Melco Resorts & Entertainment has launched a Share Purchase and Award Program allowing eligible management employees to use some of their base salary to purchase shares in the company.
The share program applies to any employees who took part in Melco’s voluntary leave program at the height of the COVID-19 pandemic, which saw all Macau casinos closed for 15 days in February 2020 and visitation plummet to as low as 11,041 throughout April.
According to Melco, it is designed to provide employees the opportunity to benefit from the company’s long-term growth.
Under the Share Purchase and Award Program, which runs from July 2021 to June 2022, employees able to use some of their salary 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 represents less than 0.50% of the Melco’s total shares outstanding as of 8 July 2021.
“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,” said Melco Chairman and CEO, Lawrence Ho.
“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 capitalize on the long-term growth of the company. Our colleagues are always the single most important ingredient to delivering future success.”
