Benzinga | Jul 8, 2021 05:29AM EDT

Melco Resorts & Entertainment Announces Share Purchase and Award Program for Employees

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) ("Melco" or the "Company") today announced that it has adopted a Share Purchase and Award Program to recognize the dedication and commitment of its employees and provide eligible employees the opportunity to benefit from the Company's long-term growth.

The Share Purchase and Award Program applies to eligible employees who agreed in 2020, at the height of the COVID-19 pandemic, to participate in the Company's voluntary leave program, one of a series of measures taken by the Company to proactively manage costs in the face of the unprecedented challenges of the pandemic.

Under the Share Purchase and Award Program, an eligible employee is invited to use a portion of his or her base salary during the term of the program, which runs from July 2021 to June 2022, 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 under the Share Purchase and Award Program represents less than 0.50% of the Company's total shares outstanding as of July 8, 2021.