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TMC the metals company Inc. (TMC) has issued an update.
TMC the metals company Inc. has updated its CEO Gerard Barron’s employment terms, providing him with a $750,000 base salary and eligibility for a 75% target bonus, based on performance. He received a one-time award of restricted stock units on 20 million shares, vesting tied to specific stock price goals, and a commitment to hold these shares for five years. The agreement also includes a 10% retirement plan contribution and standard company benefits. Automatic annual renewals are set unless terminated, with severance packages outlined for various termination scenarios. Shareholder approval for his compensation will be sought at the May 2024 meeting.
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