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End of the year bonus

Galaxy Entertainment Group Limited will push forward the date for employees to sell off one-third of their granted Special Share Awards to October 4

Gaming operator Galaxy Entertainment Group Limited (GEG) will allow employees to sell one-third of their received Share Awards on October 4 of this year, a company filing with the Hong Kong Stock Exchange informed.
According to GEG, as of June 30 of this year 21,420,047 Special Share Awards had been provided to the group’s employees between October 28 of 2014 to December 28 of 2016, with their vested date – a date after which the stockowner can exercise her/his rights on the granted stock – set on or before June 30 of 2018.
In August of 2014 GEG offered employees Special Share Awards equivalent to three times of monthly salary, with a vesting date set on December 31 of this year.
Previously GEG stated that due to an ‘extreme situation caused by Typhoon Hato’ it would provide the option for employees whose Share Awards were vested on December 31 to advance the vesting and sell one-third of their shares.
GEG also announced it would ‘pay the sale proceed into employees’ payroll accounts as soon as practicable, likely in late October’ with the vesting of the remaining balance of the Special Share Award to continue being the previously defined date at the end of this year.
According to the recent filing, GEG had entered into an agreement with Acheson Limited – a Hong Kong company and the trustee appointed by GEG for the administration of the Share Award Scheme – to subscribe the total share amount for HK$0.01 per share, making it a total of around HK$214,200 (US$27,415) that ‘will be settled in cash by GEG’s internal resources’.
The trustee will then transfer these Subscription Shares to the employees at ‘no cost, or sell them on market with the net proceeds to be remitted to the relevant grantees’.
Last week 300 workers from GEG protested near the Galaxy property in Cotai demanding a full-14 month salary, claiming the company announced a bonus to be offered in September that was merely an advance on the offer of a bonus set to be received in December.