Macau casino operator Melco Resorts & Entertainment has granted shares to the value of US$10 million to its Chairman and CEO, Lawrence Ho, under the companys Melco Resorts Share Incentive Plan.
The grant of 484,956 American Depositary Shares, equivalent to almost 1.5 million Melco Resorts Shares, will be vested to Ho in two separate tranches, Melco said, on 7 April 2023 and 7 April 2024 respectively. The shares represent approximately 0.10% of Melco Resorts issued share capital and have a value of US$10.03 million based on the current share price.
In a Nasdaq filing, Melco said the grant was determined with reference to [Hos] duties and responsibilities as director of a subsidiary of Melco Resorts in Macau, where the majority of Melco Resorts Groups business is located.
The purpose of the aforesaid grant is for incentivizing and motivating him to strive for the future development of the Melco Resorts Group and its business.
Melco Resorts recently reported a loss before tax of almost US$1.5 billion in 2020 due to the effects of the COVID-19 pandemic on its operations in Macau and the Philippines.