PHILLIPS S. BAKER JR - 28 Feb 2022 Form 4 Insider Report for HECLA MINING CO/DE/ (HL)

Role: President & CEO, Director
Signature: Tami D. Whitman, Attorney-in-Fact for Phillips S. Baker, Jr.
Issuer symbol: HL
Transactions as of: 28 Feb 2022
Net transactions value: -$1,123,718
Form type: 4
Filing time: 02 Mar 2022, 17:50:51 UTC
Previous filing: 23 Jun 2021
Next filing: 23 Jun 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HL	Common Stock	Options Exercise	$0	+520,833	+12%	$0.000000	4,835,497	28 Feb 2022	Direct	F4, F5
transaction	HL	Common Stock	Tax liability	$1,123,718	-195,090	-4%	$5.76	4,640,407	28 Feb 2022	Direct	F6, F7
transaction	HL	Common Stock	Other	$0	+40,392		$0.000000	40,392	28 Feb 2022	Held in 401(k) Plan	F8

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HL	Performance rights	Options Exercise	$0	+271,391		$0.000000	195,465	28 Feb 2022	Common Stock	271,391	$0.000000	Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On June 21, 2019, 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, 2019 through December 31, 2021, 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 million 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% target (i.e. $250,000 worth of common stock).
F2	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 ($1.84), and therefore reported an award of 271,739 performance rights. Based on Hecla Mining Company's total shareholder return ranking, Mr. Baker's award value was $958,333, and he therefore received 520,833 shares in settlement of the award (with the shares valued at the $1.84 closing price on June 21, 2019).
F3	Consists of outstanding performance rights.
F4	See footnotes (1) and (2). Shares received upon settlement of performance rights awarded in June 2019.
F5	Consists of 2,815,610 shares held directly, 1,795,964 shares held in the Key Employee Deferred Compensation Plan, and 223,923 unvested restricted stock units.
F6	Shares withheld for tax liability on 520,833 performance rights that vested.
F7	Consists of 2,620,520 shares held directly, 1,795,964 shares held in the Key Employee Deferred Compensation Plan, and 223,923 unvested restricted stock units.
F8	Held as 3,701.816 units in Mr. Baker's 401(k) account under Hecla Mining Company's Capital Accumulation Plan, and estimated to be 40,392 shares.