ContextVision stock-based incentive program – share purchase
Stockholm, March 14, 2014
The ContextVision Profit Sharing Foundation has purchased 11,400 shares in accordance with the rules related to the foundation.
The company achieved important goals during 2013 related to the operational margin and successful product development. As a result, SEK 260,000 were allocated to the foundation, and 11,400 shares were purchased during the period March 6 - March 13, 2014, at the average cost of 16,87 NOK /share. The foundations total ownership is now 56,700 shares.
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 will each year formulate 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. After that period, the shares will be sold, and funds (less tax) will be paid to the employees.