Cool Company's Stock Units Vesting Notification and Updates
Cool Company Ltd Announces Significant Stock Changes
In an important update, Cool Company Ltd, often referred to as CoolCo, has made an announcement regarding the vesting of Restricted Stock Units (RSUs) related to its Long-Term Incentive Program (LTIP). The Company has confirmed that several RSUs granted in recent years have vested, a crucial step in its shareholder and employee remuneration strategy.
Details of RSU Vesting
On the latest notification, CoolCo shared that the RSUs that were awarded in 2022 and 2023 successfully vested on a recent date. The details about this process are especially significant for those closely monitoring the company's insider transactions. Two prominent insiders reported their vested shares:
- Richard Tyrrell: 2,232 shares
- Johannes Boots: 1,175 shares
These shares reflect the progression of the Company’s incentive structure, aimed at motivating key management while aligning their interests with those of shareholders.
Impact on Insider Holdings
Post-vesting, the holdings of the insiders involved in this transaction show a robust commitment to the Company. Richard Tyrrell now holds an impressive 8,545 shares as well as 8,341 RSUs and a substantial option position comprising 371,227 Options. On the other hand, Johannes Boots holds 1,764 shares, 4,416 RSUs, and 123,742 Options, which showcases a diversified stake in CoolCo. This insider activity underscores the confidence these leaders have in the future of CoolCo.
Upcoming Stock Issuance
CoolCo anticipates that the total number of shares outstanding will increase by 23,872 shares in the near future as a result of the RSU vesting. This will eventually bring the total issued shares to 53,726,718. Each share carries a nominal value of USD 1.00. It’s an exciting time at Cool Company, as this issuance reflects the company’s ongoing growth and the commitment to rewarding its management team.
Further Company Insights
For stakeholders eager to understand more about the structures that govern CoolCo’s incentive arrangements, comprehensive details are available in the Company’s 2023 Annual Report. These documents outline the LTIP and provide valuable context surrounding the compensation mechanisms for executives. Highlighting transparency, this commitment aids investors and analysts in making informed decisions.
Frequently Asked Questions
What are Restricted Stock Units (RSUs)?
RSUs are company shares given to employees as part of their remuneration package, usually tied to performance metrics or tenure.
Who are the primary insiders mentioned in this notification?
The primary insiders mentioned are Richard Tyrrell and Johannes Boots, who have significant holdings in Cool Company.
When will the RSUs be issued to the grantees?
The shares related to the vested RSUs are expected to be issued on or after December 9, 2024.
What is the total number of shares after the upcoming issuance?
After the issuance of RSUs, the total number of issued shares will reach 53,726,718.
Where can I find more details about the LTIP?
Further details about the LTIP can be found in the Company’s 2023 Annual Report and prior communications with shareholders.
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