Document:

OLN-2014-Exhibit 10(u)

Exhibit 10(u)

OLIN CORPORATION
PERFORMANCE SHARE PROGRAM
(Codified to reflect amendments through January 23, 2015)
1.    Terms and Conditions

The terms and conditions of the Performance Share Awards granted under this Program are contained in the Performance Share Certificate evidencing such Award, this Program and the LTIP.
2.    Definitions
“Common Stock” means the common stock of Olin, par value $1.00 per share.
“Final Share Number” has the meaning specified in Section 3 of this Program.
“LTIP” means the Olin Corporation benefit plan under which the relevant Performance Share Award is granted, including the 2003 Long Term Incentive Plan, the 2006 Long Term Incentive Plan and any successor similar plan.
“Olin” means Olin Corporation.
“Performance Cycle” means, with respect to a Performance Share Award, a period of three calendar years, beginning with the calendar year in which such Performance Share Award is granted.
“Performance Share Award” shall mean grants of “Performance Shares” and “Senior Performance Shares.”
“Performance Share” and “Senior Performance Share” mean a unit granted under the LTIP and this Program, maintained on the books of the Company during the Performance Cycle, denominated as one phantom share of Common Stock, and paid in cash or Common Stock in accordance with this Program.
“Program” means this Performance Share Program.
“S&P ROC” shall mean the average annual return on capital (calculated in the same manner as Olin’s Return on Capital) of a group composed of the Standard & Poor’s 1000 Materials companies plus Occidental Petroleum Corporation; Axiall Corporation; The Dow Chemical Company and Westlake Chemical Corporation, broken out by quintiles.
Capitalized terms not otherwise defined in this Program shall have the meaning specified in the LTIP.
3.    Performance Share Awards

		
	a.
	Awards of Senior Performance Shares (category A) under this Program granted pursuant to the LTIP are intended to be “performance-based compensation” as that term is used in Section 162(m) of the Code.  Each Performance Share Award shall establish a target number of Performance Shares or Senior Performance Shares awarded to the Participant named in such Award.

		
	b.
	The target number of Performance Shares for each Participant shall be adjusted based upon a comparison of Olin’s average annual Return on Capital during the Performance Cycle with the S&P ROC during the Performance Cycle, in accordance with the following chart:

	
		
	If Olin’s Return on Capital for a Performance Cycle is in the:
	The % of the target number of Performance Shares paid will be:

	highest Quintile of the S&P ROC
	150%

	2nd Quintile of the S&P ROC
	125%

	3rd Quintile of the S&P ROC
	100%

	4th Quintile of the S&P ROC
	50%

	lowest Quintile of the S&P ROC
	25%

		
	c.
	The target number of Senior Performance Shares for each Participant shall be adjusted based upon a comparison of Olin’s average annual Return on Capital during the Performance Cycle with the S&P ROC during the Performance Cycle, in accordance with the following chart:

	
			
	If Olin’s Return on Capital for a Performance Cycle is in the:
	The % of the target number of Senior Performance Shares paid will be:

	 
	A Shares
	B Shares

	highest Quintile of the S&P ROC
	150%
	150%

	2nd Quintile of the S&P ROC
	125%
	125%

	3rd  Quintile of the S&P ROC
	100.0%
	100%

	4th Quintile of the S&P ROC
	33.33%
	100%

	lowest Quintile of the S&P ROC
	0%
	100%

		
	d.
	As soon as practicable in the calendar year following the end of the Performance Cycle, the Company shall calculate the appropriate adjustment, if any, to the target number of Performance Shares and Senior Performance Shares (the “Final Share Number”) for all Participants whose Performance Share Awards have vested during or at the end of such Performance Cycle.

4.    Vesting and Forfeiture

		
	a.
	Except as otherwise provided by the Committee, the LTIP, this Program or the Performance Share Award certificate, an interest in a Performance Share Award shall vest only if the Participant is an employee of the Company or a subsidiary on the last day of the relevant Performance Cycle.

		
	b.
	If a Participant’s employment with the Company or a subsidiary terminates for cause or without the Company’s consent (other than as the result of the Participant’s death, disability or retirement) before a Performance Share Award has vested, his or her Performance Share Award shall terminate and all rights under such Award shall be forfeited.

		
	c.
	If a Participant’s employment with the Company or a subsidiary terminates as the result of his or her disability, (as that term is defined in Section 409A of the Code or any successor provision), or retirement under any of the Company’s retirement plans before a Performance Share Award has vested, the Participant shall be entitled to a pro rata Performance Share Award, payable solely in cash at the time that the Performance Share Award would otherwise be payable under Section 5.  The cash payment shall be equal to the Final Share Number calculated in accordance with Sections 3 and 5 of this Program, multiplied by the Fair Market Value on the last day of the relevant Performance Cycle, multiplied by a fraction with a numerator equal to the number of months during the Performance Cycle the Participant was employed by the Company or a subsidiary (rounded up to the nearest whole month) and a denominator of 36.

		
	d.
	If a Participant’s employment with the Company or a subsidiary terminates as the result of his or her death before a Performance Share Award has vested, the Participant shall be entitled to a pro rata Performance Share Award, payable solely in cash within ninety (90) days of the Participant’s death.  The cash payment shall be equal to the Participant’s target number of Performance Shares or Senior Performance Shares, as the case may be, multiplied by the Fair Market Value on the date of the Participant’s death (or the next trading day, if the Common Stock was not traded on such date), multiplied by a fraction with a numerator equal to the number of months during the Performance Cycle the Participant was employed by the Company or a subsidiary (rounded up to the nearest whole month) and a denominator of 36.

		
	e.
	If a Participant’s employment with the Company or a subsidiary terminates for any other reason, the Company shall determine the portion, if any, of the Performance Share Award that shall not be forfeited, and the form of payment (cash or shares or a combination) that the Participant shall receive.  That determination shall be made by the Committee in the case of any officer, and by the Chairman of the Board, President, Chief Executive Officer, or any Vice President, in the case of any non-officer employee.  Notwithstanding this Section 4, payment shall be made pursuant to Section 5.

5.    Payment Timing

		
	a.
	As soon as is administratively practicable after the determination of the Final Share Number, but not later than the last day of the calendar year following the Performance Cycle, the Company will (i) issue to each Participant a number of shares of the Common Stock equal to one-half of the Final Share Number, rounded down to the nearest whole share if such number is not a whole number, and (ii) pay the Participant an amount equal to the Fair Market Value of one-half of the Final Share Number of shares of Common Stock on the last day of the Performance Cycle, rounded up to the nearest whole share if such number is not a whole number.

		
	b.
	No dividends or dividend equivalents shall be paid on any Performance Shares or Senior Performance Shares.

6.    Reserved

7.    Miscellaneous

		
	a.
	By acceptance of the Performance Share Award, each Participant agrees that such Award is special compensation, and that any amount paid will not affect:

		
	i.
	the amount of any pension under any pension or retirement plan in which he or she participates as an employee of Olin,

		
	ii.
	the amount of coverage under any group life insurance plan in which he or she participates as an employee of Olin, or

		
	iii.
	the benefits under any other benefit plan of any kind heretofore or hereafter in effect, under which the availability or amount of benefits is related to compensation.

		
	b.
	The Company will withhold from the distribution of any cash pursuant to Performance Share Awards the amount necessary to satisfy the Participant’s federal, state and local withholding tax requirements.  It is the Company’s intention that all income tax liability on Performance Share Awards be deferred in accordance with the applicable requirements of Code Section 409A, until the Participant actually receives such shares or payment thereof.

		
	c.
	To the extent any provision of the Program (or any Performance Share Award) or action by the Board of Directors or Committee would subject any Participant to liability for interest or additional taxes under Code Section 409A, it will be deemed null and void, to the extent permitted by law and deemed advisable by the Committee.  It is intended that the Program (and any Performance Share Award) will comply with Code Section 409A, and the Program (and any Performance Share Award) shall be interpreted and construed on a basis consistent with such intent.  The Program (and any Performance Share Award) may be amended in any respect deemed necessary (including retroactively) by the Committee in order to preserve compliance with Code Section 409A.  The preceding shall not be construed as a guarantee of any particular tax effect for Program benefits or Performance Share Awards.  Except as specifically provided in the LTIP, a Participant (or beneficiary) is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Participant (or beneficiary) in connection with any distributions to such Participant (or beneficiary) under the Program (including any taxes and penalties under Code Section 409A), and neither Olin nor any Affiliate shall have any obligation to indemnify or otherwise hold a Participant (or beneficiary) harmless from any or all of such taxes or penalties.GXP-12/31/2014-EX10.37 GXP

Exhibit 10.37

FIRST EXTENSION AGREEMENT AND WAIVER
Dated as of December 17, 2014
among
GREAT PLAINS ENERGY INCORPORATED,
as the Borrower,
CERTAIN LENDERS,
BANK OF AMERICA, N.A., JPMORGAN CHASE BANK, N.A.,
and MUFG Union Bank, N.A.,
as Syndication Agents
and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, Swing Line Lender and an Issuer
WELLS FARGO SECURITIES, LLC,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
J.P. MORGAN SECURITIES LLC, and
MUFG UNION BANK, N.A.,
as Joint Lead Arrangers and Joint Book Managers

FIRST EXTENSION AGREEMENT AND WAIVER
THIS FIRST EXTENSION AGREEMENT AND WAIVER dated as of December 17, 2014 (this “Agreement”) is entered into among Great Plains Energy Incorporated, a Missouri corporation (the “Borrower”), the Lenders of the Credit Agreement (defined below) party hereto, Bank of America, N.A., JPMorgan Chase Bank, N.A., and MUFG Union Bank, N.A. (f/k/a Union Bank, N.A.), as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an Issuer (the “Administrative Agent”).  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement.
RECITALS
WHEREAS, the Borrower, the lenders party thereto, MUFG Union Bank, N.A. (f/k/a Union Bank, N.A.) and Wells Fargo Bank, National Association, as Syndication Agents and Bank of America, N.A., as Administrative Agent entered into that certain Credit Agreement dated as of August 9, 2010 (as amended by the First Amendment to Credit Agreement, dated as of December 9, 2011 and the Second Amendment to Credit Agreement, dated as of October 17, 2013) (the “Credit Agreement”); and
WHEREAS, the Borrower has requested a one (1) year extension of the existing Facility Termination Date pursuant to Section 2.21(a) of the Credit Agreement and the Lenders signatory hereto have approved such request pursuant to Section 2.21 of the Credit Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Extension.  As of the date hereof, each Lender party hereto agrees to extend the Facility Termination Date for an additional one (1) year, subject to the satisfaction of the conditions in Section 3 below, and the Facility Termination Date as to the Approving Lenders shall be extended to October 17, 2019, unless sooner terminated pursuant to clause (b) of the definition thereof.  Subject to the right of Borrower pursuant to Section 2.21(d) of the Credit Agreement to replace the Commitment of any Non-Extending Lenders, the Facility Termination Date as to the Non-Extending Lenders remains unchanged.
2.Waiver.  
(a)Notwithstanding the provisions of Section 2.21 of the Credit Agreement to the contrary, the Lenders party hereto, constituting the Required Lenders, hereby waive, on a one−time basis, the following requirements in Section 2.21 of the Credit Agreement:  (i) the requirement that the Borrower request an extension of the Facility Termination Date not more than sixty (60) days and not less than 45 days prior to any anniversary of the Closing Date; and (2) that Lenders provide their election to extend the Facility Termination Date by notice to the Administrative Agent not later than fifteen (15) days following the receipt of the Borrower’s request.

(b)This waiver shall be effective only to the extent specifically set forth herein and shall not (i) be construed as a waiver of any breach or default other than as specifically waived herein nor as a waiver of any breach or default of which the Lenders have not been informed by the Borrower, (ii) affect the right of the Lenders to demand compliance by the Borrower with all terms and conditions of the Credit Agreement, except as specifically modified or waived by this Agreement, (iii) be deemed a waiver of any transaction or future action on the part of the Borrower requiring the Lenders’ or the Required Lenders’ consent or approval under the Credit Agreement, or (iv) except as waived hereby, be deemed or construed to be a waiver or release of, or a limitation upon, the Administrative Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any other Loan Document, whether arising as a consequence of any Default which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.
3.Conditions Precedent.  
(a)The extension of the Facility Termination Date pursuant to Section 1 shall become effective as of the date (the “Extension Date”) when, and only when, each of the following conditions precedent shall have been satisfied:
(i)the receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the Administrative Agent and the Required Lenders (excluding any Additional Commitment Lenders);
(ii)the Borrower shall have paid:
(1)to the Administrative Agent, for the account of each Approving Lender, an extension fee in the amount of 0.06% of such Lender’s Commitment as of the Extension Date, which extension fee once paid will be fully earned and nonrefundable; 
(2)all fees required to have been paid to Wells Fargo Securities, LLC and the Administrative Agent pursuant to that letter agreement among the Borrower, KCPL, KCPL GMO, Wells Fargo Securities and the Administrative Agent dated as of November 19, 2014; and
(3)all other fees and reasonable expenses of Wells Fargo Securities, LLC, the Administrative Agent (including the reasonable fees and expenses of counsel to the Administrative Agent for which reasonably detailed invoices have been presented on or prior to the Effective Date) and the Lenders required under the Credit Agreement and any other Loan Document to be paid on or prior to the Extension Date in connection with this Agreement;
(iii)the Administrative Agent shall have received a certificate (the statements contained in which shall be true) of an Authorized Officer of the Borrower stating that both before and after giving effect to such extension of the 

2    

Facility Termination Date (i) no Default or Unmatured Default exists or would result from the extension of the Facility Termination Date and (ii) all representations and warranties contained in Article V of the Credit Agreement are true and correct in all material respects on and as of the Extension Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date.
(b)The waiver set forth in Section 2 shall become effective as of the date when, and only when, the Administrative Agent shall have received counterparts of this Agreement duly executed by the Borrower, the Administrative Agent and the Required Lenders.
4.Miscellaneous.
(a)The Credit Agreement, and the obligations of the Borrower thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  The Borrower acknowledges and confirms that as of the date hereof the Borrower’s obligation to repay the outstanding principal amount of the Loans and reimburse the Issuers for any drawing on a Letter of Credit is unconditional and not subject to any offsets, defenses or counterclaims.  The Administrative Agent, each Lender and the Borrower acknowledge and confirm that by entering into this Agreement, each party does not waive or release any term or condition of the Credit Agreement or any of the other Loan Documents or any of their rights or remedies under such Loan Documents or applicable Law or any of the obligations of such party thereunder.
(b)The Borrower hereby represents and warrants as follows:
(i)The Borrower has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement.
(ii)This Agreement has been duly executed and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(iii)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by the Borrower of this Agreement.
(c)The Borrower represents and warrants to the Lenders that (i) the representations and warranties of the Borrower set forth in Article V of the Credit Agreement are true and correct as of the date hereof with the same effect as if made on 

3    

and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Unmatured Default.
(d)This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by telecopy or electronic mail shall be effective as an original and shall constitute a representation that an executed original shall be delivered.
(e)THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
(f)On and after the Extension Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby.  This Agreement shall constitute a Loan Document.
[remainder of page intentionally left blank]

4    

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.
	
		
	BORROWER:
	GREAT PLAINS ENERGY INCORPORATED,

	 
	a Missouri corporation

	 
	 

	 
	By:  /s/  Lori A. Wright

	 
	Name:  Lori A. Wright

	 
	Title:  Vice President - Investor Relations and Treasurer

	 
	 

	ADMINISTRATIVE AGENT:
	WELLS FARGO BANK, NATIONAL

	 
	ASSOCIATION,

	 
	as Administrative Agent

	 
	 

	 
	By:  /s/  Frederick W. Price

	 
	Name:  Frederick W. Price

	 
	Title:  Managing Director

	 
	 

	LENDERS:
	WELLS FARGO BANK, NATIONAL

	 
	ASSOCIATION,

	 
	as a Lender, an Issuer and Swing Line Lender

	 
	 

	 
	By:  /s/  Frederick W. Price

	 
	Name:  Frederick W. Price

	 
	Title:  Managing Director

	 
	 

	 
	BANK OF AMERICA, N.A.,

	 
	as a Lender, Syndication Agent and an Issuer

	 
	 

	 
	 By:  /s/  William Merritt

	 
	Name:  William Merritt

	 
	Title:  Vice President

	 
	 

	 
	JPMORGAN CHASE BANK, N.A.,

	 
	as a Lender, Syndication Agent and as an Issuer

	 
	 

	 
	By:  /s/  Helen D. Davis

	 
	Name:  Helen D. Davis

	 
	Title:  Vice President

	 
	 

GREAT PLAINS ENERGY INCORPORATED
FIRST EXTENSION AGREEMENT AND WAIVER

	
		
	 
	MUFG UNION BANK, N.A.,

	 
	as a Lender, Syndication Agent and as an Issuer

	 
	 

	 
	By:  /s/  Michael Agrimis

	 
	Name:  Michael Agrimis

	 
	Title:  Vice President

	 
	 

	 
	BARCLAYS BANK PLC

	 
	as a Lender

	 
	 

	 
	By:  /s/  Alice Borys

	 
	Name:  Alice Borys

	 
	Title:  Vice President

	 
	 

	 
	BNP PARIBAS

	 
	as a Lender

	 
	 

	 
	By:  /s/  Roberto Impeduglia

	 
	Name:  Roberto Impeduglia

	 
	Title:  Vice President

	 
	 

	 
	BNP PARIBAS

	 
	as a Lender

	 
	 

	 
	By:  /s/  Theodore Sheen

	 
	Name:  Theodore Sheen

	 
	Title:  Vice President

	 
	 

	 
	GOLDMAN SACHS BANK USA

	 
	as a Lender

	 
	 

	 
	By:  /s/  Rebecca Kratz

	 
	Name:  Rebecca Kratz

	 
	Title:  Authorized Signatory

	 
	 

	 
	KEYBANK NATIONAL ASSOCIATION

	 
	as a Lender

	 
	 

	 
	By:  /s/  Sukanya V. Raj

	 
	Name:  Sukanya V. Raj 

	 
	Title:  Senior Vice President

	 
	 

	 
	 

	 
	 

GREAT PLAINS ENERGY INCORPORATED
FIRST EXTENSION AGREEMENT AND WAIVER

	
		
	 
	SUNTRUST BANK

	 
	as a Lender

	 
	 

	 
	By:  /s/  Andrew Johnson

	 
	Name:  Andrew Johnson

	 
	Title:  Director

	 
	 

	 
	THE ROYAL BANK OF SCOTLAND PLC,

	 
	as a Lender

	 
	 

	 
	By:  /s/  Tyler J. McCarthy

	 
	Name:  Tyler J. McCarthy

	 
	Title:  Director

	 
	 

	 
	U.S. BANK NATIONAL ASSOCIATION,

	 
	as a Lender

	 
	 

	 
	By:  /s/  John M. Eyerman

	 
	Name:  John M. Eyerman

	 
	Title:  Vice President

	 
	 

	 
	THE BANK OF NEW YORK MELLON

	 
	as a Lender

	 
	 

	 
	By:  /s/  Hussam S. Alsahlani

	 
	Name:  Hussam S. Alsahlani

	 
	Title:  Vice President

	 
	 

	 
	UMB BANK, N.A.

	 
	as a Lender

	 
	 

	 
	By:  /s/  Robert P. Elbert

	 
	Name:  Robert P. Elbert

	 
	Title:  Senior Vice President

	 
	 

GREAT PLAINS ENERGY INCORPORATED
FIRST EXTENSION AGREEMENT AND WAIVER

	
		
	 
	COMMERCE BANK

	 
	as a Lender

	 
	 

	 
	By:  /s/  Aaron M. Siders

	 
	Name:  Aaron M. Siders

	 
	Title:  Vice President

	 
	 

GREAT PLAINS ENERGY INCORPORATED
FIRST EXTENSION AGREEMENT AND WAIVER

	
		
	 
	NATIONAL COOPERATIVE SERVICES

	 
	CORPORATION

	 
	as a Lender

	 
	 

	 
	By:  /s/  John Dippo

	 
	Name:  John Dippo

	 
	Title:  Assistant Secretary - Treasurer

	 
	 

	 
	 

	 
	 

GREAT PLAINS ENERGY INCORPORATED
FIRST EXTENSION AGREEMENT AND WAIVER

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