Exhibit 10.1


 


SECOND AMENDMENT


TO
THE


ALLIANT
TECHSYSTEMS INC.


NONQUALIFIED
DEFERRED COMPENSATION PLAN


 


Alliant Techsystems Inc.,
a Delaware corporation (hereinafter sometimes referred to as “ATK”), pursuant
to the authority and power reserved to it in Section 9.1 of the Alliant
Techsystems Inc. Nonqualified Deferred Compensation Plan (hereinafter referred
to as the “Plan”), hereby adopts and publishes this Second Amendment to said
Plan effective as of July 1, 2004.


 


1.                                       Section 7 of the Plan shall be, and
hereby is, amended by deleting subsection 7.2(b)(i) of Section 7.2
thereof in its entirety and substituting therefore the following
subsection 7.2(b)(i):


 


7.2(b)(i)                               Installments.  Eligibility for Installments for
Participants Who Have Attained Age Fifty-Five (55).  A Participant’s Account, including any
sub-accounts, shall be distributed in the form of a series of annual
installments not to exceed fifteen (15) annual installments if, and only if,
the Participant has satisfied the following conditions:  (a) the Participant, at Termination of
Employment has attained age fifty-five (55) and has at least two (2) years of
continuous service with the Employers or one or more Affiliates, (b) the
Participant has made an election to receive distribution of the Account,
including any sub-accounts, in annual installments as described in
Section 7.3, and (c) the Participant has elected the number of annual
installment to be made.


 


2.                                       Section 7
of the Plan shall be, and hereby is, amended by deleting
Subsection 7.2(b)(ii) of Section 7.2 thereof in its entirety and
substituting therefore the following Subsection 7.2(b)(ii):


 


7.2(b)(ii)                           Eligibility
for Installments for Participants Who Have Not Attained Age Fifty-Five (55).  A Participant’s Account, including any
sub-accounts, shall be distributed in the form of a series of annual
installments not to exceed five (5) annual installments if, and only if, the
participant, at Termination of Employment, has not yet attained age fifty-five
(55), but has at least two (2) years of continuous service with the Employers
or one or more Affiliates, (b) the Participants has made an election to receive
distribution of the Account, including any sub-accounts, in annual installments
as described in Section 7.3, and (c) the Participants has elected the
number of annual installments to be made.


 


3.                                       Section 7
of the Plan shall be, and hereby is, amended by deleting Subsection 7.9
thereof in its entirety and substituting therefore the following
Subsection 7.9:


 


7.9           Effect
of Disability.  If the Participant
becomes Disabled while actively employed by the Employers or an Affiliate, the
Participant may by written notice to the Committee suspend further deferrals
while so Disabled.  If a Disabled
Participant has a Termination of Employment, such Participant will be deemed to
be age fifty-five (55) and to have two (2) years of continuous service for
purposes of determining distribution under Section 7.  For purposes of the Plan, “Disabled” means
that the Participant has been determined to be totally and permanently disabled
either (a) for social security purposes, (b) for purposes of any
Employer-sponsored long term disability plan or policy, or (c) for purposes of
worker’s compensation.


 


4.                                       SAVINGS
CLAUSE.  Save and except as hereinabove
expressly amended, the Plan Statement shall continue in full force and effect.