Lawrence Ho, 3 Melco Bosses Share $9M In Restricted Stock
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Lawrence Ho Yau Lung (file photo), chairman and chief executive of Melco Resorts & Entertainment, is one of the group's four nominated senior representatives to be granted restricted shares totaling US$9.04 million from the U.S.-listed global casino operator, according to data filed Friday by its Hong Kong-listed parent, Melco International Development.
The grants were denominated in U.S. Depositary Shares (ADS), each equivalent to three common Melco Resorts shares. The grants were part of a limited share grant for Melco Resorts' employees and service providers, which included 3.74 million ADSs worth a total of $28.3 million.
The closing price of ADS, which was disclosed on Nasdaq Global Select Market on April 3, was US$7.56.
"There is no performance target or redemption mechanism attached to the permitted restricted shares," the filing states.
Mr. Ho was granted 952,380 ADS, equivalent to 2,857,140 shares of Melco Resorts, worth a total of US$7.2 million.
Evan Winkler, president and executive director, receives 149,637 ADSs. Clarence Chung Yuk Man, executive director, receives 74,406 ADSs. John Crawford, independent non-executive director, receives 19,842 ADSs.
The first will be invested on April 3, 2025, and the other two will be invested in the same arrangement of April 3, 2026 and April 3, 2027.
The grants to Mr. Ho and Mr. Winkler were intended to "encourage and motivate" them in terms of "the development of the Melco Resorts Group and its business."
The company also operates casinos in Macau, as well as City of Dreams Manila in the Philippine capital. It also has an exclusive license in the Republic of Cyprus, home to its main resort, the City of Dreams Mediterranean Sea.
Melco Resorts said it had "lost share" within the Macau market in 2023 in terms of earnings before interest, taxation, depreciation and amortisation during the group's fourth-quarter earnings release in late February.
Granting restricted shares to Mr Ho and Mr Winkler "applies in accordance with reporting and presentation requirements, but exempts independent shareholder approval requirements," the filing states.
In addition, Mr. Winkler was granted a stock option equivalent to 605,166 ADS (worth less than US$4.6 million) under the Melco Resorts Share Incentive Plan.
A total of only 2.48 million ADSs have been granted to employees participating in the group's share incentive scheme. A further 67,164 ADSs have been granted to service providers providing advisory and consulting services to Melco Resorts, according to the filing.
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