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HARTFORDBUSINESS.COM | JULY 22, 2024 3 BIZ BRIEFS An Award-Winning Community Bank Contact us today. Voted Best Local Bank, Best Mortgage Lender, Best Financial Planning, Best Place to Work and Top Corporate Charitable Contributor, PeoplesBank understands its customers and the communities it serves. Our commercial banking team serves as a growth engine for businesses, providing expert banking advice, local decision-making, and innovative products and services. Daniel Bishop First Vice President Commercial Banking Brendan Theroux First Vice President Commercial Banking Jennifer Yergeau Vice President Cash Management bankatpeoples.com/businessteam Member FDIC • 100 Division St., Ansonia • 211 High St., Torrington • 1937 West Main St., Stamford • 855 Bridgeport Ave., Milford • 72 Newtown Road, Danbury Stop & Shop noted that other stores in Torrington, Stamford, Milford and Danbury will remain open. It will also shutter underperforming stores in New Jersey, New York, Rhode Island and Massachusetts. Stop & Shop, which is owned by the Dutch multinational company Ahold Delhaize, said it will continue to operate 81 stores in Connecticut. The closures come amid increased competition in the grocery store busi- ness with new players like Wegmans entering the Connecticut market, and existing players like Whole Foods and Aldi expanding in the state. The Stop & Shop at 211 High St., in Torrington, is closing. PHOTO | COSTAR Two new technology research companies launch in New Haven Carillon Technologies, a developer of advanced technologies for both commercial and government appli- cations, has expanded operations in Connecticut with the launch of two New Haven-based subsidiaries. Company, city and state officials recently held a ribbon cutting at the company's Connecticut Research Center on James Street in New Haven to mark the launch of ReflecTek Inc. and OTenna Technologies Inc. ReflecTek is developing advanced lightweight, low-cost, large-area phased array antennas specifically designed for space-based communi- cations and radar applications. OTenna is developing advanced free space optical communica- tions technologies for military and commercial applications, including artificial intelligence. The companies are building new research labs and partnering with local academic institutions, creating approximately 30 new research, soft- ware development and engineering jobs in New Haven, according to Carillon CEO John Evans. The companies are headquartered in Carillon's Connecticut Research Center at the District New Haven technology and innovation campus. Carillon formed in 2017 and estab- lished its presence in Connecticut with a satellite office in West Hartford in 2021. The company has licenses to nearly 300 patents. $50M contract makes UConn's Hurley among top-paid college coaches Dan Hurley has a new contract to coach men's basketball at the Univer- sity of Connecticut, but at least for now, it doesn't make him the nation's highest-paid college coach. UConn announced the six-year contract with a total value of $50 million that includes the opportunity "to earn additional compensation in the form of performance-based incentives." Coming off back-to-back national titles, Hurley will receive a base salary of $400,000 per year plus additional compensation for speaking, consulting and media obligations of $6.375 million for the 2024-25 season, the university said. The additional compensation also increases each year through the term of the contract. Hurley also will receive a retention bonus of $1 million per year. UConn said salary increases in the new contract, as well as other "program investments," will be covered through "the generosity of donors to the Husky Athletic Fund and increased ticket sales revenue." Including salary, bonuses and additional compensation, Hurley will make about $7.7 million for the 2024-25 season. That places him third among NCAA Division I coaches, behind Bill Self at the University of Kansas, who will be paid $9.6 million in the coming season, and John Calipari, who was recently hired by the University of Arkansas and will be paid more than $8 million. Following his second national championship in two years this spring, Hurley turned down an offer to coach the NBA's Los Angeles Lakers that reportedly would have paid him $70 million over six years. UCONN ATHLETICS PHOTO