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                                                                   EXHIBIT 10.13


                          TRANSITION BONUS PROGRAM OF
                           PRIMEX TECHNOLOGIES, INC.
                                        

          SECTION 1.   Purpose. The purpose of the Transition Bonus Program of
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Primex Technologies, Inc. is to ensure that executives of Primex Technologies,
Inc. who were previously employed by Olin Corporation are not penalized due to
the forfeiture of unvested portions of awards made to such executives under
employee benefit plans of Olin Corporation resulting from the spin-off of Primex
Technologies, Inc. to shareholders of Olin Corporation.

          SECTION 2.   Definitions. As used in the Plan:
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          "Affiliate" means (i) any entity that, directly or through one or more
intermediaries, is controlled by the Company and (ii) any entity in which the
Company has a significant equity interest as determined by the Committee.

          "Board" means the Board of Directors of the Company.

          "Change in Control" means:

          (i) the Corporation ceases to be owned by at least 300 shareholders of
     record after December 31, 1996, or ceases, by action of the Corporation's
     Board of Directors, to be either listed on a national securities exchange
     or authorized for quotation on The Nasdaq Stock Market;

          (ii) a person, partnership, joint venture, corporation or other
     entity, or two or more of any of the foregoing acting as a "person" within
     the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as
     amended (the "Act"), other than the Corporation, a majority-owned
     subsidiary of the Corporation, or an employee benefit plan (or related
     trust) of the Corporation, or such subsidiary, become(s) the "beneficial
     owner" (as defined in Rule 13(d)(3) under the Act) of 15% or more of the
     then outstanding voting stock of the Corporation;

          (iii) during any period of two consecutive years after 1996,
     individuals who at the beginning of such period constitute the
     Corporation's Board of Directors (together with any new Director whose
     election by the Corporation's Board of Directors or whose nomination for
     election by the Corporation's shareholders, was approved by a vote of at
     least two-thirds of the Directors then still in office who either were
     Directors at the beginning of such period or whose election or nomination
     for election was previously so approved)cease for any reason to constitute
     a majority of the Directors then in office;

          (iv) all or substantially all of the business or assets of the
     Corporation is disposed of pursuant to a merger, consolidation or other
     transaction in which the Corporation is not the surviving corporation or
     the Corporation combines with another company and is the surviving
     corporation (unless the shareholders of the Corporation immediately
     following such merger, consolidation, combination, or other transaction
     beneficially own, directly or indirectly, more than 50% of the aggregate
     voting stock or other ownership interest of (x) the entity or entities, if
     any, that succeed to the business of the Corporation or (y) the combined
     company); or

          (v) the Corporation's Board of Directors  determines that a tender
     offer for the Corporation's shares indicates a serious intention by the
     offeror to acquire control of the Corporation.

          "Committee" means the Compensation and Nominating Committee (or its
     successor) of the Board.

          "Common Stock" means the Company's common stock, par value $1.00 per
     share.

          "Company" means Primex Technologies, Inc., a Virginia corporation and
     any successor.
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          "Fair Market Value" means, with respect to a date, on a per share
     basis, the average of the high and the low price of a share of Common Stock
     reported on the consolidated transaction reporting system for Nasdaq issues
     on such date or, if Common Stock is not traded on such date, such average
     price on the next preceding date on which it is traded.

          "Plan" means this Transition Bonus Program of Primex Technologies,
     Inc. as it now exists or as it may hereafter be amended.

          "Primex Units" means the units awarded to participating employees
     pursuant to the Plan. Primex Units will carry no voting rights or other
     rights enjoyed by shareholders of the Company nor will any dividends be
     paid with respect to such units.

          SECTION 3.   Administration. Full power and authority to construe,
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interpret and administer the Plan shall be vested in the Committee. Decisions of
the Committee shall be final, conclusive and binding upon all parties. The Board
has all the power and authority of the Committee and may act in lieu of the
Committee at any time.

          SECTION 4.   Participation. The employees of the Company listed in
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Appendix A shall be participants in the Plan.

          SECTION 5.   Benefits. Each employee listed on Appendix A shall be
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granted the number of Primex units listed next to his or her name on Appendix A.
Each such employee shall be entitled to receive a cash payment as soon as
practicable after January 6, 1999, equal to the product of (i) the number of
Primex Units granted to him or her, multiplied by (ii) the Fair Market Value of
a share of Common Stock on January 6, 1999, provided that he or she is (A) still
employed by the Company (or any Affiliate) on January 6, 1999, or (B) died on or
prior to January 6, 1999 while still an employee of the Company (or an
Affiliate). Subject to any prior vesting which may occur with respect to any
Change of Control, and subject to any exceptions which the Committee may
determine, an employee's Primex Units will be forfeited if his employment
terminates before January 6, 1999 unless such termination results from his or
her death while employed with the Company (or an Affiliate).

          A participating employee may designate at any time and from time to
time a beneficiary in the event of his or her death prior to receiving the
payment due him or her pursuant to the Plan. Such designation shall be in
writing and must be received by the Company prior to the participating
employee's death to be effective.

          SECTION 6.   Chance in Control. Notwithstanding anything to the
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contrary in this Plan, in the event a Change in Control occurs, all Primex Units
granted to an employee pursuant to the Plan shall be immediately vested and a
cash payment shall be distributed to each participating employee within five (5)
calendar days of the date of such Change in Control equal to the product of (i)
the number of Primex Units granted to such employee hereunder, multiplied by
(ii) (A) with respect to a Change of Control not involving a tender offer, the
highest Fair Market Value of a share of Common Stock on any date within the
period commencing 30 days prior to the Change in Control and ending on the date
of the Change in Control or (B) with respect to a Change of Control as a result
of a tender offer, the greater of (x) the highest price paid for any share of
Common Stock pursuant to the tender offer or (y) the highest Fair Market Value
of a share of Common Stock on any date within the period commencing 30 days
prior to the Change of Control and ending on the date of the Change of Control.

          SECTION 7.   Stock Adjustments. In the event of any merger,
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consolidation, stock or other noncash dividend, extraordinary cash dividend,
split-up, spin-off, combination or exchange of shares or recapitalization or
change in capitalization, or any other similar corporate event, the Committee
may make such adjustments in the number of Primex Units credited to each
participating employee and other changes, as the Committee shall deem
appropriate in the circumstances. The determination by the Committee as to the
terms of such adjustment shall be final, conclusive and binding for all purposes
of the Plan.

          SECTION 8.   Amendment and Termination. This Plan may be amended,
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suspended or terminated by action of the Board; provided, however, no
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termination or modification of the Plan shall adversely affect the rights of any
participating employee with respect to any Primex Units otherwise credited to
him or her.
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          SECTION 9.   Nonassignability. No right to receive any payments under
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the Plan shall be assignable or transferable by a participating employee other
than by will or the laws of descent and distribution or pursuant to a domestic
relations order. The designation of a beneficiary does not constitute a
transfer.

          SECTION 10.   Unsecured Obligation. The Plan shall not create a trust
                        ---------------------                                  
or separate fund of any kind or a fiduciary relationship between the Company or
any Affiliate and a participating employee. To the extent that any person has a
right to receive payments from the Company or any Affiliate under the Plan, such
right shall be no greater than the right of any unsecured general creditor of
the Company or an Affiliate.

          SECTION 11.   Withholding. The Company or any Affiliate may withhold
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from any payment due under the Plan the amount of withholding taxes due in
respect of such payment and take such other action as may be necessary in the
opinion of the Company or an Affiliate to satisfy all obligations for the
payment of such taxes.

          SECTION 12.   Other Compensation Arrangements. Nothing contained in
                        --------------------------------                     
the Plan shall prevent the Company or any Affiliate from adopting or continuing
in effect other or additional compensation arrangements and such arrangements
may be either generally applicable or applicable only in specific cases.

          SECTION 13.   No Right to Employment. Nothing in the Plan shall limit
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the right of the Company or an Affiliate to dismiss a participating employee
from employment at any time, free from any liability or any claim under the
Plan.

          SECTION 14.   Governing Law. The validity, construction and effect of
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the Plan and any rules and regulations relating to the Plan shall be determined
in accordance with the laws of the State of Florida and applicable Federal law.

          SECTION 15.   Severability. If any provision of the Plan is determined
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to be invalid, illegal or unenforceable in any jurisdiction, or as to any person
or would disqualify the Plan under any law deemed applicable by the Committee,
such provisions shall be construed or deemed amended to conform to applicable
laws, or if it cannot be so construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the Plan, such
provision shall be stricken as to such jurisdiction or person, and the remainder
of the Plan shall remain in full force and effect.
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                                                                APPENDIX A

                                  PRIMEX UNITS
 
                 Name                             Primex Units
    1.  James G. Hascall                                   8,800
    2.  Angelo A. Catani                                   5,200
    3.  J. Douglas DeMaire                                 2,200
    4.  William W. Smith                                   5,100
    5.  Michael S. Wilson                                  1,700
    6.  George H. Pain                                       800
    7.  David E. Findley                                   1,500
    8.  Robert J. Mueller                                    600
    9.  Steven C. Curley                                     800
   10.  Charles H. Stallings                               1,400
   11.  Albert J. Calabrese                                  600
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                    Total                                 28,700