Macau concessionaire Melco Resorts & Entertainment has granted restricted shares worth US$5 million to the company’s President and Managing Director, Evan Winkler, it announced overnight.
According to details contained within an SEC filing, Winkler has been granted restricted shares in respect of 992,064 American Depositary Shares (ADS) – equivalent to 2,976,192 Melco Resorts shares – under the Melco Resorts Share Incentive Plan.
The shares represent approximately 0.22% of Melco’s issued share capital and have a market value of HK$39 million (US$5 million) based on the current price of US$5.04 per ADS.
They will be vested to Winkler in three tranches with 330,688 ADSs to vest on 6 September 2022, 330,688 on 15 February 2023 and 330,688 on 15 May 2023 respectively.
Explaining the reasons for the grant of shares, Melco said, “The grant of Restricted Shares to Mr Winkler is an equity grant for his new employment arrangement with Melco Resorts, while he continues with his roles as the President and Managing Director of the Company with no further remuneration from the Company for performing those roles.
“The purpose of the aforesaid grant of Restricted Shares to Mr Winkler is for incentivizing and motivating him to strive for the future development of the Melco Resorts Group and its businesses.”
The grant comes as Melco prepares to submit its tender documents for the issuance of new gaming concessions by the upcoming 14 September deadline. The company recently reported a 10th consecutive quarter of losses as a result of the COVID-19 pandemic.
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