Form 4: TMC the metals Co Inc. Director Greig Andrew Carlyle Reports Acquisition of Common Shares

Director Greig Andrew Carlyle reports acquisition of common shares in TMC the metals Co Inc. through restricted stock units (RSUs) vesting.

Summary

• On May 31, 2023, Greig Andrew Carlyle, a director of TMC the metals Co Inc., acquired 144,907 common shares through the vesting of restricted stock units (RSUs) at a price of $0.00, increasing his direct holdings to 4,335,972 shares.
• On May 31, 2024, Carlyle acquired an additional 68,027 common shares through RSUs at a price of $0.00, further increasing his direct holdings to 4,403,999 shares.
• The RSUs were granted under the Issuer's 2021 Equity Incentive Plan as part of the Nonemployee Director Compensation Policy.
• The first set of RSUs vested on May 30, 2024, the date of the Issuer's 2024 annual meeting of shareholders, and the second set will vest on the date of the Issuer's 2025 annual meeting of shareholders, subject to continued service.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The document reports routine equity compensation for a director, indicating standard corporate governance practices and alignment of interests. There are no red flags or negative implications.

Positives

• The director's acquisition of shares through RSU vesting demonstrates alignment with the company's long-term success.
• The equity incentive plan is designed to reward and retain non-employee directors.

Future Outlook

The reporting person will be granted RSUs under the Issuer's 2021 Equity Incentive Plan that shall vest on the date of the Issuer's 2025 annual meeting of shareholders, subject to the Reporting Person's continued service through the vesting date.

Industry Context

This filing is a routine disclosure related to director compensation and equity ownership, common in publicly traded companies. It reflects standard practices for aligning director interests with shareholder value through equity-based compensation.

Comparison to Industry Standards

• Granting restricted stock units (RSUs) to directors is a common practice among publicly traded companies to align their interests with those of shareholders.
• The vesting schedules, often tied to continued service and/or company performance, are also standard.
• Companies like Rio Tinto, BHP, and Vale also utilize similar equity-based compensation plans for their directors.

Stakeholder Impact

• Shareholders may view the director's increased equity stake positively, as it aligns their interests with the company's performance.
• Employees are not directly impacted by this transaction.

Key Dates