International Battery Metals Ltd. (“IBAT”) , an advanced technology provider of modular direct lithium extraction (DLE) systems, provided an update with regards to restricted share units (“RSUs”) grants to certain executives in-line with their amended employment agreements with the Company, (the “Employment Agreement”).
On February 3, 2026, the Board approved the grant of an aggregate of 9,044,470 restricted share units of the Company (“RSUs”) to Joseph A. Mills, Chief Executive Officer, in connection with and in accordance with Mills’ Employment Agreement and the Company’s Omnibus Equity Incentive Plan (the “Equity Plan”).
- 500,000 of such RSUs will vest in full 60 days after the Company’s successful listing on the Toronto Stock Exchange, The Nasdaq Stock Market or The New York Stock Exchange;
- 4,304,525 of such RSUs will vest with respect to 50% of such RSUs (2,152,263 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves aggregate EBITDA of US $25 million in any four fiscal quarter period, and the remaining 50% of such RSUs (2,152,262 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves aggregate EBITDA of US $50 million in any four fiscal quarter period;
- 2,152,262 of such RSUs will vest with respect to 50% of such RSU’s (1,076,131 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves a market capitalization of US $750 million based on the Company’s 60-day volume weighted average trading price (“VWAP”), and the remaining 50% of such RSUs (1,076,131 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves a market capitalization of US $1.5 billion based on the Company’s 60-day VWAP; and
- 2,087,683 of such RSUs will vest in full on the first anniversary of date of grant.
All such RSU vestings are subject to Mills’ continuous employment with the Company through such vesting date and accelerated vesting in full in connection with a consummation of a change in control transaction as defined in the Employment Agreement. All such RSUs are subject to the terms of the Equity Plan, applicable securities law hold periods and the policies of the TSXV.
On February 3, 2026, the Board approved the grant of an aggregate of 3,313,167 RSUs to Michael Rutledge in connection with and in accordance with Rutledge’s Employment Agreement and the EquityPlan.
- 300,000 of such RSUs will vest in full 60 days after the Company’s successful listing on the Toronto Stock Exchange, The Nasdaq Stock Market or The New York Stock Exchange;
- 1,937,036 of such RSUs will vest with respect to 50% of such RSUs (968,518 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves aggregate EBITDA of US $25 million in any four fiscal quarter period, and the remaining 50% of such RSUs (968,518 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves aggregate EBITDA of US $50 million in any four fiscal quarter period; and
- 1,076,131 of such RSUs will vest with respect to 50% of such RSU’s (538,066 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves a market capitalization of US $750 million based on the Company’s 60-day VWAP, and the remaining 50% of such RSUs (538,065 RSUs) on the date the Compensation Committee certifies, in good faith, that the Company first achieves a market capitalization of US $1.5 billion based on the Company’s 60-day VWAP.
All such RSU vestings are subject to Rutledge’s continuous employment with the Company through such vesting date and accelerated vesting in full in connection with a consummation of a change in control transaction as defined in the Employment Agreement. All such RSUs are subject to the terms of the Equity Plan, applicable securities law hold periods and the policies of the TSXV.
