Document:

EX-10.2

 Exhibit 10.2 
 INTEVAC, INC. 
 SEVERANCE AGREEMENT 

This Severance Agreement (the “Agreement”) is entered into as of June 13, 2013 by and between Intevac, Inc. (the
“Company”), and Wendell Blonigan (“Executive”), and shall become effective on the first day of Executive’s employment with the Company (the “Effective Date”). 

RECITALS 

1. The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company
and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive. 
 2. The Board
believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue his employment and to motivate Executive to maximize the value of the Company for the benefit of its stockholders.

 3. The Board believes that it is imperative to provide Executive with certain severance benefits upon Executive’s
termination of employment under certain circumstances. These benefits will provide Executive with enhanced financial security, incentive and encouragement to remain with the Company. 

AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 

1. Term of Agreement. This Agreement will have a term commencing on the Effective Date and ending on the termination of employment
of Executive (the “Term”). If Executive becomes entitled to benefits under Section 3(a) during the Term, this Agreement will not terminate until all of the obligations under the Agreement have been satisfied. 

2. At-Will Employment. Subject to the terms hereof, Executive’s employment with the Company remains “at-will”
employment and may be terminated by the Company at any time with or without cause or with or without notice. However, as described in this Agreement, Executive may be entitled to severance benefits depending upon the circumstances of
Executive’s termination of employment. 
 3. Severance Benefits. 

(a) Termination without Cause or Other than Death or Disability or Resignation for Good Reason. If (x) the Company terminates
Executive’s employment with the Company for a reason other than Cause or Executive’s death or disability or (y) if Executive resigns from such employment for Good Reason, then subject to Section 4 of this Agreement (including,
but not limited to, the release requirements of Section 4(a)), Executive will receive as severance from the Company: (i) continuing payments of Executive’s base salary as in effect on the date of Executive’s

 
termination, payable in accordance with the Company’s standard payroll procedures for twelve (12) months from the date of such termination, plus (ii) continuing payments of $2,000
per month, payable in accordance with the Company’s standard payroll procedures for twelve (12) months from the date of such termination. The payments of clause (ii) of the prior sentence are intended to defray costs to Executive
associated with continued health care coverage for Executive and Executive’s eligible dependents; however, Executive may use such funds in any manner Executive sees fit. Additionally, if the executive resigns from the company for Good Reason,
as a result of a change in control of the company, the executive will receive his bonus amount for the fiscal year the change of control occurs, prorated based on time and performance. 

(b) Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates (i) voluntarily
by Executive (other than for Good Reason), or (ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then-existing
severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (c) Disability;
Death. If the Company terminates Executive’s employment as a result of Executive’s disability, or Executive’s employment terminates due to his death, then Executive will not be entitled to receive any other severance or other
benefits except for those (if any) as may then be established under the Company’s then-existing written severance and benefits plans and practices or pursuant to other written agreements with the Company. 

(d) Exclusive Remedy. In the event of a termination of Executive’s employment as set forth in Section 3 of this
Agreement, the provisions of Section 3 are intended to be and are exclusive and in lieu of and supersede any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at law, tort or contract or in equity, or
under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no benefits, compensation or other payments or rights upon a termination of
employment other than those benefits expressly set forth in Section 3 of this Agreement. 
 4. Conditions to Receipt of
Severance; No Duty to Mitigate. 
 (a) Separation Agreement and Release of Claims. The payment
of any severance set forth in Section 3(a) above is contingent upon Executive signing and not revoking a release of claims agreement with the Company (which may include an agreement not to disparage the Company, non-solicit provisions and other
standard terms and conditions) in a form reasonably acceptable to the Company (the “Release”) upon Executive’s termination of employment and such Release becoming effective no later than sixty (60) days following
Executive’s employment termination date (such deadline, the “Release Deadline”). In no event will severance payments be paid or provided until the Release actually becomes effective. If the Release does not become effective by
the Release Deadline, Executive will forfeit any rights to severance under this Agreement. Any severance payments under this Agreement will not commence until the 60th day following Executive’s separation from service, or, if later, such time as required by Section 4(b)(ii)
below. Except as required by Section 4(b)(ii) below, any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the preceding
sentence will be paid to Executive on the 60th day
following his separation from service and the remaining payments shall be made as provided in the Agreement. 

  
 -2-

 (b) Section 409A. 

(i) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits payable to Executive, if any, pursuant to
this Agreement, that when considered together with any other severance payments or separation benefits that are considered deferred compensation (together, the “Deferred Payments”) under Section 409A of the Internal Revenue
Code, as amended (the “Code”) and the final regulations and official guidance thereunder (“Section 409A”) will be payable until Executive has a “separation from service” within the meaning of
Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has
a “separation from service” within the meaning of Section 409A. 
 (ii) Notwithstanding anything to the contrary
in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments, if any, that are payable
within the first six (6) months following Executive’s separation from service, will become payable on the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred
Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following his separation from service, but prior to the six
(6) month anniversary of the separation from service, then any payments delayed in accordance with this Section 4(b)(ii) will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all
other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (iii) Any severance payment that satisfies the requirements of the
“short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Payments for purposes herein. Any amount paid under this Agreement that qualifies as a payment made as a result
of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes herein.

 (iv) For purposes of this Agreement, “Section 409A Limit” means two (2) times the lesser of:
(x) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year of Executive’s termination of employment as determined under, and
with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto, or (y) the maximum amount that may be taken into account under a qualified plan
pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 

  
 -3-

 (v) The foregoing provisions are intended to comply with or be exempt from the requirements
of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply
or be exempt. Executive and the Company agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or
income recognition prior to actual payment to Executive under Section 409A. 
 (c) Confidential Information
Agreement. Executive’s receipt of any payments or benefits under Section 3 will be subject to Executive continuing to comply with the terms of the Confidential Information Agreement (as defined in Section 7) and the provisions of
this Agreement. 
 (d) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment
contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment. 

5. Limitation on Payments. In the event that the severance benefits provided for in this Agreement or otherwise payable to
Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then
Executive’s severance benefits under Section 3 will be either: 
 (a) delivered in full, or 

(b) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under
Section 4999 of the Code, 
 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes
and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under
Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction
of cash payments, which shall occur in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (ii) reduction
of acceleration of vesting of equity awards, which shall occur in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first); and (iii) reduction of other
benefits paid or provided to the Executive, which shall occur in reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced. If
more than one equity award was made to the Executive on the same date of grant, all such awards shall have their acceleration of vesting reduced pro rata. In no event shall the Executive have any discretion with respect to the ordering of payment
reductions. 
 Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5
will be made in writing by a nationally recognized firm of independent public 

  
 -4-

 
accountants selected by the Company (the “Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of
making the calculations required by this Section 5, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code. The Company and Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company will bear all costs the
Accountants may reasonably incur in connection with any calculations contemplated by this Section 5. 
 6.
Definitions. 
 (a) Cause. For purposes of this Agreement, “Cause” means:
(i) Executive’s act of personal dishonesty in connection with his responsibilities as an employee that is intended to result in Executive’s substantial personal enrichment; (ii) Executive being convicted of, or pleading no
contest or guilty to, (x) a misdemeanor that the Company reasonably believes has had or will have a material detrimental effect on the Company, or (y) any felony; (iii) Executive’s gross misconduct; (iv) Executive’s
willful and continued failure to perform the duties and responsibilities of his position after there has been delivered to Executive a written demand for performance from the Company that describes the basis for the Company’s belief that
Executive has not substantially performed his duties and Executive has not corrected such failure within thirty (30) days of such written demand; or (v) Executive’s material violation of any written Company employment policy or
standard of conduct. 
 (b) Good Reason. For purposes of this Agreement, “Good Reason” means
Executive’s resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s consent: (i) a material reduction
of Executive’s authority, duties or responsibilities, unless Executive is provided with a comparable position; for purposes of clarification, should the Company be acquired and made part of a larger entity, whether as a subsidiary, business
unit or otherwise and Executive by virtue of such event, experiences a material reduction of Executive’s authority, duties or responsibilities (for example, but not by way of limitation, if the Chief Executive Officer of the Company remains the
Chief Executive Officer of the Company following an acquisition where the Company becomes a wholly owned subsidiary of the acquirer, but is not made the Chief Executive Officer of the acquiring corporation), such material diminution will constitute
“Good Reason” under this subsection; provided, however, a reduction in authority, duties, or responsibilities solely by virtue of the Company becoming privately held pursuant to a transaction or Company action(s) endorsed by a majority of
the members of the Board (as, for example, when the Chief Executive Officer of the Company remains as such following the Company becoming privately held, but is not the Chief Executive Officer of a publicly traded Company) will not constitute
“Good Reason”; (ii) a material reduction by the Company (or its successor) in Executive’s base compensation as in effect immediately prior to such reduction, unless the Company also similarly reduces the base compensation of all
other executives of the Company; or (iii) a material change in the geographic location of Executive’s primary work facility or location; provided, that a relocation of fifty (50) miles or less from Executive’s then present
location or to Executive’s home as his primary work location will not be considered a material change in geographic location. In order for an event to qualify as Good Reason, Executive must not terminate employment with the Company without
first 

  
 -5-

 
providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for
“Good Reason” and a reasonable cure period of not less than thirty (30) days following the date of such notice, and such grounds must not have been cured during such time. 

7. Confidential Information. Executive confirms his continuing obligations under the Proprietary Information and Inventions
Agreement dated as of June     , 2013 (the “Confidential Information Agreement”). 
 8.
Successors. 
 (a) The Company’s Successors. Any successor to the Company (whether direct or indirect and
whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this
Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” will include any successor to the
Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 8(a) or which becomes bound by the terms of this Agreement by operation of law. 

(b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of,
and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 9. Notices. 
 (a) General. Notices and all other communications
contemplated by this Agreement will be in writing and will be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or when delivered by a private
courier service such as UPS, DHL or Federal Express that has tracking capability. In the case of Executive, mailed notices will be addressed to him at the home address which he or she most recently communicated to the Company in writing. In the case
of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the Chief Executive Officer of the Company. 
 (b) Notice of Termination. Any termination by the Company for Cause or by Executive for Good Reason or as a result of a voluntary resignation will be communicated by a notice of termination to the
other party hereto given in accordance with Section 9(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the giving of such notice). The failure by Executive to include in the notice any fact
or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing Executive’s rights hereunder. 

  
 -6-

 10. Severability. In the event that any provision hereof becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 11. Integration. This Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether
written or oral. This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement. 

12. Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not
operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 
 13. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 
 14. Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 
 15. Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). 

16. Arbitration. 
 (a) The Company and Executive each agree that any and all disputes arising out of the terms of this Agreement, Executive’s employment by the Company, Executive’s service as an officer or
director of the Company, or Executive’s compensation and benefits, their interpretation and any of the matters herein released, will be subject to binding arbitration under the arbitration rules set forth in California Code of Civil Procedure
Sections 1280 through 1294.2, including Section 1281.8 (the “Act”), and pursuant to California law. Disputes that the Company and Executive agree to arbitrate, and thereby agree to waive any right to a trial by jury, include
any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older
Workers Benefit Protection Act, the Sarbanes-Oxley Act, the Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor
Code, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims. The Company and Executive further understand that this agreement to arbitrate also applies to any disputes that the Company may have with
Executive. However, claims for workers’ compensation benefits and unemployment insurance (or any other claims where mandatory arbitration is prohibited by law) are not covered by this arbitration agreement, and such claims may be presented by
the Executive to the appropriate court or government agency. 
 (b) Procedure. The Company and Executive agree that any
arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”), pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The Arbitrator will have
the 

  
 -7-

 
power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions for class
certification, prior to any arbitration hearing. The Arbitrator will have the power to award any remedies available under applicable law, and the Arbitrator will award attorneys’ fees and costs to the prevailing party, except as prohibited by
law. The Company will pay for any administrative or hearing fees charged by the Arbitrator or JAMS except that Executive will pay any filing fees associated with any arbitration that Executive initiates, but only so much of the filing fees as
Executive would have instead paid had he filed a complaint in a court of law. The Arbitrator will administer and conduct any arbitration in accordance with California law, including the California Code of Civil Procedure, and the Arbitrator will
apply substantive and procedural California law to any dispute or claim, without reference to rules of conflict of law. To the extent that the JAMS Rules conflict with California law, California law will take precedence. The decision of the
Arbitrator will be in writing. Any arbitration under this Agreement will be conducted in Santa Clara County, California. 
 (c)
Remedy. Except as provided by the Act and this Agreement, arbitration will be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except as provided for by the Act and this Agreement, neither
Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. 
 (d)
Administrative Relief. Executive understands that this Agreement does not prohibit him from pursuing any administrative claim with a local, state, or federal administrative body or government agency that is authorized to enforce or administer
laws related to employment, including, but not limited to, the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board, or the Workers’ Compensation Board. This Agreement does,
however, preclude Executive from pursuing court action regarding any such claim, except as permitted by law. 
 (e) Voluntary
Nature of Agreement. Each of the Company and Executive acknowledges and agrees that such party is executing this Agreement voluntarily and without any duress or undue influence by anyone. Executive further acknowledges and agrees that he has
carefully read this Agreement and has asked any questions needed for him to understand the terms, consequences, and binding effect of this Agreement and fully understands it, including that Executive is waiving his right to a jury
trial. Finally, Executive agrees that he has been provided an opportunity to seek the advice of an attorney of his choice before signing this Agreement. 
 17. Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully
read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 

18. Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an
original and will constitute an effective, binding agreement on the part of each of the undersigned. 
 [Remainder of Page
Intentionally Left Blank] 

  
 -8-

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by their duly authorized officers, as of the day and year first above written. 
 COMPANY: 

 

			
	INTEVAC, INC.
	
	 By: /s/ Norm H. Pond 6/14/13

	 Title: CEO

	
	 EXECUTIVE:

	
	 /s/ Wendell Blonigan

	 Wendell Blonigan

 [SIGNATURE PAGE TO BLONIGAN SEVERANCE AGREEMENT] 

  
 -9-EX-10.1

 Exhibit 10.1 
 GENCORP INC. 
 DEFERRED COMPENSATION PLAN 

FOR NONEMPLOYEE DIRECTORS 
 (Effective January 1, 1992) 
 as adopted by the Board of Directors

 November 13, 1991 
 Approved by Shareholders 
 March 25, 1992 

and 

as last amended by the 
 Board of Directors 
 effective April 11, 2013 

 GENCORP INC. 
 DEFERRED COMPENSATION PLAN 
 FOR NONEMPLOYEE DIRECTORS 

TABLE OF CONTENTS 
  

									
	 Article
	 	 Section
	  	 	  	Page	 
				
	 1
	 		  	 Establishment of Plan
	  	 	1	  
				
	 2
	 		  	 Definitions and Construction
	  			
		 	2.1	  	 Definitions
	  	 	1	  
		 	2.2	  	 Construction
	  	 	3	  
				
	 3
	 		  	 Eligibility and Participation
	  	 	4	  
				
	 4
	 		  	 Deferral of Director Pay
	  			
		 	4.1	  	 Deferral Election
	  	 	4	  
		 	4.2	  	 Irrevocability
	  	 	5	  
				
	 5
	 		  	 Investment Programs for Cash Deferrals
	  			
		 	5.1	  	 Individual Accounts
	  	 	5	  
		 	5.2	  	 No Trust Fund
	  	 	5	  
		 	5.3	  	 Description of Investment Programs
	  	 	6	  
		 	5.4	  	 Responsibility for Investment Choices
	  	 	7	  
				
	 6
	 		  	 Distribution of Deferred Amounts
	  			
		 	6.1	  	 Distribution
	  	 	8	  
		 	6.2	  	 Survivor Benefits
	  	 	8	  
		 	6.3	  	 Change in Control
	  	 	8	  
		 	6.4	  	 Conversion and Adjustment in Event of Recapitalization
	  	 	9	  
				
	 7
	 		  	 Miscellaneous
	  			
		 	7.1	  	 Finality of Determinations
	  	 	9	  
		 	7.2	  	 Plan Administration
	  	 	10	  
		 	7.3	  	 Amendment, Suspension or Termination of the Plan
	  	 	10	  
		 	7.4	  	 Limitations on Transfer
	  	 	10	  
		 	7.5	  	 Governing Law
	  	 	10	  
		 	7.6	  	 Expenses of Administration
	  	 	10	  
		 	7.7	  	 Rabbi Trust
	  	 	10	  

 GENCORP INC. 
 DEFERRED COMPENSATION PLAN 
 FOR NONEMPLOYEE DIRECTORS 

Article 1 

Establishment of Plan 
 GenCorp Inc. (“Company”), hereby adopts the deferred compensation plan set forth herein, effective as of January 1, 1992, provided that the provisions for the GenCorp Stock Fund shall be
effective only upon approval by the Company’s shareholders. The purpose of the Plan is to provide the Company’s Nonemployee Directors with the opportunity to defer the receipt of Director Pay on a pre-tax basis and to earn investment
income on the amount of their deferred pay. The Plan predates the effective date of Section 409A of the Internal Revenue Code. The terms and conditions of the Plan as in effect on October 3, 2004, continue to apply to deferrals that were
vested as of December 31, 2004 (and earnings thereon). For ease of reference, a copy of the Plan, as in effect on that date, is attached hereto as Appendix 1. 
 Article 2 
 Definitions and Construction 

2.1 Definitions. The following capitalized words and phrases when used in the text of the Plan shall have the meanings set forth
below: 
  

	 	(a)	“Board” means the Board of Directors of the Company. 

  

	 	(b)	“Calendar Year” means each consecutive twelve-month period commencing January 1 and ending December 31. 

 

	 	(c)	“Change in Control” means the occurrence of any of the following events: 

 

	 	(1)	All or substantially all (meaning having a total gross fair market value at least equal to 50.1% of the total gross fair market value of all of the Company’s
assets immediately before such acquisition or acquisitions) of the assets of the Company are acquired by a Person (during a twelve month period ending on the date of the most recent acquisition by such person); or 

 

	 	(2)	 the Company is merged, consolidated or reorganized into or with another corporation or entity during a twelve-month period with the result that upon
the conclusion of the transaction less than 50.1% of the outstanding securities entitled to vote generally in the 

  
 -1-

	 	
election of directors or other capital interests of the surviving, resulting or acquiring corporation are beneficially owned (as that term is defined in Rule 13-d 3 under the Exchange Act) by the
shareholders of the Company immediately prior to the completion of the transaction. 

  

	 	(d)	“Company” means GenCorp Inc. 

  

	 	(e)	“Deferral Dates” means the dates on which Director payments are made, are paid, namely January 15, April 15, July 15 and
October 15. 

  

	 	(f)	“Director” means a member of the Board. 

  

	 	(g)	“Director Pay” means the aggregate compensation payable by the Company to a Director, including committee chair and membership pay whether payable in cash or
GenCorp Common Stock, including restricted GenCorp Common Stock payable as a matching grant or other stock grants. 

  

	 	(h)	“Effective Date” means January 1, 1992 (except the provisions for the GenCorp Stock Fund which will become effective upon approval of the Plan by the
Company’s shareholders). 

  

	 	(i)	“Market Value” means 

  

	 	(1)	 in the case of shares of GenCorp Common Stock (except as otherwise provided in Section 6.3 hereof), the closing price (or if no trading occurs on
any trading day, the mean between the closing bid and asked prices) as quoted in the New York Stock Exchange Composite Transactions as published in the Wall Street Journal (or, if not so listed, as quoted on such other exchange on which such
securities shall then be listed, or if unlisted, the mean average between the over-the-counter high bid and low asked quotation) on the day for which the determination is to be made, or if such day is not a trading day, the trading day immediately
preceding such day, and as used in Section 6.4 hereof, in the event of a Recapitalization, the weighted average of the trading prices on the day (or the weighted average of such trading prices on such trading days) following the occurrence
thereof as determined by the Organization and Compensation Committee of the Board in its discretion, or in the event of an issuer tender offer in connection with a Recapitalization, the weighted average of the trading prices on the trading day
immediately following the termination date of such issuer tender offer, or any extensions thereof (or the 

  
 -2-

	 	
weighted average of such trading prices on the five trading days immediately following such termination date) as determined by the Organization and Compensation Committee in its discretion; and

  

	 	(2)	in the case of shares of the Designated Equity Fund (i) for a bank commingled fund, the closing price of a share as determined by the trustee of such fund,
(ii) for a closed-end fund, the closing price of a share on the New York Stock Exchange, or (iii) for an open-end mutual fund, the net asset value per share of a share as determined by such fund, on the date for which the determination is
to be made, or if such date is not a trading day, the trading day immediately preceding such determination date. 

  

	 	(j)	“Nonemployee Director” means a Director who is not an employee of the Company. 

 

	 	(k)	“Participant” means a Nonemployee Director who elects to defer all or a portion of his Director Pay in accordance with Article 4. 

 

	 	(l)	“Plan” means the GenCorp Inc. Deferred Compensation Plan for Nonemployee Directors described in this document, as approved by the Board on November 13,
1991 and as amended from time to time; provided further that with respect to deferrals vested prior to January 1, 2005, “Plan” means the GenCorp Inc. Deferred Compensation Plan for Nonemployee Directors as in effect on October 3,
2004 (and including any non-material amendments made thereafter) and attached hereto as Appendix 1. 

  

	 	(m)	“Recapitalization” means a significant change in the capital structure of the Company (which may include an issuer tender offer made to all of the
Company’s shareholders to purchase outstanding shares of the Company’s Common Stock), as determined in the discretion of the Board as constituted immediately prior to the occurrence thereof. 

2.2 Construction. Whenever any word is used herein in the singular form, it shall be construed as though it were also used in the
plural form in all cases where it would so apply. Headings of articles and sections are inserted for convenience and reference, and they constitute no part of the Plan. Except where otherwise indicated by the context, any masculine terminology
herein shall include the feminine and neuter. 

  
 -3-

 Article 3 
 Eligibility and Participation 
 Any Nonemployee Director shall be
eligible to participate in the Plan. A Nonemployee Director may become a Participant in the Plan by electing to defer all or a portion of his Director Pay in accordance with Article 4. 

Article 4 

Deferral of Director Pay 
 4.1 Deferral Election. By written notice to the Secretary of the Company which is either received by the Secretary or postmarked no later than 30 days after a director’s initial appointment or
subsequent annual reappointment, any Nonemployee Director may elect to defer all or a portion of the Director Pay which may be payable to him for services rendered during such term and to have such deferred Director Pay held for his benefit under
the terms of the Plan. Notwithstanding the foregoing, if the term of a director’s appointment exceeds one year, then any deferral of Director Pay for services after the one year term must be received no later than the December 31st of the
calendar year preceding the beginning of the subsequent term. Any election made by a Participant pursuant to this Section 4.1 must specify his amount of deferral, investment choice[s] and time and manner of distribution, as described in
subsections (a), (b) and (c) below: 
  

	 	(a)	Amount of Deferral. Subject to a minimum annual deferral of $5,000, a Participant must specify the amount of his deferral as 

 

	 	(1)	his total Director Pay for the Calendar Year, 

  

	 	(2)	a percentage of his total Director Pay for the Calendar Year, or 

  

	 	(3)	a flat annual dollar amount not in excess of his total Director Pay for the Calendar Year. 

If a Participant elects to defer less than 100 percent of his Director Pay, deferrals pursuant to paragraphs (2) or (3) will be
deducted by the Company on a pro rata basis from the regular quarterly payments of Director Pay. 
  

	 	(b)	Investment Choices. A Participant must specify the amount or percentage of his deferred Director Pay to be applied to one or more of the following investment
programs as further described in Article 5: 

  

	 	(1)	GenCorp Stock Fund, but only for amounts deferred prior to November 30, 2009 and on or after March 24, 2010; 

  
 -4-

	 	(2)	Designated Equity Fund; 

  

	 	(3)	Cash Deposit Fund. 

  

	 	(c)	Distribution. A Participant must elect to receive the cash value of his deferred Director Pay, plus earnings thereon, 

 

	 	(1)	in either (i) a single payment, or (ii) in two or more approximately equal annual installments, not to exceed ten; and 

 

	 	(2)	commencing, at his election, (i) 30 days following the date he ceases to be a Director and has a “separation from service” (as defined in Treas. Reg.
1.409A-1(h)), provided that if the Director is then a “specified employee” as defined in Section 409A of the Internal Revenue Code, this shall be the first day of the seventh month following the end of the month in which occurs such
separation from service, (ii) on a fixed future date specified in the written election notice, or (iii) upon the Participant’s attainment of an age specified by him in the written election notice. 

In addition, a Participant may elect to have the cash value of his deferred Director Pay, plus earnings thereon, distributed in the event
of his death as a single payment on the first day of the month following the month in which death occurs, notwithstanding any election made by the Participant pursuant to paragraphs (1) and (2) above. 

4.2 Irrevocability. Except to the extent permissible under Code Section 409A and the regulations thereunder, all deferral
elections under Section 4.1 shall be irrevocable. 
 Article 5 

Investment Programs for Cash Deferrals 
 5.1 Individual Accounts. When a Participant has made a cash deferral election pursuant to Section 4.1, the Company shall establish an account on its books in his name and shall, in the case of
the investment programs described in Sections 5.3(a) and (b), cause to be credited to such account as of each Deferral Date the number of full and fractional phantom shares which could be purchased with the amount deferred on such Deferral Date and,
in the case of the investment program described in Section 5.3(c), cause to be credited to such account as of each Deferral Date the dollar amount deferred on such Deferral Date. 

5.2 No Trust Fund. The Company shall not be required to reserve or otherwise set aside funds for the payment of any amounts
credited to any account 

  
 -5-

 
created hereunder. In addition, the Company shall not, and shall not be required to, actually purchase any stock, security or mutual fund units described in Sections 5.3 (a) and (b).

 5.3 Description of Investment Programs. 

 

	 	(a)	GenCorp Stock Fund. Under this investment program, the Participant’s account shall be credited with the number of full and fractional phantom shares of
GenCorp Common Stock which could be purchased at the Market Value on the Deferral Date with the deferred amount designated for this investment program. The provisions of this Section 5.3(a) will not apply to any amounts deferred on or after
November 30, 2009 and before March 24, 2010. 

  

	 	(1)	In the event that the shares of GenCorp Common Stock shall be increased or decreased or changed into or exchanged for a different number or kind of shares of stock or
other securities of the Company or of another corporation, whether through reorganization, merger, consolidation, recapitalization, stock split-up, combination of shares, stock offerings, spin-off or otherwise, such number of phantom shares of
GenCorp Common Stock as shall be credited to the account of any Participant as of the record date for such action shall be proportionately or appropriately adjusted as of the payment or effective date to reflect such action. If any such adjustment
shall result in a fractional share, such fractional phantom share shall also be credited to the account of the Participant. 

  

	 	(2)	The Participant’s account shall further be credited with the number of phantom shares, including fractions, which would be purchasable at the Market Value on the
date a dividend is paid on GenCorp Common Stock, with an aggregate amount equal to any dividend or the value of any other distribution (other than a distribution for which an adjustment in the number of phantom shares in the account is made pursuant
to paragraph (1)) paid on that number of shares of GenCorp Common Stock which is equivalent to the number of phantom shares credited to the Participant’s account on the record date of such dividend or other distribution.

  
 -6-

	 	(b)	Designated Equity Fund. 

  

	 	(1)	The Designated Equity Fund initially shall be the Northern Trust Company’s Collective Daily S&P 500 Equity Index Fund — Lending, which is designed to
match the performance of and changes in Standard and Poor’s 500 Index. The Designated Equity Fund may be changed from time to time by action of the Board, except that such change shall be only for future application and shall not affect the
phantom shares previously credited to the account of any Participant. 

  

	 	(2)	Under this program, the Participant’s account is credited with the number of full and fractional phantom shares of the Designated Equity Fund, which could be
purchased at the Market Value on the Deferral Date with the deferred amount designated for this investment program. 

  

	 	(3)	If and when any dividend is declared and paid, the Participant’s account shall further be credited with the number of phantom shares, including fractions, which
could be purchased at the Market Value on the dividend payment date with an aggregate amount equal to any ordinary or capital cash dividend paid on that number of shares of the Designated Equity Fund which is equivalent to the number of phantom
shares credited to the Participant’s account on the dividend record date. 

  

	 	(c)	Cash Deposit Fund. Under this program, the Participant’s account is credited on the Deferral Date with that deferred dollar amount designated for this
investment program. After the end of each Calendar Year quarter, there shall further be credited to each Participant’s account an amount equal to three months’ interest on the average balance credited to such account during such quarter
computed at the prime interest rate payable by the Company at the beginning of each such quarter as determined by the Treasurer of the Company. 

 5.4 Responsibility For Investment Choices. Each Nonemployee Director is solely responsible for his decision to participate in the Plan and accepts all investment risks entailed by his participation
and/or selection of an investment program, including the risk of loss of and a decrease in the value of his deferred Director Pay. 

  
 -7-

 Article 6 
 Distribution of Deferred Amounts 
 6.1 Distribution. Subject
to the terms of Sections 6.2, 6.3, 6.4 and 6.5, a Participant’s interests in the Plan shall be distributed to him in accordance with his elections made pursuant to Section 4.1(c). All amounts shall be distributed in cash. 

In the case of phantom shares credited to a Participant’s account in the GenCorp Stock Fund or Designated Equity Fund of the Plan,
the value of a Participant’s interest on any distribution date elected by a Participant, whether such distribution is to be made in a single payment or in annual installments, will be the product of the pro rata portion of the
Participant’s phantom shares which is to be distributed on such date multiplied by the Market Value of GenCorp Common Stock or shares of the Designated Equity Fund, as the case may be, on such distribution date. In the case of annual
installments, the value of a Participant’s interest on each annual distribution date after the initial distribution will be calculated in a like manner based upon the applicable Market Value on each subsequent distribution date. 

In the case of the Cash Deposit Fund, if a single payment has been elected, the entire cash value of a Participant’s account on the
distribution date will be paid in a single payment. Where annual installments have been elected, the cash value of the pro rata portion of the Participant’s account balance to be distributed on such date (plus accrued interest thereon), shall
be paid to the Participant on each annual installment distribution date. 
 6.2 Survivor Benefits. If a Participant dies
before all or any portion of his interests under the Plan have been distributed to him, the interests remaining to be paid shall be distributed, on the date or dates and in the manner specified in such Participant’s written deferral elections,
to such beneficiary or beneficiaries as the Participant may have designated in writing to the Company or, in the absence of any such designation to his estate or to, or as directed by, his legal representatives. 

6.3 Change in Control. 
  

	 	(a)	Notwithstanding any other provisions of the Plan, in the event of a Change in Control, such Director shall be immediately paid, in a single payment, the sum of
(1) the Cash Value of his GenCorp Stock Fund account, (2) the Market Value of his Designated Equity Fund account and (3) the cash value of his Cash Deposit Fund account. 

 

	 	(b)	For purposes of this Section 6.3, the Cash Value of a Participant’s GenCorp Stock Fund account shall be determined using as a conversion price the greater of
(1) the tender offer or exchange offer price (if any), or (2) the highest market value of GenCorp Common Stock (or other security for which GenCorp Common Stock may have been exchanged pursuant to Section 5.3(a)(1)) during the
ninety-day period preceding the Change in Control. 

  
 -8-

 6.4 Conversion and Adjustment in Event of Recapitalization. 

Notwithstanding any other provisions of the Plan, upon the occurrence of a Recapitalization, all shares credited to the
Participant’s account in the GenCorp Stock Fund (“Shares”) shall first be adjusted to a Cash Value either (x) in the event of a Recapitalization not occurring in connection with an issuer tender offer, by multiplying the
aggregate number of Shares by an amount, on a per share basis, equal to the prorated value as determined by the Organization and Compensation Committee of the Board of the (A) Cash and Market Value of any security or property distributed to
shareholders in connection with the Recapitalization, (B) Cash and Market Value of any security or property paid to shareholders in exchange for GenCorp Common Stock in connection with the Recapitalization, and (C) Market Value of GenCorp
Common Stock (or its successor), or (y) in the event of a Recapitalization occurring in connection with an issuer tender offer, by determining the sum of A + B obtained pursuant to the following calculations: 

 

													
		  		  	 Tender Offer

Proration
 Rate
	  		  		  		  	
	 Aggregate

Shares
	  	X	  	  	X	  	 Tender

Offer Price
	  	= A	  	
	  		  	  		  	  		  	
		
	and	  	

													
							
		  		  		  	 Tender Offer

Proration
 Rate
	  		  	 Market

Value
	  	
	 Aggregate

Shares
	  	X	  	one -	  	  	X	  	  	= B

 For purposes of the foregoing calculations, the term Tender Offer Proration Rate shall mean the ratio
(excluding consideration of any odd lot shares tendered or repurchased) of the number of shares repurchased by the Company in an issuer tender offer to the number of shares tendered to the Company in connection with such offer. 

Article 7 

Miscellaneous 
 7.1 Finality of Determinations. Authority to determine contested issues or claims arising under the Plan shall be vested in the GenCorp Administrative Committee, and any determination by the
Administrative Committee pursuant to such authority shall be final and binding for all purposes and upon all interested persons and their heirs, successors, and personal representatives. 

  
 -9-

 7.2 Plan Administration. Authority and responsibility for administration of the Plan,
including maintenance of Participants’ accounts hereunder and preparation and delivery of individual annual account statements to Participants, shall be vested in the GenCorp Organization & Compensation Committee. Responsibility for
oversight of investment programs, and reporting on the performance thereof to the Board, shall be vested in the GenCorp Benefits Management Committee. 
 7.3 Amendment, Suspension or Termination of the Plan. The Board may amend, suspend or terminate the Plan in whole or in part at any time, provided that such amendment, suspension or termination
shall not adversely affect rights or obligations with respect to funds or interests previously credited to the account of any Participant. 
 7.4 Limitations on Transfer. Participants shall have no rights to any funds or interests credited to their accounts except as set forth in this Plan. Such rights may not be anticipated, assigned,
alienated or transferred, except in writing to a designated beneficiary or beneficiaries or by will or by the laws of descent and distribution. Any attempt to alienate, sell, exchange, transfer, assign, pledge, hypothecate or otherwise encumber or
dispose of any such funds or interests by a Participant shall be void and of no effect. The foregoing limitations shall apply with equal force and effect to any beneficiary or beneficiaries designated by a Participant hereunder. 

7.5 Governing Law. The Plan shall be governed by the laws of the State of Ohio. The Plan is not governed by the Employee
Retirement Income Security Act of 1974. 
 7.6 Expenses of Administration. All costs and expenses incurred in the
operation and administration of this Plan shall be borne by the Company. 
 7.7 Rabbi Trust. In the case of a GenCorp
Common Stock deferral, and notwithstanding Section 5.2 herein, the Board may, in its sole discretion, cause the Company to establish one or more so-called “rabbi trusts” (as described in Revenue Procedure 92-64, I.R.B. 1992-33, 11, as
modified by Notice 2000-56), to which shares of GenCorp Common Stock shall, to the extent permissible under Code Section 409A(b)(3), be contributed with respect to such Participant. In such event, references to “phantom stock” herein
shall refer to GenCorp Common Stock so transferred to the rabbi trust. Distributions of deferred amounts shall be payable solely in shares of GenCorp Common Stock (notwithstanding Section 4.1(c) herein), subject to any limitations set forth in
the rabbi trust agreement, in addition to the provisions set forth in Article 6 herein, and in the case of any inconsistency, the terms set forth in the rabbi trust agreement shall apply. Each Nonemployee Director is solely responsible for his
decision to defer shares of GenCorp Common Stock into a rabbi trust and accepts all risks entailed by his participation in investment. 

  
 -10-

 Appendix 1 
 Appendix 1 is the GenCorp Inc. Deferred Compensation Plan for Nonemployee Directors as in effect on October 3, 2004 (and including any non-material amendments made thereafter). A copy of Appendix 1
will be provided by the Company upon request. 

  
 -11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00219-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00219-of-00352.parquet"}]]