Document:

1997 Stock Plan for Non-employee Directors

 
Exhibit 10(h)

 
OLIN CORPORATION 
AMENDED AND RESTATED 
1997 STOCK PLAN FOR NON-EMPLOYEE DIRECTORS 
 
(As Amended Effective January 30, 2003) 
 
1. Purpose. The purpose of the Olin Corporation 1997 Stock Plan for Non-employee Directors the (“Plan”) is to promote the long-term growth and financial success of Olin Corporation by attracting and retaining
non-employee directors of outstanding ability and by promoting a greater identity of interest between its non-employee directors and its shareholders. 
 
2. Definitions. The following capitalized terms utilized herein have the following meanings: 
 
“Board” means the Board of Directors
of the Company. 
 
“Cash
Account” means an account established under the Plan for a Non-employee Director to which cash meeting fees, Board Chairman fees, Committee Chair fees and retainers, or other amounts under the Plan, have been or are to be credited in the form
of cash. 
 
“Change in
Control” means the occurrence of any one of the following events: 
 
(a) individuals who, on November 1, 2002, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided that any person becoming a
director subsequent to November 1, 2002, whose election or nomination for election was approved (either by a specific vote or by approval of the proxy statement of Olin Corporation in which such person is named as a nominee for director, without
written objection to such nomination) by a vote of at least two-thirds of the directors who were, as of the date of such approval, Incumbent Directors, shall be an Incumbent Director; provided, however, that no individual initially
appointed, elected or nominated as a director of Olin Corporation as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf
of any person other than the Board shall be deemed to be an Incumbent Director; 
 
(b) any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Olin Corporation representing 20% or more of the combined voting power of Olin Corporation’s then outstanding securities eligible to vote
for the election of the Board (the “Olin Voting Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control if such event results from any of the
following: (A) the 

acquisition of Olin Voting Securities by Olin Corporation or any of its subsidiaries, (B) the acquisition
of Olin Voting Securities by any employee benefit plan (or related trust) sponsored or maintained by Olin Corporation or any of its subsidiaries, (C) the acquisition of Olin Voting Securities by any underwriter temporarily holding securities
pursuant to an offering of such securities, or (D) the acquisition of Olin Voting Securities pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)); 
 
(i) the consummation of a merger, consolidation, statutory share exchange or similar form of corporate
transaction involving Olin Corporation or any of its subsidiaries (a “Reorganization”) or sale or other disposition of all or substantially all of the assets of Olin Corporation to an entity that is not an affiliate of Olin
Corporation (a “Sale”), unless immediately following such Reorganization or Sale: (A) more than 50% of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a
corporation) of (x) the entity resulting from such Reorganization, or the entity which has acquired all or substantially all of the assets of Olin Corporation (in either case, the “Surviving Entity”), or (y) if applicable, the
ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the Surviving
Entity (the “Parent Entity”), is represented by Olin Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such Olin Voting Securities were
converted pursuant to such Reorganization or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Olin Voting Securities among the holders thereof immediately prior to the
Reorganization or Sale, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Entity or the Parent Entity), is or becomes the beneficial owner, directly or indirectly, of 20% or more of the
total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the outstanding voting securities of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity)
and (C) at least a majority of the members of the board of directors (or similar officials in the case of an entity other than a corporation) of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) following the consummation of
the Reorganization or Sale were, at the time of the approval by the Board of the execution of the initial agreement providing for such Reorganization or Sale, Incumbent Directors (any Reorganization or Sale which satisfies all of the criteria
specified in (A), (B) and (C) above being deemed to be a “Non-Qualifying Transaction”); 
 
(ii) the stockholders of Olin Corporation approve a plan of complete liquidation or dissolution of Olin Corporation. 
 
Notwithstanding the foregoing , the acquisition by any person of beneficial
ownership of 20% or more of the combined voting power of Olin Voting Securities solely as a result of the acquisition of Olin Voting Securities by Olin Corporation which reduces the number of Olin Voting Securities outstanding shall be deemed not to
result in Change in Control; provided, however, that if such person subsequently becomes the beneficial owner of additional Olin Voting Securities that increases the percentage of outstanding Olin Voting Securities beneficially owned

 
 

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by such person, a Change in Control of Olin Corporation shall then be deemed to occur. 
 
“Code” means the Internal Revenue
Code of 1986, as amended from time to time. 
 
“Committee” means the Compensation Committee (or its successor) of the Board. 
 
“Common Stock” means the Company’s Common Stock, $1.00 par value per share. 
 
“Company” means Olin Corporation, a
Virginia corporation, and any successor. 
 
“Credit Date” means the second Thursday after the regularly scheduled board meeting in each calendar quarter (January, April, July and October). 
 
“Excess Retainer” means with respect to a Non-employee Director the amount of the
full annual cash retainer payable to such Non-employee Director from time to time by the Company for service as a director in excess of $25,000, if any; provided that in the event the annual cash retainer is prorated to reflect that such
Non-employee Director did not serve as such for the full calendar year, the $25,000 shall be similarly prorated. 
 
“Fair Market Value” means, with respect to a date, on a per share basis, with respect to phantom shares of
Common Stock or Spin-Off Company Common Stock, the average of the high and the low price of a share of Common Stock or Spin-Off Company Common Stock, as the case may be, as reported on the consolidated tape of the New York Stock Exchange on such
date or if the New York Stock Exchange is closed on such date, the next succeeding date on which it is open. 
 
“Interest Rate” means the rate of interest equal to the Company’s before-tax cost of borrowing as
determined from time to time by the Chief Financial Officer, the Treasurer or the Controller of the Company (or in the event there is no such borrowing, the Federal Reserve A1/P1 Composite rate for 90-day commercial paper plus 10 basis points, as
determined by any such officer) or such other rate as determined from time to time by the Board or the Committee. 
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 
“Non-employee Director” means a
member of the Board who is not an employee of the Company or any subsidiary thereof. 
 
“Olin Stock Account” means the Stock Account to which phantom shares of Common Stock are credited from time to
time. 
 
“Plan” means
this Olin Corporation 1997 Stock Plan for Non-employee Directors as amended from time to time. 
 

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“Prior Plans” means the 1994 Plan and all of the Corporation’s other directors’ compensation plans, programs, or arrangements which provided for a deferred cash or stock account. 
 
“Retirement Date” means the date the
Non-employee Director ceases to be a member of the Board for any reason. 
 
“Spin-Off Company” means Arch Chemicals, Inc., a Virginia corporation and any successor. 
 
“Spin-Off Company Common Stock” means shares of common stock of the Spin-Off Company, par value $1.00 per share.

 
“Spin-Off Company Stock
Account” means the Stock Account to which phantom shares of Spin-Off Company Common Stock are credited. 
 
“Stock Account” means an account established under the Plan for a Non-employee Director to which shares of
Common Stock and Spin-Off Company Common Stock have been or are to be credited in the form of phantom stock, which shall include the Olin Stock Account and the Spin-Off Company Stock Account. 
 
3. Term. The Plan originally became effective January
1, 1997, and, as amended and restated prior to January 30, 2003, shall remain in effect until shareholder approval of this amendment and restatement. Upon such shareholder approval, this Amended and Restated Plan shall become effective, and shall
operate and shall remain in effect until terminated by action of the Board as provided in Section 9 hereof. 
 
4. Administration. Full power and authority to construe, interpret and administer the Plan shall be vested in the Committee.
Decisions of the Committee shall be final, conclusive and binding upon all parties. 
 
5. Participation. All Non-employee Directors shall participate in the Plan. 
 
6. Grants and Deferrals. 
 
(a) Annual Stock Grant. Subject to the terms and conditions of the Plan, on the second Thursday following the regularly scheduled
January Board meeting each year, each Non-employee Director shall be credited with a number of shares of Common Stock with an aggregate Fair Market Value on such date equal to $45,000, rounded to the nearest 100 shares; provided, however, that for
2003, the total number of shares issuable shall be calculated as of February 13, 2003, but only the shares issuable with respect to $24,000 of the Annual Stock Grant shall be credited to the Olin Stock Accounts of Non-employee Directors, and the
remaining shares (together with dividend equivalents on such shares, if any) shall be credited to the Olin Stock Accounts of the Non-employee Directors as soon as possible after approval of this 
 

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Plan, as amended and restated,
by the Company’s shareholders. It is intended that, in the event this Plan, as amended and restated, is so approved by shareholders, Non-employee Directors shall receive an aggregate $45,000 Annual Stock Grant for 2003, under the Plan as in
existence prior to January 30, 2003 and as amended. To be entitled to such credit in any calendar year, a Non-employee Director must be serving as such on January 1 of such year; provided, however, that in the event a person becomes a Non-employee
Director subsequent to January 1 of a calendar year, such Non-employee Director, on the Credit Date next following his or her becoming such, shall be credited with that number of shares (rounded up to the next whole share in the event of a
fractional share) of Common Stock equal to one-twelfth of the number of shares issued to each other Non-employee Director as the Annual Stock Grant for such year, multiplied by the number of whole calendar months remaining in such calendar year
following the date he or she becomes a Non-employee Director. Actual receipt of shares shall be deferred and each eligible Non-employee Director shall receive a credit to his or her Olin Stock Account in the amount of such shares and on the date of
such credit. A Non-employee Director may elect in accordance with Section 6(f) to defer to his or her Olin Stock Account receipt of all or any portion of such shares to a date or dates on or following such Non-employee Director’s Retirement
Date. Except with respect to any shares the director has so elected to defer, certificates representing such shares shall be delivered to the Non-employee Director (or in the event of death, to his or her beneficiary designated pursuant to Section
6(i)) as soon as practicable following such Non-employee Director’s Retirement Date. 
 
(b) Annual Retainer Stock Grant. Subject to the terms and conditions of the Plan, on the second Thursday following the regularly scheduled January board meeting of each year, each
Non-employee Director who is such on January 1 of that year shall receive that number of shares (rounded up to the next whole share) of Common Stock having an aggregate Fair Market Value on the second Thursday following the regularly scheduled
January board meeting of $25,000. In the event a person becomes in a calendar year a Non-employee Director subsequent to January 1 and has not received the annual stock retainer for such calendar year, such person, on the Credit Date next following
his or her becoming such, shall receive that number of shares (rounded up to the next whole share in the event of a fractional share) of Common Stock having an aggregate Fair Market Value on such Credit Date equal to $2,084 times the number of whole
calendar months remaining in such calendar year following the date he or she becomes a Non-employee Director. The annual cash retainer payable to the Non-employee Director shall be reduced by the aggregate Fair Market Value of the shares the
Non-employee Director receives or defers as the annual retainer stock grant (excluding any rounding of fractional shares) on the date such Fair Market Value is calculated. A Non-employee Director may elect to defer receipt of all or any portion of
such shares in accordance with Section 6(f). Except with respect to any shares the director has so elected to defer, certificates representing such shares shall be delivered to such Non-employee Director (or in the event of death, to his or her
beneficiary designated pursuant to Section 6(i)) as soon as practicable following the date as of which the shares are awarded. 
 
(c) One-time Stock Grant. Subject to the terms and conditions of the Plan, receipt of all shares of Olin Stock credited under the
one-time grants to certain Non-employee Directors that the Company made as of January 15, 1997, shall be deferred. Such Non-employee 
 

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

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(1) Deferrals. All elections under Sections 6(a), 6(b), 6(c), 6(d), 6(e), 6(f)(2) and 6(f)(3) shall (A) be made in writing and delivered to the Secretary of the Company and (B) be irrevocable. All Non-employee Director
elections for payments in cash or stock or for deferrals shall be made before January 1 of the year in which the shares of Common Stock or director’s fees and retainer are to be earned (or, in the case of an individual who becomes a
Non-employee Director during a calendar year, prior to the date of his or her election as a director). Deferral elections shall also (A) specify the portions (in 25% increments) to be deferred and (B) specify the future date or dates on which
deferred amounts are to be paid, or the future event or events upon the occurrence of which the deferred amounts are to be paid, and the method of payment (lump sum or annual installments (up to 10)). However, Non-employee Directors may elect to
defer all of his or her cash dividends on the Stock Account in whole and not in part and all of his or her interest on the Cash Account in whole but not in part. Installment payments from an Account shall be equal to the Account balance (expressed
in shares in the case of the Stock Account, otherwise the cash value of the Account) at the time of the installment payment times a fraction, the numerator of which is one and the denominator of which is the number of installments not yet paid.
Fractional shares to be paid in any installment shall be rounded up to the next whole share. In the event of an election under Section 6(d) for director meeting fees, Board Chairman fees, Committee Chair fees or Excess Retainer to be paid in shares
of Common Stock, the election shall specify the portion (in 25% increments) to be so paid. Any change with respect to the terms of a Non-employee Director’s election for (A) amount or form of any future deferral or the form of payment of any
director compensation hereunder may be made at any time prior to such compensation being earned (and in the case of quarterly fees, prior to the start of the quarter in which the fees are to be earned) and (B) the timing (which timing may not
accelerate a distribution date) or amount of payments from any Account shall only be effective if made at least six months prior to the payout and in the calendar year prior to the calendar year payout is to occur. 
 
(2) Olin Stock Account. On the Credit
Date (or in the case of a proration, on the first day of the appropriate calendar month), a Non-employee Director who has elected to defer shares under Sections 6(b) or 6(e) shall receive a credit to his or her Olin Stock Account. The amount of such
credit shall be the number of shares so deferred (rounded to the next whole share in the event of a fractional share). A Non-employee Director may elect to defer the cash dividends paid on his or her Stock Account in accordance with Section 6(f)(4).

 
(3) Cash Account. On the
Credit Date or in the case of the Excess Retainer, on the day on which the Non-employee Director is entitled to receive such Excess Retainer, a Non-employee Director who has elected to defer cash fees and/or the Excess Retainer under Section 6(e) in
the form of cash shall receive a credit to his or her Cash Account. The amount of the credit shall be the dollar amount of such Director’s meeting fees, Board Chairman fees or Committee Chair fees earned during the immediately preceding
quarterly period or the amount of the Excess Retainer to be paid for the 
 

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calendar year, as the case may be, and in each case, specified for deferral in cash. A
Non-employee Director may elect to defer interest paid on his or her Cash Account in accordance with Section 6(f)(4). 
 
(4) Dividends and Interest. Each time a cash dividend is paid on Common Stock or Spin-Off Company Common Stock, a
Non-employee Director who has shares of such stock credited to his or her Stock Account shall be paid on the dividend payment date such cash dividend in an amount equal to the product of the number of shares credited to the Non-employee
Director’s Olin Stock Account or Spin-Off Company Stock Account, as the case may be, on the record date for such dividend times the dividend paid per applicable share unless the director has elected to defer such dividend to his or her
applicable Stock Account as provided herein. If the Non-employee Director has elected to defer such dividend, he or she shall receive a credit for such dividends on the dividend payment date to his or her Olin Stock Account or Spin-Off Company Stock
Account, as the case may be. The amount of the dividend credit shall be the number of shares (rounded to the nearest one-thousandth of a share) determined by multiplying the dividend amount per share by the number of shares credited to such
director’s applicable Stock Account as of the record date for the dividend and dividing the product by the Fair Market Value per share of Common Stock or Spin-Off Company Common Stock, as the case may be, on the dividend payment date. A
Non-employee Director who has a Cash Account shall be paid directly on each Credit Date interest on such account’s balance at the end of the preceding quarter, payable at a rate equal to the Interest Rate in effect for such preceding quarter
unless such Non-employee Director has elected to defer such interest to his or her Cash Account, in which case such interest shall be credited to such Cash Account on the Credit Date. 
 
(5) Payouts. Cash Accounts and the Spin-Off Company Stock Account will be paid out in
cash and Olin Stock Accounts shall be paid out in shares of Common Stock unless the Non-employee Director elects at the time the payment is due to take the Olin Stock Account in cash. Cash amounts and certificates representing shares credited to the
Olin Stock Account shall be delivered to the Non-employee Director as soon as practicable following the termination of the deferral and consistent therewith. 
 
(g) No Stock Rights. Except as expressly provided herein, the deferral of shares of Common Stock or Spin-Off Company Common Stock
into a Stock Account shall confer no rights upon such Non-employee Director, as a shareholder of the Company or of the Spin-Off Company or otherwise, with respect to the shares held in such Stock Account, but shall confer only the right to receive
such shares credited as and when provided herein. 
 
(h) Change in Control. Notwithstanding anything to the contrary in this Plan or any election, in the event a Change in Control occurs, amounts and shares credited to Cash Accounts (including interest accrued to the date of
payout) and Stock Accounts shall be promptly distributed to Non-employee Directors except the Olin Stock Account shall be paid out in cash and not in the form of shares of Common Stock. For this purpose, the cash value of the amount in the Stock
Account shall be determined by multiplying the number of shares held in the Olin 
 

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Stock Account or the Spin-Off Company Stock Account by the higher of (i) the highest Fair Market Value of
Common Stock or Spin-Off Company Common Stock, as appropriate, on any date within the period commencing 30 days prior to such Change in Control and ending on the date of the Change in Control, or (ii) if the Change in Control occurs as a result of a
tender or exchange offer or consummation of a corporate transaction, then the highest price paid per share of Common Stock or Spin-Off Company Common Stock, as appropriate, pursuant thereto. 
 
(i) Beneficiaries. A Non-employee Director may
designate at any time and from time to time a beneficiary for his or her Stock and Cash Accounts in the event his or her Stock or Cash Account may be paid out following his or her death. Such designation shall be in writing and must be received by
the Company prior to the death to be effective. 
 
(j) Prior Plan Accounts. Any transfers made to a Cash Account or a Stock Account from Prior Plans shall be maintained and administered pursuant to the terms and conditions of this Plan; provided that prior annual 100- or
204-share grant deferrals shall be treated as deferrals of 204-share grants under this Plan, the $25,000 annual share grant under the 1994 Plan shall be treated as deferrals under Paragraph 6(b) hereof and deferrals of meeting fees under all Prior
Plans and of the Excess Retainer under the 1994 Plan shall be treated as deferrals under Paragraph 6(d) hereof. Prior elections and beneficiary designations under the 1994 Plan and this Plan shall govern this Plan unless changed subsequent to
October 2, 1997. 
 
(k) Stock Account
Transfers. A Non-Employee Director may elect from time to time to transfer all or a portion (in 25% increments) of his or her Spin-Off Company Stock Account to his or her Olin Stock Account. The amount of phantom shares of Common Stock to be
credited to a Non-Employee Director’s Olin Stock Account shall be equal to the number of shares of Common Stock that could be purchased if the number of phantom shares of Spin-Off Company Common Stock in his or her Spin-Off Company Stock
Account being transferred were sold and the proceeds reinvested in Common Stock based on the Fair Market Value of each. Except as provided in Section 6(f)(4) with respect to dividends or in Section 8, no additional contributions or additions may be
made to a Non-Employee Director’s Spin-Off Company Stock Account after the Distribution Date. 
 
7. Limitations and Conditions. 
 
(a) Total Number of Shares. The total number of shares of Common Stock that may be issued to Non-employee Directors under the Plan
is 300,000. Such total number of shares may consist, in whole or in part, of authorized but unissued shares. The foregoing number may be increased or decreased by the events set forth in Section 8 below. No fractional shares shall be issued
hereunder. In the event a Non-employee Director is entitled to a fractional share, such share amount shall be rounded upward to the next whole share amount. 
 
(b) No Additional Rights. Nothing contained herein shall be deemed to create a right in any Non-employee Director to remain a
member of the Board, to be nominated for reelection or to be reelected as such or, after ceasing to be such a member, to receive any cash or shares of Common Stock under the Plan which are not already credited to his or her accounts. 
 

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8. Stock
Adjustments. In the event of any merger, consolidation, stock or other non-cash dividend, extraordinary cash dividend, split-up, spin-off, combination or exchange of shares or recapitalization or change in capitalization, or any other similar
corporate event, the Committee may make such adjustments in (i) the aggregate number of shares of Common Stock that may be issued under the Plan as set forth in Section 7(a) and the number of shares that may be issued to a Non-employee Director with
respect to any year as set forth in Section 6(a) and the number of shares of Olin Common Stock or Spin-Off Company Common Stock, as the case may be, held in a Stock Account, (ii) the class of shares that may be issued under the Plan and (iii) the
amount and type of payment that may be made in respect of unpaid dividends on shares of Spin-Off Company Common Stock or Common Stock whose receipt has been deferred pursuant to Section 6(f), as the Committee shall deem appropriate in the
circumstances. The determination by the Committee as to the terms of any of the foregoing adjustments shall be final, conclusive and binding for all purposes of the Plan. 
 
9. Amendment and Termination. This Plan may be amended, suspended or terminated by action of the
Board, except to the extent that amendments are required to be approved by the Company’s shareholders under applicable law or the rules of the New York Stock Exchange or any other exchange or market system on which the Common Stock is listed or
traded. No termination of the Plan shall adversely affect the rights of any Non-employee Director with respect to any amounts otherwise payable or credited to his or her Cash Account or Stock Account. 
 
10. Nonassignability. No right to receive any payments
under the Plan or any amounts credited to a Non-employee Director’s Cash or Stock Account shall be assignable or transferable by such Non-employee Director other than by will or the laws of descent and distribution or pursuant to a domestic
relations order. The designation of a beneficiary under Section 6(i) by a Non-employee Director does not constitute a transfer. 
 
11. Unsecured Obligation. Benefits payable under this Plan shall be an unsecured obligation of the Company. 
 
12. Rule 16b-3 Compliance. It is the intention of the
Company that all transactions under the Plan be exempt from liability imposed by Section 16(b) of the Exchange Act. Therefore, if any transaction under the Plan is found not to be in compliance with an exemption from such Section 16(b), the
provision of the Plan governing such transaction shall be deemed amended so that the transaction does so comply and is so exempt, to the extent permitted by law and deemed advisable by the Committee, and in all events the Plan shall be construed in
favor of its meeting the requirements of an exemption. 
 

101996 Stock Option Plan

 
Exhibit 10(l)

 
1996 STOCK OPTION PLAN 
FOR KEY EMPLOYEES OF 
OLIN CORPORATION AND SUBSIDIARIES 
(As amended as of January 30, 2003) 
 
1. Purpose of the Plan. The general purpose of the 1996
Stock Option Plan for Key Employees of Olin Corporation and Subsidiaries (the “Plan”) is to aid in attracting, maintaining and developing a management capable of assuring the future success of Olin Corporation (“Olin”) by
providing to key employees of Olin and its subsidiaries additional incentive to enlarge their proprietary interest in Olin, to continue and increase their efforts on Olin’s behalf and to remain in the employ of Olin or its subsidiaries.

 
2. Shares Subject to the Plan. Options
may be granted from time to time under the Plan in respect of an aggregate not exceeding 1,500,000 shares of Common Stock of Olin (subject to the provisions of paragraph 15 hereof). Notwithstanding any other provision of the Plan, no person shall be
granted options for more than 300,000 shares (subject to adjustment as provided in paragraph 15) during the term of the Plan. If any option granted under the Plan shall expire or terminate for any reason other than its surrender pursuant to
paragraph 7 (including, without limitation, by reason of its surrender or cancellation, in whole or in part, or the substitution therefor of a new option) without having been exercised in full, the unpurchased shares subject thereto shall (unless
the Plan shall have been terminated) again be available for other options to be granted under the Plan. 
 
3. Administration of the Plan. The Plan shall be administered by a Committee (the “Committee”) appointed by the Board of
Directors of Olin and consisting of not less than three of those Board members, each of whom shall qualify as (a) an “outside director” within the meaning of Section 162(m) of the Internal Revenue Code of 1986 (the “Code”) and
(b) a “disinterested person” within the meaning of Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Act”). 
 
The Committee shall have plenary authority in its discretion, but subject to the express provisions of the
Plan, to determine the purchase price of the Common Stock covered by each option, the employees to whom, and the time or times at which, options shall be granted and the number of shares to be covered by each option; to interpret the Plan; to
prescribe, amend and rescind rules and regulations relating to it; to determine the terms and provisions (and amendments thereof) of the respective option agreements (which need not be identical), including, if the Committee shall determine that a
particular option is to conform to the requirements of any provision of the Internal Revenue Code as amended from time to time, such terms and provisions (and amendments) as shall be requisite in the judgment of the Committee to provide therefor or
to conform to any change in any law or regulation applicable thereto; and to make all other determinations deemed necessary or advisable for the administration of the Plan. The Committee’s determination on the foregoing matters shall be
conclusive. 

 
The Committee
shall select one of its members as its chairman and shall hold its meetings at such times and places as it shall deem advisable. A majority of its members shall constitute a quorum. All determinations of the Committee shall be made by not less than
a majority of its members. A decision or determination reduced to writing and signed by a majority of the members shall be fully as effective as if it had been made by a majority vote at a meeting duly called and held. The Committee may appoint a
secretary, shall keep minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable. The Committee may designate the Secretary of Olin or other employees of Olin to assist the Committee
in the administration of the Plan and may grant authority to such persons to execute option agreements or other documents on behalf of the Committee. 
 
4. Eligibility; Factors to be Considered in Granting Options. Options may be granted only to full-time employees (including
officers) of Olin and of its present and future subsidiary corporations (“subsidiaries”). A Director of Olin or of a subsidiary who is not also such an employee will not be eligible to receive an option. In determining the employees to
whom options shall be granted and the number of shares to be covered by each option, the Committee may take into account the nature of the services rendered by the respective employees, their present and potential contributions to the success of
Olin, and such other factors as the Committee in its discretion shall deem relevant. An employee who has been granted an option under the Plan or under any prior stock option plan of Olin may be granted an additional option or options if the
Committee shall so determine. Nothing contained in the Plan shall be construed to limit the right of Olin to grant or assume options otherwise than under the Plan in connection with the acquisition by purchase, lease, merger, consolidation or
otherwise of the business and assets of any corporation, firm or association, including options granted to employees thereof who become employees of Olin or a subsidiary, or for other proper corporate purposes. 
 
5. Option Prices. The purchase price of the Common
Stock covered by each option shall be determined by the Committee but shall not be less than 100% of the fair market value of the Common Stock at the time of granting the option. Such fair market value shall be determined by the Committee and shall
be taken at no less than the mean of the high and low sales prices of the Common Stock as reported on the consolidated transaction reporting system for New York Stock Exchange issues on such date or, if the Common Stock was not traded on such date,
on the first preceding day on which the Common Stock was traded. 
 
6. Exercise of Options. The Committee shall have authority in its discretion to prescribe in any option agreement that the option will be exercisable in full at any time or from time to time during the term of the option, or
to provide for the exercise thereof in such installments at such times during said term as the Committee may determine. An option may be exercised, at any time or from time to time during the term of the option, as to any or all full shares which
have become purchasable under the provisions of the option but not as to less than 25 shares at any one time. The option price shall be paid in full in cash or its equivalent at the time the option is exercised; provided, however, that the Committee
may 
 

2 

elect to permit such option price to be paid in shares of Common Stock of Olin, or a combination of cash
and shares of Common Stock of Olin, the fair market value of such Common Stock to be determined for such purpose in such manner as shall be selected by the Committee, but not at more than the mean of the high and low sales prices of the Common Stock
as reported on the consolidated transaction reporting system for New York Stock Exchange issues on the date on which the optionee’s written notice of exercise is received by Olin, or if the Common Stock was not traded on such day, on the first
preceding day on which the Common Stock was traded. The term of each option shall be not more than ten years from the date of granting thereof, or such shorter period as is prescribed in paragraphs 11, 13 and 14 hereof. Except as provided in said
paragraphs 11, 13 and 14 hereof, no option may be exercised at any time unless the holder thereof is then a regular employee of Olin or one of its subsidiaries. The holder of an option shall not have any of the rights of a shareholder with respect
to the shares covered by his or her option until such shares shall be issued to him or her upon the due exercise of the option. 
 
In lieu of requiring an optionee to pay in cash such federal, state or local income taxes as may be applicable to exercise of an option
(“withholding taxes”), the Committee may elect to permit withholding taxes to be paid by the optionee in shares of Common Stock of Olin or in a combination of cash and shares of Common Stock of Olin, the fair market value of such Common
Stock to be determined for such purpose as provided in the next preceding paragraph with respect to the use of Common Stock of Olin in payment of the option price. 
 
Shares delivered in payment of an option price or for withholding taxes may be shares withheld by Olin upon
exercise of an option or shares already owned by the optionee. 
 
7. Stock Appreciation Rights. The Committee shall have authority in its discretion to grant a stock appreciation right (“SAR”) to an optionee which shall relate to and have the same terms and conditions as a specific
option granted to the optionee under the Plan (the “related option”) together with such additional terms and conditions, if any, as the Committee in its discretion may prescribe. An SAR may be granted at the same time as the related option
is granted or, except as otherwise provided herein, at any time thereafter prior to the last day on which the related option may be exercised. Each SAR shall be evidenced by written agreement in such form as the Committee shall approve. An SAR shall
entitle the optionee, upon surrender of an exercisable related option or an exercisable portion thereof, to receive a payment, at the election of the Committee, in cash, shares of Common Stock of Olin (and such other shares as may be deliverable as
a result of an adjustment pursuant to paragraph 15 (“adjustment shares”)) or a combination of cash and shares of Common Stock of Olin (and adjustment shares) equivalent to the appreciated value of the shares that the optionee would have
been entitled to purchase pursuant to the related option or portion thereof surrendered. Such appreciated value shall be the difference between the option price of such shares (as adjusted pursuant to paragraph 15) and the fair market value of such
shares (as defined in paragraph 5) on the date on which the optionee’s notice of exercise is received by Olin. If all or a portion of such payment is made in shares of Common Stock of Olin (or adjustment shares), the shares shall be valued for
purposes of such payment at their fair market value, as defined in paragraph 5, on the date on which the optionee’s written notice of 
 

3 

exercise is received by Olin. No fractional shares shall be issued as a result of exercising an SAR.

 
An SAR shall be exercisable only during the
period when the related option is also exercisable. In no event shall an SAR or the related option held by an optionee who is subject to the limitations of Section 16(b) of the Act be exercisable during the first six months following its date of
grant, provided that this restriction shall not apply in the event of the death or disability of the optionee prior to the expiration of such six-month period. If an SAR is exercised, the related option shall cease to be exercisable to the extent of
the number of shares with respect to which the SAR was exercised. Upon the exercise or termination of a related option, the SAR granted with respect thereto shall terminate to the extent of the number of shares as to which the related option was
exercised or terminated. 
 
In lieu of requiring an
optionee to pay cash and receive certificates for shares of Common Stock of Olin (and adjustment shares) upon the exercise of an option, if the option agreement so provides, initially or by amendment, the Committee may elect to require the optionee
to surrender the option to Olin for cancellation as to all or any portion of the number of shares covered by the intended exercise and receive in exchange for such surrender a payment, at the election of the Committee, in cash, in shares of Common
Stock of Olin (and adjustment shares), or a combination of cash and shares of Common Stock of Olin (and adjustment shares) equivalent to the appreciated value of the shares covered by the option surrendered for cancellation. Such appreciated value
shall be the difference between the option price of such shares (as adjusted pursuant to paragraph 15) and the fair market value of such shares, as defined in paragraph 5, on the date on which the optionee’s notice of exercise is received by
Olin. If all or any part of such payment shall be in shares of Common Stock of Olin (or adjustment shares), the shares shall be valued for purposes of such payment at their fair market value, as defined in paragraph 5, on the date on which the
optionee’s notice of exercise is received by Olin. Upon delivery to Olin of a notice of exercise of option, the Committee may avail itself of its right to require the optionee to surrender the option to Olin for cancellation as to shares
covered by such intended exercise. The Committee’s right of election shall expire, if not exercised, at the close of business on the fifth business day following the delivery to Olin of such notice. Should the Committee not exercise such right
of election, the delivery of the aforesaid notice of exercise shall constitute an exercise by the optionee of the option to the extent therein set forth, and payment for the shares covered by such exercise shall become due immediately. 
 
8. Change in Control. In the event of a Change in
Control of Olin, as defined below, each option then outstanding shall become immediately and fully exercisable, notwithstanding any provision therein for the exercise of such option in installments and unless an SAR shall already have been granted
with respect to such option, the optionee shall be deemed to hold an SAR related to such option, exercisable in accordance with and subject to all of the terms and conditions of the first two paragraphs of paragraph 7, for the number of shares
exercisable under such option after giving effect to such acceleration. Such SAR may, but need not be, evidenced by separate written agreement. For the purposes of this 
 

4 

paragraph 8, a Change in Control shall mean the occurrence of any one of the following events:

 
(i) individuals who, on
November 1, 2002, constitute Olin’s Board of Directors (the “Incumbent Directors”) cease for any reason to constitute at least a majority of Olin’s Board of Directors; provided that any person becoming a director
subsequent to November 1, 2002, whose election or nomination for election was approved (either by a specific vote or by approval of the proxy statement of Olin in which such person is named as a nominee for director, without written objection to
such nomination) by a vote of at least two-thirds of the directors who were, as of the date of such approval, Incumbent Directors, shall be an Incumbent Director; provided, however, that no individual initially appointed, elected or
nominated as a director of Olin as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than
Olin’s Board of Directors shall be deemed to be an Incumbent Director; 
 
(ii) any “person” (as such term is defined in Section 3(a)(9) of the Act and as used in Sections 13(d)(3) and 14(d)(2) of the Act) is or becomes a “beneficial owner” (as defined in
Rule 13d-3 under the Act), directly or indirectly, of securities of Olin representing 20% or more of the combined voting power of Olin’s then outstanding securities eligible to vote for the election of Olin’s Board of Directors (the
“Olin Voting Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control if such event results from any of the following: (A) the acquisition of Olin Voting
Securities by Olin or any of its subsidiaries, (B) the acquisition of Olin Voting Securities by any employee benefit plan (or related trust) sponsored or maintained by Olin or any of its subsidiaries, (C) the acquisition of Olin Voting Securities by
any underwriter temporarily holding securities pursuant to an offering of such securities, or (D) the acquisition of Olin Voting Securities pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)); 
 
(iii) the consummation of a merger,
consolidation, statutory share exchange or similar form of corporate transaction involving Olin or any of its subsidiaries (a “Reorganization”) or sale or other disposition of all or substantially all of the assets of Olin to an entity
that is not an affiliate of Olin (a “Sale”), unless immediately following such Reorganization or Sale: (A) more than 50% of the total voting power (in respect of the election of directors, or similar officials in the case of an entity
other than a corporation) of (x) the entity resulting from such Reorganization, or the entity which has acquired all or substantially all of the assets of Olin (in either case, the “Surviving Entity”), or (y) if applicable, the ultimate
parent entity that directly or indirectly has beneficial ownership of more than 50% of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the Surviving Entity
(the “Parent Entity”), is represented by Olin Voting Securities that were outstanding immediately prior to such 
 

5 

Reorganization or Sale (or, if applicable, is represented by shares into which such Olin
Voting Securities were converted pursuant to such Reorganization or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Olin Voting Securities among the holders thereof
immediately prior to the Reorganization or Sale, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Entity or the Parent Entity), is or becomes the beneficial owner, directly or
indirectly, of 20% or more of the total voting power (in respect of the election of directors, or similar officials in the case of an entity other than a corporation) of the outstanding voting securities of the Parent Entity (or, if there is no
Parent Entity, the Surviving Entity) and (C) at least a majority of the members of the board of directors (or similar officials in the case of an entity other than a corporation) of the Parent Entity (or, if there is no Parent Entity, the Surviving
Entity) following the consummation of the Reorganization or Sale were, at the time of the approval by Olin’s Board of Directors of the execution of the initial agreement providing for such Reorganization or Sale, Incumbent Directors (any
Reorganization or Sale which satisfies all of the criteria specified in (A), (B) and (C) above being deemed to be a “Non-Qualifying Transaction”); 
 
(iv) the stockholders of Olin approve a plan of complete liquidation or dissolution of Olin. 
 
Notwithstanding the foregoing, the acquisition by any person
of beneficial ownership of 20% or more of the combined voting power of Olin Voting Securities solely as a result of the acquisition of Olin Voting Securities by Olin which reduces the number of Olin Voting Securities outstanding shall be deemed not
to result in a Change in Control; provided, however, that if such person subsequently becomes the beneficial owner of additional Olin Voting Securities that increases the percentage of outstanding Olin Voting Securities beneficially
owned by such person, a Change in Control of Olin shall then be deemed to occur. 
 
9. Employee’s Agreement to Serve. Each employee receiving an option shall, as one of the terms of the option agreement, agree that he or she will, during employment, devote his or her
entire time, energy and skill to the service of Olin or a subsidiary and the promotion of its interests, subject to vacations, sick leave and other absences in accordance with the regular policies of, or other reasons satisfactory to, Olin and its
subsidiaries. Such employment shall (subject to the terms of any contract between Olin or any such subsidiary and such employee) be at the pleasure of Olin or such subsidiary, and shall be at such compensation as Olin or such subsidiary shall
determine from time to time. Upon termination of such employee’s employment either (a) for cause or (b) voluntarily on the part of the employee and without the written consent of Olin, any option or options held by him or her under the Plan, to
the extent not theretofore exercised, shall forthwith terminate. Retirement pursuant to any retirement plan of Olin or of a subsidiary shall be deemed to be a termination of employment with Olin’s consent. 
 

6 

10. Non-Transferability of Options. No option granted under the Plan shall be
transferable otherwise than by will or the laws of descent and distribution, except an option may be transferred by gift to any member of the optionee’s immediate family or to a trust for the benefit of one or more of such immediate family
members if simultaneously with or prior to its granting the Committee shall have adopted a resolution indicating that such option is transferable. During the lifetime of an optionee, an option shall be exercisable only by the optionee unless it has
been transferred as permitted hereby, in which case it shall be exercisable only by such transferee. For the purpose of this paragraph 10 an optionee’s “immediate family” shall mean the optionee’s spouse, children and
grandchildren. 
 
11. Termination of Employment.
In the event the employment of an employee to whom an option has been granted under the Plan shall be terminated (otherwise than by reason of death), such option may, subject to the provisions of the next to last sentence of paragraph 9 and to
the provisions of paragraph 12, be exercised (to the extent of the number of shares that the employee was entitled to purchase under such option at the termination of employment) at any time within three months after such termination (which
three-month period may be extended by the Committee), but in no event shall such three-month period or any such extension permit the exercise of an option after the expiration date of the option specified in the option agreement therefor. Options
granted under the Plan shall not be affected by any change of duties or position so long as the optionee continues to be an employee of Olin or of a subsidiary. Nothing in the Plan or in any option granted pursuant thereto shall confer on any
employee any right to continue in the employ of Olin or any of its subsidiaries or affect in any way the right of Olin or any of its subsidiaries to terminate his or her employment at any time. 
 
12. Conditions to Enjoyment of Options. The following
conditions shall apply to the grant and exercise of options: 
 
(i) The optionee 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 to the Chief Executive
Officer, in the judgment by such Officer, is or becomes competitive with Olin or any subsidiary, or which is or becomes otherwise prejudicial to or in conflict with the interests of Olin or any subsidiary. Such judgment shall be based on the
optionee’s positions and responsibilities while employed by Olin or any subsidiary, the optionee’s post-employment responsibilities and position with the other organization or business, the extent of past, current and potential competition
or conflict between Olin or a subsidiary and the other organization or business, the effect on customers, suppliers and competitors of the optionee’s assuming the post-employment position, the guidelines established in the then current edition
of Olin’s Code of Business Conduct, and such other considerations as are deemed relevant given the applicable facts and circumstances. The optionee 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 optionee or a greater than 10% equity interest in the
organization or business. 
 

7 

(ii) The optionee shall not, without prior written authorization from
Olin, disclose to anyone outside Olin, or use in other than Olin’s business, any secret or confidential information, knowledge or data, relating to the business of Olin or a subsidiary in violation of his or her agreement with Olin or the
subsidiary. 
 
(iii) The optionee,
pursuant to his or her agreement with Olin or a subsidiary, shall disclose promptly and assign to Olin or the subsidiary all right, title, and interest in any invention or idea, patentable or not, made or conceived by the optionee during employment
by Olin or the subsidiary, relating in any manner to the actual or anticipated business, research or development work of Olin or the subsidiary and shall do anything reasonably necessary to enable Olin or the subsidiary to secure a patent where
appropriate in the United States and in foreign countries. 
 
Notwithstanding any other provision of the Plan, the Committee in its sole discretion, which may be delegated to the Chief Executive Officer of Olin, may cancel any option at any time prior to the exercise thereof, if the employment
of the optionee shall be terminated, other than by reason of death, unless the conditions in this paragraph 12 are met. 
 
Failure to comply with the conditions of this paragraph 12 prior to, or during the six months after, any exercise shall constitute a
rescission of the exercise. The difference between the fair market value (as defined in paragraph 5) on date of exercise of the shares exercised and the option price shall be returned to Olin by the optionee, in cash, within 10 days after notice of
the rescission has been given to the optionee by Olin’s Chief Executive Officer, chief legal officer or chief personnel officer. Such notice may be given at any time within two years of the date of exercise. 
 
Upon exercise of an option, the optionee shall certify on a
form acceptable to the Committee that he or she is in compliance with the terms and conditions of the Plan. 
 
13. Death of an Employee. If an employee to whom an option has been granted under the Plan shall die while employed by Olin or a
subsidiary or after the termination of such employment, such option may, subject to the provisions of the next to the last sentence of paragraph 9 and to the provisions of paragraph 12, be exercised by the legatee or legatees of the employee under
his or her last will, or by his or her personal representatives or distributees or permitted transferee, as follows: if an employee dies while so employed, at any time within one year after the employee’s death (which one-year period may be
extended by the Committee), to the extent of the remaining shares covered by such option, whether or not such shares had become purchasable by the employee at the date of his or her death; and if an employee dies after termination of employment and
within the period an option remains exercisable, at any time within the longer of (i) the period that he or she could have exercised the option had he or she not died or (ii) one year after the date of death (which one-year period may be extended by
the Committee), in either case, to the extent of the number of shares purchasable by such employee or permitted transferee pursuant to the provisions of paragraph 11 at the date of his or her death. Notwithstanding the provisions of this paragraph

 

8 

13, no option shall be exercisable after the expiration date specified in the option
agreement therefor. 
 
14. Disability of an
Employee. If an employee to whom an option has been granted under the Plan shall become totally and permanently disabled, as that term is now defined in Section 22(e)(3) of the Code, as such Section may be amended from time to time, and the
employee’s employment with Olin or a subsidiary is terminated as a result, such option may be exercised by such employee or permitted transferee within one year after the date of termination of employment, provided that no option shall be
exercisable after the expiration date specified in the option agreement therefor nor for more shares than that which could have been purchased thereunder on the date of termination of employment. 
 
15. Adjustments upon Changes inCapitalization.
In the event of any change in the outstanding Common Stock of Olin by reason of stock dividends, stock splits, recapitalization, mergers, consolidations, combinations or exchanges of shares, split-ups, split-offs, spin-offs, liquidations or
other similar changes in capitalization, or any distributions to common shareholders other than cash dividends, the numbers, class and prices of shares covered by outstanding options granted under the Plan and the aggregate number and class of
shares available under the Plan, shall be appropriately adjusted by the Committee, whose determination shall be conclusive. Without limiting the foregoing, in the event of any split-up, split-off, spin-off or other distribution to shareholders of
shares representing a part of Olin’s business, properties and assets, the Committee may, with the consent of an optionee, modify an outstanding option or options so that such option or options shall thereafter relate to shares of Common Stock
of Olin and shares of capital stock of the corporation owning the business, properties and assets so split-up, split-off, spun-off or otherwise distributed to shareholders of Olin in the same ratio in which holders of the Common Stock of Olin became
entitled to receive shares of capital stock of the corporation owning the business, properties and assets so split-up, split-off, spun-off or otherwise distributed. 
 
16. Effectiveness of the Plan. The Plan shall become effective on January 25, 1996, provided the Plan
(and any options granted under the Plan) will terminate if the Plan is not approved by a sufficient number of votes cast by the shareholders at the 1996 Annual Meeting of Shareholders to qualify the Plan for an exemption under Rule 16b-3 of the Act
and for an exception to Section 162(m) of the Code. 
 
17. Time of Granting of Options. The granting of an option pursuant to the Plan shall take place on the date established by the Committee. However, no option may be exercised if the employee to whom the option is granted shall
fail to execute and deliver a copy of the option agreement to the Committee or Olin within 60 days after delivery of the option agreement to such employee. 
 
18. Consent of Employee. Every employee who accepts an option under the Plan shall be bound by the terms and restrictions of the
Plan and his or her acceptance of an 
 

9 

option shall constitute an agreement between him or her and Olin and its subsidiaries and any successors
in interest to any of them. 
 
19. Termination
and Amendment. Unless the Plan theretofore has been terminated as herein provided, it shall terminate on, and no option shall be granted thereunder after, January 25, 2006. The Board of Directors of Olin may at any time prior to that date
terminate the Plan, or make such modification thereof as it shall deem advisable; provided, however, that the Board of Directors may not, without further approval by shareholders of Olin, (a) increase the maximum number of shares for which options
may be granted under the Plan (except for adjustments permitted by Paragraph 15 hereof), (b) change the manner of determining the minimum option prices, other than to change the manner of determining the fair market value of the Common Stock as
stated in paragraph 5 above to conform to any then applicable provisions of the Internal Revenue Code or regulations thereunder, or (c) increase the period during which options may be granted. No termination, modification or amendment of the Plan
may, without the consent of the employee to whom any option shall theretofore have been granted, adversely affect the rights of such employee under such option, except for termination resulting as provided in Paragraph 16 hereof. 
 
20. Incentive Stock Option Limitation. The aggregate
fair market value (determined at the time an option is granted) of Common Stock of Olin with respect to which incentive stock options (as defined in Section 422 of the Code) are exercisable for the first time by an individual during any calendar
year (under the Plan and any other stock option plan of the individual’s employer corporation and its parent and subsidiary corporations) shall not exceed $100,000. 
 
21. Rule 16b-3 Compliance. It is the intention of Olin that the Plan comply in all respects with Rule
16b-3 promulgated under Section 16(b) of the Act with respect to persons who are subject to such Section. Therefore, if any Plan provision is found not to be in compliance with Rule 16b-3, that provision shall be deemed amended as to such persons so
that the Plan does so comply to the extent permitted by law and deemed advisable by the Committee, and in all events the Plan shall be construed in favor of its meeting the requirements of Rule 16b-3 with respect to persons who are subject to
Section 16 of the Act. 
 

10

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