Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 136

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 136
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enture trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding
debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the debenture trustee, or exercising any trust or power conferred on the debenture trustee, with respect to the debt securities of
that series, provided that:

| · | the direction so given by the holder is not in conflict with any law or the applicable indenture; and |

| · | subject to its duties under the Trust Indenture Act, the debenture trustee need not take any action that             
 might involve it in personal liability or might be unduly prejudicial to the holders not involved in the proceeding. |

A holder of the debt securities of any series
will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other remedies
if:

| · | the holder previously has given written notice to the debenture trustee of a continuing event of default 
 with respect to that series;                                                                             |

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| · | the holders of at least a majority in aggregate principal amount of the outstanding debt securities of                                         
 that series have made written request, and such holders have offered reasonable indemnity to the debenture trustee to institute the proceeding 
 as trustee; and                                                                                                                                |

| · | the debenture trustee does not institute the proceeding, and does not receive from the holders of a majority                              
 in aggregate principal amount of the outstanding debt securities of that series (or at a meeting of holders of such series at which a     
 quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) other 
 conflicting directions within 60 days after the notice, request and offer.                                                                |

These limitations do not apply to a suit instituted
by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on, the debt securities.

We will periodically file statements with the applicable debenture
trustee regarding our compliance with specified covenants in the applicable indenture.

Modification of Indenture; Waiver

The debenture trustee and we may change the applicable
indenture without the consent of any holders with respect to specific matters, including:

| · | to fix any ambiguity, defect or inconsistency in the indenture; and |

| · | to change anything