Lawrence Ho Yau Lung (pictured), chairman and chief executive of casino operator Melco Resorts and Entertainment Ltd, is participating in the firm’s share purchase and award programme in an amount “equal to the full extent of his base salary”, for the period of July 2021 to June 2022, according to a Friday filing by the firm’s Hong Kong-listed parent, Melco International Development Ltd.
Melco Resorts announced on Thursday a share purchase and award programme that covers eligible management employees who agreed in 2020 to participate in the company’s voluntary leave programme.
“Mr Ho, as an eligible employee under the share purchase and award programme, has committed to continue not to receive his base salary for the 12-month period of the share purchase and award programme, from July 2021 to June 2022, and to participate in the share purchase and award programme in an amount equal to the full extent of his base salary,” Melco International stated in the Friday filing. Mr Ho is also the chairman and CEO of Melco International.
The Friday filing noted that the Melco Resorts boss had “volunteered to forego” part of his cash compensation since February 2020, and had since May of that year foregone the entire amount of his cash compensation for the remainder of 2020. Mr Ho further waived his right to cash compensation up to June 30 this year.
Under the share award programme now announced, Mr Ho is to acquire restricted shares in Melco Resorts to an aggregate of 416,016 American depositary shares (ADSs) – also equivalent to 1,248,048 Melco Resorts shares – the filing said.
The market value of the restricted shares Mr Ho is to acquire is approximately US$6.68 million (HKD52.1 million), based on the closing price of US$16.05 per ADS as quoted on the Nasdaq Global Select Market on Wednesday.
“The principal reason and benefit of the participation of Mr Ho in the share purchase and award programme is the proactive management of costs and conservation of cash as the group’s operation emerges from the restrictions associated with Covid-19,” Melco International noted in the Friday filing to the Hong Kong bourse.
The restricted shares Mr Ho is to acquire represent approximately “0.09 percent” of Melco Resorts’ issued shares as of the date of the announcement.
The purchase and the grant of restricted shares to Mr Ho under Melco Resorts’ share purchase and award programme are on equal terms that apply to all the other eligible employees participating in the programme, the filing also stated.
The restricted shares acquired by that programme’s participants would settle or vest on a quarterly basis.
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