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Exhibit 10.28    
    

EXECUTION COPY  

  
 

    AMENDMENT
  TO STOCK OPTION AGREEMENT    
    

        This Agreement (the "Amendment"), dated as of October 15, 2004, made by and between Rockwood Holdings, Inc. (formerly known as K-L
Holdings, Inc.), a Delaware corporation, (hereinafter referred to as the "Company"), and Robert J. Zatta, an employee of the Company or of a Subsidiary or Affiliate (hereinafter referred to as
the "Optionee"). 

        WHEREAS,
effective as of September 15, 2001, the Optionee entered into a Stock Option Agreement (the "Agreement") with Rockwood Holdings, Inc.; and 

        WHEREAS,
the Performance Targets specified in such Agreement for the Plan Years 2001 to 2003 have not been met; and 

        WHEREAS,
the Company and the Optionee wish to amend the provisions of the Agreement with respect to Performance Targets and provide for new Performance Targets that shall be effective
for the Plan Years 2004 and thereafter; 

        NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby
agree to amend the Agreement as follows, effective as of October 15, 2004: 

	1.
	The
following new definitions shall be added to "ARTICLE I, DEFINITIONS" in the appropriate place alphabetically, and the Section numbers shall be changed
accordingly:

	

	"—Financial
Statement Approval Date 

        'Financial
Statement Approval Date' shall mean the date on which the audited financial statements of the Company for any given Fiscal Year have been finally approved by the auditing firm
engaged by the Company to review such statements (which approval shall in no event occur later than March 31 of the calendar year immediately following the applicable Fiscal Year). 

	

	"—Fiscal
Year 

        'Fiscal
Year' shall mean each fiscal year of the Company. 

	

	"—Interim
Termination Event 

        'Interim
Termination Event' shall mean any event that terminates the Optionee's employment described in Section 3.2(b) or (c) hereof, which occurs after the anniversary of
the Optionee's Grant Date occurring during any given calendar year but prior to the Financial Statement Approval Date occurring in the immediately following calendar year." 

	

	"—Performance
Target 

        'Performance
Target' shall have the meaning as set forth in Appendix A attached hereto. 

	2.
	Section 3.1(b)
shall read in its entirety as follows: 

        "(i)
The Performance Option shall become exercisable with respect to 20% of the shares of Common Stock subject to such Performance Option in respect of each Fiscal Year (beginning with
the 2004 Fiscal Year) upon the achievement by the Company of the Performance Targets established in respect of each such Fiscal Year and set forth on Appendix A attached hereto;  provided, however,
that such Performance Option shall only become exercisable as to 20% of the shares of Common Stock subject to such Performance Option
(each such 20% of the shares, a "Tranche') on December 31 of each such Fiscal Year upon the occurrence of the Financial Statement Approval Date applicable to such Fiscal Year so long as either
(i) the Optionee remains employed with the Company on the applicable Financial Statement Approval Date or (ii) an 

 

Interim
Termination Event occurs between such December 31 and the applicable Financial Statement Approval Date. If the Company does not achieve its Performance Target for any given Fiscal Year
(a "Missed Year'), the Performance Option shall not become exercisable in respect of such Fiscal Year, as set forth in the immediately preceding sentence; provided,
however, that if the Company achieves the Performance Target as established for any Fiscal Year subsequent to a Missed Year,  then
any prior percentage of the Performance Option (the exercisability of which had not previously occurred) in respect of prior Missed Years shall
become exercisable (but only to the extent such Performance Option has not otherwise terminated or become exercisable). Notwithstanding the foregoing, the Performance Option shall become exercisable
as to 100% of the shares of Common Stock subject to such Performance Option (to the extent such Performance Option has not otherwise terminated or become exercisable) on the eighth anniversary of the
Grant Date. 

        "(ii) Notwithstanding
the foregoing, upon the occurrence of a Change of Control prior to December 31, 2008, the Performance Option (to the extent such Performance Option
has not otherwise terminated) shall be exercisable with respect to the number of shares of Common Stock equal to the total number of shares of Common Stock subject to the Performance Option multiplied
by a fraction, (i) the numerator of which is the number of shares of Common Stock that have previously become exercisable in respect of prior Fiscal Years, plus, with respect to the Tranche
that could have become vested in respect the Fiscal Year in which the Change of Control occurs, if the Board determines, in its sole discretion (which must be exercised in good faith) that, as of the
date of the Change of Control, the Company would, but for the Change of Control, have achieved the Performance Target for such year, a pro rata portion of such Tranche (based on the number of days
that have elapsed in such Fiscal Year through the date of the Change of Control, relative to 365 days) (the "Pro-Rata Fiscal Year") and (ii) the denominator of which is the
maximum number of shares that could have become vested in such completed Fiscal Years (whether or not they actually vested), plus a pro-rata portion of the maximum number of shares that
could have become vested for
the Fiscal Year in which the Change of Control occurred. (SeeExhibit I for an example of the application of this Section 3.1(b)(ii).) 

	3.
	Section 3.1(c)
shall read in its entirety as follows: 

        (c)
Notwithstanding the foregoing, no Option which does not otherwise become exercisable in accordance with Section 3.1(a)(iii) or (b)(i) above shall become
exercisable as to any additional shares of Common Stock following the termination of employment of the Optionee for any reason, and any Option which is non-exercisable as of the Optionee's
termination of employment (other than any Option which becomes exercisable in accordance with Section 3.1(a)(iii) or 3.1(b)(i)) shall immediately be cancelled. 

	4.
	"Exhibit A,
Performance Targets," shall read in its entirety as follows:

	

	"For
each of the five fiscal years 2004 through 2008 of the Company, the Performance Targets shall be as set forth below: 

        "The
Performance Targets are based on the Company's achievement of the following implied equity values calculated as 8.0x the applicable fiscal year's Consolidated EBITDA (as defined 

2

 

below),
minus the year-end Net Debt (as defined below, and, with Consolidated EBITDA, "Equity Values"): 

	Fiscal Year
 
	 	Equity Values

	2004:	 	$868.7 million
	2005:	 	$1,290.1 million
	2006:	 	$1,822.2 million
	2007:	 	$2,401.6 million
	2008:	 	$2,785.0 million

        "For
purposes hereof, 

        "(a)
"Consolidated EBITDA" is as defined in the Credit Agreement dated as of July 30, 2004 among Rockwood Specialties Group, Inc., Rockwood Specialties Limited, Rockwood
Specialties International, Inc., the lenders party thereto, Credit Suisse First Boston, acting through its Cayman Islands Branch, as administrative agent and collateral agent, and UBS
Securities LLC and Goldman Sachs Credit Partners L.P., as co-syndication agents thereunder, filed as Exhibit 10.1 to Rockwood Specialties Group, Inc.'s Current Report on
Form 8-K filed with the Securities and Exchange Commission on August 4, 2004 ("Credit Agreement"). 

        "(b)
"Net Debt" is "Consolidated Total Debt" as defined in the Credit Agreement, plus (i) all net indebtedness of Rockwood Specialties International, Inc. and Rockwood
Specialties Consolidated, Inc. for borrowed money outstanding on such date and (ii) all Capitalized Lease Obligations of Rockwood Specialties International, Inc. and Rockwood
Specialties Consolidated, Inc. outstanding on such date. 

        "The
Board shall, in good faith, fairly and appropriately adjust the effect(s) of any significant acquisitions, divestitures, foreign exchange movements, changes in capital structure,
and other non-recurring or extraordinary events that may affect the Equity Values, based on an objective determination that such an adjustment is reasonably necessary. The Board's
determination of such adjustment shall be based on the Company's accounting as set forth in its books and records and on the financial plan of the Company pursuant to which the Equity Values were
originally established. 

	5.
	This
Amendment may be executed in one or more counterparts and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. 

3

 

        IN
WITNESS WHEREOF, this Amendment has been executed and delivered by the parties hereto effective as of the date first set forth above. 

	 	 	ROCKWOOD HOLDINGS, INC.
	

 	
 	
By:	

 
	 	 	 	/s/  THOMAS J. RIORDAN      

	 	 	Its:	 
	 	 	 	Vice President

	

 	
 	

OPTIONEE:
	

 	
 	

 	

 
	 	 	/s/  ROBERT J. ZATTA      
 Robert J. Zatta
	

 	
 	

	

 	
 	

 Address
	

 	
 	

Optionee's Taxpayer Identification Number
	

 	
 	

###-##-####

4

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Exhibit 10.28

AMENDMENT TO STOCK OPTION AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.33    
    

EXECUTION COPY  

  
 

    AMENDMENT
  TO STOCK OPTION AGREEMENT    
    

        This Agreement (the "Amendment"), dated as of October 15, 2004, made by and between Rockwood Holdings, Inc. (formerly known as K-L
Holdings, Inc.), a Delaware corporation, (hereinafter referred to as the "Company"), and Thomas J. Riordan, an employee of the Company or of a Subsidiary or Affiliate (hereinafter referred to
as the "Optionee"). 

        WHEREAS,
effective as of February 2, 2001, the Optionee entered into a Stock Option Agreement (the "Agreement") with K-L Holdings, Inc.; and 

        WHEREAS,
the Performance Targets specified in such Agreement for the Plan Years 2001 to 2003 have not been met; and 

        WHEREAS,
the Company and the Optionee wish to amend the provisions of the Agreement with respect to Performance Targets and provide for new Performance Targets that shall be effective
for the Plan Years 2004 and thereafter; 

        NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby
agree to amend the Agreement as follows, effective as of October 15, 2004: 

	1.
	The
following new definitions shall be added to "ARTICLE I, DEFINITIONS" in the appropriate place alphabetically, and the Section numbers shall be changed
accordingly: 

"—Financial
Statement Approval Date 

        'Financial
Statement Approval Date' shall mean the date on which the audited financial statements of the Company for any given Fiscal Year have been finally approved by the auditing firm
engaged by the Company to review such statements (which approval shall in no event occur later than March 31 of the calendar year immediately following the applicable Fiscal Year). 

"—Fiscal
Year 

        'Fiscal
Year' shall mean each fiscal year of the Company. 

"—Interim
Termination Event 

        'Interim
Termination Event' shall mean any event that terminates the Optionee's employment described in Section 3.2(b) or (c) hereof, which occurs after the anniversary of
the Optionee's Grant Date occurring during any given calendar year but prior to the Financial Statement Approval Date occurring in the immediately following calendar year." 

"—Performance
Target 

        'Performance
Target' shall have the meaning as set forth in Appendix A attached hereto. 

	2.
	Section 3.1(b)
shall read in its entirety as follows: 

        "(i)  The
Performance Option shall become exercisable with respect to 20% of the shares of Common Stock subject to such Performance Option in respect of each Fiscal Year
(beginning with the 2004 Fiscal Year) upon the achievement by the Company of the Performance Targets established in respect of each such Fiscal Year and set forth on Appendix A attached hereto;  provided, however,
 that such Performance Option shall only become exercisable as to 20% of the shares of Common Stock subject to such Performance Option
(each such 20% of the shares, a "Tranche') on December 31 of each such Fiscal Year upon the occurrence of the Financial Statement Approval Date applicable to such Fiscal Year so long as either
(i) the Optionee remains employed with the Company on the applicable Financial Statement Approval Date or (ii) an 

 

Interim
Termination Event occurs between such December 31 and the applicable Financial Statement Approval Date. If the Company does not achieve its Performance Target for any given Fiscal Year
(a "Missed Year'), the Performance Option shall not become exercisable in respect of such Fiscal Year, as set forth in the immediately preceding sentence; provided,
however, that if the Company achieves the Performance Target as established for any Fiscal Year subsequent to a Missed Year,  then
any prior percentage of the Performance Option (the exercisability of which had not previously occurred) in respect of prior Missed Years shall
become exercisable (but only to the extent such Performance Option has not otherwise terminated or become exercisable). Notwithstanding the foregoing, the Performance Option shall become exercisable
as to 100% of the shares of Common Stock subject to such Performance Option (to the extent such Performance Option has not otherwise terminated or become exercisable) on the eighth anniversary of the
Grant Date. 

        "(ii) Notwithstanding
the foregoing, upon the occurrence of a Change of Control prior to December 31, 2008, the Performance Option (to the extent such Performance
Option has not otherwise terminated) shall be exercisable with respect to the number of shares of Common Stock equal to the total number of shares of Common Stock subject to the Performance Option
multiplied by a fraction, (i) the numerator of which is the number of shares of Common Stock that have previously become exercisable in respect of prior Fiscal Years, plus, with respect to the
Tranche that could have become vested in respect the Fiscal Year in which the Change of Control occurs, if the Board determines, in its sole discretion (which must be exercised in good faith) that, as
of the date of the Change of Control, the Company would, but for the Change of Control, have achieved the Performance Target for such year, a pro rata portion of such Tranche (based on the number of
days that have elapsed in such Fiscal Year through the date of the Change of Control, relative to 365 days) (the "Pro-Rata Fiscal Year") and (ii) the denominator of which is
the maximum number of shares that could have become vested in such completed Fiscal Years (whether or not they actually vested), plus a pro-rata portion of the maximum number of shares
that could have become vested for the Fiscal Year in which the Change of Control occurred. (SeeExhibit I for an example of the application of
this Section 3.1(b)(ii).)" 

	3.
	Section 3.1(c)
shall read in its entirety as follows: 

        (c)   Notwithstanding
the foregoing, no Option which does not otherwise become exercisable in accordance with Section 3.1(a)(iii) or 3.1(b)(i) above shall
become exercisable as to any additional shares of Common Stock following the termination of employment of the Optionee for any reason, and any Option which is non-exercisable as of the
Optionee's termination of employment (other than any Option which becomes exercisable in accordance with Section 3.1(a)(iii) or 3.1(b)(i)) shall immediately be cancelled. 

2

 
	4.
	"Exhibit A,
Performance Targets," shall read in its entirety as follows: 

        "For
each of the five fiscal years 2004 through 2008 of the Company, the Performance Targets shall be as set forth below: 

        "The
Performance Targets are based on the Company's achievement of the following implied equity values calculated as 8.0x the applicable fiscal year's Consolidated EBITDA (as defined
below), minus the year-end Net Debt (as defined below, and, with Consolidated EBITDA, "Equity Values"): 

	Fiscal Year
 
	 	Equity Values

	2004:	 	$868.7 million
	

2005:	
 	

$1,290.1 million
	

2006:	
 	

$1,822.2 million
	

2007:	
 	

$2,401.6 million
	

2008:	
 	

$2,785.0 million

"For
purposes hereof, 

        "(a) "Consolidated
EBITDA" is as defined in the Credit Agreement dated as of July 30, 2004 among Rockwood Specialties Group, Inc., Rockwood Specialties
Limited, Rockwood Specialties International, Inc., the lenders party thereto, Credit Suisse First Boston, acting through its Cayman Islands Branch, as administrative agent and collateral agent,
and UBS Securities LLC and Goldman Sachs Credit Partners L.P., as co-syndication agents thereunder, filed as Exhibit 10.1 to Rockwood Specialties Group, Inc.'s Current Report
on Form 8-K filed with the Securities and Exchange Commission on August 4, 2004 ("Credit Agreement"). 

        "(b) "Net
Debt" is "Consolidated Total Debt" as defined in the Credit Agreement, plus (i) all net indebtedness of Rockwood Specialties International, Inc. and
Rockwood Specialties Consolidated, Inc. for borrowed money outstanding on such date and (ii) all Capitalized Lease Obligations of Rockwood Specialties International, Inc. and
Rockwood Specialties Consolidated, Inc. outstanding on such date. 

        "The
Board shall, in good faith, fairly and appropriately adjust the effect(s) of any significant acquisitions, divestitures, foreign exchange movements, changes in capital structure,
and other non-recurring or extraordinary events that may affect the Equity Values, based on an objective determination that such an adjustment is reasonably necessary. The Board's
determination of
such adjustment shall be based on the Company's accounting as set forth in its books and records and on the financial plan of the Company pursuant to which the Equity Values were originally
established." 

3

 
	5.
	This
Amendment may be executed in one or more counterparts and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. 

        IN
WITNESS WHEREOF, this Amendment has been executed and delivered by the parties hereto effective as of the date first set forth above. 

	

 	
 	

ROCKWOOD HOLDINGS, INC.
	

 	
 	

By:	

/s/  MICHAEL W. VALENTE      

	 	 	Its:	 
	 	 	 	Assistant Secretary

	

 	
 	

OPTIONEE:
	

 	
 	

 	

 
	 	 	/s/  THOMAS J. RIORDAN      
 Thomas J. Riordan
	

 	
 	

 	

 
	 	 	

	

 	
 	

 	

 
	 	 	
 Address
	

 	
 	

Optionee's Taxpayer Identification Number
	

 	
 	

 	

 
	 	 	###-##-####

4

QuickLinks

Exhibit 10.33

AMENDMENT TO STOCK OPTION AGREEMENT

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