The new president of Bloomfield aerospace-industrial manufacturer Kaman Corp.’s industrial-parts distribution unit, inked a three-year contract potentially worth more than $1.5 million when he took over his new post on Sept. 1, a public filing shows.
Steven J. Smidler’s pay package as president of Kaman Industrial Technologies Corp. (KIT) in Windsor was detailed in the parent company’s 8-K filing Friday with the U.S. Securities and Exchange Commission.
Smidler, 51, succeeded T. Jack Cahill, who retired Aug. 31 after 30 years at Kaman, the last 17 at KIT’s helm. Smidler joined Kaman last Dec. 1 from the North American arm of German industrial manufacturer Lenze Group to be groomed as Cahill’s replacement.
Under his KIT deal, Smidler will receive an annual salary of $330,000, plus a maximum $181,500 as a bonus that equals no more than 55 percent of his salary. Raises will be at the discretion of the board of directors of Kaman Corp., the filing shows.
Smidler’s compensation package also includes a leased company car, three weeks paid vacation, medical insurance, and a company-paid life insurance policy for $800,000.
If Smidler loses his job for any reason other than firing for cause, or he resigns with good reason, his severance package includes a lump payment equal to twice his annual salary and most recent bonus, the filing said.
The severance also includes title to his company car, 24 months of family health insurance, a pro-rated annual bonus, his unpaid salary, any accrued vacation time, any unpaid bonus, and his long-term performance award.
Smidler also has a two-year non-compete clause that bars him from spiriting away Kaman’s employees or competing in its markets if he collects severance from the company.
