HECLA MINING CO/DE/ — Director's Dealing 2023

Feb 28, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HECLA MINING CO/DE/ (HL)
CIK: 0000719413
Period of Report: 2023-02-24

Reporting Person: BAKER PHILLIPS S JR (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-24	Common Stock	M	264026	—	Acquired	5051159	Direct
2023-02-27	Common Stock	J	48342	—	Acquired	48342	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-24	Performance rights	$0	M	132013	Acquired	2022-12-31	Common Stock (132013)	Direct

Footnotes

F1: On June 22, 2020, Mr. Baker was awarded performance rights. The performance rights represented a contingent right to receive between $200,000 and $800,000 worth of Hecla Mining Company common stock based on Hecla's total shareholder return performance over the 3-year period from January 1, 2020 through December 31, 2022, 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., $800,000 worth of common stock); (2) 60th percentile rank among peers = target award at grant value (i.e., $400,000 worth of common stock); or (3) 50th percentile rank among peers = threshold payout at 50% target (i.e., $200,000 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 $3.03), and therefore reported an award of 132,013 performance rights. Based on Hecla Mining Company's total shareholder return ranking, Mr. Baker's award value was $800,000, and he therefore received 264,026 shares in settlement of the award (with the shares valued at the $4.03 closing price on June 22, 2020).

F3: Consists of outstanding performance rights.

F4: See footnotes (1) and (2). Shares received upon settlement of performance rights awarded in June 2020.

F5: Consists of 3,022,163 shares held directly, 1,795,964 shares held in the Key Employee Deferred Compensation Plan, and 233,032 unvested restricted stock units.

F6: Held as 4,028.562 units in Mr. Baker's 401(k) account under Hecla Mining Company's Capital Accumulation Plan, and estimated to be 48,342 shares.