Aqua Metals insider award: 14,238 RSUs, tax withholding reduces holdings

Rhea-AI Filing Summary

Aqua Metals insider filing shows Benjamin S. Taecker, listed as the company's Chief Engineering and Operations Officer, received equity awards and had shares withheld for taxes. On 08/19/2025 he was issued 14,238 restricted stock units (RSUs) recorded as acquisitions at a reported price of $3.95, bringing his reported beneficial ownership to 28,879 shares. On 08/20/2025 a separate entry shows 564 shares were withheld/returned to the plan at $3.68 to cover tax withholding, reducing his reported beneficial ownership to 28,315 shares. The RSUs were granted under the 2025 Long Term Incentive Program and will vest in six equal semi-annual installments over three years, subject to continued service. The form is signed by Eric West by power of attorney on 08/21/2025.

Positive

• Long-term alignment: 14,238 RSUs granted under the 2025 Long Term Incentive Program with a multi-year vesting schedule aligns executive compensation with company performance and retention.

Negative

• Potential dilution: The RSU grant represents additional shares that will increase outstanding shares as they vest, although the filing shows only routine ownership adjustments.

Insights

Financial Analyst

TL;DR Routine executive equity grant and tax-withholding; modest ownership change from compensation.

The filing documents a non-cash equity award of 14,238 RSUs under the 2025 Long Term Incentive Program, recorded at $3.95, with vesting over three years in six semi-annual installments. A subsequent 564-share withholding at $3.68 covers tax obligations from a prior restricted share vesting. These entries adjust reported beneficial ownership from 28,879 to 28,315 shares. This is a standard compensation-related disclosure that increases potential future dilution as RSUs vest but does not indicate an immediate market-moving transaction.

Corporate Governance Expert

TL;DR Compensation grant follows standard corporate practice; vesting schedule ties executive incentives to continued service.

The RSUs are structured as time-based awards delivering one share per RSU and vesting in six equal semi-annual installments, aligning executive incentives with retention. The grant was made under the company's 2025 Long Term Incentive Program and is documented in accordance with Section 16 reporting. The form is executed by a power of attorney, which is permissible under Form 4 procedures. There are no disclosures here of policy changes, related-party transactions, or unusual governance items.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Taecker Benjamin S.

(Last) (First) (Middle)

5370 KIETZKE LN

SUITE 201

(Street)

RENO NV 89511

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Aqua Metals, Inc. [ AQMS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Eng and Opr Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/19/2025		A		14,238	A	$3.95	28,879(1)	D
Common Stock	08/20/2025		F(2)		564	D	$3.68	28,315(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 14,238 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable. The RSUs will vest and be settled in six equal semi-annual installments over a three year period, subject to the Reporting Person's continuation of service with the Company. These RSUs have been granted under the Company's 2025 Long Term Incentive Program as non-cash stock awards. Each RSU shall entitle its holder to receive one Common Stock of the issuer.

2. Represents the number of shares withheld and returned to the plan to cover the tax liability of the August 19, 2025 vesting of a previously reported restricted share grant represented in Table I.

3. Includes 22,475 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable.

	/s/ Eric West, by power of attorney	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Benjamin S. Taecker report on the Form 4 for AQMS?

The Form 4 reports a grant of 14,238 RSUs on 08/19/2025 and a tax-withholding event of 564 shares on 08/20/2025, changing reported beneficial ownership to 28,315 shares.

How do the RSUs vest for the 14,238 shares reported?

The RSUs will vest and be settled in six equal semi-annual installments over three years, subject to the reporting person's continued service.

Why were 564 shares reported as disposed on 08/20/2025?

The filing explains those 564 shares were withheld and returned to the plan to cover the tax liability related to an August 19, 2025 vesting of a previously reported restricted share grant.

Under what program were the RSUs granted?

The RSUs were granted under the company's 2025 Long Term Incentive Program as non-cash stock awards; each RSU entitles the holder to one common share upon settlement.

Who signed the Form 4 and how was it executed?

The form is signed /s/ Eric West, by power of attorney and dated 08/21/2025, indicating it was filed on behalf of the reporting person by an attorney-in-fact.