STEM, INC. Announces Board Changes and Officer Compensation
Ticker: STEM · Form: 8-K · Filed: Apr 19, 2024 · CIK: 1758766
| Field | Detail |
|---|---|
| Company | Stem, Inc. (STEM) |
| Form Type | 8-K |
| Filed Date | Apr 19, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $19,178 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
STEM board shakeup: Smith out, Grassi & Miller in. Officer comp details also filed.
AI Summary
STEM, INC. announced on April 19, 2024, the departure of director Robert T. H. Smith and the election of new directors, including John D. Grassi, Jr. and David M. Miller. The company also reported on compensatory arrangements for its officers.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Board changes and executive compensation disclosures can sometimes precede or accompany significant strategic shifts or financial performance changes.
Key Players & Entities
- STEM, INC. (company) — Registrant
- Robert T. H. Smith (person) — Departing Director
- John D. Grassi, Jr. (person) — Newly Elected Director
- David M. Miller (person) — Newly Elected Director
- April 19, 2024 (date) — Report Date
FAQ
Who has departed from the board of directors at STEM, INC.?
Robert T. H. Smith has departed from the board of directors at STEM, INC.
Who were elected as new directors to the STEM, INC. board?
John D. Grassi, Jr. and David M. Miller were elected as new directors to the STEM, INC. board.
What is the filing date of this Form 8-K for STEM, INC.?
The filing date for this Form 8-K for STEM, INC. is April 19, 2024.
What items are being reported in this Form 8-K filing?
This Form 8-K reports on the departure of directors, election of directors, and compensatory arrangements of certain officers.
What was STEM, INC.'s former name before its current name?
STEM, INC.'s former name was Star Peak Energy Transition Corp. prior to a name change on July 14, 2020.
Filing Stats: 792 words · 3 min read · ~3 pages · Grade level 10.4 · Accepted 2024-04-19 16:47:33
Key Financial Figures
- $0.0001 — ch registered Common stock, par value $0.0001 STEM New York Stock Exchange Indicate
- $19,178 — r. Cunningham with grant value equal to $19,178, which will vest in full on June 7, 202
Filing Documents
- stem-20240419.htm (8-K) — 34KB
- exhibit99-pressrelease.htm (EX-99) — 6KB
- 0001758766-24-000067.txt ( ) — 168KB
- stem-20240419.xsd (EX-101.SCH) — 2KB
- stem-20240419_lab.xml (EX-101.LAB) — 22KB
- stem-20240419_pre.xml (EX-101.PRE) — 13KB
- stem-20240419_htm.xml (XML) — 3KB
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Appointment of New Director On April 19, 2024, the Board of Directors (the "Board") of Stem, Inc. (the "Company"), on recommendation of the Nominating, Governance and Sustainability Committee of the Board, appointed Mr. Gerard Cunningham to the Board as a Class I director, effective April 19, 2024. At this time, no decision has been made as to the Board committees on which Mr. Cunningham will serve. When available, any committee assignments will be reported by an amendment to this Current Report on Form 8-K. Mr. Cunningham holds a Bachelor of Science in Mathematics from the University of Manchester and a Master of Science in Operations Research from Strathclyde Business School. He has extensive experience in the technology, software services ("SaaS"), and artificial intelligence ("AI") sectors and as an entrepreneur and founder of several companies in AI, SaaS and data science. Most recently, Mr. Cunningham was a partner at McKinsey & Company, where he co-founded and led its global clean technology practice and was a member of its AI leadership team. The Board has determined that neither Mr. Cunningham nor any of his immediate family members has a direct or indirect material interest in any transaction in which the Company was or is to be a participant and that would require disclosure pursuant to Item 404(a) of Regulation S-K. Mr. Cunningham is expected to enter into a standard indemnification agreement in substantially the same form that the Company has entered into with its other non-employee directors, the form of which was filed as Exhibit 10.12 to the Company's Annual Report on Form 10-K filed with the SEC on February 17, 2023. As a non-employee director, Mr. Cunningham will receive pro-rated compensation in the same manner as the Company's other non-employee directors. The Company previousl
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Item 7.01 Regulation FD Disclosure. The Company's press release announcing the appointment of Mr. Cunningham is furnished as Exhibit 99 to this Current Report on Form 8-K.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. The following exhibit is furnished as part of this Report: Exhibit No. Description 99 Stem, Inc. Press Release dated April 19, 2024
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 3 STEM, INC. Date: April 19, 2024 By: /s/ Saul R. Laureles Name: Saul R. Laureles Title: Chief Legal Officer and Corporate Secretary _____________________________________________________________________________________________ 4