China – Melco Resorts & Entertainment announces share purchase and award programBy Phil - 8 July 2021
Melco Resorts & Entertainment has adopted a Share Purchase and Award Program to recognise the dedication and commitment of its employees and provide eligible employees the opportunity to benefit from the Company’s long-term growth.
The Share Purchase and Award Program applies to eligible employees who agreed in 2020, at the height of the COVID-19 pandemic, to participate in the Company’s voluntary leave program, one of a series of measures taken by the Company to proactively manage costs in the face of the unprecedented challenges of the pandemic.
Under the Share Purchase and Award Program, an eligible employee is invited to use a portion of his or her base salary during the term of the program, which runs from July 2021 to June 2022, to purchase and receive a grant of restricted shares under the Melco Resorts 2011 Share Incentive Plan, with an aggregate value equal to 200% of the amount of base salary so applied as at the grant date. The maximum amount of restricted shares which may be issued under the Share Purchase and Award Program represents less than 0.50% of the Company’s total shares outstanding as of July 8, 2021.
Lawrence Ho, Chairman & CEO of Melco Resorts & Entertainment, said: “The Share Purchase and Award Program demonstrates our recognition of the dedication and commitment our colleagues have demonstrated during the height of the COVID-19 pandemic last year. As the pandemic gradually subsides, we would like to extend our gratitude and appreciation to all our colleagues and ensure they have the chance to capitalise on the long-term growth of the company. Our colleagues are always the single most important ingredient to delivering future success.”