ContextVision AB: ContextVision stock-based incentive program - share purchase
Stockholm, March 16, 2015
The ContextVision Profit Sharing Foundation has purchased 23,700 shares in accordance with the rules related to the foundation.
The company achieved important goals during 2014 related to the sales, operational margin, customer development and successful product development. As a result, SEK 680,000 were allocated to the foundation, and 23,700 shares were purchased during the period March 3 - March 9, 2015, at the average cost of 21,29 NOK /share. The foundations total ownership is now 80,400 shares.
Background:
In 2011, the board and management of ContextVision decided to introduce 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 each year formulates a number of operational and strategic targets to be achieved during the coming fiscal year.
According to the rules of the foundation, the shares bought each year will be kept for a period of 4 years. In 2016, the shares purchased in 2012 will therefore be sold, and funds (less tax) will be paid to the employees. The foundation's total holding overtime is expected to remain around 1% of the company's total shares.