Document:

ex10-1.htm

    
      

    

    Exhibit
10.1

    
 

    EXECUTIVE
EMPLOYMENT AGREEMENT

     

    This
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is effective as of November 17,
2008 (the “Effective Date”) between Kaman Corporation, a Connecticut corporation
(the “Company”), and William C. Denninger (the “Executive”)”). 

     

    W I T N E
S S E T H:

     

    WHEREAS,
the Company desires to employ Executive in the role of Senior Vice
President-Finance from the Effective Date until the retirement of the Company's
current Chief Financial Officer and thereafter in the role of Senior Vice
President and Chief Financial Officer of the Company;

     

    WHEREAS,
the Executive desires to accept such employment on the terms described
below;

     

    NOW
THEREFORE, in consideration of the foregoing, of the mutual promises contained
herein and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as
follows:

     

    1.    EMPLOYMENT
TERM.

     

    a)           The
Executive’s term of employment under this Agreement shall be for an initial term
commencing on the Effective Date and shall end on the second anniversary of the
Effective Date. The term of this Agreement shall be automatically extended
thereafter for successive one (1) year periods unless, at least ninety (90) days
prior to the end of the initial term of this Agreement or the then current
succeeding one-year extended term of this Agreement, the Company or Executive
has notified the other that the term hereunder shall terminate upon its
expiration date. The initial term of this Agreement, as it may be extended from
year to year thereafter, is herein referred to as the "Employment Term". In all
events hereunder, Executive's employment is subject to earlier termination
pursuant to Section 7 hereof, and upon such earlier termination the Employment
Term shall be deemed to have ended.

     

    b)           Executive
represents that there are no agreements, understandings or legal requirements
applicable to him that prohibit the execution of this Agreement or prohibit or
otherwise limit the performance of his obligations hereunder or his duties as an
employee of the Company nor will the execution of this Agreement and the
performance of such obligations or duties result in a conflict of interest
between him and any other party.

     

    2.    POSITION
& DUTIES.

     

    (a)    The
Executive shall serve as the Company’s Senior Vice President-Finance under this
Agreement, beginning on the Effective Date. Executive shall be appointed Senior
Vice President and Chief Financial Officer upon retirement of the Company's
current Chief Financial Officer and Executive shall thereafter serve as Senior
Vice President and Chief Financial Officer during the Employment Term. As Senior
Vice President-Finance or Senior Vice President and Chief Financial Officer, as
the case may be, the Executive shall have such duties, authorities and
responsibilities commensurate with the duties, authorities and responsibilities
of persons in similar capacities in similarly sized companies and such other
duties and responsibilities as the Company’s Board of Directors (the “Board”)
shall designate that are consistent with the Executive’s positions as Senior
Vice President-Finance or Senior Vice President and Chief Financial Officer, as
the case may be.

     

    
      
         

      

      
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    (b)    During
the Employment Term, the Executive shall use the Executive’s best reasonable
efforts to perform faithfully and efficiently the duties and responsibilities
assigned to the Executive hereunder (including applicable obligations under
state law) and devote substantially all of the Executive’s business time
(excluding periods of vacation and other approved leaves of absence) to the
performance of the Executive’s duties with the Company, provided the foregoing
shall not prevent the Executive from (i) participating in charitable, civic,
educational, professional, community or industry affairs or, with prior written
approval of the Board, serving on the board of directors or advisory boards of
other companies; and (ii) managing the Executive’s and the Executive’s family’s
personal investments so long as such activities do not materially interfere with
the performance of the Executive’s duties hereunder or create a potential
business conflict or the appearance thereof. If at any time service on any board
of directors or advisory board would, in the good faith judgment of the Board,
conflict with the Executive’s fiduciary duty to the Company or create any
appearance thereof, the Executive shall promptly resign from such other board of
directors or advisory board after written notice of the conflict is received
from the Board.

     

    (c)    The
Executive further agrees to serve without additional compensation as an officer
and director of any of the Company’s subsidiaries and agrees that any amounts
received from any such corporation may be offset against the amounts due
hereunder.

     

    3.    BASE
SALARY. The Company agrees to pay the Executive a base salary (the “Base
Salary”) during the Employment Period at an annual rate of Four Hundred Forty
Thousand Dollars ($440,000) (subject to possible increase if the Board, in its
sole discretion, so determines), payable in accordance with the regular payroll
practices of the Company, but not less frequently than
monthly.

     

    4.    BONUSES.
The Executive shall be eligible to participate in the Company’s bonus and other
short- and long-term incentive compensation plans and programs for the Company’s
senior executives at a level commensurate with the Executive’s position during
the Employment Term. The Executive shall have the opportunity to earn an annual
target bonus measured against performance criteria to be determined by the Board
(or a committee thereof) of at least 50% of Base Salary as an initial target
bonus opportunity as described in the terms of the Company’s annual bonus plan
as then in effect. Except as provided under Section 8 of the Agreement, the
Executive shall receive payments with respect to the plans and programs
described in this Section 4 in accordance with the terms of such plans and
programs.

     

    
      
         

      

      
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    5.    EQUITY
AWARDS. The Executive shall be eligible to receive additional grants of stock
options, stock appreciation rights, restricted stock and other equity awards at
the sole discretion of the Board or the Personnel and Compensation Committee
(the “Committee”). The Executive shall be subject to, and shall comply with, the
Company’s stock ownership guidelines (unless waived by the Compensation
Committee) and the Company’s reasonable policies regarding forfeitures of cash
and equity incentive awards due to material financial restatements due to
executive misconduct, as may be in effect from time to time, it being agreed
that any such policies shall only be effective with respect to awards made on or
after the Effective Date. If there is a Change in Control (as defined in the
Kaman Corporation 2003 Stock Incentive Plan in effect on the date hereof), all
then outstanding unvested equity awards granted to the Executive (for example,
stock options, stock appreciation rights and restricted stock), whether under
this Agreement or otherwise, will fully vest and become non-forfeitable and
remain exercisable in accordance with the terms of the applicable Company
plans.

     

    6.    EMPLOYEE
BENEFITS.

     

    (a)   BENEFIT
PLANS. The Executive shall be entitled to participate in all employee benefit
plans of the Company including, but not limited to, pension, thrift, profit
sharing, medical coverage, education, other retirement or welfare benefits and
perquisites (as approved by the Committee) that the Company has adopted or may
adopt, maintain or contribute to for the benefit of its senior executives at a
level commensurate with the Executive’s positions subject to satisfying the
applicable eligibility requirements.

     

    (b)   VACATION.
The Executive shall be entitled to at least 3 weeks paid vacation per year.
Vacation may be taken at such times as the Executive elects with due regard to
the needs of the Company. Unused vacation at the end of a calendar year shall be
forfeited according to the Company's vacation policy.

     

    (c)    AUTOMOBILE.
The Company shall provide the Executive with a leased automobile as approved by
the Committee as per the Company’s perquisites policy from time to
time.

     

    (d)    BUSINESS
AND ENTERTAINMENT EXPENSES. Upon presentation of appropriate documentation, the
Executive shall be reimbursed in accordance with the Company’s expense
reimbursement policy for all reasonable and necessary business and entertainment
expenses incurred in connection with the performance of the Executive’s duties
hereunder.

     

    (e)    CERTAIN
AMENDMENTS. Nothing herein shall be construed to prevent the Company from
amending, altering, eliminating or reducing any plans, benefits or programs so
long as the Executive continues to receive compensation and benefits consistent
with Sections 3 through 6.

     

    7.    TERMINATION.
The Executive’s employment and the Employment Term shall terminate on the first
of the following to occur:

     

    (a)   DISABILITY.
Upon written notice by the Company to the Executive of termination due to
Disability, while the Executive remains Disabled. For purposes of this
Agreement, “Disability” shall be deemed the reason for the termination by the
Company of the Executive’s employment, if, as a result of the Executive
incapacity due to physical or mental illness, the Executive shall have been
absent from fully performing the Executive’s duties with the Company for a
period of 6 consecutive months, the Company shall have provided a notice of
termination under this Section 7(a), and, within thirty days after such notice
being given, the Executive shall not have returned to the fully performing the
Executive’s duties hereunder.

     

    
      
         

      

      
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    (b)    DEATH.
Automatically on the date of death of the Executive.

     

    (c)    CAUSE.
Immediately upon written notice by the Company to the Executive of a termination
for Cause. “Cause” shall mean (i) Executive’s conviction of (or a plea of guilty
or nolo contendere to) a felony or any crime involving moral turpitude,
dishonesty, fraud, theft or financial impropriety; or (ii) a determination by a
majority of the Board in good faith that Executive has (A) willfully and
continuously failed to perform substantially the Executive’s duties (other than
any such failure resulting from the Executive’s Disability or incapacity due to
bodily injury or physical or mental illness), after a written demand for
substantial performance is delivered to the Executive by the Board that
specifically identifies the manner in which the Board believes that the
Executive has not substantially performed the Executive’s duties, (B) engaged in
illegal conduct, an act of dishonesty or gross misconduct, in each case which is
in the course of the Executive’s employment and materially injurious to the
Company, or (C) willfully violated a material requirement of the Company’s code
of conduct or the Executive’s fiduciary duty to the Company. No act or failure
to act on the part of the Executive shall be considered “willful” unless it is
done, or omitted to be done, by the Executive in bad faith and without
reasonable belief that the Executive’s action or omission was in, or not opposed
to, the best interests of the Company. Notwithstanding the foregoing, Cause
shall not include any act or omission of which the Audit Committee of the Board
(or the full Board) has had actual knowledge of all material facts related
thereto for at least 90 days without asserting that the act or omission
constitutes Cause.

     

    (d)    WITHOUT
CAUSE. Upon written notice by the Company to the Executive of an involuntary
termination without Cause and other than due to death or
Disability.

     

    (e)    GOOD
REASON. Upon written notice by the Executive to the Company of a termination for
Good Reason, unless such events are corrected in all material respects by the
Company within 30 days following written notification by the Executive to the
Company, that the Executive intends to terminate the Executive’s employment
hereunder for one of the reasons set forth below. “Good Reason” shall mean,
without the Executive’s express written consent, the occurrence of any of the
following events:

     

    (1) the
Company removing the Executive from the positions of Senior Vice
President-Finance or Senior Vice President and Chief Financial Officer, as the
case may be (other than for Cause);

     

    (2) a
reduction of the Executive’s Base Salary, annual initial target bonus
opportunity or modified bonus opportunity to the extent the modification to the
initial target bonus opportunity is adverse to the Executive relative to the
modification made to the initial target bonus opportunity of other senior
officers of the Executive’s business unit;

     

    
      
         

      

      
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    (3) a failure
to pay the Executive’s compensation or benefits provided or referred to under
this Agreement;

     

    (4) the
Executive being required to relocate to a principal place of employment more
than 50 miles from the Executive’s principal place of employment with the
Company as of the Effective Date;

     

    (5) the
assignment of duties to the Executive that are materially inconsistent with the
Executive’s positions as Senior Vice President-Finance or Senior Vice President
and Chief Financial Officer, as the case may be; or

     

    (6) the
Executive no longer being a direct report to the CEO of the
Company.

     

    Notwithstanding
the foregoing, (i) a suspension of the Executive’s title and authority while on
administrative leave due to a reasonable belief that the Executive has engaged
in misconduct, whether or not the suspected misconduct constitutes Cause for
employment termination, shall not be considered “Good Reason”; provided that if
such leave is unpaid and either the Executive returns to full-time employment
under this Agreement or it is subsequently determined the Executive’s employment
is to be terminated without Cause, then the compensation and benefits that would
have been payable during such leave will be paid as soon as reasonably
practicable with interest at the prime rate beginning as of the date such leave
commenced plus 100 basis points, (ii) a condition shall not be considered Good
Reason if the Executive does not provide written notification to the Company of
the existence of a condition described above in clauses (1) through (6) above
within 90 days following the initial existence of such condition, and (iii)
prospective changes to employee benefits (as defined in Section 6) for future
employment made on an across-the-board basis to all similarly situated
executives of the Company and its subsidiaries shall not be considered Good
Reason.

     

    (f)    WITHOUT
GOOD REASON. Upon 60 days’ prior written notice by the Executive to the Company
of the Executive’s termination of employment without Good Reason (which the
Company may, in its sole discretion, make effective earlier than any notice
date).

     

    (g)    RETIREMENT.
Upon remaining employed with the Company until at least the attainment of age 65
(the “Retirement Eligibility Date”). Nothing herein shall be construed as
limiting the Executive’s right, if any, to terminate employment prior to the
Retirement Eligibility Date and receive compensation and benefits, as
applicable, provided under the respective terms of the Company’s benefit
plans.

     

    8.    CONSEQUENCES
OF TERMINATION. Any termination payments made and benefits provided under this
Agreement to the Executive shall be in lieu of any termination or severance
payments or benefits for which the Executive may be eligible under any of the
plans, policies or programs of the Company or its affiliates as may be in effect
from time to time including but not limited to the Change in Control Agreement.
For purposes of determining the date on which to make payments under this
Section 8, a termination of employment shall only occur upon the Executive's
"separation from service" within the meaning of Section 409A of the Code and as
determined after applying the presumptions set forth in Treas. Reg. Section
1.409A-1(h)(1). Except to the extent otherwise provided in this Agreement, all
benefits, including, without limitation, stock options, stock appreciation
rights, restricted stock units and other awards under the Company’s long-term
incentive programs, shall be subject to the terms and conditions of the plan or
arrangement under which such benefits accrue, are granted or are awarded.
Subject to Section 9, the following amounts and benefits shall be due to the
Executive.

     

    
      
         

      

      
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    (a)    DISABILITY.
Upon employment termination due to Disability, the Company shall pay or provide
the Executive (i) any unpaid Base Salary through the date of termination and any
accrued vacation in accordance with Company policy; (ii) any unpaid bonus or
other short-term and long-term incentive compensation as described in Section 4
above earned with respect to any completed fiscal year; (iii) reimbursement for
any unreimbursed expenses incurred through the date of termination; (iv) all
other payments and benefits to which the Executive may be entitled under the
terms of any applicable compensation arrangement or benefit, equity or
perquisite plan or program or grant or this Agreement, including but not limited
to any applicable pension, retirement and insurance benefits (collectively,
“Accrued Amounts”). Executive will also be paid a pro-rata portion of the
Executive’s annual bonus for the performance year in which the Executive’s
termination occurs, payable at the time that annual bonuses are paid to other
senior executives (determined by multiplying the amount the Executive would have
received had employment continued through the end of the performance year by a
fraction, the numerator of which is the number of days during the performance
year of termination that the Executive is employed by the Company and the
denominator of which is 365).

     

    (b)    DEATH. In
the event the Employment Term ends on account of the Executive’s death, the
Executive’s estate (or to the extent a beneficiary has been designated in
accordance with a program, the beneficiary under such program) shall be entitled
to any Accrued Amounts, including but not limited to proceeds from any Company
sponsored life insurance programs. Executive’s estate (or beneficiary) will also
be paid a pro-rata portion of the Executive’s annual bonus for the performance
year in which the Executive’s death occurs, payable at the time that annual
bonuses are paid to other senior executives determined by multiplying the amount
the Executive would have received based upon target performance had employment
continued through the end of the performance year by a fraction, the numerator
of which is the number of days during the performance year of termination that
the Executive is employed by the Company and the denominator of which is
365).

     

    (c)    TERMINATION
FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment should be
terminated (i) by the Company for Cause, or (ii) by the Executive without Good
Reason, the Company shall pay to the Executive any Accrued
Amounts.

     

    
      
         

      

      
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    (d)    TERMINATION
WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s employment by the Company
is terminated by the Company other than for Cause (other than a termination due
to Disability or death) or by the Executive for Good Reason, then the Company
shall pay or provide the Executive with:

     

    (1) Accrued
Amounts;

     

    (2) a
pro-rata portion of the Executive’s annual bonus for the performance year in
which the Executive’s termination occurs, payable at the time that annual
bonuses are paid to other senior executives determined by multiplying the amount
the Executive would have received based upon actual financial performance had
employment continued through the end of the performance year by a fraction, the
numerator of which is the number of days during the performance year that the
Executive is employed by the Company and the denominator of which is
365);

     

    (3) an amount
equal to the product of two times the sum of (i) the Executive’s then current
Base Salary and (ii) the most recent annual bonus paid to the Executive (or
awarded by the Board or the Committee for the preceding calendar year if not
then paid), payable in a single lump sum within 30 days after employment
termination. Notwithstanding the foregoing, if the Executive terminates
employment within two years of his Retirement Eligibility Date, the lump sum
amount described in the immediately preceding sentence shall be reduced by
multiplying it by a fraction, the numerator of which is the number of days from
the Executive’s employment termination date until the Retirement Eligibility
Date, and the denominator of which is 730;

     

    (4) (x) each
cash-based long-term performance award for which the performance period has not
yet been completed as of the date of such termination that was granted with a
performance period beginning on or prior to January 1, 2009 (and, except as
provided in clause (y) below, with respect to any such award granted with a
performance periods beginning after January 1, 2009) shall be deemed fully
vested and fully earned and then shall be cancelled in exchange
for  an amount payable in cash 30 days after employment termination
equal to 100% of the target value of such award multiplied by a fraction, the
numerator which is the number of days the Executive remained employed with the
Company during the award’s performance period and the denominator of which is
the total number of days during the award’s performance period; and (y) to the
extent necessary for such compensation to qualify as “performance-based
compensation” under Section 162(m) of the Code, each cash-based long-term
performance award for which the performance period has not yet been completed as
of the date of such termination that was granted with a performance period
beginning after January 1, 2009 shall be payable in cash, at the time that
long-term performance awards are paid to other senior executives, such payment
to be made on a pro-rata basis (determined by multiplying the amount the
Executive would have received based upon actual financial performance had
employment continued through the end of the performance period by a fraction,
the numerator which is the number of days the Executive remained employed with
the Company during the award’s performance period and the denominator of which
is the total number of days during the award’s performance
period);

     

    
      
         

      

      
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    (5) immediate
title to the Company automobile to the Executive on an “as is” basis, with the
automobile’s fair market value being taxable to the Executive;
and

     

    (6) subject
to the Executive’s continued co-payment of premiums, if required under Company
policy, continued participation for 24 months but in no event later than the
Retirement Eligibility Date in all medical, dental and vision plans which cover
the Executive (and eligible dependents) on a monthly basis upon the same terms
and conditions (except for the requirements of the Executive’s continued
employment) in effect for active employees of the Company. In the event the
Executive obtains other employment that offers substantially similar or improved
benefits, as to any particular medical, dental or vision plan, such continuation
of coverage by the Company for such similar or improved benefit under such plan
under this subsection shall immediately cease. The continuation of health
benefits under this subsection shall reduce and count against the Executive’s
rights under the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended (“COBRA”).    The parties intend that the first 18
months of continued medical, dental and vision coverage shall not constitute a
“deferral of compensation” under Treas. Reg. Sect. 1.409A-1(b), and that the
remaining portion of such coverage shall qualify as a “reimbursement or in-kind
benefit plan” under Treas. Reg. Sect. 1.409A-3(i)(1)(iv).

     

    (e)    RETIREMENT.
If the Executive terminates employment on or following the Executive’s
Retirement Eligibility Date, the Company shall pay to the
Executive:

     

    (1) any
Accrued Amounts;

     

    (2) a
pro-rata portion of the Executive’s annual bonus for the performance year in
which the Executive’s retirement occurs, payable at the time that annual bonuses
are paid to other senior executives (determined by multiplying the amount the
Executive would have received based upon actual financial performance had
employment continued through the end of the performance year by a fraction, the
numerator of which is the number of days during the performance year of
termination that the Executive is employed by the Company and the denominator of
which is 365);

     

    (3) (x) each
cash-based long-term performance award for which the performance period has not
yet been completed as of the date of such termination that was granted with a
performance period beginning on or prior to January 1, 2009 (and, except as
provided in clause (y) below, with respect to any such award granted with a
performance periods beginning after January 1, 2009) shall be deemed fully
vested and fully earned and then shall be cancelled in exchange for an amount
payable in cash 30 days after employment termination  equal to 100% of
the target value of such award multiplied by a fraction, the numerator which is
the number of days the Executive remained employed with the Company during the
award’s performance period and the denominator of which is the total number of
days during the award’s performance period; and (y) to the extent necessary for
such compensation to qualify as “performance-based compensation” under Section
162(m) of the Code, each cash-based long-term performance award for which the
performance period has not yet been completed as of the date of such termination
that was granted with a performance period beginning after January 1, 2009 shall
be payable in cash, at the time that long-term performance awards are paid to
other senior executives, such payment to be made on a pro-rata basis (determined
by multiplying the amount the Executive would have received based upon actual
financial performance had employment continued through the end of the
performance period by a fraction, the numerator which is the number of days the
Executive remained employed with the Company during the award’s performance
period and the denominator of which is the total number of days during the
award’s performance period);

     

    
      
         

      

      
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    (4) immediate
title to the Company automobile to the Executive on an “as is” basis, with the
automobile’s fair market value being taxable to the Executive;
and

     

    (5) the
Executive shall be considered to have “retired” on the Executive’s date of
termination of employment with the Company on or following the Executive’s
Retirement Eligibility Date for purposes of any plans, programs, agreements or
arrangements with the Company or its affiliates.

     

    (f)    ACCELERATION
OF EQUITY AWARDS.

     

    If the
Executive's employment by the Company is terminated by the Company for
Disability (as defined in Section 7 (a)) or without Cause (as defined in Section
7(c)), or by the Executive for Good Reason (as defined in Section 7(e)),
Retirement (as defined in Section 7(g)) or due to death, all then outstanding
unvested equity awards granted to the Executive (for example, stock options,
stock appreciation rights and restricted stock), whether under this Agreement or
otherwise, will fully vest and become non-forfeitable and remain exercisable in
accordance with the terms of the applicable Company plans. Notwithstanding
the foregoing, to the extent that any unvested equity award is intended to
qualify as “performance-based compensation” within the meaning of Section 162(m)
of the Code based solely on a vesting condition requiring achievement of one or
more performance goals with respect to a performance period beginning after
January 1, 2009, and the Executive’s employment is terminated under Section 8(d)
(without Cause or for Good Reason) or under Section 8(e) (Retirement), then the
number of shares that will vest due to such event shall equal the number of
shares the Executive would have received based upon actual performance had
employment continued through the end of the performance period multiplied by a
fraction, the numerator which is the number of days the Executive remained
employed with the Company during such award’s performance period and the
denominator of which is the total number of days during such award’s performance
period.

     

    (g)    COORDINATION
WITH CHANGE IN CONTROL AGREEMENT.

     

    Notwithstanding
anything to the contrary set forth in this Agreement, if the Executive’s
employment with the Company is terminated under circumstances that result in the
payment of “Severance Payments” under the Executive’s Change in Control
Agreement, the Severance Payments under the Executive’s Change in Control
Agreement shall be in lieu of any severance benefits otherwise payable to the
Executive under this Section 8.

     

    
      
         

      

      
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    (h)    TIMING
OF  BONUSES AND CERTAIN CASH--BASED LONG-TERM PERFORMANCE
AWARDS

     

    References
to paying a pro-rata bonus or a pro-rata cash-based long-term performance award
under Section 8 at the same time as such compensation   is paid
to other senior executives shall mean the payment date as determined under the
terms of the Company’s annual bonus plan or cash-based long-term performance
program then in effect.  Notwithstanding anything to the contrary in
this Section 8, the pro-rata annual bonus for the performance year of
termination (under Section 8(a) (in the event of Disability), Section 8(b) (in
the event of death), Section 8(d) (in the event of termination without Cause or
for Good Reason) or Section 8(e) (in the event of Retirement)) and the pro-rata
cash-based long-term performance award, if any, for any outstanding performance
period at the time of employment termination (under Section 8(d) (in the event
of termination without Cause or for Good Reason) or Section 8(e) (in the event
of Retirement)) shall not be paid earlier than the first business day after the
date that is six months following the date of the Executive’s “separation from
service” ( within the meaning of Section 409A of the Code and as determined
after applying the presumptions set forth in Treas. Reg. Section 1.409A-1(h)(1))
in the event that annual bonuses paid to other senior executives for that year
are not paid by March 15th of the calendar year immediately following the
calendar year in respect of which such bonuses are earned.  To the
extent that payment of the pro-rata portion of the annual bonus, cash-based
long-term performance award, or both as provided for herein is so delayed, such
payment shall be credited with interest at the short-term applicable federal
rate under Section 1274 of the Code, determined as of March 15th of the year
following such termination, from such March 15th to the date that such payment
is made to the Executive hereunder.

     

    9.    CONDITIONS.
Any payments or benefits made or provided pursuant to Section 8 (other than
Accrued Amounts) are subject to the Executive’s:

     

    (a) compliance
with the provisions of Section 11 hereof;

     

    (b) delivery
to the Company of an executed Agreement and General Release (the “General
Release”), which shall be substantially in the form attached hereto as Appendix
A (with such changes therein or additions thereto as needed under then
applicable law to give effect to its intent and purpose) within 21 days (42 days
in the case of an employment termination due to Disability) of presentation
thereof by the Company to the Executive (which presentation by the Company shall
be made no later than two (2) business days following the date of termination),
which is not subsequently revoked; and

     

    (c) delivery
to the Company of a resignation from all offices, directorships and fiduciary
positions with the Company, its affiliates and employee benefit
plans.

     

    For
purposes of any payments or benefits provided under Section 8 (other than
Accrued Amounts) to an Executive’s beneficiary or estate, the beneficiary or
estate shall comply with the provisions of Section 9(b) and Section
11(e).

     

    
      
         

      

      
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    Notwithstanding
the due date of any post-employment payments, any amounts or benefits due
following the Executive’s employment termination under this Agreement (other
than Accrued Amounts) shall not be due until after the expiration of any
revocation period applicable to the General Release without the Executive having
revoked such General Release.  If the Executive fails to return an
executed General Release to the Company within such 21 day period (42 day period
in the case of an employment termination due to Disability), or the Executive
subsequently revokes such timely release, the Company shall not have any
obligation to pay any amounts or benefits under Section 5 of this
Agreement.  The Executive shall provide the General Release in the
same manner as written notice is provided to the Company under Section 13
below.

     

    Nevertheless
(and regardless of whether the General Release has been executed by the
Executive), upon any termination of Executive’s employment, Executive shall be
entitled to receive any Accrued Amounts, payable within thirty (30) days after
the date of termination of employment or in accordance with the applicable plan,
program or policy. In the event that the Executive dies before all payments
pursuant to this Section 9 have been paid, all remaining payments shall be made
to the beneficiary specifically designated by the Executive in writing prior to
the Executive’s death, or, if no such beneficiary was designated (or the Company
is unable in good faith to determine the beneficiary designated), to the
Executive’s personal representative or estate.

     

    10.    SECTION
4999 EXCISE TAX. The Company shall provide the Executive with a “Gross-Up
Payment”, as defined in the Change in Control Agreement between the Company and
the Executive of even date, in the event that any payment made under this
Agreement is subject to excise tax under Section 4999 of the Code and the Change
in Control Agreement does not apply to such payment.

     

    11.    POST-EMPLOYMENT
OBLIGATIONS.

     

    (a)    CONFIDENTIALITY.
The Executive agrees that the Executive shall not, directly or indirectly, use,
make available, sell, disclose or otherwise communicate to any person, other
than in the course of the Executive’s employment and for the benefit of the
Company, either during the period of the Executive’s employment or at any time
thereafter, any nonpublic, proprietary or confidential information, knowledge or
data relating to the Company, any of its subsidiaries, affiliated companies or
businesses, which shall have been obtained by the Executive during the
Executive’s employment by the Company. The foregoing shall not apply to
information that (i) was known to the public prior to its disclosure to the
Executive; (ii) becomes known to the public subsequent to disclosure to the
Executive through no wrongful act of the Executive or any representative of the
Executive; or (iii) the Executive is required to disclose by applicable law,
regulation or legal process (provided that the Executive provides the Company
with prior notice of the contemplated disclosure and reasonably cooperates with
the Company at its expense in seeking a protective order or other appropriate
protection of such information). Notwithstanding clauses (i) and (ii) of the
preceding sentence, the Executive’s obligation to maintain such disclosed
information in confidence shall not terminate where only portions of the
information are in the public domain.

     

    
      
         

      

      
        11

        
          
 

      

      
         

      

    

     

    (b)    NON-SOLICITATION.
In the event that the Executive receives severance benefits under Section 8(d)
of this Agreement, the Executive agrees that for the two (2) year period
following the date of termination the Executive will not, directly or
indirectly, individually or on behalf of any other person, firm, corporation or
other entity, knowingly solicit, aid or induce any managerial level employee of
the Company or any of its subsidiaries or affiliates to leave such employment in
order to accept employment with or render services to or with any other person,
firm, corporation or other entity unaffiliated with the Company or knowingly
take any action to materially assist or aid any other person, firm, corporation
or other entity in identifying or hiring any such employee (provided, that the
foregoing shall not be violated by general advertising not targeted at Company
employees nor by serving as a reference for an employee with regard to an entity
with which the Executive is not affiliated). For the avoidance of doubt, if a
managerial level employee on his or her own initiative contacts the Executive
for the primary purpose of securing alternative employment, any action taken by
the Executive thereafter shall not be deemed a breach of this Section
11(b).

     

    (c)    NON-COMPETITION.
The Executive acknowledges that the Executive performs services of a unique
nature for the Company that are irreplaceable, and that the Executive’s
performance of such services to a competing business will result in irreparable
harm to the Company. Accordingly, in the event that the Executive receives
severance benefits under Section 8(d) of this Agreement, the Executive agrees
that for a period of two (2) years following the date of termination, but not
later than the Executive's Retirement Eligibility Date, the Executive will not,
directly or indirectly, become connected with, promote the interest of, or
engage in any other business or activity competing with the business of the
Company within the geographical area in which the business of the Company is
conducted.

     

    (d)    NON-DISPARAGEMENT.
Each of the Executive and the Company (for purposes hereof, “the Company” shall
mean only (i) the Company by press release or otherwise and (ii) the executive
officers and directors thereof and not any other employees) agrees not to make
any public statements that disparage the other party, or in the case of the
Company, its respective affiliates, officers, directors, products or services.
Notwithstanding the foregoing, statements made in the course of sworn testimony
in administrative, judicial or arbitral proceedings (including, without
limitation, depositions in connection with such proceedings) or otherwise as
required by law shall not be subject to this Section 11(d).

     

    (e)    RETURN OF
COMPANY PROPERTY AND RECORDS. The Executive agrees that upon termination of the
Executive’s employment, for any cause whatsoever, the Executive will surrender
to the Company in good condition (reasonable wear and tear excepted) all
property and equipment belonging to the Company and all records kept by the
Executive containing the names, addresses or any other information with regard
to customers or customer contacts of the Company, or concerning any proprietary
or confidential information of the Company or any operational, financial or
other documents given to the Executive during the Executive’s employment with
the Company.

     

    
      
         

      

      
        12

        
          
 

      

      
         

      

    

     

    (f)    COOPERATION.
The Executive agrees that, following termination of the Executive’s employment
for any reason, the Executive shall upon reasonable advance notice, and to the
extent it does not interfere with previously scheduled travel plans and does not
unreasonably interfere with other business activities or employment obligations,
assist and cooperate with the Company with regard to any matter or project in
which the Executive was involved during the Executive’s employment, including
any litigation. The Company shall compensate the Executive for any lost wages
(or, if the Executive is not then employed, provide reasonable compensation as
determined by the Compensation Committee) and expenses associated with such
cooperation and assistance.

     

    (g)    ASSIGNMENT
OF INVENTIONS. The Executive will promptly communicate and disclose in writing
to the Company all inventions and developments including software, whether
patentable or not, as well as patents and patent applications (hereinafter
collectively called “Inventions”), made, conceived, developed, or purchased by
the Executive, or under which the Executive acquires the right to grant licenses
or to become licensed, alone or jointly with others, which have arisen or
jointly with others, which have arisen or which arise out of the Executive’s
employment with the Company, or relate to any matters directly pertaining to,
the business of the Company or any of its subsidiaries. Included herein as if
developed during the employment period is any specialized equipment and software
developed for use in the business of the Company. All of the Executive’s right,
title and interest in, to, and under all such Inventions, licenses, and right to
grant licenses shall be the sole property of the Company. As to all such
Inventions, the Executive will, upon request of the Company execute all
documents which the Company deems necessary or proper to enable it to establish
title to such Inventions or other rights, and to enable it to file and prosecute
applications for letters patent of the United States and any foreign country;
and do all things (including the giving of evidence in suits and other
proceedings) which the Company deems necessary or proper to obtain, maintain, or
assert patents for any and all such Inventions or to assert its rights in any
Inventions not patented.

     

    (h)    EQUITABLE
RELIEF AND OTHER REMEDIES. The parties acknowledge and agree that the other
party’s remedies at law for a breach or threatened breach of any of the
provisions of this Section would be inadequate and, in recognition of this fact,
the parties agree that, in the event of such a breach or threatened breach, in
addition to any remedies at law, the other party, without posting any bond,
shall be entitled to obtain equitable relief in the form of specific
performance, temporary restraining order, a temporary or permanent injunction or
any other equitable remedy which may then be available.

     

    (i)    REFORMATION.
If it is determined by a court of competent jurisdiction in any state that any
restriction in this Section 11 is excessive in duration or scope or is
unreasonable or unenforceable under the laws of that state, it is the intention
of the parties that such restriction may be modified or amended by the court to
render it enforceable to the maximum extent permitted by the law of that
state.

     

    (j)    SURVIVAL
OF PROVISIONS. The obligations contained in this Section 11 shall survive the
termination or expiration of the Executive’s employment with the Company and
shall be fully enforceable thereafter.

     

    12.    NO
ASSIGNMENT.

     

    
      
         

      

      
        13

        
          
 

      

      
         

      

    

     

    (a)    This
Agreement is personal to each of the parties hereto. Except as provided in
Section 12(b) below, no party may assign or delegate any rights or obligations
hereunder without first obtaining the written consent of the other party
hereto.

     

    (b)    The
Company may assign this Agreement to any successor to all or substantially all
of the business and/or assets of the Company provided the Company shall require
such successor to expressly assume and agree in writing to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place and shall deliver a
copy of such assignment to the Executive.

     

    13.    NOTICE.
For the purpose of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given (a) on the date of delivery if delivered by hand, (b) on the date of
transmission, if delivered by confirmed facsimile, (c) on the first business day
following the date of deposit if delivered by guaranteed overnight delivery
service, or (d) on the fourth business day following the date delivered or
mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

     

    If to the
Executive: at the address (or to the facsimile number) shown on the records of
the Company

     

    If to the
Company:

     

    Kaman
Corporation

    1332 Blue
Hills Avenue, P.O. Box 1

    Bloomfield,
CT 06002

    Attention:
Candace A. Clark, Esq.

     

    Facsimile
No.: 860 243-7397

     

    or to
such other address as either party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

     

    14.    SECTION
HEADINGS; INCONSISTENCY. The section headings used in this Agreement are
included solely for convenience and shall not affect, or be used in connection
with, the interpretation of this Agreement. Except as provided in the last
sentence of Section 15 hereof, if there is any inconsistency between this
Agreement and any other agreement (including but not limited to any option,
stock, long-term incentive or other equity award agreement), plan, program,
policy or practice (collectively, “Other Provision”) of the Company the terms of
this Agreement shall control over such Other Provision.

     

    15.    PRIOR
AGREEMENTS. This Agreement supersedes and replaces any and all prior employment
agreements (collectively, the “Prior Agreements”) between the Company and the
Executive. By signing this Agreement, the Executive acknowledges that the Prior
Agreements are terminated and cancelled, and releases and discharges the Company
from any and all obligations and liabilities heretofore or now existing under or
by virtue of such Prior Agreements, it being the intention of the parties hereto
that this Agreement effective immediately shall supersede and be in lieu of the
Prior Agreements. It is specifically acknowledged by the Company that this
Agreement does not supersede the Change in Control Agreement or any existing
employee benefits as described in Section 6 above or otherwise provided by the
Company or its affiliates.

     

    
      
         

      

      
        14

        
          
 

      

      
         

      

    

     

    16.    SEVERABILITY.
The provisions of this Agreement shall be deemed severable and the invalidity of
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof.

     

    17.    COUNTERPARTS.
This Agreement may be executed in counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same
instruments. One or more counterparts of this Agreement may be delivered by
facsimile, with the intention that delivery by such means shall have the same
effect as delivery of an original counterpart thereof.

     

    18.    ARBITRATION.
Any dispute or controversy arising under or in connection with this Agreement,
other than injunctive relief under Section 11(h) hereof or damages for breach of
Section 11, shall be settled exclusively by arbitration, conducted before a
single arbitrator in Hartford, Connecticut administered by the American
Arbitration Association (“AAA”) in accordance with its Commercial Arbitration
Rules then in effect. The single arbitrator shall be selected by the mutual
agreement of the Company and the Executive, unless the parties are unable to
agree to an arbitrator, in which case, the arbitrator will be selected under the
procedures of the AAA. The arbitrator will have the authority to permit
discovery and to follow the procedures that he/she determines to be appropriate.
The arbitrator will have no power to award consequential (including lost
profits), punitive or exemplary damages. The decision of the arbitrator will be
final and binding upon the parties hereto. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction.

     

    19.    MISCELLANEOUS.
No provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer or director as may be designated by the Board. No
waiver by either party hereto at any time of any breach by the other party
hereto of, or compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent
time. This Agreement together with all exhibits hereto sets forth the entire
agreement of the parties hereto in respect of the subject matter contained
herein. No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party which
are not expressly set forth in this Agreement. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the State of Connecticut without regard to its conflicts of law
principles.

     

    20.    PAYMENT
OF COMPENSATION. The parties intend that the benefits and payments provided
under this Agreement shall be exempt from, or comply with, the requirements of
Section 409A of the Code.  Notwithstanding the foregoing, the Company
shall in no event be obligated to indemnify the Executive for any taxes or
interest that may be assessed by the IRS pursuant to Section 409A of the
Code.

     

    
      
         

      

      
        15

        
          
 

      

      
         

      

    

     

    21.    MITIGATION
OF DAMAGES. In no event shall the Executive be obliged to seek other employment
or take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Agreement, nor shall the amount of
any payment hereunder be reduced by any compensation earned by the Executive as
a result of employment by another employer, except as set forth in this
Agreement.

     

    22.    REPRESENTATIONS.
The Executive represents and warrants to the Company that the Executive has the
legal right to enter into this Agreement and to perform all of the obligations
on the Executive’s part to be performed hereunder in accordance with its terms
and that the Executive is not a party to any agreement or understanding, written
or oral, which could prevent the Executive from entering into this Agreement or
performing all of the Executive’s obligations hereunder.

     

    23.    WITHHOLDING.
The Company may withhold from any and all amounts payable under this Agreement
such federal, state and local taxes as may be required to be withheld pursuant
to any applicable law or regulation.

     

    24.    SURVIVAL.
The respective obligations of, and benefits afforded to, the Company and
Executive which by their express terms or clear intent survive termination of
Executive’s employment with the Company, including, without limitation, the
provisions of Sections 5 and 8 through 25, inclusive of this Agreement, will
survive termination of Executive’s employment with the Company, and will remain
in full force and effect according to their terms.

     

    25.    AGREEMENT
OF THE PARTIES. The language used in this Agreement will be deemed to be the
language chosen by the parties hereto to express their mutual intent, and no
rule of strict construction will be applied against any party hereto. Neither
Executive nor the Company shall be entitled to any presumption in connection
with any determination made hereunder in connection with any arbitration,
judicial or administrative proceeding relating to or arising under this
Agreement.

     

     

     

    [SIGNATURE
PAGE FOLLOWS]

     

     

    
      
         

      

      
        16

        
          
 

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement.

     

    

 

    
      	 
      	 
      	
               

              KAMAN
      CORPORATION

            
	 	 	 
	 
      	 
      	 
      
	 
      	
              By:  

            	
              /s/ Neal
      J. Keating

            
	 
      	 
      	
               

              Neal
      J. Keating

            
	 
      	
              Its:

            	
              President
      and Chief Executive Officer

            
	 
      	 
      	 
      
	 
      	
              Date:

            	
              11/13/08

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              /s/
      William C. Denninger

            
	 
      	 
      	
              William
      C. Denninger

            
	 
      	 
      	 
      
	 
      	
              Date:

            	
              11/12/08

            
	 
      	 
      	 
      

    

     

     

     

    
      
         

      

      
        17

        
          
 

      

      
         

      

    

    APPENDIX
A

     

    FORM
OF RELEASE

     

    AGREEMENT
AND GENERAL RELEASE

     

    Kaman
Corporation, its affiliates, subsidiaries, divisions, successors and assigns in
such capacity, and the current, future and former employees, officers,
directors, trustees and agents thereof (collectively referred to throughout this
Agreement as “Employer”), and William C. Denninger (“Executive”), the
Executive’s heirs, executors, administrators, successors and assigns
(collectively referred to throughout this Agreement as “Employee”)
agree:

     

    1. Last Day
of Employment. Executive’s last day of employment with Employer is
______________ (DATE). In addition, effective as of DATE, Executive resigns from
the Executive’s positions as _________________________ of Employer and will not
be eligible for any benefits or compensation after DATE, including payments
under the Executive’s Change in Control Agreement, other than as specifically
provided in Sections 6 and 8 of the Executive Employment Agreement between
Employer and Executive effective as of January 1, 2007 (the “Employment
Agreement”). Executive further acknowledges and agrees that, after DATE, the
Executive will not represent the Executive as being a director, employee,
officer, trustee, agent or representative of Employer for any purpose. In
addition, effective as of DATE, Executive resigns from all offices,
directorships, trusteeships, committee memberships and fiduciary capacities held
with, or on behalf of, Employer or any benefit plans of Employer. These
resignations will become irrevocable as set forth in Section 3
below.

     

    2. Consideration.
The parties acknowledge that this Agreement and General Release is being
executed in accordance with Section 9 of the Employment
Agreement.

     

    3. Revocation.
Executive may revoke this Agreement and General Release for a period of seven
(7) calendar days following the day Executive executes this Agreement and
General Release. Any revocation within this period must be submitted, in
writing, to Employer and state, “I hereby revoke my acceptance of our Agreement
and General Release.” The revocation must be personally delivered to Employer’s
Chief Legal Officer, or his/her designee, or mailed to Kaman Corporation, 1332
Blue Hills Avenue, P.O. Box 1, Bloomfield, CT 06002, Attention Candace Clark,
and postmarked within seven (7) calendar days of execution of this Agreement and
General Release. This Agreement and General Release shall not become effective
or enforceable until the revocation period has expired. If the last day of the
revocation period is a Saturday, Sunday, or legal holiday in Hartford,
Connecticut, then the revocation period shall not expire until the next
following day which is not a Saturday, Sunday, or legal
holiday.

     

    
      
         

      

      
        18

        
          
 

      

      
         

      

    

     

    4. General
Release of Claim. Subject to the full satisfaction by the Employer of its
obligations under the Employment Agreement, Employee knowingly and voluntarily
releases and forever discharges Employer from any and all claims, causes of
action, demands, fees and liabilities of any kind whatsoever, whether known and
unknown, against Employer, Employee has, has ever had or may have as of the date
of execution of this Agreement and General Release, including, but not limited
to, any alleged violation of:

     

    - Title
VII of the Civil Rights Act of 1964, as amended;

     

    - The
Civil Rights Act of 1991;

     

    -
Sections 1981 through 1988 of Title 42 of the United States Code, as
amended;

     

    - The
Employee Retirement Income Security Act of 1974, as amended;

     

    - The
Immigration Reform and Control Act, as amended;

     

    - The
Americans with Disabilities Act of 1990, as amended;

     

    - The Age
Discrimination in Employment Act of 1967, as amended;

     

    - The
Older Workers Benefit Protection Act of 1990;

     

    - The
Worker Adjustment and Retraining Notification Act, as amended;

     

    - The
Occupational Safety and Health Act, as amended;

     

    - The
Family and Medical Leave Act of 1993;

     

    - Any
wage payment and collection, equal pay and other similar laws, acts and statutes
of the State of Connecticut;

     

    - Any
other federal, state or local civil or human rights law or any other local,
state or federal law, regulation or ordinance;

     

    - Any
public policy, contract, tort, or common law; or

     

    - Any
allegation for costs, fees, or other expenses including attorneys fees incurred
in these matters.

     

    Notwithstanding
anything herein to the contrary, the sole matters to which the Agreement and
General Release do not apply are: (i) Employee’s express rights under any
pension (including but not limited to any rights under the Kaman Corporation
Supplemental Retirement Plan) or claims for accrued vested benefits under any
other employee benefit plan, policy or arrangement maintained by Employer or
under COBRA and other Accrued Amounts (as such term is defined in the Employment
Agreement); (ii) Employee’s rights under the provisions of the Employment
Agreement which are intended to survive termination of employment; or (iii)
Employee’s rights as a stockholder.

     

    5. No Claims
Permitted. Employee waives Executive’s right to file any charge or complaint
against Employer arising out of Executive’s employment with or separation from
Employer before any federal, state or local court or any state or local
administrative agency, except where such waivers are prohibited by
law.

     

    
      
         

      

      
        19

        
          
 

      

      
         

      

    

     

    6. Affirmations.
Employee affirms Executive has not filed, has not caused to be filed, and is not
presently a party to, any claim, complaint, or action against Employer in any
forum. Employee further affirms that the Executive has been paid and/or has
received all compensation, wages, bonuses, commissions, and/or benefits to which
Executive may be entitled and no other compensation, wages, bonuses, commissions
and/or benefits are due to Executive, except as provided in Sections 6 and 8 of
the Employment Agreement. Employee also affirms Executive has no known workplace
injuries.

     

    7. Cooperation;
Return of Property. In accordance with Section 11(f) of the Employment
Agreement, Employee agrees to reasonably cooperate with Employer and its counsel
in connection with any investigation, administrative proceeding or litigation
relating to any matter that occurred during Executive’s employment in which
Executive was involved or of which Executive has knowledge and Employer will
reimburse the Employee for any reasonable out-of-pocket travel, delivery or
similar expenses incurred and lost wages (or will provide reasonable
compensation if Executive is not then employed) in providing such service to
Employer. Employee represents that Executive has complied with Section 11(e) of
the Employee Agreement regarding the return of property.

     

    8. Governing
Law and Interpretation. This Agreement and General Release shall be governed and
conformed in accordance with the laws of the State of Connecticut without regard
to its conflict of laws provisions. In the event Employee or Employer breaches
any provision of this Agreement and General Release, Employee and Employer
affirm either may institute an action to specifically enforce any term or terms
of this Agreement and General Release. Should any provision of this Agreement
and General Release be declared illegal or unenforceable by any court of
competent jurisdiction and should the provision be incapable of being modified
to be enforceable, such provision shall immediately become null and void,
leaving the remainder of this Agreement and General Release in full force and
effect. Nothing herein, however, shall operate to void or nullify any general
release language contained in the Agreement and General
Release.

     

    9. No
Admission of Wrongdoing. Employee agrees neither this Agreement and General
Release nor the furnishing of the consideration for this Release shall be deemed
or construed at any time for any purpose as an admission by Employer of any
liability or unlawful conduct of any kind.

     

    10. Amendment.
This Agreement and General Release may not be modified, altered or changed
except upon express written consent of both parties wherein specific reference
is made to this Agreement and General Release.

     

    11. Entire
Agreement. This Agreement and General Release sets forth the entire agreement
between the parties hereto and fully supersedes any prior agreements or
understandings between the parties; provided, however, that notwithstanding
anything in this Agreement and General Release, the provisions in the Employment
Agreement which are intended to survive termination of the Employment Agreement,
including but not limited to those contained in Section 11 thereof, shall
survive and continue in full force and effect. Employee acknowledges Executive
has not relied on any representations, promises, or agreements of any kind made
to Executive in connection with Executive’s decision to accept this Agreement
and General Release.

     

    
      
         

      

      
        20

        
          
 

      

      
         

      

    

     

    EMPLOYEE
HAS BEEN ADVISED THAT EXECUTIVE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO
REVIEW THIS AGREEMENT AND GENERAL RELEASE AND HAS BEEN ADVISED IN WRITING TO
CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF THIS AGREEMENT AND GENERAL
RELEASE.

     

    EMPLOYEE
AGREES ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND
GENERAL RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE
(21) CALENDAR DAY CONSIDERATION PERIOD.

     

    HAVING
ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES
SET FORTH HEREIN, AND TO RECEIVE THE SUMS AND BENEFITS SET FORTH IN THE
EMPLOYMENT AGREEMENT, EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE
CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO
WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST
EMPLOYER.

     

    IN
WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this
Agreement and General Release as of the date set forth below:

     

    

      
        	 
      	 
        KAMAN
      CORPORATION
	 	 	 
	 
      	 
      	 
      
	 
      	
                By:  

              	
                 

              
	 	 	 
	 
      	Name	
                [NAME]

              
	 
      	
                Title:

              	
                 

              
	 
      	
                Date:

              	
                 

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                William
      C. Denninger

              
	 
      	 
      	 
      
	 
      	
                Date:

              	
                 

              
	 
      	 
      	 
      

      

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    
      
        	
                Kaman
      Corporation

              
	
                1332
      Blue Hills Avenue

              
	
                Bloomfield,
      CT  06002

              
	
                (860)
      243-7410

              
	
                (860)
      243-7354 Fax

              
	
                Neal.Keating@Kaman.com

              
	 
      
	
                

              
	 
      
	 
      
	 
      
	
                Neal
      J. Keating

              
	
                Chairman
      of the Board

              
	
                President
      and Chief Executive
Officer

              

      

    November
11, 2008

     

    
       

      Via
Federal Express

    

     

    Mr.
William C. Denninger

    231
Roxbury Road

    Stamford,
CT 06902

     

    Dear
Bill:

     

    I am
pleased to confirm the Kaman Corporation offer of employment. Here are the key
components of the offer:

     

    
      	
              ·  

            	
              The
      position title will initially be Senior Vice President – Finance. Your
      title will change to Senior Vice President and CFO, effective with Bob
      Garneau’s retirement. You will report directly to
  me.

            

    

     

    
      	
              ·  

            	
              Your
      starting date will be November 17,
2008.

            

    

     

    
      	
              ·  

            	
              Your
      base salary at employment will be $36,666.67 per month, annualized to
      $440,000.00.

            

    

     

    
      	
              ·  

            	
              This
      position will qualify you as an “executive officer” of Kaman Corporation
      and in that regard, the Board of Directors has agreed to provide you with
      an employment agreement and change in control agreement in the form that
      has been provided to executive officers other than the
  CEO.

            

    

     

    
      	
              ·  

            	
              You
      will be part of the executive group eligible for cash bonuses in
      accordance with the Company’s policies and procedures. The Bonus Target
      for your position will be 50% of your base salary. The maximum bonus is
      200% of Target and you must be an active employee at the end of each
      fiscal year to be eligible for the bonus. We will provide you with a
      pro-rated 2008 bonus, based on your starting date, paid in February 2009.
      This bonus will be based on Kaman Corporation’s 2008 performance in
      accordance with the Kaman Cash Bonus Plan
  provisions.

            

    

     

    
      	
              ·  

            	
              You
      will participate in the Kaman Long-Term Incentive program that begins in
      January 2009 and has a three-year performance period. This is subject to
      Board of Director approval at the February 2009 meeting, when all the
      participants in this plan are
approved.

            

    

     

     

    
      
         

      

      
         

        
          
 

      

      
         

      

    

     

    Mr.
William C. Denninger

    Page
2

    November
11, 2008

     

     

     

    
      	
              ·  

            	
              The
      Personnel & Compensation Committee has authorized its Chairman to
      approve a Non-qualified Stock Option award for you of 10,000 shares. These
      shares would be granted at 100% of the fair market value at the date they
      are approved by the Chairman or your start date, whichever is later, and
      will vest at the rate of twenty percent (20%) per year, beginning one year
      after the date of the grant.

            

    

     

    
      	
              ·  

            	
              The
      Personnel & Compensation Committee Chairman has also been authorized
      to approve a Restricted Stock Award of 2,500 shares for you on the same
      effective date as the Non-qualified Stock Option award. The restrictions
      on these shares will lapse on the same 20% per year basis, beginning one
      year after the date of the grant.

            

    

     

    
      	
              ·  

            	
              You
      will be eligible for participation in the Kaman Thrift and Retirement Plan
      (401k) after thirty days on the job. The company matches $0.50 for every
      $1.00 of your contribution, up to a maximum employee contribution of 5%,
      subject to regulatory limits.

            

    

     

    
      	
              ·  

            	
              You
      will also be a participant in the Kaman pension plan. Details of this
      important benefit are enclosed. In addition, the Board of Directors has
      approved your participation in the Kaman Supplemental Employees'
      Retirement Plan (SERP). The SERP supplements the pension plan to offset
      the impact of regulatory compensation
limits.

            

    

     

    
      	
              ·  

            	
              As
      a company executive, you will be eligible to participate in the Kaman
      Deferred Compensation Plan. This plan provides an additional opportunity
      to save for retirement on a tax-deferred
basis.

            

    

     

    
      	
              ·  

            	
              The
      Board of Directors has also approved your participation in the Kaman
      perquisite program for senior executives, which will entitle you to
      financial counseling and tax preparation services, in accordance with the
      company's policy.

            

    

     

    
      	
              ·  

            	
              We
      will provide you with an automobile that may have a stipulated cost of up
      to $69,900. We can discuss the details of this once you have started your
      new assignment.

            

    

     

    
      	
              ·  

            	
              You
      will be eligible to participate in the Kaman Medical Expense Reimbursement
      Plan (MERP). This plan will reimburse medical and dental expenses that are
      not fully covered by the Cigna Open Access Plus plan, up to a maximum of
      $5,000. We can discuss the details of this plan once you have
      started.

            

    

     

    
      	
              ·  

            	
              We
      will provide you with a life insurance policy that, once you have
      completed the enrollment process, provides $1,000,000 coverage, subject to
      standard limitations.

            

    

     

    
      	
              ·  

            	
              We
      will make an exception to our vacation policy for you so that you will
      receive three (3) week’s vacation per
year.

            

    

     

     

    
      
         

      

      
         

        
          
 

      

      
         

      

    

     

    Mr.
William C. Denninger

    Page
3

    November
11, 2008

     

     

     

    This
offer is subject to all the standard terms and conditions of employment required
by Kaman of its employees, including management’s periodic evaluation of your
job performance, and is further contingent upon the following:

     

    
      	
              ·  

            	
              Your
      agreement to and execution of the Employment and Change in Control
      Agreements, execution copies of which will be provided to you
      electronically tomorrow;

            

    

     

    
      	
              ·  

            	
              Your
      satisfactory completion of a physical by a Kaman appointed physician or
      medical provider, including your satisfactory completion of a
      pre-employment NIDA-5 drug test;

            

    

     

    
      	
              ·  

            	
              Your
      successful completion of a background investigation and reference checks;
      and

            

    

     

    
      	
              ·  

            	
              Other
      documentation as may be required by the various employment-related plans
      and policies.

            

    

     

    If this
is acceptable to you, Bill, please date and sign one copy of this letter and
return it to me at your earliest convenience.  Upon your acceptance of
this offer, we will be in contact with you to establish the date of your
pre-employment physical examination, including a comprehensive drug test, and
other documentation that may be required by employment policies.

     

    Bill, I
am excited by the prospect of your joining the Kaman team and for us to work
together.  There are many challenges ahead, but I am confident that
you will help us deliver on the full potential of our business.

     

    Sincerely,

     

    
      
        	 
      	 
      	 
      
	 
      	 
      	
                /s/ Neal
      J. Keating

              

      

     

     

    Enclosure

     

    /mao

     

     

    Accepted
and Agreed to this _____day of November, 2008

     

     

    ­________________________________

    William
C. Denningerex10-2.htm

    
      

    

    Exhibit
10.2

    
 

    KAMAN
CORPORATION

     

    CHANGE
IN CONTROL AGREEMENT

     

    THIS
AGREEMENT is made effective as of November 17, 2008 (the “Effective Date”), by
and between Kaman Corporation, a Connecticut corporation (the “Company”), and
William C. Denninger (the “Executive”). 

     

    WHEREAS,
the Company considers it essential to the best interests of its shareholders to
foster the continued employment of key management personnel; and

     

    WHEREAS,
in furtherance of this objective, the Company and Executive have executed an
Employment Agreement of even date herewith; and

     

    WHEREAS,
the Board recognizes that the possibility of a Change in Control exists and that
such possibility, which is not addressed by the Employment Agreement, and the
uncertainty and questions which it may raise among management, may result in the
departure or distraction of key management personnel to the Company's detriment
and that of its shareholders;

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the Company and the Executive hereby agree as follows:

     

    1.    Defined
Terms. Definitions of capitalized terms used in this Agreement are
provided in the last Section of this Agreement.

     

    2.   Term.
This Agreement shall terminate on the fourth anniversary of the Effective Date.
The term of this Agreement shall be automatically extended thereafter for
successive one (1) year periods unless, at least ninety (90) days prior to the
end of the third anniversary of the Effective Date or the then current
succeeding one-year extended term of this Agreement, the Company or Executive
has notified the other that the term hereunder shall expire at the end of the
then-current term. Notwithstanding any such notice, the term of this Agreement
shall not expire before the second anniversary of a Change in Control that
occurs within the term of this Agreement. The initial term of this Agreement, as
it may be extended under this Section 2, is herein referred to as the
“Term.”

     

    3.    Company’s
Covenants Summarized. In order to induce the Executive to remain in the
employ of the Company and in consideration of the Executive’s continued
employment, the Company agrees, under the conditions described herein, to pay
the Executive the Severance Payments and the other payments and benefits
described in this Agreement. Except as provided in Section 5.1 of this
Agreement, no Severance Payments (as defined in Section 5) shall be payable
under this Agreement unless there shall have been a termination of the
Executive’s employment with the Company following a Change in Control. This
Agreement shall not be construed as creating an express or implied contract of
employment and, except as otherwise agreed in writing between the Executive and
the Company, the Executive shall not have any right to be retained in the employ
of the Company.

     

    
      
         

      

      
        1

        
          
 

      

      
         

      

    

     

    4.    Compensation
Other Than Severance Payments.

     

    4.1        If
the Executive’s employment shall be terminated for any reason following a Change
in Control, the Company shall pay the Executive’s full salary to the Executive
through the Date of Termination at the rate in effect immediately prior to the
Date of Termination or, if Section 18(n)(ii) is applicable as an event or
circumstance constituting Good Reason, the rate in effect immediately prior to
such event or circumstance, together with all compensation and benefits payable
to the Executive through the Date of Termination under the terms of the
Company’s compensation and benefit plans, programs or arrangements as in effect
immediately prior to the Date of Termination (or, if more favorable to the
Executive, as in effect immediately prior to the first occurrence of an event or
circumstance constituting Good Reason).  In addition, if the
Executive’s employment is terminated for any reason following a Change in
Control other than (a) by the Company for Cause and (b) by the Executive without
Good Reason, then the Company shall pay a pro-rata portion of the Executive’s
annual bonus for the performance year in which such termination occurs to the
Executive on the later of (x) the date that annual bonuses are generally paid to
other senior executives and (y) the date that is the first business day after
the date that is six months after the Date of Termination.  This
pro-rata bonus shall be determined by multiplying the amount the Executive would
have received based upon actual financial performance through such termination,
as reasonably determined by the Company, by a fraction, the numerator of which
is the number of days during such performance year that the Executive is
employed by the Company and the denominator of which is 365.

     

    4.2    If
the Executive’s employment shall be terminated for any reason following a Change
in Control, the Company shall pay to the Executive the Executive’s normal
post-termination compensation and benefits as such payments become
due.  Such post-termination compensation and benefits shall be
determined under, and paid in accordance with, the Company’s retirement,
insurance and other compensation or benefit plans, programs and arrangements as
in effect immediately prior to the Date of Termination or, if more favorable to
the Executive, as in effect immediately prior to the occurrence of the first
event or circumstance constituting Good Reason.

     

    5.    Severance
Payments.

     

    5.1        If
the Executive’s employment is terminated during the twenty-four (24) month
period immediately following a Change in Control, other than (A) by the Company
for Cause, (B) by reason of death or Disability, or (C) by the Executive without
Good Reason, then the Company shall pay the Executive the amounts, and provide
the Executive the benefits described in this Section 5 (collectively, the
“Severance Payments”) in addition to any payments and benefits to which the
Executive is entitled under Section 4 of this Agreement. The Executive shall
also be entitled to Severance Payments under this Agreement if the Executive’s
employment is terminated without Cause by the Company or by the Executive for
Good Reason at any time beginning on the first day of the 90 day period
immediately prior to the execution of a definitive purchase and sale agreement
that results in such Change in Control and the closing of such Change in
Control.

     

    (a) In
lieu of any further salary payments to the Executive for periods subsequent to
the Date of Termination and in lieu of any severance benefit payable to the
Executive under the Executive’s Employment Agreement with the Company or
otherwise, the Company shall pay to the Executive a lump sum severance payment,
in cash, equal to the sum of (i) two (2) times the Executive’s base salary as in
effect immediately prior to the Date of Termination or, if Section 18(n)(ii) is
applicable as an event or circumstance constituting Good Reason, the rate in
effect immediately prior to such event or circumstance, and (ii) two (2) times
the last annual bonus paid or awarded (to the extent not yet paid) to the
Executive in the previous three years (if any) immediately preceding the Date of
Termination, pursuant to any annual bonus or incentive plan maintained by the
Company.

     

    
      
         

      

      
        2

        
          
 

      

      
         

      

    

     

    (b) For
the twenty-four (24) month period immediately following the Date of Termination,
the Company shall arrange to provide the Executive and his dependents medical,
dental, and accidental death and dismemberment benefits on a monthly basis that
is substantially similar to such benefits as provided to the Executive and his
dependents immediately prior to the Date of Termination or, if more favorable to
the Executive, those provided to the Executive and his dependents immediately
prior to the first occurrence of an event or circumstance constituting Good
Reason, at no greater cost to the Executive than the cost to the Executive
immediately prior to such date or occurrence.  The parties intend that
the first 18 months of continued medical and dental coverage shall not
constitute a “deferral of compensation” under Treas. Reg. Sect. 1.409A-1(b), and
that continued accidental death and dismemberment benefits hereunder shall
qualify as a “limited payment” of an “in kind” benefit under Treas. Reg. Sect.
1.409A-1(b)(9)(v)(C) and (D).  Any portion of the continued medical,
dental and accidental death and dismemberment coverage under this Section 5.1(b)
that is subject to Section 409A is intended to qualify as a “reimbursement or
in-kind benefit plan” under Treas. Reg. Sect. 1.409A-3(i)(1)(iv) . Benefits
otherwise receivable by the Executive pursuant to this Section 5.1(b) shall be
reduced to the extent benefits of the same type are received by or made
available by a subsequent employer to the Executive during the twenty-four (24)
month period following the Date of Termination (and any such benefits received
by or made available to the Executive shall be reported to the Company by the
Executive); provided, however, that the Company shall reimburse the Executive
for the excess, if any, of the cost of such benefits to the Executive over such
cost immediately prior to the Date of Termination or, if more favorable to the
Executive, the first occurrence of an event or circumstance constituting Good
Reason.  Any such reimbursement under this Section 5.1(b) shall be
made promptly in accordance with Company policy, but in any event on or before
the last day of the Executive’s taxable year following the taxable year in which
the expense or cost was incurred.  In no event shall the amount that
the Company pays for any such benefit in any one year affect the amount that it
will pay in any other year and in no event shall the benefits described in this
paragraph be subject to liquidation or exchange.

     

    (c)
Notwithstanding any provision to the contrary in any plan or agreement
maintained by or through the Company pursuant to which the Executive has been
granted restricted stock, stock options, stock appreciation rights or long-term
performance awards, effective on the Date of Termination, (i) all service and
performance based restrictions with respect to any then unvested restricted
stock shall lapse, (ii) all stock appreciation rights and stock options shall be
deemed fully vested and then canceled in exchange for a cash payment equal to
the excess of the fair market value of the shares of Company stock subject to
the stock appreciation right or stock option on the Date of Termination, over
the exercise price(s) of such stock appreciation rights or stock options, and
(iii) all unvested long-term performance awards (an “LTIP Award”) shall be
deemed fully vested and fully earned and then shall be canceled in exchange for
a cash payment equal to 100% of the target value of each such award; provided,
however that, if necessary for such compensation to qualify as
"performance-based compensation" under Section 162(m) of the Code, an unvested
Post January 1, 2009 Award (as defined herein) shall only vest when such award
would otherwise have vested and the actual amount that the Executive shall
receive with respect to any such award will be determined by multiplying the
amount the Executive would have received based upon actual performance for the
entire period by a fraction, the numerator which is the number of days the
Executive remained employed with the Company during such award’s performance
period and the denominator of which is the total number of days during
such  award’s performance period.  For purposes of this
Section 5.1(c), a “Post January 1, 2009 Award” shall mean an LTIP Award intended
to qualify as “performance-based compensation” within the meaning of Section
162(m) of the Code with a performance period beginning after January 1,
2009.

     

    
      
         

      

      
        3

        
          
 

      

      
         

      

    

     

    (d) 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
years of “Credited Service” and “Continuous Service” (as defined in the Kaman
Corporation Amended and Restated Employees’ Pension Plan) when calculating the
Executive’s benefit under Kaman Corporation Post-2004  Supplemental
Employees' Retirement Plan (“SERP”). The enhancement to the SERP provided 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).

     

    (e) If
the Executive would have become entitled to benefits under the Company’s
post-retirement health care plans, as in effect immediately prior to the Date of
Termination or, if more favorable to the Executive, as in effect immediately
prior to the first occurrence of an event or circumstance constituting Good
Reason, had the Executive’s employment terminated at any time during the period
of twenty-four (24) months after the Date of Termination, the Company shall
provide such post-retirement health care benefits to the Executive and the
Executive’s dependents commencing on the later of (i) the date on which such
coverage would have first become available and (ii) the date on which benefits
described in Section 5.1 (b) terminate.

     

    (f) The
Company (i) shall establish an irrevocable grantor trust holding an amount of
assets sufficient to pay all remaining premiums (which trust shall be required
to pay such premiums), under any insurance policy maintained by the Company
insuring the life of the Executive that is in effect and (ii) shall transfer to
the Executive any and all rights and incidents of ownership in such arrangements
at no cost to the Executive. Notwithstanding the foregoing, in no event shall
the Company establish or fund any such rabbi trust in a manner or on terms that
would result in the imposition of any tax, penalty or interest under Section
409A(b)(1) of the Code and in no event shall the Company be obligated to, nor
shall it, fund any such rabbi trust "in connection with a change in the
employer's financial health" within the meaning of Section 409A(b)(2) of the
Code.  In the event that one or more premiums become due and payable
during the six-month period beginning on the Executive’s employment termination,
the Company shall timely notify the Executive so that any such premium payment
can be made by the Executive directly to the insurance carrier.  At
the end of such six-month period, the Company shall reimburse the Executive for
all such premiums paid by the Executive, with interest at the applicable federal
rate under Section 1274 of the Code, determined as of the Date of
Termination.

     

    
      
         

      

      
        4

        
          
 

      

      
         

      

    

     

    (g) The
Company shall provide the Executive with reimbursement for up to Thirty Thousand
Dollars ($30,000) in the aggregate for outplacement services, relocation costs,
or both provided however that reimbursement shall only be provided until the
earlier of the first anniversary of the Date of Termination or the Executive’s
first day of employment with a new employer.  It is intended that
reimbursements under this Section 5.1(g) shall not constitute a “deferral of
compensation” for purposes of Section 409A of the Code pursuant to Treas. Reg.
Sect. 1.409A-1(a)(9)(v)(A) and (C).

     

    (h) The
Executive shall be entitled to the Company automobile provided to the Executive
immediately prior to employment termination under this Section 5.1 at no cost
for a period of six months after employment termination (the “Car Lease
Benefit”).  Notwithstanding the foregoing, the Executive must pay the
Company for the fair market value of the Car Lease Benefit to the extent that
it, when added to the cost of continued accidental death and dismemberment
coverage under Section 5.1(b) during this six month period, exceeds the
applicable dollar amount under Section 402(g)(1)(B) of the Code.  It
is intended that the Car Lease Benefit qualify as a “limited payment” of an “in
kind” benefit under Treas. Reg. Sect. 1.409A-1(a)(9)(v)(C) and
(D).  The Company shall continue to maintain an insurance policy that
will cover the Executive’s use during the period of the Car Lease
Benefit.

     

    (i) On
the first business day following expiration of the Car Lease Benefit, the
Company shall transfer all of its then current rights to the Company automobile
described in Section 5.1(h) above to the Executive.

     

    (j) The
Executive acknowledges that the Car Lease Benefit (less payments by the
Executive, if any) and the Company’s transfer of its rights to the Company
automobile to the Executive will constitute taxable compensation reportable by
the Company on IRS Form W-2.

     

    5.2    Section
4999 Excise Tax.

     

    (a) If
any payments, rights or benefits (whether pursuant to the terms of this
Agreement or any other plan, arrangement or agreement of Executive with the
Company or with any person affiliated with the Company and whether or not the
Executive’s employment has then terminated (the “Payments”)) received or to be
received by Executive will be subject to the tax (the “Excise Tax”) imposed by
Section 4999 of the Code (or any similar tax that may hereafter be imposed),
then, except as set forth in Section 5.2(b) below, the Company shall pay to
Executive an amount in addition to the Payments (the “Gross-Up Payment”) as
calculated below. The Gross-Up Payment shall be in an amount such that, after
deduction of any Excise Tax on the Payments and any federal, state and local
income and employment tax and Excise Tax on the Gross-Up Payment, but before
deduction for any federal, state or local income and employment tax on the
Payments, the net amount retained by the Executive shall be equal to the
Payments.

     

    
      
         

      

      
        5

        
          
 

      

      
         

      

    

     

    (b)
 Notwithstanding
anything in this Agreement to the contrary, if the amount of Payments that will
be subject to the Excise Tax does not exceed the amount of Payments that
Executive could receive without having any Payments become subject to the Excise
Tax by at least $100,000, then
Executive’s taxable cash-based benefits under this Agreement will first be
reduced in the order selected by Executive, and then, if necessary, Executive’s
equity-based compensation (based on the value of such equity-based compensation
as a “parachute payment” as defined in Treasury Regulations promulgated under
Section 280G of the Code and IRS revenue rulings, revenue procedures and other
official guidance) shall be reduced in the order selected by Executive, and then
any other Payments shall be reduced as reasonably determined by the Company, to
the extent necessary to avoid imposition of the Excise Tax. If Executive does
not select the amount to be reduced within the time prescribed by the Company,
the reductions specified herein shall be made by the Company in its sole
discretion from such compensation as it shall determine. Any amount so reduced
shall be irrevocably forfeited and Executive shall have no further rights to
receive it.

     

    (c) The
process for calculating the Excise Tax, determining the amount of any Gross-Up
Payment and other procedures relating to this Section 5.2 are set forth in
Appendix A attached hereto. For purposes of making the determinations and
calculations required herein, the Consultant may rely on reasonable, good faith
interpretations concerning the application of Section 280G and 4999 of the Code,
provided that the Consultant shall make such determinations and calculations on
the basis of “substantial authority” (within the meaning of Section 6662 of the
Code) and shall provide opinions to that effect to both the Company and
Executive.

     

    5.3    The
Company also shall reimburse the Executive for legal fees and expenses incurred
by the Executive in disputing in good faith any issue hereunder relating to the
termination of the Executive’s employment or in seeking in good faith to obtain
or enforce any benefit or right provided by this Agreement. Such payments shall
be made within ten (10) business days after delivery of the Executive’s written
request for payment accompanied with such evidence of fees and expenses incurred
as the Company reasonably may require.

     

     

    5.4    The
Company shall pay the cash amounts described in subsections (a) and (c)(iii) of
Section 5.1 and shall provide the benefits described in Section 5.1(f) and (i)
to the Executive on the first business day after the date that is six months
following the Date of Termination; provided, however, that in the case of a Post
January 1, 2009 Award under Section 5.1(c)(iii), the date for payment shall be
the later of (a) the date that such award is generally paid to other senior
executives and (b) the date that is the first business day after the date that
is six months after the Date of Termination.  The cash amounts
described in subsections (a) and (c)(iii) of Section 5 shall be paid with
interest at the applicable federal rate under Section 1274 of the Code,
determined as of the Date of Termination.  In addition, to the extent
that payment of the pro-rata portion of the annual bonus provided for in Section
4.1 is delayed until the date that it is the first business day after the date
that is six months following the Date of Termination as described above, the
pro-rata bonus payment shall be credited with interest at the short-term
applicable federal rate under Section 1274 of the Code, determined as of March
15th of the year following such termination, from such March 15th to the date
that payment is made to the Executive hereunder. If payments are not made in the
time frame required by this subsection, interest on the unpaid amounts will
accrue at 120% of the rate provided in Section 1274(b)(2)(B) of the Code,
determined as of the first day following the time frame provided for herein,
until the date such payments are actually made. At the time that payments are
made under this Agreement, the Company shall provide the Executive with a
written statement setting forth the manner in which such payments were
calculated and the basis for such calculations including, without limitation,
any opinions or other advice the Company has received from the Consultant or
other advisors (and any such opinions or advice which are in writing shall be
attached to the statement).

     

    
      
         

      

      
        6

        
          
 

      

      
         

      

    

     

    5.5    Coordination
with Employment Agreement.

     

    Severance
Payments made under this Section 5 shall be in lieu of any severance benefit
payable to the Executive under the Executive’s Employment Agreement with the
Company or otherwise.

     

    6    Termination
Procedures and Compensation During Dispute.

     

    6.1    Notice
of Termination. After a Change in Control, any purported
termination of the Executive’s employment (other than by reason of death) shall
be communicated by written Notice of Termination from one party hereto to the
other party hereto in accordance with Section 9 of this Agreement. For purposes
of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon and
shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the
provision so indicated. Further, a Notice of Termination for Cause is required
to include a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters (3/4) of the entire membership of the Board at a
meeting of the Board which was called and held for the purpose of considering
such termination (after reasonable notice to the Executive and an opportunity
for the Executive, together with the Executive’s counsel, to be heard before the
Board) finding that, in the good faith opinion of the Board, the Executive was
guilty of conduct set forth in clause (i) or (ii) of the definition of Cause
herein, and specifying the particulars thereof in detail

     

    6.2    Date
of Termination. “Date of Termination,” with respect to any
purported termination of the Executive’s employment after a Change in Control,
shall mean (i) if the Executive’s employment is terminated for Disability,
thirty (30) days after Notice of Termination is given (provided that the
Executive shall not have returned to the full-time performance of the
Executive’s duties during such thirty (30) day period), and (ii) if the
Executive’s employment is terminated for any other reason, the date specified in
the Notice of Termination (which, in the case of a termination by the Company,
shall not be less than thirty (30) days (except in the case of a termination for
Cause) and, in the case of a termination by the Executive, shall not be less
than fifteen (15) days nor more than sixty (60) days, respectively, from the
date such Notice of Termination is given).  For purposes of
determining the date on which to make the severance payments described under
Section 5.4, a “Date of Termination” shall only occur upon the Executive’s
“separation from service” within the meaning of Section 409A of the Code and as
determined after applying the presumptions set forth in Treas. Reg. Section
1.409A-1(h)(1).

     

    
      
         

      

      
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    6.3     Dispute
Concerning Termination. If within fifteen (15) days after any Notice of
Termination is given, or, if later, prior to the Date of Termination (as
determined without regard to this Section 6.3), the party receiving such Notice
of Termination notifies the other party that a dispute exists concerning the
termination, the Date of Termination shall be extended until the date on which
the dispute is finally resolved, either by mutual written agreement of the
parties or by a final judgment, order or decree of an arbitrator or a court of
competent jurisdiction (which is not appealable or with respect to which the
time for appeal therefrom has expired and no appeal has been perfected);
provided, however, that the Date of Termination shall be extended by a notice of
dispute given by the Executive only if such notice is given in good faith and
the Executive pursues the resolution of such dispute with reasonable
diligence.

     

    6.4    Compensation
During Dispute. If a purported termination occurs following a
Change in Control and the Date of Termination is extended in accordance with
Section 6.3 of this Agreement, the Company shall continue to pay the Executive
the full compensation in effect when the notice giving rise to the dispute was
given (including, but not limited to, salary) and continue the Executive as a
participant in all compensation, benefit and insurance plans in which the
Executive was participating when the notice giving rise to the dispute was
given, until the Date of Termination, as determined in accordance with Section
6.3 of this Agreement. Amounts paid under this Section 6.4 are in addition to
all other amounts due under this Agreement (other than those due under Section
4.1 of this Agreement) and shall not be offset against or reduce any other
amounts due under this Agreement. Notwithstanding anything to the contrary in
Section 6.3 and 6.4, if the Company, after delivery of a Notice of Termination,
promptly (and in any event within 30 days) determines that grounds existed prior
to the delivery of the Notice of Termination to terminate the Executive’s
employment for Cause after complying with the procedural requirements of this
Agreement, the Company shall have the right to recover any payments that have
been made to the Executive or on the Executive’s behalf under this Agreement
including but not limited to offset against or reduction of any amounts due
under this Agreement or otherwise.

     

    7.     No
Mitigation. The Company agrees that under this Agreement, if the
Executive’s employment with the Company terminates, the Executive is not
required to seek other employment or to attempt in any way to reduce any amounts
payable to the Executive by the Company pursuant to Section 5 of this Agreement
or Section 6.4 of this Agreement. Further, the amount of any payment or benefit
provided for in this Agreement (other than as specifically provided in Section
5.1(b) of this Agreement) shall not be reduced by any compensation earned by the
Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by the Executive to
the Company, or otherwise.

     

    8.    Successors;
Binding Agreement.

     

    8.1    In
addition to any obligations imposed by law upon any successor to the Company,
the Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this
Agreement in accordance with its terms.

     

    8.2    This
Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Executive shall die while any amount
would still be payable to the Executive hereunder (other than amounts which, by
their terms, terminate upon the death of the Executive) if the Executive had
continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive’s estate.

     

    
      
         

      

      
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    9.    Notice.
For the purpose of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given (a) on the date of delivery if delivered by hand, (b) on the date of
transmission, if delivered by confirmed facsimile, (c) on the first business day
following the date of deposit if delivered by guaranteed overnight delivery
service, or (d) on the fourth business day following the date delivered or
mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

     

    If to the
Executive: at the address (or to the facsimile number) shown on the records of
the Company.

     

    
      If to the
Company:   Kaman
Corporation

    

    1332 Blue
Hills Avenue, P.O. Box 1

    Bloomfield,
CT 06002

    Attention:
Candace A. Clark, Esq.

    Facsimile
No.: 860 243-7397

     

    or to
such other address as either party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

     

    10.    Obligations
after the Date of Termination.

     

    (a) Confidentiality.
The Executive agrees that the Executive shall not, directly or indirectly, use,
make available, sell, disclose or otherwise communicate to any person, other
than in the course of the Executive’s employment and for the benefit of the
Company, at any time following the Date of Termination, any nonpublic,
proprietary or confidential information, knowledge or data relating to the
Company, any of its subsidiaries, affiliated companies or businesses, which
shall have been obtained by the Executive during the Executive’s employment by
the Company. The foregoing shall not apply to information that (i) was known to
the public prior to its disclosure to the Executive; (ii) becomes known to the
public subsequent to disclosure to the Executive through no wrongful act of the
Executive or any representative of the Executive; or (iii) the Executive is
required to disclose by applicable law, regulation or legal process (provided
that the Executive provides the Company with prior notice of the contemplated
disclosure and reasonably cooperates with the Company at its expense in seeking
a protective order or other appropriate protection of such information).
Notwithstanding clauses (i) and (ii) of the preceding sentence, the Executive’s
obligation to maintain such disclosed information in confidence shall not
terminate where only portions of the information are in the public
domain.

     

    (b)
 Non-Solicitation.
In the event that the Executive receives Severance Payments under Section 5 of
this Agreement, the Executive agrees that for the two (2) year period following
the Date of Termination, the Executive will not, directly or indirectly,
individually or on behalf of any other person, firm, corporation or other
entity, knowingly solicit, aid or induce any managerial level employee of the
Company or any of its subsidiaries or affiliates to leave such employment in
order to accept employment with or render services to or with any other person,
firm, corporation or other entity unaffiliated with the Company or knowingly
take any action to materially assist or aid any other person, firm, corporation
or other entity in identifying or hiring any such employee (provided, that the
foregoing shall not be violated by general advertising not targeted at Company
employees nor by serving as a reference for an employee with regard to an entity
with which the Executive is not affiliated).  For the avoidance of
doubt, if a managerial level employee on his or her own initiative contacts the
Executive for the primary purpose of securing alternative employment, any action
taken by the Executive thereafter shall not be deemed a breach of this Section
10(b).

     

    
      
         

      

      
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    (c)
 Non-Competition.
The Executive acknowledges that the Executive performs services of a unique
nature for the Company that are irreplaceable, and that the Executive’s
performance of such services to a competing business will result in irreparable
harm to the Company. Accordingly, in the event that the Executive receives
Severance Payments described in Section 5 of this Agreement, the Executive
agrees that for a period of two (2) years following the Date of Termination, the
Executive will not, directly or indirectly, become connected with, promote the
interest of, or engage in any other business or activity competing with the
business of the Company within the geographical area in which the business of
the Company is conducted.

     

    (d)
Non-Disparagement. Each of the Executive and the Company (for purposes
hereof, “the Company” shall mean only (i) the Company by press release or
otherwise and (ii) the executive officers and directors thereof and not any
other employees) agrees not to make any public statements that disparage the
other party, or in the case of the Company, its respective affiliates, officers,
directors, products or services. Notwithstanding the foregoing, statements made
in the course of sworn testimony in administrative, judicial or arbitral
proceedings (including, without limitation, depositions in connection with such
proceedings) or otherwise as required by law shall not be subject to this
Section 10(d).

     

    (e) Return
of Company Property and Records. The Executive agrees that upon
termination of the Executive’s employment, for any cause whatsoever, the
Executive will surrender to the Company in good condition (reasonable wear and
tear excepted) all property and equipment belonging to the Company and all
records kept by the Executive containing the names, addresses or any other
information with regard to customers or customer contacts of the Company, or
concerning any proprietary or confidential information of the Company or any
operational, financial or other documents given to the Executive during the
Executive’s employment with the Company.

     

    (f) Cooperation.
The Executive agrees that, following termination of the Executive’s employment
for any reason, the Executive shall upon reasonable advance notice, and to the
extent it does not interfere with previously scheduled travel plans and does not
unreasonably interfere with other business activities or employment obligations,
assist and cooperate with the Company with regard to any matter or project in
which the Executive was involved during the Executive’s employment, including
any litigation. The Company shall compensate the Executive for any lost wages
(or, if the Executive is not then employed, provide reasonable compensation as
determined by the Compensation Committee) and expenses associated with such
cooperation and assistance.

     

    
      
         

      

      
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    (g) Assignment
of Inventions. The Executive will promptly communicate and disclose in
writing to the Company all inventions and developments including software,
whether patentable or not, as well as patents and patent applications
(hereinafter collectively called “Inventions”), made, conceived, developed, or
purchased by the Executive, or under which the Executive acquires the right to
grant licenses or to become licensed, alone or jointly with others, which have
arisen or jointly with others, which have arisen or which arise out of the
Executive’s employment with the Company, or relate to any matters directly
pertaining to the business of the Company or any of its subsidiaries. Included
herein as if developed during the employment period is any specialized equipment
and software developed for use in the business of the Company. All of the
Executive’s right, title and interest in, to, and under all such Inventions,
licenses, and right to grant licenses shall be the sole property of the Company.
As to all such Inventions, the Executive will, upon request of the Company
execute all documents which the Company deems necessary or proper to enable it
to establish title to such Inventions or other rights, and to enable it to file
and prosecute applications for letters patent of the United States and any
foreign country; and do all things (including the giving of evidence in suits
and other proceedings) which the Company deems necessary or proper to obtain,
maintain, or assert patents for any and all such Inventions or to assert its
rights in any Inventions not patented.

     

    (h) Equitable
Relief and Other Remedies. The parties acknowledge and agree that the
other party’s remedies at law for a breach or threatened breach of any of the
provisions of this Section would be inadequate and, in recognition of this fact,
the parties agree that, in the event of such a breach or threatened breach, in
addition to any remedies at law, the other party, without posting any bond,
shall be entitled to obtain equitable relief in the form of specific
performance, temporary restraining order, a temporary or permanent injunction or
any other equitable remedy which may then be available.

     

    (i) Reformation.
If it is determined by a court of competent jurisdiction in any state that any
restriction in this Section 10 is excessive in duration or scope or is
unreasonable or unenforceable under the laws of that state, it is the intention
of the parties that such restriction may be modified or amended by the court to
render it enforceable to the maximum extent permitted by the law of that
state.

     

    (j) Survival
of Provisions. The obligations contained in this Section 10 shall survive
the termination or expiration of the Executive’s employment with the Company and
shall be fully enforceable thereafter.

     

    11.     Conditions.
Any payments or benefits made or provided pursuant to this Agreement are subject
to the Executive’s:

     

    (a)
compliance with the provisions of Section 10 hereof;

     

    (b)
delivery to the Company of an executed Agreement and General Release (the
“General Release”), which shall be substantially in the form attached hereto as
Appendix B (with such changes therein or additions thereto as needed under then
applicable law to give effect to its intent and purpose) within 21 days of
presentation thereof by the Company to the Executive (which presentation shall
be made by the Company no later than two (2) business days following the Date of
Termination); and

     

    
      
         

      

      
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    (c)
delivery to the Company of a resignation from all offices, directorships and
fiduciary positions with the Company, its affiliates and employee benefit plans
with the General Release.

     

    If the
Executive fails to return an executed General Release to the Company within such
21 day period, or the Executive subsequently revokes such timely release, the
Company shall not have any obligation to pay any amounts or benefits under
Section 5 of this Agreement. The
Executive shall provide the General Release in the same manner as providing
written notice to the Company under Section 9 above.

     

    12.    Miscellaneous.
No provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing and signed by the
Executive and the President of the Company or his designee. No waiver by either
party hereto at any time of any breach by the other party hereto of, or of any
lack of compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. The
validity, interpretation, construction and performance of this Agreement shall
be governed by the laws of Connecticut without regard to its conflicts of law
principles. Any payments provided for hereunder shall be paid net of any
applicable withholding required under federal, state or local law and any
additional withholding to which the Executive has agreed. The obligations of the
Company and the Executive under this Agreement which by their nature may require
either partial or total performance after its expiration shall survive any such
expiration.

     

    13.    Validity;
Counterparts. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect. This Agreement
may be executed in several counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same
instrument.

     

    14.    Prior
Agreements. This Agreement supersedes and replaces the Prior Agreement.
This Agreement supersedes any other agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof which
have been made by either party. By signing this Agreement, the Executive
releases and discharges the Company from any and all obligations and liabilities
heretofore or now existing under or by virtue of the Prior
Agreement.

     

    15.    Coordination
with Employment Agreement. In the event that the Executive receives
compensation or benefits under the Executive’s Employment Agreement and
thereafter becomes entitled to similar compensation or benefits under this
Agreement, the compensation and benefits paid or provided under the Employment
Agreement shall be an offset against the similar compensation and benefits
payable or to be provided under this Agreement

     

    16.    Settlement
of Disputes. All claims by the Executive for benefits under this
Agreement shall be directed to and determined by the Board and shall be in
writing. Any denial by the Board of a claim for benefits under this Agreement
shall be delivered to the Executive in writing and shall set forth the specific
reasons for the denial and the specific provisions of this Agreement relied
upon. The Board shall afford a reasonable opportunity to the Executive for a
review of the decision denying a claim and shall further allow the Executive to
appeal to the Board a decision of the Board within sixty (60) days after
notification by the Board that the Executive’s claim has been
denied.

     

    
      
         

      

      
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    17.    Arbitration.
Any further dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in Hartford, Connecticut,
in accordance with the rules of the American Arbitration Association then in
effect; provided, however, that the evidentiary standards set forth in this
Agreement shall apply. Judgment may be entered on the arbitrator’s award in any
court having jurisdiction. Notwithstanding any provision of this Agreement to
the contrary, the Executive shall be entitled to seek specific performance of
the Executive’s right to be paid until the Date of Termination during the
pendency of any dispute or controversy arising under or in connection with this
Agreement.

     

    18.    Definitions.
For purposes of this Agreement, the following terms shall have the meanings
indicated below:

     

    (a) “Affiliate”
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of
the Exchange Act.

     

    (b)
“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the
Exchange Act.

     

    (c)
“Board” shall mean the Board of Directors of the Company.

     

    (d) “Cause”
for termination by the Company of the Executive’s employment shall mean (i) the
willful and continued failure by the Executive to substantially perform the
Executive’s duties with the Company (other than any such failure resulting from
the Executive’s incapacity due to physical or mental illness or any such actual
or anticipated failure after the issuance of a Notice of Termination for Good
Reason by the Executive pursuant to Section 6.1 of this Agreement) after a
written demand for substantial performance is delivered to the Executive by the
Board, which demand specifically identifies the manner in which the Board
believes that the Executive has not substantially performed the Executive’s
duties, or (ii) the willful engaging by the Executive in conduct which is
demonstrably and materially injurious to the Company or its subsidiaries,
monetarily or otherwise. For purposes of clauses (i) and (ii) of this
definition, (x) no act, or failure to act, on the Executive’s part shall be
deemed “willful” unless done, or omitted to be done, by the Executive not in
good faith and without reasonable belief that the Executive’s act, or failure to
act, was in the best interest of the Company and (y) in the event of a dispute
concerning the application of this provision, no claim by the Company that Cause
exists shall be given effect unless the Company establishes to the Board by
clear and convincing evidence that Cause exists. Notwithstanding the foregoing,
Cause shall not include any act or omission of which the Audit Committee of the
Board (or the full Board) has had actual knowledge of all material facts related
thereto for at least 90 days without asserting that the act or omission
constitutes Cause.

     

    (e)
“Change in Control” for purposes of this Agreement shall mean any of the
following events, provided that such an event is not also a Management
Buyout:

     

    
      
         

      

      
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    (i)
any
Person is or becomes the Beneficial Owner directly or indirectly, of securities
of the Company representing thirty-five (35%) or more of the combined voting
power of the Company’s then outstanding voting securities generally entitled to
vote in the election of directors of the Company; provided, however, that no
Change in Control will be deemed to have occurred as a result of a change in
ownership percentage resulting solely from an acquisition of securities by the
Company or a transaction described in clause (A) of paragraph (III)
below;

     

    (ii)
during any period of two consecutive years, individuals who, as of the beginning
of such period, constitute the Board (the “Incumbent Board”) cease to constitute
at least a majority of the Board; provided, that any person becoming a director
of the Company subsequent to the beginning of such period whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of either an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of
directors of the Company and whose appointment or election was not approved by
at least a majority of the directors of the Company in office immediately before
any such contest;

     

    (iii) there is
consummated a Merger of the Company with any other business entity, other than
(A) a Merger which would result in the securities of the Company generally
entitled to vote in the election of directors of the Company outstanding
immediately prior to such Merger continuing to represent (either by remaining
outstanding or by being converted into such securities of the surviving entity
or any parent thereof), in combination with the ownership of any trustee or
other fiduciary holding such securities under an employee benefit plan of the
Company or any Subsidiary, at least 50% of the combined voting power of the
voting securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such Merger, generally entitled to vote in the
election of directors of the Company or such surviving entity or any parent
thereof and, in the case of such surviving entity or any parent thereof, of a
class registered under Section 12 of the Exchange Act, or (B) a Merger effected
to implement a recapitalization of the Company (or similar transaction) in which
no Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company representing 35% or more of the combined voting power
of the Company’s then outstanding voting securities generally entitled to vote
in the election of directors of the Company; or

     

    (iv) the
stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated the sale or disposition by
the Company of all or substantially all of the Company’s assets, other than a
sale or disposition by the Company of all or substantially all of the Company’s
assets to an entity where the outstanding securities generally entitled to vote
in the election of directors of the Company immediately prior to the transaction
continue to represent (either by remaining outstanding or by being converted
into such securities of the surviving entity or any parent thereof) 50% or more
of the combined voting power of the outstanding voting securities of such entity
generally entitled to vote in such entity’s election of directors immediately
after such sale and of a class registered under Section 12 of the Exchange
Act.

     

    
      
         

      

      
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    Within
five (5) days after a Change in Control has occurred, the Company shall deliver
to the Executive a written statement memorializing the date that the Change in
Control occurred.

     

    (f) “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and
any successor Code, and related rules, regulations and
interpretations.

     

    (g)
“Company” shall mean Kaman Corporation and, except in determining under Section
18(e) hereof whether or not any Change in Control of the Company has occurred,
shall include any successor to its business and/or assets.

     

    (h)
“Consultant” shall have the meaning set forth in Appendix A of this
Agreement.

     

    (i) “Date
of Termination” shall have the meaning set forth in Section 6.2 of this
Agreement.

     

    (j) “Disability”
shall be deemed the reason for the termination by the Company of the Executive’s
employment, if, as a result of the Executive’s incapacity due to physical or
mental illness, the Executive shall have been absent from the full-time
performance of the Executive’s duties with the Company for a period of six (6)
consecutive months, the Company shall have given the Executive a Notice of
Termination for Disability, and, within thirty (30) days after such Notice of
Termination is given, the Executive shall not have returned to the full-time
performance of the Executive’s duties.

     

    (k)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from
time to time.

     

    (l)
“Excise Tax” shall mean any excise tax imposed under Section 4999 of the
Code.

     

    (m)
“Executive”
shall mean the individual named in the preamble to this
Agreement

     

    (n) “Good
Reason” for termination by the Executive of the Executive’s employment shall
mean the occurrence (without the Executive’s express written consent) after any
Change in Control (if more than one Change in Control has occurred, any
reference to a Change in Control in this subsection (n) shall refer to the most
recent Change in Control), of any one of the following acts by the Company, or
failures by the Company to act, unless, in the case of any act or failure to act
described in paragraph (i), (v), (vi), or (vii) below, such act or failure to
act is corrected prior to the Date of Termination specified in the Notice of
Termination given in respect thereof:

     

    (i) the
assignment to the Executive of any duties inconsistent with the Executive’s
status as Senior Vice President-Finance (in the event that a Change in Control
occurs prior to the retirement of Robert M. Garneau as Chief Financial Officer)
or Senior Vice President and Chief Financial Officer (in the event that a Change
in Control occurs on or after the retirement of Robert M. Garneau as Chief
Financial Officer), as the case may be, of the Company or a substantial
diminution in the nature or status of the Executive’s responsibilities from
those in effect immediately prior to the Change in Control;

     

    
      
         

      

      
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    (ii) a
reduction by the Company in the Executive’s annual Base Salary as in effect on
the date of this Agreement or as the same may be increased from time to
time;

     

    (iii) the
relocation of the Executive’s principal place of employment to a location more
than 50 miles from the Executive’s principal place of employment immediately
prior to the Change in Control or the Company’s requiring the Executive to be
based anywhere other than such principal place of employment (or permitted
relocation thereof) except for required travel on the Company’s business to an
extent substantially consistent with the Executive’s business travel obligations
immediately prior to the Change in Control;

     

    (iv) the
failure by the Company to pay to the Executive any portion of the Executive’s
current compensation, or to pay to the Executive any portion of an installment
of deferred compensation under any deferred compensation program of the Company,
within thirty (30) days of the date such compensation is due;

     

    (v) the
failure by the Company to continue in effect any compensation plan in which the
Executive participates immediately prior to the Change in Control which is
material to the Executive’s total compensation (including, but not limited to,
the Kaman Corporation Compensation Administration Plan, Kaman Corporation Cash
Bonus Plan, and Kaman Corporation 2003 Stock Incentive Plan), unless an
equitable arrangement (embodied in an ongoing substitute or alternative plan)
has been made with respect to such plan, or the failure by the Company to
continue the Executive’s participation therein (or in such substitute or
alternative plan) on a basis not materially less favorable, both in terms of the
amount or timing of payment of benefits provided and the level of the
Executive’s participation relative to other participants, as existed immediately
prior to the Change in Control;

     

    (vi) the
failure by the Company to continue to provide the Executive with benefits
substantially similar to those enjoyed by the Executive under any of the
Company’s life insurance, health and accident, or disability plans in which the
Executive was participating immediately prior to the Change in Control, the
taking of any other action by the Company which would directly or indirectly
materially reduce any of such benefits or deprive the Executive of any material
fringe benefit enjoyed by the Executive at the time of the Change in Control, or
the failure by the Company to provide the Executive with the number of paid
vacation days to which the Executive is entitled on the basis of years of
service with the Company in accordance with the Company’s normal vacation policy
in effect at the time of the Change in Control, provided, however, that this
paragraph shall not be construed to require the Company to provide the Executive
with a defined benefit pension plan if no such plan is provided to similarly
situated executive officers of the Company or its Affiliates; 

     

    (vii) any
purported termination of the Executive’s employment which is not effected
pursuant to a Notice of Termination satisfying the requirements of Section 6.1
of this Agreement; for purposes of this Agreement, no such purported termination
shall be effective; or

     

    
      
         

      

      
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    (viii)
the failure of any successor to Company (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to expressly assume and agree to perform
this Agreement in accordance with its terms prior to the effectiveness of any
such succession.

     

    The
Executive’s right to terminate the Executive’s employment for Good Reason shall
not be affected by the Executive’s incapacity due to physical or mental illness.
The Executive’s continued employment shall not constitute consent to, or a
waiver of rights with respect to, any act or failure to act constituting Good
Reason hereunder.

     

    Notwithstanding
anything to the contrary above, the Executive shall not have “Good Reason” to
terminate employment due solely to one or more of the following events: (1)
there is a diminution of the business of the Company or any of its subsidiaries,
including, without limitation, a sale or other transfer of property or other
assets of the Company or its subsidiaries, or a reduction in the Executive’s
business unit’s head count or budget, or (2) a suspension of the Executive’s
position, job functions, authorities, duties and responsibilities while on paid
administrative leave due to a reasonable belief by the Board that the Executive
has engaged in conduct that would give adequate grounds to terminate the
Executive’s employment for Cause.

     

    (o)
“Gross-Up
Payment” shall have the meaning set forth in Section 5.2 of this
Agreement.

     

    (p)
“Management Buyout” means any event or transaction which would otherwise
constitute a Change in Control (a “Transaction”) if, in connection with the
Transaction, the Executive, members of the Executive’s immediate family, and/or
the “Executive’s Affiliates” (as defined below) participate, directly or
beneficially, as an equity investor in, or have the option or right to acquire,
whether or not vested, equity interests of, the acquiring entity or any of its
Affiliates (the “Acquiror”) having a percentage interest therein greater than
1%. For purposes of the preceding sentence, a party shall not be deemed to have
participated as an equity investor in the Acquiror by virtue of (i) obtaining
beneficial ownership of any equity interest in the Acquiror as a result of the
grant to the party of an incentive compensation award under one or more
incentive plans of the Acquiror (including, but not limited to, the conversion
in connection with the Transaction of incentive compensation awards of the
Company into incentive compensation awards of the Acquiror), on terms and
conditions substantially equivalent to those applicable to other employees of
the Company at a comparable level as such party immediately prior to the
Transaction, after taking into account normal differences attributable to job
responsibilities, title and the like, or (ii) obtaining beneficial ownership of
any equity interest in the Acquiror on terms and conditions substantially
equivalent to those obtained in the Transaction by all other shareholders of the
Company or (iii) the party’s interests in any tax-qualified defined benefit or
defined contribution pension or retirement plan in which such party or any
family member is a participant or beneficiary. The “Executive’s Affiliates” at
any time consist of any entity in which the Executive and/or members of the
Executive’s immediate family then own, directly or beneficially, or have the
option or right to acquire, whether or not vested, greater than 10% of such
entity’s equity interests, and all then current directors and executive officers
of the Company who are members of any group, that also includes the Executive, a
member of the Executive’s immediate family and/or any such entity, in which the
members have agreed to act together for the purpose of participating in the
Transaction. The Executive’s immediate family consists of the Executive’s
spouse, parents, children and grandchildren.

     

    
      
         

      

      
        17

        
          
 

      

      
         

      

    

     

    (q) “Merger”
means a merger, share exchange, consolidation or similar business combination
under applicable law.

     

    (r) “Notice
of Termination” shall have the meaning set forth in Section 6.1 of this
Agreement.

     

    (s)
“Payments” shall have the meaning set forth in Section 5.1 of this
Agreement.

     

    (t)
“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof, except that such term
shall not include (i) the Company or any of its direct or indirect Subsidiaries,
(ii) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (iv) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the
same proportions and with substantially the same voting rights as their
ownership and voting rights with respect to the Company.

     

    (u)
“Subsidiary” shall mean any corporation within the meaning of Section 424(f) of
the Code.

     

    (v)
“Term” shall mean the period of time described in Section 2 of this
Agreement.

     

    19.    Payment
of Compensation. The parties intend that the benefits and payments
provided under this Agreement shall be exempt from, or comply with, the
requirements of Section 409A of the Code.  Reference to paying an
annual bonus at the same time as paid to other senior executives shall mean that
the payment date is to be determined under the terms of the Company’s annual
bonus plan or program then in effect.  Notwithstanding the foregoing,
the Company shall in no event be obligated to indemnify the Executive for any
taxes or interest that may be assessed by the IRS pursuant to Section 409A of
the Code.

     

     

     

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
         

      

      
        18

        
          
 

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the parties have executed this agreement.

     

    

      
        	 
      Kaman
      Corporation	 
      
	 	 	 	 
	 
      	 
      	 
      	 
      
	 
      	
                /s/ Neal
      J. Keating

              	 
      	 
      11/13/08
	
                By:

              	
                Neal
      J. Keating

              	 
      	
                Date

              
	
                Its:

              	
                President
      and Chief Executive Officer

              	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                EXECUTIVE

              	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	/s/
      William C. Denninger	 
      	 
      11/12/08
	 
      	 
      	 
      	
                Date

              
	 
      	 
      	 
      	 
      
	 
      	
                William
      C. Denninger

              	 
      	 
      

      

    
      
         

      

      
        19

        
          
 

      

      
         

      

    

    APPENDIX
A

     

    TAX
GROSS-UP PAYMENT RULES AND PROCEDURES

     

    1.           Subject
to Paragraph 3 below, all determinations required to be made under Section 5.2
of this Agreement, including whether a Gross-Up Payment is required and the
amount of such Gross-Up Payment, shall be made by an accounting firm (the
“Consultant”) selected in accordance with Paragraph 2 below. The Consultant
shall provide detailed supporting calculations both to the Company and Executive
within 15 business days of the event that results in the potential for an excise
tax liability for the Executive, which could include but is not limited to a
Change in Control and the subsequent vesting of any cash payments or awards, or
the Executive’s termination of employment, or such earlier time as is required
by the Company. The initial Gross-Up Payment, if any, as determined pursuant to
this Paragraph 1, shall be paid on the Executive’s behalf to the applicable
taxing authorities within five (5) days of the receipt of the Consultant’s
determination, but in no event later than the end of the calendar year next
following the calendar year in which the related taxes are remitted to the
applicable taxing authorities.  If the Consultant determines that the
Executive is not subject to Excise Tax, it shall furnish the Executive with a
written report indicating that he has substantial authority not to report any
Excise Tax on his federal income tax return. Any determination by the Consultant
shall be binding upon the Company and Executive. As a result of the uncertainty
in the application of Section 4999 of the Code at the time of the initial
determination by the Consultant hereunder, it is possible that Gross-Up Payments
which will not have been made by the Company should have been made
(“Underpayment”), consistent with the calculations required to be made
hereunder. In the event that the Company exhausts its remedies pursuant to
Paragraph 3 below and Executive thereafter is required to make a payment or
additional payment of any Excise Tax, the Consultant shall determine the amount
of the Underpayment that has occurred and any such Underpayment, increased by
all applicable interest and penalties associated with the Underpayment, shall be
promptly paid by the Company to or for the benefit of Executive. For purposes of
determining the amount of the Gross-Up Payment, Executive shall be deemed to pay
federal income tax at the highest marginal rate of federal income taxation in
the calendar year in which the Gross-Up Payment is to be made and state and
local income taxes on earned income at the highest marginal rate of taxation in
the state and locality of Executive’s residence on the Date of Termination, (or
the date of the Change in Control if the Executive is subject to Excise Tax
prior to the issuance of a Notice of Termination) net of the maximum reduction
in federal income taxes which could be obtained from deduction of such state and
local taxes.

     

    2.           The
Consultant shall be a nationally recognized public accounting firm, benefits
consultant or law firm proposed by the Company and agreed upon by the Executive.
If Executive and the Company cannot agree on the firm to serve as the Consultant
within ten (10) days after the date on which the Company proposed to Executive
an entity to serve as the Consultant, then Executive and the Company shall each
select one and those two firms shall jointly select the entity to serve as the
Consultant within ten (10) days after being requested by the Company and
Executive to make such selection. The Company shall pay the Consultant’s
fee.

     

    
      
         

      

      
        20

        
          
 

      

      
         

      

    

     

    3.           Executive
shall notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Company of the Gross-Up
Payment. Such notification shall be given as soon as practicable, but no later
than fifteen (15) business days after Executive knows of such claim and
Executive shall apprise the Company of the nature of such claim and the date on
which such claim is requested to be paid. Executive shall not pay such claim
prior to the expiration of the period ending on the date that any payment of
taxes with respect to such claim is due or the thirty day period following the
date on which Executive gives such notice to the Company, whichever period is
shorter. If the Company notifies Executive in writing prior to the expiration of
such period that it desires to contest such claim, Executive shall (i) give the
Company any information reasonably requested by the Company relating to such
claim, (ii) take such action in connection with contesting such claim as the
Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim by
an attorney reasonably selected by the Company, (iii) cooperate with the Company
in good faith in order effectively to contest such claim, and (iv) permit the
Company to participate in any proceedings relating to such claim; provided,
however, that the Company shall bear and pay directly all costs and expenses
(including attorneys fees and any additional interest and penalties) incurred in
connection with such contest and shall indemnify and hold Executive harmless, on
an after-tax basis, for any Excise Tax or income tax, including interest and
penalties with respect thereto, imposed as a result of such representation and
payment of costs and expenses. Without limitation of the foregoing provisions of
this Paragraph 3, the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forego any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect to such claim and may, at its sole option, either direct
Executive to pay the tax claimed and sue for a refund or contest the claim in
any permissible manner, and Executive agrees to prosecute such contest to a
determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs Executive to pay such
claim and sue for a refund, the Company shall advance the amount of such payment
to Executive, on an interest-free basis and shall indemnify and hold Executive
harmless, on an after-tax basis, from any Excise Tax and income tax, including
interest or penalties with respect thereto, imposed with respect to such advance
or with respect to any imputed income with respect to such advance; and further
provided that any extension of the statute of limitations relating to payment of
taxes for the taxable year of Executive with respect to which such contested
amount is claimed to be due is limited solely to such contested amount.
Furthermore, the Company’s control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and
Executive shall be entitled to settle or contest, as the case may be, any other
issue raised by the Internal Revenue Service or any other
authority.

     

    4.           If,
after the receipt by Executive of an amount advanced by the Company pursuant to
Paragraph 3 above, Executive becomes entitled to receive any refund with respect
to such claim, Executive shall (subject to the Company’s complying with the
requirements of Paragraph 3), promptly pay to the Company the amount of such
refund (together with any interest paid or credited thereon after taxes
applicable thereto).

     

    
      
         

      

      
        21

        
          
 

      

      
         

      

    

    APPENDIX
B

     

    FORM
OF RELEASE

     

    AGREEMENT
AND GENERAL RELEASE

     

    Kaman
Corporation, its affiliates, subsidiaries, divisions, successors and assigns in
such capacity, and the current, future and former employees, officers,
directors, trustees and agents thereof (collectively referred to throughout this
Agreement as “Employer”), and William C. Denninger (“Executive”), the
Executive’s heirs, executors, administrators, successors and assigns
(collectively referred to throughout this Agreement as “Employee”)
agree:

     

    1.           Last
Day of Employment.  Executive’s last day of employment with
Employer is ______________(DATE). In addition, effective as of DATE, Executive
resigns from the Executive’s positions as ___________________________ of
Employer and will not be eligible for any benefits or compensation after DATE,
including payments under the Executive’s Employment Agreement, other than as
specifically provided under the Change in Control Agreement between Employer and
Executive effective as of November 17, 2008 (the “Change in Control
Agreement”).
Executive further acknowledges and agrees that, after DATE, the Executive will
not represent the Executive as being a director, employee, officer, trustee,
agent or representative of Employer for any purpose. In addition, effective as
of DATE, Executive resigns from all offices, directorships, trusteeships,
committee memberships and fiduciary capacities held with, or on behalf of,
Employer or any benefit plans of Employer. These resignations will become
irrevocable as set forth in Section 3 below.

     

    2.           Consideration.  The
parties acknowledge that this Agreement and General Release is being executed in
accordance with Section 11 of the Change in Control Agreement.

     

    3.           Revocation.  Executive
may revoke this Agreement and General Release for a period of seven (7) calendar
days following the day Executive executes this Agreement and General Release.
Any revocation within this period must be submitted, in writing, to Employer and
state, “I hereby revoke my acceptance of our Agreement and General Release.” The
revocation must be personally delivered to Employer’s Chief Legal Officer, or
his/her designee, or mailed to Kaman Corporation, 1332 Blue Hills Avenue, P.O.
Box 1, Bloomfield, CT 06002, Attention Candace Clark, and postmarked within
seven (7) calendar days of execution of this Agreement and General Release. This
Agreement and General Release shall not become effective or enforceable until
the revocation period has expired. If the last day of the revocation period is a
Saturday, Sunday, or legal holiday in Hartford, Connecticut, then the revocation
period shall not expire until the next following day which is not a Saturday,
Sunday, or legal holiday.

     

    4.           General
Release of Claim.  Subject to the full satisfaction by the
Employer of its obligations under the Change in Control Agreement, Employee
knowingly and voluntarily releases and forever discharges Employer from any and
all claims, causes of action, demands, fees and liabilities of any kind
whatsoever, whether known and unknown, against Employer, Employee has, has ever
had or may have as of the date of execution of this Agreement and General
Release, including, but not limited to, any alleged violation of:

     

    
      
         

      

      
        22

        
          
 

      

      
         

      

    

     

    
      	
              -  

            	
              Title
      VII of the Civil Rights Act of 1964, as
amended;

            

    

     

    
      	
              -  

            	
              The
      Civil Rights Act of 1991;

            

    

     

    
      	
              -  

            	
              Sections
      1981 through 1988 of Title 42 of the United States Code, as
      amended;

            

    

     

    
      	
              -  

            	
              The
      Employee Retirement Income Security Act of 1974, as
    amended;

            

    

     

    
      	
              -  

            	
              The
      Immigration Reform and Control Act, as
amended;

            

    

     

    
      	
              -  

            	
              The
      Americans with Disabilities Act of 1990, as
  amended;

            

    

     

    
      	
              -  

            	
              The
      Age Discrimination in Employment Act of 1967, as
  amended;

            

    

     

    
      	
              -  

            	
              The
      Older Workers Benefit Protection Act of
1990;

            

    

     

    
      	
              -  

            	
              The
      Worker Adjustment and Retraining Notification Act, as
    amended;

            

    

     

    
      	
              -  

            	
              The
      Occupational Safety and Health Act, as
amended;

            

    

     

    
      	
              -  

            	
              The
      Family and Medical Leave Act of
1993;

            

    

     

    
      	
              -  

            	
              Any
      wage payment and collection, equal pay and other similar laws, acts and
      statutes of the State of
Connecticut;

            

    

     

    
      	
              -  

            	
              Any
      other federal, state or local civil or human rights law or any other
      local, state or federal law, regulation or
  ordinance;

            

    

     

    
      	
              -  

            	
              Any
      public policy, contract, tort, or common law;
or

            

    

     

    
      	
              -  

            	
              Any
      allegation for costs, fees, or other expenses including attorneys fees
      incurred in these matters.

            

    

     

    Notwithstanding
anything herein to the contrary, the sole matters to which the Agreement and
General Release do not apply are: (i) Employee’s express rights under any
pension (including but not limited to any rights under the Kaman Corporation
Supplemental Retirement Plan) or claims for accrued vested benefits under any
other employee benefit plan, policy or arrangement maintained by Employer or
under COBRA; (ii) Employee’s rights under the provisions of the Change in
Control Agreement which are intended to survive termination of employment; or
(iii) Employee’s rights as a stockholder.

     

    5.           No
Claims Permitted.  Employee waives Executive’s right to file
any charge or complaint against Employer arising out of Executive’s employment
with or separation from Employer before any federal, state or local court or any
state or local administrative agency, except where such waivers are prohibited
by law.

     

    6.           Affirmations.  Employee
affirms Executive has not filed, has not caused to be filed, and is not
presently a party to, any claim, complaint, or action against Employer in any
forum. Employee further affirms that the Executive has been paid and/or has
received all compensation, wages, bonuses, commissions, and/or benefits to which
Executive may be entitled and no other compensation, wages, bonuses, commissions
and/or benefits are due to Executive, except as provided under the Change in
Control Agreement. Employee also affirms Executive has no known workplace
injuries.

     

    
      
         

      

      
        23

        
          
 

      

      
         

      

    

     

    7.           Cooperation;
Return of Property.  In accordance with Section 10(f) of the
Change in Control Agreement Employee agrees to reasonably cooperate with
Employer and its counsel in connection with any investigation, administrative
proceeding or litigation relating to any matter that occurred during Executive’s
employment in which Executive was involved or of which Executive has knowledge
and Employer will reimburse the Employee for any reasonable out-of-pocket
travel, delivery or similar expenses incurred and lost wages (or will provide
reasonable compensation if Executive is not then employed) in providing such
service to Employer. The Employee represents the Executive has complied with
Section 10(e) of the Change in Control Agreement regarding the return of
Employer property and records.

     

    8.           Governing
Law and Interpretation.  This Agreement and General Release
shall be governed and conformed in accordance with the laws of the State of
Connecticut without regard to its conflict of laws provisions. In the event
Employee or Employer breaches any provision of this Agreement and General
Release, Employee and Employer affirm either may institute an action to
specifically enforce any term or terms of this Agreement and General Release.
Should any provision of this Agreement and General Release be declared illegal
or unenforceable by any court of competent jurisdiction and should the provision
be incapable of being modified to be enforceable, such provision shall
immediately become null and void, leaving the remainder of this Agreement and
General Release in full force and effect. Nothing herein, however, shall operate
to void or nullify any general release language contained in the Agreement and
General Release.

     

    9.           No
Admission of Wrongdoing.  Employee agrees neither this
Agreement and General Release nor the furnishing of the consideration for this
Release shall be deemed or construed at any time for any purpose as an admission
by Employer of any liability or unlawful conduct of any kind.

     

    10.           Amendment.  This
Agreement and General Release may not be modified, altered or changed except
upon express written consent of both parties wherein specific reference is made
to this Agreement and General Release.

     

    11.           Entire
Agreement.  This Agreement and General Release sets forth the
entire agreement between the parties hereto and fully supersedes any prior
agreements or understandings between the parties; provided, however, that
notwithstanding anything in this Agreement and General Release, the provisions
in the Change in Control Agreement which are intended to survive termination of
the Change in Control Agreement, including but not limited to those contained in
Section 10 thereof, shall survive and continue in full force and effect.
Employee acknowledges Executive has not relied on any representations, promises,
or agreements of any kind made to Executive in connection with Executive’s
decision to accept this Agreement and General Release.

     

    
      
         

      

      
        24

        
          
 

      

      
         

      

    

     

    EMPLOYEE
HAS BEEN ADVISED THAT EXECUTIVE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO
REVIEW THIS AGREEMENT AND GENERAL RELEASE AND HAS BEEN ADVISED IN WRITING TO
CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF THIS AGREEMENT AND GENERAL
RELEASE.

     

    EMPLOYEE
AGREES ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND
GENERAL RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE
(21) CALENDAR DAY CONSIDERATION PERIOD.

     

    HAVING
ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES
SET FORTH HEREIN, AND TO RECEIVE THE SUMS AND BENEFITS SET FORTH IN THE CHANGE
IN CONTROL AGREEMENT, EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE
CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO
WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST
EMPLOYER.

     

    IN
WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this
Agreement and General Release as of the date set forth below:

    
 

    
      
        	 
      	
                 KAMAN
      CORPORATION

              
	 
      	 
      	 
      
	 
      	
                By:  

              	 
      
	 
      	
                Name:

              	
                [NAME]

              
	 
      	
                Title::

              	 
      
	 
      	
                Date:

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                William
      C. Denninger

              
	 
      	 
      	 
      
	 
      	
                Date:

              	 
      
	 
      	 
      	 
      

      

      
        
           

        

        
          25

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