Chris L Koliopoulos, newly hired chief executive officer of Middlefield electronics manufacturer Zygo Corp., collected $1.5 million from Zygo’s buyout of an Arizona electronics firm in which Koliopoulos was an investor, securities filings show.
Koliopoulos, 57, was an adviser, director and investor in Zemetrics Inc., which makes devices similar to the intricately tuned measurement sensors used to guage fine tolerances in materials and equipment.
Zygo announced the Zemetrics buyout the same day it announced the hiring of Koliopoulos, a seasoned industry veteran who previously ran or founded several other electronics companies.
According to a Securities and Exchange Commission filing from Zygo, Koliopoulos’ new employer issued unrestricted stock valued at about $1.94 million to Zemetrics shareholders. Of that amount, about $823,000 went to Koliopoulos, the filing said.
In addition, Zygo issued restricted shares worth about $840,000 to repay shareholders who had loaned money to Zemetrics. Koliopoulos was owed $680,000, the filing said.
As Zygo CEO, Koliopoulos’ salary is $425,000 a year, plus he is eligible for an annual bonus, the filing said. He also received a 250,000-share stock-option grant.
But Koliopoulos agreed to participate in a 20 percent pay cut for Zygo’s top executives that was implemented on Dec. 1.
Zygo continues to mull an unsolicited $170 million buyout offer from a Pennsylvania manufacturer.
