Company: TMCWW
Filing Date: 2025-07-08
Form Type: PRE 14A
Source: 0001104659-25-066460
Chunk: 20

Company: TMC the metals Co Inc.
Filing Date: 2025-07-08
Form: PRE 14A
Chunk 20
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 employed with the Company.

The compensation committee determines the size of equity award grants after considering the following factors:

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the competitive equity compensation practices for comparable positions identified in the applicable market analysis;

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the executive’s level of responsibility and duties;

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a comparison to grant levels of other executive officers;

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individual named executive officers’ performance;

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our corporate performance;

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our total equity compensation costs relative to total expenses;

The compensation committee does not take into consideration an executive’s aggregate equity holdings or equity carrying value in determining annual long-term equity incentive awards.

In March 2025, our compensation committee granted equity awards to our NEOs under the STIP and LTIP for the 2024 performance year, including to our Chief Executive Officer. They considered, to the extent applicable, our corporate performance and individual contributions in 2024 as well as in prior years. The compensation committee determined the value of each LTIP equity award as time-based RSUs that vest one-third per year over three years based on the potential equity compensation expense and the target award size, as well as the retention and incentive aspects of the award. The total value was also informed by the competitive analysis conducted by FW Cook, the independent compensation consulting firm engaged by our compensation committee to provide competitive market data as well as advice on pay levels and compensation program structure. See “ Summary Compensation Table ” and “ Outstanding Equity Awards at 2024 Fiscal Year-End ”.

**Compensation of Our Chief Executive Officer and Chairman in 2024**

We entered into an employment agreement with Mr. Barron in 2018 prior to the closing of the business combination transaction and our becoming a publicly-traded company in September 2021. In light of the lack of substantial updates in Mr. Barron’s compensation since that time, the developments in our business and the board of directors’ belief that the compensation of our Chief Executive Officer is critical to align the interests of our Chief Executive Officer with that of our shareholders, our board of directors and its compensation committee engaged in extensive discussions over a significant length of time regarding updates to Mr. Barron’s employment terms. Upon the conclusion of these discussions, the compensation committee and the board of directors approved a new compensation package for Mr. Barron and we entered into a new employment agreement with Mr. Barron on April 16, 2024 (the “2024 Barron Employment Agreement”). Throughout this process, the compensation committee consulted with FW Cook, its independent compensation consultant, and its outside legal counsel and also conferred with Mr. Barron, provided