Melco Resorts & Entertainment has announced that it is rolling out a Share Purchase and Award Program, aimed at recognizing “the dedication and commitment of its employees” and giving them “opportunities to benefit from the company’s long-term growth”.
The program applies to eligible management employees who agreed in 2020 to join the voluntary leave program, which helped Melco “proactively manage costs in the face of the unprecedented challenges of the pandemic”.
Eligible management employees can use a portion of their base salary between July 2021 and June 2022 to purchase restricted shares under the company’s 2011 Share Incentive Plan, valued at 200 percent of the base salary.
Melco’s Chairman and CEO says the offering is to support the company’s recognition of its management employees efforts during the pandemic, noting: “our colleagues are always the single most important ingredient to delivering future success”.
The total amount of shares issued under the program amounts to less than 0.5 percent of the company’s total shares outstanding.