Davis Spencer 4

What Happened
Davis Spencer, Chief Legal Officer of Lifezone Metals Ltd (LZM), received an award of 98,228 derivative securities on May 7, 2026. The Form 4 reports the grant as an acquisition (code A) of 98,228 shares at $0.00 (derivative). This was a compensation grant rather than an open‑market purchase or sale.

Key Details

• Transaction date: May 7, 2026; Form 4 filed May 11, 2026 (filed within the standard two business‑day window).
• Grant: 98,228 stock options reported as acquired at $0.00 per share (derivative award, code A).
• Vesting: Per footnote, options vest in three equal instalments on Nov 3, 2026, May 7, 2027 and May 7, 2028.
• Shares owned after transaction: Not specified in the Form 4.
• Other notes: Filing identifies the award as "Stock Options" in the footnote; no 10b5‑1 plan, tax‑withholding, or late‑filing flags reported.

Context
This is a time‑vesting option grant (compensation), so it does not reflect an immediate purchase or sale of marketable shares. The $0.00 value reported on the Form 4 reflects how the award was reported in the filing; additional company disclosures (e.g., proxy or grant agreement) would be needed to confirm strike/exercise terms and the award's potential economic value. Routine grants to executives are common; they vest over time and only convert to owned, tradable shares if/when vested and exercised.