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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Taecker Benjamin S. (Last) (First) (Middle) 5370 KIETZKE LN SUITE 201 (Street) RENO NV 89511 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Aqua Metals, Inc. [ AQMS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Chief Eng and Opr Officer
	3. Date of Earliest Transaction (Month/Day/Year) 12/12/2023
	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/12/2023		A		379,167(1)	A	$0	1,011,881(4)	D
Common Stock	12/12/2023		A		200,000(2)	A	$0	1,211,881(5)	D
Common Stock	12/12/2023		A		2,431(3)	A	$0	1,214,312(6)	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 379,167 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 2023 Long Term Incentive Program as non-cash stock awards. Each RSU shall entitle its holder to receive one Common Stock of the issuer.

2. Represents 200,000 shares underlying RSUs that are not yet vested and deliverable. Each RSU entitles the reporting person to receive one common stock of the Company upon vesting of the RSU. The RSUs will vest and settle based on the Company's achieving at least $8 million of revenue in fiscal 2024, with at least $5 million of production related revenue, as follows: 100,000 RSUs will vest and settle if the Company achieves at least $8 million of revenue in 2024; 200,000 RSUs will vest and settle if the Company achieves at least $10 million of revenue in 2024; and 300,000 RSUs will vest and settle if the Company achieves at least $15 million of revenue in 2024.. The RSUs have been granted under the 2019 Stock and will expire, if not vested and settled, upon the completion of the audit of the Company's financial statements for the year ended December 31, 2024.

3. Represents 2,431 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable. Each RSU entitles the reporting person to receive one common stock of the Company upon vesting of the RSU. The RSUs will vest and settle based on the Company's common stock achieving absolute price hurdles based on a 5-day VWAP at any time over the three years from the date of grant, as follows: 1,425 RSUs will vest and settle upon achieving $2.50 per share; 713 RSUs will vest and settle upon achieving $4.00 per share; and 713 RSUs will vest and settle upon achieving $5,00 per share. The RSUs have been granted under the Company's 2019 Stock Incentive Plan ("2019 Plan") and will expire on the third anniversary of the date of grant.

4. Includes 795,448 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable.

5. Includes 995,448 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable.

6. Includes 997,879 shares underlying restricted stock units ("RSUs") that are not yet vested and deliverable.

	/s/ Judd Merrill, by power of attorney	12/14/2023
	** 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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