Document:

Exhibit 10.2
    

    

    

    
      Ameron International Corporation
Stock
      Ownership Requirements
    

    
      In order to better align the interests of
      the Chief Executive Officer (“CEO”)
      and directors of the Company with the interests of the Company’s
      stockholders, the Board of Directors (the “Board”)
      expects the Company’s CEO, and all members of the Board (each, a “Director”),
      to own a significant amount of common stock of the Company.  To
      accomplish that objective, the Board has adopted these stock ownership
      requirements (these “Requirements”).
    

    
      Stock Ownership Requirements for Chief
      Executive Officer
    

    
      The CEO shall own and hold a minimum
      amount of common stock equal in value to a multiple of three times such
      officer’s base salary.
    

    
      This requirement must be satisfied within
      five (5) years of the adoption of these Requirements.  A newly appointed
      CEO shall have five (5) years from the date on which he or she is named
      as CEO to acquire the requisite ownership level.
    

    
      Stock Ownership Requirements for
      Directors
    

    
      Directors shall own and hold a minimum
      amount of common stock equal in value to three (3) times the base annual
      retainer payable to such Director, not including supplemental committee
      retainers or fees.  Directors must satisfy this requirement within five
      years of the adoption of these Requirements.  A newly appointed or
      elected Director shall have five years from the date on which such
      individual becomes a Director to acquire the requisite ownership
      level.  If the CEO is a director, only the CEO ownership requirement
      shall apply to the CEO.
    

    
      Retention Ratios
    

    
      Upon vesting of a restricted stock award,
      and after the payment of the taxes due as a result of vesting, each
      Director and the CEO is required to hold seventy-five percent (75%) of
      the net shares until the applicable Requirements are met.  Upon exercise
      of a stock option, each Director and the CEO is required to hold fifty
      percent (50%) of the net shares until the applicable Requirements are
      met. The term “net shares”
      means the shares of common stock remaining after selling shares to fund
      the payment of transaction costs and applicable taxes owed as a result
      of vesting or exercise of the equity award (including income taxes),
      and, in the case of stock options, the exercise price of the option.  
    

    
      Compliance with Requirements
    

    
      In determining the number of shares of
      common stock owned by the CEO or a Director, the following shall be
      included:
    

    	
        Shares of common stock purchased on the
        open market
      
	
        Shares of common stock obtained through
        exercises of stock options
      
	
        Shares of common stock owned jointly
        with or separately by spouse and/or children
      
	
        Shares of common stock held in trust1
      
	
        Shares of common stock awarded under the
        CEO’s employment agreement, if any
      
	
        Shares of restricted common stock
      
	
        Performance Stock Units
      
	
        Restricted Stock Units
      

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      Shares of common stock subject to
      unexercised options, whether vested or unvested, in-the-money or
      out-of-the-money, will not be counted in determining an individual’s
      holdings.  Compliance with these Requirements will be evaluated annually
      by the Nominating & Corporate Governance Committee of the Board (the “Committee”).
    

    
      Failure to attain the level of ownership
      required by these Requirements stock may result in a reduction in future
      long-term incentive grants and/or payment of future annual and/or
      long-term incentive payouts in the form of stock.  These Requirements
      shall not be construed as a transfer restriction on any shares of common
      stock owned of record or beneficially.  
    

    
      Hardship Exceptions
    

    
      There may be instances where compliance
      with these Requirements would place a severe hardship on an
      individual.  It is expected that these instances will be rare; however,
      in such instances, the Committee will make a final decision as to
      whether these Requirements will be applied, or modified as to any
      individual on account of hardship.
    

    
      Administration, Amendments and
      Modifications
    

    
      These Requirements shall be administered
      by the Committee. The Committee shall periodically assess these
      Requirements and make recommendations as appropriate.  The Committee
      shall also have the discretion to submit for approval by the Board any
      amendments or modifications, in whole or in part, to these Requirements.
    

    
      

      

      

      

      ______________________________
    

    
    	
          
            1
          

        	
          
            Due to the complexities of trust
            accounts, requests to include shares of common stock held in trust
            must be submitted to the Nominating & Corporate Governance
            Committee, which will make the final decision as to whether to
            include those shares.
          

        

    

    
      

      2Exhibit 10.3
    

    

    

    
      CHANGE OF CONTROL AGREEMENT
    

    
      This change of control agreement (the
      "Agreement") is made effective as of June 23, 2010, by and between
      Ameron International Corporation, a Delaware corporation (the "Company")
      and Leonard J. McGill ("Employee").
    

    
      WITNESSETH
    

    
      WHEREAS, if certain corporate transactions
      were proposed or pending, such potential transactions could result in
      distractions to Employee's performance at a critical period; and
    

    
      WHEREAS, Employee and Company wish to
      enter into this Agreement in order to provide security to Employee as a
      means of maintaining performance under such circumstances;
    

    
      NOW, THEREFORE, in consideration of the
      mutual promises and agreements set forth herein, the Company and
      Employee agree as follows:
    

    
      1.   TERM.
    

    
      1.1  The term of this Agreement (the
      "Term") shall commence on June 23, 2010 and shall be for two years,
      subject to earlier termination in accordance with the provisions of
      Section 4 hereinbelow.  Beginning on June 10, 2012 and on each day
      thereafter, the Term shall automatically be extended for an additional
      day, unless the Company notifies Employee in writing that it does not
      wish to further extend the Term.
    

    
      2.   POSITION AND TITLE.
    

    
      2.1  The Company, on behalf of itself and
      its affiliates and subsidiaries, currently employs Employee as Senior
      Vice President, Secretary and General Counsel.
    

    
      2.2  Employee shall devote substantially
      all of his efforts on a full-time basis to the business and affairs of
      the Company and shall not engage in any business or perform any services
      in any capacity whatsoever adverse to the interests of the Company.
    

    
      2.3  Employee shall at all times
      faithfully, industriously, and to the best of his ability, experience,
      and talents perform all of the duties of his position.
    

    
      3.   COMPENSATION.
    

    
      3.1  As of the date of this Agreement,
      Employee's annual base salary is $320,000.  Employee's base salary and
      performance shall be reviewed periodically at intervals determined by
      the Board of Directors of the Company (the "Board"), and Employee's base
      salary may be increased from time to time based on merit or such other
      considerations as the Board may deem appropriate.
    

    
      
        

        

      

      
        
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      4.   TERMINATION OF EMPLOYMENT.
    

    
      For purposes of this Agreement only, a
      Termination Without Cause shall exist if Employee is terminated by the
      Company for any reason except:
    

    
      (1)  Willful breach of duty by Employee in
      the course of his employment or habitual neglect of his duty or
      continued incapacity to perform it, as contemplated by Section 2924 of
      the California Labor Code;
    

    
      (2)  Willful malfeasance or gross
      negligence by Employee in the performance of his duties;
    

    
      (3)  Any act of fraud, insubordination or
      other conduct by Employee which demonstrates gross unfitness for
      service; or
    

    
      (4)  Employee's conviction (or entry of a
      plea of guilty, nolo contendere or the equivalent) for any crime
      involving moral turpitude, dishonesty or breach of trust or any felony
      which is punishable by imprisonment in the jurisdiction involved.
    

    
      Additionally, if Employee terminates
      employment with the Company because (a) Employee's annual base salary is
      reduced below the amount stated in Paragraph 3.1 hereinabove (unless
      such reduction is part of an across the board reduction affecting all
      Company executives with a comparable level of responsibility, title or
      stature), or (b) Employee is removed from or denied participation in
      incentive plans, benefit plans, or perquisites generally provided by the
      Company to other executives with a comparable level of responsibility,
      title or stature, or (c) Employee's target incentive opportunity,
      benefits or perquisites are reduced relative to other executives with
      comparable responsibility, title or stature, or (d) Employee's title,
      duties or responsibilities with the Company are significantly reduced,
      or (e) Employee is required to relocate to an area outside the
      Metropolitan Los Angeles area, such event shall be considered a
      Termination Without Cause; provided that Employee must furnish written
      notice to the Company setting forth the reasons for Employee's intention
      to terminate employment under this paragraph, and the Company shall have
      an opportunity to cure the actions or omissions forming the basis for
      such intended termination, if possible, within thirty (30) days after
      receipt of such written notice.
    

    
      5.   CHANGE OF CONTROL.
    

    
      5.1 In the event of a Change of Control of
      the  Company at any time during the Term of this Agreement, and
      Employee's Termination Without Cause within a
      period  of  twelve  (12)  months  following  the date of
      such  Change  of  Control, Employee shall be entitled to the following
      benefits:
    

    
      (1) The Company shall pay Employee a
      lump-sum severance amount within thirty (30) days following Termination
      Without Cause equal to three (3) times the sum of (a) the higher of the
      Employee's annual base salary at the time of Termination Without Cause
      or the annual base salary stated in Paragraph 3.1 above, and (b) the
      average of the two most recent annual bonuses which have been earned by
      Employee (whether paid or payable in cash or deferred) under the
      Company's annual bonus plan (currently known as the "Management
      Incentive Compensation Plan") and the amounts of which have been
      determined prior to the Termination Without Cause.
    

    
      
        

        

      

      
        
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      (2) The Company shall provide for Employee
      to receive medical, dental, life, and disability insurance coverage for
      three (3) years following Termination Without Cause at levels and a net
      cost to Employee comparable to that provided to Employee immediately
      prior to Employee's Termination Without Cause.
    

    
      (3) The Company shall pay Employee an
      additional lump-sum amount within thirty (30) days following Employee's
      Termination Without Cause equal to a pro-rated portion of Employee's
      target incentive bonuses (based on the period prior to Termination
      Without Cause in proportion to the entire period for which such bonuses
      are payable) under the Company's annual and long-term management cash
      incentive plans, which are currently known as the "Management Incentive
      Compensation Plan" and "Key Executive Long-Term Cash Incentive Plan."
    

    
      5.2  In the event of a Change of Control
      at any time during the term of this Agreement, all unvested restricted
      stock grants and stock options granted to Employee shall automatically
      vest in full upon the Change of Control.
    

    
      5.3  Notwithstanding  any
      other  provisions in this Agreement or any other agreement, plan or
      arrangement, if any payment or benefit received or to be received by
      Employee,  whether  under terms of this  Agreement or any other
      agreement,  plan or arrangement with the Company or an  affiliate  of
      the Company (all such payments and
      benefits  being  hereinafter  referred to as "Total Payments"),  would
      be subject, in whole or in part, to taxes imposed by Internal  Revenue
      Code ("IRC")  Section  4999,  then the Total  Payments shall be reduced
      to the  extent  necessary  so that no portion of the Total
      Payments  shall be subject to the  parachute  excise tax (the "Excise
      Tax") imposed by IRC Section 4999 (after taking into account any
      reduction in the Total  Payments  provided by reason of IRC
      Section  280G in any other plan,
      arrangement  or  agreement).  Total  Payments shall not include any
      amounts which are not considered as "parachute payments" under IRC
      Section 280G in the  opinion  of  suitable  experts  selected  by
      the  Company's  Board  of Directors.  The Company shall provide Employee
      with the calculation of the foregoing amounts and any supporting
      materials reasonably necessary for Employee to evaluate the
      calculations.  Any reduction in the Total Payments in accordance with
      this Paragraph 5.3 shall be made in a manner such that the reduction of
      compensation to be provided to Employee as a result of this Paragraph
      5.3 is minimized. In applying this principle,  the reduction shall be
      made in a manner  consistent with the  requirements of IRC Section 409A
      and where two economically equivalent amounts are subject to reduction
      but payable at different times, such amounts shall be reduced on a pro
      rata basis but not below zero.
    

    
      
        

        

      

      
        
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      5.4  As used herein, the term "Change
      of  Control" means either (a) the dissolution or liquidation of the
      Company, (b) a reorganization, merger or consolidation of the Company
      with one or more entities as a result of which the Company is not the
      surviving entity, (c) approval by the stockholders of the Company of any
      sale, lease exchange or other transfer (in one or a series of
      transactions) of all or substantially all of the assets of the Company,
      (d) approval by the stockholder of the Company of any merger or
      consolidation of the Company in which the holders of voting stock of the
      Company immediately before the merger or consolidation will not own
      fifty percent (50%) or more of the outstanding voting shares of the
      continuing or surviving entity  immediately after such merger or
      consolidation, or (e) a change of 25% or more (rounded to the next whole
      person) in the membership of the Board of Directors of the Company
      within a 12-month period, unless the election or nomination for election
      by stockholders of each new director within such period was approved by
      the vote of at least 85% (rounded to the next whole person) of the
      directors then still in office who were in office at the beginning of
      the 12-month period.
    

    
      5.5  Employee shall not be obligated to
      seek other employment or take any other action by way of mitigation of
      the amounts payable to Employee under any provisions of this Agreement,
      and the amounts payable to Employee hereunder shall not be reduced or
      offset by any payments received by Employee on account of other
      employment.
    

    
      6.   COVENANTS.
    

    
      6.1  Employee acknowledges that he has
      entered into an "Employee Patent Assignment and Non-Disclosure
      Agreement" with the Company.
    

    
      6.2  Employee agrees to provide a release
      of any claims with respect to termination of his employment on such form
      as reasonably requested by the Company upon payment of the sums provided
      in Paragraph 5.1 hereinabove and the Company's agreement to perform its
      other obligations under this Agreement and any other agreement(s)
      between the Company and Employee.
    

    
      7.   MISCELLANEOUS PROVISIONS.
    

    
      7.1  All terms and conditions of this
      Agreement are set forth herein, and there are no warranties, agreements
      or understandings, express or implied, except those expressly set forth
      herein.
    

    
      7.2  Any modifications to this Agreement
      shall be binding only if evidenced in writing signed by all parties
      hereto.
    

    
      7.3  Any notice or other communication
      required  or permitted to be given hereunder shall be deemed properly
      given if personally delivered or deposited in the United States Mail,
      registered or certified and postage prepaid, addressed to the Company at
      245 S. Los Robles Avenue, Pasadena, CA 91101 or to Employee at his most
      recent home address on file with the Company, or at such other addresses
      as may from time to time be designated in writing by the respective
      parties.
    

    
      
        

        

      

      
        
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      7.4  The laws of the State of California
      shall govern the validity of this Agreement, the construction of its
      terms, and the interpretation of the rights and duties of the parties
      involved.
    

    
      7.5  In the event that any one or more of
      the provisions contained in this Agreement shall for any reason be held
      to be invalid, illegal or unenforceable, the same shall not affect any
      other provision of this Agreement, but this Agreement shall be construed
      as if such invalid, illegal or unenforceable provisions had never been
      contained herein.
    

    
      7.6  This Agreement shall be binding upon,
      and inure to the benefit of, the successors and assigns of the Company
      and the personal representatives, heirs and legatees of Employee.
    

    
      7.7  The term "Company" shall include,
      with respect to employment hereunder, any subsidiary or affiliate of the
      Company, as well as any successor employer following a Change of Control.
    

    
      7.8  Notwithstanding any other provisions
      of this Agreement,  in the event the  Employee  is a
      specified  employee  (within the meaning of IRC Section 409A and
      as  determined  pursuant to any rules adopted for such purposes by the
      Company) as of the date of his  termination of employment,  any payment
      or  benefit  otherwise  required  to be  made  as
      a  result  of  Employee's termination  of employment  that is considered
      to be deferred  compensation under IRC Section 409A(a)(2)(B)(i) payable
      on account of a "separation from service" (as distinguished from, for
      instance, at a specified time or fixed schedule as described under
      Treas. Reg. ss.  1.409A-3(a)(4)  and -3(i)) and that is not exempt from
      IRC Section 409A as involuntary separation pay or a
      short-term  deferral  (or  otherwise),  shall  not  be  paid,  provided  or
      commenced  until the later of (i) six months  after the date
      of  Employee's "separation  from service" (within the meaning of IRC
      Section 409A), or, if earlier,  Employee's  death, and (ii) the payment
      date or commencement date specified  in the  Agreement  for
      such  payment(s)  or  benefit(s).  On the earliest date on which
      such  payments or benefits can be made,  provided or
      commenced    without    violating   the   requirements   of   IRC   Section
      409A(a)(2)(B)(i),  Employee  shall be paid,  in a single cash lump sum,
      an amount equal to the aggregate  amount of all payments and
      benefits  delayed pursuant to the preceding sentence.  The provisions of
      this paragraph shall only apply to the minimum extent required to avoid
      Employee's incurrence of any additional tax or interest under IRC
      Section 409A or any regulations or other Internal Revenue Service
      guidance promulgated thereunder.
    

    
      IN WITNESS WHEREOF, the parties have
      executed this Agreement effective as of the date first above written.
    

    
    	
          
            BY:
          

        	
          
            /s/ James S. Marlen
          

        
	

        	
          
            James S. Marlen, Chairman of the
            Board,
          

        
	

        	
          
            President and Chief Executive Officer
          

        
	

        	
           
        
	

        	
           
        
	
          
            BY:
          

        	
          
            /s/ Leonard J. McGill
          

        
	

        	
          
            Leonard J. McGill
          

        

    

    
      

      5

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