Company: TMCWW
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001104659-25-036264
Chunk: 63

Company: TMC the metals Co Inc.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 63
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 business day of each of June and January. We will pay an underutilization fee equal to 4.0% per annum payable semi-annually for any amounts that remain undrawn under the 2024 Credit Facility. We have the right to pre-pay the entire amount outstanding under the 2024 Credit Facility at any time, before the 2024 Credit Facility’s maturity of September 22, 2025. The 2024 Credit Facility also contains customary events of default. The 2024 Credit Facility will terminate automatically if we or any of our subsidiaries raise at least $50,000,000 in the aggregate (i) through the issuance of any of our or our subsidiaries’ debt or equity securities, or (ii) in prepayments under an off-take agreement or similar commercial agreement. As of the date of this Proxy Statement, the Company has drawn $2.5 million from the 2024 Credit Facility. On November 14, 2024, we entered into the Second Amendment to the 2024 Credit Facility, to increase the borrowing limit to $38 million in the aggregate ($19 million from each of the 2024 Lenders) and to extend the maturity of the 2024 Credit Facility to December 31, 2025. On March 26, 2025, we entered into the Third Amendment to the 2024 Credit Facility with the 2024 Lenders, to, among other things, increase the borrowing limit to $44 million in the aggregate ($22 million from each of the 2024 Lenders) and extend the maturity of the 2024 Credit Facility to June 30, 2026. The Third Amendment also provides that the 2024 Lenders may extend the term of the 2024 Credit Facility by up to two additional one-year periods (until June 30, 2028 at the latest) and that the 2024 Lenders may terminate the 2024 Credit Facility upon certain company financings. Gregory Stone Consulting Agreement Gregory Stone, our Chief Ocean Scientist, regularly provides consulting services to us through Ocean Renaissance LLC (“Ocean Renaissance”), where he is a principal. Consulting services during 40 TABLE OF CONTENTS each of the years ended December 31, 2024 and 2023 totaled $200,000 and $331,000, respectively. Mr. Stone is no longer an executive officer. Stephen Jurvetson Consulting Agreement On April 9, 2024, we entered into a consulting agreement with Mr. Jurvetson