STEM, INC.

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-09-26 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: STEM, INC. (STEM) CIK: 0001758766 --- Reporting Owner --- Name: Carlson Michael James CIK: 0001948274 Role: Officer (President, Managed Services) --- Non-Derivative Transactions --- [Transaction #1] Security: Common Stock, Par Value $0.0001 Per Share Date: 2026-09-26 | Code: M (Exercise of derivative) Shares: +305 | Price: $4.48 Total Value: $1,366.40 Shares Owned After: 26,166 | Ownership: D (Direct) [Transaction #2] Security: Common Stock, Par Value $0.0001 Per Share Date: 2026-09-29 | Code: S (Open market sale) Shares: -146 | Price: $4.67 Total Value: $681.82 Shares Owned After: 26,020 | Ownership: D (Direct) Footnotes: [F1] Represents shares of common stock automatically sold to cover the reporting person's tax liability in connection with the vesting of RSUs on September 26, 2026. This "sell to cover" transaction does not represent a discretionary trade by the reporting person. --- Derivative Transactions --- [Transaction #1] Security: Restricted Stock Unit Date: 2026-09-26 | Code: M (Exercise of derivative) Shares: -305 | Price: $0.00 Shares Owned After: 0 | Ownership: D (Direct) Footnotes: [F2] Each restricted stock unit ("RSU") represents the contingent right to receive one share of the Issuer's common stock. [F3] On September 26, 2022, the Reporting Person was granted 1,217 RSUs vesting in four equal annual installments, the fourth of which vested on September 26, 2026. [F3] On September 26, 2022, the Reporting Person was granted 1,217 RSUs vesting in four equal annual installments, the fourth of which vested on September 26, 2026. --- Footnotes (Complete Index) --- F1: Represents shares of common stock automatically sold to cover the reporting person's tax liability in connection with the vesting of RSUs on September 26, 2026. This "sell to cover" transaction does not represent a discretionary trade by the reporting person. F2: Each restricted stock unit ("RSU") represents the contingent right to receive one share of the Issuer's common stock. F3: On September 26, 2022, the Reporting Person was granted 1,217 RSUs vesting in four equal annual installments, the fourth of which vested on September 26, 2026. --- Signature --- /s/ /s/ Sarah Dunn, attorney-in-fact (2026-09-29)