Diversified Farmington manufacturer Edac Technologies Corp. signed its chief executive to a new three-year contract and added a seasoned entrepreneur and investor to its board of directors, regulatory filings shows.
Dominick A. Pagano will stay on as CEO and president through the end of its 2012 fiscal year at a base salary of $360,000, plus eligibility for an annual bonus of another $180,000, according to filings with the Securities and Exchange Commission
Pagano also gets a “golden parachute” severance package that, if the company is taken over or he is terminated without cause, pays him a salary, health and dental benefits, plus any bonuses, for one year.
Edac makes jet-engine and machine-tool components.
Separately, Lee K. Barba, 59, was named as an independent director to Edac’s board, increasing it to seven members, filings show.
From 2000 to 2009, Barba was chairman and CEO of thinkorswim Group Inc., a Chicago online brokerage and investor education firm, he built through acquisitions. This month, he agreed to sell the company to TD Ameritrade for $606 million.
Barba previously ran an energy venture with Shell Oil and has held various executive posts in banking, brokerage and investment banking.
“He has a track record of building successful businesses, and an appreciation for entrepreneurship and innovation,” said Edac Chairman Daniel C. Tracy.
As a director, Barba collects a $4,000 retainer prorated for the balance of the quarter, plus $1,500 for each board meeting he attends in person and $500 for each telephone meeting, the filing said. He also received an immediate option to buy 10,000 Edac common shares at the closing price as of Jan. 7.
