Editor’s note: A previous version of this story mischaracterized the combined long-term incentive pay for two Kaman executives. The bonuses were part of their overall 2010 compensation.
Kaman Corp. CEO Neal J. Keating and one of his lieutenants earned a combined $2.27 million in long-term incentive bonuses for meeting certain performance targets at the Bloomfield manufacturer and industrial parts supplier, a regulatory filing shows.
Separately, Kaman declared a quarterly dividend of 14 cents a share to be paid July 5 to common stockholders on record as of June 20.
Counting his $1.75 million three-year performance bonus, Keating, who also is chairman and president, earned a total $3.89 million in compensation in 2010, according to an 8-K filing Tuesday with the Securities and Exchange Commission.
Candace A Clark, one of Kaman’s senior vice presidents, got a three-bonus of $522,000, which pushed her 2010 compensation to $1.73 million for her work as chief legal officer.
Three of the company’s other named officers William C. Denninger, finance chief; Gregory L. Steiner, president of Kaman Aerospace; and Steven J. Smidler, president of Kaman Industrial Technologies Corp., didn’t qualify because they weren’t employed at Kaman when the performance period began on Jan. 1, 2008.
In the proxy statement sent to shareholders before its April annual meeting, it was estimated that Keating would receive $1.8 million and Clark would get $550,000 because not all data was available for a full computation of their incentive pay, a Kaman spokesman said Tuesday.
According to the 8-K filing, their long-term incentive pay was calculated based on Kaman’s financial performance relative to all companies on the Russell 2000 index. Return on investment, average growth in earnings per share, and return to shareholders are other factors considered in computing their incentive pay.
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