On August 24, 2009, the Board of Directors (the "Board") of GenCorp Inc. (the "Company"), upon the recommendation and approval of the Organization & Compensation Committee, established the performance objectives and other terms of the Company's 2009 Long-Term Incentive Program (the "2009 LTIP") for executive officers and other eligible employees of the Company. The 2009 LTIP has a three year performance period with the potential for annual payouts based on meeting revenue growth and pre-tax earnings targets.

Also on August 24, 2009, the Board awarded the following stock options grants and restricted stock awards under the 2009 LTIP to certain named executive officers of the Company:

Executive Officer     Title                  Stock Options         Restricted Stock
Kathleen E. Redd      Vice President,        35,000                30,000
                      Chief Financial
                      Officer and
                      Secretary

Chris W. Conley       Vice President,        7,500                 7,500
                      Environmental
                      Health & Safety

The stock option grants and restricted stock awards will be made pursuant to the Company's 1999 Equity and Performance Incentive Plan.