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CLEARWATER — Three executives at Technology Research Corp. (symbol: TRCI) signed retention agreements that would give them significant payouts in the event of a takeover.
The new agreements will do nothing to quell rumors that the company might soon be acquired by Coleman Cable Inc. (symbol: CCIX), which recently offered $36.4 million in cash to buy the Clearwater firm.
According to the new deals, Robert Woltil (chief financial officer and interim CEO), J. Bradley Freeman (vice president of operations) and Douglas Tilghman (vice president of engineering) would receive 100% of each of their base pays, 100% of their target annual bonuses, and enough funds to pay for a year's worth of COBRA coverage for each executive and his eligible dependents if, after a change in the company's ownership, their positions are either eliminated, or their pay is reduced substantially.
Technology Research Corp. develops power management systems solutions. The company lost $0.3 million in the last quarter of 2010 despite $6.9 million in revenues, but ended the year with $8.7 million in cash in the bank, against zero short-term debt.
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