Phillips S. Baker Jr - Feb 28, 2022 Form 4 Insider Report for HECLA MINING CO/DE/ (HL)

Role
President & CEO, Director
Signature
Tami D. Whitman, Attorney-in-Fact for Phillips S. Baker, Jr.
Stock symbol
HL
Transactions as of
Feb 28, 2022
Transactions value $
-$1,123,718
Form type
4
Date filed
3/2/2022, 05:50 PM
Previous filing
Jun 23, 2021
Next filing
Jun 23, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction HL Common Stock Options Exercise $0 +521K +12.07% $0.00 4.84M Feb 28, 2022 Direct F4, F5
transaction HL Common Stock Tax liability -$1.12M -195K -4.03% $5.76 4.64M Feb 28, 2022 Direct F6, F7
transaction HL Common Stock Other $0 +40.4K $0.00 40.4K Feb 28, 2022 Held in 401(k) Plan F8

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 HL Performance rights Options Exercise $0 +271K $0.00 195K Feb 28, 2022 Common Stock 271K $0.00 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On June 21, 2019, Mr. Baker was awarded performance rights. The performance rights represented a contingent right to receive between $250,000 and $1,000,000 worth of Hecla Mining Company common stock based on Hecla's total shareholder return performance over the 3-year period from January 1, 2019 through December 31, 2021, based on the following percentile rank within Hecla's peer group companies: (1) 100th percentile rank among peers = maximum award at 200% of target (i.e., $1 million worth of common stock); (2) 60th percentile rank among peers = target award at grant value (i.e. $500,000 worth of common stock); or (3) 50th percentile rank among peers = threshold payout at 50% target (i.e. $250,000 worth of common stock).
F2 In reporting the number of performance rights at the time of the award, Mr. Baker assumed a target payout (i.e. $500,000 worth of common stock), with the common stock valued at the closing price on the day of the award ($1.84), and therefore reported an award of 271,739 performance rights. Based on Hecla Mining Company's total shareholder return ranking, Mr. Baker's award value was $958,333, and he therefore received 520,833 shares in settlement of the award (with the shares valued at the $1.84 closing price on June 21, 2019).
F3 Consists of outstanding performance rights.
F4 See footnotes (1) and (2). Shares received upon settlement of performance rights awarded in June 2019.
F5 Consists of 2,815,610 shares held directly, 1,795,964 shares held in the Key Employee Deferred Compensation Plan, and 223,923 unvested restricted stock units.
F6 Shares withheld for tax liability on 520,833 performance rights that vested.
F7 Consists of 2,620,520 shares held directly, 1,795,964 shares held in the Key Employee Deferred Compensation Plan, and 223,923 unvested restricted stock units.
F8 Held as 3,701.816 units in Mr. Baker's 401(k) account under Hecla Mining Company's Capital Accumulation Plan, and estimated to be 40,392 shares.