Kaman Corp. boosted the salary of its chief executive officer by nearly 3 percent last year, but incentive compensation that could add to his pay has not not been fully determined, the Bloomfield aerospace and industrial parts manufacturer said Friday.
Neal J. Keating's salary in 2016 was $972,000, up 2.8 percent from 2015, according to a regulatory filing. Cash incentive compensation of $932,980 was far less than a $4 million payout in 2016.
Keating, 61, also received $229,421 in compensation that includes the value of a life insurance policy, a 401(k) retirement plan and perks such as vehicle allowance and personal use of the company's plane.
Kaman, a manufacturer of aerospace components and parts industrial equipment such as bearings and power transmission, said its executive compensation program is intended to link total compensation with short-and long-term company performance and increases in shareholder value "with minimal excess risk-taking."
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