Anthony Lynn Davis - 11 Sep 2023 Form 4 Insider Report for Orion S.A. (OEC)

Role: Director
Signature: /s/ Christian Eggert, Attorney-in-Fact
Issuer symbol: OEC
Transactions as of: 11 Sep 2023
Net transactions value: $0
Form type: 4
Filing time: 13 Sep 2023, 17:25:27 UTC
Previous filing: 07 Jul 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	OEC	Common Shares, no par value	Other	$0	-11,689	-100%	$0.000000^*	0	11 Sep 2023	See footnote	F2, F3
transaction	OEC	Common Shares, no par value	Other	$0	+5,469	+0.3%	$0.000000	1,829,711	11 Sep 2023	See footnote	F2, F3, F4
transaction	OEC	Common Shares, no par value	Other	$0	+4,459	+0.24%	$0.000000	1,834,170	11 Sep 2023	See footnote	F2, F3, F4
transaction	OEC	Common Shares, no par value	Other	$0	+791	+0.24%	$0.000000	324,194	11 Sep 2023	See footnote	F2, F3, F5
transaction	OEC	Common Shares, no par value	Other	$0	+970	+0.3%	$0.000000	325,164	11 Sep 2023	See footnote	F2, F3, F5
holding	OEC	Common Shares, no par value						587,571	11 Sep 2023	See footnote	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Held by Davis Investment Holdings, LLC, whose sole member is the Reporting Person.
F2	Represents 5,250 restricted shares granted by the Issuer to the Reporting Person on June 8, 2023, which vest on the day prior to the Issuer's 2024 Annual General Meeting of Shareholders (the "2023 Grant Shares") and 6,439 restricted shares granted by the Issuer to the Reporting Person on July 1, 2022, which vested on June 6, 2023 (the "2022 Grant Shares"), each of which was previously assigned by the Reporting Person to Inherent Group, LP (the "Assignor"), an entity controlled by the Reporting Person, pursuant to the Portfolio Company Board of Directors Policy of the Assignor (the "Policy"), (cont'd in FN3)
F3	(cont'd from FN 2) for further distribution in accordance with the Policy to the funds named in footnotes (4) and (5), which are managed by the Assignor. Pursuant to the Policy, on September 11, 2023, the Assignor assigned 791 of the 2023 Grant Shares and 970 of the 2022 Grant Shares to Inherent CIO1, LLC and assigned 4,459 of the 2023 Grant Shares and 5,469 of the 2022 Grant Shares to Inherent ESG Opportunity Master, LP.
F4	Held by Inherent ESG Opportunity Master, LP, a fund managed by the Assignor, which is controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
F5	Held by Inherent CIO1, LLC, a fund managed by Inherent Group, LP, which is controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.