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Exhibit 10.3
 

FIRST AMENDMENT
 
TO THE
 
KAMAN AEROSPACE GROUP, INC.
 
AMENDED AND RESTATED
 
CHANGE IN CONTROL AGREEMENT
 

 
THIS FIRST AMENDMENT is dated as of March 11, 2010, between Kaman Aerospace
Group, Inc., a Connecticut corporation (the “Company”), and Gregory L. Steiner
(the “Executive”) (this “Amendment”).
 
WHEREAS, the Executive and the Company are parties to an Amended and Restated
Change in Control Agreement effective as of July 7, 2008 (the “Agreement”);
 
WHEREAS, on February 22, 2010, the Company granted the Executive a cash-based
long-term incentive award (the “2010 LTIP Award”);
 
WHEREAS, eligibility to receive payments under the 2010 LTIP Award was
conditioned upon the Executive waiving certain rights under Section 5.1(d) of
the Agreement;
 
WHEREAS, execution of this Amendment satisfies the waiver condition under the
2010 LTIP Award; and
 
WHEREAS, the Executive agrees with the terms of this Amendment.
 
NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties hereby agree as follows, effective as of the
date first written above:
 
1.  
Section 5.1(d) of the Agreement is hereby amended and restated in its entirety
to read as follows:

 
“In addition to the retirement benefits to which the Executive is entitled under
any tax-qualified, supplemental or excess benefit pension plan maintained by the
Company and any other plan or agreement entered into between the Executive and
the Company which is designed to provide the Executive supplemental retirement
benefits (the “Pension Plans”) or any successor plan thereto, effective upon the
Date of Termination, the Executive shall be credited with an additional two (2)
years of “Continuous Service” (as defined in the Kaman Corporation Amended and
Restated Employees’ Pension Plan as amended) when determining the Executive’s
vested benefit under the  Post-2004 Kaman Corporation Supplemental Employees
Retirement Plan (“SERP”), but only to the extent necessary, if at all, to
achieve vesting under the Kaman Corporation Amended and Restated Employees’
Pension Plan, as amended.  The amount, if any, payable under this Section 5.1(d)
shall be paid at the same time and in the same manner as other benefits provided
to the Executive under the SERP.  For avoidance of doubt, the Severance Payments
payable under this Agreement shall be disregarded when determining the
Executive’s Final Average Salary (as defined under the Kaman Corporation Amended
and Restated Employees’ Pension Plan) for purposes of calculating the benefits
payable under the SERP as modified by this Section 5.1(d).”
 
 
 

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2.
Except as expressly modified by the terms of this Amendment, the provisions of
the Agreement shall continue in full force and effect.

 
3.
This Amendment may be executed in several counterparts, each of which shall be
deemed an original and which together shall constitute but one and the same
instrument.

 
4.
This Amendment shall be governed by, and construed in accordance with, the laws
of the State of Connecticut without regard to its conflicts of law principles.

 
IN WITNESS WHEREOF, the parties hereto have executed this Amendment, as of the
day and year first written above.
 

 
Kaman Aerospace Group, Inc.
       
By:  
/s/ Candace A. Clark      3/11/10
   
Candace A. Clark
 
Its:
Secretary
             
Gregory L. Steiner
       
By:
/s/ Gregory L. Steiner
   

 

 

 

 
 
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