City of London Investment Group CEO receives share awards

City of London Investment Group PLC, an asset management company, recently granted share awards to its Chief Executive Officer, Cooper Abbott, on Tuesday, according to a press release.

Abbott was awarded a Performance Share Award, which entitles him to 110,704 ordinary shares. He also received a Deferred Bonus Award, amounting to 27,128 ordinary shares, both under the company's Long Term Incentive Plan. Importantly, these awards were granted without any cost.

The Performance Share Award is set to vest on the third anniversary of its grant, provided Abbott continues to meet certain conditions. These include the growth in underlying earnings per share, which will be weighted at 70%, and the investment performance relative to a benchmark, which will carry 30% weight. Both these metrics will be measured over three financial years, with the final date being June 30, 2029.

The vested shares will be subject to a two-year post-holding period, calculated on a net of tax basis.

The Deferred Bonus Award comprises three equal parts. Each part will vest on the first, second, and third anniversaries of the grant, assuming Abbott remains in service throughout each vesting date.