BROWN MICHAEL JOHN 4

What Happened
Michael John Brown, a director of Lithium Americas Corp. (LAC), received an award of 12,038 deferred share units (DSUs) on April 13, 2026. The grant is reported as a derivative award (code A) at $0.00 per unit (no cash paid). These DSUs represent the right to receive one common share per DSU but do not convey voting or dispositive rights and the underlying shares are not issued until Brown’s service as a director ends.

Key Details

• Transaction date: 2026-04-13; Form 4 filed 2026-04-15 (timely within the standard 2-business-day window).
• Award: 12,038 DSUs; reported price $0.00 (award/settlement instrument, not an open-market purchase).
• Shares owned after transaction: not specified in the provided filing.
• Footnote: Each DSU equals the right to one common share; no voting/dispositive rights until termination. Settlement timing: for U.S. participants, shares paid six months after termination; for non-U.S. participants, paid on the 20th business day after termination.
• Transaction type: Derivative award (compensation/retention instrument), not a buy or sale of outstanding shares.

Context
DSUs are a form of deferred compensation commonly used for directors — they typically reflect pay/retention rather than a direct market view. Because the underlying shares are not issued until the director’s service ends, this award does not immediately change share count or disclose a buy/sell decision. Gifts, awards and deferred-unit grants are informative about compensation policy but are not equivalent to open-market purchases (which investors often view as a stronger bullish signal).