Document:

Exhibit 4.14

 

Exhibit 4.14

EXECUTION COPY

REGISTRATION RIGHTS AGREEMENT

between

GENCORP INC.

as Issuer,

and

WACHOVIA CAPITAL MARKETS, LLC

as representative for the several Initial Purchasers

Dated as of November 23, 2004

 

 

     This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is dated as of November 23, 2004
between GenCorp Inc., an Ohio corporation (the “Company”) and Wachovia Capital Markets,
LLC, as book-running manager and representative for the several initial purchasers (the
“Initial Purchasers”) named in Schedule I to the Purchase Agreement dated November
17, 2004 (the “Purchase Agreement”), among the Company and the Initial Purchasers. In
order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed
to provide the registration rights set forth in this Agreement.

     The Company agrees with the Initial Purchasers, (i) for their benefit as Initial Purchasers
and (ii) for the benefit of the beneficial owners (including the Initial Purchasers) from time to
time of the Debentures (as defined herein) and the beneficial owners from time to time of the
Underlying Common Stock (as defined herein) issued upon conversion of the Debentures (each of the
foregoing a “Holder” and together the “Holders”), as follows:

     Section 1. Definitions. Capitalized terms used herein without definition shall have their
respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following
terms shall have the following meanings:

     “Affiliate” means with respect to any specified person, an “affiliate,” as defined in
Rule 144, of such person.

     “Amendment Effectiveness Deadline Date” has the meaning set forth in Section 2(d)
hereof.

     “Business Day” has the meaning set forth in the Indenture.

     “Common Stock” means the shares of common stock, $0.10 par value per share, of the
Company (together with the rights evidenced by such common stock to the extent provided in the
Rights Agreement, as amended as of January 20, 1997, between the Company and The Bank of New York,
as successor rights agent, as of the date hereof) and any other securities as may constitute Common
Stock for purposes of the Indenture.

     “Conversion Price” has the meaning assigned such term in the Indenture.

     “Damages Accrual Period” has the meaning set forth in Section 2(e) hereof.

     “Damages Payment Date” means each May 15 and November 15.

     “Debentures” means the 2.25% Convertible Subordinated Debentures due 2024 of the
Company to be purchased pursuant to the Purchase Agreement.

     “Deferral Notice” has the meaning set forth in Section 3(h) hereof.

     “Deferral Period” has the meaning set forth in Section 3(h) hereof.

     “Effectiveness Deadline Date” has the meaning set forth in Section 2(a) hereof.

 

 

     “Effectiveness Period” means the period commencing on the date hereof and ending on
the date that all Registrable Securities have ceased to be Registrable Securities.

     “Event” has the meaning set forth in Section 2(e) hereof.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC promulgated thereunder.

     “Filing Deadline Date” has the meaning set forth in Section 2(a) hereof.

     “Holder” has the meaning set forth in the second paragraph of this Agreement.

     “Indenture” means the Indenture, dated as of November 23, 2004, between the Company
and The Bank of New York Trust Company, N.A., as trustee, pursuant to which the Debentures are
being issued.

     “Initial Purchasers” has the meaning set forth in the preamble hereof.

     “Initial Shelf Registration Statement” has the meaning set forth in Section 2(a)
hereof.

     “Issue Date” means November 23, 2004.

     “Liquidated Damages Amount” has the meaning set forth in Section 2(e) hereof.

     “Material Event” has the meaning set forth in Section 3(h) hereof.

     “Notice and Questionnaire” means the Selling Securityholder Notice and Questionnaire
substantially in the form of Annex A to the Offering Memorandum of the Company dated November 17,
2004 relating to the Debentures.

     “Notice Holder” means, on any date, any Holder that has delivered a Notice and
Questionnaire to the Company on or prior to such date and holds Registrable Securities as of such
date.

     “Purchase Agreement” has the meaning set forth in the preamble hereof.

     “Prospectus” means the prospectus included in any Registration Statement (including,
without limitation, a prospectus that discloses information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A promulgated under
the Securities Act), as amended or supplemented by any amendment or prospectus supplement,
including post-effective amendments, and all materials incorporated by reference or explicitly
deemed to be incorporated by reference in such Prospectus.

     “Record Holder” means with respect to any Damages Payment Date relating to any
Debentures as to which any Liquidated Damages Amount has accrued, the registered
holder of such Debenture on the May 1 immediately preceding a Damages Payment Date

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occurring
on a May 15, and on the November 1 immediately preceding a Damages Payment Date occurring on a
November 15.

     “Registrable Securities” means the Debentures until such Debentures have been
converted into or exchanged for the Underlying Common Stock and, at all times subsequent to any
such conversion or exchange, the Underlying Common Stock until, in the case of any such security,
(A) the earliest of (i) its sale pursuant to Rule 144 under the Securities Act or its effective
registration under the Securities Act and resale in accordance with the Registration Statement
covering it, (ii) expiration of the holding period that would be applicable thereto under Rule
144(k) under the Securities Act or any successor provision or (iii) the date on which all such
Registrable Securities cease to be outstanding, and (B) as a result of the event or circumstance
described in any of the foregoing clauses (i) or (ii), the legend with respect to transfer
restrictions required under the Indenture is removed or removable in accordance with the terms of
the Indenture or such legend, as the case may be.

     “Registration Statement” means any registration statement of the Company that covers
any of the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, and all exhibits and all materials incorporated by reference or explicitly deemed to be
incorporated by reference in such registration statement.

     “Restricted Securities” means “Restricted Securities” as defined in Rule 144.

     “Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC.

     “Rule 144A” means Rule 144A under the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC.

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the SEC thereunder.

     “Shelf Registration Statement” has the meaning set forth in Section 2(a) hereof.

     “Special Counsel” means Shearman & Sterling LLP or one such other successor counsel as
shall be specified by the Holders of a majority of the Registrable Securities, but which may, with
the written consent of the Initial Purchasers (which shall not be unreasonably withheld), be
another nationally recognized law firm experienced in securities law matters designated by the
Company, the reasonable fees and expenses of which will be paid by the Company pursuant to Section
5 hereof. For purposes of determining the holders of a majority of the Registrable Securities in
this definition, Holders of Debentures shall be deemed to be the Holders of the number of shares of

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Underlying
Common Stock into which such Debentures are or would be convertible as of the date the consent is
requested.

     “Subsequent Shelf Registration Statement” has the meaning set forth in Section 2(b)
hereof.

     “TIA” means the Trust Indenture Act of 1939, as amended.

     “Trustee” means The Bank of New York Trust Company, N.A., the Trustee under the
Indenture.

     “Underlying Common Stock” means the Common Stock into which the Debentures are
convertible or issued upon any such conversion.

     Section 2. Shelf Registration. (a) The Company shall prepare, or cause to be prepared, and
file, or cause to be filed, with the SEC, as soon as practicable but in any event by the date that
is ninety (90) days after the Issue Date (the “Filing Deadline Date”), a Registration
Statement for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the
Securities Act (a “Shelf Registration Statement”) registering the resale from time to time
by Holders thereof of all of the Registrable Securities (the “Initial Shelf Registration
Statement”). The Initial Shelf Registration Statement shall be on Form S-3 or another
appropriate form permitting registration of such Registrable Securities for resale by such Holders
in accordance with the methods of distribution elected by the Holders and set forth in the Initial
Shelf Registration Statement. The Company shall use its reasonable best efforts to cause the
Initial Shelf Registration Statement to be declared effective under the Securities Act as promptly
as is practicable but in any event by the date (the “Effectiveness Deadline Date”) that is
one hundred and eighty (180) days after the Issue Date, and to keep the Initial Shelf Registration
Statement (or any Subsequent Shelf Registration Statement) continuously effective under the
Securities Act until the expiration of the Effectiveness Period. At the time the Initial Shelf
Registration Statement is declared effective, each Holder that became a Notice Holder on or prior
to the date ten (10) Business Days prior to such time of effectiveness shall be named as a selling
securityholder in the Initial Shelf Registration Statement and the related Prospectus in such a
manner as to permit such Holder to deliver such Prospectus to purchasers of Registrable Securities
in accordance with applicable law. None of the Company’s security holders (other than the Holders
of Registrable Securities) shall have the right to include any of the Company’s securities in the
Shelf Registration Statement.

     (b)      If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement
ceases to be effective for any reason at any time during the Effectiveness Period (other than
because all Registrable Securities registered thereunder shall have been resold pursuant thereto or
shall have otherwise ceased to be Registrable Securities), the Company shall use its reasonable
best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and
in any event shall
within thirty (30) days of such cessation of effectiveness amend the Shelf Registration
Statement in a manner reasonably expected to obtain the withdrawal of the order

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suspending the
effectiveness thereof, or file an additional Shelf Registration Statement covering all of the
securities that as of the date of such filing are Registrable Securities (a “Subsequent Shelf
Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company
shall use its reasonable best efforts to cause the Subsequent Shelf Registration Statement to
become effective as promptly as is practicable after such filing and to keep such Registration
Statement continuously effective until the end of the Effectiveness Period.

     (c)     The Company shall supplement and amend the Shelf Registration Statement if required by the
rules, regulations or instructions applicable to the registration form used by the Company for such
Shelf Registration Statement, if required by the Securities Act or as necessary to name a Notice
Holder as a selling securityholder pursuant to Section (d) below.

     (d)      Each Holder agrees that if such Holder wishes to sell Registrable Securities pursuant to a
Shelf Registration Statement and related Prospectus, it will do so only in accordance with this
Section 2(d) and Section 3(h) of this Agreement. Following the date that the Initial Shelf
Registration Statement is declared effective, each Holder that is not a Notice Holder wishing to
sell Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus
agrees to deliver a Notice and Questionnaire to the Company at least ten (10) Business Days prior
to any intended distribution of Registrable Securities under the Shelf Registration Statement.
From and after the date the Initial Shelf Registration Statement is declared effective, the Company
shall, as promptly as practicable after the date a Notice and Questionnaire is delivered pursuant
to Section 8(d), and in any event upon the later of (x) ten (10) Business Days after such date or
(y) ten (10) Business Days after the expiration of any Deferral Period in effect when the Notice
and Questionnaire is delivered or that goes into effect before the expiration of the ten Business
Day period referenced in clause (x):

     (i)     if required by applicable law, file with the SEC a post-effective amendment to the
Shelf Registration Statement or prepare and, if required by applicable law, file a
supplement to the related Prospectus or a supplement or amendment to any document
incorporated therein by reference or file any other required document (or, if required by
law, file a new shelf registration statement) so that the Holder delivering such Notice and
Questionnaire is named as a selling securityholder in the Shelf Registration Statement and
the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus
to purchasers of the Registrable Securities in accordance with applicable law and, if the
Company shall file a post-effective amendment to the Shelf Registration Statement, use its
reasonable best efforts to cause such post-effective amendment to be declared effective
under the Securities Act as promptly as is practicable, but in any event by the date (the
“Amendment Effectiveness Deadline Date”) that is forty-five (45) days after the
date such post-effective amendment is required by this clause to be filed;

     (ii)     provide such Holder copies of any documents filed pursuant to Section 2(d)(i);
and

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     (iii)     notify such Holder as promptly as practicable after the effectiveness under the
Securities Act of any post-effective amendment filed pursuant to Section 2(d)(i);

provided, that if such Notice and Questionnaire is delivered during a Deferral Period or a Deferral
Period goes into effect within ten Business Days after a Notice and Questionnaire is delivered, the
Company shall so inform the Holder delivering such Notice and Questionnaire and shall take the
actions set forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral Period in
accordance with Section 3(h) and provided further, that the Company shall not be required to file
more than one supplement or post-effective amendment to the Shelf Registration Statement in any
sixty (60) day period, and no more than six such supplements or post-effective amendments in any
three hundred sixty-five (365) day period, in order to add any Holders to such Shelf Registration
Statement. Notwithstanding anything contained herein to the contrary, (i) the Company shall be
under no obligation to name any Holder that is not a Notice Holder as a selling securityholder in
any Registration Statement or related Prospectus and (ii) the Amendment Effectiveness Deadline Date
shall be extended by up to ten (10) Business Days from the expiration of a Deferral Period (and the
Company shall incur no obligation to pay Liquidated Damages during such extension) if such Deferral
Period shall be in effect on the Amendment Effectiveness Deadline Date.

     (e)     The parties hereto agree that the Holders of Registrable Securities will suffer damages,
and that it would not be feasible to ascertain the extent of such damages with precision, if, other
than as permitted hereunder,

     (i)     the Initial Shelf Registration Statement has not been filed on or prior to the
Filing Deadline Date,

     (ii)     the Initial Shelf Registration Statement has not been declared effective under
the Securities Act on or prior to the Effectiveness Deadline Date,

     (iii)     the Company has failed to perform its obligations set forth in Section 2(d)(i)
within the time period required therein,

     (iv)     any post-effective amendment to a Shelf Registration Statement filed pursuant to
Section 2(d)(i) has not become effective under the Securities Act on or prior to the
Amendment Effectiveness Deadline Date,

     (v)     the aggregate duration of Deferral Periods in any period exceeds the number of
days permitted in respect of such period pursuant to Section 3(h) hereof, or

     (vi)     the number of Deferral Periods in any period exceeds the number permitted in
respect of such period pursuant to Section 3(h) hereof.

Each event described in any of the foregoing clauses (i) through (vi) is individually referred to
herein as an “Event.” For purposes of this Agreement, each Event set forth above shall
begin and end on the dates set forth in the table set forth below:

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	Type of Event	 	 	 	 
	by Clause	 	Beginning Date	 	Ending Date
	(i)

	 	Filing Deadline Date
	 	the date the Initial
Shelf Registration
Statement is filed
	 
	 	 	 	 
	(ii)

	 	Effectiveness Deadline Date
	 	the date the Initial
Shelf Registration
Statement becomes
effective under the
Securities Act
	 
	 	 	 	 
	(iii)

	 	the date by which the Company
is required to perform its
obligations under Section 2(d)(i)
	 	the date the Company
performs its
obligations set forth
in Section 2(d)(i)
	 
	 	 	 	 
	(iv)

	 	the Amendment Effectiveness

Deadline Date
	 	the date the applicable
post-effective
amendment to a Shelf
Registration Statement
becomes effective under
the Securities Act
	 
	 	 	 	 
	(v)

	 	the date on which the
aggregate duration of Deferral
Periods in any period exceeds
the number of days permitted
by Section 3(h)
	 	termination of the Deferral Period that
caused the limit on the
aggregate duration of
Deferral Periods to be
exceeded
	 
	 	 	 	 
	(vi)

	 	the date of commencement of a
Deferral Period that causes
the number of Deferral Periods
to exceed the number permitted
by Section 3(h)
	 	termination of the Deferral Period that caused the number of
Deferral Periods to
exceed the number
permitted by Section
3(h)

     Commencing on (and including) any date that an Event has begun and ending on (but excluding)
the next date on which there are no Events that have occurred and are continuing (a “Damages
Accrual Period”), the Company shall pay, as liquidated damages and not as a penalty, to Record
Holders of Debentures an amount (the “Liquidated Damages Amount”) accruing, for each day in
the Damages Accrual Period, in respect of any Debenture, at a rate equal to (i) one-quarter of one
percent (25 basis points) per annum of the outstanding principal amount of Debentures constituting
Registrable Securities held by such Holder for the period up to and including the 90th day during
which such Event has occurred and is continuing and (ii) one-half of one percent (50 basis points)
per annum of the outstanding principal amount of Debentures constituting Registrable Securities
held by such Holder for the period including and subsequent to the 91st day during which such Event
has occurred and is continuing, it being understood that all calculations pursuant to this sentence
shall be carried out to five decimal places;
provided that (i) no Liquidated Damages Amount shall accrue in the case of a Damages Accrual
Period that is in effect solely as a result of an Event relating to any failure to file or have
effective a Registration Statement with respect to the Underlying Common Stock and (ii) in the case
of a Damages Accrual Period that is in effect solely as a result of an

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Event of the type described
in clause (iii) or (iv) of the preceding paragraph, such Liquidated Damages Amount shall be paid
only to the Holders (as set forth in the succeeding paragraph) that have delivered Notices and
Questionnaires that caused the Company to incur the obligations set forth in Section 2(d) the
non-performance of which is the basis of such Event. Notwithstanding the foregoing, no Liquidated
Damages Amount shall accrue as to any Debenture from and after the earlier of (x) the date such
Debenture is no longer a Registrable Security and (y) the expiration of the Effectiveness Period.
The rate of accrual of the Liquidated Damages Amount with respect to any period shall not exceed
the rate provided for in this paragraph notwithstanding the occurrence of multiple concurrent
Events. In addition to the provisions set forth in this Agreement, Section 17.01(a) of the
Indenture shall apply in the event that a Holder converts some or all of its Debentures into
Underlying Common Stock when there exists an Event with respect to the Underlying Common Stock.

     The Liquidated Damages Amount shall accrue from the first day of the applicable Damages
Accrual Period, and shall be payable on each Damages Payment Date during the Damage Accrual Period
(and on the Damages Payment Date next succeeding the end of the Damages Accrual Period if the
Damage Accrual Period does not end on a Damages Payment Date) to the Record Holders of the
Debentures entitled thereto; provided that any Liquidated Damages Amount accrued with respect to
any Debenture or portion thereof redeemed or repurchased by the Company on a redemption or
repurchase date prior to the Damages Payment Date, shall, in any such event, be paid instead to the
Holder who submitted such Debenture or portion thereof for redemption or repurchase on the
applicable redemption or repurchase date, as the case may be, on such date; provided further, that,
in the case of an Event of the type described in clause (iii) or (iv) of the first paragraph of
this Section 2(e), such Liquidated Damages Amount shall be paid only to the Holders entitled
thereto pursuant to such first paragraph by check mailed to the address set forth in the Notice and
Questionnaire delivered by such Holder. The Trustee shall be entitled, on behalf of registered
holders of Debentures or Underlying Common Stock, to seek any available remedy for the enforcement
of this Agreement, including for the payment of such Liquidated Damages Amount, if any.
Notwithstanding the foregoing, the parties agree that the exclusive monetary remedy available to
the Holders of Debentures for a violation of the terms of this Agreement with respect to which
liquidated damages are expressly provided shall be such liquidated damages. Nothing shall preclude
any Holder from pursuing or obtaining specific performance or other equitable relief with respect
to this Agreement.

     All of the Company’s obligations set forth in this Section 2(e) to pay any Liquidated Damages
Amount that is outstanding with respect to any Debenture at the time such Debenture ceases to be a
Registrable Security shall survive until such time as all such obligations with respect to such
security have been satisfied in full (notwithstanding termination of this Agreement pursuant to
Section 8(l)).

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     Section 3. Registration Procedures. In connection with the registration obligations of the
Company under Section 2 hereof, during the Effectiveness Period, the Company shall:

     (a)     Prepare, or cause to be prepared, and file, or cause to be filed, with the SEC a
Registration Statement or Registration Statements on any appropriate form under the
Securities Act available for the sale of the Registrable Securities by the Holders thereof
in accordance with the intended method or methods of distribution thereof, and use its
reasonable best efforts to cause each such Registration Statement to become effective and
remain effective as provided herein; provided that before filing any Registration Statement
or Prospectus or any amendments or supplements thereto with the SEC, the Company agrees to
furnish to the Initial Purchasers and the Special Counsel of such offering, if any, copies
of all such documents proposed to be filed at least three (3) Business Days prior to the
filing of such Registration Statement or amendment thereto or Prospectus or supplement
thereto.

     (b)     Subject to Section 3(h), prepare, or cause to be prepared, and file, or cause to
be filed, with the SEC such amendments and post-effective amendments to each Registration
Statement as may be necessary to keep such Registration Statement continuously effective
for the applicable period specified in Section 2(a); cause the related Prospectus to be
supplemented by any required prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act;
and comply in all material respects with the provisions of the Securities Act applicable to
it with respect to the disposition of all securities covered by such Registration Statement
during the Effectiveness Period in accordance with the intended methods of disposition by
the sellers thereof set forth in such Registration Statement as so amended or such
Prospectus as so supplemented.

     (c)     As promptly as reasonably practicable give notice to the Notice Holders, the
Initial Purchasers and the Special Counsel, (i) when any Prospectus, prospectus supplement,
Registration Statement or post-effective amendment to a Registration Statement has been
filed with the SEC and, with respect to a Registration Statement or any post-effective
amendment, when the same has been declared effective, (ii) of any request, following the
effectiveness of the Initial Shelf Registration Statement under the Securities Act, by the
SEC or any other federal or state governmental authority for amendments or supplements to
any Registration Statement or related Prospectus or for additional information, (iii) of
the issuance by the SEC or any other federal or state governmental authority of any stop
order suspending the effectiveness of any Registration Statement or the initiation or
threatening of any proceedings for that purpose, (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, (v) of the occurrence of, but
not the nature of or details concerning,
a Material Event and (vi) of the determination by the Company that a

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post-effective
amendment to a Registration Statement will be filed with the SEC, which notice may, at the
discretion of the Company (or as required pursuant to Section 3(h)), state that it
constitutes a Deferral Notice, in which event the provisions of Section 3(h) shall apply.

     (d)     Use its reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of a Registration Statement or the lifting of any suspension of the
qualification (or exemption from qualification) of any of the Registrable Securities for
sale in any jurisdiction in which they have been qualified for sale, in either case as
promptly as reasonably practicable, and provide prompt notice to each Notice Holder and the
Initial Purchasers of the withdrawal of any such order.

     (e)     As promptly as reasonably practicable furnish to each Notice Holder, the Special
Counsel and the Initial Purchasers, upon request and without charge, at least one (1)
conformed copy of the Registration Statement and any amendment thereto, including exhibits
and, if requested, all documents incorporated or deemed to be incorporated therein by
reference.

     (f)     During the Effectiveness Period, deliver to each Notice Holder, the Special
Counsel, if any, and the Initial Purchasers, in connection with any sale of Registrable
Securities pursuant to a Registration Statement, without charge, as many copies of the
Prospectus or Prospectuses relating to such Registrable Securities (including each
preliminary prospectus) and any amendment or supplement thereto as such Notice Holder may
reasonably request; and the Company hereby consents (except during such periods that a
Deferral Notice is outstanding and has not been revoked) to the use of such Prospectus or
each amendment or supplement thereto by each Notice Holder in connection with any offering
and sale of the Registrable Securities covered by such Prospectus or any amendment or
supplement thereto in the manner set forth therein.

     (g)     Prior to any public offering of the Registrable Securities pursuant to a
Registration Statement, use its reasonable best efforts to register or qualify or cooperate
with the Notice Holders and the Special Counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions
within the United States as any Notice Holder reasonably requests in writing (which request
may be included in the Notice and Questionnaire); prior to any public offering of the
Registrable Securities pursuant to the Shelf Registration Statement, use its reasonable
best efforts to keep each such registration or qualification (or exemption therefrom)
effective during the Effectiveness Period in connection with such Notice Holder’s offer and
sale of Registrable Securities pursuant to such registration or qualification (or exemption
therefrom) and do any and all other acts or things reasonably necessary or advisable to
enable the disposition in such jurisdictions of such Registrable Securities in the manner
set forth in the relevant Registration Statement and the
related Prospectus; provided that the Company will not be required to (i) qualify

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as a
foreign corporation or as a dealer in securities in any jurisdiction where it would not
otherwise be required to qualify but for this Agreement or (ii) take any action that would
subject it to general service of process in suits or to taxation in any such jurisdiction
where it is not then so subject.

     (h)     Upon (A) the issuance by the SEC of a stop order suspending the effectiveness of
the Shelf Registration Statement or the initiation of proceedings with respect to the Shelf
Registration Statement under Section 8(d) or 8(e) of the Securities Act, (B) the occurrence
of any event or the existence of any fact (a “Material Event”) as a result of which
any Registration Statement shall contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements
therein not misleading, or any Prospectus shall contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading, or (C) the occurrence or existence of any pending corporate development that,
in the sole discretion of the Company, makes it appropriate to suspend the availability of
the Shelf Registration Statement and the related Prospectus:

     (i)     in the case of clause (B) above, subject to the next sentence, as promptly
as reasonably practicable prepare, or cause to be prepared, and file, or cause to
be filed, if necessary pursuant to applicable law, a post-effective amendment to
such Registration Statement or a supplement to the related Prospectus or any
document incorporated therein by reference or file any other required document that
would be incorporated by reference into such Registration Statement and Prospectus
so that such Registration Statement does not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and such Prospectus does
not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, as
thereafter delivered to the purchasers of the Registrable Securities being sold
thereunder, and, in the case of a post-effective amendment to a Registration
Statement, subject to the next sentence, use its reasonable best efforts to cause
it to be declared effective as promptly as is reasonably practicable, and

     (ii)     give notice to the Notice Holders, and the Special Counsel, if any, that
the availability of the Shelf Registration Statement is suspended (a “Deferral
Notice”) and, upon receipt of any Deferral Notice, each Notice Holder agrees
not to sell any Registrable Securities pursuant to the Registration Statement until
such Notice Holder’s receipt of copies of the supplemented or amended Prospectus
provided for in clause (i) above, and, if so directed by the Company, such Holder
shall deliver to the
Company all copies, other than permanent file copies, then in such

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Holder’s
possession of the Prospectus at the time of receipt of such notice, or until it is
advised in writing by the Company that the Prospectus may be used, and has received
copies of any additional or supplemental filings that are incorporated or deemed
incorporated by reference in such Prospectus.

The Company will use its reasonable best efforts to ensure that the use of the Prospectus
may be resumed (x) in the case of clause (A) above, as promptly as is practicable, (y) in
the case of clause (B) above, as soon as, in the sole judgment of the Company, public
disclosure of such Material Event would not be prejudicial to or contrary to the interests
of the Company or, if necessary to avoid unreasonable burden or expense, as soon as
practicable thereafter and (z) in the case of clause (C) above, as soon as in the sole
discretion of the Company, such suspension is no longer appropriate. The Company shall be
entitled to exercise its right under this Section 3(h) to suspend the availability of the
Shelf Registration Statement or any Prospectus without incurring or accruing any obligation
to pay liquidated damages pursuant to Section 2(e), provided that the aggregate duration of
any periods during which the availability of the Registration Statement and any Prospectus
is suspended (each, a “Deferral Period”) shall not exceed 30 days in any
three-month period (or 60 days in any three-month period in the event of a Material Event
pursuant to which the Company had delivered a second notice as permitted below) or 90 days
in any twelve (12) month period; provided that in the case of a Material Event relating to
an acquisition or a probable acquisition or financing, recapitalization, business
combination or other similar transaction, the Company may, without incurring any obligation
to pay liquidated damages pursuant to Section 2(e), deliver to Notice Holders a second
notice to the effect set forth above, which shall have the effect of extending the Deferral
Period by up to an additional 30 days, or such shorter period of time as is specified in
such second notice.

     (i)     If requested in writing in connection with a disposition of Registrable Securities
pursuant to a Registration Statement, make available for inspection, at reasonable times
during normal business hours and in a reasonable manner, by a representative for the Notice
Holders of such Registrable Securities, any broker-dealers, attorneys and accountants
retained by such Notice Holders, and any attorneys or other agents retained by a
broker-dealer engaged by such Notice Holders (collectively, the “Inspectors”), at
the offices where normally kept, all relevant financial and other records and pertinent
corporate documents and properties of the Company and its subsidiaries (collectively, the
“Records”), and cause the appropriate officers, directors and employees of the
Company and its subsidiaries to make reasonably available for inspection during normal
business hours on reasonable notice all relevant information reasonably requested by such
Inspector in connection with such disposition, in each case as is customary for similar
“due diligence” examinations; provided that such persons shall first agree in writing with
the Company that any non-public information shall be kept confidential by such persons and
shall be used solely for the
purposes of exercising rights under this Agreement, unless (i) disclosure of such

12

 

information is required by court or administrative order or is necessary to respond to
inquiries of regulatory authorities, (ii) disclosure of such information is required by law
(including any disclosure requirements pursuant to federal securities laws in connection
with the filing of any Registration Statement or the use of any prospectus referred to in
this Agreement), (iii) such information becomes generally available to the public other
than as a result of a disclosure or failure to safeguard by any such person, (iv) such
information becomes available to any such person from a source other than the Company and
such source is not bound by a confidentially agreement or (v) disclosure of such
information is required to establish a “due diligence” defense under federal securities
laws; and provided further that the foregoing inspection and information gathering shall,
to the greatest extent possible, be coordinated on behalf of all the Notice Holders and the
other parties entitled thereto by Special Counsel. Any person legally compelled to
disclose any such confidential information made available for inspection shall provide the
Company with prompt prior written notice of such requirement so that the Company may seek a
protective order or other appropriate remedy. Each Inspector shall take such actions as
are reasonably necessary to protect the confidentiality of such information to the extent
such actions are otherwise not inconsistent with, an impairment of or in derogation of the
rights and interests of the Holder or any Inspector, unless and until such information in
such Records has been made generally available to the public other than as a result of a
breach of this Agreement.

     (j)     Comply with all applicable rules and regulations of the SEC and make generally
available to its securityholders earning statements (which need not be audited) satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any
similar rule promulgated under the Securities Act) for a 12-month period commencing on the
first day of the first fiscal quarter of the Company commencing after the effective date of
a Registration Statement, which statements shall be made available no later than 45 days
after the end of the 12-month period or 90 days if the 12-month period coincides with the
fiscal year of the Company.

     (k)     Unless any Registrable Securities shall be in book-entry only form, the Company
shall cooperate with each Notice Holder to facilitate the timely preparation and delivery
of certificates representing Registrable Securities sold or to be sold pursuant to a
Registration Statement, which certificates shall not bear any restrictive legends, and
cause such Registrable Securities to be in such denominations as are permitted by the
Indenture and registered in such names as such Notice Holder may request in writing at
least two (2) Business Days prior to any sale of such Registrable Securities.

     (l)     Provide a CUSIP number for all Registrable Securities covered by each Registration
Statement not later than the effective date of such Registration Statement and provide the
Trustee and the transfer agent for the Common Stock
with printed certificates for the Registrable Securities that are in a form eligible
for deposit with The Depository Trust Company.

13

 

     (m)     Cooperate and assist, as reasonably requested, in any filings required to be made
with the New York Stock Exchange and the National Association of Securities Dealers, Inc.,
as applicable.

     (n)     Upon (i) the filing of the Initial Shelf Registration Statement and (ii) the
effectiveness of the Initial Shelf Registration Statement, announce the same, in each case
by release to Reuters Economic Services and Bloomberg Business News.

     Section 4. Holder’s Obligations. Each Holder agrees, by acquisition of the Registrable
Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to
a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has
furnished the Company with an executed Notice and Questionnaire as required pursuant to Section
2(d) hereof (including all of the information required to be included in such Notice and
Questionnaire) and the information set forth in the next sentence. Each Notice Holder agrees
promptly to furnish to the Company all information required to be disclosed in order to make the
information previously furnished to the Company by such Notice Holder not misleading and any other
information regarding such Notice Holder and the distribution of such Registrable Securities as the
Company may from time to time reasonably request. Any sale of any Registrable Securities by any
Holder shall constitute a representation and warranty by such Holder that the information relating
to such Holder and its plan of distribution is as set forth in the Prospectus delivered by such
Holder in connection with such disposition, that such Prospectus does not as of the time of such
sale contain any untrue statement of a material fact relating to or provided by such Holder or its
plan of distribution and that such Prospectus does not as of the time of such sale omit to state
any material fact relating to or provided by such Holder or its plan of distribution necessary to
make the statements in such Prospectus, in the light of the circumstances under which they were
made, not misleading.

     Section 5. Registration Expenses. The Company shall bear all fees and expenses incurred in
connection with the performance by the Company of its obligations under Sections 2 and 3 of this
Agreement whether or not any Registration Statement is declared effective. Such fees and expenses
shall include, without limitation, (i) all registration and filing fees (including, without
limitation, fees and expenses (x) with respect to filings required to be made with the New York
Stock Exchange or the National Association of Securities Dealers, Inc., as applicable and (y) of
compliance with federal and state securities or Blue Sky laws (including, without limitation,
reasonable fees and disbursements of the Special Counsel in connection with Blue Sky qualifications
of the Registrable Securities under the laws of such jurisdictions as Notice Holders of a majority
of the Registrable Securities being sold pursuant to a Registration Statement may designate), (ii)
printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities in a form
eligible for deposit with The Depository Trust Company), (iii) duplication expenses relating to
copies of any Registration Statement or Prospectus delivered to any Holders hereunder, (iv) fees
and disbursements of counsel for the Company in connection with the Shelf Registration Statement,
(v) reasonable fees and disbursements of the Trustee and its counsel and of the registrar and

14

 

transfer agent for the Common Stock and (vi) any Securities Act liability insurance obtained by the
Company in its sole discretion. In addition, the Company shall pay the internal expenses of the
Company (including, without limitation, all salaries and expenses of officers and employees
performing legal or accounting duties), the expense of any annual audit, the fees and expenses
incurred in connection with the listing by the Company of the Registrable Securities on any
securities exchange on which similar securities of the Company are then listed and the fees and
expenses of any person, including special experts, retained by the Company. Notwithstanding the
provisions of this Section 5, each seller of Registrable Securities shall pay all transfer taxes,
selling expenses, including any underwriting discount and commissions and the fees and
disbursements of any counsel or other advisers or experts retained by such seller.

     Section 6. Indemnification and Contribution.

     (a)      Indemnification by the Company. The Company agrees to indemnify and hold harmless each
Notice Holder, each person, if any, who controls any Notice Holder within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of any
Notice Holder within the meaning of Rule 405 under the Securities Act from and against any and all
losses, claims, damages and liabilities (including, without limitation, any legal or other expenses
reasonably incurred in connection with defending or investigating any such action or claim) caused
by any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or any amendment thereof, any preliminary prospectus or the Prospectus (as
amended or supplemented if the Company shall have furnished any amendments or supplements thereto),
caused by any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, except insofar as such losses,
claims, damages or liabilities are caused by any such untrue statement or omission or alleged
untrue statement or omission based upon information relating to any Holder furnished to the Company
in writing by such Holder expressly for use therein; provided that the indemnification contained in
this paragraph shall not inure to the benefit of any Holder (or to the benefit of any person
controlling such Holder) on account of any such losses, claims, damages or liabilities caused by
any untrue statement or alleged untrue statement or omission or alleged omission made in any
preliminary prospectus provided in each case the Company has performed its obligations under
Section 3(f) hereof if either (A) (x) such Holder failed to send or deliver a copy of the
Prospectus, if required by law, with or prior to the delivery of written confirmation of the sale
by such Holder to the person asserting the claim from which such losses, claims, damages or
liabilities arise and (y) the Prospectus would have corrected such untrue statement or alleged
untrue statement or such omission or alleged
omission, or (B) (x) such untrue statement or alleged untrue statement, omission, or alleged
omission is corrected in an amendment or supplement to the Prospectus and (y) having previously
been furnished by or on behalf of the Company with copies of the Prospectus as so amended or
supplemented, such Holder thereafter fails to deliver such Prospectus as so amended or
supplemented, with or prior to the delivery of written confirmation of the sale of a Registrable
Security to the person asserting the claim from which such losses, claims, damages or liabilities
arise.

15

 

     (b)      Indemnification by Holders. Each Holder agrees severally and not jointly to indemnify and
hold harmless the Company and its directors, officers and each person, if any, who controls the
Company (within the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act) or any other Holder, to the same extent as the foregoing indemnity from the Company
to such Holder, but only with reference to information relating to such Holder furnished to the
Company in writing by such Holder expressly for use in such Registration Statement or Prospectus or
amendment or supplement thereto. In no event shall the liability of any Holder hereunder be
greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of
the Registrable Securities pursuant to the Registration Statement giving rise to such
indemnification obligation.

     (c)      Conduct of Indemnification Proceedings. In case any proceeding (including any
governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to Section 6(a) or 6(b) hereof, such person (the “indemnified
party”) shall promptly notify the person against whom such indemnity may be sought (the
“indemnifying party”) in writing and the indemnifying party, upon request of the
indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to
represent the indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the reasonable fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified
party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the
retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that the indemnifying party shall not, in respect of the legal
expenses of any indemnified party in connection with any proceeding or related proceedings in the
same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition
to any local counsel) for all such indemnified parties and that all such fees and expenses shall be
reimbursed as they are incurred. Such firm shall be designated in writing by, in the case of
parties indemnified pursuant to Section 6(a), the Holders of a majority (with Holders of Debentures
deemed to be the Holders, for purposes of determining such majority, of the number of shares of
Underlying Common Stock into which such Debentures are or would be convertible as of the date on
which such designation is made) of the Registrable Securities covered by the Registration Statement
that are indemnified parties pursuant to Section 6(a) and, in the case of parties indemnified
pursuant to Section 6(b), the Company. The indemnifying
party shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the
indemnifying party agrees to indemnify the indemnified party from and against any loss or liability
by reason of such settlement or judgment that is indemnifiable pursuant to Section 6(a) or 6(b), as
the case may be. Notwithstanding the foregoing sentence, if at any time an indemnified party shall
have requested an indemnifying party to reimburse the indemnified party for fees and expenses of
counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party
agrees that it shall be liable for

16

 

any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying
party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such indemnified party,
unless such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding.

     (d)      Contribution. To the extent that the indemnification provided for in Section 6(a) or 6(b)
is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or
liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the indemnifying party or
parties on the one hand and the indemnified party or parties on the other hand or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or omissions that resulted in
such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company shall be deemed to be equal to the
total net proceeds from the initial placement pursuant to the Purchase Agreement (before deducting
expenses) of the Registrable Securities to which such losses, claims, damages or liabilities
relate. The relative benefits received by any Holder shall be deemed to be equal to the value of
receiving Registrable Securities that are registered under the Securities Act. The relative fault
of the Holders on the one hand and the Company on the other hand shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the
Holders or by the Company, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Holders’ respective obligations
to contribute pursuant to this Section 6 are several in proportion to the respective number of
Registrable Securities they have sold pursuant to a Registration Statement, and not joint.

     The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 6(d) were determined by pro rata allocation or by any other method of allocation that
does not take into account the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims,
damages or liabilities referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or
claim.

17

 

Notwithstanding this Section 6, no indemnifying party that is a selling Holder shall be
required to contribute any amount in excess of the amount by which the total price at which the
Registrable Securities sold by it and distributed to the public were offered to the public exceeds
the amount of any damages that such indemnifying party has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

     (e)      The remedies provided for in this Section 6 are not exclusive and shall not limit any
rights or remedies which may otherwise be available to an indemnified party at law or in equity,
hereunder, under the Purchase Agreement or otherwise.

     (f)      The indemnity and contribution provisions contained in this Section 6 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement, (ii)
any investigation made by or on behalf of any Holder, any person controlling any Holder or any
affiliate of any Holder or by or on behalf of the Company, its officers or directors or any person
controlling the Company and (iii) the sale of any Registrable Securities by any Holder.

     Section 7. Information Requirements. The Company covenants that, if at any time before the
end of the Effectiveness Period the Company is not subject to the reporting requirements of the
Exchange Act, it will cooperate with any Holder and take such further reasonable action as any
Holder may reasonably request in writing (including, without limitation, making such reasonable
representations as any such Holder may reasonably request), all to the extent required from time to
time to enable such Holder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 and Rule 144A under the Securities
Act and customarily taken in connection with sales pursuant to such exemptions. Upon the written
request of any Holder, the Company shall deliver to such Holder a written statement as to whether
it has complied with such filing requirements, unless such a statement has been included in the
Company’s most recent report filed pursuant to Section 13 or Section 15(d) of Exchange Act.
Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to
register any of its securities (other than the Common Stock) under any section of the Exchange Act.

     Section 8. Miscellaneous.

     (a)      Remedies. The Company acknowledges and agrees that any failure by the Company to comply
with its obligations under Section 2 hereof may result in material irreparable injury to the
Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely, and that, in the event of any such
failure, the Initial Purchasers or any Holder may obtain such relief as may be required to
specifically enforce the Company’s obligations under Section 2 hereof. The Company further agrees
to waive the defense in any action for specific performance that a remedy at law would be adequate.

18

 

     (b)      No Conflicting Agreements. The Company is not, as of the date hereof, a party to, nor
shall it, on or after the date of this Agreement, enter into, any agreement with respect to its
securities that conflicts with the rights granted to the Holders in this Agreement. The Company
represents and warrants that the rights granted to the Holders hereunder do not in any way conflict
with the rights granted to the holders of the Company’s securities under any other agreements.

     (c)      Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless the Company has obtained the written consent of
Holders of a majority of the then outstanding Underlying Common Stock constituting Registrable
Securities (with Holders of Debentures deemed to be the Holders, for purposes of this Section, of
the number of outstanding shares of Underlying Common Stock into which such Debentures are or would
be convertible as of the date on which such consent is requested). Notwithstanding the foregoing,
a waiver or consent to depart from the provisions hereof with respect to a matter that relates
exclusively to the rights of Holders whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other Holders may be given
by Holders of at least a majority of the Registrable Securities being sold by such Holders pursuant
to such Registration Statement; provided that the provisions of this sentence may not be amended,
modified or supplemented except in accordance with the provisions of the immediately preceding
sentence. Notwithstanding the foregoing two sentences, this Agreement may be amended by written
agreement signed by the Company and the Initial Purchasers, without the consent of the Holders of
Registrable Securities, to cure any ambiguity or to correct or supplement any provision contained
herein that may be defective or inconsistent with any other provision contained herein, or to make
such other provisions in regard to matters or questions arising under this Agreement that shall not
adversely affect the interests of the Holders of Registrable Securities. Each Holder of
Registrable Securities outstanding at the time of any such amendment, modification, supplement,
waiver or consent or thereafter shall be bound by any such amendment, modification, supplement,
waiver or consent effected pursuant to this Section 8(c), whether or not any notice, writing or
marking indicating such amendment, modification, supplement, waiver or consent appears on the
Registrable Securities or is delivered to such Holder.

     (d)      Notices. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand delivery, by telecopier, by courier guaranteeing overnight delivery or
by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by
hand delivery, (ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after
being deposited with such courier, if made by overnight courier or (iv) on the date indicated on
the notice of receipt, if made by first-class mail, to the parties as follows:

     (i)     if to a Holder, at the most current address given by such Holder to the Company in
a Notice and Questionnaire or any amendment thereto;

19

 

	 	 	 	 	 
	

	 	(ii)
	 	if to the Company, to:
	 
	 	 	 	 
	

	 	 	 	Gencorp Inc.
	

	 	 	 	P.O. Box 537012
	

	 	 	 	Sacramento, California 95853-7012
	

	 	 	 	Attention: Deputy General Counsel
	

	 	 	 	Telecopy No.: (916) 351-8668
	 
	 	 	 	 
	

	 	 	 	and
	 
	 	 	 	 
	

	 	 	 	Shaw Pittman LLP
	

	 	 	 	2300 N Street, N.W.
	

	 	 	 	Washington, D.C. 20037
	

	 	 	 	Attention: Robert B. Robbins
	

	 	 	 	Telecopy No.: (202) 663-8007
	 
	 	 	 	 
	

	 	(iii)
	 	if to the Initial Purchasers, to:
	 
	

	 	 	 	Wachovia Capital Markets, LLC
	

	 	 	 	301 South College Street, 4th Floor
	

	 	 	 	Charlotte, North Carolina 28288
	

	 	 	 	Attention: Convertible Syndication
	

	 	 	 	Telecopy No.: (704) 715-6099
	 
	 	 	 	 
	

	 	 	 	and
	 
	 	 	 	 
	

	 	 	 	Shearman & Sterling LLP
	

	 	 	 	599 Lexington Avenue
	

	 	 	 	New York, New York 10022
	

	 	 	 	Attention: Joel S. Klaperman

	

	 	 	 	Telecopy No.: (212) 848-7179

or to such other address as such person may have furnished to the other persons identified in this
Section 8(d) in writing in accordance herewith.

     (e)      Approval of Holders. Whenever the consent or approval of Holders of a specified
percentage of Registrable Securities is required hereunder, Registrable
Securities held by the Company or its affiliates (as such term is defined in Rule 405 under
the Securities Act) (other than the Initial Purchasers or subsequent Holders if such subsequent
Holders are deemed to be such affiliates solely by reason of their holdings of such Registrable
Securities) shall not be counted in determining whether such consent or approval was given by the
Holders of such required percentage.

     (f)      Successors and Assigns. Any person who purchases any Registrable Securities from the
Initial Purchasers shall be deemed, for purposes of this Agreement, to be an assignee of the
Initial Purchasers. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties and shall inure to the

20

 

benefit of and be binding upon
each Holder of any Registrable Securities, provided that nothing herein shall be deemed to permit
any assignment, transfer or other disposition of Registrable Securities in violation of the terms
of the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any
manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject
to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such
person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms
and provisions of this Agreement and such person shall be entitled to receive the benefits hereof.

     (g)      Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be
original and all of which taken together shall constitute one and the same agreement.

     (h)      Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

     (i)      Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

     (j)      Severability. If any term provision, covenant or restriction of this Agreement is held to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in no way be
affected, impaired or invalidated thereby, and the parties hereto shall use their best efforts to
find and employ an alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction, it being intended that all of the
rights and privileges of the parties shall be enforceable to the fullest extent permitted by law.

     (k)      Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture,
is intended by the parties as a final expression of their agreement and is intended to be a
complete and exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and the registration rights granted by the Company
with respect to the Registrable Securities. Except as provided in the Purchase Agreement, there
are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein, with respect to
the registration rights granted by the Company with respect to the Registrable Securities. This
Agreement supersedes all prior agreements and undertakings among the parties with respect to such
registration rights. No party hereto shall have any rights, duties or obligations other than those
specifically set forth in this Agreement.

     (l)      Termination. This Agreement and the obligations of the parties hereunder shall terminate
upon the end of the Effectiveness Period, except for any liabilities or obligations under Section
4, 5 or 6 hereof and the obligations to make payments of and provide for the Liquidated Damages
Amount under Section 2(e) hereof to the extent such

21

 

amount accrues prior to the end of the
Effectiveness Period, each of which shall remain in effect in accordance with its terms.

22

 

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

	 	 	 	 	 
	 	GENCORP INC.

 

 	 
	 	By:  	/s/ KARI VAN GUNDY
 	 
	 	 	Name:  	Kari Van Gundy 	 
	 	 	Title:  	Vice President, Treasurer 	 
	 

[Signature Follows]

23

 

Confirmed and accepted as of

the date first above written:

Acting severally on behalf of itself and the

     several Initial Purchasers named in Schedule I

     to the Purchase Agreement

By: WACHOVIA CAPITAL MARKETS, LLC

	 	 	 	 	 
	 	By:  	/s/ STEVEN GRAY
 	 
	 	 	Name:  	Steven Gray 	 
	 	 	Title:  	Senior Vice President 	 
	 

24<PAGE>
                                                                   Exhibit 4.1

COMMON STOCK                                                       COMMON STOCK
                                    NATIONAL
                                   INTERSTATE

INCORPORATED UNDER THE LAWS OF                         CUSIP 63654U 10 0
     THE STATE OF OHIO                       SEE REVERSE FOR CERTAIN DEFINITIONS

                        NATIONAL INTERSTATE CORPORATION

THIS CERTIFIES THAT

is the record holder of

             FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK,
                          $.01 PAR VALUE PER SHARE, OF

                        NATIONAL INTERSTATE CORPORATION

transferable on the books of the Corporation in person or by duly authorized
attorney upon surrender of the Certificate properly endorsed. This Certificate
is not valid until countersigned by the Transfer Agent and registered by the
Registrar.

     WITNESS the facsimile seal of the Corporation and the facsimile signatures
of its duly authorized officers.

DATED:

/s/ Michael A Schroeder           [SEAL]              /s/ Alan R. Spachman
      SECRETARY                              PRESIDENT AND CHAIRMAN OF THE BOARD

COUNTERSIGNED AND REGISTERED
     NATIONAL CITY BANK
               CLEVELAND, OHIO
               TRANSFER AGENT AND REGISTRAR

BY

                        AUTHORIZED SIGNATURE
<PAGE>
                        NATIONAL INTERSTATE CORPORATION
<Table>
<S>                                                <C>

The following abbreviations, when used in the inscription on the face of this certificate, shall be considered as though they
were written out in full according to applicable laws or regulations:

TEN COM - as tenants in common                      UNIF GIFT MIN ACT - _______________________ CUSTODIAN______________________
TEN ENT - as tenants by the entireties                                         (Cust)                         (Minor)
JT TEN  - as joint tenants with right
          of survivorship and not as                                     under Uniform Gifts, to Minors
          tenants in common
                                                                        ACT ____________________________________________________
                                                                                               (State)

                                                     UNIF TRF MIN ACT - _________________________    Custodian (until age _____)
                                                                              (Cust)

                                                                        _______________________________ under Uniform Transfers
                                                                                  (Minor)

                                                                        to Minors Act _________________________________________
                                                                                                   (State)

                             Additional abbreviations may also be used though not in the above list.

For Value received, _____________________________________________________________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEES
---------------------------------------

---------------------------------------

________________________________________________________________________________________________________________________________
                       (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE

________________________________________________________________________________________________________________________________

________________________________________________________________________________________________________________________________

_________________________________________________________________________________________________________________________ Shares
of the Common Stock represented by the within Certificate, and do(es) hereby irrevocably constitute and appoint

_______________________________________________________________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

Dated _____________________________________________                                X __________________________________________

                                                                                   X __________________________________________

                                                                     NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND
                                                                             WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE
                                                                             CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION
                                                                             OR ENLARGEMENT OR ANY CHANGE WHATEVER.

SIGNATURE GUARANTEED:

By _________________________________________________________________________________________________________________
   THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND
   LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
   PURSUANT TO S.E.C. RULE 17Ad-15.

</Table>

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