Richard W. (Richie) Smith will start his new job as superintendent of schools for Martha’s Vineyard July 1 with a first-year salary of $186,500, under a two-year contract approved unanimously by the all-Island school committee Tuesday night.

Mr. Smith’s salary will increase 3.75 per cent, to $193,500, in the second year of his contract.

“Knowing what I’m facing, and what we’re facing as a school district together, I feel I’ve approached the school committee with a fair compensation amount,” Mr. Smith said at Tuesday night’s meeting, during which the committee reviewed his draft contract.

“As things are structured now, there’s a likelihood that I might not have a position beyond two years,” Mr. Smith continued, referring to the possibility that another superintendent may be selected to follow him.

“If we go in the direction of opening a search in the second year, and I’m not fortunate enough to win the position, I know there’s not a position left for me,” he said.

Outgoing superintendent Dr. Matthew D’Andrea was set to earn $195,000 in the coming fiscal year and $200,000 by 2024, along with reimbursements for travel and phone expenses, according to Mr. Smith.

A former Oak Bluffs School principal who was the only other finalist when Mr. D’Andrea was hired in 2015, Mr. Smith has worked as assistant superintendent since that year. As part of his new contract, he also will receive a longevity stipend of $3,500 annually.

He has waived a $3,000 travel allowance and $1,200 phone allowance that were part of Mr. D”Andrea’s contract, but will be reimbursed for travel expenses up to $5,000, with additional reimbursement at the committee’s discretion.

Health insurance benefits will be the same as those of school committee members, according to the contract.

Municipal labor negotiations are generally carried out in executive sessions that are closed to the public, but committee chairman Skipper Manter — a longtime advocate for transparency — convinced his fellow members to hold the contract review in open session.

Meanwhile, Mr. D’Andrea starts his new job as superintendent of Wareham schools July 1.

“Good luck to you and thank you tremendously for the service you have done here,” Mr. Manter told the outgoing superintendent, before ribbing him about his transition from the Vineyard’s complicated public school landscape to the Wareham system.

“One district, three buildings, one finance committee — how are you going to operate?” Mr. Manter said.