Lawrence Ho Yau Lung, chairman and CEO of Melco Resorts, will be the recipient, together, with three other executives in the gaming group, of $9 million in restricted grant shares.
In a dispatch at the Hong Kong Stock Exchange, Melco Resorts parent company, Melco International Development Ltd, revealed that four executives had been granted some 3.7 million American Depository Shares (ADSs) – equivalent to 11,218,806 Melco Resorts shares – and with a $7.56 NASDAQ closing price.
Aside from Ho, Evan Andrew Winkler, President and Managing Director of the Company, Clarence Chung Yuk Man; Clarence, an Executive Director of the Company; and John William Crawford, an Independent Nonexecutive Director of the Company were also included in the share scheme.
The company justified the decision as a way to ‘incentivise and motivate such grantees to strive for the future development of the Melco Resorts Group and its businesses’.
Lawrence himself received, 952,380 ADSs, equivalent to 2,857,140 Melco Resorts shares.
The decision was part of a restricted share grant to Melco Resorts’ employees and service providers, involving under 3.74 million ADSs worth an aggregate of $28.3 million.
