Cool Company Ltd - Vesting of Restricted Stock Units to Primary Insiders and Mandatory Notification of Trades

Rhea-AI Summary

Cool Company (CoolCo) announced the vesting of restricted stock units (RSUs) under its Long-Term Incentive Program (LTIP). Primary insiders Richard Tyrrell received 2,232 shares and Johannes Boots received 1,175 shares on November 29, 2024. Following the vesting, Tyrrell holds 8,545 shares, 8,341 RSUs, and 371,227 Options, while Boots holds 1,764 shares, 4,416 RSUs, and 123,742 Options. The company will issue shares underlying the vested RSUs around December 9, 2024, increasing total issued shares to 53,726,718.

Insights

Financial Analyst

This RSU vesting event represents a relatively minor insider transaction. The vesting involves 2,232 shares for CEO Richard Tyrrell and 1,175 shares for CFO Johannes Boots, with a total issuance of 23,872 new shares, representing about 0.04% dilution to the existing share base. The executives maintain significant equity exposure through their holdings of shares, RSUs and options, indicating continued alignment with shareholder interests. While standard practice for executive compensation, this vesting event has minimal impact on the company's market value or investor considerations.

LONDON--(BUSINESS WIRE)-- COOL COMPANY Ltd. (“CoolCo” or the “Company”) advised today that, pursuant to the Company’s Long-Term Incentive Program (the “LTIP”), certain outstanding restricted stock units (“RSUs”) awarded/authorized in 2022 and 2023 vested on November 29, 2024. Details of the vesting of RSUs to Primary Insiders are as follows:

1. Richard Tyrrell: 2,232 shares
2. Johannes Boots: 1,175 shares

Following the aforementioned vesting of RSUs:

• Richard Tyrrell holds 8,545 shares, 8,341 RSUs, and 371,227 Options in CoolCo following the vesting of abovementioned RSUs on November 29, 2024.
• Johannes Boots holds 1,764 shares, 4,416 RSUs, and 123,742 Options in CoolCo following the vesting of abovementioned RSUs on November 29, 2024.

Please see the enclosed forms for further details about the transactions.

The Company anticipates that the shares underlying the vested RSUs will be issued to grantees on or after December 9, 2024. At such time, the number of issued shares in the Company will increase by 23,872 shares to a total number of issued shares of 53,726,718, with each share having a nominal value of USD 1.00.

Full details of the LTIP are available in the Press Release issued on November 25, 2022, or in the Company’s 2023 Annual Report on Form 20-F as filed with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241130901228/en/

For more information, questions should be directed to:

c/o Cool Company Ltd - +44 207 659 1111 / ir@coolcoltd.com



Richard Tyrrell - Chief Executive Officer

John Boots - Chief Financial Officer

Source: Cool Company Ltd.

FAQ

How many RSUs vested for CoolCo (CLCO) insiders on November 29, 2024?

Richard Tyrrell received 2,232 RSUs and Johannes Boots received 1,175 RSUs on November 29, 2024.

What will be CoolCo's (CLCO) total issued shares after the RSU vesting in December 2024?

After the RSU vesting, CoolCo's total issued shares will increase by 23,872 to 53,726,718 shares.

How many shares and options does Richard Tyrrell hold in CoolCo (CLCO) after the November 2024 vesting?

After the vesting, Richard Tyrrell holds 8,545 shares, 8,341 RSUs, and 371,227 Options in CoolCo.