Document:

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                                                                    Exhibit 10.3

                              EXECUTIVE AGREEMENT
                              -------------------

     Agreement between Primex Technologies, Inc., a Virginia corporation
("Primex"), and [Name] (the "Executive"), dated as of February 29, 2000.

     Primex and the Executive agree as follows:

     1.   Definitions

          As used in this Agreement:

          (a)  "Cause" means the willful and continued failure of the Executive
to substantially perform his duties; the willful engaging by the Executive in
gross misconduct significantly and demonstrably financially injurious to Primex;
or willful misconduct by the Executive during his employment which is a felony
or fraud. No act or failure to act on the part of the Executive will be
considered "willful" unless done or omitted not in good faith and without
reasonable belief that the action or omission was in the interests of Primex or
not opposed to the interests of Primex and unless the act or failure to act has
not been cured by the Executive within a reasonable time after written notice to
the Executive specifying the nature of such violations.

               Notwithstanding the foregoing, the Executive shall not be deemed
to have been terminated for Cause without (i) reasonable notice to the Executive
setting forth the reasons for Primex's intention to terminate for Cause, (ii) an
opportunity for the Executive, together with his counsel, to be heard before the
Board of Directors of Primex and (iii) delivery to the Executive of a notice of
Termination from the Board of Directors of Primex finding that, in the good
faith opinion of 75% of the entire membership of such Board, the Executive was
guilty of conduct described above and specifying the particulars thereof in
detail.

          (b)  "Change in Control" means:

               (i)    Primex ceases to be owned by at least 300 shareholders of
record after December 31, 1996, or ceases, by action of Primex's Board of
Directors, to be either listed on a national securities exchange or authorized
for quotation on The Nasdaq Stock Market;

               (ii)   a person, partnership, joint venture, corporation or other
entity, or two or more of any of the foregoing acting as a "person" within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended
(the "Act"), other than Primex, a majority-owned subsidiary of Primex, or an
employee benefit plan (or related trust)
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of Primex, or such subsidiary, become(s) the "beneficial owner" (as defined in
Rule 13(d)(3) under the Act) of 15% or more of the then outstanding voting stock
of Primex;

               (iii)  during any period of two consecutive years after 1996,
individuals who at the beginning of such period constitute Primex's Board of
Directors (together with any new Director whose election by Primex's Board of
Directors or whose nomination for election by Primex's shareholders, was
approved by a vote of at least two-thirds of the Directors then still in office
who either were Directors at the beginning of such period or whose election or
nomination for election was previously so approved) cease for any reason to
constitute a majority of the Directors then in office;

               (iv)   all or substantially all of the business or assets of
Primex is disposed of pursuant to a merger, consolidation or other transaction,
whether or not Primex is the surviving corporation, (unless in either case the
shareholders of Primex immediately prior to such merger, consolidation,
combination or other transaction beneficially own, directly or indirectly, more
than 50% of the aggregate voting stock or other ownership interests of (x) the
entity or entities, if any, that succeed to the business of Primex or (y) the
combined company);

               (v)    Primex's Board of Directors determines that a tender offer
for Primex's shares indicates a serious intention by the offeror to acquire
control of Primex; or

               (vi)   shareholder approval of a liquidation or dissolution of
Primex.

          (c)  "Disability" means that the Executive has suffered an incapacity
due to physical or mental illness which meets the criteria for disability
established at the time under Primex's short-term disability plan.

          (d)  "Executive Severance" means:

               (i)    twelve months of the Executive's then current monthly
salary (without taking into account any reductions which may have occurred at or
after the date of a Change in Control); plus

               (ii)   an amount equal to the greater of (a) the Executive's
average annual award actually paid under Primex's short-term annual incentive
compensation plans or programs ("ICP") for the three years (or for such fewer
years as the ICP may have been in effect) immediately preceding the date of
Termination or (b) the Executive's then current ICP Target Incentive.

               (iii)  The Executive will not be entitled to receive any other
severance otherwise payable to the Executive under any other severance plan of
Primex.

               (iv)   If on the Termination date the Executive is eligible and
is receiving payments under any then existing Primex disability plan, then the
Executive agrees that all such payments may, and will be, suspended and offset
for 12 months following the
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Termination date. If after such period the Executive remains eligible to receive
disability payments, then such payments shall resume in the amounts and in
accordance with the provisions of the applicable Primex disability plan.

          (e)  "Potential Change in Control" means:

               (i)    Primex has entered into an agreement the consummation
of which would result in a Change in Control;

               (ii)   any person (including Primex ) publicly announces an
intention to take or to consider taking actions which if consummated would
constitute a Change in Control;

               (iii)  Primex learns that any person (other than Primex, a
majority-owned subsidiary of Primex, or an employee benefit plan (or related
trust) of Primex, or such subsidiary,) has become the beneficial owner directly
or indirectly of securities of Primex representing 9.5% or more of the combined
voting power of Primex's then outstanding securities ordinarily entitled to vote
in elections of directors; or

               (iv)   the Board of Directors of Primex adopts a resolution to
the effect that, for purposes of this Agreement, a Potential Change in Control
of Primex has occurred.

          (f)  "Termination" means:

               (i)    The Executive is discharged by Primex other than for
Cause;

               (ii)   The Executive terminates his or her employment in the
event that:

                      (1)  Primex requires the Executive to relocate the
Executive's then office to a location that is more than 25 miles further from
his then principal residence than the distance from such residence to his prior
office, except that prior to a Change in Control, a requirement to relocate the
Executive's office to Primex's corporate headquarters is not a basis for
Termination;

                      (2)  Primex reduces the Executive's base salary or fails
to increase the Executive's base salary on a basis consistent (as to frequency
and amount) with Primex's exempt salary system as then in effect or, in the
event of a Change in Control, as in effect immediately prior to the Change in
Control;

                      (3)  Primex fails to continue the Executive's
participation in its benefit plans (including incentive compensation and stock
based incentives) on substantially the same basis, both in terms of the amount
of the benefits provided (other than due to Primex's or a relevant operation's
financial or stock price performance provided such performance is a relevant
criterion under such plan) and the level of the Executive's
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participation relative to other participants as exists on the date hereof;
provided that, with respect to annual and long term incentive compensation
plans, the basis with which the amount of benefits and level of participation of
the Executive shall be compared shall be the average benefit awarded to the
Executive under the relevant plan during the three years (or such fewer years as
such plans may have been in effect) immediately preceding the date of
Termination;

                      (4)  The Executive suffers a Disability which prevents the
Executive from performing the Executive's duties with Primex for a period of at
least 180 consecutive days;

                      (5)  Following a Change in Control, Primex fails to
substantially maintain its benefit plans as in effect at the time of the Change
in Control, unless reasonably equivalent arrangements (embodied in an on-going
substitute or alternative plan) have been made with respect to such plans; or

                      (6)  The Executive's duties, position or reporting
responsibilities are diminished.

     2.   Previous Change in Control Agreement.  This Agreement supersedes
and replaces the Executive Agreement dated as of November 2, 1999 between Primex
and the Executive.

     3.   Term/Executive's Duties

          (a)  This Agreement expires at the close of business on December 31,
2002, unless prior to that date there is a Change in Control, in which case this
Agreement will expire on the later of the close of business on December 31, 2002
or three years following the date of a Change in Control; provided that the
expiration of this Agreement will not affect any of the Executive's rights
resulting from a Termination prior to such expiration.  In the event of the
Executive's death while employed by Primex, this Agreement shall terminate and
be of no further force or effect on the date of his or her death; provided that
the Executive's death will not affect any of the Executive's rights resulting
from a Termination prior to death.

          (b)  During the period of the Executive's employment by Primex, the
Executive shall devote his or her full time best efforts during normal business
hours to Primex's business and affairs, except during reasonable vacation
periods and periods of illness or incapacity.  Nothing in this Agreement will
preclude the Executive from devoting reasonable periods required for service as
a director or a member of any organization involving no conflict of interest
with Primex's interest, provided that no additional position as director or
member shall be accepted by the Executive during the period of his employment
with Primex without its prior consent.

          (c)  The Executive agrees that in the event of any Potential Change in
Control of Primex occurring after the date hereof, the Executive will remain in
the employ of Primex until the earlier of (i) the end of the six-month period
following the occurrence of
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such Potential Change in Control and (ii) a Change in Control, during which time
the Executive will have an office, title, duties and responsibilities
substantially consistent with those applicable immediately prior to the
Potential Change in Control.

     4.   Executive Severance Payment

          (a)  In the event of a Termination occurring before the expiration of
this Agreement, Primex will pay the Executive a lump sum in an amount equal to
the Executive Severance.  The payment will be made within 10 days of the
effective date of the Termination.

          (b)  In the event of a Termination after a Change in Control has
occurred, in addition to the Executive Severance paid under Paragraph 4(a)
above, Primex will pay a Change in Control severance premium to the Executive in
an amount equal to two times the Executive Severance.  The Change in Control
severance premium, if it becomes due, will be made immediately (or in any event
as soon as administratively practicable) following the effective date of the
Termination.

          (c)  The Executive will not be required to mitigate the amount of any
payment provided for in paragraph 4(a) or 4(b) by seeking other employment or
otherwise, nor shall any compensation received by the Executive from a third
party reduce such payment.  Except as may otherwise be expressly provided
herein, nothing in this Agreement will be deemed to reduce or limit the rights
which the Executive may have under any employee benefit plan, policy or
arrangement of Primex.

     5.   Other Benefits and Payments

          (a)  (1) If the Executive becomes entitled to payment under Paragraph
4(a), then the Executive shall be entitled to receive a lump sum payment from
Primex at the same time as the payment under Paragraph 4(a) is made equal to the
amount contributed or credited by Primex to the Executive's accounts in all
defined contribution plans of Primex (whether or not "qualified" plans) during
the 12 months preceding the Executive's Termination provided that in the event
there are fewer than 12 months in such period the payment required shall be
increased proportionately to make it equivalent to a 12 month period.  The
"amount contributed or credited by Primex" as defined in this Paragraph 5 shall
not include any employee contributions, employer matching contributions,
dividends or investment gains or losses credited to the Executive's accounts,
but only the Primex contributions made or, in the case of supplementary plans,
credited, to the accounts.  Such payment shall be in lieu of any such
contributions or credits by Primex to its defined contribution plans with
respect to the period after the Executive's Termination.  If Primex is required
by law to contribute to such plans with respect to the period after the
Executive's Termination, any such contribution shall reduce the payout otherwise
due Executive under this Paragraph 5(a)(1).  In the event the Executive receives
a payment under Paragraph 4(b), the amount required to be paid under the
preceding sentences of this Paragraph 5(a)(1) shall be tripled.  Notwithstanding
the foregoing, in the event at the date of Termination the Executive is more
than 69 years old (or more than 68 years old in the case the Executive
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receives a payment under Paragraph 4(b)) the lump sum payment required to be
made under this Paragraph 5(a)(1) shall be reduced such that if it were
expressed as equal monthly payments made over a 12-month period (a 24-month
period in the case of the Executive receiving a payment under Paragraph 4(b))
and paid in monthly installments on the first of every month following
Termination no such monthly payments would be received by the Executive beyond
his or her seventieth birthday.

          (2)  If the Executive becomes entitled to payment under Paragraph
4(a), for the 12 months from the date of the Termination the Executive will
continue to enjoy coverage under all Primex medical, dental, and life insurance
plans to the extent the Executive was enjoying such coverage immediately prior
to the Termination.  The Executive shall accrue no vacation during the 12 months
following the date of Termination but shall be entitled to payment for accrued
and unused vacation for the then current year.  If the Executive receives the
Executive Severance (including the amount referred to in Paragraph 1(d)(ii)),
the Executive shall not be entitled to an ICP award for the calendar year of
Termination if Termination occurs during the first calendar quarter.  Even if
the Executive receives the Executive Severance (including the amount referred to
in Paragraph 1(d)(ii)), if Termination occurs during or after the second
calendar quarter, the Executive shall also be entitled to a prorated ICP award
for the calendar year of Termination which shall be determined by multiplying
his or her then current ICP Target Incentive by a fraction the numerator of
which is the number of weeks in the calendar year prior to the Termination and
the denominator of which is 52.  The Executive shall accrue no ICP award during
the 12 months following the date of Termination.

          (b) If the Executive receives payment under Paragraph 4(b), the
insurance coverage provided for in Paragraph 5(a) (2) will be for an additional
24-month period.

          (c) Notwithstanding the foregoing Paragraphs 5(a)(2), and (b), no such
insurance coverage will be afforded by this Agreement with respect to any period
after the Executive's seventieth birthday.

          (d) In the event of a Termination, the Executive will be entitled at
Primex's expense to outplacement counseling and associated services in
accordance with Primex's customary practice at the time (or, if a Change in
Control shall have occurred, in accordance with such practice immediately prior
thereto) with respect to its senior executives who have been terminated other
than for Cause.  It is understood that the counseling and services contemplated
by this Paragraph 5(d) are intended to facilitate the obtaining by the Executive
of other employment following a Termination, and payments or benefits by Primex
in lieu thereof will not be available to the Executive.

          (e) If the Executive (i) has an accrued vested benefit under Olin's
qualified pension plan as of the date of the Change in Control and (ii) at age
55, would not qualify for subsidized early retirement from Olin under the
          ---
provisions of Olin's pension plans, then, the Executive shall receive a lump sum
payment from Primex immediately upon the Change in Control to make up for the
lost subsidy calculated as follows:
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          First, by calculating the annual benefit which would otherwise be
          -----
payable to the Executive at age 65 under all Olin pension plans assuming the
Executive had terminated his or her employment with Primex on the date of the
Change in Control, second, by multiplying such annual benefit by the percentage
                   ------
then applicable in the calculation of benefits paid to employees retiring from
active service with Olin at age 55 under the early retirement provisions of the
Olin Employees Pension Plan (72% at the date hereof), third, by determining the
                                                      ------
lump sum actuarial value (as of the date of Change in Control) of annual
payments beginning at age 55 as calculated in the second step and fourth, by
                                                  ------          ------
deducting from such lump sum actuarial value the lump sum actuarial value (as of
the date of Change in Control) of the Executive's accrued annual benefits under
all Olin pension plans.  Lump sum actuarial value shall be determined in
accordance with Olin's actuarial assumptions for its nonqualified defined
benefit plans.

Any payments made pursuant to this section 5 (e) which are subject to tax will
be increased (grossed up) so that the Executive will have received a net payment
equal to that which he would have received if the payment was not subject to
tax.

     6.   Participation in Change in Control/Section 4999 of Internal
Revenue Code

          (a)  In the event that the Executive participates or agrees to
participate by loan or equity investment (other than through ownership of less
than 1% of publicly traded securities of another company) in a transaction
("acquisition") which would result in an event described in paragraph 1(b)(i) or
(ii), the Executive must promptly disclose such participation or agreement to
Primex.  If the Executive so participates or agrees to participate, no payments
due under this Agreement or by virtue of any Change in Control provisions
contained in any compensation or benefit plan of Primex will be paid to the
Executive until the acquiring group in which the Executive participates or
agrees to participate has completed the acquisition.  In the event the Executive
so participates or agrees to participate and fails to disclose his or her
participation or agreement, the Executive will not be entitled to any payments
under this Agreement or by virtue of Change in Control provisions in any Primex
compensation or benefit plan, notwithstanding any of the terms hereof or
thereof.

          (b)  Any payments made pursuant to this Agreement or by virtue of
Change in Control provisions in any Primex compensation or benefit plan which
are subject to tax under Section 4999 of the Internal Revenue Code or a
successor provision ("4999") will be increased so that after paying the tax
imposed by 4999 and the income and employment tax on the amount of the increase
provided by this paragraph (b), the Executive will have received a net payment
equal to that which he or she would have received if 4999 did not apply.  All
determinations required to be made under this Paragraph 6(b), including whether
and when the net gross-up payment is required and the amount of such net gross-
up payment including any determination of the parachute payments under Section
280G(b)(2) of the Internal Revenue Code, and the assumptions to be utilized in
arriving at such determinations shall be made by Primex's independent auditors
(the "Accounting Firm") which shall provide detailed supporting calculations
both to Primex and the Executive within 15 business days of the receipt of
notice from the Executive that there has been a payment contingent on a Change
in Control that would trigger the excise tax imposed by Sections
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                                       8

280G and 4999 of the Internal Revenue Code, or such earlier time as is requested
by Primex. All fees and expenses of the Accounting Firm shall be borne solely by
Primex. Any net gross-up payment shall be paid by Primex to the Executive as
soon as practicable following receipt of the Accounting Firm's determination.
Any determination by the Accounting Firm shall be binding upon Primex and the
Executive. As a result of uncertainty in the application of Section 4999 of the
Internal Revenue Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that the net gross-up payment made will have been
in an amount less than Primex should have paid pursuant to this Paragraph 6(b)
(the "Underpayment"). In the event that the Executive thereafter is required to
make a payment of any excise tax under Section 280G of the Internal Revenue
Code, the Accounting Firm shall determine the amount of the underpayment and any
such underpayment shall be promptly paid by Primex to or for the benefit of the
Executive.

     7.   Successors; Binding Agreement

          (a) Primex will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business or assets of Primex, by agreement, in form and substance satisfactory
to the Executive, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that Primex would be required to perform if
no such succession had taken place.  Failure of Primex to obtain such assumption
and agreement prior to the effectiveness of any such succession will be a breach
of this Agreement and entitle the Executive to compensation from Primex in the
same amount and on the same terms as the Executive would be entitled to
hereunder had a Termination occurred on the succession date.  As used in this
Agreement, "Primex" means Primex as defined in the preamble to this Agreement
and any successor to its business or assets which executes and delivers the
agreement provided for in this Paragraph 7 or which otherwise becomes bound by
all the terms and provisions of this Agreement by operation of law or otherwise.

          (b) This Agreement shall be enforceable by the Executive's personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees.

     8.   Notices.  For the purpose of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when delivered or mailed by United States registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

     If to the Executive:  Name
                           Street Address
                           Building/Apartment No.
                           City, State  Zip Code

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     If to the Company:    Primex Technologies, Inc.
                           10101 Ninth Street North
                           St. Petersburg, FL  33716-3807
                           Attention:  Corporate Secretary

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

     9.   Governing Law.  The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Florida without reference to choice of law principles thereunder.

     10.  Miscellaneous.  No provisions of this Agreement may be modified,
waived or discharged unless such modification, waiver or discharge is agreed to
in writing signed by the Executive and Primex.  No waiver by either party hereto
at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time.  No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not set forth expressly in this
Agreement.

     11.  Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same Agreement.

     12.  Withholding of Taxes. Primex may withhold from any benefits payable
under this Agreement all federal, state, city or other taxes as shall be
required pursuant to any law or governmental regulation or ruling.

     13.  Non-assignability.  This Agreement is personal in nature and
neither of the parties hereto shall, without the consent of the other, assign or
transfer this Agreement or any rights or obligations hereunder, except as
provided in paragraph 7 above.  Without limiting the foregoing, the Executive's
right to receive payments hereunder shall not be assignable or transferable,
whether by pledge, creation of a security interest or otherwise, other than a
transfer by his will or by the laws of descent or distribution, and, in the
event of any attempted assignment or transfer by the Executive contrary to this
Paragraph, Primex shall have no liability to pay any amount so attempted to be
assigned or transferred.

     14.  No Employment Right. This Agreement shall not be deemed to confer on
the Executive a right to continued employment with Primex.

     15.  Disputes/Arbitration.

          (a) Any dispute or controversy arising under or in connection with
this Agreement shall be settled exclusively by binding arbitration at Primex's
corporate headquarters in accordance with the rules of the American Arbitration
Association then in
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effect. Judgment may be entered on the arbitrator's award in any court having
jurisdiction; provided, however, that the Executive shall be entitled to seek
specific performance of the Executive's right to be paid during the pendency of
any dispute or controversy arising under or in connection with this Agreement.

     (b)  Primex shall pay all reasonable legal fees and expenses, as they
become due, which the Executive may incur to enforce this Agreement through
arbitration or otherwise unless the arbitration determines that the Executive
had no reasonable basis for his claim. Should Primex dispute the entitlement of
the Executive to such fees and expenses, the burden of proof shall be on Primex
to establish that the Executive had no reasonable basis for his claim.

          IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and delivered as of the day and year first above set forth.

                                    PRIMEX TECHNOLOGIES, INC.

                                    By:  ____________________________
                                         James G. Hascall
                                         Title:  Chairman and CEO

_________________________
Executive<PAGE>

                                                                    Exhibit 10.4

                           PRIMEX TECHNOLOGIES, INC.
                     STOCK PLAN FOR NONEMPLOYEE DIRECTORS
                            (AMENDED AND RESTATED)

     1.   Purpose.  The purpose of the Primex Technologies, Inc. Stock Plan for
Nonemployee Directors is to promote the long-term growth and financial success
of Primex Technologies, Inc. by attracting and retaining Nonemployee Directors
of outstanding ability and by promoting a greater identity of interest between
its Nonemployee Directors and its shareholders.

     2.   Definitions.  The following capitalized terms utilized herein have the
following meanings:

               "Annual Retainer" means the annual retainer as determined by the
     Board from time to time to be paid to Nonemployee Directors for services as
     a member thereof.

               "Board" means the Board of Directors of the Company.

               "Cash Account" means an account established under the Plan for a
     Nonemployee Director to which cash meeting fees and retainers have been or
     are to be credited in the form of cash.

               "Change in Control" means the occurrence of any one of the
     following events:

               (i)    the Corporation ceases to be owned by at least 300
     shareholders after December 31, 1996, or ceases, by action of the
     Corporation's Board of Directors, to be either listed on a national
     securities exchange or authorized for quotation on The Nasdaq Stock Market;

               (ii)   a person, partnership, joint venture, corporation or other
     entity, or two or more of any of the foregoing acting as a "person" within
     the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as
     amended (the "Act"), other than the Corporation, a majority-owned
     subsidiary of the Corporation, or an employee benefit plan (or related
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                                       2

     trust) of the Corporation, or such subsidiary, become(s) the "beneficial
     owner" (as defined in Rule 13(d)(3) under the Act) of 15% or more of the
     then outstanding voting stock of the Corporation;

               (iii)  during any period of two consecutive years after 1996,
     individuals who at the beginning of such period constitute the
     Corporation's Board of Directors (together with any new Director whose
     election by the Corporation's Board of Directors or whose nomination for
     election by the Corporation's shareholders, was approved by a vote of at
     least two-thirds of the Directors then still in office who either were
     Directors at the beginning of such period or whose election or nomination
     for election was previously so approved) cease for any reason to constitute
     a majority of the Directors then in office.

               (iv)   all or substantially all of the business or assets of the
     Corporation is disposed of pursuant to a merger, consolidation or other
     transaction, whether or not the Corporation is the surviving corporation,
     (unless in either case the shareholders of the Corporation immediately
     prior to such merger, consolidation, combination or other transaction
     beneficially own, directly or indirectly, more than 50% of the aggregate
     voting stock or other ownership interests of (x) the entity or entities, if
     any, that succeed to the business of the Corporation or (y) the combined
     company);

               (v)    the Corporation's Board of Directors determines that a
     tender offer for the Corporation's shares indicates a serious intention by
     the offeror to acquire control of the Corporation; or

               (vi)   shareholder approval of a liquidation or dissolution of
     the Corporation.

               "Code" means the Internal Revenue Code of 1986, as amended from
     time to time.

               "Committee" means Compensation and Nominating Committee (or its
     successor) of the Board.

               "Common Stock" means the Company's Common Stock, $1.00 par value
     per share.
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                                       3

               "Company" or "Corporation" means Primex Technologies, Inc., a
     Virginia corporation, and any successor.

               "Credit Date" means the first day of each calendar quarter,
     beginning with January 1, 1997.

               "Excess Retainer" means fifty percent (50%) of the Annual
     Retainer; provided that in the event the Annual Retainer is prorated to
     reflect that such Nonemployee Director did not serve as such for the full
     calendar year, the Excess Retainer shall be similarly prorated.

               "Fair Market Value" means, with respect to a date, on a per share
     basis, the average of the high and low prices of a share of Common Stock
     reported on the NASDAQ National Market System on such date or if the NASDAQ
     National Market System is closed on such date, the next date on which it is
     open.

               "l934 Act" means the Securities Exchange Act of 1934, as amended
     from time to time.

               "Nonemployee Director" means a member of the Board who is not an
     employee of the Company or any subsidiary thereof.

               "Plan" means the Primex Technologies, Inc. Stock Plan for
     Nonemployee Directors.

               "Retirement Date" means the date the Nonemployee Director ceases
     to be a member of the Board.

               "Stock Account" means an account established under the Plan for a
     Nonemployee Director to which shares of Common Stock have been or are to be
     credited in the form of stock.

     3.   Term.  The Plan became effective January 1, 1997. The Plan was amended
by action of the Board on November 5, 1997, May 5, 1998, February 2,1999 and
November 3, 1999. Once
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                                       4

effective, the Plan shall operate and shall remain in effect until terminated by
action of the Board as provided in Section 9 hereof.

     4.   Administration.  Full power and authority to construe, interpret and
administer the Plan shall be vested in the Committee.  Decisions of the
Committee shall be final, conclusive and binding upon all parties.  The Board
has all the power and authority of the Committee and may act in lieu of the
Committee at any time.

     5.   Participation.  All Nonemployee Directors shall participate in the
Plan.

     6.   Grants and Deferrals.

          (a)  Annual Stock Grant.  Subject to the terms and conditions of the
               ------------------
Plan, on each January 1 of each year beginning with 2000, each Nonemployee
Director who is such on such date shall receive that number of shares (rounded
up to the next whole share in the event of a fractional share) of Common Stock
having an aggregate Fair Market Value of the sum of (1) $20,000 and (2) 50% of
the Annual Retainer.  (Such $20,000 plus 50% of the Annual Retainer being the
"Annual Stock Amount".)  In the event a person becomes a Nonemployee Director
subsequent to January 1 of a calendar year and has not received the Annual Stock
Amount for such calendar year, such Nonemployee Director, on the first day of
the calendar month following his or her becoming such, shall receive that number
of shares (rounded up to the next whole share in the event of a fractional
share) of Common Stock having an aggregate Fair Market Value on such first day
of an amount equal to one-twelfth of the Annual Stock Amount for such year times
the number of whole calendar months remaining in such calendar year following
the date he or she becomes a Nonemployee Director.  The portion of the Annual
Stock Amount that represents one-half of the Annual Retainer shall be in lieu of
the cash payment of one-half of the Annual Retainer and not in addition to the
Annual Retainer (or in the case of a Nonemployee Director who become such during
a calendar year such similar proportion).  A Nonemployee Director may elect to
defer receipt of all or any portion of such shares in accordance with Section
6(d).  Except with respect to any shares the director has so elected to defer,
certificates representing such shares shall be delivered to such Nonemployee
Director as soon as practicable.
<PAGE>

                                       5

          (b)  Election to Receive Meeting Fees and Excess Retainer in Stock in
               ----------------------------------------------------------------
Lieu of Cash.  Subject to the terms and conditions of the Plan, a Nonemployee
------------
Director may elect to receive all or a portion of the director meeting fees
established by the Board and the Excess Retainer his or her service as a
director for the calendar year in the form of shares of Common Stock.  Such
election shall be made in accordance with Section 6(d).  The number of shares
(rounded up to the next whole share in the event of a fractional share) payable
to a Nonemployee Director who so elects to receive all or a portion of the
Excess Retainer in the form of shares for such year shall be based upon the
aggregate Fair Market Value of the Common Stock on January 1 of such calendar
year (or in the case of a Nonemployee Director who becomes such after January 1,
on the first day of the calendar month following the day such new Nonemployee
Director became such) of the amount of Excess Retainer which has been elected to
be paid in shares.  The number of shares (rounded up to the next whole share in
the event of a fractional share) payable to a Nonemployee Director who so elects
to receive meeting fees for a calendar quarter in the form of shares shall be
based upon the aggregate Fair Market Value of the Common Stock on the Credit
Date following such quarter of the director meeting fees which have been earned
in such quarter and which are elected to be paid in shares.  Except with respect
to any shares the director has elected to defer, certificates representing such
shares shall be delivered to the Nonemployee Director as soon as practicable.

          (c)  Deferrals of Meeting Fees and Cash Retainer.  Subject to the
               -------------------------------------------
terms and conditions of the Plan, a Nonemployee Director may elect to defer all
or a portion of the shares payable under Section 6(b) and all or a portion of
the director meeting fees and Excess Retainer payable in cash by the Company for
his or her service as a director for the calendar year.  Such election shall be
made in accordance with Section 6(d).  A Nonemployee Director who elects to so
defer shall have any deferred shares deferred in the form of shares of Common
Stock and any deferred cash fees and retainer deferred in the form of cash.

          (d)  Elections.
               ---------

                    (1)  Deferrals.  All elections under Sections 6(a), 6(b) and
     6(c) shall (A) be made in writing and delivered to the Secretary of the
     Company and (B) be irrevocable.
<PAGE>

                                       6

     All elections for payments or deferrals shall be made on or before December
     31 of the year prior to the year in which the director's fees or Annual
     Retainer, as the case may be, are to be earned (or, in the case of an
     individual who becomes a Nonemployee Director during a calendar year, no
     later than 30 days after the individual becomes a Nonemployee Director).
     Deferral elections shall also (A) specify the portions (in 25% increments)
     to be deferred and (B) specify the future date or dates on which deferred
     amounts are to be paid or the future event or events upon the occurrence of
     which the deferred amounts are to be paid and the method of payment (lump
     sum or annual installments of approximately equal amounts (up to 10)). In
     the event of an election under Section 6(b) for director meeting fees or
     Excess Retainer to be paid in shares of Common Stock, the election shall
     specify the portion (in 25% increments) to be so paid. Any change with
     respect to the terms of his or her election for (A) the payment or
     investment of director meeting fees or Excess Retainer under Section 6(b)
     from shares to cash or vice versa and (B) the amount of any deferral in the
     form of Common Stock shall be effective upon receipt by the Secretary of
     the Company. Any such change shall be effective only with respect to future
     earnings.

               (2)  Stock Account.  On the Credit Date, a Nonemployee Director
     who has elected to defer shares under Sections 6(a) or 6(c) shall receive a
     credit to his or her Stock Account.  The amount of such credit shall be the
     number of shares so deferred (rounded to the next whole share in the event
     of a fractional share).

               (3)  Cash Account.  On the Credit Date or in the case of the
     Excess Retainer, on the day on which the Nonemployee Director is entitled
     to receive such Excess Retainer, a Nonemployee Director who has elected to
     defer cash fees and/or the Excess Retainer under Section 6(c) in the form
     of cash shall receive a credit to his or her Cash Account.  The amount of
     the credit shall be the dollar amount of such Director's meeting fees
     earned during the immediately preceding quarterly period or the amount of
     the Excess Retainer to be paid for the calendar year, as the case may be,
     and in each case, specified for deferral in cash.
<PAGE>

                                       7

               (4)  Dividends and Interest.  Each time a cash dividend is paid
     on the Common Stock, a Nonemployee Director who has shares credited to his
     or her Stock Account shall receive a credit for such dividends on the
     dividend payment date to his or her Stock Account.  The amount of the
     dividend credit shall be the number of shares (rounded to the nearest one-
     hundredth of a share) determined by multiplying the dividend amount per
     share by the number of shares credited to such director's Stock Account as
     of the record date for the dividend and dividing the product by the Fair
     Market Value per share on the dividend payment date.  The Cash Account of a
     Nonemployee Director shall be credited on each Credit Date with interest on
     such account's balance at the end of the preceding quarter, payable at a
     rate equal to the pre-tax cost of borrowing of the Company on such date as
     determined from time to time by the Chief Financial Officer, Controller or
     Treasurer of the Company.

               (5)  Payouts.  Cash Accounts will be paid out in cash and Stock
     Accounts shall be paid out in shares of Common Stock.  Cash amounts
     credited to a Cash Account and certificates representing shares credited to
     a Stock Account shall be delivered to the Nonemployee Director as soon as
     practicable following the termination of the deferral and consistent
     therewith.

          (e)  No Stock Rights.  The deferral of shares of Common Stock into a
               ---------------
Stock Account shall confer no rights upon such Nonemployee Director, as a
shareholder of the Company or otherwise, with respect to the shares held in such
Stock Account, but shall confer only the right to receive such shares credited
as and when provided herein.

          (f)  Change in Control.  Notwithstanding anything to the contrary in
               -----------------
this Plan or any election, in the event a Change in Control occurs, amounts and
shares credited to Cash Accounts and Stock Accounts shall be immediately (or in
any event as soon as administratively practicable) distributed to Nonemployee
Directors following the Change in Control.

          (g)  Beneficiaries.  A Nonemployee Director may designate at any time
               -------------
and from time to time a beneficiary for his or her Stock and Cash Accounts in
the event his or her Stock or
<PAGE>

                                       8

Cash Account may be paid out following his or her death. Such designation shall
be in writing and received by the Company prior to the death to be effective.

     7.   Limitations and Conditions.

               (a)  Total Number of Shares.  The total number of shares of
                    ----------------------
Common Stock that may be issued to Nonemployee Directors under the Plan is
100,000 . Such total number of shares may consist, in whole or in part, of
authorized but unissued shares. The foregoing number may be increased or
decreased by the events set forth in Section 8 below. No fractional shares shall
be issued hereunder. In the event a Nonemployee Director is entitled to a
fractional share, such share amount shall be rounded upward to the next whole
share amount.

               (b)  No Additional Rights.  Nothing contained herein shall be
                    --------------------
deemed to create a right in any Nonemployee Director to remain a member of the
Board, to be nominated for reelection or to be reelected as such or, after
ceasing to be such a member, to receive any cash or shares of Common Stock under
the Plan which are not already credited to his or her accounts.

     8.   Stock Adjustments.  In the event of any merger, consolidation, stock
or other non-cash dividend, extraordinary cash dividend, split-up, spin-off,
combination or exchange of shares or recapitalization or change in
capitalization, or any other similar corporate event, the Committee may make
such adjustments in (i) the aggregate number of shares of Common Stock that may
be issued under the Plan as set forth in Section 7(a) and the number of shares
that may be issued to a Nonemployee Director with respect to any year as set
forth in Section 6(a), (ii) the class of shares that may be issued under the
Plan, (iii) the number of shares credited to a Stock Account and (iv) the amount
and type of payment that may be made in respect of unpaid dividends on shares of
Common Stock whose receipt has been deferred pursuant to Section 6(d), as the
Committee shall deem appropriate in the circumstances. The determination by the
Committee as to the terms of any of the foregoing adjustments shall be final,
conclusive and binding for all purposes of the Plan.

     9.   Amendment and Termination.  This Plan may be amended, suspended or
terminated by action of the Board; provided, however, no termination or
modification of the Plan shall
<PAGE>

                                       9

adversely affect the rights of any Nonemployee Director with respect to any
amounts otherwise payable or credited to his or her Cash Account or Stock
Account.

     10.  Nonassignability.  No right to receive any payments under the Plan or
any amounts credited to a Nonemployee Director's Cash or Stock Account shall be
assignable or transferable by such Nonemployee Director other than by will or
the laws of descent and distribution or pursuant to a domestic relations order.
The designation of a beneficiary under Section 6(g) by a Nonemployee Director
does not constitute a transfer.

     11.  Unsecured Obligation.  Benefits payable under this Plan shall be an
unsecured obligation of the Company.

     12.  Pooling.  With respect to the provisions that were amended on November
3, 1999, if (i) the Board approves a merger or consolidation of the Company
which is intended by the Board to satisfy the accounting rules related to the
pooling of interest method of accounting (the "Pooling Rules") and (ii) any such
provision of this Plan would violate the Pooling Rules, then such provisions
shall be null and void ab initio.  In such event, Primex shall offer, in good
faith, to the affected Nonemployee Directors, a replacement provision of
equivalent value which does not cause such a violation, provided, and to the
extent, that Primex's outside auditors determine that any such replacement
provision is permissible without violating the Pooling Rules.

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