Document:

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                                                                   EXHIBIT 10(d)

               SUPPLEMENTAL CONTRIBUTING EMPLOYEE OWNERSHIP PLAN
                       As amended through March 1, 2001

     Olin Corporation ("Olin") hereby restates the Supplemental Contributing
Employee Ownership Plan (the "Plan" or "SCEOP"), effective March 1, 2001. The
Plan was originally effective as of January 1, 1990 and was amended from time to
time prior to its restatement herein. The Plan is intended to be an unfunded,
nonqualified deferred compensation plan for certain management and highly
compensated employees, as described in Section 201(2) and 301(a)(3) of the
Employee Retirement Income Security Act ("ERISA").

     Prior to March 1, 2001, the Olin Corporation Contributing Employee
Ownership Plan ("CEOP") was a multiple employer plan and Arch Chemicals, Inc.
("Arch") was a participating employer in the CEOP. Effective as of March 1,
2001, Arch withdrew as a participating employer from the CEOP and, effective as
of the same date, adopted its own defined contribution plan known as the Arch
Chemicals, Inc. Contributing Employee Ownership Plan (the "Arch CEOP") to which
it transferred all account balances attributable to Arch participants in the
Olin CEOP.

     The purpose of this Plan is to permit certain executive employees of Olin
whose contributions to the CEOP are limited under Sections 401(a)(17) of the
Internal Revenue Code of 1986 and the regulations promulgated thereunder (the
"Code"), with certain supplemental benefits to make up for such Code-imposed
limitations.

                                   ARTICLE I
                      DEFINITIONS AND GENERAL PROVISIONS

     1.1  Except as otherwise provided herein, the terms defined in the CEOP are
used herein with the meanings ascribed to them in the CEOP. In addition, when
used herein, the following definitions shall apply:

          (a)  "Arch Phantom Units" means phantom shares of the CEOP's Arch
     Common Stock Fund credited under the SCEOP.

          (b)  "CEOP Percentage" means, with respect to a SCEOP Participant, the
     annual percentage by which such Participant reduces his Maximum Eligible
     Compensation on either a before-tax or after-tax basis in calculating
     Contributions made to the CEOP (whether as a result of elective, or
     automatic, enrollment); provided, however, that, if a Participant's CEOP
     percentage exceeds six percent (6%), the Participant may elect, for
     purposes of this Plan, to limit the CEOP percentage used under this Plan to
     six percent (6%).

          (c)  "Company" or "Olin" means Olin Corporation and its affiliated
     companies.

          (d)  "Compensation" has the same meaning as under the CEOP, except
     that it is not subject to the maximum dollar limitation on compensation
     taken into account for purposes of the CEOP under Section 401(a)(17) of the
     Code.
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          (e)  "Distribution Date" has the same meaning as that specified in the
     Distribution Agreement by and between Olin Corporation and Arch Chemicals,
     Inc.

          (f)  "Dividend Equivalents" means (i) with respect to the Olin Phantom
     Units held in a SCEOP Account of a SCEOP Participant, the dollar amount of
     regular or special dividends actually paid in cash from time to time on the
     actual number of shares of Olin Common Stock reflected in such Olin Phantom
     Units; and (ii) with respect to the Arch Phantom Units held in a SCEOP
     Account of an Olin Participant, the dollar amount of regular or special
     dividends actually paid in cash from time to time on the actual number of
     shares of Arch Common Stock reflected in such Arch Phantom Units. Any
     Dividend Equivalents shall be deemed reinvested solely in Olin Phantom
     Units.

          (g)  "Excess Company Matching Contribution" means, with respect to a
     SCEOP Participant for a Plan Year, an amount derived by multiplying (i) the
     percentage used in calculating the Company Matching Contribution
     (currently, 100% of the first $25 per month, and 50% of the Participant's
     Contribution in excess of $25 per month) under the CEOP, as such percentage
     changes from time to time, by (ii) the annual SCEOP Participant
     Contribution for that Participant; provided that, if the participant's CEOP
     Percentage exceeds six percent (6%), the SCEOP Participant Contribution
     will be calculated using six percent (6%) for the CEOP Percentage when
     calculating the Excess Company Matching Contribution Notwithstanding the
     foregoing, in the event that a Participant is eligible for both a Company
     Matching Contribution and an Excess Company Contribution in a given month,
     only the first $25 contributed in total to both plans will be matched at
     the rate of 100%.

          (h)  "Excess Performance Contribution" means with respect to a SCEOP
     Participant for a Plan Year, the amount derived by multiplying (i) the
     percentage used in calculating the Performance Matching Contribution under
     the formula contained in the CEOP that is applicable to a SCEOP Participant
     for that year, if any, by (ii) the SCEOP Participant Contribution of that
     Participant for such year; provided that if such Participant's CEOP
     Percentage exceeds six percent (6%), the SCEOP Participant Contribution
     will be calculated using six percent (6%) for the CEOP Percentage when
     calculating the Excess Performance Contribution.

          (i)  "Maximum Eligible Compensation" means the annual maximum amount
     of Compensation under Section 401(a)(17) of the Code from which a
     Participant is permitted to make Contributions to the CEOP, as such maximum
     amount is adjusted from time to time under the Code.

          (j)  "Olin Phantom Units" means phantom shares of the CEOP's Olin
     Common Stock Fund credited under the SCEOP.

          (k)  "Plan Year" means a twelve-month period ending on December 31.

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          (l)  "Primex Phantom Units" means phantom units of the CEOP's Primex
     Stock Fund credited under the SCEOP, such units deemed to consist of both
     Primex Stock and cash.

          (m)  "SCEOP Participant" or "Olin Participant" means an Olin employee
     whose contributions to the CEOP are limited as a result of the imposition
     of the limitations set forth in the Sections 401(a)(17) of the Code and who
     has filed an election to participate in the SCEOP with the Committee.

          (n)  "SCEOP Account" for a SCEOP Participant means the Account
     established under the SCEOP for such Participant holding Arch Phantom
     Units, Olin Phantom Units, and/or any other phantom securities or units
     created herein.

          (o)  "SCEOP Participant Contribution" with respect to a SCEOP
     Participant shall mean the annual amount by which the SCEOP Participant has
     elected to reduce his Compensation under this Plan, such amount being equal
     to the CEOP Percentage multiplied by the difference between (i) such
     Participant's Compensation and (ii) his Maximum Eligible Compensation.

                                  ARTICLE II
                         ELIGIBILITY AND PARTICIPATION

     2.1  Any employee of the Company who

          (a) is a management employee;

          (b) is a "highly compensated employee" within the meaning of Code
     Section 414(q);

          (c) is participating in the CEOP; and

          (d) whose Compensation or rate of pay is in excess of the limitation
     contained in Section 401(a)(17) of the Code

     shall be eligible to participate in this Plan (an "Eligible Employee").

     2.2  Each Eligible Employee wishing to participate in this Plan must
execute and file a salary reduction agreement in a form acceptable to the Plan
Administrator. Initially, such agreement to reduce Compensation shall be filed
within thirty (30) days following such individual becoming an Eligible Employee.
An Eligible Employee not filing such an agreement within the thirty (30) day
period referred to in the preceding sentence must thereafter file such agreement
to reduce Compensation by December 1 of the calendar year prior to the beginning
of the Plan Year for which it will be effective and prior to the calendar year
in which such Compensation would otherwise be earned. Once filed, agreements to
reduce Compensation shall remain in effect for subsequent Plan Years unless
revoked by the Participant in writing in a form acceptable to the Plan
Administrator.

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     2.3  Any election to reduce salary shall be irrevocable for the Plan Year
to which it relates, provided, however, that during a Plan Year a Participant
may elect to cease all salary reductions for the remainder of the Plan Year, in
which case, no subsequent election shall be effective until the beginning of the
next Plan Year.

     2.4  No salary reduction election shall be given effect under this Plan
until the Participant has made contributions to the CEOP (i)  based on the
maximum amount of eligible compensation permitted by the CEOP and by applicable
law for the Plan Year to which such salary reduction election relates or (ii)
equal to the maximum pretax contributions permitted under Section 401(k) of the
Code, whichever is the first threshold to be met.

                                  ARTICLE III
                          CONTRIBUTIONS AND ACCOUNTS

     3.1  Each SCEOP Participant who so elects for a Plan Year shall defer SCEOP
Participant Contributions on a pre-tax basis. For each SCEOP Participant, a
SCEOP Account will be established. The Account will contain sub-accounts for
each type of contribution credited to the SCEOP Account and for each type of
Phantom Unit credited to his Account. For each Plan Year during which a person
is a SCEOP Participant and making deferrals, the Company (or other Participating
Employer) will credit to the SCEOP Account of each SCEOP Participant the number
of Olin Phantom Units equal in value to the sum of (1) the SCEOP Participant's
Contribution, plus (2) the Excess Company Matching Contribution, plus (3) the
Excess Performance Contribution, if any. Such crediting shall occur periodically
in accordance with the timing of contributions to the CEOP, in the case of the
SCEOP Participant Contributions and Excess Company Matching Contributions, and
as soon as administratively feasible following the making of a Performance
Matching Contribution under the CEOP, in the case of an Excess Performance
Contribution.

     3.2  Effective December 31, 1996, Olin spun off its Aerospace and Ordnance
divisions to a separate, publicly traded Company, Primex Technologies, Inc.
("Primex"). As a result of the spin-off of Primex, Participants' SCEOP Account
Balances deemed invested in Olin Phantom Units were credited with a dividend
deemed invested in Primex Phantom Units. For each ten (10) Olin Phantom Units
credited to a Participant's SCEOP Account as of December 31, 1996, the
Participant's SCEOP Account was credited with one Primex Phantom Unit. The value
of the total SCEOP dividend was determined by multiplying the percentage of the
market value of the Olin Common Stock Fund in the CEOP that was held in shares
of Primex stock and related cash immediately following the Primex spin off by
the total market value of the Olin Phantom Units in the SCEOP. This amount was
then allocated to SCEOP Participants based on their number of Primex Phantom
Units divided by the total number of Primex Phantom Units. No new investment in
Primex Phantom Units was permitted.

     General Dynamics Corporation and Primex subsequently merged effective
January 25, 2001. As a result of the merger, the value of Participants' SCEOP
Account Balances deemed invested in Primex Phantom Units were deemed liquidated
and Participants were credited

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with $32.10 for each share of Primex Common Stock Fund in the SCEOP accounts on
January 25, 2001. The amount credited was reinvested in Olin Phantom Units in
the SCEOP at the current market value of the Olin Common Stock Fund in the CEOP.

          3.3  A Participant's SCEOP Account will also be credited with Dividend
Equivalents from time to time, solely in the form of additional Olin Phantom
Units, when such dividends are paid (i) on the actual number of shares of Olin
Common Stock reflected in the Olin Phantom Units held in such Account, and (ii)
on the actual number of shares of Arch Common Stock reflected in the Arch
Phantom Units held in such Account.

          3.4  For purposes of calculating the number of Olin Phantom Units to
be credited to an Olin Participant's SCEOP Account as a result of crediting
Dividend Equivalents or contributions, the SCEOP shall use the Current Market
Value for valuing units in the Olin Common Stock Fund as defined under the CEOP.
Phantom Units will be credited in fractional amounts up to three decimal places.
For purposes of valuing Arch Phantom Units under this Plan, the SCEOP shall use
the Current Market Value for valuing shares in Arch Common Stock Fund as defined
in the CEOP.

          3.5  SCEOP Participants may either retain their Arch Phantom Units or
may have their entire Arch Phantom Unit Account Balance(s) deemed transferred at
the then Current Market Value and reinvested in Olin Phantom Units at the then
Current Market Value. Once Arch Phantom Units are deemed transferred and
reinvested, a Participant may not re-direct investment back into Arch Phantom
Units. No new investment, whether in the form of Company or Participant
contributions or Dividend Equivalents, shall be permitted in Arch Phantom Units.

          3.6  A Participant shall at all times be fully vested in his SCEOP
Participant Contribution Account Balance, and shall vest in his Excess Company
Matching and Excess Performance Contribution Account Balances in accordance with
the vesting schedule contained in the CEOP. Each Participant shall be deemed
vested in his SCEOP Account Balance to the same extent that he is actually
vested in his CEOP Account Balance. A Participant shall be fully vested in his
SCEOP Account Balance upon his death, upon his termination of service from the
Company and all affiliates after reaching a retirement date under the CEOP, or
upon his termination of service due to his Permanent Disability as defined in
the CEOP.

          3.7  In the event that the Compensation Committee of the Board ("the
Committee") determines that any dividend or other distribution,
recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of Arch
Common Stock, Olin Common Stock, or any other securities of Arch, Olin or
Primex, issuance of warrants or other rights to purchase Arch Common Stock, Olin
Common Stock, or other securities of these companies, or other similar corporate
transaction or event occurs that affects Arch or Olin Common Stock such that the
Committee determines an adjustment in Phantom Units under the Plan is
appropriate in order to prevent dilution or enlargement of the benefits intended
to be made available under this Plan, then the Committee shall, in such manner
as it deems equitable, adjust Participants' SCEOP Accounts. In the case of a
spin-off, split-up, issuance of an extraordinary stock dividend, or similar
transaction, such adjustment, in the Committee's discretion, may result in
creation of phantom shares in a separate phantom stock

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fund, reinvestment of such phantom shares in Olin Phantom Units, and the like.
In the case of a merger for cash with respect to Arch Common Stock, the cash
received as a result of such merger shall be deemed reinvested in Olin Phantom
Units. Notwithstanding the foregoing, a Participant to whom Dividend Equivalents
have been allocated shall not be entitled to receive a non-cash special or
extraordinary dividend or distribution unless the Committee expressly authorizes
such receipt.

     3.8   Transfers between Arch and Olin. It is contemplated that Plan
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Participants may transfer their employment after the Distribution Date and on or
before February 8, 2000 from Arch to Olin and vice versa and commence, or
                                              ---- -----
resume, participation in the SCEOP of the new employer.

     (a) Transfer to Arch From Olin. In the event that a Plan Participant
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transfers employment to Arch after the Distribution Date and on or prior to
February 8, 2000, benefit accrual under this Plan shall cease and Olin shall
remain liable for payment of any benefits accrued under this Plan to the date of
transfer. No reserves shall be transferred with respect to such Participant. No
separation from service shall be deemed to occur under this Plan permitting a
distribution under this Plan and benefits hereunder shall not commence until the
Participant has terminated his employment with Arch and has otherwise qualified
for benefits hereunder. Olin shall continue to recognize a Participant's service
with Arch and its affiliates subsequent to his transfer to Arch  solely for
purposes of determining the Participant's vesting under this Plan.

     (b) Transfer from Arch to Olin. In the event that an Arch employee
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transfers employment to Olin from Arch after the Distribution Date on or prior
to February 8, 2000, benefit accrual under the Arch SCEOP shall cease and Arch
shall remain liable for payment of any benefits accrued under that Plan to the
employee's date of transfer to Olin. No reserves shall be transferred from Arch
or the Arch SCEOP with respect to such Arch employee.  Benefits shall not
commence under the Arch SCEOP until the former Arch employee terminates service
with Arch and its affiliates and has otherwise qualified for benefits under the
Arch SCEOP. Following such transfer, Arch shall continue to credit such
employee's service with Olin and its affiliates subsequent to his transfer to
Olin solely for purposes of determining his vesting under the Arch SCEOP.

                                  ARTICLE IV
                                 DISTRIBUTIONS

     4.1   No amounts credited to a Participant's SCEOP Account under this Plan
may be withdrawn or distributed prior to the Participant's termination of
employment with the Company and all affiliates thereof, including, but not
limited to any other corporation in the same controlled group with Olin (within
the meaning of Section 414(b), (c) and (m) of the Code). Amounts credited to a
Participant's Account under this Plan may not be loaned to such Participant. A
Participant's SCEOP Account will be distributed in the form elected under
Section 4.2 upon the earliest to occur of the Participant's death, termination
of service due to Permanent Disability, retirement or termination of active
service from the Company and all affiliates. In the event that an Olin Employee
is employed by Arch on or prior to February 8, 2000, and participates in the

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Arch SCEOP, no separation from service shall be deemed to occur permitting a
distribution of benefits from this Plan.

     4.2  Each Participant whose employment transferred from the Company to
Primex, in connection with the spinoff of Primex, shall be fully vested in his
or SCEOP Account Balance. Such Balance shall continue to be credited with
Dividend Equivalents until it is distributed; however, no such Balance may be
distributed until such Participant terminates active service with Primex or,
after January 25, 2001, General Dynamics Corporation and its subsidiaries.

     4.3  Upon becoming a SCEOP Participant, such SCEOP Participant shall elect
to receive the value of his SCEOP Account Balance either (i) in a lump sum, or
(ii) in annual installments for a period not to exceed fifteen (15) years,
commencing on the earliest to occur of the Participant's death, retirement,
termination of service due to Permanent Disability or termination of active
employment from Olin and its affiliated companies. A SCEOP Participant may
change such election upon written notice to the Plan Administrator, provided no
such change shall be given effect if the SCEOP Participant becomes eligible for
a distribution from this Plan within twelve (12) months of such change.

     4.4  Installment payments shall commence to be paid as soon as
administratively feasible and generally effective as of the first day of the
month following a Participant's termination of active service. The Company may
delay the payment of any benefit owed hereunder in order to complete the orderly
processing of such benefit.

     4.5  Distributions to a SCEOP Participant of his SCEOP Account Balance
shall be made only in the form of cash. Except as provided in Section 7.3, the
value of the amount of any distribution shall be based on the Current Market
Value of shares in the Olin Common Stock Fund and, if applicable, the Arch
Common Stock Fund, as calculated in accordance with the CEOP at the close of
business on the last business day immediately preceding the date on which the
distribution is to be effective.

     4.6  Any benefit payable under this Plan on account of the death of a
Participant shall be paid to the Participant's beneficiary as designated or
determined under the terms of the CEOP; however, a Participant may, by filing
with the Plan Administrator prior to death on a form supplied by the Plan
Administrator, designate a different individual or entity to be the designated
Beneficiary of such Participant for purposes of this Plan, in which case the
subsequent designation will supersede any designation of a beneficiary under the
CEOP.

                                   ARTICLE V
                             LIABILITY FOR PAYMENT

     5.1  The Company (and each other Participating Employer) shall pay the
benefits provided hereunder with respect to SCEOP Participants who are employed
or were formerly employed by it during their participation in the Plan. In the
case of a SCEOP Participant who was employed by more than one Participating
Employer, the Committee shall allocate the cost of such benefits among such
Participating Employers in such manner as it deems equitable. The obligations of
the Participating Employer hereunder shall not be funded in any manner. The
rights

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of any person to receive benefits under this Plan are limited to those of a
general creditor of the Participating Employer liable for such benefits
hereunder.

                                  ARTICLE VI
                          ADMINISTRATION OF THE PLAN

     6.1  The Benefit Plan Review Committee shall be the named Plan
Administrator of this Plan. The Plan Administrator shall administer the Plan for
the exclusive benefit of the Participants (and their Beneficiaries), in
accordance with the terms of the Plan. The Plan Administrator shall have the
absolute discretion and power to determine all questions arising in connection
with the administration, interpretation and application of the Plan. Any such
determination by the Plan Administrator shall be conclusive and binding upon all
persons. The Plan Administrator may correct any defect or reconcile any
inconsistency in such manner and to such extent as shall be deemed necessary or
advisable to carry out the purposes of the Plan; provided, however, that such
interpretation or construction shall be done in a non-discriminatory manner and
shall be consistent with the intent of the Plan, the Code and ERISA.

     The Plan Administrator shall:

          (a)  determine all questions relating to eligibility of Employees to
     participate or continue participation in the Plan;

          (b)  maintain all necessary records for the administration of the
     Plan;

          (c)  interpret the provisions of the Plan and make and publish such
     rules for regulation of the Plan as are consistent with the terms hereof;

          (d)  assist any Participant regarding his rights, benefits or
     elections available under the Plan; and

          (e)  communicate to Employees, Participants and their Beneficiaries
     concerning the provisions of the Plan.

     The Plan Administrator shall keep a record of all actions taken and shall
keep such other books of account, records and other information that may be
necessary for proper administration of the Plan. The Plan Administrator shall
file and distribute all reports that may be required by the Internal Revenue
Service, Department of Labor or others, as required by law. The Plan
Administrator may appoint accountants, actuaries, counsel, advisors and other
persons that it deems necessary or desirable in connection with the
administration of the Plan.

     6.2  Except as otherwise provided herein, all provisions set forth in the
CEOP with respect to the administration of that plan shall also be applicable
with respect to this Plan. For purposes of this Plan, the Company shall be
entitled to rely conclusively upon all tables, valuations, certificates,
opinions and reports furnished by any actuary, accountant, controller, counsel
or other person employed or engaged by the Company or by Olin Corporation with
respect to the CEOP.

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                                  ARTICLE VII
                 AMENDMENT, TERMINATION AND CHANGE OF CONTROL

     7.1  The Company reserves the right to amend or terminate this Plan at any
time, by action of the Company's Board of Directors, the Compensation Committee
of the Board, or such other committee from time to time designated by the Board,
and without the consent of any employee or other person.

     7.2  Notwithstanding Section 7.1 above, no amendment or termination of the
Plan shall directly or indirectly reduce the balance to the credit of any
Participant hereunder as of the effective date of such amendment or termination.
Upon termination of the Plan, no additional amounts shall be credited under the
terms of the Plan. Notwithstanding the termination of this Plan, amounts
credited hereunder shall not be distributed to Participants except as provided
in Article IV, above.

     7.3  Upon a Change of Control (as defined below), the Plan shall terminate
and the Account Balance of a SCEOP Participant shall be paid in cash to such
Participant as promptly as practicable, but in no event later than 30 days
following the Change in Control. The spin-off of Arch from Olin Corporation
shall not be deemed to be a change of control entitling any Participant herein
to benefits under this Plan. For purposes of the Plan, a "Change in Control" of
the Company shall have occurred in the event that

          (i)   the Company ceases to be, directly or indirectly, owned of
          record by at least 1,000 stockholders;

          (ii)  a person, partnership, joint venture, corporation or other
          entity, or two or more of any of the foregoing acting as "person"
          within the meaning of Section 13(d)(3) of the Securities Exchange Act
          of 1934, as amended (the "Act"), other than the Company, a majority-
          owned subsidiary of the Company or an employee benefit plan of the
          Company or such subsidiary (or such plan's related trust), become(s)
          the "beneficial owner" (as defined in Rule 13d-3 of the Act) of 20% or
          more of the then outstanding voting stock of the Company; or

          (iii) during any period of two consecutive years, individuals who at
          the beginning of such period constitute the Company's Board of
          Directors (together with any new Director whose election by the
          Company's Board or whose nomination for election by the Company's
          stockholders, was approved by a vote of at least two-thirds of the
          Directors of the Company then still in office who either were
          Directors at the beginning of such period or whose election or
          nomination for election was previously so approved) cease for any
          reason to constitute a majority of the Directors then in office; or

          (iv)  all or substantially all of the business of the Company is
          disposed of pursuant to a merger, consolidation or other transaction
          in which the Company is not the surviving corporation or the Company
          combines with another company and is the

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          surviving corporation (unless the shareholders of the Company
          immediately following such merger, consolidation, combination, or
          other transaction beneficially own, directly or indirectly, more than
          50% of the aggregate voting stock or other ownership interests of (x)
          the entities, if any, that succeed to the business of the Company or
          (y) the combined company); or

          (v)  the shareholders of the Company approve a sale of all or
          substantially all of the assets of the Company or a liquidation or
          dissolution of the Company

For purposes of computing the payout under this Section 7.3, the cash value of
the SCEOP Account of a Participant shall be determined by:

     (i)    multiplying the actual number of shares of Olin Common Stock
     reflected in a Participant's Olin Phantom Units by the greater of (a) the
     highest Current Market Value of the Common Stock (as defined in the CEOP
     Plan) on any date within the period commencing thirty (30) days prior to
     such Change in Control and ending on the date of the Change in Control, or
     (b) if the Change in Control occurs as a result of a tender or exchange
     offer or consummation of a corporate transaction, then the highest price
     paid per share of Common Stock pursuant thereto;

     (ii)   adding any cash portion attributable to a Participant's Olin Phantom
     Units held in his SCEOP Account; then

     (iii)  adding the then Current Market Value of that portion of a
     Participant's SCEOP Account which is deemed invested in Arch Phantom Units
     (and any other phantom units or stock fund established in the SCEOP).

                                 ARTICLE VIII
                              GENERAL PROVISIONS

     8.1  The Plan at all times shall be entirely unfunded and no provision
shall at any time be made with respect to segregating any assets of the Company
for payment of any distribution hereunder. The right of a Participant or his
designated Beneficiary to receive a distribution hereunder shall be an unsecured
claim against the general assets of the Company, and neither the Participant nor
a designated Beneficiary shall have any rights in or against any specific assets
of the Company. All amounts credited to the SCEOP Accounts of Participants shall
constitute general assets of the Company and may be disposed of by the Company
at such time and for such purposes as it may deem appropriate.

     8.2  Nothing contained in the Plan shall constitute a guaranty by the
Company or any other person or entity that the assets of the Company will be
sufficient to pay any benefit hereunder.

     8.3  No Participant shall have any right to receive a distribution of
contributions made under the Plan except in accordance with the terms of the
Plan. Establishment of the Plan shall not be construed to give any Participant
the right to be retained in the service of the Company.

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     8.4  No interest of any person or entity in, or right to receive a
distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment or other alienation or encumbrance
of any kind; nor may such interest or right to receive a distribution be taken,
either voluntarily or involuntarily for the satisfaction of the debts of, or
other obligations or claims against, such person or entity, including claims for
alimony, support, separate maintenance and claims in bankruptcy proceedings.

     8.5  The Plan shall be construed and administered under the laws of the
State of Connecticut, to the extent not preempted by federal law.

     8.6  If any person entitled to a distribution under the Plan is deemed by
the Company to be incapable of personally receiving and giving a valid receipt
for such payment, then, unless and until claim therefor shall have been made by
a duly appointed guardian or other legal representative of such person, the
Company may provide for such payment or any part thereof to be made to any other
person or institution then contributing toward or providing for the care and
maintenance of such person. Any such payment shall be a payment for the account
of such person and a complete discharge of any liability of the Company and the
Plan therefor.

     8.7  The Plan shall not be automatically terminated by a transfer or sale
of all or substantially all of the assets of the Company or by the merger or
consolidation of the Company into or with any other corporation or other entity,
but the Plan shall be continued after such sale, merger or consolidation only if
and to the extent that the transferee, purchaser or successor entity agrees to
continue the Plan. In the event that the Plan is not continued by the
transferee, purchaser or successor entity, then the Plan shall terminate,
subject to the provisions of Section 7.2.

     8.8  Each Participant shall keep the Company informed of his current
address and the current address of his designated Beneficiary. The Company shall
not be obligated to search for the whereabouts of any person. If the location of
a Participant is not made known to the Company within three (3) years after the
date on which payment of any or all of the Participant's Accounts may first be
made, payment may be made as though the Participant had died at the end of the
three-year period. If, within one additional year after such three-year period
has elapsed, or, within three years after the actual death of a Participant, the
Company is unable to locate any designated Beneficiary of the Participant, then
the Company shall have no further obligation to pay any benefit hereunder to
such Participant or designated Beneficiary and such benefit shall be irrevocably
forfeited.

     8.9  This Plan shall constitute the entire agreement between the Company
and its executives concerning the provision of supplemental CEOP benefits.

     8.10 Notwithstanding any of the preceding provisions of the Plan, neither
the Company nor any individual acting as employee or agent of the Company shall
be liable to any Participant, former Participant or other person for any claim,
loss, liability or expense incurred in connection with the Plan.

                                       11
<PAGE>

     IN WITNESS WHEREOF, Olin Corporation has caused this restated Plan to be
executed by its duly authorized officer as of May 9, 2001.

                                  OLIN CORPORATION

                                  By:  /s/ Peter C. Kosche
                                       -----------------------------------------
                                       Peter C. Kosche
                                       Its Sr. Vice President, Corporate Affairs

                                       12<PAGE>

                                                                   EXHIBIT 10(j)

                               OLIN CORPORATION
                  1997 STOCK PLAN FOR NON-EMPLOYEE DIRECTORS

                   (As Amended Effective February 22, 2001)

     1.   Purpose. The purpose of the Olin Corporation 1997 Stock Plan for Non-
employee Directors the ("Plan") is to promote the long-term growth and financial
success of Olin Corporation by attracting and retaining non-employee directors
of outstanding ability and by promoting a greater identity of interest between
its non-employee directors and its shareholders. The Plan is amended and
restated to reflect the distribution to Olin's shareholders of all of the
outstanding shares of common stock of Arch Chemicals, Inc., effective as of the
date of such distribution.

     2.   Definitions.  The following capitalized terms utilized herein have the
following meanings:

               "Annual Grant Participant" means a Non-employee Director who is
     not eligible for any other pension benefits from the Company, including,
     but not limited to, benefits from the Olin Employees Pension Plan, the Olin
     Senior Executive Pension Plan or another pension plan of the Company.

               "Arch" means Arch Chemicals, Inc., a Virginia corporation and any
     successor.

               "Arch Common Stock" means shares of common stock of Arch, par
     value $1.00 per share.

               "Arch Director" means a non-employee director of the board of
     directors of Arch.

               "Arch Stock Account" means the Stock Account to which phantom
     shares of Arch Common Stock are credited.

               "Arch Directors' Plan" means the Arch Chemicals, Inc. 1999 Stock
     Plan for Non-employee Directors.

               "Board" means the Board of Directors of the Company.

               "Cash Account" means an account established under the Plan for a
     Non-employee Director to which cash meeting fees and retainers have been or
     are to be credited in the form of cash.

               "Change in Control" means any of the following:  (i) the Company
     ceases to be, directly or indirectly, owned by at least 1,000 shareholders;
     (ii) a person, partnership, joint venture, corporation or other entity, or
     two or more of any of the
<PAGE>

                                                                               2

     foregoing acting as a "person" within the meaning of Section 13(d)(3) of
     the 1934 Act, other than the Company, a majority-owned subsidiary of the
     Company or an employee benefit plan of the Company or such subsidiary (or
     such plan's related trust), become(s) the "beneficial owner" (as defined in
     Rule 13d-3 under the 1934 Act) of 20% or more of the then outstanding
     voting stock of the Company; and (iii) during any period of two consecutive
     years, individuals who at the beginning of such period constitute the Board
     (together with any new director whose election by the Board or whose
     nomination for election by the Company's shareholders was approved by a
     vote of at least two-thirds of the directors then still in office who
     either were directors at the beginning of such period or whose election or
     nomination for election was previously so approved) cease for any reason to
     constitute a majority of the directors then in office.

          "Code" means the Internal Revenue Code of 1986, as amended from time
     to time.

          "Committee" means the Compensation Committee (or its successor) of the
     Board.

          "Common Stock" means the Company's Common Stock, $1.00 par value per
     share.

          "Company" means Olin Corporation, a Virginia corporation, and any
     successor.

          "Credit Date" means the second Thursday after the regularly scheduled
     board meeting in each calendar quarter (January, April, July and October)
     beginning April 2001.

          "Distribution" means the distribution of all outstanding shares of
     Arch Common Stock to the shareholders of the Company.

          "Distribution Date" means the dividend payment date fixed by the Board
     for the Distribution.

          "Excess Retainer" means with respect to a Non-employee Director the
     amount of the full annual cash retainer payable to such Non-employee
     Director from time to time by the Company for service as a director in
     excess of $25,000, if any; provided that in the event the annual cash
     retainer is prorated to reflect that such Non-employee Director did not
     serve as such for the full calendar year, the $25,000 shall be similarly
     prorated.

          "Fair Market Value" means, with respect to a date, on a per share
     basis, with respect to phantom shares of Common Stock or Arch Common Stock,
     the average of the high and the low price of a share of Common Stock or
     Arch Common Stock, as the case may be, as reported on the consolidated tape
     of the New York Stock Exchange on such date or if the New York Stock
     Exchange is closed on such date, the next succeeding date on which it is
     open.
<PAGE>

                                                                               3

          "Interest Rate" means the rate of interest equal to the Company's
     before-tax cost of borrowing as determined from time to time by the Chief
     Financial Officer, the Treasurer or the Controller of the Company (or in
     the event there is no such borrowing, the Federal Reserve A1/P1 Composite
     rate for 90-day commercial paper plus 10 basis points, as determined by any
     such officer) or such other rate as determined from time to time by the
     Board or the Committee.

          "l934 Act" means the Securities Exchange Act of 1934, as amended from
     time to time.

          "1994 Plan" means the 1994 Stock Plan for Non-employee Directors as in
     effect on October 1, 1997.

          "Non-employee Director" means a member of the Board who is not an
     employee of the Company or any subsidiary thereof.

          "Olin Stock Account" means the Stock Account to which phantom shares
     of Common Stock are credited from time to time.

          "One-time Grant Participant" means a Director with an accrued benefit
     under the Retirement Plan, as shown on Exhibit 1 hereto; provided such
     Director waives his or her rights with respect to the Retirement Plan.
     (See Exhibit 1 for the present value of each such Director's accrued
     benefit as of December 31, 1996.)

          "Plan" means this Olin Corporation 1997 Stock Plan for Non-employee
     Directors as amended from time to time.

          "Prior Plans" means the 1994 Plan and all of the Corporation's other
     directors' compensation plans, programs, or arrangements which provided for
     a deferred cash or stock account.

          "Retirement Date" means the date the Non-employee Director ceases to
     be a member of the Board for any reason; provided that a Non-employee
     Director will not be considered to have incurred a Retirement Date if he
     ceases to be a Non-employee Director to become an Arch Director.

          "Retirement Plan" means the Retirement Plan for Non-employee Directors
     of Olin Corporation as in effect on December 31, 1996.

          "Stock Account" means an account established under the Plan for a Non-
     employee Director to which shares of Common Stock and Arch Common Stock
     have been or are to be credited in the form of phantom stock, which shall
     include the Olin Stock Account and the Arch Stock Account.

     3. Term.  The Plan became effective January 1, 1997. Once effective, the
Plan shall operate and shall remain in effect until terminated by action of the
Board as provided
<PAGE>

                                                                               4

in Section 9 hereof. The Plan was amended and restated effective October 2,
1997, and again effective as of the Distribution Date.

     4.   Administration. Full power and authority to construe, interpret and
administer the Plan shall be vested in the Committee. Decisions of the Committee
shall be final, conclusive and binding upon all parties.

     5.   Participation. All Non-employee Directors shall participate in the
Plan.

     6.   Grants and Deferrals.

          (a)  Annual Stock Grant. Subject to the terms and conditions of the
               ------------------
Plan, on the second Thursday following the regularly scheduled January Board
meeting each year, beginning with 2002, each Non-employee Director shall be
credited with a number of shares of Common Stock with an aggregate Fair Market
Value on such date equal to $24,000, rounded to the nearest 100 shares. To be
entitled to such credit in any calendar year, a Non-employee Director must be
serving as such on January 1 of such year; provided, however, that in the event
a person becomes a Non-employee Director subsequent to January 1 of a calendar
year, such Non-employee Director, on the Credit Date next following his or her
becoming such, shall be credited with that number of shares (rounded up to the
next whole share in the event of a fractional share) of Common Stock equal to
one-twelfth of the number of shares issued to each other Non-employee Director
on the second Thursday following the regularly scheduled January Board meeting
of such year, multiplied by the number of whole calendar months remaining in
such calendar year following the date he or she becomes a Non-employee Director.
Actual receipt of shares shall be deferred and each eligible Non-employee
Director shall receive a credit to his or her Olin Stock Account in the amount
of such shares and on the date of such credit. A Non-employee Director may elect
in accordance with Section 6(f) to defer to his or her Olin Stock Account
receipt of all or any portion of such shares to a date or dates on or following
such Non-employee Director's Retirement Date. Except with respect to any shares
the director has so elected to defer, certificates representing such shares
shall be delivered to the Non-employee Director (or in the event of death, to
his or her beneficiary designated pursuant to Section 6(i)) as soon as
practicable following the date as of which such shares are awarded.

          (b)  Annual Retainer Stock Grant. Subject to the terms and conditions
               ---------------------------
of the Plan, on the second Thursday following the regularly scheduled January
board meeting of each year, beginning with 2002, each Non-employee Director who
is such on January 1 of that year shall receive that number of shares (rounded
up to the next whole share) of Common Stock having an aggregate Fair Market
Value on the second Thursday following the regularly scheduled January board
meeting of $25,000. In the event a person becomes in a calendar year a Non-
employee Director subsequent to January 1 and has not received the annual stock
retainer for such calendar year, such person, on the Credit Date next following
his or her becoming such, shall receive that number of shares (rounded up to the
next whole share in the event of a fractional share) of Common Stock having an
aggregate Fair Market Value on such Credit Date equal to $2,084 times the number
of whole calendar months remaining in such calendar year following the date he
or she becomes a Non-employee Director. The annual cash retainer payable to the
Non-
<PAGE>

                                                                               5

employee Director shall be reduced by the aggregate Fair Market Value of the
shares the Non-employee Director receives or defers as the annual retainer stock
grant (excluding any rounding of fractional shares) on the date such Fair Market
Value is calculated. A Non-employee Director may elect to defer receipt of all
or any portion of such shares in accordance with Section 6(f). Except with
respect to any shares the director has so elected to defer, certificates
representing such shares shall be delivered to such Non-employee Director (or in
the event of death, to his or her beneficiary designated pursuant to Section
6(i)) as soon as practicable following the date as of which the shares are
awarded.

          (c)  One-time Stock Grant. Subject to the terms and conditions of the
               --------------------
Plan, each One-time Grant Participant shall be credited as of January 15, 1997,
with that number of shares (rounded up to the next whole share in the event of a
fractional share) of Common Stock equal to the present value of his or her
accrued benefit under the Retirement Plan, divided by the Fair Market Value per
share on January 15, 1997. Actual receipt of all shares credited under this
Section 6(c) shall be deferred and each One-time Grant Participant shall receive
a credit to his or her Olin Stock Account in the amount of such credit on
January 15, 1997. A One-time Grant Participant may elect in accordance with
Section 6(f) to defer receipt of all or any portion of such shares to a date or
dates following such One-time Grant Participant's Retirement Date. Except with
respect to any shares so deferred, certificates representing such shares shall
be delivered to the One-time Grant Participant (or in the event of death, to his
or her beneficiary designated pursuant to Section 6(i)) as soon as practicable
following his or her Retirement Date.

          (d)  Election to Receive Meeting Fees and Excess Retainer in Stock in
               ----------------------------------------------------------------
Lieu of Cash. Subject to the terms and conditions of the Plan, a Non-employee
------------
Director may elect to receive all or a portion of the director meeting fees and
all or a portion of the Excess Retainer payable in cash by the Company for his
or her service as a director for the calendar year in the form of shares of
Common Stock. Such election shall be made in accordance with Section 6(f). A
Non-employee Director who so elects to receive all or a portion of the Excess
Retainer in the form of shares for such year shall be paid on the second
Thursday following the regularly scheduled January board meeting (or in the case
of proration, when the annual stock retainer is to be paid or credited) a number
of shares (rounded up to the next whole share in the event of a fractional
share) equal to the amount of Excess Retainer which has been elected to be paid
in shares divided by the Fair Market Value per share on the second Thursday
following the regularly scheduled January board meeting of such calendar year
(or in the case of a Non-employee Director who becomes such after January 1, on
the Credit Date next following the day such new Non-employee Director became
such). The number of shares (rounded up to the next whole share in the event of
a fractional share) for a calendar quarter payable to a Non-employee Director
who so elects to receive meeting fees in the form of shares shall be equal to
the aggregate Fair Market Value on the Credit Date next following the meeting
for which such director meeting fees have been earned and which are elected to
be paid in shares. Except with respect to any shares the director has elected to
defer, certificates representing such shares shall be delivered to the Non-
employee Director as soon as practicable following the date as of which the
Excess Retainer and/or meeting fees would have been paid in cash absent an
election hereunder.
<PAGE>

                                                                               6

               (e)  Deferral of Meeting Fees and Excess Retainer. Subject to the
                    --------------------------------------------
terms and conditions of the Plan, a Non-employee Director may elect to defer all
or a portion of the shares payable under Section 6(d) and all or a portion of
the director meeting fees and Excess Retainer payable in cash by the Company for
his or her service as a director for the calendar year. The amount of the Excess
Retainer deferred in cash shall be credited on the second Thursday following the
regularly scheduled January Board meeting (or in the case of proration, on the
first day of the next calendar month following the day such new Non-employee
Director becomes such). Such election shall be made in accordance with Section
6(f). A Non-employee Director who elects to so defer shall have any deferred
shares deferred in the form of shares of Common Stock and any deferred cash fees
and retainer deferred in the form of cash.

               (f)  Elections.
                    ---------

               (1) Deferrals. All elections under Sections 6(a), 6(b), 6(c),
     6(d), 6(e), 6(f)(2) and 6(f)(3) shall (A) be made in writing and delivered
     to the Secretary of the Company and (B) be irrevocable. All Non-employee
     Director elections for payments in cash or stock or for deferrals shall be
     made before January 1 of the year in which the shares of Common Stock or
     director's fees and retainer are to be earned (or, in the case of an
     individual who becomes a Non-employee Director during a calendar year,
     prior to the date of his or her election as a director). All One-time Grant
     Participant elections shall be made before December 31 of the year prior to
     the year in which the shares of Common Stock are to be granted (or, in the
     case of an individual who becomes an Annual Grant Participant during a
     calendar year, before the last day of the calendar month of his or her
     becoming such). Deferral elections shall also (A) specify the portions (in
     25% increments) to be deferred and (B) specify the future date or dates on
     which deferred amounts are to be paid, or the future event or events upon
     the occurrence of which the deferred amounts are to be paid, and the method
     of payment (lump sum or annual installments (up to 10)). However, Non-
     employee Directors may elect to defer all of his or her cash dividends on
     the Stock Account in whole and not in part and all of his or her interest
     on the Cash Account in whole but not in part. Installment payments from an
     Account shall be equal to the Account balance (expressed in shares in the
     case of the Stock Account, otherwise the cash value of the Account) at the
     time of the installment payment times a fraction, the numerator of which is
     one and the denominator of which is the number of installments not yet
     paid. Fractional shares to be paid in any installment shall be rounded up
     to the next whole share. In the event of an election under Section 6(d) for
     director meeting fees or Excess Retainer to be paid in shares of Common
     Stock, the election shall specify the portion (in 25% increments) to be so
     paid. Any change with respect to the terms of a Non-employee Director's
     election for (A) amount or form of any future deferral or the form of
     payment of any director compensation hereunder may be made at any time
     prior to such compensation being earned (and in the case of quarterly fees,
     prior to the start of the quarter in which the fees are to be earned) and
     (B) the timing (which timing may not accelerate a distribution date) or
     amount of payments from any Account shall only be effective if made at
     least six months prior to the payout and in the calendar year prior to the
     calendar year payout is to occur.
<PAGE>

                                                                               7

               (2)  Olin Stock Account. On the Credit Date (or in the case of a
     proration, on the first day of the appropriate calendar month), a Non-
     employee Director who has elected to defer shares under Sections 6(b) or
     6(e) shall receive a credit to his or her Olin Stock Account. The amount of
     such credit shall be the number of shares so deferred (rounded to the next
     whole share in the event of a fractional share). A Non-employee Director
     may elect to defer the cash dividends paid on his or her Stock Account in
     accordance with Section 6(f)(4).

               (3)  Cash Account. On the Credit Date or in the case of the
     Excess Retainer, on the day on which the Non-employee Director is entitled
     to receive such Excess Retainer, a Non-employee Director who has elected to
     defer cash fees and/or the Excess Retainer under Section 6(e) in the form
     of cash shall receive a credit to his or her Cash Account. The amount of
     the credit shall be the dollar amount of such Director's meeting fees
     earned during the immediately preceding quarterly period or the amount of
     the Excess Retainer to be paid for the calendar year, as the case may be,
     and in each case, specified for deferral in cash. A Non-employee Director
     may elect to defer interest paid on his or her Cash Account in accordance
     with Section 6(f)(4).

               (4)  Dividends and Interest. Each time a cash dividend is paid on
     Common Stock or Arch Common Stock, a Non-employee Director who has shares
     of such stock credited to his or her Stock Account shall be paid on the
     dividend payment date such cash dividend in an amount equal to the product
     of the number of shares credited to the Non-employee Director's Olin Stock
     Account or Arch Stock Account, as the case may be, on the record date for
     such dividend times the dividend paid per applicable share unless the
     director has elected to defer such dividend to his or her applicable Stock
     Account as provided herein. If the Non-employee Director has elected to
     defer such dividend, he or she shall receive a credit for such dividends on
     the dividend payment date to his or her Olin Stock Account or Arch Stock
     Account, as the case may be. The amount of the dividend credit shall be the
     number of shares (rounded to the nearest one-thousandth of a share)
     determined by multiplying the dividend amount per share by the number of
     shares credited to such director's applicable Stock Account as of the
     record date for the dividend and dividing the product by the Fair Market
     Value per share of Common Stock or Arch Common Stock, as the case may be,
     on the dividend payment date. A Non-employee Director who has a Cash
     Account shall be paid directly on each Credit Date interest on such
     account's balance at the end of the preceding quarter, payable at a rate
     equal to the Interest Rate in effect for such preceding quarter unless such
     Non-employee Director has elected to defer such interest to his or her Cash
     Account, in which case such interest shall be credited to such Cash Account
     on the Credit Date.

               (5)  Payouts. Cash Accounts and the Arch Stock Account will be
     paid out in cash and Olin Stock Accounts shall be paid out in shares of
     Common Stock unless the Non-employee Director elects at the time the
     payment is due to take the Olin Stock Account in cash. Cash amounts and
     certificates representing shares credited to the Olin Stock Account shall
     be delivered to the Non-employee
<PAGE>

                                                                               8

     Director as soon as practicable following the termination of the deferral
     and consistent therewith.

               (g)  No Stock Rights. Except as expressly provided herein, the
                    ---------------
deferral of shares of Common Stock or Arch Common Stock into a Stock Account
shall confer no rights upon such Non-employee Director, as a shareholder of the
Company or of Arch or otherwise, with respect to the shares held in such Stock
Account, but shall confer only the right to receive such shares credited as and
when provided herein.

               (h)  Change in Control. Notwithstanding anything to the contrary
                    -----------------
in this Plan or any election, in the event a Change in Control occurs, amounts
and shares credited to Cash Accounts (including interest accrued to the date of
payout) and Stock Accounts shall be promptly distributed to Non-employee
Directors except the Olin Stock Account shall be paid out in cash and not in the
form of shares of Common Stock. For this purpose, the cash value of the amount
in the Stock Account shall be determined by multiplying the number of shares
held in the Olin Stock Account or Arch Stock Account by the higher of (i) the
highest Fair Market Value of Common Stock or Arch Common Stock, as appropriate,
on any date within the period commencing 30 days prior to such Change in Control
and ending on the date of the Change in Control, or (ii) if the Change in
Control occurs as a result of a tender or exchange offer or consummation of a
corporate transaction, then the highest price paid per share of Common Stock or
Arch Common Stock, as appropriate, pursuant thereto.

               (i)  Beneficiaries. A Non-employee Director may designate at any
                    -------------
time and from time to time a beneficiary for his or her Stock and Cash Accounts
in the event his or her Stock or Cash Account may be paid out following his or
her death. Such designation shall be in writing and must be received by the
Company prior to the death to be effective.

               (j)  Prior Plan Accounts. As of October 2, 1997, a Participant or
                    -------------------
any former Non-employee Director who had an existing account under any Prior
Plan shall automatically have such account transferred, in the case of an
account denominated in cash, to the Cash Account, and in the case of an account
denominated in Olin Common Stock, to the Olin Stock Account, to be maintained
and administered pursuant to the terms and conditions of this Plan; provided
that prior annual 100- or 204-share grant deferrals shall be treated as
deferrals of 204-share grants under this Plan, the $25,000 annual share grant
under the 1994 Plan shall be treated as deferrals under Paragraph 6(b) hereof
and deferrals of meeting fees under all Prior Plans and of the Excess Retainer
under the 1994 Plan shall be treated as deferrals under Paragraph 6(d) hereof.
Prior elections and beneficiary designations under the 1994 Plan and this Plan
shall govern this Plan unless changed subsequent to October 2, 1997.

               (k)  Adjustment for Distribution. Immediately prior to the
                    ---------------------------
Distribution, the terms of the phantom shares of Common Stock held in the Olin
Stock Account of each Non-Employee Director who will become an Arch Director
shall be amended to provide that such shares shall be paid out in cash based on
the Fair Market Value of such shares at the time of distribution to the Arch
Director. As of the Distribution Date, the Arch Stock Account of each Non-
Employee Director on such date shall be credited with the number of shares of
Arch Common Stock that the Non-Employee Director would have received in
<PAGE>

                                                                               9

the Distribution Date had the Non-Employee Director owned directly the number of
shares of Common Stock held in his or her Olin Stock Account. As of the
Distribution Date, the Cash Account and Stock Account of each Arch Director
(after giving effect to the adjustment described in this Section 6(k)) shall be
transferred to the Arch Directors' Plan provided that the Arch Director provides
the Company with a release, acceptable to the Committee, waiving all rights to
benefits under this Plan.

          With respect to a Non-Employee Director who does not become an Arch
Director, shares credited to his or her Arch Stock Account shall be treated as
follows: (i) to the extent such shares represent a dividend on shares of Common
Stock credited pursuant to paragraph 6(a) of the Plan (or shares arising from
dividend equivalents thereon), such shares shall be deemed credited pursuant to
paragraph 6(a) of the Plan, (ii) to the extent such shares represent a dividend
on shares of Common Stock credited pursuant to paragraph 6(b) of the Plan (or
shares arising from dividend equivalents thereon), such shares shall be deemed
credited pursuant to paragraph 6(b) of the Plan, and (iii) to the extent such
shares represent a dividend on shares of Common Stock credited under paragraph
6(c) of the Plan (or shares arising from dividend equivalents thereon), such
shares shall be deemed credited pursuant to paragraph 6(c) of the Plan.

          (l)  Stock Account Transfers.  A Non-Employee Director may elect from
               -----------------------
time to time to transfer all or a portion (in 25% increments) of his or her Arch
Stock Account to his or her Olin Stock Account. The amount of phantom shares of
Common Stock to be credited to a Non-Employee Director's Olin Stock Account
shall be equal to the number of shares of Common Stock that could be purchased
if the number of phantom shares of Arch Common Stock in his or her Arch Stock
Account being transferred were sold and the proceeds reinvested in Common Stock
based on the Fair Market Value of each. Except as provided in Section 6(f)(4)
with respect to dividends or in Section 8, no additional contributions or
additions may be made to a Non-Employee Director's Arch Stock Account after the
Distribution Date.

     7.   Limitations and Conditions.

          (a)  Total Number of Shares. The total number of shares of Common
               ----------------------
Stock that may be issued to Non-employee Directors under the Plan is 150,000.
Such total number of shares may consist, in whole or in part, of authorized but
unissued shares. The foregoing number may be increased or decreased by the
events set forth in Section 8 below. No fractional shares shall be issued
hereunder. In the event a Non-employee Director is entitled to a fractional
share, such share amount shall be rounded upward to the next whole share amount.

          (b)  No Additional Rights. Nothing contained herein shall be deemed
               --------------------
to create a right in any Non-employee Director to remain a member of the Board,
to be nominated for reelection or to be reelected as such or, after ceasing to
be such a member, to receive any cash or shares of Common Stock under the Plan
which are not already credited to his or her accounts.

     8.   Stock Adjustments. In the event of any merger, consolidation, stock or
other non-cash dividend, extraordinary cash dividend, split-up, spin-off,
combination or
<PAGE>

                                                                              10

exchange of shares or recapitalization or change in capitalization, or any other
similar corporate event, the Committee may make such adjustments in (i) the
aggregate number of shares of Common Stock that may be issued under the Plan as
set forth in Section 7(a) and the number of shares that may be issued to a Non-
employee Director with respect to any year as set forth in Section 6(a) and the
number of shares of Olin Common Stock or Arch Common Stock, as the case may be,
held in a Stock Account, (ii) the class of shares that may be issued under the
Plan and (iii) the amount and type of payment that may be made in respect of
unpaid dividends on shares of Arch Common Stock or Common Stock whose receipt
has been deferred pursuant to Section 6(f), as the Committee shall deem
appropriate in the circumstances. The determination by the Committee as to the
terms of any of the foregoing adjustments shall be final, conclusive and binding
for all purposes of the Plan.

     9.   Amendment and Termination. This Plan may be amended, suspended or
terminated by action of the Board. No termination of the Plan shall adversely
affect the rights of any Non-employee Director with respect to any amounts
otherwise payable or credited to his or her Cash Account or Stock Account.

     10.  Nonassignability. No right to receive any payments under the Plan or
any amounts credited to a Non-employee Director's Cash or Stock Account shall be
assignable or transferable by such Non-employee Director other than by will or
the laws of descent and distribution or pursuant to a domestic relations order.
The designation of a beneficiary under Section 6(i) by a Non-employee Director
does not constitute a transfer.

     11.  Unsecured Obligation. Benefits payable under this Plan shall be an
unsecured obligation of the Company.

     12.  Rule 16b-3 Compliance. It is the intention of the Company that all
transactions under the Plan be exempt from liability imposed by Section 16(b) of
the 1934 Act. Therefore, if any transaction under the Plan is found not to be in
compliance with an exemption from such Section 16(b), the provision of the Plan
governing such transaction shall be deemed amended so that the transaction does
so comply and is so exempt, to the extent permitted by law and deemed advisable
by the Committee, and in all events the Plan shall be construed in favor of its
meeting the requirements of an exemption.
<PAGE>

                                                                              11

                                                                       Exhibit 1

                  Accrued Benefits Under the Retirement Plan
                  -------------------------------------------
                for Non-Employee Directors of Olin Corporation
                ----------------------------------------------

<TABLE>
<CAPTION>
======================================================================================
                                                Present Value of Accrued Benefit as of
Non-employee Director                                    December 31, 1996

--------------------------------------------------------------------------------------
<S>                                             <C>
Richard E. Cavanagh                                          $ 74,000
--------------------------------------------------------------------------------------
William W. Higgins                                           $144,000
--------------------------------------------------------------------------------------
Suzanne Denbo Jaffe                                          $ 90,000
--------------------------------------------------------------------------------------
Jack D. Kuehler                                              $181,000
--------------------------------------------------------------------------------------
H. William Lichtenberger                                     $144,000
--------------------------------------------------------------------------------------
G. Jackson Ratcliffe                                         $138,000
--------------------------------------------------------------------------------------
William L. Read                                              $253,000
--------------------------------------------------------------------------------------
John P. Schaefer                                             $155,000
======================================================================================
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}]]