Craig Shesky - Mar 20, 2024 Form 4 Insider Report for TMC the metals Co Inc. (TMC)

Signature
/s/ Ryan Coombes, General Counsel
Stock symbol
TMC
Transactions as of
Mar 20, 2024
Transactions value $
-$375,509
Form type
4
Date filed
3/22/2024, 09:33 PM
Previous filing
Nov 27, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction TMC Common Shares Options Exercise $0 +188K +24.07% $0.00 967K Mar 20, 2024 Direct F1
transaction TMC Common Shares Award $0 +213K +22.06% $0.00 1.18M Mar 20, 2024 Direct F2
transaction TMC Common Shares Sale -$376K -233K -19.77% $1.61 947K Mar 22, 2024 Direct F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction TMC Restricted Stock Units Options Exercise $0 -188K -33.33% $0.00 375K Mar 20, 2024 Common Shares 188K Direct F5, F6
transaction TMC Restricted Stock Units Award $0 +500K $0.00 500K Mar 20, 2024 Common Shares 500K Direct F5, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Consists of restricted stock units ("RSUs") that converted to common shares on a one-to-one basis. The RSUs were granted on March 20, 2023 and 1/3 vested on March 20, 2024. The remaining RSUs will vest as follows, subject to continued service through each vesting date: 1/3 of the total award on March 20, 2025 and the remaining amount on March 20, 2026.
F2 Each RSU represents the right to receive one common share upon vesting. The RSUs were granted and vested upon issuance as part of the Issuer's short-term incentive plan.
F3 The sales reported in this Form 4 were effected to cover tax withholding obligations in connection with the vesting of RSUs that were granted on March 20, 2023 and March 20, 2024 pursuant to an automatic "sell to cover" provision under which the Reporting Person did not have discretion included in the RSU Agreement.
F4 The price reflects the average selling price of the common shares sold. These common shares were sold in multiple transactions at prices ranging from $1.58 to $1.65 per common share. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of common shares sold at each price.
F5 Each RSU represents the right to receive one common share upon vesting.
F6 The RSUs were granted as part of the Issuer's long-term incentive plan and vest over a three year period as follows, subject to continued service through each vesting date: 1/3 on the first anniversary of March 20, 2023 (the "Grant Date"), 1/3 on the second anniversary of the Grant Date and 1/3 on the third anniversary of the Grant Date. 1/3 of the RSUs have granted as of the date hereof.
F7 The RSUs were granted as part of the Issuer's long-term incentive plan and vest over a three year period as follows, subject to continued service through each vesting date: 1/3 on the first anniversary of March 20, 2024 (the "Grant Date"), 1/3 on the second anniversary of the Grant Date and 1/3 on the third anniversary of the Grant Date.