GT Solar rewards execs



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GT Solar, fresh from landing a $70 million contract and reporting net annual income of $87 million, disclosed Tuesday that its chief executive, Tom Gutierrez, will get a $450,000 cash bonus, some 92,000 restricted stock units and 184,000 stock options for his performance.All told, the company's top executives will receive 227.000 in stock units and 455,000 in stock options.Despite the global recession and the fall in energy prices, the Merrimack manufacturer of solar cells and equipment has reported more than $1 billion in sales since it went public in the summer of 2008. It entered fiscal 2011 (the last fiscal year ended April 3) with a backlog of more than $900 million. That backlog would have been $1 billion, if not for terminated or modified contracts as a result of the recession. It also doesn’t include the company’s latest contract, a $70 million polysilicon equipment contract with an unidentified "leading" Asian manufacturer for new equipment and services. As of April 3, GT Solar had 384 full-time employees, 268 of whom are located at its 106,000-square-foot facility in Merrimack. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

 

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