Exhibit 10.2
Amendment 1 to
ALLIANT TECHSYSTEMS INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
The Alliant Techsystems, Inc.
Supplemental Executive Retirement Plan, as amended and restated
effective January 1, 2005 (the “Plan”), is hereby
amended as follows:
1.
Section 3.1 of the Plan is amended, effective January 1, 2007, to
read in its entirety as follows:
“3.1.
Participating
Employees . The individuals eligible to participate in
and receive benefits under the Plan (“Participating
Employees”) are those employees of Alliant Techsystems Inc.
and its affiliates:
(a)
who are participants in the Alliant
Techsystems Inc. Nonqualified Deferred Compensation Plan or any
other nonqualified deferred compensation plan maintained by Alliant
and its affiliates; or
(b)
whose individual employment
agreement or other separate written agreement between Alliant (or
an affiliate of Alliant) and such employee specifies that such
employee is eligible to receive benefits under this Plan;
or
(c)
who are Participants in one of the
Pension Plans (as described in Section 3.2 below) and (i) who are
actively employed by Alliant Techsystems Inc. or its affiliates or
on approved leave of absence, and (ii) whose benefits under the
applicable Pension Plan would be greater if computed without regard
to the limits imposed under Code sections 401(a)(17) and 415;
or
(d)
who are affirmatively selected for
participation in this Plan by the Chief Executive Officer
(“CEO”) of Alliant (or any person authorized to act on
behalf of the CEO by the Board of Directors of Alliant Techsystems
Inc. (the “Board of Directors”) and, for a Section 16
Officer, by the Personnel and Compensation Committee of the Board
of Directors).
For purposes of this Plan, a Section
16 Officer is an officer of Alliant (or an affiliate of Alliant)
who is subject to the provisions of Section 16 of the Securities
Exchange Act of 1934, as amended. Notwithstanding anything
apparently to the contrary contained in this Plan, the Plan shall
be construed and administered to prevent the duplication of
benefits provided under this Plan and any other qualified or
nonqualified plan maintained in whole or in part by Alliant or any
predecessor, successor or affiliate.
Notwithstanding anything apparently
to the contrary contained in this Plan, no individual hired or
rehired as an employee of Alliant or any of its affiliates on or
after January 1, 2007 shall be a Participating Employee with
respect to any period of employment beginning on or after January
1, 2007, except as and in accordance with such terms as
may be specified by the Personnel
and Compensation Committee of the Board of Directors of
Alliant.”
2.
Section 4.1.1 of the Plan is amended, effective January 1, 2007, to
read in its entirety as follows:
“4.1.1. Amount
of Benefit . This Plan shall pay to Participating
Employees the excess, if any, of
(a)
the amount that would have been
payable under the applicable Pension Plan if such benefit had been
determined:
(i)
without regard to the benefit
limitations under section 415 of the Code, and
(ii)
without regard to compensation
limitation of section 401(a)(17) of the Code, and
(iii)
by including in Recognized
Compensation, Earnings and Final Average Earnings (as defined under
the applicable Pension Plan) amounts not otherwise included because
they were deferred at the election of the Participating Employee
under the Alliant Techsystems Inc. Nonqualified Deferred
Compensation Plan or any other nonqualified deferred compensation
plan at the time or times when they would have been included but
for such election to defer; and
(iv)
as adjusted pursuant to the terms of
any employment agreement or any separate written agreement between
Alliant (or an affiliate of Alliant) and the Participating
Employee; minus
(b)
the amount actually payable from the
applicable Pension Plan.
Notwithstanding anything to the
contrary in the Plan, if the Participating Employee is a
Participant in the Alliant Tech
