Piedmont (PLL) Insider Filing: Options and Shares Converted in Sayona Merger

Rhea-AI Filing Summary

Keith D. Phillips, President and CEO and a director of Piedmont Lithium Inc. (PLL), reported transactions dated 08/29/2025 on a Form 4. The filing shows an acquisition of 137,560 shares of Piedmont common stock and a disposition of 301,569 shares, after which the reported beneficial ownership figures reflect the conversion events tied to a merger. Multiple Piedmont stock options were disposed of in connection with the Merger, converting into options and restricted units of Sayona Mining Limited pursuant to the Merger Agreement. Footnotes state performance stock units were deemed satisfied at the Merger and each Piedmont security was converted into rights to 527 Sayona ordinary shares or units. The form is signed by Mr. Phillips on 08/29/2025.

Positive

• Transactions tied to Merger Agreement with clear conversion mechanics into Sayona ordinary shares, providing transparency
• Performance stock units deemed satisfied at the Merger effective time per the filing footnotes

Negative

• Large disposition of 301,569 Piedmont common shares reported on 08/29/2025 (though disclosed as merger-related)
• Multiple stock options disposed of (converted under the Merger), eliminating prior Piedmont option positions shown

Insights

Financial Analyst

TL;DR: Insider transactions reflect merger-driven conversions and option disposals rather than routine open-market trading.

The Form 4 documents a set of mechanically driven transactions tied to the Merger Agreement among Piedmont, Sayona and Merger Sub dated November 18, 2024. The filing shows a net acquisition of 137,560 Piedmont shares and a larger reported disposition of 301,569 shares on 08/29/2025, with multiple stock options also marked disposed and converted into Sayona-linked instruments. The disclosures and explanatory notes indicate conversion ratios and that performance stock units were treated as satisfied at the Merger effective time. For investors, these entries signal corporate reorganization activity affecting equity and derivative holdings rather than discretionary insider buy/sell decisions.

Corporate Governance Expert

TL;DR: Transactions are governance- and merger-driven, showing compliance with Section 16 reporting for conversion events.

The report identifies Keith D. Phillips as both an officer (President and CEO) and director, filing as a single reporting person. The detailed footnotes explain conversion mechanics: each Piedmont share or restricted unit converted into the right to receive 527 Sayona ordinary shares/units, and each Piedmont option converted into an option for 527 Sayona shares. Performance stock units were deemed satisfied at the Merger effective time. The Form 4 is consistent with required disclosures for change-in-control and conversion events and provides documentation that option and RSU vesting and conversions were executed under the Merger Agreement.

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

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X

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^*

Phillips Keith D.

(Last) (First) (Middle)

C/O PIEDMONT LITHIUM INC.

42 E CATAWBA STREET

(Street)

BELMONT NC 28012

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Piedmont Lithium Inc. [ PLL ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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, par value $0.0001	08/29/2025		A(1)		137,560	A	$0	301,569	D
Common Stock, par value $0.0001	08/29/2025		D(2)		301,569	D	(2)	0	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
Stock Option (right to buy)	$16	08/29/2025		D(3)			169,903	12/31/2026	03/04/2034	Common Stock, par value $0.0001	169,903	(3)	0	D
Stock Option (right to buy)	$67.5	08/29/2025		D(3)			29,890	12/31/2025	03/07/2033	Common Stock, par value $0.0001	29,890	(3)	0	D
Stock Option (right to buy)	$55	08/29/2025		D(3)			22,674	(4)	02/28/2032	Common Stock, par value $0.0001	22,674	(3)	0	D
Stock Option (right to buy)	$55	08/29/2025		D(3)			36,276	12/31/2024	02/28/2032	Common Stock, par value $0.0001	36,276	(3)	0	D
Stock Option (right to buy)	$65	08/29/2025		D(3)			10,786	(5)	05/19/2031	Common Stock, par value $0.0001	10,786	(3)	0	D

Explanation of Responses:

1. Piedmont Lithium Inc. ("Piedmont"), Sayona Mining Limited ("Sayona") and Shock MergeCo Inc. ("Merger Sub") are parties to the Agreement and Plan of Merger, dated as of November 18, 2024 (the "Merger Agreement"), pursuant to which, among other things, Merger Sub was merged with and into Piedmont (the "Merger"). Pursuant to the Merger Agreement, the performance conditions underlying these performance stock units were deemed satisfied based on the greater of target or actual performance at the effective time of the Merger.

2. At the effective time of the Merger, (i) each share of common stock of Piedmont was converted into the right to receive 527 ordinary shares of Sayona and (ii) each restricted stock unit of Piedmont was converted into 527 restricted stock units of Sayona.

3. At the effective time of the Merger, each stock option to purchase a share of common stock of Piedmont was converted into a stock option to purchase 527 ordinary shares of Sayona.

4. These stock options vested in three equal annual installments on December 31, 2022, December 31, 2023 and December 31, 2024.

5. These stock options vested in three equal annual installments on December 31, 2021, December 31, 2022 and December 31, 2023.

	/s/ Keith D. Phillips	08/29/2025
	** Signature of Reporting Person	Date
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FAQ

Who filed the Form 4 for Piedmont Lithium Inc. (PLL)?

Keith D. Phillips, President and CEO and a director, signed the Form 4 on 08/29/2025.

What transactions did the filing report on 08/29/2025?

The filing reports an acquisition of 137,560 Piedmont common shares and a disposition of 301,569 Piedmont common shares, plus dispositions/conversions of multiple stock options.

Why were the securities converted or disposed of?

Footnotes state the actions resulted from the Agreement and Plan of Merger among Piedmont, Sayona and Merger Sub, including conversion of securities into rights to 527 Sayona ordinary shares/units.

Were performance awards affected by the Merger?

Yes. The filing states performance stock units were deemed satisfied at the Merger effective time based on target or actual performance.

Did stock options remain outstanding after the reported transactions?

The Form 4 shows stock options were converted into options to purchase Sayona shares; the reported number of derivative securities following the transactions is shown as 0 for Piedmont options in the filing.