Middlefield manufacturer Zygo, which recently announced that it has agreed to be acquired by Pennsylvania-based Ametek, said Tuesday that it amended the transition and retention agreements with top executives.
Chief Operating Officer Anthony Allan, Chief Financial Officer John P. Jordan and Optical Systems President John M. Stack — as well as three other officers — are in line for varying bonuses to entice them to stay with the company for one year after the completion of the $280 million acquisition.
Allan would receive $750,000, Jordan and Stack would each receive $300,000 and the three other officers would each get $200,000, according to a U.S. Securities and Exchange filing.
Zygo said it has also modified its transition agreements with Allan, Jordan and Stack.
If any of the three men is terminated by the company without cause or leaves “for good reason” within one year of the acquisition, they would receive double their base salary in severance pay and 100 percent of their bonus target.
