Macau casino operator Melco Resorts and Entertainment Ltd has granted restricted shares worth approximately US$19.3 million to Lawrence Ho Yau Lung (pictured in file photo), chairman and chief executive of United States-listed Melco Resorts.
A filing from Hong Kong-listed Melco International Development Ltd – the parent firm of Melco Resorts – said the award was in recognition of his contribution to Melco Resorts.
The award to Mr Ho amounted to 1,553,780 American Depositary Shares (ADSs), which represented approximately 0.32 percent of Nasdaq-listed Melco Resorts’ issued shares as of April 1. The market value of the restricted shares was based on the closing price of US$12.40 per ADS as quoted on the Nasdaq Global Select Market on March 31.
The restricted shares will vest in two equal tranches respectively on March 31, 2022 and March 31, 2023, Melco International noted in the Wednesday filing.
The purpose of the restricted shares grant was to “incentivise and motivate” Mr Ho to continue to strive for Melco Resorts’ future development and business, Melco International stated.
“The grant is also part of the cash preservation initiatives implemented by Melco Resorts,” during the ongoing Covid-19 pandemic, “to satisfy Mr Ho’s performance bonus for 2019 which would otherwise have received in cash,” Melco International wrote.
Melco International said in a Tuesday filing that the coronavirus emergency – as well as hurting gaming business – might cause non-gaming segments including retail tenants at group resorts to struggle in meeting payment commitments to the group.
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