RUTLEDGE MICHAEL A 4
4 · INTERNATIONAL BATTERY METALS LTD. · Filed Jun 4, 2026
Research Summary
AI-generated summary of this filing
International Battery Metals (IBATF) CFO Michael Rutledge Converts RSUs, Sells Shares
What Happened
- Michael A. Rutledge, CFO of International Battery Metals Ltd. (IBATF), had 450,000 restricted share units (RSUs)/derivatives convert to common shares on June 2, 2026 (exercise/conversion, $0.00 exercise price).
- On the same date he disposed of 197,292 shares in an open-market sale at roughly $0.09 per share for proceeds of about $18,545. The filing also records a derivative disposition tied to the 450,000-share conversion (related to the RSU settlement and withholding).
Key Details
- Transaction date: June 2, 2026; filing date: June 4, 2026 (appears to be within the Form 4 two-business-day filing window).
- Conversion: 450,000 shares acquired via exercise/conversion (code M) at $0.00.
- Sale: 197,292 shares sold on the open market (code S) at ~ $0.09/share for ~$18,545.
- Net shares delivered: After withholding to cover taxes (footnote F2), the conversion of 450,000 shares implies approximately 252,708 net shares retained by the reporting person (450,000 − 197,292 = 252,708).
- Footnotes: F1/F3 describe RSUs granted June 2, 2025 that vested June 2, 2026; F2 indicates shares were withheld to satisfy tax withholding obligations. Other footnotes (F4–F8) describe various performance-based RSUs/PBRSUs and vesting conditions.
- Filing timeliness: No late-filing flag provided; appears timely.
Context
- This was not a cash purchase — it was the vesting/conversion of RSUs (derivative exercise at $0) followed by a sale/withholding of a portion of the shares, a common practice to cover tax obligations on vested awards.
- Sales tied to tax withholding or settlement of awards are generally routine and do not necessarily indicate a change in insider sentiment.
Insider Transaction Report
Form 4
RUTLEDGE MICHAEL A
Chief Financial Officer
Transactions
- Exercise/Conversion
Common Shares, no par value
[F1]2026-06-02+450,000→ 450,000 total - Sale
Common Shares, no par value
[F2]2026-06-02$0.09/sh−197,292$18,545→ 252,708 total - Exercise/Conversion
Restricted Share Units
[F1][F3]2026-06-02−450,000→ 0 total→ Common Stock, no par value (450,000 underlying)
Holdings
- 900,000
Performance Based Restricted Share Units
[F4][F5]→ Common Shares, no par value (900,000 underlying) - 300,000
Performance Based Restricted Shares Units
[F4][F6]→ Common Shares, no par value (300,000 underlying) - 1,937,036
Performance Based Restricted Share Units
[F4][F7]→ Common Shares, no par value (1,937,036 underlying) - 1,076,131
Performance Based Restricted Share Units
[F6][F8]→ Common Shares, no par value (1,076,131 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 the number of shares withheld by the Issuer to satisfy the tax withholding obligations incurred by the reporting person as a result of the shares received on June 2, 2026.
- [F3]Represents Restricted Share Units ("RSUs") granted on June 2, 2025, under International Battery Metals Ltd.'s (the "Issuer") Amended and Restated Restricted Share Unit Plan (as amended, the "Plan"), which vests in full on June 2, 2026. Each RSU represents a contingent right to receive one Common Share.
- [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 June 2, 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.
Signature
/s/ Norma Garcia, Attorney-in-Fact for Michael A. Rutledge|2026-06-04