Document:

Exhibit 4.13

 

AMENDMENT NUMBER SIX

TO THE

GREAT LAKES SAVINGS PLAN

 

THIS AMENDMENT NUMBER SIX is executed this          
day of                         ,
2005 by Great Lakes Chemical Corporation (“Corporation”).

 

WITNESSETH:

 

WHEREAS, the Corporation adopted the Great Lakes Savings Plan (“Plan”)
effective as of May 1, 1985, most recently restated the Plan in its
entirety effective as of January 1, 2003,  and later amended the Plan five times; and

 

WHEREAS, the Corporation wishes to amend the Plan to provide automatic
rollovers for certain mandatory distributions;

 

NOW, THEREFORE, the Plan is hereby amended, effective as March 28,
2005, as follows:

 

1.             Section 7.01(b) and
(c), “Retirement and Termination Benefits,” is amended to read as
follows:

 

“(b)         If
the present value of the Vested Accounts of a Participant does not exceed Five
Thousand Dollars ($5,000) at the time of distribution (including his Rollover
Account), his Accounts shall be paid to him in the form of a lump sum as soon
as administratively feasible on or after the date the Participant Retires or
Terminates Employment, as applicable, subject to the requirements of subsections
(1) and (2) below and Section 7.02.  The determination of whether a distribution
may be made pursuant to this subsection shall be made when a Participant
is first eligible to receive a distribution under the Plan, and, if applicable,
at such later date or dates as determined by the Administrator in its sole
discretion.

 

(1)           In
the event of a mandatory distribution (as required under Code Section 401(a)(31)(B) and
29 CFR 2550.404a-2) of a Participant’s Vested Accounts that is greater than One
Thousand Dollars ($1,000) at the time of distribution (including his or her
Rollover Account) in accordance with the provisions of this subsection (b),
and if the Participant does not elect (within the time periods established in Section 7.02)
to have such distribution paid directly to an Eligible Retirement Plan
specified by the Participant in a direct rollover or to receive the distribution
directly under Section 7.01(b), then the Plan Administrator shall pay the
distribution in a direct rollover to an individual retirement plan designated
by the Plan Administrator.

 

 

(2)           In
the event of a mandatory distribution (as required under Code Section 401(a)(31)(B) and
29 CFR 2550.404a-2) of a Participant’s Vested Accounts that does not exceed One
Thousand Dollars at the time of distribution ($1,000) (including his or her
Rollover Account) in accordance with this subsection (b), and if the
Participant does not elect (within the time periods established in Section 7.02)
to have such distribution paid directly to an Eligible Retirement Plan
specified by the Participant in a direct rollover, then the Plan Administrator
shall pay the distribution in a lump sum cash payment directly to the
Participant as soon as administratively feasible on or after his Termination of
Employment or Retirement.

 

(c)           If
the present value of the Vested Accounts of a Participant exceeds Five Thousand
Dollars ($5,000) at the time of distribution (including his Rollover Account),
his Vested Accounts shall be distributed, at the time elected by the
Participant on the Applicable Form, in the form of a lump sum payment, subject
to the requirements under Section 7.02 and Section 7.08.  An election of no benefit distribution is
deemed to be made by a Participant if the Participant does not make an
affirmative distribution election, subject to Section 7.08.  Distributions payable as of any date shall be
made on or as soon as administratively feasible after that date.  The determination of whether a distribution
may be made pursuant to this subsection shall be made when a Participant
is first eligible to receive a distribution under the Plan, and, if applicable,
at such later date or dates as determined by the Administrator in its sole
discretion.”

 

2.             Section 7.02,
“Notice and Consent Requirements,” is amended to read as follows:

 

“Section 7.02.  Notice and Consent Requirements.

 

(a)           At
least thirty (30) days and not more than ninety (90) days before the
distribution to a Participant pursuant to Section 7.01(b), the
Administrator shall provide the Participant with notice of his right to make a
direct rollover (as permitted under Section 7.04), unless otherwise waived
by the Participant pursuant to subsection (c).

 

(b)           A
Participant shall notify the Administrator of the date as of which he wishes
for distribution of his Vested Account to be made pursuant to Section 7.01(c) above
within ninety (90) days before the designated distribution date.  After receipt of such notice from the
Participant and at least thirty (30) days before the distribution date
designated by the Participant, unless otherwise waived by the Participant
pursuant to subsection (c), the Administrator shall provide the Participant
(i) who has not attained age sixty-five (65) with an explanation of his
right to defer receipt of the distribution (if permitted under Section 7.08),
and (ii) notice of his right to make a direct rollover (as permitted under
Section 7.04).  Distribution of the
Vested Accounts of a Participant shall not be made before the Participant
elects such distribution, except as required under Section 7.08, which

 

2

 

election must
be made in writing after receipt of the explanation and notice under (i) and
(ii) respectively from the Administrator described in the preceding
sentence and within ninety (90) days before the designated distribution date.

 

(c)           Distribution
may commence fewer than thirty (30) days after the direct rollover notice in
subsection (a) or (b), as applicable, and the distribution
explanation in subsection (b) is given to the Participant; provided
that (i) the Administrator clearly informs the Participant that the
Participant has a right to a period of at least thirty (30) days after
receiving such notice and explanation to consider the decision of whether or
not to elect a distribution (and, if applicable, a particular distribution
option) or a direct rollover, as applicable, and (ii) the Participant,
after having received such notice, affirmatively elects to receive a
distribution.”

 

3.             Section 7.03,
“Death Benefits and Beneficiaries,” is amended by the addition of a new
paragraph (e) to read as follows:

 

“(e)         If
the beneficiary is the surviving spouse of the Participant, at least thirty
(30) days and not more than ninety (90) days before the distribution to such
surviving spouse pursuant to Section 7.03(a), the Administrator shall
provide the surviving spouse with notice of his right to make a direct rollover
(as permitted under Section 7.04), unless otherwise waived by the
surviving spouse.  Distribution may
commence fewer than thirty (30) days after the direct rollover notice is given
to the surviving spouse, provided that (i) the Administrator clearly
informs the surviving spouse that the surviving spouse has a right to a period
of at least thirty (30) days after receiving such notice and explanation to
consider the decision of whether or not to elect a  direct rollover, and (ii) the surviving
spouse, after having received such notice, affirmatively elects to receive a
distribution.”

 

4.             Section 15.01,
“Nonalienation of Benefits,” is amended by the addition of a new
paragraph (f) to read as follows:

 

“(f)          If
the Alternate Payee is the current or former spouse of the participant (“Spouse
Alternate Payee”), at least thirty (30) days and not more than ninety (90) days
before a distribution to the Spouse Alternate Payee, the Administrator shall
provide the Spouse Alternate Payee with notice of his right to make a direct
rollover (as permitted under Section 7.04), unless otherwise waived by the
Spouse Alternate Payee.  Distribution may
commence fewer than thirty (30) days after the direct rollover notice is given
to the Spouse Alternate Payee, provided that (i) the Administrator clearly
informs the Spouse Alternate Payee that the Spouse Alternate Payee has a right
to a period of at least thirty (30) days after receiving such notice and
explanation to consider the decision of whether or not to elect a  direct rollover, and (ii) the Spouse
Alternate Payee, after having received such notice, affirmatively elects to
receive a distribution.”

 

3

 

5.             In
all other respects, the Plan shall remain unchanged.

 

This Amendment Number Six to the Plan is executed by the duly
authorized officer of Great Lakes Chemical Corporation as of the date first
above written.

 

	
   

  	
  GREAT
  LAKES CHEMICAL CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

4Exhibit 4.14

 

AMENDMENT NUMBER SEVEN

TO THE

GREAT LAKES SAVINGS PLAN

 

THIS AMENDMENT NUMBER SEVEN is executed this            
day of June, 2005, by Great Lakes Chemical Corporation (“Corporation”).

 

WITNESSETH:

 

WHEREAS, the Corporation adopted the Great Lakes Savings Plan (“Plan”)
effective as of May 1, 1985, most recently restated the Plan in its
entirety, effective as of January 1, 2003, and later amended the Plan six
times;

 

WHEREAS, as a result of the merger, all Great Lakes Chemical
Corporation stock will convert to Crompton Corporation stock; and

 

WHEREAS, the Corporation wishes to amend the Plan to reflect the merger
by and among the Corporation, Copernicus Merger Corporation, and Crompton
Corporation, including the conversion of the Corporation stock to Crompton
Corporation stock (which, after July 1, 2005, will be Chemtura Corporation
stock);

 

WHEREAS, the Corporation wishes to make certain other appropriate
changes to the Plan.

 

NOW, THEREFORE, the Plan is hereby amended, effective as provided herein,
as follows:

 

1.                                       Effective
July 1, 2005, Section 2.01(m), the definition of “Company Stock” is
amended to be and read as follows:

 

“(m)                         ‘Company
Stock’ means any common share issued by the Company or a parent corporation of
the Company that is an employer security within the meaning of Code Section 409(l).”

 

2.                                       Effective
January 1, 2004, Section 2.01(nn), the definition of “Plan
Compensation,” is amended to be and read as follows:

 

“(nn)                    ‘Plan
Compensation’ means the Participant’s base salary, overtime, and bonuses
received from his Employer while an Eligible Employee, plus any Pre-Tax
Contributions pursuant to Section 4.02 or any other amounts excludable
from taxable income because of an election under Code Section 401(k), 125,
402(g), 457, or 132(f)(4), or an election to defer compensation under a
nonqualified deferred compensation plan, but excluding any severance pay.  To the extent required by Code Section 401(a)(17),
the compensation of the Participant for any year taken into account under the
Plan shall not exceed Two 

 

 

Hundred Thousand Dollars ($200,000) (as increased by the Cost of Living
Adjustment for the year pursuant to Code Section 401(a)(17)).  To the extent required by Code Section 401(a)(17),
if a determination period for a Participant consists of fewer than twelve (12)
months, the annual limit required by Code Section 401(a)(17) will be
multiplied by a fraction, the numerator of which is the number of months in the
determination period, and the denominator of which is twelve (12).”

 

3.                                       Effective
July 1, 2005, Section 4.03(b), “Matching Contributions,” is amended
to read as follows:

 

“(b)                           Matching
Contributions shall be made in cash.”

 

4.                                       Effective
July 1, 2005, Section 7.09(a), regarding in-service withdrawals, is
amended to read as follows:

 

“(a)                            A
Participant who has not Terminated Employment or Retired may request on the
Applicable Form, for reason of financial hardship as defined under the
regulations of the Internal Revenue Service, to withdraw in cash all or part of
(i) his Pre-Tax Contribution Account, excluding any earnings of the Trust
Fund allocated to such Pre-Tax Contribution Account after December 31,
1988, (ii) his Rollover Account, and (iii) the Vested portion of his
Matching Account, to the extent permitted by applicable securities laws;
provided, however, the following shall not be available for withdrawal pursuant
to this subsection (a):  (i) any
portion of a Participant’s Accounts that have been pledged as security for a
loan pursuant to Section 8.02(h), (ii) any portion of a Lime-O-Sol
Matching Account, or (iii) any assets attributable to elective deferrals
and/or safe-harbor matching contributions, and any earnings thereon,
transferred as of March 31, 2004, from the Lime-O-Sol Plan to this Plan as
provided under Section 7.05(d).  A
request for withdrawal pursuant to this Section must be on an Applicable
Form.  Any withdrawal pursuant to this Section shall
be taken on a pro rata basis from the investment Funds in which the Accounts
are invested pursuant to the Participant’s election.  The Participant’s request shall be approved
only if it satisfies all the requirements of this Section.”

 

5.                                       Effective
July 1, 2005, Section 7.09(f), regarding in-service withdrawals, is
amended to read as follows:

 

“(f)                              As
of any date after a Participant attains age fifty-nine and one-half (59-1/2),
he may request a withdrawal of all or any part of his Pre-Tax Contribution
Account, Rollover Account, the Vested portion of his Profit Sharing Account,
the Vested portion of his Matching Account, and any Lime-O-Sol Matching
Account; provided, however, no portion of a Participant’s Accounts that has
been pledged as security for a loan pursuant to Section 8.02(h) shall
be 

 

 

available for a withdrawal under this subsection (f).  Only one (1) such request shall be
permitted in any calendar year and must be made on the Applicable Form filed
with the Administrator.  A distribution
under this subsection (f) shall be distributed as soon as
administratively feasible after the Administrator approves the withdrawal
request.”

 

6.                                       Effective
July 1, 2005, the last sentence in Section 8.01(b), regarding plan
loans, is deleted.

 

7.                                       Effective
June 15, 2005, Section 8.02(b) and (c), “Terms and Conditions,”
is amended to be and read as follows:

 

“(b)                           An
eligible Participant or beneficiary may apply for a loan by completing the
Applicable Forms.  No more than one (1) loan
may be outstanding at any time for a Participant or beneficiary.

 

(c)                                  Each
loan shall be amortized on a substantially level basis with payments not less
frequently than quarterly.  The period of
repayment shall not exceed four (4) years (fifteen (15) years in the event
the loan is for purchase or construction of the Participant’s principal
residence); provided, however, the term of the loan shall not extend beyond the
earlier of (i) in the case of a distribution which begins after the date
of the loan, the date such distribution of the Accounts under Article VII
begins; provided, however, a withdrawal for reason of financial hardship
pursuant to Section 7.09 shall not be taken into account under this subsection unless
the amount withdrawn from the Accounts of the Participant affects the security
of the loan, (ii) the date of distribution or separation of the Accounts
pursuant to a qualified domestic relations order under Code Section 414(p)
or any portion of the Accounts if the amount distributed or separated from the
Accounts of the Participant pursuant to such order affects the security of the
loan, (iii) the date a Participant Terminates Employment or Retires,
unless the Participant is a party in interest immediately after such
Termination of Employment or Retirement, or (iv)  the date of a
default on the loan.  Notwithstanding the
above, in the event of a Participant’s Termination of Employment or Retirement
on or after June 15, 2005, the Participant shall have a sixty (60) day
period from the date of the Participant’s Termination of Employment or
Retirement to elect to continue to make loan repayments, provided such election
does not cause such loan to fail to satisfy the requirements of section 72(p)
of the Code, 4975 of Code or 408 of ERISA. 
During this sixty (60) day period, the Participant may (1) do
nothing, in which case the Administrator shall declare the loan in default as
soon as administratively feasible after the end of such period, (2) repay
the entire outstanding balance of the loan, or (3) elect to continue
payment of the loan, at which time the loan shall be re-amortized over a period
beginning as of the date of such election and ending on the same date as the
end of the original amortization period, with substantially level payments
payable not less frequently than quarterly. 
If, after the 

 

 

Participant’s
Termination of Employment or Retirement, the Participant’s Vested Accounts are
distributed, the loan shall be considered in default as of the date of the
distribution and the amount of the distribution shall be reduced by the
outstanding loan balance.  ”

 

8.                                       Effective
on July 1, 2005, Section 11.03(a) “Company Stock,” is amended to
be and read as follows:

 

“(a)                            Participants
may direct the investment of their Accounts into Company Stock as provided in Section 11.02.”

 

9.                                       Effective
as of the next business day after the closing date for the merger by and among
the Corporation, Copernicus Merger Corporation, and Crompton Corporation,
Appendix A, “Investment Funds,” is amended to be and read as follows:

 

“The seventeen (17) funds available through
the Great Lakes Savings Plan are as follows:

 

• Vanguard® Prime Money Market Fund (cash reserves fund)

 

• Vanguard® Retirement Savings Trust (stable value fund)

 

• Vanguard® Total Bond Market Index Fund (bond fund)

 

• Vanguard® Wellesley®
Income Fund (balanced fund - stocks/bonds)

 

• Vanguard® WindsorTM Fund (growth and income stock fund)

 

• Vanguard® 500 Index Fund (growth and income stock fund)

 

• Vanguard® U.S. Growth Fund (growth stock fund)

 

• Vanguard® Extended Market Index Fund (growth stock fund)

 

• Vanguard® Small-Cap Index Fund (aggressive growth stock fund)

 

• Vanguard® ExplorerTM Fund (aggressive growth stock fund)

 

• Vanguard® International Growth Fund (international stock fund)

 

• Chemtura Stock Fund (a company
stock fund)

 

• Vanguard® Target Retirement 2005 Fund (balanced fund - stocks/bonds)

 

• Vanguard® Target Retirement 2015 Fund (balanced fund - stocks/bonds)

 

 

• Vanguard® Target Retirement 2025 Fund (balanced fund - stocks/bonds)

 

• Vanguard® Target Retirement 2035 Fund (balanced fund - stocks/bonds)

 

• Vanguard® Target Retirement 2045 Fund (balanced fund - stocks/bonds).”

 

10.                                 In
all other respects, the Plan shall remain unchanged.

 

This Amendment Number Seven to the Plan is executed by the duly
authorized officer of Great Lakes Chemical Corporation as of the date first
written above.

 

	
   

  	
  GREAT LAKES CHEMICAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

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