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Blue Gold Ltd·4

Apr 6, 9:45 PM ET

Cavaghan Andrew 4

Research Summary

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Blue Gold (BGL) CEO Andrew Cavaghan Receives 2.45M Share Award

What Happened

  • Andrew Cavaghan, CEO and Director of Blue Gold Ltd (BGL), was granted a total of 2,447,500 Class A Ordinary Shares on April 2, 2026. The grants are reported as acquisitions (code A) at $0.00 per share.
  • The grants break down as: 157,500 fully vested shares, 890,000 restricted shares that vest on a daily schedule across fiscal years 2026–2029, and 1,400,000 performance-based restricted shares that vest upon achieving VWAP triggers ($15 and $35 over specified lookback periods).

Key Details

  • Transaction date: April 2, 2026; Form 4 filed April 6, 2026 (timely filing).
  • Grant details:
    • 157,500 Class A shares — fully vested (per Plan).
    • 890,000 Restricted Shares — vesting daily: 390,000 in FY2026, 240,000 in FY2027, 175,000 in FY2028, 85,000 in FY2029.
    • 1,400,000 Performance‑based Restricted Shares — 600,000 vest at VWAP ≥ $15 (60-day avg within a 90-day lookback); 800,000 vest at VWAP ≥ $35 (same test).
  • Price: all awarded at $0.00 (no cash paid for the awards).
  • Shares owned after transaction: not specified in the filing; filing notes beneficial ownership through related entities (see below).
  • Notable footnotes:
    • Reporting person is sole owner of Pegasus Capital Limited (sole voting/dispositive power for shares held by that entity).
    • 6,780 Class A shares are owned by Pegasus Capital Holdings Limited (Reporting Person is a 50% shareholder).
    • Reporting person is sole director of Blue Gold Holdings Limited, which holds 350,000 Class A shares (deemed beneficially owned).
  • No 10b5‑1 plan, tax‑withholding sale, or cashless exercise reported.

Context

  • These are equity awards under Blue Gold’s 2025 Equity Incentive Plan. Fully vested shares are immediately owned; restricted and performance shares will vest only per the schedule or upon meeting VWAP hurdles, so some shares are contingent on time or stock-price conditions.
  • Awards at $0.00 are standard for grants (they represent compensation/equity incentives rather than cash purchases). This filing is informational and does not by itself indicate intent to buy or sell additional shares.