Document:

exv10w2

Exhibit 10.2

ATTACHMENT H

AMENDMENT TO THE

GENCORP INC. 1999 EQUITY AND

PERFORMANCE INCENTIVE PLAN (“Plan”)

     In
accordance with Sections 16 and 17 of the Plan, the Plan shall be amended, effective as of
the dates hereinafter set forth to read as follows:

     1. A new Section 3(e) of the Plan shall be added, effective October 6, 2009, to read as
follows:

“(e) In the event that, as a result of an upward adjustment to
the number of Options or Performance Shares hereunder as a result of
exceeding a specified target, the number of Option and/or
Performance Shares would exceed the otherwise applicable limit set
forth in Section 3, such awards will be modified, on a basis
determined by the Committee, so that such limits are not exceeded.
Any Options or Performance Shares that cannot be awarded hereunder
because of the limitations of Section 3 may be granted under the
GenCorp Inc. 2009 Equity and Performance Incentive Plan.”

     2. Section 12 of the Plan shall be amended in its entirety effective October 6, 2009, to read
as follows:

“For purposes of the Plan, except as may be otherwise prescribed by
the Board in an agreement evidencing a grant or award made under the
Plan, a Change in Control shall mean the occurrence of any of the
following events:

	 	(i)	 	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
	 
	 	(ii)	 	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 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.”

     3. Section 17(c) of the Plan shall be deleted, effective January 1, 2009, in its entirety and
designated “Reserved.”

     4. A new Section 17(h) of the Plan shall be added, effective January 1, 2009, to read as
follows:

“(h) It is the intention of the Board that the Plan comply strictly with the Section
409A Rules and the Board shall exercise its discretion in granting Awards hereunder
(and the terms of such grants), accordingly. The Plan and any grant of an Award
hereunder may be amended from time to time as may be necessary or appropriate to
comply with the Section 409A Rules.”

     5. As hereby amended, the Plan shall continue in full force and effect.

2exv10w3

Exhibit 10.3

ATTACHMENT I

AMENDMENT TO THE

GENCORP INC. 2009 EQUITY AND

PERFORMANCE INCENTIVE PLAN (“Plan”)

     In accordance with Section 16.1 of the Plan, the Plan shall be amended, effective as of
October 6, 2009, to read as follows:

     1. Section 2.3 of the Plan shall be amended by adding the following sentence at the conclusion
thereof:

“Awards shall also include, if approved by the Committee, any
Nonqualified Stock Options, Incentive Stock Options, or Performance
Shares that could not be fully awarded under the 1999 GenCorp Inc.
Equity and Performance Incentive Plan because of any numerical limit
on Awards set forth thereunder.”

     2. Section 4.4 of the Plan shall be amended by adding the following sentence at the conclusion
thereof:

“To the extent that any Award hereunder is one that is made solely
because of a limitation on awards under the 1999 GenCorp Inc. Equity
and Performance Incentive Plan such Award shall reduce on a Share
for Share basis, as applicable, any limit on Shares set forth in
this Section 4.”

     3. Section 11.1 of the Plan shall be amended by adding the following sentence at the
conclusion thereof:

“To the extent that any Award hereunder is one that is made solely
because of a limitation on awards under the 1999 GenCorp Inc. Equity
and Performance Incentive Plan and the Performance Measurement,
shall be the same as under the 1999 GenCorp Inc. Equity and
Performance Incentive Plan.”

     4. Section 15.1 of the Plan shall be deleted in its entirety and the following shall be
substituted therefor:

 

 

“For purposes of this Plan, a ‘Change in Control’ shall mean the
occurrence during the term of any of the following events:

	 	(a)	 	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
	 
	 	(b)	 	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 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.”

     5. As hereby amended, the Plan shall continue in full force and effect.exv10w4

Exhibit 10.4

GENCORP INC.

2009 EQUITY AND PERFORMANCE INCENTIVE PLAN

Director Stock Appreciation Rights Agreement

     WHEREAS,                      (the “Rights Holder”) is a Director of GenCorp Inc. (the “Company”);
and

     WHEREAS, the grant of stock appreciation rights to the Rights Holder has been duly authorized
by a resolution of the Corporate Governance and Nominating Committee (the “Committee”) of the Board
of Directors and by the Board of Directors (the “Board”) of the Company effective as of
                    , 20___(the “Date of Grant”).

     NOW, THEREFORE, pursuant to the Company’s 2009 Equity and Performance Incentive Plan (the
“Plan”), the Company hereby grants to Rights Holder                                          (___) Free-Standing
Appreciation Rights (“SAR”) pursuant to this Stock Appreciation Rights Agreement (the “Agreement”)
entitling Rights Holder to obtain, upon the exercise of SARs on the terms and conditions set forth
herein, a cash payment as determined herein.

     1. Exercisability of SARs.

          (a) Unless and until terminated as hereinafter provided, the SARs subject to this Agreement
will become exercisable, (i) to the extent of one-half of the total number of SARs granted, on the
date which is six months after the Date of Grant, and (ii) with respect to the remaining one-half
of such SARs, on the date which is one year after the Date of Grant, on the condition that the
Rights Holder remains a Director of the Company on such dates. To the extent that the SARs will
have so become exercisable, the SARs may be exercised in whole or in part from time to time.

          (b) Notwithstanding the provisions of Subsection (a) of this Section 1, the SARs will become
immediately exercisable in full upon the occurrence of a change in control of the Company. For
purposes of this Agreement, the term “change in control” will have the meaning given such term
under the Plan as in effect on the Date of Grant.

     2. Exercise of SARs.

          (a) SARs may be exercised only by delivery of a signed and dated SAR Exercise Form to the
Company in accordance with instructions provided therewith, which Exercise Form shall state the
number of SARs to be exercised. For all purposes, including the determination of applicable tax
reporting and withholding, the exercise date will be the date
entered next to the Rights Holder’s signature on the SAR Exercise Form (the “Exercise Date”).
The Company will not fill in the Exercise Date under any circumstances.

 

 

          (b) The Exercise Date can be no earlier than the date the SAR Exercise Form is delivered to
the Company regardless of the method of delivery (i.e., by fax, by hand, by overnight courier,
etc.)

     3. Payment of SAR Value.

          (a) Upon the exercise of SARs in accordance with Section 2, the Company shall make a cash
payment for the SAR Value relating to such exercise to the Rights Holder.

          (b) SAR Value shall be the product of (i) the number of Shares with respect to which the SAR
is exercised, and (ii) the excess of the Fair Market Value of a Share on the date of exercise over
$___(the “Grant Price”).

          (c) Fair Market Value shall mean the last sales price reported for the Shares on the
applicable date as reported on the principal national securities exchange in the United States on
which it is then traded or The NASDAQ Stock Market (if the Shares are so listed), or, if not so
listed, the mean between the closing bid and asked prices of publicly traded Shares in the
over-the-counter market, or, if such bid and asked prices shall not be available, as reported by
any nationally recognized quotation service selected by the Company, or as determined by the
Committee in a manner consistent with the provisions of the Code. If, however, the required
accounting standards used to account for the SARs granted to the Rights Holder are substantially
modified subsequent to the Effective Date of the Plan such that fair value accounting for such SARs
becomes required, the Committee shall have the ability to determine the SAR’s Fair Market Value
based on the relevant facts and circumstances.

     4. Term of SARs.

          (a) Exercisable SARs. SARs that have become exercisable will terminate on the date
which is seven years from the Date of Grant.

          (b) SARs Not Yet Exercisable. SARs that have not become exercisable prior to the
termination of the Rights Holder’s service as a Director with the Company for any reason will
terminate on the date of termination of such service.

     In the event that the Rights Holder’s service as a Director with the Company is terminated for
cause, all SARs will terminate as of the time of such termination, notwithstanding any other
provision of this Agreement.

     5. Transferability.

          (a) SARs may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, except by will or the laws of descent and distribution or otherwise as required by
law and may be exercised during the lifetime of the Rights Holder only by the Rights Holder or the
Rights Holder’s guardian or legal representative acting on behalf of the Rights Holder in a
fiduciary capacity under state law and court supervision.

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          (b) Notwithstanding the provisions of Section 5(a), SARs shall be transferable by a Rights
Holder without payment of consideration therefore by the transferee, to any one or more members of
the Rights Holder’s Immediate Family (“Immediate Family” as defined in Rule 16a-1(e) under the
Securities Exchange Act of 1934, as amended, or any successor rule to the same effect, as in effect
from time to time) (or to one or more trusts established solely for the benefit of such Rights
Holder and/or one or more members of the Rights Holder’s Immediate Family or to one or more
partnerships in which the only partners are such Rights Holder and/or members of the Rights Holder
‘s Immediate Family); provided, however, that (i) no such transfer shall be effective unless
reasonable prior notice thereof is delivered to the Company and such transfer is thereafter
effected in accordance with any terms and conditions that shall have been made applicable thereto
by the Company or the Board and (ii) any such transferee shall be subject to the same terms and
conditions hereunder as the Rights Holder. Following transfer, any such SARs shall continue to be
subject to the same terms and conditions as were applicable immediately prior to transfer, provided
that the term “Rights Holder” shall be deemed to refer to the transferee. In the event of
termination of service as a Director, Sections 1 and 4 shall continue to be applied with respect to
the original Rights Holder, following which the SARs shall be exercisable by the transferee only to
the extent, and for the period specified in this Agreement.

     6 Adjustments. The Committee may make adjustments, consistent with Section 162(m) of
the Code and the Section 409A Rules, in the terms and conditions of, and the criteria included in,
this Agreement, in recognition of unusual or nonrecurring events (including, without limitation,
the events described in Section 4.4 of the Plan) affecting the Company or the financial statements
of the Company or of changes in applicable laws, regulations, or accounting principles, whenever
the Committee determines that such adjustments are appropriate in order to prevent unintended
dilution or enlargement of the benefits or potential benefits intended to be made available under
the Plan. The determination of the Committee as to the foregoing adjustments, if any, shall be
conclusive and binding on the Rights Holder under the Plan.

     7. Taxes/Withholding.

          (a) The Company will compute and report all taxes related to an exercise of SARs based upon
the Fair Market Value of the Shares on the Exercise Date. The amount of taxable income reported in
connection with a SAR exercise will not be affected by previous or subsequent market fluctuations.

          (b) The Company will withhold all applicable federal, state, local, FICA, Social Security or
foreign taxes in connection with the exercise of SARs.

     8. Section 409A. SARs granted hereunder may be amended from time to time as may be
necessary or appropriate to comply with the Section 409A Rules.

     9. Retention Rights. The Plan and this Agreement will not confer upon the Rights
Holder any right with respect to the continuance of service as a Director with the Company and

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will
not interfere in any way with any right that the Company would otherwise have to terminate the
service of the Rights Holder as a Director at any time.

     10. Relation to Other Benefits. Any economic or other benefit to the Rights Holder
under this Agreement will not be taken into account in determining any benefits to which the Rights
Holder may be entitled under any retirement or other benefit or compensation plan maintained by the
Company unless provided otherwise in any such plan.

     11. Notices. Any notice necessary under this Agreement will be addressed to the
Company or the Committee at the principal executive office of the Company and to the Rights Holder
at the address appearing in the personnel records of the Company for such Rights Holder, or to
either party at such other address as either party may designate in writing to the other. Any such
notice will be deemed effective upon receipt thereof by the addressee.

     12. Agreement Subject to the Plan. The SARs granted under 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 will govern.

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

     15. 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
will be deemed to be separable from the other provisions hereof, and the remaining provisions
hereof will continue to be valid and fully enforceable.

     16. Governing Law. This Agreement will be construed and governed in accordance with
the laws of the State of Ohio.

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     17. Certain Defined Terms. In addition to the terms defined elsewhere herein, when
used in the Agreement, terms with initial capital letters have the meaning given such term under
the Plan, as in effect from time to time.

     This Agreement is effective as of
the ___ day of                     , 20___.

	 	 	 	 	 
	 	GENCORP INC.

 	 
	 	By:  	 	 
	 	 	J. Scott Neish 	 
	 	 	Interim Chief Executive Officer

and Interim President 	 
	 

     The undersigned Rights Holder hereby acknowledges receipt of an executed original of this
Stock Appreciation Rights Agreement and accepts the SARs subject to the applicable terms and
conditions of the Plan and the terms and conditions hereinabove set forth.

	 	 	 	 	 
	 
	 

	 	 

Rights Holder
	 	 

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