Enfield solar parts supplier STR Holdings wants to hang onto two of its key executives a while longer, it disclosed.
STR has extended through the end of the year previously signed retention agreements with Alan N. Forman, senior vice president and general counsel, and Joseph C. Radziewicz, vice president, chief financial officer and chief accounting officer. The deals had expired June 30.
The deals entitle Forman and Radziewicz to bonus payments of $229,000 and $180,000, respectively, upon change in control of the company or achievement of financial performance targets prior to Dec. 31.
Absent from the announcement Friday was any extension of CEO Robert S. Yorgensen’s retention agreement, which was signed in July 2013 at the same time as Forman’s and Radziewicz’s deals. Yorgenson’s agreement had entitled him to a $333,000 bonus if certain conditions were met.
STR has been evaluating strategic alternatives since it was forced to close its East Windsor facility in Jan. 2013, when it lost its largest customer, First Solar Inc.
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