TMC the Metals Company (TMC) director exercises options and receives Special Shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
TMC the Metals Company director Christian Madsbjerg reported exercising stock options for 11,578 common shares at $0.52 per share and 31,602 common shares at $0.65 per share on February 6, 2026. Following these exercises, he directly owned 374,800 common shares.
Under the option terms, he also received multiple classes of "Special Shares" (Classes A–H) for no additional cash consideration. These Special Shares each convert into common shares on a one-for-one basis if the stock trades at or above specified price thresholds ranging from $15.00 to $200.00 over a defined 20-out-of-30 trading day period or upon certain change-of-control events.
Positive
- None.
Negative
- None.
Insider Trade Summary
68,613 shares exercised/converted
Mixed
12 txns
Insider
Madsbjerg Christian
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (right to buy) | 11,578 | $0.00 | -- |
| Exercise | Stock Option (right to buy) | 31,602 | $0.00 | -- |
| Exercise | Class A Special Shares | 941 | $0.00 | -- |
| Exercise | Class B Special Shares | 1,884 | $0.00 | -- |
| Exercise | Class C Special Shares | 1,884 | $0.00 | -- |
| Exercise | Class D Special Shares | 3,768 | $0.00 | -- |
| Exercise | Class E Special Shares | 3,768 | $0.00 | -- |
| Exercise | Class F Special Shares | 3,768 | $0.00 | -- |
| Exercise | Class G Special Shares | 4,710 | $0.00 | -- |
| Exercise | Class H Special Shares | 4,710 | $0.00 | -- |
| Exercise | Common Shares | 11,578 | $0.52 | $6K |
| Exercise | Common Shares | 31,602 | $0.65 | $21K |
Holdings After Transaction:
Stock Option (right to buy) — 0 shares (Direct);
Class A Special Shares — 941 shares (Direct);
Class B Special Shares — 1,884 shares (Direct);
Class C Special Shares — 1,884 shares (Direct);
Class D Special Shares — 3,768 shares (Direct);
Class E Special Shares — 3,768 shares (Direct);
Class F Special Shares — 3,768 shares (Direct);
Class G Special Shares — 4,710 shares (Direct);
Class H Special Shares — 4,710 shares (Direct);
Common Shares — 343,198 shares (Direct)
Footnotes (1)
- Represents the exercise of stock options to purchase 11,578 common shares for cash at an exercise price of $0.52 per common share. In accordance with the terms of the stock options, the Reporting Person was also issued 252 Class A Special Shares, 505 Class B Special Shares, 505 Class C Special Shares, 1,010 Class D Special Shares, 1,010 Class E Special Shares, 1,010 Class F Special Shares, 1,263 Class G Special Shares and 1,263 Class H Special Shares for no additional consideration. Represents the exercise of stock options to purchase 31,602 common shares for cash at an exercise price of $0.65 per common share. The deadline to exercise these stock options with respect to the vested common shares underlying them is March 5, 2026. In accordance with the terms of the stock options, the Reporting Person was also issued 689 Class A Special Shares, 1,379 Class B Special Shares, 1,379 Class C Special Shares, 2,758 Class D Special Shares, 2,758 Class E Special Shares, 2,758 Class F Special Shares, 3,447 Class G Special Shares and 3,447 Class H Special Shares for no additional consideration. Was fully vested as of February 26, 2021. Also included the right to purchase the Class A Special Shares, the Class B Special Shares, the Class C Special Shares, the Class D Special Shares, the Class E Special Shares, the Class F Special Shares, the Class G Special Shares and the Class H Special Shares (collectively, the "Special Shares") set forth in Footnote 1 above. Received by the Reporting Person as described in the Form 4 submitted by the Reporting Person on September 13, 2021. These stock options vest in increments upon the occurrence of certain milestones, subject to continued service through each milestone. These stock options are exercisable at any time until March 5 of the year following vesting of such stock option (any such date, the "Exercise Date"). These stock options expire on the day after the Exercise Date. Also included the right Special Shares set forth in Footnote 2 above. Each of the Special Shares automatically convert into common shares on a one for one basis, if on any twenty trading days within any thirty trading day period, the common shares trade for a price that is greater than or equal to the price threshold for such class of Special Shares (the "Price Threshold") described below, or in the event of certain changes of control. The Price Thresholds for the Special Shares are as follows: Class A Special Shares ($15.00), Class B Special Shares ($25.00), Class C Special Shares ($35.00), Class D Special Shares ($50.00), Class E Special Shares ($75.00), Class F Special Shares ($100.00), Class G Special Shares ($150.00), and Class H Special Shares ($200.00). Represents the aggregate amount of the specified class of Special Shares acquired upon the exercise of stock options referenced in Footnotes 1 and 2 above. Also includes the right to purchase 2,069 Class A Special Shares, 4,137 Class B Special Shares, 4,137 Class C Special Shares, 8,274 Class D Special Shares, 8,274 Class E Special Shares, 8,274 Class F Special Shares, 10,343 Class G Special Shares and 10,343 Class H Special Shares.
FAQ
What insider transaction did TMC (TMC) director Christian Madsbjerg report?
Christian Madsbjerg reported exercising stock options for 11,578 TMC common shares at $0.52 and 31,602 shares at $0.65 on February 6, 2026. These transactions increased his directly held common shares to 374,800, according to the Form 4 filing.
What stock option terms are described for TMC director Madsbjerg in this filing?
One stock option series for 11,578 shares was fully vested as of February 26, 2021, with a $0.52 exercise price. Another for 31,602 shares vests upon milestones and is exercisable until March 5 of the year after vesting, expiring the day after that Exercise Date.