MELVILLE, NY -- If Park Electrochemical can sell its printed circuit materials business by next spring, it will mean a healthy bonus for one top executive.
In an 8-K filing on Feb. 2, Park said president and chief operating officer Christopher T. Mastrogiacomo will get a one-time lump sum payment of $365,730 upon the consummation of the sale or other disposition of all or a majority of the electronics business to to a non-affiliated third party, provided the closing occurs by Apr. 30, 2019,
The bonus is equal to Mastrogiacomo's annual salary. The offer was made as part of a retention agreement following Park's announcement in January that it plans to sell the unit.