NASDAQ-listed Melco International Development Ltd has granted share options totaling HK$269 million (US$34.3 million) to its President and Managing Director, Evan Winkler, following his appointment as President of its casino arm, Melco Resorts & Development.
The option, announced last Friday, entitles Winkler to subscribe for a total of 14,200,000 shares of the company at a price of HK$18.96 per share, vesting in three equal portions in June 2020, June 2021 and June 2022.
Described as a “special hire-on equity grant,” Melco International said the grant would replace the cash portion of Winkler’s remuneration, including his annual discretionary bonus and his entitlement to any annual discretional equity grant from 1 October 2019 to 30 June 2022.
“Such reformulation of Mr Winkler’s remuneration package by the company, with Mr Winkler’s consent, recognizes his valuable contributions to the Group’s business since joining and, in the opinion of the Board, is better aligned with the Company’s objective of incentivizing Mr Winkler to drive further significant share price growth going forward,” Melco said.
It was revealed last week that Winkler had been appointed President of Melco Resorts, putting him in charge of the company’s day-to-day operational matters globally as part of a sweeping overhaul of its senior management positions.
Melco International holds a 54% stake in Melco Resorts.