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                                                                  EXHIBIT 10.22

                           TRANSITION BONUS PROGRAM OF
                            PRIMEX TECHNOLOGIES, INC.

   SECTION 1. Purpose. The purpose of the Transition Bonus Program of 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:

   "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 Company ceases to be directly or indirectly owned by at least 1,000
stockholders at any time after December 31, 1996;

   (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 Company, Olin Corporation, a majority-owned subsidiary of the
Company, or an employee benefit plan (or related trust) of the Company, Olin
Corporation or such subsidiary, become(s) the "beneficial owner" (as defined in
Rule 13d-3 under the Act) of 15% or more of the then outstanding voting stock of
the Company;

   (iii) during any period of two consecutive years after 1996, individuals who
at the beginning of such period constitute the Board (together with any new
director whose election by the Board or whose nomination for election by the
Company'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;
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   (iv) all or substantially all of the business or assets of the Company are
disposed of pursuant to a merger, consolidation or other transaction in which
the Company is not the surviving corporation or the Company combines with
another company and is the surviving corporation (unless the shareholders of the
Company 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 Company or (y) the
combined company); or

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

   "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.

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

   SECTION 5. Benefits. Each employee listed on Appendix A shall be 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 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, 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, as the Committee shall deem appropriate in the circumstances. The
determination by the 
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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, suspended or
terminated by action of the Board; provided, however, no 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.

   SECTION 9. Nonassignability. No right to receive any payments under 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 an 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 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 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 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 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
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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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                   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

               Total             28,700


                            BUILDING AND IGLOO LEASE

                         CONTRACT NO. 14-16-0003-96-579

                                 by and between

                         U.S. Fish and Wildlife Service

                                       and

                            PRIMEX TECHNOLOGIES, INC.

                                 8820 ROUTE 148

                             MARION, ILLINOIS 62959