News

FOR IMMEDIATE RELEASE

NATICK, MA, USA 11月 16, 2009

Cognex Announces Cash Tender Offer for Certain Underwater Stock Options

NATICK, MA, November 16, 2009 — Cognex Corporation (NASDAQ: CGNX) today announced a cash tender offer for certain “underwater” stock options. The offer commenced today and will expire, unless otherwise extended by Cognex, at 5:00 p.m. eastern time on December 15, 2009.

The tender offer applies to all outstanding stock options held by eligible employees, officers and directors of Cognex having an exercise price equal to or greater than $23.00 per share, which is $5.13 or 29% above the 52-week high sale price of Cognex common stock preceding the start of the offer. As of today, there are 5,253,307 eligible options. If all of these options are tendered and accepted, the number of outstanding Cognex stock options would decrease by 54%. 

“Our philosophy has always been to provide our employees with a level of cash compensation (salary plus bonus) that is somewhat lower than what other companies provide for high quality employees. Instead, we put more of the value of our compensation packages in the form of stock options, which we believe closely links the interests of our employees, officers and directors with those of our shareholders,” said Dr. Robert J. Shillman, the Chairman and Chief Executive Officer of Cognex. “By keeping salaries relatively low, we have kept a tight rein on our operating costs, but to make up for that, we have been rather generous with our stock options which, in the past, provided a sizeable upside to our employees during growth cycles in our business.” 

“However, due to a number of factors in recent years having nothing to do with the efforts of our employees and directors, such as the recent precipitous downturn in the economy, the vast majority of our outstanding options are significantly “underwater” and have virtually no incentive or retention value,” Dr. Shillman continued. “We believe that providing this opportunity is consistent with the original intention of the stock option awards, which was to attract and retain smart, highly-educated employees and motivate them to work hard for the success of our company. In addition, this program could also significantly reduce the number of options outstanding.”

If all eligible options are tendered and accepted, the total cash paid by Cognex for these options will be approximately $9,600,000. Cognex expects to make the payment from available cash on hand.

Cognex will incur a pre-tax charge of up to approximately $900,000 upon the closing of the offer if all eligible options are tendered and accepted. This charge is primarily for the acceleration of the remaining unamortized stock-based compensation expense associated with the unvested portions of the eligible options.

This press release is for informational purposes only, and is not an offer to tender or the solicitation of an offer to tender any stock options for a cash payment. Cognex has filed a tender offer statement on Schedule TO with the Securities and Exchange Commission that includes copies of the related offering materials. These documents are available at no charge on the SEC’s website at www.sec.gov, as well as Cognex’s website. Each holder of eligible options should carefully read the tender offer materials, as they contain important information, including the various terms and conditions of the tender offer. Neither Cognex management nor its Board of Directors makes any recommendation in connection with the tender offer.

INVESTOR CONTACT: 
Susan Conway 
Director of Investor Relations 
Cognex Corporation 
Phone: (508) 650-3353 
Email: susan.conway@cognex.com

BUSINESS PRESS:
Robin Pratt
Senior Manager, Corporate Communications
Cognex Corporation
Phone: (858) 350-5065
Email: robin.pratt@cognex.com

 

コグネックスについて

コグネックスコーポレーションは、すべてにおいて見たことから判断する人間同様の能力を持つ人工知能 (AI) 技術を採用している幅広い画像処理式製品を設計、開発、製造、販売しています。コグネックスの製品には、マシンビジョンシステム、マシンビジョンセンサ、バーコードリーダなどがあり、世界中の工場や流通センターで使用され、生産および配送エラーを排除するのに役立てられています。

コグネックスは、1981年の創業以来200万台以上の画像処理式の製品を出荷し、累積収入が60億ドルを超えるマシンビジョンシステム業界におけるワールドワイドリーダーです。コグネックスは、アメリカのマサチューセッツ州ネイティックに本社を置き、南北アメリカ大陸、ヨーロッパ、およびアジアで事業を展開しています。詳しくは、コグネックスのホームページ(www.cognex.com)をご覧ください。

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