Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c)
On January 12, 2022, Stem, Inc. (the "Company") named Rahul Shukla as the
Company's Chief Accounting Officer, effective January 18, 2022. Mr. Shukla will
serve as the Company's principal accounting officer in his capacity as Chief
Accounting Officer, and William Bush, the Company's Chief Financial Officer, who
has been serving as principal financial officer and principal accounting
officer, will continue serving as the Company's principal financial officer.
Mr. Shukla, 39, was previously the Vice President, Finance for Natera, Inc. from
June 2020 to December 2021. Prior to that, he was Vice President, Corporate
Controller of eHealth, Inc. from 2018 to 2020. Prior to that, he served as Vice
President, Finance and Accounting of Gum Drop Cases, Inc., from 2015 to 2018.
Prior to that, he served in various accounting and finance roles with NextTag,
Inc, from 2013-2015. Mr. Shukla has a Bachelor of Science degree in Business
Administration from the University of California, Berkeley.
In his new role with the Company, Mr. Shukla will receive an annual base salary
of $300,000. In connection with his appointment, he will receive (a) a sign-on
cash bonus of $75,000, less applicable withholding taxes and (b) a sign-on
long-term incentive ("LTI") equity award of restricted stock units ("RSUs") and
options with a target value of $200,000, vesting ratably over four years,
subject to his continued employment with the Company through the applicable
vesting dates. Mr. Shukla will be eligible for a cash award under the Company's
annual cash incentive plan with a target award of 30% of base salary, and will
be eligible to participate in the Company's long-term equity incentive program.
Also in connection with his appointment, Mr. Shukla will receive an initial LTI
equity award of RSUs and stock options with a target value of $200,000, vesting
ratably over four years, subject to his continued employment with the Company
through the applicable vesting dates.
Mr. Shukla has no family relationships with any director or executive officer of
the Company, and there are no arrangements or understandings with any person
pursuant to which he will be selected as an officer of the Company. In addition,
there have been no transactions directly or indirectly involving Mr. Shukla that
would be required to be disclosed pursuant to Item 404(a) of Regulation S-K
under the Securities Exchange Act of 1934.
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