ContextVision stock-based incentive program – share purchase
As a result of last year’s achievements, the ContextVision profit sharing foundation has been able to purchase 29,300 shares.
The goals which have been successfully achieved during 2012 are connected to sales, customer relationship and product development.
SEK 511,500 were allocated to the foundation, and the foundation has during the period Febr 25 – March 13 purchased 29,300 shares, at the average cost of 12,42 NOK /share.
CEO Anita Tollstadius commented:
The incentive program gives us a perfect opportunity to further motivate our employees and to share overall goals within ContextVision.
As the funds of the profit-sharing foundation will be invested in COV shares, the long term incitement of the employees will be linked to the creation of shareholder value.
Last year 2011, the board and management of ContextVision introduced an incentive program through the creation of a profit-sharing foundation for its employees.
The program is intended to streamline the focus and efforts of all employees by allocating a part of the company's net profits to a foundation that, in turn, will use the allocated funds to purchase ContextVision's common stock on the Oslo Stock Exchange.
Senior management and the board of directors will each year formulate a number of operational and strategic targets to be achieved for the coming fiscal year.
For 2011, which was the first year of the program, the result was a contribution of total 300,000 SEK, and 16,000 shares were purchased.
According to the rules of the foundation, the shares bought each year will be kept for a period of 4 years. After that period, the shares will be sold, and funds (less tax) will be paid to the employees.