Document:

Executive Agreement between Olin and  certain executive officers

 
Exhibit 10(f)

 
EXECUTIVE AGREEMENT 
 
Agreement between Olin Corporation, a Virginia corporation
(“Olin”), and                         , (the “Executive”), dated as of November 1, 2002, (the
“Effective Date”). 
 
Olin and the
Executive agree as follows: 
 
1.
Definitions. As used in this Agreement: 
 
(a) “Cause” means the willful and continued failure of the Executive to substantially perform his or her duties (other than by reason of Executive’s incapacity due to physical or mental illness or injury); the willful
engaging by the Executive in gross misconduct significantly and demonstrably financially injurious to Olin; or willful misconduct by the Executive in the course of his or her employment which is a felony or fraud. No act or failure to act on the
part of the Executive will be considered “willful” unless done or omitted not in good faith and without reasonable belief that the action or omission was in the interests of Olin or not opposed to the interests of Olin and unless the act
or failure to act has not been cured by the Executive within a reasonable time after written notice to the Executive specifying the nature of such violations. Notwithstanding the foregoing, the Executive shall not be deemed to have been terminated
for Cause without (i) reasonable notice to the Executive setting forth the reasons for Olin’s intention to terminate for Cause, (ii) an opportunity for the Executive, together with his or her counsel, to be heard before the Board of Directors
of Olin (the “Board”) and (iii) delivery to the Executive of a notice of Termination from the Board finding that, in the good faith opinion of 75% of the entire membership of the Board, the Executive was guilty of conduct described above
and specifying the particulars thereof in detail. 
 
(b) “Change in Control” means the occurrence of any one of the following events: 
 
(i) individuals who, on the Effective Date, 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 the Effective Date, 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 the Board shall be deemed to be an Incumbent Director; 
 

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(ii) any “person” (as such term is defined in Section 3(a)(9) of the Securities
Exchange Act of 1934 (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 representing 20% or more of the combined voting power of Olin’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 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, (D) the acquisition of Olin Voting Securities pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)), or (E) the acquisition of Olin Voting Securities by Executive or any group of persons including Executive (or
any entity controlled by Executive or any group of persons including Executive); 
 
(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 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

 

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(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. 
 
(c) “Disability” means that the Executive has suffered an incapacity due to physical or mental illness which meets the criteria for disability established at the time under Olin’s short term disability plan.

 
(d) “Executive Severance” means:

 
(i) twelve months of the Executive’s then
current monthly salary (without taking into account any reductions which may have occurred at or after the date of a Change in Control); plus 
 
(ii) an amount equal to the greater of (A) the Executive’s average annual award actually paid in cash (or, in the event that the
award in respect of the calendar year immediately prior to the year in which the date of Termination occurs has not yet been paid, the amount of such award that would have been payable in cash in the year in which the date of Termination occurs had
Executive not incurred a Termination) under Olin’s short-term annual incentive compensation plans or programs (“ICP”) (including zero if nothing was paid or deferred but including any portion thereof the Executive has elected to defer
and, for the avoidance of doubt, excluding any portion of an annual award that is credited to an Executive’s bonus “bank” or that the Executive otherwise does not have a right to receive currently in cash) in respect of the three
calendar years immediately preceding the calendar year in which the date of Termination occurs (or if the Executive has not participated in ICP for such three completed calendar years, the average of any such awards in respect of the shorter period
of years in which the Executive was a participant) and (B) the Executive’s then current ICP standard annual award in respect of the year in which the Date of Termination occurs. 
Notwithstanding the foregoing, in the event that an amount is payable to the Executive under Section 4(b), such additional amount shall also be treated as “executive severance” for purposes
of any Olin benefit plan that takes payments of “executive severance” into account in determining benefits payable under such plan. 
 

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(e) “Potential Change in Control” means: 
 
(i) Olin has entered into an agreement the consummation of
which would result in a Change in Control; 
 
(ii)
any person (including Olin) publicly announces an intention to take or to consider taking actions which if consummated would constitute a Change in Control; 
 
(iii) any person (other than an employee benefit plan of Olin or a subsidiary of Olin (or the plan’s related trust)) becomes the
beneficial owner directly or indirectly of securities of Olin representing 9.5% or more of the combined voting power of Olin’s then outstanding securities ordinarily entitled to vote in elections of directors; or 
 
(iv) the Board adopts a resolution to the effect that, for
purposes of this Agreement, a Potential Change in Control of Olin has occurred; 
 
provided, if an event specified in clause (iii) above has occurred by or on the Effective Date, such event shall not be deemed a Potential Change in Control unless such person acquires another 1% of such securities subsequent
to the Effective Date. 
 
(f)
“Termination” means: 
 
(i) The
Executive is discharged by Olin other than for Cause; 
 
(ii) The Executive terminates his or her employment in the event that: 
 
(1) (A) Olin requires the Executive to relocate his or her principal place of employment by more than fifty (50) miles from the location in effect on the Effective Date (excluding, prior to a Change in
Control, any relocation due to a change in the location of Olin’s corporate headquarters); provided, however, that an Executive whose principal place of employment (immediately prior to the required relocation) was not located at Olin’s
corporate headquarters (wherever located) will not have a basis for Termination if he or she is required to relocate his or her principal place of employment to the location of Olin’s then-current corporate headquarters or (B) following a
Change in Control, Olin requires the Executive to travel on business to a substantially greater extent than, and inconsistent with, the Executive’s travel requirements prior to a Change in Control (taking into account the number and/or duration
(both with respect to airtime and overall time away from home) of such travel trips following a Change in Control as compared to a comparable period prior to the Change in Control); 
 
(2) Olin reduces the Executive’s base salary or fails to increase the Executive’s base salary on a
basis consistent (as to frequency and amount) with Olin’s exempt salary system as then in effect or, in the event of a Change in Control, as in effect immediately prior to the Change in Control; 
 
(3) Olin fails to continue the Executive’s participation
in Olin’s benefit plans (including, without limitation, short-term and long-term cash and stock incentive compensation) on substantially the same basis, both in terms of (A) the 
 

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amount of the benefits
provided (other than due to Olin’s or a relevant operation’s or business unit’s financial or stock price performance provided such performance is a relevant criterion under such plan) and (B) the level of the Executive’s
participation relative to other participants as exists on the Effective Date; provided that, with respect to annual and long term incentive compensation plans, the basis with which the amount of benefits and level of participation of the Executive
shall be compared shall be the average benefit awarded to the Executive under the relevant plan during the three completed fiscal years immediately preceding the year in which the date of Termination occurs; 
 
(4) The Executive suffers a Disability which prevents the
Executive from performing the Executive’s duties with Olin for a period of at least 180 consecutive days; 
 
(5) Following a Change in Control, Olin fails to substantially maintain its benefit plans as in effect at the time of the Change in
Control, unless arrangements (embodied in an on-going substitute or alternative plan) are then in effect to provide benefits that are substantially similar to those in effect at the time of the Change in Control; or 
 
(6) (A) the Executive is assigned any duties inconsistent in
any adverse respect with the Executive’s position (including status, offices, titles and reporting lines), authority, duties or responsibilities, or (B) Olin takes any action that results in a diminution in such position (including status,
offices, titles and reporting lines), authority, duties or responsibilities or in a substantial reduction in any of the resources available to carry out any of the Executive’s authorities, duties or responsibilities; unless the event is
described in clause (2), (3), (5) or (6) above and results from an isolated, insubstantial and inadvertent action or omission that is not taken (or omitted to be taken) by Olin in bad faith, and is remedied by Olin promptly after receipt of notice
thereof given by the Executive. For purposes solely of clarification, it is understood that (i) if, in connection with the spinoff of an Olin business or Olin’s assets as a separate public company to Olin’s shareholders, the Executive
accepts employment with, and becomes employed at, the spunoff company or its affiliate, the termination of the Executive’s employment with Olin shall not be considered a “Termination” for purposes of this Agreement provided a Change
in Control shall not have occurred prior to the termination of the Executive’s employment with Olin and (ii) except as provided in paragraph 4(f), in connection with the sale of an Olin business or assets to a third party or the transfer or
sale of an Olin business or Olin’s assets to a joint venture to be owned directly or indirectly by Olin with one or more third parties, if the Executive accepts employment with, and becomes employed by, such buyer or its affiliate or such joint
venture or its affiliate in connection with such transaction, such cessation of employment with Olin shall not be considered a “Termination” for purposes of this Agreement provided a Change in Control shall not have occurred prior to the
termination of the Executive’s employment with Olin. 
 

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2. Previous Change in Control Agreement. This Agreement supersedes and replaces the
Executive Agreement dated as of «Date_of_Letter», as extended through December 31, 2002, between Olin and the Executive. 
 
3. Term/Executive’s Duties. 
 
(a) This Agreement expires at the close of business on the third anniversary of the Effective Date, provided that on the first anniversary
of the Effective Date and on each anniversary thereafter (any such anniversary being referred to herein as a “Renewal Date”) the term of this Agreement shall be extended for one additional year unless Olin has provided the Executive with
written notice at least 90 days in advance of the immediately succeeding Renewal Date that the term of this Agreement shall not be so extended; provided, however, that if a Change in Control or Potential Change in Control has occurred
prior to the date on which this Agreement expires, this Agreement shall not expire prior to the later of (i) three years following the date of the Potential Change in Control or (ii) three years following the date of the Change in Control;
provided, further, that the expiration of this Agreement will not affect any of the Executive’s rights resulting from a Termination prior to such expiration. In the event of the Executive’s death while employed by Olin, this
Agreement shall terminate and be of no further force or effect on the date of his or her death; provided that the Executive’s death will not affect any of the Executive’s rights resulting from a Termination prior to death. 
 
(b) During the period of the Executive’s employment by
Olin, the Executive shall devote his or her full time efforts during normal business hours to Olin’s business and affairs, except during vacation periods in accordance with Olin’s vacation policy and periods of illness or incapacity.
Nothing in this Agreement will preclude the Executive from devoting reasonable periods required for service as a director or a member of any organization involving no conflict of interest with Olin’s interest, provided that no additional
position as director or member shall be accepted by the Executive during the period of his or her employment with Olin without its prior consent. 
 
(c) The Executive agrees that in the event of any Potential Change in Control of Olin occurring from time to time after the Effective
Date, the Executive will remain in the employ of Olin until the earlier of (i) the end of the six month period following the occurrence of such Potential Change in Control and (ii) a Change in Control, provided that Olin provides the Executive with
an office, title, duties and responsibilities no less favorable than those applicable immediately prior to such Potential Change in Control. 
 
4. Executive Severance Payment. 
 
(a) In the event of a Termination occurring before the expiration of this Agreement, Olin will pay the Executive a lump sum in an amount
equal to the 
 

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Executive Severance. Such payment will be made within 10 days following the date of Termination.

 
(b) In the event of a Termination (other than a
Termination pursuant to paragraph 1(f)(ii)(4)) after a Change in Control has occurred, in addition to the Executive Severance paid under paragraph 4(a) above, Olin will pay a Change in Control severance premium to the Executive in an amount equal to
two times the Executive Severance. The Change in Control severance premium, if it becomes due, will be paid at the same time as payment is made under paragraph 4(a). 
 
(c) The amount due under paragraph 4(a) and 4(b), if any, will be reduced to the extent that, if such amount
in the aggregate were paid in equal monthly installments over a 12-month period (or in the event both paragraph 4(a) and 4(b) are applicable, a 36-month period), no installment would be paid after the Executive’s sixty-fifth birthday.

 
(d) The Executive will not be required to
mitigate the amount of any payment provided for in paragraph 4(a) or 4(b) by seeking other employment or otherwise, nor shall any compensation received by the Executive from a third party reduce such payment except as explicitly provided in this
Agreement. Except as may otherwise be expressly provided herein, nothing in this Agreement will be deemed to reduce or limit the rights which the Executive may have under any employee benefit plan, policy or arrangement of Olin and its subsidiaries
and affiliates. Except as expressly provided in this Agreement, payments made under paragraphs 4 or 5 shall not be affected by any set-off, counterclaim, recoupment, defense or other claim which Olin and its subsidiaries and affiliates may have
against the Executive. 
 
(e) If the Executive
receives the Executive Severance, the Executive will not be entitled to receive any other severance otherwise payable to the Executive under any other severance plan of Olin and its subsidiaries and affiliates. If on the date of Termination the
Executive is eligible and is receiving payments under any then existing disability plan of Olin or its subsidiaries and affiliates, then the Executive agrees that all such payments may, and will be, suspended and offset for 12 months (or in the
event paragraph 4(b) is also applicable, 36 months) (subject to applicable law) following the date of Termination. If after such period the Executive remains eligible to receive disability payments, then such payments shall resume in the amounts and
in accordance with the provisions of the applicable disability plan of Olin or its subsidiaries and affiliates. 
 
(f) In the event the Executive, prior to a Change in Control, in connection with the sale of an Olin business or assets to a third party
or the transfer of an Olin business or Olin assets to a joint venture which would be owned directly or indirectly by Olin with one or more third parties, ceases to be employed by Olin and with Olin’s consent becomes employed by the buyer or its
affiliate or the joint venture or its affiliate (a “New Employer”), the Executive shall be entitled to the benefits provided 
 

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under paragraph 4(a) (determined as if the Executive incurred a Termination upon such cessation of
employment with Olin) (subject to paragraphs 4(c), 4(d) and 4(e)) and the first sentence of paragraph 5(a) (subject to paragraph 5(c)), and paragraph 5(d), if the Executive has a Termination with the New Employer (with the New Employer being
substituted for Olin in such paragraph 1(f) and without giving any effect to the Change in Control references contained therein following such new employment) within 12 months of becoming employed by such New Employer. Any cash compensation amounts
paid under this paragraph 4(f) shall be reduced by any severance, job transition or employment termination payments such Executive receives in cash from the New Employer in connection with the Termination. In connection with this paragraph 4(f), in
no event shall the Change in Control provisions of this Agreement be applicable once the Executive ceases to be employed directly by Olin. 
 
5. Other Benefits. 
 
(a) If the Executive becomes entitled to payment under paragraph 4(a), then (i) the Executive will receive 12 months service credit under
all Olin pension plans for which the Executive was eligible at the time of the Termination (i.e., under Olin’s qualified pension plans to the extent permitted under then applicable law, otherwise such credit will be reflected in a supplementary
pension payment from Olin to be due at the times and in the manner payments are due the Executive under such qualified pension plans), and (ii) for 12 months from the date of the Termination the Executive (and his or her covered dependents) will
continue to enjoy coverage on the same basis as a similarly situated active employee under all Olin medical, dental, and life insurance plans to the extent the Executive was enjoying such coverage immediately prior to the Termination. The
Executive’s entitlement to insurance continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 would commence at the end of the period during which insurance coverage is provided under this Agreement without offset
for coverage provided hereunder. The Executive shall accrue no vacation during the 12 months following the date of Termination but shall be entitled to payment for accrued and unused vacation for the calendar year in which the Termination occurs. If
the Executive receives the Executive Severance (including the amount referred to in paragraph 1(d)(ii)), the Executive shall not be entitled to an ICP award for the calendar year of Termination if Termination occurs during the first calendar
quarter. Even if the Executive receives the Executive Severance (including the amount referred to in paragraph 1(d)(ii)), if Termination occurs during or after the second calendar quarter, the Executive shall be entitled to a prorated ICP award for
the calendar year of Termination which shall be determined by multiplying his or her then current ICP standard annual award by a fraction, the numerator of which is the number of weeks in the calendar year prior to the Termination and the
denominator of which is 52. The Executive shall accrue no ICP award following the date of Termination. The accrued vacation pay and ICP award, if any, shall be paid in a lump sum when the Executive Severance is paid. 
 
(b) If the Executive becomes entitled to payment under
paragraph 4(b), the pension plan service credit and insurance coverage provided for in paragraph 
 

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5(a) will be for an additional 24-month period beyond the period provided in paragraph 5(a). 
 
(c) Notwithstanding the foregoing paragraphs 5(a) and 5(b), no
such service credit or insurance coverage will be afforded by this Agreement with respect to any period after the Executive’s sixty-fifth birthday. 
 
(d) In the event of a Termination, the Executive will be entitled at Olin’s expense to outplacement counseling and associated
services in accordance with Olin’s customary practice at the time (or, if a Change in Control shall have occurred, in accordance with such practice immediately prior thereto) with respect to its senior executives who have been terminated other
than for Cause. It is understood that the counseling and services contemplated by this paragraph 5(d) are intended to facilitate the obtaining by the Executive of other employment following a Termination, and payments or benefits by Olin in lieu
thereof will not be available to the Executive. 
 
(e) Notwithstanding the provisions of Section 4.6 of the Olin Senior Executive Pension Plan (the “Senior Plan”), if the Executive is in active employment with Olin on the date on which a Change in Control occurs (or if the
Executive’s employment is terminated on the date on which a Change in Control occurs) but has not attained age 55 at such date, the Executive shall (if then a Participant in the Senior Plan) nevertheless automatically be paid the lump-sum
amount called for by such Section 4.6, except that such lump-sum amount will be calculated first, by calculating the sum equal to the annual benefit which would otherwise be payable to the Executive at age 65 under all Olin pension plans assuming
the Executive had terminated his or her employment with Olin on the date of the Change in Control; second, by multiplying such sum by 72%, which is the current percentage applicable in the calculation of benefits paid to employees retiring from
active service with Olin at age 55 under the early retirement provisions of the Olin Employees Pension Plan; third, by determining the then lump-sum actuarial value of the product resulting from the second step; and fourth, by deducting from such
lump-sum actuarial value the then lump-sum actuarial value of the Executive’s accrued annual benefits under all other Olin pension plans. The actuarial value shall be determined as the amount needed to purchase a fixed annuity through
Metropolitan Life Insurance Company (“Metropolitan”) or its successor immediately prior to the Change in Control. In the event such annuity is not available through Metropolitan, then Prudential Insurance Company or an insurance company
with comparable rating by A.M. Best & Company shall be substituted for Metropolitan. A lump-sum payment under this paragraph 5(e) will be used to reduce any payments under the Senior Plan which may become due to the Executive thereafter. The
purpose of this paragraph 5(e) is to ensure that an Executive who is less than age 55 at the time of the Change in Control receives a lump-sum payment which when combined with the value of the Executive’s pension benefits from all other Olin
pension plans preserves the 72% age 55, subsidized early retirement factor, rather than the actuarial reduction. Such lump-sum payment shall be discounted by the same interest rate used by the insurance company to determine the actuarial value to
provide for the deferral of the benefit until the Executive reaches age 55. 
 

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(f) If the Executive becomes entitled to the payment under paragraph 4(b), then at the end
of the period for insurance coverage provided in accordance with paragraph 5(b), if Executive at such time has satisfied the eligibility requirements to participate in Olin’s post-retirement medical and dental plan, the Executive shall be
entitled to continue in Olin’s medical and dental coverage (including dependent coverage) on terms and conditions no less favorable to the Executive as in effect prior to the Change in Control for the Executive until the Executive reaches age
65; provided, that if the Executive obtains other employment which offers medical or dental coverage to the Executive and his or her dependents, the Executive shall enroll in such medical or dental coverage, as the case may be, and the corresponding
coverage provided to the Executive hereunder shall be secondary coverage to the coverage provided by the Executive’s new employer so long as such employer provides the Executive with such coverage. 
 
(g) If there is a Change in Control, Olin shall not reduce or
diminish the insurance coverage or benefits which are provided to the Executive under paragraph 5(a), 5(b) or 5(f) during the period the Executive is entitled to such coverage; provided the Executive makes the premium payments required by active
employees generally for such coverage, if any, under the terms and conditions of coverage applicable to the Executive. Following a Change in Control, incentive compensation plans in which the Executive participates shall contain reasonable financial
performance measures and shall be consistent with practice prior to the Change in Control. 
 
6. Participation in Change in Control/Section 4999 of Internal Revenue Code. 
 
(a) In the event that the Executive participates or agrees to participate by loan or equity investment (other than through ownership of
less than 1% of publicly traded securities of another company) in a transaction (“acquisition”) which would result in an event described in paragraph 1(b)(i) or (ii), the Executive must promptly disclose such participation or agreement to
Olin. If the Executive so participates or agrees to participate, no payments due under this Agreement or by virtue of any Change in Control provisions contained in any compensation or benefit plan of Olin will be paid to the Executive until the
acquiring group in which the Executive participates or agrees to participate has completed the acquisition. In the event the Executive so participates or agrees to participate and fails to disclose his or her participation or agreement, the
Executive will not be entitled to any payments under this Agreement or by virtue of Change in Control provisions in any Olin compensation or benefit plan, notwithstanding any of the terms hereof or thereof. 
 
(b) (i) Anything in this Agreement to the contrary
notwithstanding and except as set forth below, in the event it shall be determined that any Payment would be subject to the Excise Tax, then the Executive shall be entitled to receive an additional payment (the “Gross-Up Payment”) in an
amount such that, after payment by the Executive of all taxes (and any interest or penalties imposed with respect to such taxes), 
 

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including, without limitation, any income and employment taxes (and any interest and penalties imposed
with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Olin’s obligation to make Gross-Up Payments under this paragraph
6 shall not be conditioned upon the Executive’s termination of employment. 
 
(ii) Subject to the provisions of paragraph 6(b)(iii), all determinations required to be made under this paragraph 6(b), including whether and when a Gross-Up Payment is required, the amount of such
Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by KPMG LLP or such other nationally recognized certified public accounting firm as may be designated by the Executive (the “Accounting
Firm”). The Accounting Firm shall provide detailed supporting calculations both to Olin and the Executive within 15 business days of the receipt of notice from the Executive that there has been a Payment or such earlier time as is requested by
Olin. The Accounting Firm shall not determine that no Excise Tax is payable by the Executive unless it delivers to the Executive a written opinion that failure to report the Excise Tax on the Executive’s applicable federal income tax return
would not result in the imposition of a negligence or similar penalty. All fees and expenses of the Accounting Firm shall be borne solely by Olin. Any Gross-Up Payment, as determined pursuant to this paragraph 6(b), shall be paid by Olin to the
Executive within 5 days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon Olin and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code
at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments that will not have been made by Olin should have been made (the “Underpayment”), consistent with the calculations required to
be made hereunder. In the event Olin exhausts its remedies pursuant to paragraph 6(b)(iii) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine that amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by Olin to or for the benefit of the Executive. 
 
(iii) The Executive shall notify Olin in writing of any claims by the Internal Revenue Service that, if successful, would require the
payment by Olin of the Gross-Up Payment. Such notification shall be given as soon as practicable but not later than 30 days after the Executive actually receives notice in writing of such claim and shall apprise Olin of the nature of such claim and
the date on which such claim is requested to be paid; provided, however, that the failure of the Executive to notify Olin of such claim (or to provide any required information with respect thereto) shall not affect any rights granted to the
Executive under this paragraph 6(b) except to the extent that Olin is materially prejudiced in the defense of such claim as a direct result of such failure. The Executive shall not pay such claim prior to the expiration of the 30-day period
following the date on which the Executive gives such notice to Olin (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If Olin notifies the Executive in writing prior to the expiration of such
period that Olin desires to contest such claim, the Executive shall: 
 

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(A) give Olin
any information reasonably requested by Olin relating to such claim; 
 
(B) take such action in connection with contesting such claim as Olin shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an
attorney selected by Olin and reasonably acceptable to the Executive; 
 
(C) cooperate with Olin in good faith in order to effectively contest such claim; and 
 
(D) permit Olin to participate in any proceedings relating to such claim; 
 
provided, however, that Olin shall bear and pay directly all costs and expenses (including additional interest
and penalties) incurred in connection with such contest, and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise tax or income or employment tax (including interest and penalties) imposed as a result of such
representation and payment of costs and expenses. Without limitation on the foregoing provisions of this paragraph 6(b)(iii), Olin shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forego
any and all administrative appeals, proceedings, hearings and conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either direct the Executive to pay the tax claimed and sue for a refund or
contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as Olin shall determine;
provided, however, that, if Olin directs the Executive to pay such claim and sue for a refund, Olin shall advance the amount of such payment to the Executive, on an interest-free basis, and shall indemnify and hold the Executive
harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties) imposed with respect to such advance or with respect to any imputed income in connection with such advance; and provided, further,
that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, Olin’s
control of the contest shall be limited to issues with respect to which the Gross-Up Payment would be payable hereunder, and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority. 
 
(iv) If,
after the receipt by the Executive of an amount advanced by Olin pursuant to paragraph 6(b)(iii), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to Olin’s complying with the
requirements of paragraph 6(b)(iii) promptly pay to Olin the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, 
 

12 

after the receipt by the Executive of an amount advanced by Olin pursuant to paragraph 6(b)(iii), a
determination is made that the Executive shall not be entitled to any refund with respect to such claim, and Olin does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
 
(v) Notwithstanding any other provision of this paragraph
6(b), Olin may, in its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of the Executive, all or any portion of the Gross-Up Payment, and the Executive hereby consents
to such withholding. 
 
(vi) Definitions. The
following terms shall have the following meanings for purposes of this paragraph 6(b). 
 
(A) “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
 
(B) A “Payment” shall mean any payment or
distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise. 
 
7. Successors; Binding Agreement. 
 
(a) Olin will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Olin, by agreement, in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that Olin would be required to perform if no such succession had taken place. Failure of Olin to obtain such assumption and agreement prior to the effectiveness of any such succession will be a breach of this
Agreement and entitle the Executive to compensation from Olin in the same amount and on the same terms as the Executive would be entitled to hereunder had a Termination occurred on the succession date. As used in this Agreement, “Olin”
means Olin as defined in the preamble to this Agreement and any successor to its business or assets which executes and delivers the agreement provided for in this paragraph 7 or which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law or otherwise. 
 
(b)
This Agreement shall be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 

13 

 
8.
Notices. For the purpose of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered or certified mail,
return receipt requested, postage prepaid, addressed as follows: 
 
If to the Executive: 
 
 
 
If to Olin: 
Olin Corporation 
501 Merritt 7 
P.O. Box 4500 
Norwalk, CT 06856-4500 
Attention: Corporate Secretary 
 
or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 
9. Governing Law. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Virginia (without giving effect to its principles of conflicts of law). 
 
10. Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless such
modification, waiver or discharge is agreed to in writing signed by the Executive and Olin. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party, which are not set forth expressly in this Agreement. 
 
11. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but
all of which together will constitute one and the same Agreement. 
 
12. Withholding of Taxes. Olin may withhold from any benefits payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.

 
13. Non-assignability. This Agreement is
personal in nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder, except as provided in paragraph 7 above. Without 
 

14 

limiting the foregoing, the Executive’s right to receive payments hereunder shall not be assignable
or transferable, whether by pledge, creation of a security interest or otherwise, other than a transfer by his or her will or by the laws of descent or distribution, and, in the event of any attempted assignment or transfer by the Executive contrary
to this paragraph, Olin shall have no liability to pay any amount so attempted to be assigned or transferred. 
 
14. No Employment Right. This Agreement shall not be deemed to confer on the Executive a right to continued employment with Olin.

 
15. Disputes/Arbitration. 
 
(a) Any dispute or controversy arising under or in connection
with this Agreement shall be settled exclusively by arbitration at Olin’s corporate headquarters in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any
court having jurisdiction; provided, however, that the Executive shall be entitled to seek specific performance of the Executive’s right to be paid during the pendency of any dispute or controversy arising under or in connection with this
Agreement. 
 
(b) Olin shall pay all reasonable
legal fees and expenses, as they become due, which the Executive may incur to enforce this Agreement through arbitration or otherwise unless the arbitrator determines that Executive had no reasonable basis for his or her claim. Should Olin dispute
the entitlement of the Executive to such fees and expenses, the burden of proof shall be on Olin to establish that the Executive had no reasonable basis for his or her claim. 
 
(c) If any payment which is due to Executive hereunder has not been paid within ten (10) days of the date on
which such payment was due, the Executive shall be entitled to receive interest thereon from the due date until paid at an annual rate of interest equal to the Prime Rate reported in the Wall Street Journal, Northeast Edition, on the last business
day of the month preceding the due date, compounded annually. 
 
[remainder of this page intentionally left blank] 
 

15 

 
IN WITNESS
WHEREOF, the parties have caused this Agreement to be executed and delivered as of the day and year first above set forth. 
 

	 Very Truly Yours,

	
	 OLIN CORPORATION

	
	

	 Joseph D. Rupp
 President and Chief Executive Officer

 
 

	
	

	 Print Name

 

161991 Long Term Incentive Plan

 
Exhibit 10(g)

 
OLIN 1991 LONG TERM INCENTIVE PLAN

(As Amended through January 30, 2003) 
 
Section 1. Purpose 
 
The purposes of the Olin 1991 Long Term Incentive Plan (the “Plan”) are to encourage selected salaried employees of Olin Corporation
(“Olin”) and its Affiliates (as defined below) to acquire a proprietary interest in Olin’s growth and performance, to generate an increased incentive to contribute to Olin’s future success and to enhance the ability of Olin 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 Olin and (ii) any entity in which Olin has a
significant equity interest as determined by the Committee. 

 

	(b)	 	“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent or Other Stock-Based
Award 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 Olin. 

 

	(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 three directors, each of whom is
qualified to administer the Plan as contemplated by Rule 16b-3. 

 

	(g)	 	“Dividend Equivalent” means any right granted under Section 6(f)(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)	 	“Other Stock-Based Award” means any right granted under Section 6(e) of the Plan. 

 

	(m)	 	“Participant” means a Salaried Employee granted an Award under the Plan. 

 

	(n)	 	“Performance Award” means any right granted under Section 6(d) of the Plan. 

 

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

 

	(p)	 	The “1988 Plan” means the 1988 Stock Option Plan for Key Employees of Olin Corporation and Subsidiaries. 

 

	(q)	 	“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. 

 

	(r)	 	“Restricted Securities” means Awards of Restricted Stock or other Awards under which outstanding Shares are held subject to certain restrictions.

 

	(s)	 	“Restricted Stock” means any Share granted under Section 6(c) of the Plan. 

 

	(t)	 	“Restricted Stock Unit” means any right granted under Section 6(c) of the Plan that is denominated in Shares. 

 

	(u)	 	“Rule 16b-3” means Rule 16b-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, or any successor
rule. 

 

	(v)	 	“Salaried Employee” means any salaried employee of Olin or of an Affiliate. 

 

	(w)	 	“Shares” means the Common Stock of Olin 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. 

 

	(x)	 	“Stock Appreciation Right” means any right granted under Section 6(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, 
 

-2- 

 
amend, 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 Olin, any Affiliate,
any Participants, any holder or beneficiary of any Award, any shareholder and any employee of Olin 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 Olin 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. Subject to adjustment as
provided in Section 4(b) of the Plan: 
 

	 	(i)	 	The aggregate number of Shares available for granting Awards under the Plan shall be 500,000, provided that in the event the 1988 Plan shall terminate or be
cancelled prior to April 30, 1998 (its stated expiration date), the number of Shares available for the grant of Awards under the Plan shall be increased by the sum (not to exceed 800,000) of (a) the number of shares which were available for the
grant of options under the 1988 Plan immediately prior to the date of such termination or cancellation and (b) the aggregate number of shares which were subject to options under the 1988 Plan on such date and were not subsequently issued because
such options terminated, expired or were forfeited without the delivery to optionees of Shares or other consideration. If an Award is denominated in or relates to a security of Olin convertible into its Common Stock, the number of shares of Common
Stock into which such security shall be convertible (calculated as of the date of grant of the Award, subject to adjustment as provided in Section 4(b) hereof or under the terms of such security) shall be deemed denominated in Shares and counted
against the aggregate number of Shares available for the granting of Awards under the Plan. If, after the effective date of the Plan, Shares subject to an Award granted under the Plan (other than Restricted Securities) are forfeited, or the Award
otherwise terminates without the delivery of Shares or of other consideration, then the Shares subject to such Award or the number of Shares otherwise counted against the aggregate number of Shares available under the Plan with respect to such
Award, to the extent of such forfeiture or termination, shall again be available for granting Awards under the Plan.” Any Award (other than a Dividend Equivalent) denominated in Shares shall be counted against the aggregate number of Shares
available for granting Awards under the Plan even though the Award is ultimately paid in cash, provided that, notwithstanding the foregoing, an Award shall not be deemed denominated in Shares if the dollar amount of the Award is fixed at the time of
grant by reference to the market value of Shares or otherwise. 

 

	 	(ii)	 	For purposes of this Section 4: 

 

-3- 

 

	 	(A)	 	If an Award (other than a Dividend Equivalent) is denominated in Shares, the number of Shares covered by such Award, or to which such Award relates, shall be counted
on the date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan; and 

 

	 	(B)	 	Dividend Equivalents paid in Shares and Awards not denominated in Shares but paid in Shares shall be counted against the aggregate number of Shares available for
granting Awards under the Plan in such amount and at such time as the Committee shall determine under procedures adopted by the Committee consistent with the purposes of the Plan; 

 
provided, however, that Awards that operate in tandem with, or
that are substituted for, other Awards may be counted or not counted under procedures adopted by the Committee in order to avoid double counting. Any Shares that are delivered by Olin, and any Awards that are granted by, or become obligations of,
Olin, through the assumption by Olin or an Affiliate of, or in substitution for, outstanding awards previously granted by an acquired company shall not, except in the case of Awards granted to Salaried Employees who are officers or directors of Olin
for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, be counted against the Shares available for granting Awards under the Plan. 
 

	(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 Olin, issuance of warrants or other rights to purchase Shares or other securities of Olin, 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 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, and (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; provided,
however, that with respect to Awards of Incentive Stock Options, no such adjustment shall be authorized to the extent that such authority would cause the Plan to violate Section 422 of the Code or any successor provision thereto.
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)	 	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
60,000 Shares in any calendar year. 

 

-4- 

 
Section 5. Eligibility

 
Any Salaried Employee, including any officer or employee-
director of Olin or an Affiliate, who is not a member of the Committee 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. 

 

	 	(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 before the expiration of six months from the date of its grant, subject to Section 9 thereof, or 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 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. 

 

	(b)	 	Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation Rights to Participants which may but need not relate to a specific Option
granted under Section 6(a). Subject to the terms of the Plan and any applicable Award Agreement, each Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive, upon exercise thereof, up to the excess of
(i) the Fair Market Value of one Share on the date of exercise over (ii) the exercise price of the right as specified by the 

 

-5- 

Committee, which shall not be less than the Fair Market Value of one Share on the date of
grant of the Stock Appreciation Right. Subject to the terms of the Plan and any applicable Award Agreement, the exercise price, term, methods of exercise, methods of payment or settlement and any other terms and conditions of any Stock Appreciation
Right shall be as determined by the Committee, except that Stock Appreciation Rights related to Incentive Stock Options shall have the same terms and conditions as such Options, and in no event shall the term of a Stock Appreciation Right exceed a
period of ten years from the date of its grant. In the case of any Stock Appreciation Right related to an Option, the Stock Appreciation Right or applicable portion thereof shall terminate and no longer be exercisable upon the termination or
exercise of the related Option, except that a Stock Appreciation Right granted with respect to less than the full number of Shares covered by a related Option shall not be reduced until the exercise or termination of the related Option exceeds the
number of shares not covered by the Stock Appreciation Right and then only to the extent of the excess. Any Option related to a Stock Appreciation Right shall no longer be exercisable to the extent the related Stock Appreciation Right has been
exercised. 
 

	(c)	 	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, the participant must remain in the employ of Olin or an Affiliate for a period of not less
than six months 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. 

 

	 	(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 Olin; provided, however, that the Committee may, in its sole discretion, waive in whole or in part any or all

 
 

-6- 

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. 
 

	(d)	 	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), 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 six months, subject to Section 9 thereof. 

 

	(e)	 	Other Stock-Based Awards. The Committee is authorized to grant to Participants such other awards denominated or payable in, valued in whole or in part by
reference to, or otherwise based on or related to, Shares (including, without limitation, phantom Shares, securities convertible into Shares and dividend units), as are deemed by the Committee to be consistent with the purposes of the Plan, provided
that such grants shall comply with Rule 16b-3 to the extent applicable and applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of such Awards. Shares or other
securities delivered pursuant to a purchase, exchange or conversion right granted under this Section 6(e) shall be issued for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation,
cash, Shares, other securities, other Awards, or other property, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, shall not be less than the Fair Market Value of such
Shares or other securities as of the date such purchase, exchange or conversion right is granted. 

 
Other Stock-based Award Agreements shall contain provisions dealing with the disposition of such Award in the event of termination of the
Participant’s employment prior to exercise, realization or payment of the Award. 
 

	(f)	 	General. 

 

	 	(i)	 	No Cash Consideration for Awards. Participants shall not be required to make 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 Olin or any Affiliate, or as payment for or to assure 

 
 

-7- 

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 Olin 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 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 Olin), 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 spouse, children and grandchildren. No Award (other than 

 
 

-8- 

Released Securities), and no right under any such Award, may be pledged, attached or
otherwise encumbered other than in favor of Olin, and any purported pledge, attachment, or encumbrance thereof other than in favor of Olin shall be void and unenforceable against Olin 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)	 	Rule 16b-3 Six-Month Limitations. To the extent required in order to satisfy the requirements for exemption under Rule 16b-3 only, any equity security offered
pursuant to the Plan may not be sold for at least six months after acquisition (or such other period as may be required by Rule 16b-3), except in the case of death or disability, and any derivative security issued pursuant to the Plan shall not be
exercisable for at least six months (or such other period as may be required by Rule 16b-3), except in case of death or disability. 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 Rule 16b-3. 

 

	 	(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 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 Olin 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 Olin for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. 

 

	 	(x)	 	Withholding. Olin 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 Olin
or Affiliate to satisfy all obligations for the payment of such taxes. 

 

-9- 

 

	 	(xi)	 	Other Compensation Arrangements. Nothing contained in the Plan shall prevent Olin 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 Olin or any Affiliate.
Nothing in the Plan or any Award Agreement shall limit the right of Olin 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 Olin or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from Olin or any Affiliate pursuant to an Award, such right shall be no greater than the right of
any unsecured general creditor of Olin 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 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. 

 

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	 	(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)	 	Notwithstanding any provision in this Plan to the contrary, Awards granted under Sections 6(c), 6(d) or 6(e) after January 1, 1994 and designated by the Committee as
being performance-based shall have as performance measures Return on Equity and Total Return to Shareholders. For purposes of the Plan, “Return on Equity” shall mean consolidated income of Olin 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 and “Total Return to Shareholders” shall mean for the performance period total return to shareholders of $100 worth
of Shares for such period assuming reinvestment of dividends on a quarterly basis. The Committee shall determine the performance goals for each such performance measure with respect to each such Award. 

 
Section 7. Amendment and Termination 
 

	(a)	 	Amendments to the Plan. The Board 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 Olin, no such amendment, suspension, discontinuation or termination shall be
made that would: 

 

	 	(i)	 	increase the total number of Shares available for Awards under the Plan, except as provided in Section 4 hereof; or 

 

	 	(ii)	 	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 (i) 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 and (ii) may increase the amount of payment of any Award to any Participant. 
 

	(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 Olin or any Affiliate shall assume outstanding employee awards or the right or obligation to
make future such awards in connection with the 

 
 

-11- 

 
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 Olin, any Affiliate, or the financial statements of Olin or any Affiliate, or of changes in applicable laws,
regulations, or accounting principles, whenever the Committee determines that statements of Olin 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. 

 
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 Olin or any Affiliate, or which is or becomes otherwise prejudicial to or in conflict with the interests of Olin or any
Affiliate. Such judgment shall be based on the Participant’s positions and responsibilities while employed by Olin 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 Olin 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 Olin’s Code of Business Conduct, 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. 

 

	 	(ii)	 	Participant 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 an Affiliate in violation of his or her agreement with Olin or the Affiliate. 

 

	 	(iii)	 	A Participant, pursuant to his or her agreement with Olin or an Affiliate, shall disclose promptly and assign to Olin or the Affiliate all right, title and interest
in any invention or idea, patentable or not, made or conceived by the 

 
 

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Participant during employment by Olin or the Affiliate, relating in any manner to the
actual or anticipated business, research or development work of Olin or the Affiliate and shall do anything reasonably necessary to enable Olin 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. Olin 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 Olin 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 to Olin 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 Olin.

 
Section 9. Change in Control 
 

	(a)	 	Except as the Board or the Committee may expressly provide otherwise prior to a Change in Control of Olin (as defined below) and subject to the provisions of Section
6(f)(vii) hereof, in the event of a Change in Control of Olin: 

 

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

 

	 	(ii)	 	unless a Stock Appreciation Right shall have already been granted with respect to an outstanding Option, the Participant holding such Option shall be deemed also to
hold a Stock Appreciation Right related to such Option, exercisable in accordance with and subject to the terms and conditions of Section 6(b) for the number of Shares exercisable under such Option after giving effect to such acceleration, which
Stock Appreciation Right may, but need not be, evidenced by separate written agreement; 

 

	 	(iii)	 	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 

 

	 	(iv)	 	all Performance Awards shall become vested, deemed earned in full and promptly paid to the Participants, cash units in 

 
 

-13- 

 
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. 
 

	(b)	 	“Change in Control” of Olin means the occurrence of any one of the following events: 

 

	 	(i)	 	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 individual 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 individual 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 the Board shall be deemed to be an Incumbent Director; 

 

	 	(ii)	 	any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (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 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 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 

 

-14- 

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”); 
 

	 	(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. 
 
Section 10.
Effective Date of the Plan 
 
The Plan shall be effective as
of the date of its approval by the shareholders of Olin. 
 
Section
11. Term of the Plan 
 
No Award shall be granted under the
Plan after April 30, 2001, but unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date. 
 

-15-

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