Varney has now fulfilled his stock-owning obligation by buying another 18.885 shares bringing his total holding to the mandated 30.000 shares. He was a little bit early though, as he, as a recent employee, had until January 30, 2009 to buy these shares.
Cortex' officers [and directors] are required to hold 30.000 shares in the company.
Ownership Guidelines. To better align the interests of the Company’s named executive officers with those of its stockholders, to create ownership focus and to build long-term commitment, the Company has adopted a Common Stock ownership policy for its named executive officers. The policy requires named executive officers to acquire and maintain ownership of at least 30,000 shares of the Company’s Common Stock before December 16, 2007, or within three years of commencement of service as a named executive officer, whichever is later. Thereafter, the policy provides for the withholding of salary increases and bonus payments, until the share ownership level has been achieved and maintained by such named executive officer.
Evidently Varney felt that this is a good point in time to meet this requirement.
Erik |
