Killingly technology-products manufacturer Rogers Corp. is paying the former head of its high performance foams division more than $400,000 in salary and benefits, plus other perks, a regulatory filing shows.
Until earlier this year, Peter G. Kaczmarek was a Rogers senior vice president overseeing the division.
According to Rogers' latest 8-K filing with the Securities and Exchange Commission, Kaczmarek and Rogers signed a confidentiality and non-compete pact in March 1998 laying out both parties' obligations in the event of his departure.
If he holds up his end of the contract, Kaczmarek will collect an extra 64 weeks of salary totaling $370,816, the filing said. His medical, dental and vision benefits also are extended through March 12, 2013, along with continued group term life insurance coverage totaling $23,981 through next Valentine's Day.
He also is entitled to accelerated vesting of 680 of the time-based restricted stock units granted him last May 12; a 16-week extension of the vested stock option exercise period to a total 28 weeks; and a pro rata share of any bonus to which he may be entitled for fiscal 2012.
Kaczmarek also qualifies for six months of outplacement assistance, the filing said.
Rogers has previously said that his departure, along with the Feb. 29 departure of former Senior Vice President Michael D. Bessette, and some layoffs, will enable it to flatten its overhead and boost profitability.
Rogers also makes power electronics and printed circuit materials in production plants in the U.S., Asia and Europe.