Document:

EXECUTION COPY

	
                                
	
     WAIVER NO. 3 dated as of July 1, 2004, (this "Waiver") to the FIVE-YEAR CREDIT AGREEMENT dated as of October 28, 1999, as amended through the date hereof (as it may be further amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), among CROMPTON CORPORATION (formerly known as CK Witco Corporation) (the "Company"); the Eligible Subsidiaries referred to therein; the BANKS referred to therein; JPMORGAN CHASE BANK, as Syndication Agent; CITICORP USA, INC. (as successor to Citibank, N.A. in its capacity as Administrative Agent), as Administrative Agent; and BANK OF AMERICA, N.A. and DEUTSCHE BANK SECURITIES INC. (formerly known as DEUTSCHE BANC ALEX. BROWN INC.), as Co-Documentation Agents.

               WHEREAS, the Company, the Eligible Subsidiaries, the Banks, the Co-Documentation Agents, the Syndication Agent and the Administrative Agent are parties to the Credit Agreement;

               WHEREAS, pursuant to the Credit Agreement, the Banks have made and agreed to make certain loans to the Borrowers; and

               WHEREAS, the Company has requested, and the Banks whose signatures appear below, constituting the Required Banks, have agreed that certain provisions of the Credit Agreement be waived in the manner and subject to the conditions set forth herein; 

               NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:

               SECTION 1. Defined Terms.  Capitalized terms used but not defined herein have the meanings assigned to them in the Credit Agreement.

               SECTION 2. Waiver.  The Required Banks hereby waive the provisions of Sections 5.07(a) and (b) of the Credit Agreement through the period ending August 31, 2004; provided that each of the foregoing waivers shall automatically terminate and be of no further force or effect (with the same effect as if it had not been granted), in each case, if (i) the Leverage Ratio at any time shall be greater than 4.5 to 1.00 or (ii) the Interest Coverage Ratio for the four-fiscal quarter period ending on June 30, 2004 shall be less than 2.25 to 1.00; provided further that so long as either waiver remains in effect, the aggregate amount of Borrowings and Letters of Credit under the Credit Agreement shall not exceed $250,000,000.

               SECTION 3. Representations and Warranties.  To induce the other parties hereto to enter into this Waiver, the Company hereby represents and warrants that:

	The representations and warranties set forth in Article 4 of the Credit Agreement are true and correct on and as of the date hereof, except (i) to the extent such representations and warranties specifically relate to an earlier date and (ii) with respect to Section 4.04(b) of the Credit Agreement, as to any matter which has heretofore been disclosed in writing by the Company to the Banks;
	After giving effect to this Waiver, no Default or Event of Default has occurred and is continuing; 
	This Waiver shall, when duly executed and delivered by the Company and upon satisfaction of the conditions to effectiveness of this Waiver set forth in Section 4 below, constitute a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

               SECTION 4. Conditions to Effectiveness.  This Waiver shall become effective on the date on which each of the following conditions has been satisfied:

	The Administrative Agent shall have received counterparts of this Waiver that, when taken together, bear the signatures of the Company and the Required Banks.
	The Company shall have paid all fees and expenses (including, to the extent invoiced, all fees, charges and disbursements of counsel) required to be reimbursed or paid by the Company under the Credit Agreement.

               SECTION 5. Effect of Waiver.  Except as expressly set forth herein, this Waiver shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Banks under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle the Company to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Waiver shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein.

               SECTION 6. Counterparts.  This Waiver may be executed by one or more parties to this Waiver in any number of separate counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one contract.  Delivery of an executed counterpart of a signature page of this Waiver by facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof.

               SECTION 7. APPLICABLE LAW.  THIS WAIVER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

               SECTION8. Headings.  Section headings used herein are for convenience of reference only, are not part of, and are not to be taken into consideration in interpreting, this Waiver.

               SECTION 9. Expenses.  The Company shall reimburse the Administrative Agent and the Collateral Agent for their reasonable out-of-pocket expenses in connection with this Waiver, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP.

               IN WITNESS WHEREOF, the Company, the Administrative Agent and the undersigned Banks have caused this Waiver to be duly executed by their duly authorized officers, all as of the date first above written.

CROMPTON CORPORATION,

 

 

	
           
	
By
	
                                     

	 	 	 	 	 
	 	 	
Name: 
	 	 
	
	
	
	

	 	 	
Title:
	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	
By
	 	 	 
	 	 	 	 	 
	 	 	
Name: 
	 	 
	
	
	
	

	 	 	
Title:
	 	 

Each of the Subsidiary Guarantors hereby acknowledges receipt of, and consents to the terms of, this Waiver.

 

UNIROYAL CHEMICAL COMPANY, INC. (D/B/A

CROMPTON MANUFACTURING COMPANY, INC.),

 

 

By

Name: 

Title:

 

 

By

Name: 

Title:

 

 

CROMPTON INTERNATIONAL CORPORATION,

 

 

By

Name: 

Title:

 

 

By

Name: 

Title:

 

 

CITICORP USA, INC., individually, as Administrative Agent and as Collateral Agent,

 

 

By

Name: 

Title:

Signature Page to the Crompton corporation WAIVER dated as of JuLy 1, 2004 to the FIVE-YEAR Credit Agreement dated as of October 28, 1999, as amended through the date hereof

 

Name of Institution: _____________________________

By

Name: 

Title:June 30, 2003

April 27, 2004

 

Vincent A. Calarco

This letter is intended to set forth the agreement ("Agreement") regarding your

retirement from employment with Crompton Corporation ("Crompton") (Crompton,

together with all of its affiliates, shall herein be referred to as the "Company") effective

June 30, 2004 (the "Retirement Date").  

1.Consideration.  In consideration of your agreement to and your continued

compliance with each of the terms set forth in this Agreement, including the release set

forth in Section 4, the Company shall provide to you the following benefits to which you

are not otherwise entitled:

	Stock Options.  You have been granted 372,500 options under the

Crompton Corporation 1998 Long-Term Incentive Plan (the "1998

LTIP") that will not have vested on the Retirement Date.  The

Company will vest those options on the Retirement Date. You may

exercise any vested stock option granted to you  under the 1998 LTIP

and the Crompton Corporation 1988 Long-Term Incentive Plans (the

"1988 LTIP") until the earlier of (i) the expiration date of the option, as

shown on Attachment 1 hereto, or (ii) June 30, 2009.  All stock options

granted to you under the 1988 LTIP or the 1998 LTIP that are

incentive stock options shall be converted to nonqualified stock options

on the Retirement Date.  Accordingly, you will be eligible to exercise

the stock options set out in Attachment 1 hereto on and after the

Retirement Date.

	Restricted Stock. You have been granted 130,000 shares of restricted

stock under the 1998 LTIP which will not have vested on the

Retirement Date.  The Company will vest 108,333 of those shares of

restricted stock on the Retirement Date.  Accordingly, you will receive

the shares of restricted stock set out in Attachment 2 not later than

fifteen (15) business days following the Retirement Date.

	Management Incentive Plan.  The Company will pay you one half of

the annual bonus, if any, that you would have earned for the year

2004 if you had been a participant in the Management incentive Plan

during the entire year and met all of your personal objectives for the

year.

	Consulting Agreement.  On or before the Retirement Date, the

Company will enter into a consulting Agreement with you in the form

attached hereto as Attachment 3.

	Automobile.  As soon as practicable after the Retirement Date, the

Company shall assign to you the Company automobile currently used

by you.  The Company shall thereafter have no further obligation for

insurance, maintenance or other expenses associated with such Company automobile.

	Financial Planning and Tax Return Preparation.  The Company will

reimburse you for expenditures you make for financial planning and

tax return preparation up to a maximum of $5,000 per annum for each

of the years 2005 through 2009.  You agree to provide the Company

with evidence satisfactory to the Company of any such expenditures

for which reimbursement is sought. 

	Other Effects of Retirement.  Except as otherwise provided in this

Agreement, effective as of the Retirement Date, you shall be treated like any other

employee whose employment has terminated by reason of retirement.

	Resignation from the Board of Directors.  Immediately following the

2004 Annual meeting of the Shareholders of the Company, you will

submit your written resignation from the Board of Directors of the

Company.  As soon as reasonably practicable thereafter, you will

surrender your office at the Company's headquarters in Middlebury,

CT.

	Termination of Participation.  Except as otherwise provided in this

Agreement, your continued participation in each and every

Company benefit plan, policy, program or practice shall terminate

on the Retirement Date in accordance with the terms of such plan,

policy, program or practice.

	Accrued Vacation Pay.   Not later than fifteen (15) days following

the Retirement Date, the Company will pay you for your accrued

and unused vacation as of June 30, 2004.

	401(k) Plan Distribution.  As soon as reasonably practicable

following the Retirement Date and in accordance with the terms of

the plan, the Company will cause the plan to distribute an amount

equal to the then current balance in your 401(k) account with the

Company to you or to your rollover IRA at your election.

 

 

 

 

 

	Benefit Equalization Plan Distribution.   As soon as reasonably

practicable following the Retirement Date, the Company will cause

the Benefit Equalization Plan to pay over to you in cash the

balance in your Benefit Equalization Plan Account after withholding

such amount as is required  to satisfy tax withholding requirements.

	Employee Stock Ownership Plan ("ESOP") Distribution.  As soon

as reasonably practicable following the Retirement Date, the

Company will cause the ESOP to pay over to you in cash or

securities the balance of your ESOP account with the Company.

	Supplemental Retirement Agreement.  Not later than fifteen days

following the Retirement Date, the Company shall pay to you the

sum of Eleven Million Eight Hundred Seventeen Thousand Two

hundred Twenty - Six Dollars ($11,817,226) in accordance with the

terms of, and in full satisfaction and discharge of its obligations to

you under your Supplemental Retirement Agreement, dated as of

October 21, 1999.

	Medical and Dental Coverage.  Effective July 1, 2004, you and

your spouse are eligible to participate in the Supplemental Medical

and Dental Plan for Executives of Crompton Corporation in

accordance with the terms of such plan, a copy of which is

attached hereto as Attachment 4 and incorporated herein by

reference.

	Restrictions on Sale of Stock.  The Company will impose no

restrictions on your sale of shares of the Company's stock after the

Retirement Date.  You will of course remain subject to all

requirements of law with respect to the purchase and sale of

securities.

	Tax Withholding.  All amounts paid by the Company (including

amounts paid under the 1988 LTIP and the 1998 LTIP) under this

Agreement will be subject to the applicable tax and social security

withholding and reporting.

 

3.Return of Company Property.  By signing below, you represent that you

will return to the Company, on or before the Retirement Date, all Company property

including, without limitation, credit cards, identification badges, parking tags and keys to

any Company facilities, and any reports, files, memoranda, records and software,

computer access codes or disks, instructional manuals, and any other physical or

personal property that you received in connection with your employment with the

Company that you have in your possession, and that you have not retained any copies,

duplicates, reproductions or excerpts thereof; provided, that you may retain your laptop

computer and the office equipment located in your home office.

4.Release and Other Promises.  The intent of this section is to secure your

promise not to sue the Company, or anyone connected with it for any Claims (as

hereinafter defined) you may have against the Released Parties (as hereinafter

defined)  in connection with your employment or separation from employment, in return

for the benefits described in this Agreement.  Accordingly, in exchange for the benefits

described in Section 1 above ("Consideration"), you hereby agree as follows:

(a)Release.  Except as otherwise provided in this Section 4(a), you

hereby release the Company and all of its past, present and/or future

divisions, affiliates and subsidiaries, and its and their officers, directors,

stockholders, trustees, employees, agents, representatives,

administrators, attorneys, insurers, employee benefit plans, fiduciaries,

predecessors, successors and assigns, in their individual and/or

representative capacities (hereinafter collectively referred to as the

"Released Parties"), from any and all causes of action, suits, agreements,

promises, damages, disputes, controversies, contentions, differences,

judgments, claims and demands of any kind whatsoever ("Claims") which

you or your heirs, executors, administrators, successors and assigns ever

had, now have or may have against the Released Parties, whether legal

or equitable, whether known or unknown to you, and whether asserted or

unasserted, (i) arising out of, in connection with, or otherwise by reason of

your employment and/or cessation of employment with the Company,

including without limitation claims under the SERA Agreement or any

other agreement with the Company, or (ii) otherwise involving facts which

occurred on or prior to the date that you sign this Agreement.

 

Such released Claims include, without limitation, any and all Claims under

Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1871, the

Civil Rights Act of 1991, the Fair Labor Standards Act, the Family and

Medical Leave Act of 1993, the Americans With Disabilities Act, the

Employee Retirement Income Security Act of 1974 (including, without

limitation, any claim for severance pay), the Connecticut Fair Employment

Practices Act, and any and all other federal, state or local laws, statutes,

rules and regulations pertaining to employment (each as amended); any

and all Claims under state contract or tort law; any and all Claims based

on the design or administration of any Company employee benefit plan or

program or arising under any Company policy, procedure, or employee

benefit plan; any and all Claims for wages, commissions, bonuses,

continued employment with the Company in any position, and

compensatory, punitive or liquidated damages; and any and all Claims for

attorneys' fees and costs.  Notwithstanding the foregoing, nothing

contained herein shall interfere with or waive your right to enforce this

Agreement in a court of competent jurisdiction, and nothing herein shall

prevent you from challenging the validity of the release under the Older

Workers' Benefits Protection Act contained in Section 4(c);

(b)Remedy for Breach of Promises.  To the extent this provision is not

prohibited by applicable law, if you commence, continue, join in, or in any

other manner attempt to assert any Claim released herein against the

Released Parties (exclusive of Claims described in Section 4(c) below), or

otherwise breach the promises made in this Agreement, you shall

reimburse the Released Parties for all attorneys' fees incurred by the

Released Parties in defending against such a Claim and the Company

shall have a right to the return of all Consideration paid to you pursuant to

this Agreement (exclusive of that portion of the Consideration described

in Section 4(c) below), together with interest thereon from the date the

same was paid to you, and to cease furnishing to you any further

Consideration described in this Agreement (exclusive of that portion of

the Consideration described in Section 4(c) below); provided that this

right of return of such Consideration and the cessation of payment of

further Consideration is without prejudice to the Released Parties' other

rights hereunder, including any right to obtain an agreement and release

of any and all claims against the Released Parties;

(c)Release of Claims Under the Age Discrimination in Employment

Act of 1967, as amended.  The Claims released by you pursuant to this

Section 4 also include any and all Claims arising under the Age

Discrimination in Employment Act of 1967, as amended by the Older

Workers' Benefit Protection Act of 1990.  You acknowledge and agree

that 20% of the cash value of the Consideration described in Section 1

above has been paid to you solely in order to effect a valid waiver of your

claims under the Age Discrimination in Employment Act of 1967;

(d)No Lawsuits.  To the extent this provision is not prohibited by

applicable law, you hereby represent that you have not filed, and shall not

hereafter file, any claim against the Released Parties relating to your

employment and/or separation from employment with the Company, or

otherwise involving facts which occurred on or prior to the date that you

signed this Agreement, other than a Claim that the Company has failed to

provide you with the Consideration described in this Agreement;

(e)Continued Confidentiality Obligation.  You understand and agree

that in the course of your employment with the Company, you have

acquired confidential information and trade secrets concerning personal,

business, financial, technical and other information and material,

including the Company's operations, processes, technology, contracts,

future plans and methods of doing business, which are the property of the

Company and which involve the Company and the Company's employees,

which information you understand and agree would be extremely

damaging to the Company if disclosed to a competitor or a third party. 

You understand and agree that such information has been divulged to you

in confidence, and you agree to forever keep such information secret

and confidential, and that you shall not communicate or disclose to any

third party, or use for your own account, without prior written consent of

the Company, any of the aforementioned information or material, except

as required by law, unless and until such information or material becomes

generally available to the public through no fault of yours.  In view of the

nature of your employment and the information and trade secrets which

you have received during the course of your employment, you likewise

agree that the Company would be irreparably harmed by any violation, or

threatened violation, of the prohibited disclosure of trade secrets and that,

therefore, the Company shall be entitled to an injunction prohibiting you

from any violation or threatened violation of such disclosure restrictions;

	Nondisparagement.  Neither you nor the Released Parties shall

make any statements, orally or in writing, regardless of whether such

statements are truthful, nor take any actions, which (i) in any way could

disparage the other, or which foreseeably could harm the reputation

and/or goodwill of the other, or (ii) in any way, directly or indirectly, could

knowingly cause or encourage or condone the making of such statements

or the taking of such actions by anyone else; provided, that nothing

contained in this Section 4(f) shall prevent you or the Released Parties

from cooperating fully with any governmental agency or restrict you or the

Released Parties in any manner in the defense of any action brought by a

third party against you or the Released Parties.

(g)Business Activities.

	Non-Solicitation of Employees.  During the one year period

commencing on the Retirement Date (the "Restricted Period"),

you shall not, directly or indirectly, either on your own behalf or

on behalf of any other person, firm or corporation, solicit or

induce, or attempt to solicit or induce, any employee of the

Company to leave the employment of the Company.

	Non-Solicitation of Customers.  During the Restricted Period,

you shall not, directly or indirectly, either on your own behalf or

on behalf of any other person, firm or corporation, solicit or

attempt to divert away from the Company any person or

business enterprise that was a customer of the Company at any

time in the last twenty-four (24) months of your employment with

the Company.

	Reasonableness of Restrictions.  You acknowledge that you

have carefully read and considered the provisions of this

Section 4 and, having done so, agree that the restrictions set

forth in this Section 4 (including, but not limited to, the duration

and geographic scope of the restrictions set forth in this Section

4), are fair and reasonable and are reasonably required for the

protection of the interests of the Company, and do not preclude

you from earning a livelihood, nor do they unreasonably impose

limitations on your ability to earn a living.  You further agree

that the potential harm to the Company of the non-enforcement

of these restrictions outweighs any potential harm to you of their

enforcement by injunction or otherwise.

(h)Cooperation with the Company.  You shall fully cooperate and

assist the Company in any dispute in which the Company is involved and

in which you may have been involved.  Such cooperation and assistance

shall be provided at a time and in a manner which is mutually agreeable to

you and the Company, and shall include providing information, and

documents, submitting to depositions, providing testimony and general

cooperation to assist the Company in defending its position with reference

to any matter. You will be reimbursed in accordance with the Company's

expense reimbursement policy for any reasonable out-of-pocket expense

you incur in fulfilling your obligations under this subparagraph.  In the

event that the Company determines at any time and from time to time, in

its sole discretion, that you have failed to meet your obligations under this

Section 4(h), the Company shall provide you with written notice of such

determination outlining the reasons therefore and providing you a

reasonable opportunity, in light of all of the circumstances, to cure such

failure.

5.Non-Admission of Liability.  The Company is providing you with the

Consideration described in Section 1 of this Agreement solely to ease the impact of

your separation from employment with the Company.  The fact that the Company is

offering this Consideration to you should not be understood as an admission that the

Company has violated your rights (or the rights of anyone else) in any manner

whatsoever.

6.Acknowledgments.  By signing this Agreement below, you hereby

acknowledge as follows:

(a)Sufficiency of Consideration.  The Consideration received by you

and to be received by you in the future pursuant to this Agreement in

exchange for the release contained in Section 4 and the other promises

contained in this Agreement, are greater in value than anything else to

which you would be entitled from the Company if you did not execute this

Agreement, and the benefits described in this Agreement are being

provided to you in place and stead of any separation benefits to which you

might otherwise be entitled under any applicable policy, plan, and/or

procedure of the Company or under any prior agreement between

yourself and the Company;

(b)No Other Wages or Benefits Due.  Except as described in this

Agreement, you have been paid all wages and attendant benefits due you

from the Company in consideration of the services you rendered while

employed by the Company, including but not limited to vacation pay, sick

or disability pay, overtime pay, holiday pay, expense reimbursement,

bonuses, payments due you from the Company pursuant to any

agreement or other contract to which you and/or the Company was a

party, and any and all monetary or other benefits that are or were due you

pursuant to policies of the Company in effect prior to the Retirement Date; 

(c)Entire Agreement; Prior Agreements.  This Agreement contains the

entire agreement between yourself and the Company regarding the

subject matters hereto and, as such, fully supersedes any and all prior

agreements or understandings between you and the Company pertaining

to the subject matter addressed in this Agreement, except as to any

continuing obligations under the SERA Agreement that are referenced

and incorporated herein.  Specifically, for example, effective on the date

you execute this Agreement, your Employment Agreement with the

Company becomes null and void in all respects.  In agreeing to the terms

of this Agreement, you are not relying upon any written or oral promise or

representation made to you by any employee or representative of the

Company, other than the promises contained herein.  This Agreement

may not be amended, superseded, cancelled, or terminated other than in

writing and unless the writing is signed both by you or your attorney and

by the Company or its attorney or other designated representative; and

(d)No Duress.  You have not been forced or pressured in any manner

whatsoever to sign this Agreement, and you have agreed to all of its

terms voluntarily.  You have read this Agreement in its entirety and have

been given at least twenty-one (21) days to consider all of its terms.  You

have been advised to consult with an attorney and any other advisors of

your choice prior to signing this Agreement.  You fully understand that by

signing below you are giving up any right which you may have to sue or

bring any other Claims against the Company, including but not limited to

the right to sue or bring any other Claims against the Company under the

Age Discrimination in Employment Act of 1967, as amended (the

"ADEA").

7.Confidentiality of this Agreement.  You shall keep this Agreement and its

terms and provisions strictly confidential, except that you may disclose the terms of this

Agreement, on a need to know basis, to federal, state or local authorities, legal counsel

and financial advisors, provided you instruct such persons that the information you

have disclosed to them is to remain confidential.

8.Severability.  The provisions of this Agreement are severable and as

such, if any part of this Agreement is found to be unenforceable, the remaining parts

shall remain valid and enforceable; provided, however, that if you are declared entitled

to litigate any Claims settled by the terms of this Agreement (exclusive of Claims

described in Section 4(c) above), then you shall remit to the Company the

Consideration paid to you pursuant to this Agreement (together with interest thereon)

prior to and as a condition precedent to the commencement or continuation of any

proceedings related to such claims.

9.Notice. Any notice that may be given, or is required to be given, under

this Agreement, will be in writing and will be delivered personally or sent by telecopy or

by certified mail, postage prepaid, return receipt requested and addressed to the

receiving party at the address listed above or such other address as may be

designated by either party hereafter in writing.

10.Arbitration.  Any dispute or controversy arising under or in connection with

this Agreement shall be settled exclusively by arbitration, conducted before a panel of

three arbitrators in the State of Connecticut, in accordance with the rules of the

American Arbitration Association then in effect.  Judgment may be entered on the

arbitrator's award in any court having jurisdiction; provided, however, that the Company

shall be entitled to seek a restraining order or injunction in any court of competent

jurisdiction to prevent any continuation of any violation of Section 4 of this Agreement

and you hereby consent that such restraining order or injunction may be granted

without the necessity of the Company's posting any bond.  The expenses of such

arbitration shall be shared equally by you and the Company.

11.Injunctive Relief.  You agree that in addition to any other remedy at law or

in equity or in this Agreement, the Company shall be entitled to a temporary restraining

order and both preliminary and permanent injunctions restraining you from violating any

provision of Section 4 of this Agreement.

 

 

 

 

12.Successors and Assigns.  This Agreement shall bind and inure to the

benefit of the parties and their respective successors and assigns, legal

representatives and heirs; provided, however, that you may not assign this Agreement

or any of your rights or interest herein, in whole or in part, to any other person or entity

without the prior written consent of the Company.

13.Choice of Law.  The validity, interpretation, construction and performance

of this Agreement shall be governed by the laws of the State of Connecticut, without

regard to that state's choice of law provisions.   

14.Effective Date.  The agreements described in this Agreement shall

become effective on the day you sign and deliver this Agreement to the Company,

except that your agreement to waive any Claims pursuant to Section 4(c) of this

Agreement shall not become effective until the 8th day following the date you sign this

Agreement.  You may revoke your agreement to waive such Claims pursuant to Section

4(c) of this Agreement within seven (7) days after you sign this Agreement by delivering

written notice of revocation to me.  In the event of such revocation, you shall not be

entitled to receive, nor shall you receive, the Consideration set forth in Section 1 of this

Agreement.

CROMPTON CORPORATION

                                       By:______________________

                                       Its:

Accepted and agreed as of

This 27th day of April 2004.

Vincent A. Calarco

 

 

 

STATE OF   _____________________)

:ss

COUNTY OF ____________________)

On this ___ day of _______________(month), ___________(year), before me

personally came Vincent A. Calarco, to me known, and known to me to be the person

described as the employee in, and who executed, the foregoing Agreement, and the

employee duly acknowledged to me that he executed the same.
__________________________________

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