Form 4 - Statement of changes in beneficial ownership of securities

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BAKER PHILLIPS S JR

(Last)

(First)

(Middle)

6500 NORTH MINERAL DRIVE

SUITE 200

(Street)

COEUR D 'ALENE

83815

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
HECLA MINING CO/DE/ [ HL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/26/2024		M		111,041⁽⁴⁾	A	$0	5,303,784⁽⁵⁾	D
Common Stock	02/26/2024		J		52,022⁽⁶⁾	A	$0	52,022	I	Held in 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Performance rights	$0	02/26/2024		M		63,452⁽¹⁾⁽²⁾		12/31/2023	12/31/2023	Common Stock	63,452	$0	288,310⁽³⁾	D

Explanation of Responses:

1. On June 21, 2021, Mr. Baker was awarded performance rights. The performance rights represented a contingent right to receive between $250,000 and $1,000,000 worth of Hecla Mining Company common stock based on Hecla's total shareholder return performance over the 3-year period from January 1, 2021 through December 31, 2023, based on the following percentile rank within Hecla's peer group companies: (1) 100th percentile rank among peers = maximum award at 200% of target (i.e., $1,000,000 worth of common stock); (2) 60th percentile rank among peers = target award at grant value (i.e., $500,000 worth of common stock); or (3) 50th percentile rank among peers = threshold payout at 50% of target (i.e., $250,000 worth of common stock).

2. In reporting the number of performance rights at the time of the award, Mr. Baker assumed a target payout (i.e., $500,000 worth of common stock), with the common stock valued at the closing price on the day of the award ($7.88), and therefore reported an award of 63,452 performance rights. Based on Hecla Mining Company's total shareholder return ranking, Mr. Baker's award value was 175%, and he therefore received 111,041 shares in settlement of the award (with the shares valued at the $7.88 closing price on June 21, 2021).

3. Consists of outstanding performance rights.

4. See footnotes (1) and (2). Shares received upon settlement of performance rights awarded in June 2021.

5. Consists of 3,247,268 shares held directly, 1,795,964 shares held in the Key Employee Deferred Compensation Plan, and 260,552 unvested restricted stock units.

6. Held as 4,330.088 units in Mr. Baker's 401(k) account under Hecla Mining Company's Capital Accumulation Plan, and estimated to be 52,022 shares.

	Tami D. Whitman, Attorney-in-Fact for Phillips S. Baker, Jr.	02/28/2024
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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