MGM China (2282) announced on Monday (15 May) that it has granted a total of 100,000 stock options to two grantees to subscribe for shares of $1.00 each in the capital of the Company at a subscription price of $9.09 per share. MGM China further explained on Friday (19 May) that the two grantees are the company’s director of food and beverage and director of resource sustainability, respectively.
The reason for the grant of share options was to recognize their respective past contributions and services to the company. However, it emphasized that no financial assistance will be provided to the two grantees for the purchase of the relevant options.
MGM China indicated that such option is valid for a period of 10 years from the date of grant. Twenty-five percent of the share options granted will vest on May 15, 2024; May 15, 2025; May 15, 2026; and May 15, 2027, respectively.
A total of 100,000 share options were granted to the two company executives, each receiving 50,000 share options. No performance targets and recovery mechanism are attached to the share options. MGM China highlights that the purpose of the share option scheme is to provide incentives and rewards to eligible participants for their contribution to, and continuing efforts to promote the interests of, the company and its subsidiaries.
MGM China also said that after granting the share options, the group’s share option scheme could grant 325 million shares in the future.