Stem appoints Jeffrey Cabot as CAO; Rahul Shukla steps down effective Dec 19

STEM, INC.

Rahul Shukla and Stem mutually agree he will step down as Chief Accounting Officer, effective Dec 19, 2025; separation agreement being negotiated.
Jeffrey Cabot appointed as new CAO effective Jan 5, 2026; previously CAO at Oak View Group and Air Methods.
Cabot receives $325k base salary, initial equity award of 14,000 shares (7k RSUs, 3.5k PSUs, 3.5k options) vesting over three years.
Eligible for annual cash incentive target of 45% of base salary and standard severance/change-in-control benefits.
No family relationships or related-party transactions with any director or executive officer.

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