[logo.jpg]

Exhibit 10.3

Senior Executive
Life Insurance Plan
 
 
 
 

I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

 
[logo.jpg]

Contents

Your Senior Executive Life Insurance Plan
1
Summary of Your Senior Executive Life Insurance Coverage
2
Eligibility/When Coverage Begins
3
Group Variable Universal Life Insurance
4
Survivor Income Benefit
5
Emergency Death Benefit
6
Olin Corporate Owned Life Insurance
7
Taxes
8
Beneficiary
9
How Long the Senior Executive Life Insurance Plans Continue
10
Plan Limitations
11
Claiming Benefits
12
Converting your Coverage
13
Plan Administration
14
Plan Facts
16
Definitions
17

II
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Your Senior Executive Life Insurance Plan

 
While you are working, those who depend on you rely on your income to meet
day-to-day living expenses. However, if you die, that income would be lost.
Recognizing the importance of life insurance to your family’s security and to
your peace of mind, Arch provides programs, which enable you to protect your
survivors.
     
Understanding this section in conjunction with the Accidental Death and
Dismemberment and Travel Accident sections will give you a complete picture of
your Company-provided Life Insurance Plans.
     
In addition to the benefits described in this handbook that are provided by
Arch, you may also purchase Group Universal Life Insurance. This insurance
coverage is not an Arch-sponsored benefit nor does Arch pay any of its premiums.
Therefore, it is not considered an “ERISA benefit” and is not subject to ERISA
regulations. Arch does, however, offer the convenience of payroll deducted
premiums should you elect to participate in the Group Universal Life Insurance
program. This program is administered by Marsh@WorkSolutions, PO Box 9122, Des
Moines, IA 50306-9122. Telephone number 1 (800) 293 2818. Enrollment materials
are available from your local Benefits Administrator.

1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Summary of Your Senior Executive Life Insurance Coverage

 
Employees who qualify as Senior Executives have the following coverage(s) that
may provide a death benefit if they die while in Active Service of the Company.
This is a brief summary; you should read the complete descriptions for more
details.
   
Group Variable Universal Life
Insurance
Provides a life insurance death benefit equal to four times your Annual Salary
rounded to the next $1,000. For example, if your salary is $208,525 your benefit
would be $835,000 ($208,525 x 4 = $834,100 which is rounded to $835,000).
   
Survivor Income Benefit
Provides your spouse with monthly payments equal to 30% of your Monthly Salary
(40% if you have eligible children).
   
$5,000 Corporate Owned Life
Insurance (Olin COLI)
Death Benefit
Certain Senior Executives of Arch who were in Full-time Active Service with Olin
on December 31, 1992, and who meet all other eligibility criteria will be
entitled to a $5,000 Olin COLI death benefit.
   
Emergency Death Benefit
In the event you die while in the Active Service of the Company, an emergency
death benefit equal to one month’s salary will be paid according to local
personnel policy.
   

2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Eligibility/When Coverage Begins

 
You are eligible for immediate coverage described in this section if you are a
Senior Executive of Arch. A Senior Executive, for the purpose of this coverage,
is a Full-time domestic employee of the company whose Hay Points have been
determined to be 1,182 or higher. Hay Points are assigned to your position
through Arch’s job evaluation process.
     
If you were a Full-time salaried or non-bargaining hourly employee of Olin
Corporation on December 31, 1992, or receiving Short Term Disability benefits on
that day, and you die while in Active Service with Arch, your Beneficiary will
be entitled to a $5,000 Olin COLI death benefit.
     
The following categories of employees are ineligible for this benefit:

                                            ·  
Bargaining employees;

                                            ·  
Temporary or part-time employees;

                                            ·  
Employees who die after their last day of Active Service with Arch;

                                            ·   Employees who were on Long Term
Disability as of December 31, 1992; and

 ·   Employees of AEGIS, Inc., OCG Microelectronics Material, Inc. OIT Holding
Corporation (formerly known as Indy), or foreign subsidiaries.

 
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Group Variable Universal Life Insurance

Eligibility
Employees who qualify as Senior Executives have the following coverage(s) that
provide a death benefit if they die while in Active Service of the Company.
   
Premiums
Under this program, Arch remits premiums on your behalf to a Group Variable
Universal Life Insurance policy, which will provide a death benefit that is
equal to four times your Annual Salary rounded to the next $1,000.
     
You may also choose to make voluntary contributions to the policy. Such
contributions (which are made on an after-tax basis) will serve to increase the
policy cash value. You may withdraw the cash value attributed to these voluntary
contributions at any time.
   
Termination
Upon termination, you will be able to continue your coverage by paying premiums
directly to Paragon Life.
     
The Group Variable Universal Life Insurance is administered and insured by
Paragon Life, 190 Carondelet Plaza, St. Louis, MO 63105
     
The program administrator will mail to you a quarterly statement of your life
insurance death benefit and cash values. This information is also available
online at www.paragonlifeservice.com.
   
Changes in Amount of
Insurance
Your coverage amount and age-based premium will change on July 1st of each year.
If you’re not at work on the day the amount of your coverage is scheduled to
change, the change will be delayed until you return to work Full-time.
   

 

 
4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Survivor Income Benefit
 
 

 
In the event you die while in the Active Service of the Company, your surviving
spouse will receive a monthly benefit equal to 30% of your Monthly Salary, up to
a maximum benefit of $6,000 per month, until he or she reaches age 65. If you
have eligible children, your spouse will receive an additional monthly payment
equal to 10% of your Monthly Salary up to a maximum payment of $2,000 per month.
This additional payment will continue until your children are all at least age
25 or married, whichever is earlier.
     
If your spouse should die following your death, your eligible children, or their
guardian, will continue to receive the monthly benefit equal to 10% of your
Monthly Salary until your children are all at least age 25, or married,
whichever is earlier.
     
The monthly benefit paid on behalf of the children is the same 10% of Monthly
Salary regardless of the number of eligible children. For example, if your
Monthly Salary was $10,000 at the time of your death and you had 2 eligible
children, the total monthly benefit paid on behalf of the children would be
$1,000 (10% of $10,000).
   
Premiums
Arch pays the full premium for the Survivor Income Benefit.
   
Changes in Amount of
Insurance
The death benefit that is payable from the Survivor Income Benefit will
automatically keep pace with changes in your Annual Salary. Your coverage will
change on the day your salary changes. If you’re not at work on the day the
amount of your coverage is scheduled to change, the change will be delayed until
you return to work Full-time.

 
5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Emergency Death Benefit

 
In the event you die while in the Active Service of the Company, your spouse, or
your life insurance Beneficiary, if you do not have a spouse, will receive a
death benefit equal to one month’s salary to help defray funeral expenses and
other costs associated with your death.
     
This benefit is administered locally by your business unit. The payment is made
through Arch’s payroll system.
     
Note: This benefit is not available for an employee who is receiving Long Term
Disability Payments at the time of death.

 
 

6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Olin Corporate Owned Life Insurance

 
The beneficiary of certain employees of Arch, or an affiliate, who die while in
Active Service of the Company, may be entitled to a special $5,000 Olin COLI
death benefit. This benefit is payable to your beneficiary if you die while in
the Active Service of the Company and you were a salaried or non-bargaining
hourly employee of Olin on December 31, 1992, or receiving Short Term Disability
payments on that date.
     
The beneficiary for this Plan is deemed to be the beneficiary of record for
Group Variable Universal Life Insurance.
       
Premiums
Olin is responsible for any premiums due on this policy
   

7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Taxes

Group Variable Universal Life
Insurance/Survivor Income
Benefit
Participants are subject to Federal and State Income Tax as well as FICA tax on
the amount of premiums remitted on their behalf each year to the Group Variable
Universal Life Insurance Program. Your taxable income will be calculated for you
and reported on your W-2 form each year.
     
Death benefits paid from the Group Variable Universal Life Insurance Program are
treated as a life insurance benefit and, as such are not subject to Federal,
State or FICA tax. However, the benefit may be included in the participant’s
estate for estate tax purposes.
     
A portion of the Survivor Income Benefit may be subject to Federal and State
income tax.
   
Emergency Death Benefit/Olin
Corporate Owned Life Insurance
The death benefits paid as an Emergency Death Benefit and the $5,000 Olin COLI
death benefit are included as taxable income for Federal and State income tax
purposes. However, for Federal income tax purposes, there is a one-time
exclusion from income of up to $5,000 of cumulative death benefit proceeds.
   
Other
This is a very brief description of tax consequences. You should consult with
your tax advisor concerning the specific taxes associated with these benefits.
   

 
8
. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Beneficiary

 
When you become eligible for the Arch Senior Executive death benefits, you will
be asked to name a beneficiary, someone who will receive payments from the
Plan’s if you die.
     
You may choose anyone you wish as your beneficiary(ies). You may want to name a
contingent beneficiary(ies) in case your primary beneficiary dies before you do.
     
If the beneficiary is not living when you die, your death benefits will be paid
to your estate.
     
It is important to review the names of your beneficiary(ies) periodically so
that the benefits will be paid to those you want protected. For example, if your
marital status changes or your dependents change, you may want to make a new
beneficiary designation. You should also advise your local Benefits
Administrator of address changes for your beneficiary(ies). This will help
prevent delays in benefit payments.
   

9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

How Long the Senior Executive Life Insurance Plans Continue

In the Following Situation:
This Happens to Your Coverage:
   
You Voluntarily Terminate
Employment
(Including Retirement &
Resignation)
Coverage for Group Variable Universal Life Insurance, Survivor Income Benefit,
Emergency Death Benefit and Olin COLI continues through the end of the month in
which you terminate Full-time employment. You may, however, continue the Group
Variable Universal Life Insurance by paying the applicable premium to Paragon
Life.
   
You are Receiving Severance or
Job Transition Benefits
Coverage for Group Variable Universal Life Insurance, Survivor Income Benefit,
Emergency Death Benefit and Olin COLI continues as though you were actively at
work while you are receiving Job Transition benefits or Severance payments. When
your Severance or Job Transition Benefits end, you may continue the Group
Variable Universal Life Insurance by paying the applicable premium to Paragon
Life.
   
You are Receiving Short Term
Disability benefits
Coverage for Group Variable Universal Life Insurance, Survivor Income Benefit,
Emergency Death Benefit and Olin COLI will continue and will be equal to the
amount of coverage you had immediately before your disability began.
   
You are Receiving Long Term
Disability benefits
Coverage for Group Variable Universal Life Insurance, Survivor Income Benefit,
Emergency Death Benefit and Olin COLI will continue and will be equal to the
amount of coverage you had immediately before your disability began. Coverage
will continue for the period you are entitled to LTD payments and cease upon
your retirement.
     
Your Emergency Death Benefit coverage ends when you are on Long Term Disability.
   
You are on an Unpaid Leave
of Absence
Coverage for Group Variable Life Insurance, Survivor Income Benefit, Emergency
Death Benefit and Olin COLI ceases at the end of the month in which your leave
begins. You may continue coverage for Group Variable Universal Life Insurance
and Survivor Income Benefit for the length of your leave provided you pay the
entire premium.
   
The Plan is Terminated or
Changed so that it no Longer
Covers your Employee Group
You may continue the Group Variable Universal Life Insurance by paying the
applicable premium to Paragon Life. All other coverage ends.

 

 
10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Plan Limitations

 
Each state has different rules regarding payment to a particular Beneficiary.
For example, in some states, the Beneficiary who is convicted of having caused
the death of the participant may not be entitled to death benefits. In this
case, the benefit would be paid to the estate.
   

 
 

11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Claiming Benefits

 
If you die, the Company will contact your beneficiary(ies) as soon as possible
to explain what benefits are payable and the forms of payment available.
     
It is very important to be sure that your beneficiary designation reflects the
person(s) you want to receive the benefit, and that their name(s) and
address(es) are correct.
     
If the person(s) can’t be found, the benefit may be paid to your estate. This
will delay or prevent the funds from reaching those you want protected.
   

12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Converting Your Coverage

Group Variable Universal Life
Insurance
When Arch is no longer contributing to your Group Variable Universal Life
Insurance, you can continue your life insurance by paying the applicable
premiums directly to Paragon Life.
   
Survivor Income Benefit,
Emergency Death Benefit and
$5,000 Olin COLI Death Benefit
There are no conversion privileges for these benefits.
   

13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Plan Administration

Questions
Questions about the Plan provisions should be directed to your local Benefits
Administrator.
   
Plan Administrator
The Plan Administrator is the Welfare and Fringe Benefit Review Committee (the
“Committee”) of Arch Chemicals, Inc.
     
The Plan Administrator has absolute authority to interpret the terms of the Plan
and to determine any and all matters arising under the Plan or in connection
with its administration, including, without limitation, questions concerning
eligibility for, and entitlement to, Plan benefits. Any interpretation or
determination made pursuant to such discretionary authority shall be binding on
all persons claiming to have an interest under the Plan and given full force and
effect.
     
The Committee may adopt rules for the administration of the Plan and the conduct
of its business. A majority of the members of such Committee shall constitute a
quorum for transaction of business. All resolutions or other action taken by the
Committee shall be by the vote of at least a majority of the members present at
a meeting, or without a meeting by an instrument signed by a majority of the
members.
     
The Plan Administrator, and any other fiduciary designated in the Plan, such as
the Claims Administrator, may use, employ, discharge, or consult with one or
more individuals, corporations, or other entities with respect to advice
regarding responsibilities, obligations, or duties in connection with this Plan.
Arch Chemicals may also designate other individuals, corporations, or other
entities, who are not named fiduciaries in the Plan to carry out fiduciary
responsibilities, obligations and duties with respect to this Plan. Such
delegation may be revoked or modified at any time.
   
Claims Administrator
The Group Variable Universal Life Insurance is administered and insured by
Paragon Life, 190 Carondelet Plaza, St. Louis, MO 63105, 1-800-846-0124 or
online at www.paragonlifeservice.com.
   
Plan Documents
The Plan Document is this Plan description for the Emergency Death Benefit and
the $5,000 Olin COLI Death Benefit. For Group Variable Universal Life the
applicable plan document is the individual insurance policy. For the Survivor
Income Benefit, the Metropolitan Life Insurance Company master policy.
   

 

 
14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Plan Amendment or
Termination
Arch Chemicals fully expects that the Senior Executive Life Insurance Plans will
continue indefinitely, but reserves the right by resolution of its Board of
Directors or any duly authorized Committee or officer to amend, modify or
terminate the Plan at any time and without notice. This includes the right to
amend, modify or terminate benefits available to retirees or any other group of
employees.
   
ERISA Rights
See the ERISA section of your benefits book for details regarding your rights
under ERISA.
   

15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Plan Facts

Plan Name
Arch Chemicals, Inc. Health and Welfare Benefit Plan.
   
Employer Identification Number
06-1526315
   
Plan Number
501
   
Plan Sponsor
Arch Chemicals, Inc., 501 Merritt 7, Norwalk, CT 06856-5204, (203) 229-2900.
Participants and Beneficiaries may receive, upon written request, information as
to whether a particular employer or employee organization is a sponsor of the
Plan, and if so, the sponsor’s address.
   
Plan Administrator and
Named Fiduciary
The Welfare and Fringe Benefit Review Committee, located at the same address as
the Plan Administrator. Phone (203) 229-2900.
   
Agent for Service of
Process
The Secretary of Arch Chemicals, Arch Chemicals, Inc., 501 Merritt 7, Norwalk,
CT 06856, (203) 229-2900. Service of legal process may also be made on the Plan
Administrator and the Plan Trustee.
   
Plan Year
January 1 to December 31 of the calendar year.
   
Plan Type
Welfare
   
Type of Coverage
Life Insurance

Plan Funding
 
Arch’s contributions for the Group Variable Universal Life Insurance are paid in
premiums to a group universal life insurance policy insured by Paragon Life 190
Carondelet Plaza, St. Louis, MO 63105. Arch’s contributions for Survivor Income
Benefit are paid in premiums to Metropolitan Life Insurance Company, P. O. Box
102047, Atlanta, GA 30368-0047. Metropolitan determines the benefits payable
under the provisions of the Plan. Arch pays the full cost of the Emergency Death
Benefit from its general operating funds. Olin pays the full cost of the $5,000
Olin COLI Death Benefit from its general operating funds.

 

 
16
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------

[logo.jpg]

Definitions

Active Service
The period in which a Full-time employee is receiving regular salary payments,
or Short Term Disability payments. Additionally, periods in which the employee
is receiving Long Term Disability payments, Job Transition Benefits or severance
benefits may also be included as periods of Active Service.
   
Annual Salary
Your annual earnings, not including overtime, shift differential, bonus, or
other premium pay.
   
Beneficiary(ies)
The person or persons who will receive death benefits from the Plans if you die.
   
Benefits Administrator
The individual at your work location who is responsible for assisting employees
with benefits.
   
Full-time Employee
An employee who is scheduled to work at least 20 hours a week on a continuous
basis.
   
Monthly Salary
Your monthly earnings, not including overtime, shift differential, bonus, or
other premium pay.
   

 
 
17
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
Arch Chemicals, Inc. - Senior Executive Life Insurance Plan
December 1, 2005

--------------------------------------------------------------------------------