Melco Resorts & Entertainment has granted restricted shares worth about $19.3 million to CEO Lawrence Ho, in part to preserve its cash position during the Covid-19 crisis.
The executive was granted restricted shares in respect of 1,553,780 American Depositary Receipts under a share incentive plan. The ADSs closed at $12.40 on the Nasdaq Global Select Market on March 31.
The restricted shares are not transferable and may not be sold, pledged or otherwise transferred until vested. They represent about 0.32 percent of the company’s issued shares and will be granted in two equal tranches on March 31 2022 and March 31, 2023.
“The purpose of the aforesaid grant of Restricted Shares to Mr. Ho is to recognize Mr. Ho’s contribution to the success and development of the Melco Resorts Group and to incentivize and motivate him to continue to strive for the future development of the Melco Resorts Group and its business,” parent company Melco International Development said in the release. “The grant is also part of the cash preservation initiatives implemented by Melco Resorts during the recent COVID-19 pandemic, to satisfy Mr. Ho’s performance bonus for 2019 which he would otherwise have received in cash.”
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