David Kanen - May 9, 2023 Form 4 Insider Report for Aqua Metals, Inc. (AQMS)

Role: Director
Signature: /s/ Judd Merrill, by power of attorney
Stock symbol: AQMS
Transactions as of: May 9, 2023
Transactions value $: $50,001
Form type: 4
Date filed: 5/11/2023, 04:02 PM
Previous filing: May 4, 2023
Next filing: Jul 6, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AQMS	Common Stock	Award	$50K	+45.5K	+53.1%	$1.10	131K	May 9, 2023	Direct	F2
holding	AQMS	Common Stock						468K	May 9, 2023	See footnote	F1

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

Explanation of Responses:

Id	Content
F1	Mr.Kanen beneficially owns, pursuant to the beneficial ownership rules of Section 13(d) of the Securities Exchange Act of 1934, as amended, the shares of Common Stock listed in Column 5 of this Form 4, which represent approximately 0.6% of the Issuer's outstanding shares of Common Stock. Pursuant to such beneficial ownership rules, Mr. Kanen, as the managing member of KWM, may be deemed to beneficially own the 117,107 shares of Common Stock held in customer accounts managed by KWM as disclosed in this Form 4 and the 351,318 shares of Common Stock held by The Philotimo Fund LLC, of which KWM is the general partner. Mr. Kanen expressly disclaims such beneficial ownership except to the extent of his pecuniary interest therein. Mr. Kanen does not have a pecuniary interest under Section 16 of the Exchange Act in the shares of Common Stock held in customer accounts managed by KWM.
F2	Represents 45,455 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable. The RSUs will vest and be settled in four equal quarterly installments over a one year period. Each RSU shall entitle its holder to receive one Common Stock of the issuer. Includes 85,598 shares of Common Stock that Mr. Kanen directly owns in personal brokerage account.

Content

Mr.Kanen beneficially owns, pursuant to the beneficial ownership rules of Section 13(d) of the Securities Exchange Act of 1934, as amended, the shares of Common Stock listed in Column 5 of this Form 4, which represent approximately 0.6% of the Issuer's outstanding shares of Common Stock. Pursuant to such beneficial ownership rules, Mr. Kanen, as the managing member of KWM, may be deemed to beneficially own the 117,107 shares of Common Stock held in customer accounts managed by KWM as disclosed in this Form 4 and the 351,318 shares of Common Stock held by The Philotimo Fund LLC, of which KWM is the general partner. Mr. Kanen expressly disclaims such beneficial ownership except to the extent of his pecuniary interest therein. Mr. Kanen does not have a pecuniary interest under Section 16 of the Exchange Act in the shares of Common Stock held in customer accounts managed by KWM.

Represents 45,455 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable. The RSUs will vest and be settled in four equal quarterly installments over a one year period. Each RSU shall entitle its holder to receive one Common Stock of the issuer. Includes 85,598 shares of Common Stock that Mr. Kanen directly owns in personal brokerage account.