BEIJING, Sept. 18, 2013 /PRNewswire/ – eLong, Inc. (NASDAQ: LONG), today announced grants of approximately 6.3 million restricted share units (currently equivalent to approximately 3.15 million eLong American Depository Shares) to its chief executive officer and other members of its senior management. The grants are intended to further increase the alignment of eLong's senior management team with eLong's shareholders while they continue to drive eLong's performance as a leader in China's mobile and online travel market.
Guangfu Cui, eLong's Chief Executive Officer and Board member, will receive approximately 4 million restricted share units, with other members of eLong's senior management receiving the balance. In both cases, half of the restricted share units will vest in equal annual increments over a five-year period, and half will vest in three equal increments if eLong achieves certain operational and financial performance targets. Vesting for each recipient is also subject to continued employment with eLong through each applicable vesting date. Upon vesting, eLong will deliver one ordinary share for each restricted share unit. Currently, each eLong American Depository Share represents two ordinary shares.
"We consider Guangfu and his team true partners in building the eLong brand in the highly competitive Chinese travel sector. This is a team that has delivered by gaining share versus its biggest competitor since the first quarter of 2010, and remains on track to continue growing and gaining share going forward," said Dara Khosrowshahi, Chief Executive Officer of Expedia, Inc. "These grants reflect our partnership and help us ensure the team remains aligned with shareholders and focused on the enormous long-term opportunity that China represents."In connection with the grants, eLong's Board of Directors also amended the 2009 Share and Annual Incentive Plan increasing the total number of authorized shares from 12 million to 17 million.