Document:

exv10w32

 

EXHIBIT 10.32

Bryan P. Ramsey

Vice President

Human Resources

January 11, 2006

Mr. R. Leon Blackburn

351 Laverne Avenue

Mill Valley, CA 94941

Dear Leon:

We are very excited by the prospect of your joining our team and believe you
will make a significant contribution to the success of our business. On behalf
of GenCorp Inc., I am delighted to offer you the position of Vice President and
Controller. In this position, you will report directly to Yasmin Seyal, Chief
Financial Officer.

Our offer is contingent upon your written acceptance of the position under the
following terms of employment:

	 	•	 	Start Date. Your employment with the company will commence on
Monday, February 6, 2006.
	 
	 	•	 	Salary. Your monthly base salary will be $20,000 per month ($240,000
per annum).
	 
	 	•	 	Hiring Bonus. You will receive a sign-on bonus in the amount of
$24,000. This payment will be paid to you minus applicable taxes
during your first 30 days of employment. This sign-on bonus is
conditioned upon: 1) your acceptance of the offered position; and 2)
your agreement not to voluntarily terminate your employment with
GenCorp for a period of one year. In the event that you voluntarily
terminate your employment within the one-year period, you hereby
agree to reimburse GenCorp for this sign-on bonus within 30 days of
employment termination.
	 
	 	•	 	Pension. You will automatically participate in the GenCorp
Consolidated Pension Plan. Participation in this plan does not
require employee contributions and your accrued benefit fully vests
after five years of service.
	 
	 	•	 	Annual Bonus. You will be eligible to participate in the Company’s
annual incentive plan, beginning with GenCorp’s fiscal year 2006.
Your maximum incentive opportunity will be 50% of your annual base
salary. For fiscal year 2006, GenCorp guarantees that one-half
($60,000) of your annual incentive will be paid to you. Annual
incentive payments are payable in the quarter following the end of
the fiscal year and in accordance with GenCorp’s regular pay
practices and at the discretion of the CEO. All bonus payments
require you to be employed by GenCorp on the date of payment.
	 
	 	•	 	Stock Appreciation Rights. You will be eligible to participate in
the Stock Appreciation Rights (SARs) or similar program applicable
to corporate executives under the GenCorp 1999 Equity and
Performance Incentive Plan. Grants typically are made on an annual
basis, although the frequency of grants is subject to the discretion
of the CEO and the Board of Directors. The number of SARs granted is
based on competitive norms associated with base salary, subject to
management’s judgment of the individual’s performance and potential.
	 
	 	 	 	You will be granted 5,000 SARs effective as of the date your
employment begins.

 

 

 

	 	•	 	Restricted Stock. You will be eligible to participate in the long
term incentive program under the 1999 Equity and Performance
Incentive Plan as approved by the Board of Directors. In recent
years, key executives received grants of restricted stock, which
vest if specified performance goals are achieved. Such grants are
normally made during GenCorp’s first fiscal quarter.
	 
	 	 	 	In addition, you will be granted 15,000 time-based restricted
shares of GenCorp Common Stock effective upon the Board of Directors
meeting scheduled for January 23, 2006. Provided that you remain in
the continuous employ of the Company, the restriction on these shares will lapse three years from date of the grant.
	 
	 	•	 	Severance Agreement. Subject to approval of the Board of Directors,
you will be offered a Severance Agreement containing the standard
terms and conditions applicable to GenCorp Officers, which provides
benefits in the event of a “change in control”.
	 
	 	•	 	Benefit Restoration Plan. You will also participate in the company
benefit restoration plan. The purpose of this plan is to restore
401(k) contributions and pension benefits that you would otherwise
lose because of certain Internal Revenue Code limitations on
participation in such plans.
	 
	 	•	 	Relocation. To assist you with your relocation to the Sacramento
area, we are offering you the benefits outlined in the enclosed
relocation summary. Following your written acceptance of our offer,
a GMAC Global Relocation Services representative will contact you to
initiate your move. All relocation activities must be completed
within twelve (12) months from your start date. You should be aware
that all payments for any and all costs associated with relocation
shall be repaid to GenCorp should you resign within twelve (12)
months after hire.
	 
	 	•	 	401(k). You will be eligible to participate in the GenCorp
Retirement Savings Plan. The plan provides a 100% matching
contribution up to the first three percent of your contributions to
the plan and a 50% match on your next three percent of
contributions. All company matching contributions vest immediately
and are invested in the GenCorp Stock Fund.
	 
	 	•	 	Vacation. You will be eligible for four (4) weeks of paid vacation.
Vacation accrues by pay period.
	 
	 	•	 	Flexible Benefits. GenCorp offers a flexible benefits program that
provides a number of benefit levels and options from which to
choose. These options include, but are not limited to:

	 	•	 	Comprehensive health insurance
	 
	 	•	 	Dental insurance
	 
	 	•	 	Life insurance
	 
	 	•	 	Accidental death and dismemberment insurance
	 
	 	•	 	Long-term disability insurance

     Some of these coverages require employee contributions; some are
voluntary.

	 	•	 	GenCorp offers a drug-free work environment. It is the policy of
GenCorp that all offers of employment are contingent upon
successfully passing a pre-employment alcohol and drug screen test.
Additionally, you must satisfy all job-related physical
requirements.
	 
	 	•	 	This employment offer is contingent upon reference checks and a
background investigation as well as upon your receiving appropriate
security clearances.
	 
	 	•	 	Our offer is also contingent upon your signing all of the following
documents and returning them in the enclosed envelope:

	 	•	 	One copy of this offer letter
	 
	 	•	 	Notice to Consumer and Identification Information Disclosure &
Criminal History Disclosure (Form 1 and Form 2)
	 
	 	•	 	Badging & Plant Security Questionnaire (Please enclose this
form in the envelope addressed to Security, seal the envelope,
and return it to us along with all of the documents listed
above.)
	 
	 	 	 	Please complete all of these forms and return them with your
signed offer letter in the enclosed envelope.

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	 	•	 	Additionally, GenCorp is required by Federal law to verify all new
employees’ legal right to work in the United States. Our offer is
contingent upon your providing this proof. It is not necessary to
provide proof now, but you must provide proof of your legal right to
work in the United States on your first day of work. The documents
described in the enclosed list are acceptable for this purpose. If
you will have any difficulty providing this documentation on your
start date, please notify us immediately.
	 
	 	•	 	The term of your employment will be indefinite in duration and
therefore, subject to termination at will by notice from you or
GenCorp. Nothing in this offer letter, including the provisions of
the sign-on bonus, should be construed as a modification of this
employment at-will policy.
	 
	 	•	 	Lastly, this letter incorporates all of the elements of our
employment offer, subject to the more definitive terms of the
GenCorp Human Resources policies and employee benefit plans. There
are no other terms or conditions of employment, and your acceptance
of this offer acknowledges that no one provided additional promises
or incentives for you to accept employment with GenCorp. Summary
descriptions of the GenCorp employee benefit plans are available
upon request.

Yasmin, Terry and I are pleased to welcome you to the GenCorp team. If you have
any questions, please feel free to contact me at 916-355-2072. To indicate your
agreement with the above terms of your employment offer, please sign below and
return one copy of this letter to me in the enclosed return envelope.

Sincerely,

 

/s/ Bryan P. Ramsey

Bryan P. Ramsey

Vice President Human Resources

 

Accepted this 11th day of January, 2006.

 

Signature: /s/ R. Leon Blackburn

3exv10w33

 

Exhibit 10.33

GENCORP INC.

1999 EQUITY AND PERFORMANCE INCENTIVE PLAN

Restricted Stock Agreement

          WHEREAS,                                         (the “Grantee”) is an employee of GenCorp Inc. (the
“Company”) or a subsidiary of the Company (a “Subsidiary”); and

          WHEREAS, the execution of a restricted stock agreement in the form hereof (the “Agreement”)
has been authorized by a resolution of the Organization & Compensation Committee (the “Committee”)
of the Board of Directors (the “Board”) of the Company, or if applicable, by the Board duly adopted
on                     .

          NOW, THEREFORE, pursuant to the Company’s 1999 Equity and Performance Incentive Plan (the
“Plan”), the Company grants to the Grantee, as of                     (the “Date of Grant”), (                    )shares
of the Company’s common stock, par value $0.10 per share (the “Stock”), subject to the terms and
conditions of the Plan and the following terms, conditions, limitations and restrictions:

     1. Issuance of Stock. The Stock covered by this Agreement shall be fully paid and
nonassessable and shall be represented by certificates registered in the name of the Grantee
bearing a legend referring to the restrictions hereinafter set forth.

     2. Restrictions on Transfer of Stock. The Stock subject to this Agreement may not be
transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by the
Grantee, except to the Company, unless and until it has become vested and nonforfeitable in
accordance with Section 3 hereof; provided, however, that the Grantee’s interest in the Stock
covered by this Agreement may be transferred at any time by will or the laws of descent and
distribution. Any purported transfer, encumbrance or other disposition of the Stock covered by
this Agreement that is in violation of this Section 2 will be null and void, and the other party to
any such purported transaction shall not obtain any rights to or interest in the Stock covered by
this Agreement. When and as permitted by the Plan, the Company may waive the restrictions set
forth in this Section 2 with respect to all or any portion of the Stock covered by this Agreement.

     3. Vesting of Stock. (a) Provided that the Grantee has remained in the continuous
employ of the Company or a Subsidiary until the relevant date or dates of vesting set forth on
Schedule A attached hereto, the Stock covered by this Agreement shall become vested and
nonforfeitable in accordance with, and subject to, the conditions set forth below:

               (i) Subject to the provisions of Section 3(a)(iii) hereof, if a performance goal set forth on
Schedule A is achieved, as determined by the Committee, the number of shares of Stock allocated to
such performance goal in accordance with Schedule A shall become vested and no longer subject to
forfeiture on the relevant date specified on Schedule A with respect to such performance goal;

               (ii) Subject to the provisions of Section 3(a)(iii) hereof, if a performance goal set forth on
Schedule A is not achieved, as determined by the Committee, the number of shares of Stock allocated
to such performance goal in accordance with Schedule A shall be irrevocably and forever forfeited
with respect to such performance goal; and

               (iii) If the meeting at which the Committee determines achievement of any performance goal
occurs after the relevant date specified on Schedule A with respect to such performance goal,
vesting or forfeiture of such Stock attributable to such performance goal shall be deemed to occur
on the date of such meeting.

          (b) For the purposes of this Agreement, the continuous employment of the Grantee with the
Company or a Subsidiary shall not be deemed to have been interrupted, and the Grantee shall not be
deemed to have ceased to be an employee of the Company or a Subsidiary, by reason of (A) the
transfer of the Grantee’s employment among the Company and its Subsidiaries or (B) an approved
leave of absence.

          (c) Notwithstanding the provisions of Section 3(a) hereof, all of the Stock covered by this
Agreement shall become immediately vested and nonforfeitable upon the occurrence of a change in
control of the Company that occurs while the

 

 

Grantee is an employee of the Company or a Subsidiary. For the purposes of this Agreement, the
term “change in control” shall have the meaning given such term under the Plan as in effect on the
Date of Grant.

     4. Forfeiture of Stock. Any of the Stock covered by this Agreement that has not
become vested and nonforfeitable in accordance with Section 3 hereof shall be forfeited unless the
Committee determines to provide otherwise. In the event of a forfeiture, the certificates
representing all of the Stock covered by this Agreement that has not become vested and
nonforfeitable in accordance with Section 3 hereof shall be cancelled.

     5. Dividend, Voting and Other Rights. The Grantee shall have all of the rights of a
shareholder with respect to the Stock covered by this Agreement that has not been forfeited,
including the right to vote such Stock and receive any dividends that may be paid thereon. Any
additional stock that the Grantee may become entitled to receive pursuant to a share dividend or a
merger or reorganization in which the Company is the surviving Company or any other change in the
capital structure of the Company shall be subject to the same restrictions as the Stock covered by
this Agreement.

     6. Retention of Share Certificates by Company. The certificates representing the
Stock covered by this Agreement shall be held in custody by the Company until such shares have
become vested in accordance with Section 3 hereof.

     7. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws; provided, however, that notwithstanding any other
provision of this Agreement, the Company shall not be obligated to issue any restricted or
unrestricted Stock pursuant to this Agreement if the issuance thereof would result in a violation
of any such law.

     8. Adjustments. The Committee shall make any adjustments in the number or kind of
shares of stock or other securities covered by this Agreement that the Committee may determine to
be equitably required to prevent any dilution or enlargement of the Grantee’s rights under this
Agreement that would result from any (a) stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Company, (b) merger,
consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial or complete
liquidation or other distribution of assets, issuance of rights or warrants to purchase securities,
or (c) other corporate transaction or event having an effect similar to any of the foregoing.

     9. Withholding Taxes.

          (a) Upon the vesting of any portion of the Stock, the Grantee shall be required to pay to the
Company any applicable Federal, state, local or foreign withholding tax due as a result of such
vesting. The Company’s obligation to deliver the Stock shall be subject to such payment. The
Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct from
any payment of any kind otherwise due to the Grantee any Federal, state, local or foreign
withholding taxes due with respect to such vesting.

          (b) Subject to (i) the Committee’s right to disapprove any such election and require the
Grantee to pay the required withholding tax in cash, (ii) any Company policies, and (iii)
applicable laws, the Grantee shall have the right to elect to pay the required withholding tax in
shares of Stock to be received upon vesting. Shares of Stock used to pay any required withholding
tax shall be valued at the same time and in the same manner that vested shares of Stock are valued
for purposes of determining the required withholding taxes.

     10. Employment Rights. The Plan and this Agreement shall not confer upon the Grantee
any right with respect to the continuance of employment with the Company or any Subsidiary and
shall not interfere in any way with any right that the Company or any Subsidiary would otherwise
have to terminate the employment or other service of the Grantee at any time.

     11. Relation to Other Benefits. Any economic or other benefit to the Grantee under
this Agreement shall not be taken into account in determining any benefits to which the Grantee may
be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained
by the Company or a Subsidiary and shall not affect the amount of any life insurance coverage
available to any beneficiary under any life insurance plan covering employees of the Company or a
Subsidiary.

     12. Agreement Subject to the Plan. The Stock covered by this Agreement and all of the
terms and conditions hereof are subject to all of the terms and conditions of the Plan. In the
event of any inconsistency between this Agreement and the Plan, the terms of the Plan shall govern.

2

 

     13. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however, that no
amendment shall adversely affect the rights of the Grantee under this Agreement without the
Grantee’s consent.

     14. Severability. In the event that one or more of the provisions of this Agreement
is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated
shall be deemed to be separable from the other provisions hereof, and the remaining provisions
hereof will continue to be valid and fully enforceable.

     15. Governing Law. This Agreement will be construed and governed in accordance with
the laws of the State of Ohio without regard to its conflict of laws principles.

     16. Certain Defined Terms. All capitalized terms used herein that are defined in the
Plan shall have all the same meanings herein as set forth therein unless specifically defined in
this Agreement.

     This Agreement is effective as of the                     day of                     .

	 	 	 	 	 	 	 
	 	 	GENCORP INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

     The undersigned Grantee hereby acknowledges receipt of an executed original of this Restricted
Stock Agreement and accepts the right to receive the Stock subject to the terms and conditions of
the Plan and the terms and conditions set forth in this Agreement.

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 

3

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