COG CEO's FY23 performance rights partially lapse

COG Financial Services Limited reported on the vesting assessment for CEO Andrew Bennett's FY23 long-term incentive performance rights. The company's normalised EPS compound annual growth rate (CAGR) did not meet the minimum requirements for Tranches 1 and 2, resulting in 100% of these 30,063 performance rights each lapsing.

For Tranche 3, Mr. Bennett met the employment condition but not the CAGR vesting requirement. Consequently, 40% of the 50,106 performance rights, equating to 20,042 shares, vested and will be converted into shares. The remaining 30,064 Tranche 3 performance rights have lapsed. In total, 90,190 performance rights have lapsed, while 20,042 shares will be allotted.

The vesting conditions specified that achieving a CAGR of 0.00% to less than Threshold resulted in 0.00% vesting. A CAGR between >Threshold and <Target 1 (2.50%) would lead to 25.00% vesting, and between >Target 1 and <Target 2 (7.50%) to pro-rata vesting from 25.00% to 100.00%. Reaching =>Target 2 yielded 100.00% vesting.