Document:

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                                                                   EXHIBIT 10.14

               ARCH CHEMICALS, INC. 1999 LONG TERM INCENTIVE PLAN
          (As amended effective October 28, 1999 and December 14, 2000)

Section 1. Purpose

       The purposes of the Arch Chemicals, Inc. 1999 Long Term Incentive Plan
(the "Plan") are to encourage selected salaried employees of Arch Chemicals,
Inc. (together with any successor thereto, the "Company") and its Affiliates (as
defined below) to acquire a proprietary interest in the Company's growth and
performance, to generate an increased incentive to contribute to the Company's
future success and to enhance the ability of the Company and its Affiliates to
attract and retain qualified individuals.

Section 2. Definitions

       As used in the Plan:

       (a)    "Affiliate" means (i) any entity that, directly or through one or
              more intermediaries, is controlled by the Company, and (ii) any
              entity in which the Company has a significant equity interest as
              determined by the Committee.

       (b)    "Award" means any Option, Restricted Stock, Restricted Stock Unit,
              Performance Award or Dividend Equivalent granted under the Plan.

       (c)    "Award Agreement" means any written agreement or other instrument
              or document evidencing an Award granted under the Plan. The terms
              of any plan or guideline adopted by the Board or the Committee and
              applicable to an Award shall be deemed incorporated in and a part
              of the related Award Agreement.

       (d)    "Board" means the Board of Directors of the Company.

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

       (f)    "Committee" means a committee of the Board designated by the Board
              to administer the Plan and composed of not less than two
              directors, each of
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              whom is qualified as a "Non-Employee Director" as contemplated by
              the Section 16 Rules and as an "Outside Director" as defined in
              Code Section 162(m) and any regulations promulgated thereunder.

       (g)    "Dividend Equivalent" means any right granted under Section
              6(d)(iv) of the Plan.

       (h)    "Fair Market Value" means, with respect to any property
              (including, without limitation, Shares or other securities), the
              fair market value of such property determined by such methods or
              procedures as shall be established from time to time by the
              Committee.

       (i)    "Incentive Stock Option" means an option to purchase Shares
              granted under Section 6(a) of the Plan that is intended to meet
              the requirements of Section 422 of the Code or a successor
              provision thereto.

       (j)    "Non-Qualified Stock Option" means an option to purchase Shares
              granted under Section 6(a) of the Plan that is not intended to be
              an Incentive Stock Option.

       (k)    "Option" means an Incentive Stock Option or a Non-Qualified Stock
              Option.

       (l)    "Participant" means a Salaried Employee granted an Award under the
              Plan.

       (m)    "Performance Award" means any award granted under Section 6(c) of
              the Plan.

       (n)    "Person" means any individual, corporation, partnership,
              association, joint-stock company, trust, unincorporated
              organization, or government or political subdivision thereof.

       (o)    "Released Securities" means securities that were Restricted
              Securities with respect to which all applicable restrictions
              imposed under the terms of the relevant Award have expired, lapsed
              or been waived or satisfied.
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       (p)    "Restricted Securities" means Awards of Restricted Stock or other
              Awards under which outstanding Shares are held subject to certain
              restrictions.

       (q)    "Restricted Stock" means any Share granted under Section 6(b) of
              the Plan.

       (r)    "Restricted Stock Unit" means any right granted under Section 6(b)
              of the Plan that is denominated in Shares.

       (s)    "Salaried Employee" means any salaried employee of the Company or
              of an Affiliate.

       (t)    "Section 16 Rules" means the rules promulgated by the Securities
              and Exchange Commission with respect to Section 16 of the
              Securities Exchange Act of 1934, as amended, or any successor
              rules.

       (u)    "Shares" means the common stock of the Company and such other
              securities or property as may become the subject of Awards
              pursuant to an adjustment made under Section 4(b) of the Plan.

Section 3. Administration

       The Plan shall be administered by the Committee which shall have full
power and authority to: (i) designate Participants; (ii) determine the Awards to
be granted to Participants; (iii) determine the number of Shares (or securities
convertible into Shares) to be covered by Awards; (iv) determine the terms and
conditions of any Award; (v) determine whether, to what extent, and under what
circumstances Awards may be settled or exercised in cash, Shares, other
securities, other Awards, or other property, or canceled, substituted, forfeited
or suspended, and the method or methods by which Awards may be settled,
exercised, canceled, substituted, forfeited or suspended; (vi) determine
whether, to what extent, and under what circumstances cash, Shares, other
securities, other Awards, other property and other amounts payable with respect
to an Award under the Plan shall be deferred either automatically or at the
election of the Participant or of the Committee; (vii) interpret and administer
the Plan and any instrument or agreement relating to, or Award made under, the
Plan; (viii) establish, amend,
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suspend or waive such rules and guidelines and appoint such agents as it shall
deem appropriate for the administration of the Plan; and (ix) make any other
determination and take any other action that it deems necessary or desirable for
such administration. All designations, determinations, interpretations and other
decisions with respect to the Plan or any Award shall be within the sole
discretion of the Committee and shall be final, conclusive and binding upon all
Persons, including the Company, any Affiliate, any Participants, any holder or
beneficiary of any Award, any shareholder and any employee of the Company or of
any Affiliate. The Committee's powers include the adoption of modifications,
amendments, procedures, subplans and the like as are necessary to comply with
provisions of the laws of other countries in which the Company or an Affiliate
may operate in order to assure the viability of Awards granted under the Plan
and to enable Participants employed in such other countries to receive benefits
under the Plan and such laws.

Section 4. Shares Available for Awards

       (a)    Shares Available. The aggregate number of Shares available for
              issuance under the Plan shall be 2,123,000 subject to adjustment
              pursuant to subsection (b) below.

       (b)    Adjustments. In the event that 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 Shares
              or other securities of the Company, issuance of warrants or other
              rights to purchase Shares or other securities of the Company, or
              other similar corporate transaction or event affects the Shares
              such that an adjustment is determined by the Committee to be
              appropriate in order to prevent dilution or enlargement of the
              benefits intended to be made available under the Plan, then the
              Committee shall, in such manner as it may deem equitable, adjust
              any or all of (i) the number and type of Shares (or other
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              securities or property) which thereafter may be made the subject
              of Awards, (ii) the number and type of Shares (or other securities
              or property) subject to outstanding Awards, (iii) the grant,
              purchase or exercise price with respect to any Award, or, if the
              Committee deems it appropriate, make provision for a cash payment
              to the holder of an outstanding Award and (iv) the limitation
              contained in Section 4(c). Notwithstanding the foregoing, a
              Participant to whom Dividend Equivalents or dividend units have
              been awarded shall not be entitled to receive a special or
              extraordinary dividend or distribution unless the Committee shall
              have expressly authorized such receipt.

       (c)    Limitation on Awards. Notwithstanding anything contained in this
              Plan to the contrary, grants to any one Participant of Awards
              which represent or are designated in Shares shall not exceed
              300,000 Shares in any calendar year.

Section 5. Eligibility

       Any Salaried Employee, including any officer or employee-director of the
Company or an Affiliate shall be eligible to be designated a Participant.

Section 6. Awards

       (a)    Options. The Committee is authorized to grant Options to
              Participants with the following terms and conditions and with such
              additional terms and conditions, not inconsistent with the
              provisions of the Plan, as the Committee shall determine:

              (i)    Exercise Price. The purchase price per Share purchasable
                     under an Option shall be determined by the Committee;
                     provided, however, that such purchase price shall not be
                     less than the Fair Market Value of a Share on the date of
                     grant of such Option.

              (ii)   Option Term. The term of each Option shall be fixed by the
                     Committee, provided that in no event shall the term of an
                     Option exceed a period of ten years from the date of its
                     grant.
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              (iii)  Exercise. The Committee shall determine the time or times
                     at which an Option may be exercised in whole or in part
                     (but in no event shall an Option be exercisable after the
                     expiration of ten years from the date of its grant), and
                     the method or methods by which, and the form or forms
                     (including, without limitation, cash, Shares, other Awards
                     or other property, or any combination thereof, having a
                     Fair Market Value on the exercise date equal to the
                     relevant exercise price) in which, payment of the exercise
                     price with respect thereto may be made; provided that no
                     Shares may be used by a Participant in payment of the
                     exercise price of an Option unless such Shares were
                     acquired in the open market or have been held by the
                     Participant for at least six months.

              (iv)   Incentive Stock Options. The terms of any Incentive Stock
                     Option granted under the Plan shall comply in all respects
                     with the provisions of Section 422 of the Code, or any
                     successor provision thereto, and any regulations
                     promulgated thereunder. Without limiting the preceding
                     sentence, the aggregate Fair Market Value (determined at
                     the time an option is granted) of Shares with respect to
                     which Incentive Stock Options are exercisable for the first
                     time by a Participant during any calendar year (under the
                     Plan and any other plan of the Participant's employer
                     corporation and its parent and subsidiary corporations
                     providing for Options) shall not exceed such dollar
                     limitation as shall be applicable to Incentive Stock
                     Options under Section 422 of the Code or a successor
                     provision.
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       (b)    Restricted Stock and Restricted Stock Units.

              (i)    Issuance. The Committee is authorized to grant Awards of
                     Restricted Stock and Restricted Stock Units to
                     Participants.

              (ii)   Restrictions. Shares of Restricted Stock and Restricted
                     Stock Units shall be subject to such restrictions as the
                     Committee may impose (including, without limitation, any
                     limitation on the right to vote a Share of Restricted Stock
                     or the right to receive any dividend or other right or
                     property), which restrictions may lapse separately or in
                     combination at such time or times, in such installments or
                     otherwise, as the Committee may deem appropriate, provided
                     that in order for a Participant to vest in Awards of
                     Restricted Stock or Restricted Stock Units where vesting is
                     based solely on continued service, the Participant must
                     remain in the employ of the Company or an Affiliate for a
                     period of not less than three years commencing on the date
                     of grant of the Award, subject to Section 9 hereof and
                     subject to relief for specified reasons as may be approved
                     by the Committee.

              (iii)  Registration. Any Restricted Stock granted under the Plan
                     may be evidenced in such manner as the Committee may deem
                     appropriate, including, without limitation, book-entry
                     registration or issuance of a stock certificate or
                     certificates. In the event any stock certificate is issued
                     in respect of Shares of Restricted Stock granted under the
                     Plan, such certificate shall be registered in the name of
                     the Participant and when delivered to the Participant shall
                     bear an appropriate legend referring to the terms,
                     conditions and restrictions applicable to such Restricted
                     Stock.
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              (iv)   Forfeiture. Except as otherwise determined by the
                     Committee, upon termination of employment for any reason
                     during the applicable restriction period, all Shares of
                     Restricted Stock and all Restricted Stock Units still
                     subject to restriction shall be forfeited and reacquired by
                     the Company; provided, however, that the Committee may, in
                     its sole discretion, waive in whole or in part any or all
                     remaining restrictions with respect to Shares of Restricted
                     Stock or Restricted Stock Units. Unrestricted Shares,
                     evidenced in such manner as the Committee shall deem
                     appropriate, shall be delivered to the holder of Restricted
                     Stock promptly after such Restricted Stock shall become
                     Released Securities.

       (c)    Performance Awards. The Committee is authorized to grant
              Performance Awards to Participants. Subject to the terms of the
              Plan and any applicable Award Agreement, a Performance Award
              granted under the Plan (i) may be denominated or payable in cash,
              Shares (including, without limitation, Restricted Stock or
              Restricted Stock Units), other securities, other Awards or other
              property and (ii) shall confer on the holder thereof rights valued
              as determined by the Committee and payable to, or exercisable by,
              the holder of the Performance Award, in whole or in part, upon the
              achievement of such performance goals during such performance
              periods as the Committee shall establish. Subject to the terms of
              the Plan and any applicable Award Agreement, the performance goals
              to be achieved during any performance period, the length of any
              performance period, the amount of any Performance Award granted,
              and the amount of any payment or transfer to be made pursuant to
              any Performance Award shall be determined by the Committee,
              provided that a performance period shall be at least one year,
              subject to Section 9 hereof.

       (d)    General.

              (i)    No Cash Consideration for Awards. Participants shall not be
                     required to make
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                     any cash payment for the granting of an Award except for
                     such minimum consideration as may be required by applicable
                     law.

              (ii)   Awards May Be Granted Separately or Together. Awards may be
                     granted either alone or in addition to, in tandem with, or
                     in substitution for any other Award or any award or benefit
                     granted under any other plan or arrangement of the Company
                     or any Affiliate, or as payment for or to assure payment of
                     an award or benefit granted under any such other such plan
                     or arrangement, provided that the purchase or exercise
                     price under an Award encompassing the right to purchase
                     Shares shall not be reduced by the cancellation of such
                     Award and the substitution of another Award. Awards so
                     granted may be granted either at the same time as or at a
                     different time from the grant of such other Awards or
                     awards or benefits.

              (iii)  Forms of Payment Under Awards. Subject to the terms of the
                     Plan and of any applicable Award Agreement, payments to be
                     made by the Company or an Affiliate upon the grant,
                     exercise, or payment of an Award may be made in such form
                     or forms as the Committee shall determine, including,
                     without limitation, cash, Shares, other securities, other
                     Awards, or other property or any combination thereof, and
                     may be made in a single payment or transfer, in
                     installments, or on a deferred basis, in each case in
                     accordance with rules and procedures established by the
                     Committee.

              (iv)   Dividend Equivalents or Interest. Subject to the terms of
                     the Plan and any applicable Award Agreement, a Participant,
                     including the recipient of a deferred Award, shall, if so
                     determined by the Committee, be entitled to receive,
                     currently or on a deferred basis, interest or
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                     dividends or interest or dividend equivalents, with respect
                     to the Shares covered by the Award. The Committee may
                     provide that any such amounts shall be deemed to have been
                     reinvested in additional Shares or otherwise reinvested.
                     Notwithstanding the award of Dividend Equivalents or
                     dividend units, a Participant shall not be entitled to
                     receive a special or extraordinary dividend or distribution
                     unless the Committee shall have expressly authorized such
                     receipt.

              (v)    Limits on Transfer of Awards. No Award (other than Released
                     Securities) or right thereunder shall be assignable or
                     transferable by a Participant, other than (unless limited
                     in the Award Agreement) by will or the laws of descent and
                     distribution (or, in the case of an Award of Restricted
                     Securities, to the Company), except that an Option may be
                     transferred by gift to any member of the holder's immediate
                     family or to a trust for the benefit of one or more of such
                     immediate family members, if permitted in the applicable
                     Award Agreement; provided, however, that, if so determined
                     by the Committee, a Participant may, in the manner
                     established by the Committee, designate a beneficiary or
                     beneficiaries with respect to any Award to exercise the
                     rights of the Participant, and to receive any property
                     distributable, upon the death of the Participant. Each
                     Award, and each right under any Award, shall be
                     exercisable, during the Participant's lifetime, only by the
                     Participant or, if permissible under applicable law by the
                     Participant's guardian or legal representative unless it
                     has been transferred to a member of the holder's immediate
                     family or to a trust for the benefit of one or more of such
                     immediate family members, in which case it shall be
                     exercisable only by such transferee. For the purposes of
                     this provision, a holder's "immediate family" shall mean
                     the holder's
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                     spouse, children and grandchildren. No Award (other than
                     Released Securities), and no right under any such Award,
                     may be pledged, attached or otherwise encumbered other than
                     in favor of the Company, and any purported pledge,
                     attachment, or encumbrance thereof other than in favor of
                     the Company shall be void and unenforceable against the
                     Company or any Affiliate.

              (vi)   Term of Awards. Except as otherwise expressly provided in
                     the Plan, the term of each Award shall be for such period
                     as may be determined by the Committee.

              (vii)  Section 16 Rule Six-Month Limitations. To the extent
                     required in order to otherwise satisfy the requirements for
                     exemption under the Section 16 Rules only, any derivative
                     or equity security offered pursuant to the Plan may not be
                     sold for at least six months after acquisition or grant (or
                     such other period as may be required by the Section 16
                     Rules), except in the case of death. Terms used in the
                     preceding sentence shall, for the purposes of such sentence
                     only, have the meanings, if any, assigned or attributed to
                     them under Section 16 Rules.

              (viii) No Rights to Awards. No Salaried Employee, Participant or
                     other Person shall have any claim to be granted an Award,
                     and there is no obligation for uniformity of treatment of
                     Salaried Employees, Participants or holders or
                     beneficiaries of Awards under the Plan. The terms and
                     conditions of Awards need not be the same with respect to
                     each recipient. The prospective recipient of any Award
                     under the Plan shall not, with respect to such Award, be
                     deemed to have become a Participant, or to have any rights
                     with respect to such Award, until and unless such recipient
                     shall have executed an agreement or other instrument
                     accepting the Award and delivered a fully executed copy
                     thereof to
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                     the Company, and otherwise complied with the then
                     applicable terms and conditions.

              (ix)   Delegation. Notwithstanding any provision of the Plan to
                     the contrary, the Committee may delegate to one or more
                     officers or managers of the Company or any Affiliate, or a
                     committee of such officers or managers, the authority,
                     subject to such terms and limitations as the Committee
                     shall determine, to grant Awards to, or to cancel, modify,
                     waive rights or conditions with respect to, alter,
                     discontinue, suspend, or terminate Awards held by, Salaried
                     Employees who are not officers or directors of the Company
                     for purposes of the Section 16 Rules.

              (x)    Withholding. The Company or any Affiliate may withhold from
                     any Award granted or any payment due or transfer made under
                     any Award or under the Plan the amount (in cash, Shares,
                     other securities, other Awards, or other property) of
                     withholding taxes due in respect of an Award, its exercise
                     or any payment under such Award or under the Plan, and take
                     such other action as may be necessary in the opinion of the
                     Company or Affiliate to satisfy all obligations for the
                     payment of such taxes.

              (xi)   Other Compensation Arrangements. Nothing contained in the
                     Plan shall prevent the Company or any Affiliate from
                     adopting or continuing in effect other or additional
                     compensation arrangements, and such arrangements may be
                     either generally applicable or applicable only in specific
                     cases.

              (xii)  No Right to Employment. The grant of an Award shall not be
                     construed as giving a Participant the right to be retained
                     in the employ of the Company or any Affiliate. Nothing in
                     the Plan or any Award Agreement
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                     shall limit the right of the Company or an Affiliate at any
                     time to dismiss a Participant from employment, free from
                     any liability or any claim under the Plan or the Award
                     Agreement.

              (xiii) Governing Law. The validity, construction and effect of the
                     Plan and any rules and regulations relating to the Plan
                     shall be determined in accordance with the laws of the
                     State of Connecticut and applicable Federal law.

              (xiv)  Severability. If any provision of the Plan or any Award is
                     determined to be invalid, illegal or unenforceable in any
                     jurisdiction, or as to any Person or Award, or would
                     disqualify the Plan or any Award under any law deemed
                     applicable by the Committee, such provision shall be
                     construed or deemed amended to conform to applicable laws,
                     or, if it cannot be so construed or deemed amended without,
                     in the determination of the Committee, materially altering
                     the intent of the Plan or the Award, such provision shall
                     be stricken as to such jurisdiction, Person or Award, and
                     the remainder of the Plan and any such Award shall remain
                     in full force and effect.

              (xv)   No Trust or Fund Created. Neither the Plan nor any Award
                     shall create or be construed to create a trust or separate
                     fund of any kind or a fiduciary relationship between the
                     Company or any Affiliate and a Participant or any other
                     Person. To the extent that any Person acquires a right to
                     receive payments from the Company or any Affiliate pursuant
                     to an Award, such right shall be no greater than the right
                     of any unsecured general creditor of the Company or any
                     Affiliate.

              (xvi)  No Fractional Shares. No fractional Shares shall be issued
                     or delivered pursuant to the Plan or any Award, and the
                     Committee shall
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                     determine whether cash, other securities or other property
                     shall be paid or transferred in lieu of any fractional
                     Shares, or whether such fractional Shares or any rights
                     thereto shall be canceled, terminated or otherwise
                     eliminated.

              (xvii) Share Certificates. All certificates for Shares or other
                     securities delivered under the Plan pursuant to any Award
                     or the exercise thereof shall be subject to such stop
                     transfer orders and other restrictions as the Committee may
                     deem advisable under the Plan or the rules, regulations and
                     other requirements of the Securities and Exchange
                     Commission, any stock exchange upon which such Shares or
                     other securities are then listed, and any applicable
                     Federal or state securities laws, and the Committee may
                     cause a legend or legends to be put on any such
                     certificates to make appropriate reference to such
                     restrictions.

              (xviii) Conflict with Plan. In the event of any inconsistency or
                     conflict between the terms of the Plan and an Award
                     Agreement, the terms of the Plan shall govern.

              (xix)  Performance Based Awards. Notwithstanding any provision in
                     this Plan to the contrary, Awards granted under Sections
                     6(b) or 6(c) and designated by the Committee as being
                     performance-based shall have as performance measures Return
                     on Equity, Total Return to Shareholders and/or Cumulative
                     Earnings per Share Growth. For purposes of the Plan,
                     "Return on Equity" shall mean consolidated income of the
                     Company after taxes and before the after-tax effect of any
                     special charge or gain and any cumulative effect of any
                     change in accounting, divided by average shareholders
                     equity; "Total Return to Shareholders" shall mean for the
                     performance period total return to shareholders of $100
                     worth of Shares for such period assuming
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                     reinvestment of dividends on a quarterly basis and
                     "Cumulative Earnings per Share Growth" shall mean the
                     compound annual growth rate for Arch diluted Earnings per
                     Share for the performance or measurement period. The base
                     Earnings per Share upon which the annual growth rate will
                     be computed will be determined by the Committee prior to
                     the start of the performance period. "Earnings per Share"
                     shall mean the actual Arch diluted earnings per share at
                     the end of the performance or measurement period
                     (calculated as the Arch net income available to common
                     stockholders divided by the weighted average number of
                     shares of common stock plus any potential dilutive shares
                     of common stock (such as stock options) outstanding for
                     each year within the performance or measurement period).
                     The Committee shall determine the performance goals for
                     each such performance measure with respect to each such
                     Award.

              (xx)   Transfer from Olin Plans. As of the dividend payment date
                     fixed by the board of directors of Olin Corporation for the
                     distribution of all outstanding shares of common stock of
                     the Company to the shareholders of Olin Corporation
                     ("Distribution"), Options for Shares, options for common
                     stock of Olin Corporation, Restricted Stock Units and
                     restricted stock units of Olin Corporation held by
                     employees of the Company (after giving effect to the
                     adjustment for the Distribution) shall be transferred to
                     this Plan from stock option and incentive plans maintained
                     by Olin Corporation. Any Options and Restricted Stock Units
                     transferred to this Plan shall not reduce the number of
                     Awards that may be designated in Shares for any Participant
                     in any calendar year pursuant to Section 4(c). As used in
                     and for all purposes of the Plan (other than for purposes
                     of Sections 4(a) with respect to
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                     options to purchase stock of Olin Corporation, 4(c) and
                     6(a)(i) of the Plan), the term "Option" includes an option
                     transferred to the Plan in connection with the Distribution
                     ("Transferred Option"), the term "Restricted Stock Unit"
                     includes a restricted stock unit transferred to the Plan in
                     connection with the Distribution ("Transferred Stock Unit")
                     and the term "Award" includes a Transferred Option and a
                     Transferred Stock Unit.

Section 7. Amendment and Termination

       (a)    Amendments to the Plan. The Board (or any authorized committee
              thereof) may amend, suspend, discontinue or terminate the Plan,
              including, without limitation, any amendment, suspension,
              discontinuation or termination that would impair the rights of any
              Participant, or any other holder or beneficiary of any Award
              theretofore granted, without the consent of any shareholder,
              Participant, other holder or beneficiary of an Award, or other
              Person; provided, however, that, notwithstanding any other
              provision of the Plan or any Award Agreement, without the approval
              of the shareholders of the Company, no such amendment, suspension,
              discontinuation or termination shall be made that would (i) amend
              the definition of "Participant" or the definition of "Salaried
              Employee" to include non-employee directors of the Company, (ii)
              except for adjustments provided in Section 4(b), increase the
              number of shares available for issuance under the Plan as
              specified in Section 4(a), or (iii) permit any Award encompassing
              rights to purchase Shares to be granted with per Share purchase or
              exercise prices of less than the Fair Market Value of a Share on
              the date of grant thereof; and provided further that no amendment,
              suspension, discontinuation or termination that would impair the
              rights of such Participant, holder or beneficiary shall be made
              with respect to Section 9 of the Plan after a Change in Control,
              as defined therein.
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       (b)    Amendments to Awards. The Committee may waive any conditions or
              rights with respect to, or amend, alter, suspend, discontinue, or
              terminate, any unexercised Award theretofore granted,
              prospectively or retroactively, without the consent of any
              relevant Participant or holder or beneficiary of an Award,
              provided that no amendment, alteration, suspension,
              discontinuation or termination of an Award that would impair the
              rights of such Participant, holder or beneficiary shall be made
              after a Change in Control, as defined in Section 9; provided
              further that the Committee may not increase the payment of any
              Award granted any Participant.

       (c)    Adjustments of Awards Upon Certain Acquisitions. In the event the
              Company or any Affiliate shall assume outstanding employee awards
              or the right or obligation to make future such awards in
              connection with the acquisition of another business or another
              company, the Committee may make such adjustments, not inconsistent
              with the terms of the Plan, in the terms of Awards as it shall
              deem appropriate.

       (d)    Adjustments of Awards Upon the Occurrence of Certain Unusual or
              Nonrecurring Events. The Committee may make adjustments in the
              terms and conditions of Awards in recognition of unusual or
              nonrecurring events (including, without limitation, the events
              described in Section 4(b) hereof) affecting the Company, any
              Affiliate, or the financial statements of the Company or any
              Affiliate, or of changes in applicable laws, regulations, or
              accounting principles, whenever the Committee determines that
              statements of the Company or any Affiliate, or of changes in
              applicable laws, regulations, or accounting principles, whenever
              the Committee determines that such adjustments are appropriate in
              order to prevent dilution or enlargement of the benefits to be
              made available under the Plan.
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Section 8. Additional Conditions to Enjoyment of Awards.

       (a)    The Committee may cancel any unexpired, unpaid or deferred Awards
              if at any time the Participant is not in compliance with all
              applicable provisions of the Award Agreement, the Plan and the
              following conditions:

              (i)    A Participant shall not render services for any
                     organization or engage, directly or indirectly, in any
                     business which, in the judgment of the Committee or, if
                     delegated by the Committee to the Chief Executive Officer,
                     in the judgment of such Officer, is or becomes competitive
                     with the Company or any Affiliate, or which is or becomes
                     otherwise prejudicial to or in conflict with the interests
                     of the Company or any Affiliate. Such judgment shall be
                     based on the Participant's positions and responsibilities
                     while employed by the Company or an Affiliate, the
                     Participant's post-employment responsibilities and position
                     with the other organization or business, the extent of
                     past, current and potential competition or conflict between
                     the Company or an Affiliate and the other organization or
                     business, the effect on customers, suppliers and
                     competitors of the Participant's assuming the
                     post-employment position, the guidelines established in the
                     then current edition of the Company's Standards of Ethical
                     Business Practices, and such other considerations as are
                     deemed relevant given the applicable facts and
                     circumstances. The Participant shall be free, however, to
                     purchase as an investment or otherwise, stock or other
                     securities of such organization or business so long as they
                     are listed upon a recognized securities exchange or traded
                     over the counter, and such investment does not represent a
                     substantial investment to the Participant or a greater than
                     1% equity interest in the organization or business.
<PAGE>   19
                                                                              19

              (ii)   Participant shall not, without prior written authorization
                     from the Company, disclose to anyone outside the Company,
                     or use in other than the Company's business, any secret or
                     confidential information, knowledge or data, relating to
                     the business of the Company or an Affiliate in violation of
                     his or her agreement with the Company or the Affiliate.

              (iii)  A Participant, pursuant to his or her agreement with the
                     Company or an Affiliate, shall disclose promptly and assign
                     to the Company or the Affiliate all right, title and
                     interest in any invention or idea, patentable or not, made
                     or conceived by the Participant during employment by the
                     Company or the Affiliate, relating in any manner to the
                     actual or anticipated business, research or development
                     work of the Company or the Affiliate and shall do anything
                     reasonably necessary to enable the Company or the Affiliate
                     to secure a patent where appropriate in the United States
                     and in foreign countries.

       (b)    Notwithstanding any other provision of the Plan, the Committee in
              its sole discretion may cancel any Award at any time prior to the
              exercise thereof, if the employment of the Participant shall be
              terminated, other than by reason of death, unless the conditions
              in this Section 8 are met.

       (c)    Failure to comply with the conditions of this Section 8 prior to,
              or during the six months after, any exercise, payment or delivery
              pursuant to an Award shall cause the exercise, payment or delivery
              to be rescinded. The Company shall notify the Participant in
              writing of any such rescission within two years after such
              exercise payment or delivery and within 10 days after receiving
              such notice, the Participant shall pay to the Company the amount
              of any gain realized or payment received as a result of the
              exercise, payment or delivery rescinded. Such payment shall be
              made either in cash or by returning
<PAGE>   20
                                                                              20

              to the Company the number of Shares that the Participant received
              in connection with the rescinded exercise, payment or delivery.

       (d)    Upon exercise, payment or delivery pursuant to an Award, the
              Committee may require the Participant to certify on a form
              acceptable to the Committee, that he or she is in compliance with
              the terms and conditions of the Plan.

       (e)    Nothing herein shall be interpreted to limit the obligations of a
              Participant under his or her employee agreement or any other
              agreement with the Company.

Section 9. Change in Control

       (a)    Except as the Board or the Committee may expressly provide
              otherwise prior to a Change in Control of the Company (as defined
              below), in the event of a Change in Control of the Company:

              (i)    all Options then outstanding shall become immediately and
                     fully exercisable, notwithstanding any provision therein
                     for the exercise in installments;

              (ii)   all restrictions and conditions of all Restricted Stock and
                     Restricted Stock Units then outstanding shall be deemed
                     satisfied as of the date of the Change in Control; and

              (iii)  all Performance Awards shall become vested, deemed earned
                     in full and promptly paid to the Participants, cash units
                     in cash and phantom stock units in the Shares represented
                     thereby or such other securities, property or cash as may
                     be deliverable in respect of Shares as a result of a Change
                     in Control, without regard to payment schedules and
                     notwithstanding that the applicable performance cycle or
                     retention cycle shall not have been completed.
<PAGE>   21
                                                                              21

       (b)    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 shareholders;

              (ii)   a person, partnership, joint venture, corporation or other
                     entity, or two or more of any of the foregoing acting as a
                     "person" within the meaning of Sections 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 under the Act)
                     of 20% or more of the then outstanding voting stock of the
                     Company;

              (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 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;

              (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 surviving corporation (unless the shareholders
                     of the Company immediately following such merger,
                     consolidation, combination, or other
<PAGE>   22
                                                                              22

                     transaction beneficially own, directly or indirectly, more
                     than 50% of the aggregate voting stock or other ownership
                     interests of (x) the entity or 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.

Section 10. Effective Date of the Plan

       The Plan shall be effective as of the Distribution Date.

Section 11. Term of the Plan

       No Award shall be granted under the Plan after January 31, 2009, but
unless otherwise expressly provided in the Plan or in an applicable Award
Agreement, any Award theretofore granted may extend beyond such date.<PAGE>   1
                                                                   Exhibit 10.15

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

        Arch Chemicals, Inc. ("Arch") hereby establishes a Supplemental
Contributing Employee Ownership Plan (the "Plan" or "SCEOP"), effective February
8, 1999, the effective date of the spin-off of Arch from Olin Corporation (the
"Effective Date"). The Plan is hereby restated effective March 1, 2001. 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, Arch was a participating employer in the
multiple employer plan known as the Olin Corporation Contributing Employee
Ownership Plan (the "Olin CEOP"). Effective as of March 1, 2001, Arch withdrew
as a participating employer from the Olin 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. For purposes of this Plan, the term "CEOP" shall refer to the Olin CEOP
prior to March 1, 2001, and to the Arch CEOP on and after March 1, 2001.

        The purpose of this Plan is to permit certain executive employees of
Arch, 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 "Arch" means Arch Chemicals, Inc. and its
        affiliated companies.

<PAGE>   2

                (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.

                (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
        Arch 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 Arch Common Stock
        reflected in such Arch Phantom Units; and (ii) with respect to the Olin
        Phantom Units held in a SCEOP Account of an Arch 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. Any Dividend Equivalents shall be deemed
        reinvested solely in Arch 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.

                (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.

                                       2
<PAGE>   3

                (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 "Arch Participant" means an Arch
        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, Primex 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 who was enrolled in the Olin Supplemental
Contributing Employee Ownership Plan ("Olin SCEOP") as of the Distribution Date
automatically shall become a Participant in this Plan as of its Effective Date,
and the salary reduction agreement in effect as of such date shall be carried
over and remain effective with respect to this Plan for the remainder of the
calendar year. Each other Eligible Employee wishing to participate in this Plan
after the Effective Date 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

                                       3
<PAGE>   4

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.

        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 contributed to the CEOP the maximum amount
permitted by the CEOP and by applicable law for the Plan Year to which such
salary reduction election relates.

                                   ARTICLE III
                           CONTRIBUTIONS AND ACCOUNTS

        3.1     Each Eligible Employee who, immediately prior to the
Distribution Date, was a participant in the Olin SCEOP shall be credited with an
opening Account Balance under this Plan equal to the same number of Arch Phantom
Units, Olin Phantom Units and Primex Phantom Units (if any) as were credited to
his account under the terms of the Olin SCEOP as of the Distribution Date. Any
Eligible Employee whose employment is transferred to Arch after its spin-off
from Olin, but before February 8, 2000, shall have his or her Olin SCEOP account
balances transferred to this Plan and his or her opening Account Balance shall
be determined based upon the number of Olin Phantom Units, Primex Phantom Units,
and Arch Phantom Units credited to his Olin SCEOP account as of the date he
becomes employed by Arch. No additional Olin Phantom Units or Primex Phantom
Units may be acquired under this Plan, whether through the crediting of Dividend
Equivalents, through contributions to the Plan, or through deemed transfers of
sub-accounts under the Plan. Notwithstanding this Section 3.1, no Eligible
Employee who, immediately prior to his employment by Arch, had an account
balance in the Olin SCEOP shall be credited with an initial Account Balance
under this Plan attributable to his participation in the Olin SCEOP until such
employee has released Olin Corporation and its affiliates, and the Olin SCEOP,
from any liability, or claim for benefits, with respect to the employee's
participation in the Olin SCEOP.

        3.2     In conjunction with establishing this Plan, Arch hereby assumes
the liabilities of Olin Corporation and its affiliates for the provision of
benefits to participants who, immediately prior to the Distribution Date, were
participants in the Olin SCEOP and who, as of the Effective Date, transfer to,
and become employed by Arch or its affiliated companies ("Arch Employees"). In
consideration of such assumption of liability, Olin has transferred, as of the
Effective Date, to Arch (or to a rabbi trust established by Arch) the reserves
(including any associated assets held in a rabbi trust or similar vehicle)
reflecting the value of the accrued liabilities being transferred,

                                       4
<PAGE>   5

determined in accordance with Olin's established policies and accounting
methods, uniformly applied for calculating liabilities under its non-qualified
plans.

        3.3     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 Arch Phantom Units equal in value to the sum of (1) the SCEOP Participant
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.

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

        3.5     For purposes of calculating the number of Arch Phantom Units to
be credited to an Arch Participant's SCEOP Account as a result crediting
Dividend Equivalents or contributions, the SCEOP shall use the Current Market
Value for valuing units in the Arch 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 Olin Phantom Units and Primex Phantom Units under this
Plan, the SCEOP shall use the Current Market Value for valuing shares in Olin
Common Stock Fund and units in the Primex Common Stock Fund, respectively, as
defined in the CEOP.

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

        3.7     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

                                       5
<PAGE>   6

same extent that he is actually vested in his CEOP Account Balance. For purposes
of determining an Arch Participant's vested percentage under this SCEOP, such
Participant's past service with Olin shall be recognized to the same extent as
if such service had been rendered with Arch. 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.

        3.8     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, Primex 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, Primex Common Stock or other securities of
these companies, or other similar corporate transaction or event occurs that
affects Arch, Olin or Primex 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 fund, reinvestment of such phantom shares in Arch Phantom Units,
and the like. In the case of a merger for cash with respect to either Primex or
Olin Common Stock, the cash received as a result of such merger shall be deemed
reinvested in Arch 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.

        3.9     Transfers between Arch and Olin. It is contemplated that Plan
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 Olin From Arch. In the event that a Plan Participant
transfers employment to Olin after the Distribution Date and on or prior to
February 8, 2000, benefit accrual under this Plan shall cease and Arch 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 Olin and has otherwise qualified
for benefits hereunder. Arch shall continue to recognize a Participant's service
with Olin and its affiliates subsequent to his transfer to Olin solely for
purposes of determining the Participant's vesting under this Plan.

        (b) Transfer from Olin to Arch. In the event that an Olin employee
transfers employment to Arch from Olin after the Distribution Date and on or
prior to February 8, 2000, benefit accrual

                                       6
<PAGE>   7

under the Olin SCEOP shall cease and Olin shall remain liable for payment of any
benefits accrued under that Plan to the employee's date of transfer to Arch. No
reserves shall be transferred from Olin or the Olin SCEOP with respect to such
Olin employee. Benefits shall not commence under the Olin SCEOP until the former
Olin employee terminates service with Arch and its affiliates and has otherwise
qualified for benefits under the Olin SCEOP. Following such transfer, Olin shall
continue to credit such employee's service with Arch and its affiliates
subsequent to his transfer to Arch solely for purposes of determining his
vesting under the Olin 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 Arch (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 Arch Employee
is re-employed by Olin on or prior to February 8, 2000, and again participates
in the Olin SCEOP, no separation from service shall be deemed to occur
permitting a distribution of benefits from this Plan.

        4.2     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 Arch 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.

        4.3     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.

        4.4     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 Arch Common Stock Fund and, if applicable, the
Olin 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.

                                       7
<PAGE>   8

        4.5     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 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 Pension Administration and 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

                                       8
<PAGE>   9

                (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.

                                   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 or the prior Olin Supplemental Contributing
Ownership 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;

                                       9
<PAGE>   10

                (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 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 Arch Common Stock
        reflected in a Participant's Arch 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 Arch
        Phantom Units held in his SCEOP Account; then

                                       10
<PAGE>   11

        (iii) adding the then Current Market Value of that portion of a
        Participant's SCEOP Account which is deemed invested in Olin 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.

        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,

                                       11
<PAGE>   12

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.

        IN WITNESS WHEREOF, Arch Chemicals, Inc. has caused this restated Plan
to be executed by its duly authorized officer as of March 1, 2001.

                                    ARCH CHEMICALS, INC.

                                    By:
                                         -------------------------------------
                                         Hayes Anderson
                                         Its Vice President of Human Resources

                                       12

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