Exhibit 10.1


GEORGIA GULF CORPORATION


Termination of Split Dollar Agreement and
Implementation of Bonus Policy


Whereas,
Georgia Gulf Corporation (the “Company”) presently
maintains the Split Dollar Life Insurance Plan, which plan was first authorized
as of December 31, 1997, and was intended to provide death benefits and
certain other benefits to designated key executives of the Company and its
affiliates (the “Split Dollar Plan”); and


Whereas,
the Company entered into a Split Dollar Life Insurance
Agreement with                       
(the “Executive”) dated                         
(the “Split Dollar Agreement”) to allow the Executive to participate in the
Split Dollar Plan; and


Whereas,
the Company and the Executive, pursuant to the Split
Dollar Agreement, jointly own a life insurance policy issued by Northwestern
Mutual Life Insurance Company (the “Insurer”), policy number                         ,
insuring the life of the Executive (the “Old Policy”); and


Whereas,
the Company has paid a total of $              
of premiums with respect to the Old Policy and the Old Policy currently has a
cash surrender value of $                ;
and


Whereas,
if the Company and the Executive were to terminate the
Split Dollar Agreement at this time pursuant to its terms, the Executive would
be required to relinquish any and all interest in the Old Policy and the
Company would thereafter own all rights, title and interest in the Old Policy;
and


Whereas,
the Company desires to implement a new discretionary
compensation policy whereby (a) the Executive will acquire a new life
insurance policy issued by the Insurer, policy number                         ,
insuring the life of the Executive (the “New Policy”), (b) the Company
will transfer $                            
of the cash surrender value from the Old Policy to the New Policy on behalf of
the Executive (the “Cash Value Transfer”), and (c) the Company may
thereafter, in the Company’s sole and absolute discretion, pay premiums on the
New Policy from time to time, on behalf of the Executive; and


Whereas,
the Company and the Executive desire to terminate the
Split Dollar Agreement after the Cash Value Transfer and for the Executive to
relinquish any and all interest in the Old Policy so that the Company will
thereafter own all rights, title and interest in the Old Policy;


Now, Therefore, as
of the effective date, the Company and the Executive agree as follows:


1.                The Company
agrees, by signing below, (a) to transfer $                      
of cash surrender value from the Old Policy to the New Policy on behalf of the
Executive, (b) to terminate the Split Dollar Agreement, (c) to permit
the Executive to exercise all incidents of ownership with respect to the New
Policy, including to maintain or dispose of the New Policy, in the Executive’s
sole and absolute discretion and without the requirement of notice to or
consent by the Company, and (d) to take such other reasonable actions, in
the discretion of the Company, as may be necessary to effect the termination of
the Split Dollar Agreement and implementation of the agreements herein, all
without unreasonable delay; and


2.                The Executive
agrees, by signing below, (a) to terminate the Split Dollar Agreement, (b) to
consent that the Company, after transferring the $                
from the Old Policy to the New Policy, may exercise all incidents of ownership
with respect to the Old Policy, including the ability to maintain or dispose of
the Old Policy, in the Company’s sole and absolute discretion and without the
requirement of notice to or consent by the Executive, and (c) to take such
other reasonable actions, in the discretion of the Company, as may be necessary
to effect the termination of the Split Dollar Agreement and implementation of
the agreements herein, all without unreasonable delay; and


3.                The Executive
acknowledges that the Company is not (a) under any obligation to pay any
of the premiums on the either the New Policy or the Old Policy, (b) responsible
under any 











circumstances to maintain
either the Old Policy or the New Policy, or (c) responsible for any
payment of benefits which may be provided under the terms of either the Old
Policy or the New Policy.


IN
WITNESS WHEREOF, the parties have signed this instrument in one or more
counterparts this the        day of September, 2004.






	
  

  	
  GEORGIA GULF CORPORATION

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Printed Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
  EXECUTIVE