RUTLEDGE MICHAEL A 4

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.