Stem Inc. amends 8-K to detail separation terms for retiring division President Robert Schaefer

STEM, INC.

Robert Schaefer, President of Behind-the-Meter Division, retires effective May 3, 2024; serves as consultant through Feb 2, 2025.
Separation Agreement includes $425,000 cash payment (12 months base salary), pro-rata bonus, and 9 months COBRA reimbursement.
Unvested equity (except 667,556 RSUs from March 2022) cancelled; those RSUs vest during consulting period subject to performance.
Consulting Agreement pays $5,000/month and allows continued vesting of the Closing Grant.

item 5.02

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Departed

Robert Schaefer

President of Behind-the-Meter Division

STEM · STEM, INC.

Filed: March 26, 2024, 7:59 PM ET

On March 23, 2024, the Company and Mr. Schaefer entered into a Separation and Release of Claims Agreement (the “Separation Agreement”), pursuant to which Mr. Schaefer is entitled to receive the following payments and benefits in accordance with the existing terms of his employment agreement with the Company:

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Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Schaefer retired as President of Behind-the-Meter Division at STEM, INC..

Action: retired
Role: President of Behind-the-Meter Division

Exact text from the filing

On March 23, 2024, the Company and Mr. Schaefer entered into a Separation and Release of Claims Agreement (the “Separation Agreement”), pursuant to which Mr. Schaefer is entitled to receive the following payments and benefits in accordance with the existing terms of his employment agreement with the Company:

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Source: SEC EDGAR

accession 0001758766-24-000062

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