwise defined in an Award Document, means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities other than by virtue of a merger, consolidation or similar

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transaction that would not constitute a Change in Control under clause (ii) below. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company's securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities or (C) solely because the level of Ownership held by any Exchange Act Person (the "**Subject Person**") exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing 50% or more of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) 50% or more of the combined outstanding voting power of the ultimate parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)there is consummated a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)during any period of 24 months, individuals who, at the beginning of such period, are members of the Board (the "**Incumbent Board**") cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member subsequent to the Effective Date was approved or recommended by a majority vote of the members of the

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Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board.

Notwithstanding the foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Subsidiary and the Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition will apply.

If required for compliance with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also a "change in the ownership or effective control of" the Company or "a change in the ownership of a substantial portion of the assets of" the Company as determined under U.S. Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). The Board may, in its sole discretion and without a Participant's consent, amend the definition of "Change in Control" to conform to the definition of "Change in Control" under Section 409A of the Code, and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"**Code**" means the U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"**Committee**" means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with <u>Section 2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"**Compensation Committee**" means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"**Common Stock**" means the common stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"**Company**" means Stem, Inc., a Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"**Consultant**" means any person, including an advisor, who is (i) engaged by the Company or a Subsidiary to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of a Subsidiary and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a "Consultant" for purposes of this Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form Registration Statement on Form S-8 or a successor form under the Securities Act is available to register either the offer or the sale of the Company's securities to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"**Continuous Service**" means that the Participant's service with the Company or a Subsidiary, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or a Subsidiary as an Employee, Consultant or Director or a change in the Entity for which the Participant renders

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such service, provided that there is no interruption or termination of the Participant's service with the Company or a Subsidiary, will not terminate a Participant's Continuous Service. For example, a change in status from an Employee of the Company to a Consultant of a Subsidiary or to a Director will not constitute an interruption of Continuous Service. If the Entity for which a Participant is rendering services ceases to qualify as a Subsidiary, as determined by the Board in its sole discretion, such Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as a Subsidiary. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party's sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, a Subsidiary, or their successors. In addition, if required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of "separation from service" as defined under U.S. Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder). A leave of absence will be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided in the applicable Award Document, the Company's leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"**Director**" means a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"**Disability**" means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months as provided in Sections 22(e)(3) and 409A(a)(2)(C)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)"**Effective Date**" means the date this Plan is approved by the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)"**Employee**" means any person providing services as an employee of the Company or a Subsidiary. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an "Employee" for purposes of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)"**Entity**" means a corporation, partnership, limited liability company or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"**Exchange Act Person**" means any natural person, Entity or "group" (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that "Exchange Act Person" will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities

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under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company, or (v) any natural person, Entity or "group" (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)"**Fair Market Value**" means, as of any date, the value of the Common Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock as of any date of determination will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)"**Incentive Stock Option**" means an option granted pursuant to <u>Section 5</u> of this Plan that is intended to be, and that qualifies as, an "incentive stock option" within the meaning of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)"**Non-Employee Director**" means a Director who either (i) is not a current employee or officer of the Company or a Subsidiary, does not receive compensation, either directly or indirectly, from the Company or a Subsidiary for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act ("**Regulation S-K**")), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a "non-employee director" for purposes of Rule 16b-3 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)"**Nonstatutory Stock Option**" means any option granted pursuant to <u>Section 5</u> of this Plan that does not qualify as an Incentive Stock Option.

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&nbsp;&nbsp;&nbsp;&nbsp;(aa)"**Officer**" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;(ab)"**Option**" means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(ac)"**Option Agreement**" means an Award Document evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(ad)"**Optionholder**" means a person to whom an Option is granted pursuant to this Plan or, if applicable, such other person who holds an outstanding Option.

&nbsp;&nbsp;&nbsp;&nbsp;(ae)"**Own**," "**Owned**," "**Owner**," "**Ownership**" means a person or Entity will be deemed to "Own," to have "Owned," to be the "Owner" of, or to have acquired "Ownership" of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;(af)"**Participant**" means a person to whom an Award is granted pursuant to this Plan or, if applicable, such other person who holds an outstanding Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;(ag)"**Performance Goals**" means, for a Performance Period, the one or more performance goals established by the Board, the Committee, or an authorized Officer, as the case may be. The Board, the Committee, or an authorized Officer, as the case may be, retains the discretion to define the manner of calculating the performance criteria it selects to use in respect of the Performance Goals established for a Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ah)"**Performance Period**" means the period of time selected by the Board or the Committee over which the attainment of one or more performance goals will be measured for the purpose of determining a Participant's right to and the payment of a Stock Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board or the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ai) "**Plan**" means this 2024 Equity Incentive Plan of Stem, Inc., as amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aj)"**Prior Plans**" mean the Stem, Inc. 2021 Equity Incentive Plan and the Stem, Inc. 2009 Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ak)"**Restricted Stock Award**" means an award of shares of Common Stock which is granted pursuant to the terms and conditions of <u>Section 6(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(al)"**Restricted Stock Award Document**" means an Award Document evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Document will be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(am)"**Restricted Stock Unit Award**" means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of <u>Section 6(b)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(an)"**Restricted Stock Unit Award Document**" means an Award Document evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Document will be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ao)"**Securities Act**" means the U.S. Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ap)"**Stock Appreciation Right**" or "**SAR**" means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aq)"**Stock Appreciation Right Award Document**" means an Award Document evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Award Document will be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ar)"**Stock Award**" means any right to receive Common Stock granted under this Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, or a Stock Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(as)"**Stock Award Document**" means an Award Document evidencing the terms and conditions of a Stock Award grant. Each Stock Award Document will be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(at)"**Subsidiary**" means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

&nbsp;&nbsp;&nbsp;&nbsp;(au)"**Ten Percent Stockholder**" means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

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