Davis Spencer 4

What Happened Davis Spencer, Chief Legal Officer of Lifezone Metals Ltd (LZM), had 34,000 restricted stock units (RSUs vest) convert into ordinary shares on April 7, 2026 (exercise/conversion). To satisfy tax withholding obligations, 15,615 of those shares were sold between April 7 and April 13, 2026, for net proceeds of roughly $61,492 (weighted average price $3.94).

Key Details

• Transaction dates: vesting/conversion on April 7, 2026; shares sold April 7–13, 2026 (filing covers Apr 7–13 per footnote).
• Sale details: 15,615 shares sold, weighted average price $3.94; reported sale prices ranged from $3.66 to $4.16 (footnote F2).
• RSU conversion: 34,000 RSUs converted into ordinary shares (each RSU = 1 share per F3); 1/3 of the award vested on April 7, 2026 (F4).
• Tax withholding: sale coded F (payment of exercise price or tax liability) — proceeds used to satisfy taxes.
• Net retained from this vesting: of the 34,000 vested shares, 15,615 were sold, leaving 18,385 newly issued shares retained (before accounting for any prior holdings).
• Filing date: Form 4 filed April 14, 2026. The April 7 vesting/conversion appears to have been reported after the typical 2-business-day Form 4 deadline (i.e., the filing includes transactions through Apr 13).

Context

• This was not a market-timed purchase but routine issuance of shares on RSU vesting, with an associated sell-to-cover for taxes — a common administrative transaction that does not necessarily indicate a change in insider sentiment.
• The entry coded M indicates conversion/exercise of a derivative (the RSUs) into ordinary shares; the F code denotes the subsequent share sale to meet tax withholding.