AG Glencore - Dec 29, 2023 Form 3 Insider Report for Li-Cycle Holdings Corp. (LICY)

Role: 10%+ Owner
Signature: See Exhibit 99.1
Stock symbol: LICY
Transactions as of: Dec 29, 2023
Transactions value $: $0
Form type: 3
Date filed: 12/29/2023, 04:58 PM
Previous filing: Oct 3, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	LICY	Common Shares						59.4K	Dec 29, 2023	See Footnotes	F1, F2

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
holding	LICY	Convertible Notes							Dec 29, 2023	Common Shares	22.6M		Direct	F3, F4, F5, F6

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

Explanation of Responses:

Id	Content
F1	This form is being filed by each of the following reporting persons: Glencore AG, Glencore International AG and Glencore plc (collectively, the "Reporting Persons"). Glencore AG (and Glencore Ltd., which is a branch of Glencore AG) is a direct wholly-owned subsidiary of Glencore International AG and an indirect wholly-owned subsidiary of Glencore plc. Because of the relationships among the Reporting Persons, the Reporting Persons may be deemed to beneficially own the securities reported herein to the extent of their respective pecuniary interests. Each Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.
F2	Represents 18,072 common shares and 41,313 restricted stock units ("RSUs") awarded to Mr. Kunal Sinha under the Li-Cycle Holdings Corp. 2021 Incentive Award Plan. Each RSU represents the contingent right to receive one common share of the Issuer subject to time-vesting conditions in accordance with the underlying award and Mr. Sinha's continued service through such vesting date. Mr. Sinha is the Head of Recycling at Glencore plc and holds the securities reported herein for the benefit of the Reporting Persons, and may, after vesting, if applicable, transfer the securities directly to the Reporting Persons.
F3	Currently exercisable.
F4	The Convertible Notes are due and payable on May 31, 2027 in an amount equal to the principal amount of the Convertible Notes outstanding on such date (plus any accrued but unpaid interest thereon), unless earlier converted, redeemed or repurchased.
F5	Represents the number of Common Shares of the Issuer issuable to Glencore Ltd., a branch of Glencore AG, as of December 29, 2023, upon conversion of all of the Convertible Notes held by Glencore Ltd. at the current conversion price (the "Conversion Price"), which is subject to adjustment. The Convertible Notes accrue interest payable semi-annually, either in cash or by payment-in-kind ("PIK"), in the Issuer's discretion. The Convertible Notes accrue interest at the forward-looking term rate based on the secured overnight financing rate for a tenor comparable to the relevant interest payment period plus 0.42826% (the "Floating Rate"), plus 5% per annum if interest is paid in cash and plus 6% per annum if interest is paid in PIK. The Floating Rate cannot be less than 1% per year nor more than 2% per year.
F6	The Conversion Price of the Convertible Notes is $9.95 per $1,000 principal amount of the Convertible Notes, subject to adjustment in accordance with the terms of the Convertible Notes.

Remarks:

This Form 3 is being filed because, beginning January 1, 2024, the Issuer will no longer be eligible to use the forms and rules designated by the Securities and Exchange Commission for foreign private issuers (as defined in Rule 3b-4 of the Securities Exchange Act of 1934, as amended). Exhibit 99.1 (Joint Filer Information and Signatures) is hereby incorporated herein by reference.