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Edac rewards CEO Pagano with 2-year extension

The chief executive of Edac Technologies Corp. won a two-year contract extension, fresh on the heels of the Farmington aeroparts maker’s $8.2 million deal to occupy Pratt & Whitney Co.’s former Cheshire production plant, a regulatory filing shows.

Dominick A. Pagano, who also is president and a director, has a new contract, retroactive to Jan. 1 – the start of Edac’s fiscal year — that keeps him in place through the last day of fiscal 2014, then automatically renews for successive 12-month periods, according to its latest 8-K filing with the Securities and Exchange Commission. He signed his previous contract in January 2010.

Pagano, 67, signed July 6, four days after Edac announced it was scrapping plans to move to a former General Electric facility in Plainville and would move instead into the former Pratt facility at 500 Knotter Drive.

Pagano’s base salary is $400,000 this year, plus he is eligible for a performance bonus equal to at least half his salary, or $200,000, the filing said.

The contract also stipulates that if he dies or is disabled while in office, he collects all pay, bonuses and other benefits to which he was entitled up to that point, the filing states.

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Pagano has been president and CEO since February 2003.

Edac is a major Pratt supplier of precision-finished aerospace components.

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