Lydall CFO’s pay package detailed

Manchester-based Lydall Inc.'s new chief financial officer, Erika H. Turner, will draw a $275,000 annual base salary, along with monthly car allowance and other benefits, a regulatory filing shows.

Turner, 54, who on Wednesday became vice president and CFO, also is entitled to share in Lydall's performance incentive pool at 40 percent of her base salary, according to the Securities and Exchange Commission filing.

Turner, previously a finance executive for a California automotive wheel maker, negotiated an $800 monthly car allowance, plus another $120 a month to cover maintenance and insurance, the filing said.

She also received a grant to buy in stages 12,000 Lydall shares at the fair market value of the stock on Nov. 4, 2009.  Turner also got a time-based restricted stock award covering 5,000 shares, the filing said.

Turner gets two weeks of paid vacation for the rest of this year, and four weeks off with pay each year after.

Her predecessor, Thomas P. Smith, received, in addition to a severance package that included immediate vesting of any stock awards to which he was entitled and a portion of his annual bonus, an hourly consulting contract with Lydall through Dec. 31, the filing said. Smith resigned Tuesday.

Lydall makes woven filtration and thermal and acoustic insulation products.