Exhibit 10.1

 

Election to Terminate Plan Participation

 

Supplemental Contributing Employee Ownership Plan

 

Effective as of the close of business on May 27, 2005, I hereby elect to
terminate my participation in the Supplemental Contributing Employee Ownership
Plan (the “Supplemental CEOP”). This election is intended to comply with the
provisions of IRS Notice 2005-1 (revised), Q&A 20.

 

I understand that as soon as administratively practicable following such
termination, I shall be paid the full value of my Supplemental CEOP account in a
single lump sum distribution, in accordance with the terms of that plan. After
such payment, I acknowledge and understand that I shall have no remaining rights
or benefits under the Supplemental CEOP. Notwithstanding the foregoing, I
understand that pursuant to the terms of the Supplemental CEOP, I remain
eligible for the Excess Company Matching Contribution (the “Company Match”)
payable with respect to my 2005 Supplemental CEOP contributions, if and when
paid.

 

Estimated Supplemental CEOP single sum payment to be paid pursuant to this
election*    $ 252,800

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* Estimate based on participant’s Supplemental CEOP account balance as of May
25, 2005, plus a $6,800 (approx.) participant deferral to be effective on or
about May 27, 2005.

Estimated Company Match payment, estimated to be paid on or before March 31,
2006*    $ 3,800

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* Estimate based on 2005 participant contributions of $6,800 (approx.) to the
Supplemental CEOP, and assuming a Company Match rate of 75%. The actual amount
depends on the actual Company Match awarded under the plan, if any.

 

Olin Senior Executive Pension Plan

 

Effective as of the close of business on May 27, 2005, I hereby elect to
terminate my participation in the Olin Senior Executive Pension Plan (the
“Senior Pension Plan”) in accordance with the terms set forth herein. This
election is intended to comply with the provisions of IRS Notice 2005-1
(revised), Q&A 20.

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I understand that as soon as administratively practicable following such
termination, I shall be paid all accrued and unpaid benefits due under the
Senior Pension Plan in a single lump sum distribution, in accordance with the
terms of that plan (including the May 1, 2001 and April 24, 2002 Benefit Plan
Review Committee resolutions related to the plan).

 

Pursuant to the terms of the Voluntary Employee Separation Agreement and Release
between me and the Company, I am due certain benefits pursuant to the Senior
Pension Plan contingent upon my execution of the Release, provided that I do not
revoke the Release during its revocation period. Notwithstanding anything to the
contrary contained herein, my termination of participation in the Senior Pension
Plan with respect to that benefit contingent on the Release shall be effective
upon the expiration of the Release’s revocation period. After such payments, I
acknowledge and understand that I shall have no remaining rights or benefits
under the Senior Pension Plan.

 

Amounts payable pursuant to this election:

 

Senior Pension Plan single sum payment (excluding benefit contingent on the
Release)

   $ 2,209,860

Senior Pension Plan single sum payment contingent on the Release

   $ 331,718

 

/s/ Anthony W. Ruggiero

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Anthony W. Ruggiero Date: May 27, 2005

 

ACCEPTED: OLIN CORPORATION By:  

/s/ Dennis R. McGough

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Its:   Vice President, Human Resources Date: May 27, 2005