Exhibit 10.1


 


Alliant Techsystems Inc.


 


Amendment to Employment Agreement


with Daniel J. Murphy, Jr.


 


This AMENDMENT is dated as of March 10,
2008, between Alliant Techsystems Inc. (the “Company”) and Daniel J. Murphy, Jr.
(the “Executive”).


 


WHEREAS, the Company and the Executive have
entered into an Employment Agreement dated as of February 1, 2004 (the “Employment
Agreement”), which has been amended effective as of January 1, 2005, and the
parties now wish to amend the Employment Agreement further.


 


NOW, THEREFORE, the parties agree that the
Employment Agreement is hereby amended as follows:


 


1.                                       Subsection 3(f) is amended in its
entirety to read as follows:


 


(f) You agree that the Company may, at its sole
discretion, defer any compensation including but not limited to salary,
bonuses, and stock awards, but excluding SERP payments subject to Section 4(b) of
this Agreement, that are not fully deductible for federal or state income tax
purposes.  The Company will defer only
those amounts that would exceed the deductibility levels under federal or state
income tax laws and only until the later of (i) the first taxable year of
the Company in which the Company reasonably anticipates, or should reasonably
anticipate, that the amounts would be fully deductible, or (ii) the later
of the last day of the Company’s taxable year in which your employment
terminates or the fifteenth day of the third calendar month following your
termination of employment.


 


2.                                       Paragraph 4(b)(xiii) is amended by
revising the second sentence thereof to read as follows:


 


In addition, if the Company determines that delaying
the time any SERP payment is made would increase the probability that such
payment would be fully deductible for federal or state income tax purposes, the
Company may unilaterally delay the time of the making of such payment or any
portion of such payment until the later of (i) the first taxable year of
the Company in which the Company reasonably anticipates, or should reasonably
anticipate, that the payment will be fully deductible, or (ii) the later
of the last day of the Company’s taxable year in which your employment
terminates or the fifteenth day of the third calendar month 


 

















 


following your termination of employment, but in no
event later than twenty-four months after the date such payment would be
otherwise payable.


 


3.                                       Section 5(d) is amended in its
entirety to read as follows:


 


(d)                                 You will not have any rights
to these relocation expenses under this Section 5, unless you commence the
relocation process within one year following your termination from the Company,
and have completed such relocation within two years following your termination
from the Company.  All payments under this
Section 5 shall be made by the end of the third calendar year following the
calendar year in which your termination from the Company occurred.


 


4.                                       Subsection 6(d) is amended in its
entirety to read as follows:


 


(d)                                 Termination by Company
Without Cause.  If the Company terminates
your employment without Cause during the initial Term of Employment, you shall
be entitled to receive a payment equal to (i) two times the base salary
(established at the beginning of that fiscal year) that would have been payable
to you through the Term of Employment, or (ii) twenty-four months base
salary, whichever is greater.  Applicable
withholding and deductions shall be taken from this payment.  As a condition of receiving that payment, you
will be required to execute and not rescind a general release of claims against
the Company, in a form to be provided to you by the Company (“General Release
of Claims”).  If the Company terminates
your employment without Cause at any time on or after March 31, 2007, you
shall be entitled to receive a payment equal to twenty-four months base salary
provided you execute and not rescind a General Release of Claims.  Section 4(b)(ii) governs with
respect to payments under any SERP.  This
paragraph 6(d) does not apply in the event of a termination upon a Change
of Control. In that event, paragraph 6(f) shall apply.  You agree that this payment shall be in lieu
of any severance payment for which you are otherwise eligible for from the
Company.  Any payment under this
subsection shall be made on the first day of the seventh month following the month
of your termination of employment.


 


5.                                       Section 6(g) is amended in its
entirety to read as follows:


 


(g)                                 Termination for Good
Reason.  If you terminate your employment
with the Company for Good Reason, you shall be entitled to a payment equal to
twenty-four months base salary less applicable withholdings and deductions,
provided you execute and not rescind a General Release of Claims.  Section 4(b)(iii) governs 


 


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with respect to payments under any SERP.  Any payment under this subsection shall be
made on the first day of the seventh month following the month of your
termination of employment.


 


6.                                       Section 6(h) is amended in its
entirety to read as follows:


 


(h)                                 Termination at the End of Expiration
Date.  If this Agreement terminates
automatically at the end of the initial Expiration Date or any renewal period
Expiration Date because the Company has chosen not to renew your employment,
you shall be entitled to a payment equal to twenty-four months base salary,
less applicable withholdings and deductions, provided you execute and not
rescind a General Release of Claims.  Section 4(b) governs
with respect to payments under any SERP.


 


7.                                       This Amendment shall be effective as of January 1,
2005.


 


8.                                       In all respects not amended, the
Employment Agreement is hereby ratified and                 confirmed.


 


 


	
  Date: March 14, 2008

  	
  By:

  	
  /s/ Daniel J. Murphy

  
	
   

  	
   

  	
  Daniel J. Murphy, Jr.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date: March 14, 2008

  	
  ALLIANT TECHSYSTEMS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paula J. Patineau

  
	
   

  	
   

  	
  Name: 

  	
  Paula J. Patineau

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President
  Human

  
	
   

  	
   

  	
   

  	
  Resources
  and Administrative

  
	
   

  	
   

  	
   

  	
  Services

  



 


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