Document:

ex101to8k07319001_05092013.htm

Exhibit 10.1

 

GENCORP INC.

AMENDED AND RESTATED

2009 EQUITY AND PERFORMANCE INCENTIVE PLAN

Restricted Stock Agreement - Time-Based

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

WHEREAS, the grant of restricted stock has been duly authorized by a resolution of the Organization & Compensation Committee (the “Committee”) of the Board of Directors or, if applicable, by the Board of Directors of the Company, effective as of ______, 20__.

NOW, THEREFORE, pursuant to the Company’s Amended and Restated 2009 Equity and Performance Incentive Plan (the “Plan”), the Company hereby grants to the Grantee, as of ____________ (the “Date of Grant”), ____________ (___) shares of the Company’s common stock, par value $0.10 per share (the “Stock”), subject to the terms and conditions of the Plan and pursuant to this Restricted Stock Agreement (the “Agreement”).

1.           Issuance of Stock.  The Stock covered by this Agreement shall be fully paid and nonassessable and shall be represented by book-entry in the transfer agent’s GenCorp Inc. Restricted Unvested Shares Nominee Balance Account, registered in the name of the Grantee.

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

3.           Vesting of Stock.

(a)           Provided that the Grantee remains in continuous employment as an employee of the Company or Subsidiary through such date, the Stock covered by this Agreement will become vested and nonforfeitable on _________________.

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

 

  

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(c)           Notwithstanding the provisions of Subsection (a) of this Section, all of the Stock covered by this Agreement will become immediately nonforfeitable upon the occurrence of a change in control of the Company that shall occur while the Grantee is an employee of the Company.  For the purposes of this Agreement, the term “change in control” will have the meaning given such term under the Plan as in effect on the Date of Grant.

4.           Forfeiture of Stock.

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

(b)           Notwithstanding the provisions of Section 3 hereof, all of the Stock covered by this Agreement shall be subject to cancellation, forfeiture or recoupment upon the occurrence of any of the following events: (i) termination of the Grantee’s employment for cause; (ii) the Grantee’s violation of material Company or Subsidiary policies or breach of applicable noncompetition or confidentiality covenants; and (iii) conduct by the Grantee that is detrimental to the business or reputation of the Company or its Subsidiary.

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

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

7.           Adjustments.  The Committee may make adjustments, consistent with Section 162(m) of the Internal Revenue Code of 1986 and the Section 409A Rules, in the terms and conditions of, and the criteria included in, this Agreement, in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.4 of the Plan) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on the Grantee under the Plan.

 

  

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8.           Withholding Taxes.

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

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

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

10.           Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary.

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

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

13.           Amendments.  The Committee may amend this Agreement.  Any amendment to the Plan will be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that no amendment shall adversely affect the rights of the Grantee under this Agreement without the Grantee’s consent, except as required under the tax laws.

 

  

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

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

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

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

	  	
GENCORP INC.

	  	  
	  	  
	  	  
	  	
By:

	  
	  	  	
S. J. Seymour

	  	  	
President and Chief Executive Officer

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

	  	  
	  	  
	  	  
	  	
[Grantee Name]

  

4Exhibit
10.1

1

CREDIT
AGREEMENT FIRST AMENDMENT

Dated as of May 13,
2013

To the Lenders parties to
the Credit Agreement 

and the Administrative Agent and Issuing Lender referred to below

Ladies and Gentlemen:

          Reference
is made to the Credit Agreement, dated as of May 7, 2013 (the “Credit Agreement”),
among XLIT LTD., an exempted company incorporated in the Cayman Islands with
limited liability, as the Company, the institutions from time to time parties
thereto as Lenders and Citicorp USA, Inc., as Administrative Agent and as Issuing
Lender. Capitalized terms used herein and not otherwise defined herein
have the meanings given such terms in the Credit Agreement.

          The
Company hereby requests that the Credit Agreement be amended as provided below.

	
  

 	
  

 
	
  

 	
      Section 1. Credit Agreement
 Amendment. The parties agree that, subject to the
 satisfaction of the conditions precedent to effectiveness set forth in
 Section 2 below and on and as of the First Amendment Effective Date (as
 defined below), the Credit Agreement is hereby amended by deleting Schedule I
 and substituting therefor Schedule I attached hereto.

 
	
  

 	
  

 
	
  

 	
      Section 2. Conditions to
 Effectiveness. Section 1 of this amendment (this “First Amendment”)
 shall be effective as of May 13, 2013 (the “First Amendment Effective Date”) when
 and if:

 

	
  

 	
  

 
	
  

 	
                     (i)
 the Company, the Issuing Lender and each Lender increasing its Commitment
 shall have executed and delivered to the Administrative Agent executed
 counterparts of this First Amendment;

 
	
  

 	
  

 
	
  

 	
                     (ii)
 the Administrative Agent shall have received one or more counterparts of the
 Fee Letter Amendment No. 1, dated as of May 13, 2013 (the “Fee Letter Amendment No. 1”),
 which amends the Fee Letter, duly executed by the Company and Citicorp USA,
 Inc.;

 
	
  

 	
  

 
	
  

 	
                     (iii)
 the Administrative Agent shall have received opinions, each dated the First
 Amendment Effective Date, of Cleary Gottlieb Steen & Hamilton LLP,
 special U.S. counsel for the Company and opinions provided by counsel to the
 Company in the jurisdiction of the Cayman Islands, in each case, reasonably
 satisfactory to the Administrative Agent and its counsel; 

 

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                     (iv)
 the Administrative Agent shall have received such documents and certificates
 as the Administrative Agent or its counsel may reasonably request relating to
 the organization, existence and good standing, if applicable, of the Company,
 the authorization of this First Amendment and the Fee Letter Amendment No.1
 and any other legal matters relating to the Company, this First Amendment or
 the Fee Letter Amendment No. 1, all in form and substance reasonably
 satisfactory to the Administrative Agent and its counsel; 

 
	
  

 	
  

 
	
  

 	
                     (v) the Administrative
 Agent shall have received a certificate of XL Group plc with respect to the
 filings of XL Group plc with the Securities and Exchange Commission in
 substantially the form delivered on the Effective Date; and

 
	
  

 	
  

 
	
  

 	
                     (vi) the
 representations and warranties of the Company set forth in Section 3 below shall
 be true and correct on and as of the First Amendment Effective Date as though
 made on and as of such date and at the time of and both before and
 immediately after giving effect to the First Amendment no Default shall have
 occurred and be continuing.

 

          Section 3. Representations and
Warranties. The Company represents and warrants that (i) the
representations and warranties contained in Article IV of the Credit Agreement,
as amended hereby (with each reference therein to “this Agreement”, “hereunder”,
any Credit Document and words of like import referring to the Credit Agreement
or the Fee Letter being deemed to be a reference to this First Amendment, the
Credit Agreement, as amended hereby, and the Fee Letter, as amended by the Fee
Letter Amendment No. 1), are true and correct in all material respects on and
as of the date hereof as though made on and as of such date (it being
understood and agreed that any representation or warranty which by its terms is
made as of a specified date shall be required to be true and correct in all
material respects only as of such specified date), and (ii) no event has
occurred and is continuing, or would result from the execution and delivery of
this First Amendment or the Fee Letter Amendment No. 1, that constitutes a
Default.

          Section
4. Effect on the Credit Documents. The execution,
delivery and effectiveness of this First Amendment and the Fee Letter Amendment
No. 1 shall not operate as a waiver of any right, power or remedy of the Issuing
Lender, any Lender or the Administrative Agent under any Credit Document, or
constitute a waiver of any provision of any Credit Document. Except as
expressly amended above and pursuant to the Fee Letter Amendment No.1, each Credit
Document is and shall continue to be in full force and effect and is hereby in
all respects ratified and confirmed. This First Amendment shall be binding on
the parties hereto and their respective successors and permitted assigns under
the Credit Agreement. 

          Section
5. Costs, Expenses and Taxes. The Company agrees to pay
promptly all reasonable out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, execution and delivery of this First Amendment
and any other instruments and documents to be delivered hereunder, including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel
for the Administrative Agent with respect thereto in an amount, and all
reasonable costs and expenses (including, without limitation, reasonable
out-of-pocket counsel fees and expenses), if any, in connection with the
enforcement (whether through negotiations, legal proceedings or otherwise) of
this First Amendment. 

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          Section
6. Miscellaneous. This First Amendment shall constitute a
Credit Document and shall be subject to the provisions of Article X of the
Credit Agreement, each of which is incorporated by reference herein, mutatis mutandis.

          If
you consent and agree to the foregoing, please evidence such consent and
agreement by (i) executing and returning a counterpart to this First Amendment
by facsimile or e-mail to William Westbrook (fax no. 404-572-5128 / e-mail:
wwestbrook@kslaw.com) and (ii) promptly thereafter executing and returning three
original counterparts to this First Amendment by overnight mail to King &
Spalding LLP, 1180 Peachtree Street, NE, Atlanta, GA, 30309, Attention: William
Westbrook.

	
  

 	
  

 	
  

 
	
  

 	
 Very truly yours,

 
	
  

 	
  

 
	
  

 	
 XLIT LTD., 

 
	
  

 	
 as the Company

 
	
  

 	
  

 
	
  

 	
 By: 

 	
 /s/ Simon Rich

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
 Name: Simon Rich

 
	
  

 	
  

 	
 Title:   Director

 

[Signature Page to
the First Amendment to the Credit Agreement]

	
  

 	
  

 	
  

 
	
 The undersigned hereby consent

 and agree to the foregoing:

 
	
  

 
	
 CITICORP USA, INC.,

 as Issuing Lender

 
	
  

 
	
 By

 	
  /s/ Jeroen Fikke

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 Name: Jeroen Fikke

 
	
  

 	
 Title: Vice President & Managing Director

 

	
  

 	
  

 	
  

 
	
 CITIBANK, N.A.

 as Lender

 
	
  

 
	
 By

 	
  /s/ Richard D. Rivera

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
 Name: Richard Rivera

 
	
  

 	
 Title: Vice President

 

SCHEDULE
I

TO

CREDIT AGREEMENT FIRST AMENDMENT

*          *          *           *          *          *

SCHEDULE
I

TO

CREDIT AGREEMENT

Commitments

A. During
the period from and including the Effective Date to but excluding the First
Amendment Effective Date.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Lender

 	
  

 	
 Commitment

 	
  

 
	

 	
  

 	 

 	
  

 
	
 Citibank, N.A.

 	
  

 	
 $

 	
 100,000,000

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	 

 	
  

 
	
 Total

 	
  

 	
 $ 

 	
 100,000,000

 	
  

 

B. During
the period from and including the First Amendment Effective Date to and
including close of business on the Commitment Termination Date.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Lender

 	
  

 	
 Commitment

 	
  

 
	

 	
  

 	 

 	
  

 
	
 Citibank, N.A.

 	
  

 	
 $

 	
 200,000,000

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	 

 	
  

 
	
 Total

 	
  

 	
 $ 

 	
 200,000,000

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