Split Dollar Life Insurance Plan

Exhibit 10.1


[Alliant Techsystems Logo]


_____________________
SPLIT DOLLAR
LIFE INSURANCE PLAN


Administered by
Nevin Executive Benefits
4390 First Bank Place
601 Second Avenue South
Minneapolis, Minnesota 55402


May 1996


SPLIT DOLLAR LIFE INSURANCE PLAN


INTRODUCTION Alliant Techsystems Inc. has implemented a Split Dollar Life Insurance Plan for certain key executives. This plan replaces any executive life insurance arrangement previously in effect, and limits the coverage of company provided basic life insurance to $50,000.


While the company is pleased to offer you this benefit, doing so does not imply or create a contract of employment. Also, your plan may be continued, changed, or eliminated in the future at the company's option.


PLAN OVERVIEW Under this plan, a life insurance policy is purchased for you by the company which provides a substantial death benefit to your beneficiary(s) should you die during employment with Alliant Techsystems Inc. In addition, the ownership and cash surrender value of the policy may be transferred to you at retirement, subject to your continued employment until retirement from Alliant Techsystems Inc.


This is a split dollar life insurance plan, which simply means that the costs and benefits are shared between you and the company. While actively employed, the company, as owner of the policy, pays the premiums required for your coverage and owns the policy. You designate a beneficiary(s) for the death benefit; such beneficiary(s) is eligible to receive the stated death benefit should you die while employed before reaching retirement. Because of the complexities of estate planning, you should seek professional advice before naming your beneficiaries.


The cost to you during your employment will be the tax on the imputed income resulting from the company's payment of the annual premiums. This imputed income is known as the PS58 cost, discussed in the tax section on the next page. The company will provide you with an annual statement showing the amount of imputed income and tax withholding.


At retirement, assuming terms mutually agreeable to you and the company, Alliant Techsystems will give the life insurance policy to you, plus an additional cash payment to cover the income tax resulting from the value of this gift. After retirement, you will have the option to continue ...