Melco Resorts and Entertainment has launched a share purchase and award programme to honour the “dedication and commitment” shown by its employees throughout the COVID-19 pandemic.
The statement was made not only to recognise the work of employees in the recent past, but also to create an opportunity for those qualified to benefit from the company’s long-term success, according to the group.
The share purchase and award programme is for eligible employees who agreed to engage in the company’s voluntary leave programme in 2020, at the height of the COVID-19 epidemic, as part of a series of measures made to proactively manage expenses in the face of unprecedented circumstances.
An eligible employee is invited to use a portion of his or her base 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 percent of the amount of base salary so applied as of the grant date, during the program’s term, which runs from July 2021 to June 2022.
As of July 8, 2021, the maximum quantity of restricted shares that can be issued under the programme is less than 0.50 percent of the company’s total shares outstanding.
Recognition of dedication and commitment
According to Lawrence Ho, chairman and CEO of Melco Resorts and Entertainment: “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.
“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 capitalise on the long-term growth of the company. Our colleagues are always the single most important ingredient to delivering future success.”