Aqua Metals, Inc. — Director's Dealing 2025

Aug 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Aqua Metals, Inc. (AQMS)
CIK: 0001621832
Period of Report: 2025-08-19

Reporting Person: Cotton Stephen (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-19	Common Stock	A	46824	$3.95	Acquired	106039	Direct
2025-08-20	Common Stock	F	1920	$3.68	Disposed	104119	Direct

Footnotes

F1: Represents 46,824 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable. The RSUs will vest and be settled in six equal semi-annual installments over a three year period, subject to the Reporting Person's continuation of service with the Company. These RSUs have been granted under the Company's 2025 Long Term Incentive Program as non-cash stock awards. Each RSU shall entitle its holder to receive one Common Stock of the issuer.

F2: Represents the number of shares withheld and returned to the plan to cover the tax liability of the August 19, 2025 vesting of a previously reported restricted share grant represented in Table I.

F3: Includes 76,057 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable.