MILLS JOSEPH A 4

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.