Exhibit 10.23.2


 


TMC THE METALS COMPANY INC.


 


Stock Option Grant Notice


Stock Option Grant under the Company’s


2021 Incentive Equity Plan


 


	Name:	 
	 	 
	Grant Number:	 
	 	 
	Grant Date:	 
	 	 
	Vest Commencement Date:	 
	 	 
	Grant Type:	 
	 	 
	Grant Shares:	 
	 	 
	Exercise Price:	 
	 	 
	Expiration Date:	 
	 	 
	Vesting Schedule: 	This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as follows provided the Participant is an Employee, Director or Consultant of the Company or of an Affiliate on the applicable vesting date:
	 	 
	 	[Vesting Schedule Description]


 


The foregoing rights are cumulative
and are subject to the other terms and conditions of this Agreement and the Plan.


 


The Company and the Participant
acknowledge receipt of this Stock Option Grant Notice and agree to the terms of the Stock Option Agreement attached hereto and incorporated
by reference herein, the Company’s 2021 Incentive Equity Plan [and the Addendum thereto titled “Terms and Conditions of Options
to United States Employees”], and the terms of this Option Grant as set forth above.


 


	 	TMC THE METALS COMPANY INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	Participant


 




     


     


    

 


TMC THE METALS COMPANY INC.


 


STOCK OPTION AGREEMENT - INCORPORATED TERMS
AND CONDITIONS


 


AGREEMENT (this “Agreement”)
made as of the date of grant set forth in the Stock Option Grant Notice by and between TMC the metals company Inc. (the “Company”),
a company existing under the laws of British Columbia, Canada, and the individual whose name appears on the Stock Option Grant Notice
(the “Participant”).


 


WHEREAS, the Company desires
to grant to the Participant an Option to purchase Common Shares (the “Shares”), under and for the purposes set forth in the
Company’s 2021 Incentive Equity Plan [and the Addendum thereto titled “Terms and Conditions of Options to United States Employees”]
(the “Plan”);


 


WHEREAS, the Company and the
Participant understand and agree that any terms used and not defined herein have the same meanings as in the Plan; and


 


WHEREAS, the Company and the
Participant each intend that the Option granted herein shall be of the type set forth in the Stock Option Grant Notice.


 


NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:


 


1. GRANT
OF OPTION. The Company hereby grants to the Participant the right and option to purchase all or any part of an aggregate of the number
of Shares set forth in the Stock Option Grant Notice, on the terms and conditions and subject to all the limitations set forth herein,
under United States securities and tax laws, and in the Plan, which is incorporated herein by reference. The Participant acknowledges
receipt of a copy of the Plan.


 


2. EXERCISE
PRICE. The exercise price of the Shares covered by the Option shall be the amount per Share set forth in the Stock Option Grant Notice,
subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock split or other events affecting the holders
of Shares after the date hereof (the “Exercise Price”). Payment shall be made in accordance with Paragraph 10 of the Plan.


 


3. EXERCISABILITY
OF OPTION. Subject to the terms and conditions set forth in this Agreement and the Plan, the Option granted hereby shall become vested
and exercisable as set forth in the Stock Option Grant Notice and is subject to the other terms and conditions of this Agreement and the
Plan.


 


4. TERM
OF OPTION. This Option shall terminate on the Expiration Date as specified in the Stock Option Grant Notice and, if this Option is
designated in the Stock Option Grant Notice as an ISO and the Participant owns as of the date hereof more than 10% of the total combined
voting power of all classes of capital stock of the Company or an Affiliate, such date may not be more than five years from the date of
this Agreement, but shall be subject to earlier termination as provided herein or in the Plan.


 




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If the Participant ceases to
be an Employee, director or Consultant of the Company or of an Affiliate for any reason other than the death or Disability of the Participant,
or termination of the Participant for Cause (the “Termination Date”), the Option to the extent then vested and exercisable
pursuant to Section 3 hereof as of the Termination Date, and not previously terminated in accordance with this Agreement, may be exercised
within three months after the Termination Date, or on or prior to the Expiration Date as specified in the Stock Option Grant Notice, whichever
is earlier, but may not be exercised thereafter except as set forth below. In such event, the unvested portion of the Option shall not
be exercisable and shall expire and be cancelled on the Termination Date.


 


If this Option is designated
in the Stock Option Grant Notice as an ISO and the Participant ceases to be an Employee of the Company or of an Affiliate but continues
after termination of employment to provide service to the Company or an Affiliate as a director or Consultant, this Option shall continue
to vest in accordance with Section 3 above as if this Option had not terminated until the Participant is no longer providing services
to the Company. In such case, this Option shall automatically convert and be deemed a Non-Qualified Option as of the date that is three
months from termination of the Participant’s employment and this Option shall continue on the same terms and conditions set forth herein
until such Participant is no longer providing service to the Company or an Affiliate.


 


Notwithstanding the foregoing,
in the event of the Participant’s Disability or death within three months after the Termination Date, the Participant or the Participant’s
Survivors may exercise the Option within one year after the Termination Date, but in no event after the Expiration Date as specified in
the Stock Option Grant Notice.


 


In the event the Participant’s
service is terminated by the Company or an Affiliate for Cause, the Participant’s right to exercise any unexercised portion of this
Option even if vested shall cease immediately as of the time the Participant is notified his or her service is terminated for Cause, and
this Option shall thereupon terminate. Notwithstanding anything herein to the contrary, if subsequent to the Participant’s termination,
but prior to the exercise of the Option, the Administrator determines that, either prior or subsequent to the Participant’s termination,
the Participant engaged in conduct which would constitute Cause, then the Participant shall immediately cease to have any right to exercise
the Option and this Option shall thereupon terminate.


 


In the event of the Disability
of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one year after the Participant’s
termination of service due to Disability or, if earlier, on or prior to the Expiration Date as specified in the Stock Option Grant Notice.
In such event, the Option shall be exercisable:


 


		(a)	to the extent that the Option has become exercisable but has not been exercised as of the date of the
Participant’s termination of service due to Disability; and



 


		(b)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of the Participant’s termination of service due to Disability of any additional vesting rights that would have accrued
on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the
current vesting period prior to the date of the Participant’s termination of service due to Disability.



 




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In the event of the death of
the Participant while an Employee, director or Consultant of the Company or of an Affiliate, the Option shall be exercisable by the Participant’s
Survivors within one year after the date of death of the Participant or, if earlier, on or prior to the Expiration Date as specified in
the Stock Option Grant Notice. In such event, the Option shall be exercisable:


 


		(x)	to the extent that the Option has become exercisable but has not been exercised as of the date of death;
and



 


		(y)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The
proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.



 


5. METHOD
OF EXERCISING OPTION. Subject to the terms and conditions of this Agreement, the Option may be exercised by electronic notice to the
Company or its designee, in such form as is acceptable to the Company. Such notice shall state the number of Shares with respect to which
the Option is being exercised and shall be signed by the person exercising the Option (which signature may be provided electronically
in a form acceptable to the Company). Payment of the Exercise Price for such Shares shall be made in accordance with Paragraph 10 of the
Plan. The Company shall deliver such Shares as soon as practicable after the notice shall be received, provided, however, that the Company
may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company deems necessary under
any applicable law (including, without limitation, state securities or “blue sky” laws). In the event the Option shall be
exercised, pursuant to Section 4 hereof, by any person other than the Participant, such notice shall be accompanied by appropriate proof
of the right of such person to exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided herein
shall be fully paid and nonassessable.


 


6. PARTIAL
EXERCISE. Exercise of this Option to the extent above stated may be made in part at any time and from time to time within the above
limits, except that no fractional share shall be issued pursuant to this Option.


 


7. NON-ASSIGNABILITY.
The Option shall not be transferable by the Participant otherwise than by will or by the laws of descent and distribution. If this Option
is a Non-Qualified Option then it may also be transferred pursuant to a qualified domestic relations order as defined by the Code or Title
I of the Employee Retirement Income Security Act or the rules thereunder. Except as provided above in this paragraph, the Option
shall be exercisable, during the Participant’s lifetime, only by the Participant (or, in the event of legal incapacity or incompetency,
by the Participant’s guardian or representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge,
hypothecation or other disposition of the Option or of any rights granted hereunder contrary to the provisions of this Section 7, or the
levy of any attachment or similar process upon the Option shall be null and void.


 




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8. NO
RIGHTS AS STOCKHOLDER UNTIL EXERCISE. The Participant shall have no rights as a stockholder with respect to Shares subject to this
Agreement until registration of the Shares in the Company’s share register in the name of the Participant. Except as is expressly
provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be made for dividends or
similar rights for which the record date is prior to the date of such registration.


 


9. ADJUSTMENTS.
The Plan contains provisions covering the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions
in the Plan for adjustment with respect to stock subject to Options and the related provisions with respect to successors to the business
of the Company are hereby made applicable hereunder and are incorporated herein by reference.


 


10. TAXES.
The Participant acknowledges and agrees that (i) any income or other taxes due from the Participant with respect to this Option or the
Shares issuable pursuant to this Option shall be the Participant’s responsibility; (ii) the Participant was free to use professional
advisors of his or her choice in connection with this Agreement, has received advice from his or her professional advisors in connection
with this Agreement, understands its meaning and import, and is entering into this Agreement freely and without coercion or duress; (iii)
the Participant has not received and is not relying upon any advice, representations or assurances made by or on behalf of the Company
or any Affiliate or any employee of or counsel to the Company or any Affiliate regarding any tax or other effects or implications of the
Option, the Shares or other matters contemplated by this Agreement; and (iv) neither the Administrator, the Company, its Affiliates, nor
any of its officers or directors, shall be held liable for any applicable costs, taxes, or penalties associated with the Option if, in
fact, the Internal Revenue Service were to determine that the Option constitutes deferred compensation under Section 409A of the Code.


 


If this Option is designated
in the Stock Option Grant Notice as a Non-Qualified Option or if the Option is an ISO and is converted into a Non-Qualified Option and
such Non-Qualified Option is exercised, the Participant agrees that the Company may withhold from the Participant’s remuneration,
if any, the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation
includable in such person’s gross income. At the Company’s discretion, the amount required to be withheld may be withheld
in cash from such remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant
further agrees that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s
income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld.


 




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11. PURCHASE
FOR INVESTMENT. Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option shall have been
effectively registered under the Securities Act, the Company shall be under no obligation to issue the Shares covered by such exercise
unless the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities
Act and until the following conditions have been fulfilled:




 


(a) The
person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that such person(s) are acquiring such Shares
for their own respective accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such
Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the following legend which shall be endorsed
upon any certificate(s) evidencing the Shares issued pursuant to such exercise:


 


“The shares represented by this
certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless
(1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or
(b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then
available, and (2) there shall have been compliance with all applicable state securities laws;” and


 


(b) If
the Company so requires, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular
exercise in compliance with the Securities Act without registration thereunder. Without limiting the generality of the foregoing, the
Company may delay issuance of the Shares until completion of any action or obtaining of any consent, which the Company deems necessary
under any applicable law (including without limitation state securities or “blue sky” laws).


 


12. RESTRICTIONS
ON TRANSFER OF SHARES.


 


(a) The
Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and such Participant
is requested by the Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting
the sale or other transfer of Shares, then it will promptly sign such agreement and will not transfer, whether in privately negotiated
transactions or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her
during such period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering,
plus such additional period of time as may be required to comply with FINRA rules or similar rules thereto promulgated by another regulatory
authority (such period, the “Lock-Up Period”). Such agreement shall be in writing and in form and substance reasonably satisfactory
to the Company and such underwriter and pursuant to customary and prevailing terms and conditions. Notwithstanding whether the Participant
has signed such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the
Company subject to the foregoing restrictions until the end of the Lock-Up Period.


 


(b) The
Participant acknowledges and agrees that neither the Company, its stockholders nor its directors and officers, has any duty or obligation
to disclose to the Participant any material information regarding the business of the Company or affecting the value of the Shares before,
at the time of, or following a termination of the service of the Participant by the Company, including, without limitation, any information
concerning plans for the Company to make a public offering of its securities or to be acquired by or merged with or into another firm
or entity.


 




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13. NO
OBLIGATION TO MAINTAIN RELATIONSHIP. The Participant acknowledges that: (i) the Company is not by the Plan or this Option obligated
to continue the Participant as an employee, director or Consultant of the Company or an Affiliate; (ii) the Plan is discretionary in nature
and may be suspended or terminated by the Company at any time; (iii) the grant of the Option is a one-time benefit which does not create
any contractual or other right to receive future grants of options, or benefits in lieu of options; (iv) all determinations with respect
to any such future grants, including, but not limited to, the times when options shall be granted, the number of shares subject to each
option, the option price, and the time or times when each option shall be exercisable, will be at the sole discretion of the Company;
(v) the Participant’s participation in the Plan is voluntary; (vi) the value of the Option is an extraordinary item of compensation
which is outside the scope of the Participant’s employment or consulting contract, if any; and (vii) the Option is not part of normal
or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service
awards, pension or retirement benefits or similar payments.


 


14. IF
OPTION IS INTENDED TO BE AN ISO. If this Option is designated in the Stock Option Grant Notice as an ISO so that the Participant (or
the Participant’s Survivors) may qualify for the favorable tax treatment provided to holders of Options that meet the standards
of Section 422 of the Code then any provision of this Agreement or the Plan which conflicts with the Code so that this Option would not
be deemed an ISO is null and void and any ambiguities shall be resolved so that the Option qualifies as an ISO. The Participant should
consult with the Participant’s own tax advisors regarding the tax effects of the Option and the requirements necessary to obtain
favorable tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements.


 


Notwithstanding the foregoing,
to the extent that the Option is designated in the Stock Option Grant Notice as an ISO and is not deemed to be an ISO pursuant to Section
422(d) of the Code because the aggregate Fair Market Value (determined as of the Date of Option Grant) of any of the Shares with respect
to which this ISO is granted becomes exercisable for the first time during any calendar year in excess of $100,000, the portion of the
Option representing such excess value shall be treated as a Non-Qualified Option and the Participant shall be deemed to have taxable income
measured by the difference between the then Fair Market Value of the Shares received upon exercise and the price paid for such Shares
pursuant to this Agreement.


 


Neither the Company nor any
Affiliate shall have any liability to the Participant, or any other party, if the Option (or any part thereof) that is intended to be
an ISO is not an ISO or for any action taken by the Administrator, including without limitation the conversion of an ISO to a Non-Qualified
Option.


 


15. NOTICE
TO COMPANY OF DISQUALIFYING DISPOSITION OF AN ISO. If this Option is designated in the Stock Option Grant Notice as an ISO then the
Participant agrees to notify the Company in writing immediately after the Participant makes a Disqualifying Disposition of any of the
Shares acquired pursuant to the exercise of the ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes
any disposition (including any sale) of such Shares before the later of (a) two years after the date the Participant was granted the ISO
or (b) one year after the date the Participant acquired Shares by exercising the ISO, except as otherwise provided in Section 424(c) of
the Code. If the Participant has died before the Shares are sold, these holding period requirements do not apply and no Disqualifying
Disposition can occur thereafter.


 




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16. NOTICES.
Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile,
registered or certified mail, return receipt requested, addressed as follows:


 


If to the Company:


 


TMC the metals company Inc.


[Address]


Attention: General Counsel


 


If to the Participant at the Participant’s most recent address
as shown in the employment or stock records of the Company. Any such notice shall be deemed to have been given upon the earlier of receipt,
one business day following delivery to a recognized courier service or three business days following mailing by registered or certified
mail.


 


17. GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the laws of the Province of British Columbia and the laws
of Canada applicable therein.


 


18. BENEFIT
OF AGREEMENT. Subject to the provisions of the Plan and the other provisions hereof, this Agreement shall be for the benefit of and
shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto.


 


19. ENTIRE
AGREEMENT. This Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with
respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter
hereof (with the exception of acceleration of vesting provisions contained in any other agreement with the Company). No statement, representation,
warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict, the
express terms and provisions of this Agreement. Notwithstanding the foregoing in all events, this Agreement shall be subject to and governed
by the Plan.


 


20. MODIFICATIONS
AND AMENDMENTS. The terms and provisions of this Agreement may be modified or amended as provided in the Plan.


 


21. WAIVERS
AND CONSENTS. Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure
therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver
or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it
was given, and shall not constitute a continuing waiver or consent.


 


22. DATA
PRIVACY. By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company
or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates
such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration
of the Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he or she may have with respect to such information,
and (iii) authorizes the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth
in this Agreement.


 


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