MILLS JOSEPH A 4
4 · INTERNATIONAL BATTERY METALS LTD. · Filed Feb 4, 2026
Research Summary
AI-generated summary of this filing
International Battery Metals (IBATF) CEO Joseph Mills Receives RSU/PBRSU Awards
What Happened
Joseph A. Mills, CEO of International Battery Metals Ltd. (IBATF), was granted a total of 9,044,470 derivative awards on February 4, 2026. The filing shows four award lines totaling 9,044,470 units (all reported as awards/grants, transaction code A) with an acquisition price of $0 — these are restricted share units (RSUs) and performance-based RSUs (PBRSUs), i.e., contingent rights to receive common shares if vesting or performance conditions are met.
Key Details
- Transaction date: February 4, 2026 (report filed same day; no late filing indicated).
- Grant details: Four award lines totaling 9,044,470 units; reported acquisition price $0 (derivative awards).
- Vesting/conditions (from footnotes):
- Some RSUs were granted April 7, 2025 and vest in full April 7, 2026.
- Some RSUs were granted February 4, 2026 and vest in full February 4, 2027.
- Some PBRSUs from April 7, 2025 vest upon completion/deployment of two additional Direct Lithium Extraction plants.
- PBRSUs granted February 4, 2026 include tranches that vest upon: successful listing on a major exchange (60 days after listing), achieving annualized EBITDA targets ($25M / $50M split), and achieving market-cap thresholds ($750M / $1.5B over a 60-day VWAP split).
- Shares owned after transaction: Not specified in the provided summary of the Form 4.
- Transaction type: Award/Grant (derivative); not a cash purchase or sale.
Context
These awards are contingent equity (RSUs/PBRSUs) rather than open-market purchases or sales. That means Mills has a future right to receive shares if the stated time- or performance-based conditions are met; they do not immediately transfer tradable shares into his hands. Such grants are common for executive compensation and align pay with company milestones; they should be interpreted as potential future dilution if and when they vest, not as an immediate transfer of marketable stock.
Insider Transaction Report
- Award
Restricted Share Units
[F1][F3]2026-02-04+2,087,683→ 2,087,683 total→ Common Stock, no par value (2,087,683 underlying) - Award
Performance Based Restricted Share Units
[F4][F6]2026-02-04+500,000→ 500,000 total→ Common Stock, no par value (500,000 underlying) - Award
Performance Based Restricted Share Units
[F4][F7]2026-02-04+4,304,525→ 4,304,525 total→ Common Stock, no par value (4,304,525 underlying) - Award
Performance Based Restricted Share Units
[F4][F8]2026-02-04+2,152,262→ 2,152,262 total→ Common Stock, no par value (2,152,262 underlying)
- 1,000,000
Restricted Share Units
[F1][F2]→ Common Shares, no par value (1,000,000 underlying) - 2,000,000
Performance Based Restricted Share Units
[F4][F5]→ Common Shares, no par value (2,000,000 underlying)
Footnotes (8)
- [F1]The Restricted Share Units ("RSUs") each represent a contingent right to receive one common share of International Battery Metals Ltd. (the "Issuer").
- [F2]Represents Restricted Share Units ("RSUs") granted on April 7, 2025 under International Battery Metals Ltd.'s (the "Issuer") Amended and Restated Restricted Share Unit Plan (as amended, the "Plan") and vests in full on April 7, 2026.
- [F3]Represents Restricted Share Units ("RSUs") granted on February 4, 2026, which will vest in full on February 4, 2027.
- [F4]The Performance Based Restricted Share Unit ("PBRSU") each represent a contingent right to receive one common share of International Battery Metals Ltd. (the "Issuer").
- [F5]Represents Performance Based Restricted Share Units ("PBRSUs") granted on April 7, 2025, under the Plan, which shall vest upon completion of and deployment of two additional Direct Lithium Extraction Plants, subject to the terms of the associated Restricted Share Unit Agreement.
- [F6]Represents Performance Based Restricted Share Units granted on February 4, 2026, which will vest in full 60 days following the Issuer's successful listing on a major stock exchange.
- [F7]Represents Performance Based Restricted Share Units granted on February 4, 2026, of which, 50% shall vest upon the Issuer achieving an annualized EBITDA of $25 million and the remaining 50% shall vest upon the Issuer achieving an annualized EBITDA of $50 million.
- [F8]Represents Performance Based Restricted Share Units granted on February 4, 2026, of which, 50% shall vest upon the Issuer achieving a $750 million market capitalization over a 60 day volume weighted average trading price and the remaining 50% shall vest upon the Issuer achieving $1.5 billion market capitalization over a 60 day volume weighted average trading price.