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                                                                    EXHIBIT 4(b)

                                                                  EXECUTION COPY

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                          REGISTRATION RIGHTS AGREEMENT

                             Dated December 16, 2002

                                     between

                                 AON CORPORATION

                                       and

                            SALOMON SMITH BARNEY INC.

                     CREDIT SUISSE FIRST BOSTON CORPORATION

                            BNY CAPITAL MARKETS, INC.

                                       and

                            WACHOVIA SECURITIES, INC.

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                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT") is made and entered
into on December 16, 2002 between Corporation, a Delaware corporation (the
"COMPANY"), and Salomon Smith Barney Inc., Credit Suisse First Boston
Corporation, BNY Capital Markets, Inc. and Wachovia Securities, Inc. (the
"PURCHASERS").

     This Agreement is made pursuant to the Purchase Agreement dated
December 11, 2002 between the Company and the Purchasers (the "PURCHASE
AGREEMENT"), which provides for the sale by the Company to the Purchasers of
$225,000,000 aggregate principal amount of the Company's 7.375% Senior Notes due
2012 (the "SECURITIES"). In order to induce the Purchasers to enter into the
Purchase Agreement, the Company has agreed to provide to the Purchasers and
their direct and indirect transferees the registration rights set forth in this
Agreement. The execution of this Agreement is a condition to the closing under
the Purchase Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

      1. DEFINITIONS

     As used in this Agreement, the following capitalized defined terms shall
have the following meanings:

     "1933 ACT" shall mean the Securities Act of 1933, as amended from time to
time.

     "1934 ACT" shall mean the Securities Exchange Act of 1934, as amended from
time to time.

     "CLOSING DATE" shall mean the Closing Date as defined in the Purchase
Agreement.

     "COMPANY" shall have the meaning set forth in the preamble and shall also
include the Company's successors.

     "EXCHANGE OFFER" shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2(a) hereof.

     "EXCHANGE OFFER REGISTRATION" shall mean a registration under the 1933 Act
effected pursuant to Section 2(a) hereof.

     "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean an exchange offer

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registration statement on Form S-4 (or, if applicable, on another appropriate
form) under the 1933 Act and all amendments and supplements to such registration
statement, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

     "EXCHANGE SECURITIES" shall mean securities issued by the Company under the
Indenture containing terms identical to the Securities (except that (i) interest
thereon shall accrue from the last date on which interest was paid on the
Securities or, if no such interest has been paid, from December 16, 2002 and
(ii) the Exchange Securities generally will not contain restrictions on
transfer) and to be offered to Holders of Securities in exchange for Securities
pursuant to the Exchange Offer.

     "HOLDER" shall mean each Purchaser, for so long as it owns any Registrable
Securities, and each of its successors, assigns and direct and indirect
transferees who become registered owners of Registrable Securities under the
Indenture.

     "INDENTURE" shall mean the Indenture relating to the Securities dated as of
December 16, 2002 between the Company and The Bank of New York, as trustee, and
as the same may be amended from time to time in accordance with the terms
thereof.

     "MAJORITY HOLDERS" shall mean the Holders of a majority of the aggregate
principal amount of outstanding Registrable Securities; provided that, whenever
the consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or
any of its affiliates (as such term is defined in Rule 405 under the 1933 Act)
(other than the Purchasers or subsequent Holders of Registrable Securities if
such subsequent Holders are deemed to be such affiliates solely by reason of
their holding of such Registrable Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage or amount.

     "PARTICIPATING BROKER-DEALER" shall have the meaning set forth in
Section 4(a).

     "PERSON" shall mean an individual, partnership, limited liability company,
corporation, trust or unincorporated organization, or a government or agency or
political subdivision thereof.

     "PURCHASERS" shall have the meaning set forth in the preamble.

     "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble.

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     "PROSPECTUS" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including
all material incorporated by reference therein.

     "REGISTRABLE SECURITIES" shall mean the Securities; provided, however, that
the Securities shall cease to be Registrable Securities (i) when a Registration
Statement with respect to such Securities shall have been declared effective
under the 1933 Act and such Securities shall have been disposed of pursuant to
such Registration Statement, (ii) when such Securities have been sold to the
public pursuant to Rule 144(k) (or any similar provision then in force, but not
Rule 144A) under the 1933 Act, (iii) when such Securities shall have ceased to
be outstanding or (iv) when such Securities have been exchanged for Exchange
Securities unless, in the case of any Exchange Securities referred to in this
clause (iv), such Exchange Securities are held by Participating Broker-Dealers
(in which case such Exchange Securities will be deemed to be Registrable
Securities until such time as such Exchange Securities are sold to a purchaser
in whose hands such Exchange Securities are freely tradable in accordance with
the provisions of Section 4).

     "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with blue sky qualification of any of the
Exchange Securities or Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreements
and other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating
to the qualification of the Indenture under applicable securities laws, (vi) the
fees and disbursements of the Trustee and its counsel, (vii) the fees and
disbursements of counsel for the Company and, in the event the Company
determines to file a Shelf Registration Statement, the reasonable fees and
disbursements of one counsel for the Holders (which counsel shall be selected by
the Majority Holders and which counsel may also be counsel for the Purchasers)
and (viii) the fees and disbursements of the independent public accountants of
the Company, including the expenses of any special audits or "COLD COMFORT"
letters required by or incident to such performance and compliance, but
excluding fees and expenses of counsel to the

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underwriters (other than fees and expenses set forth in clause (ii) above) or
the Holders and underwriting discounts and commissions and transfer taxes, if
any, relating to the sale or disposition of Registrable Securities by a Holder.

     "REGISTRATION STATEMENT" shall mean any registration statement of the
Company that covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement and all amendments and supplements
to any such Registration Statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

     "SEC" shall mean the Securities and Exchange Commission.

     "SHELF REGISTRATION" shall mean a registration effected pursuant to
Section 2(b) hereof.

     "SHELF REGISTRATION STATEMENT" shall mean a "SHELF" registration statement
of the Company pursuant to the provisions of Section 2(b) of this Agreement
which covers all of the Registrable Securities but no other securities unless
approved by the Holders whose Registrable Securities are covered by such Shelf
Registration Statement on an appropriate form under Rule 415 under the 1933 Act,
or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

     "TRUSTEE" shall mean the trustee with respect to the Securities under the
Indenture.

     "UNDERWRITER" shall have the meaning set forth in Section 3 hereof.

     "UNDERWRITTEN REGISTRATION" or "UNDERWRITTEN OFFERING" shall mean a
registration in which Registrable Securities are sold to an Underwriter for
reoffering to the public.

      2. REGISTRATION UNDER THE 1933 ACT.

          (a)  To the extent not prohibited by any applicable law or applicable
     interpretation of the Staff of the SEC, the Company shall use its
     reasonable best efforts to cause to be filed an Exchange Offer Registration
     Statement covering the offer by the Company to the Holders to exchange all
     of the Registrable Securities for Exchange Securities and to have such
     Registration Statement remain effective until the closing of the Exchange
     Offer. The Company shall commence the Exchange Offer promptly after the
     Exchange Offer Registration Statement has been declared effective by

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     the SEC and use its reasonable best efforts to have the Exchange Offer
     consummated not later than 60 days after such effective date. The Company
     shall commence the Exchange Offer by mailing the related exchange offer
     Prospectus and accompanying documents to each Holder stating, in addition
     to such other disclosures as are required by applicable law:

               (i)    that the Exchange Offer is being made pursuant to this
          Agreement and that all Registrable Securities validly tendered and not
          withdrawn will be accepted for exchange;

               (ii)   the dates of acceptance for exchange (which shall be a
          period of at least 20 business days from the date such notice is
          mailed) (the "EXCHANGE DATES");

               (iii)  that any Registrable Security not tendered will remain
          outstanding and continue to accrue interest, but will not retain any
          rights under this Agreement;

               (iv)   that Holders electing to have a Registrable Security
          exchanged pursuant to the Exchange Offer will be required to surrender
          such Registrable Security, together with the enclosed letters of
          transmittal, to the institution and at the address (located in the
          Borough of Manhattan, The City of New York) specified in the notice
          prior to the close of business on the last Exchange Date; and

               (v)    that Holders will be entitled to withdraw their election,
          not later than the close of business on the last Exchange Date, by
          sending to the institution and at the address (located in the Borough
          of Manhattan, The City of New York) specified in the notice a
          telegram, telex, facsimile transmission or letter setting forth, among
          other things, the name of such Holder, the principal amount of
          Registrable Securities delivered for exchange and a statement that
          such Holder is withdrawing his election to have such Securities
          exchanged.

               As soon as practicable after the last Exchange Date, the Company
          shall:

               (i)    accept for exchange Registrable Securities or portions
          thereof validly tendered and not withdrawn pursuant to the Exchange
          Offer; and

               (ii)   deliver, or cause to be delivered, to the Trustee for
          cancellation all Registrable Securities or portions thereof so

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          accepted for exchange by the Company and issue, and cause the Trustee
          to promptly authenticate and mail to each Holder, an Exchange Security
          equal in principal amount to the principal amount of the Registrable
          Securities surrendered by such Holder.

     The Company shall use its reasonable best efforts to complete the Exchange
Offer as provided above and shall comply with the applicable requirements of the
1933 Act, the 1934 Act and other applicable laws and regulations in connection
with the Exchange Offer. The Exchange Offer shall not be subject to any
conditions, other than that the Exchange Offer does not violate applicable law
or any applicable interpretation of the Staff of the SEC. The Company shall
inform the Purchasers of the names and addresses of the Holders to whom the
Exchange Offer is made, and the Purchasers shall have the right, subject to
applicable law, to contact such Holders and otherwise facilitate the tender of
Registrable Securities in the Exchange Offer.

          (b)  In the event that (i) the Company determines that the Exchange
     Offer Registration provided for in Section 2(a) above is not available or
     may not be consummated as soon as practicable after the last Exchange Date
     because it would violate applicable law or the applicable interpretations
     of the Staff of the SEC or (ii) the Exchange Offer has been completed and
     in the opinion of counsel for the Purchasers a Registration Statement must
     be filed and a Prospectus must be delivered by any Purchaser in connection
     with any offering or sale of Registrable Securities, the Company may cause
     to be filed after such determination or notice of such opinion of counsel
     is given to the Company, as the case may be, a Shelf Registration Statement
     providing for the sale by the Holders of all of the Registrable Securities
     and to have such Shelf Registration Statement declared effective by the
     SEC. In the event the Company files a Shelf Registration Statement solely
     as a result of the matters referred to in clause (ii) of the preceding
     sentence, the Company shall use its reasonable best efforts to file and
     have declared effective by the SEC both an Exchange Offer Registration
     Statement pursuant to Section 2(a) with respect to all Registrable
     Securities and a Shelf Registration Statement (which may be a combined
     Registration Statement with the Exchange Offer Registration Statement) with
     respect to offers and sales of Registrable Securities held by the
     Purchasers after completion of the Exchange Offer. If the Company has
     determined to file and use its reasonable best efforts to have the Shelf
     Registration Statement declared effective, the Company agrees to use its
     reasonable best efforts to keep the Shelf Registration Statement
     continuously effective until the expiration of the period referred to in
     Rule 144(k) with respect to the Registrable Securities or such shorter
     period that will terminate when all of the Registrable Securities covered
     by the Shelf Registration Statement have been sold pursuant to the Shelf
     Registration Statement. The Company further agrees to supplement or amend
     the Shelf

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     Registration Statement if required by the rules, regulations or
     instructions applicable to the registration form used by the Company for
     such Shelf Registration Statement or by the 1933 Act or by any other rules
     and regulations thereunder for shelf registration or if reasonably
     requested by a Holder with respect to information relating to such Holder,
     and to use its reasonable best efforts to cause any such amendment to
     become effective and such Shelf Registration Statement to become usable as
     soon as thereafter practicable. The Company agrees to furnish to the
     Holders of Registrable Securities copies of any such supplement or
     amendment promptly after its being used or filed with the SEC.

          (c)  The Company shall pay all Registration Expenses in connection
     with the registration pursuant to Section 2(a) and Section 2(b). Each
     Holder shall pay all underwriting discounts and commissions and transfer
     taxes, if any, relating to the sale or disposition of such Holder's
     Registrable Securities pursuant to the Shelf Registration Statement.

          (d)  An Exchange Offer Registration Statement pursuant to Section 2(a)
     hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof
     will not be deemed to have become effective unless it has been declared
     effective by the SEC; provided, however, that, if, after it has been
     declared effective, the offering of Registrable Securities pursuant to a
     Shelf Registration Statement is interfered with by any stop order,
     injunction or other order or requirement of the SEC or any other
     governmental agency or court, such Registration Statement will be deemed
     not to have become effective during the period of such interference until
     the offering of Registrable Securities pursuant to such Registration
     Statement may legally resume. In the event the Exchange Offer is not
     consummated and the Shelf Registration Statement is not declared effective
     on or prior to July 14, 2003, the interest rate on the Securities will be
     increased by 0.5% per annum until (i) the Exchange Offer is consummated,
     (ii) the Shelf Registration Statement is declared effective by the SEC, or
     (iii) the Securities shall have ceased to be outstanding.

          (e)  Without limiting the remedies available to the Purchasers and the
     Holders, the Company acknowledges that any failure by the Company to comply
     with its obligations under Section 2(a) and Section 2(b) hereof may result
     in material irreparable injury to the Purchasers or the Holders for which
     there is no adequate remedy at law, that it will not be possible to measure
     damages for such injuries precisely and that, in the event of any such
     failure, the Purchasers or any Holder may obtain such relief as may be
     required to specifically enforce the Company's obligations under
     Section 2(a) and Section 2(b) hereof.

      3. REGISTRATION PROCEDURES.

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     In connection with the obligations of the Company with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) (if the
Company has determined to file a Shelf Registration Statement and use its
reasonable best efforts to have such Shelf Registration Statement declared
effective) hereof, the Company shall as expeditiously as possible:

          (a)  prepare and file with the SEC a Registration Statement on the
     appropriate form under the 1933 Act, which form (x) shall be selected by
     the Company and (y) shall, in the case of a Shelf Registration, be
     available for the sale of the Registrable Securities by the selling Holders
     thereof and (z) shall comply as to form in all material respects with the
     requirements of the applicable form and include all financial statements
     required by the SEC to be filed therewith, and use its reasonable best
     efforts to have such Registration Statement become effective and remain
     effective in accordance with Section 2 hereof;

          (b)  prepare and file with the SEC such amendments and post-effective
     amendments to each Registration Statement as may be necessary to keep such
     Registration Statement effective for the applicable period and cause each
     Prospectus to be supplemented by any required prospectus supplement and, as
     so supplemented, to be filed pursuant to Rule 424 under the 1933 Act;

          (c)  in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, to counsel for the Purchasers, to counsel for the
     Holders and to each Underwriter of an Underwritten Offering of Registrable
     Securities, if any, without charge, as many copies of each Prospectus,
     including each preliminary Prospectus, and any amendment or supplement
     thereto and such other documents as such Holder or Underwriter may
     reasonably request, in order to facilitate the public sale or other
     disposition of the Registrable Securities; and the Company consents to the
     use of such Prospectus and any amendment or supplement thereto in
     accordance with applicable law by each of the selling Holders of
     Registrable Securities and any such Underwriters in connection with the
     offering and sale of the Registrable Securities covered by and in the
     manner described in such Prospectus or any amendment or supplement thereto
     in accordance with applicable law;

          (d)  use its reasonable best efforts to register or qualify the
     Registrable Securities under all applicable state securities or "BLUE SKY"
     laws of such jurisdictions as any Holder of Registrable Securities covered
     by a Registration Statement shall reasonably request in writing by the time
     the applicable Registration Statement is declared effective by the SEC, to
     cooperate with such Holders in connection with any filings required to be

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     made with the National Association of Securities Dealers, Inc. and do any
     and all other acts and things which may be reasonably necessary or
     advisable to enable such Holder to consummate the disposition in each such
     jurisdiction of such Registrable Securities owned by such Holder; provided,
     however, that the Company shall not be required to (i) qualify as a foreign
     corporation or as a dealer in securities in any jurisdiction where it would
     not otherwise be required to qualify but for this Section 3(d), (ii) file
     any general consent to service of process or (iii) subject itself to
     taxation in any such jurisdiction if it is not so subject;

          (e)  in the case of a Shelf Registration, notify each Holder of
     Registrable Securities, counsel for the Holders and counsel for the
     Purchasers promptly and, if requested by any such Holder or counsel,
     confirm such advice in writing (i) when a Registration Statement has become
     effective and when any post-effective amendment thereto has been filed and
     becomes effective, (ii) of any request by the SEC or any state securities
     authority for amendments and supplements to a Registration Statement and
     Prospectus or for additional information after the Registration Statement
     has become effective, (iii) of the issuance by the SEC or any state
     securities authority of any stop order suspending the effectiveness of a
     Registration Statement or the initiation of any proceedings for that
     purpose, (iv) if, between the effective date of a Registration Statement
     and the closing of any sale of Registrable Securities covered thereby, the
     representations and warranties of the Company contained in any underwriting
     agreement, securities sales agreement or other similar agreement, if any,
     relating to the offering cease to be true and correct in all material
     respects or if the Company receives any notification with respect to the
     suspension of the qualification of the Registrable Securities for sale in
     any jurisdiction or the initiation of any proceeding for such purpose, (v)
     of the happening of any event during the period a Shelf Registration
     Statement is effective which makes any statement made in such Registration
     Statement or the related Prospectus untrue in any material respect or which
     requires the making of any changes in such Registration Statement or
     Prospectus in order to make the statements therein not misleading and (vi)
     of any determination by the Company that a post-effective amendment to a
     Registration Statement would be appropriate;

          (f)  make every reasonable effort to obtain the withdrawal of any
     order suspending the effectiveness of a Registration Statement at the
     earliest possible moment and provide immediate notice to each Holder of the
     withdrawal of any such order;

          (g)  in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, without charge, at least one conformed copy of

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     each Registration Statement and any post-effective amendment thereto
     (without documents incorporated therein by reference or exhibits thereto,
     unless requested), unless such documents are available on the SEC's EDGAR
     Website;

          (h)  in the case of a Shelf Registration, cooperate with the selling
     Holders of Registrable Securities to facilitate the timely preparation and
     delivery of certificates representing Registrable Securities to be sold and
     not bearing any restrictive legends and enable such Registrable Securities
     to be in such denominations (consistent with the provisions of the
     Indenture) and registered in such names as the selling Holders may
     reasonably request at least one business day prior to the closing of any
     sale of Registrable Securities;

          (i)  in the case of a Shelf Registration, upon the occurrence of any
     event contemplated by Section 3(e)(v) hereof, use its reasonable best
     efforts to prepare and file with the SEC a supplement or post-effective
     amendment to a Registration Statement or the related Prospectus or any
     document incorporated therein by reference or file any other required
     document so that, as thereafter delivered to the purchasers of the
     Registrable Securities, such Prospectus will not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements therein, in light of the circumstances under which they
     were made, not misleading. The Company agrees to notify the Holders to
     suspend use of the Prospectus as promptly as practicable after the
     occurrence of such an event, and the Holders hereby agree to suspend use of
     the Prospectus until the Company has amended or supplemented the Prospectus
     to correct such misstatement or omission;

          (j)  a reasonable time prior to the filing of any Registration
     Statement, any Prospectus, any amendment to a Registration Statement or
     amendment or supplement to a Prospectus or any document which is to be
     incorporated by reference into a Registration Statement or a Prospectus
     after the initial filing of a Registration Statement, provide the
     Purchasers and its counsel (and, in the case of a Shelf Registration
     Statement, the counsel to the Holders) a reasonable opportunity to comment
     on such document;

          (k)  obtain a CUSIP number for all Exchange Securities or Registrable
     Securities, as the case may be, not later than the effective date of a
     Registration Statement;

          (l)  cause the Indenture to be qualified under the Trust Indenture Act
     of 1939, as amended (the "TIA"), in connection with the registration of the
     Exchange Securities or Registrable Securities, as the case may be,

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     cooperate with the Trustee and the Holders to effect such changes to the
     Indenture as may be required for the Indenture to be so qualified in
     accordance with the terms of the TIA and execute, and use its reasonable
     best efforts to cause the Trustee to execute, all documents as may be
     required to effect such changes and all other forms and documents required
     to be filed with the SEC to enable the Indenture to be so qualified in a
     timely manner;

          (m)  in the case of a Shelf Registration, make available for
     inspection by the Holders of the Registrable Securities, any Underwriter
     participating in any disposition pursuant to such Shelf Registration
     Statement, and attorneys and accountants designated by the Holders, at
     reasonable times and in a reasonable manner, all financial and other
     records, pertinent documents and properties of the Company, and cause the
     respective officers, directors and employees of the Company to supply all
     information reasonably requested by any such representative, Underwriter,
     attorney or accountant in connection with a Shelf Registration Statement;
     provided, however, that the foregoing inspection and gathering of
     information shall be coordinated, on behalf of any Underwriter, by such
     Underwriter and, on behalf of the other parties, by one counsel designated
     by and on behalf of such other parties; and provided further that such
     persons shall first agree in writing with the Company that any information
     that is reasonably and in good faith designated by the Company as
     confidential at the time of delivery of such information shall be kept
     confidential by such persons unless (i) disclosure of such information is
     required by court or administrative order or is necessary to respond to
     inquiries of regulatory authorities, (ii) disclosure of such information is
     required by law (including any disclosure requirements pursuant to Federal
     securities laws in connection with the filing of the Shelf Registration
     Statement or the use of any Prospectus thereunder), (iii) such information
     becomes generally available to the public other than as a result of
     disclosure, directly or indirectly, or failure to safeguard by any such
     person, or (iv) such information becomes available to any such person on a
     non-confidential basis from a source other than the Company and such source
     is not bound by a confidentiality agreement or other obligation not to
     disclose such information;

          (n)  in the case of a Shelf Registration, use its reasonable best
     efforts to cause all Registrable Securities to be listed on any securities
     exchange or any automated quotation system on which similar securities
     issued by the Company are then listed if requested by the Majority Holders,
     to the extent such Registrable Securities satisfy applicable listing
     requirements;

          (o)  use its reasonable best efforts to cause the Exchange

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     Securities or Registrable Securities, as the case may be, to be rated by
     two nationally recognized statistical rating organizations (as such term is
     defined in Rule 436(g)(2) under the 1933 Act);

          (p)  if reasonably requested by any Holder of Registrable Securities
     covered by a Registration Statement, (i) promptly incorporate in a
     Prospectus supplement or post-effective amendment such information with
     respect to such Holder as such Holder reasonably requests to be included
     therein and (ii) make all required filings of such Prospectus supplement or
     such post-effective amendment as soon as the Company has received
     notification of the matters to be incorporated in such filing; and

          (q)  in the case of a Shelf Registration, use its reasonable best
     efforts to enter into such customary agreements and take all such other
     actions in connection therewith (including those requested by the Holders
     of a majority of the Registrable Securities being sold) in order to
     expedite or facilitate the disposition of such Registrable Securities in an
     Underwritten Offering and in such connection, (i) to the extent possible,
     make such representations and warranties to the Holders and any
     Underwriters of such Registrable Securities with respect to the business of
     the Company and its subsidiaries, the Registration Statement, Prospectus
     and documents incorporated by reference or deemed incorporated by
     reference, if any, in each case, in form, substance and scope as are
     customarily made by issuers to underwriters in underwritten offerings, (ii)
     obtain opinions of counsel to the Company (which counsel and opinions, in
     form, scope and substance, shall be reasonably satisfactory to the Holders
     and such Underwriters and their respective counsel) addressed to each
     selling Holder and Underwriter of Registrable Securities, covering the
     matters customarily covered in opinions requested in underwritten
     offerings, (iii) obtain "COLD COMFORT" letters from the independent
     certified public accountants of the Company (and, if necessary, any other
     certified public accountant of any subsidiary of the Company, or of any
     business acquired by the Company for which financial statements and
     financial data are or are required to be included in the Registration
     Statement) addressed to each selling Holder and Underwriter of Registrable
     Securities, such letters to be in customary form and covering matters of
     the type customarily covered in "COLD COMFORT" letters in connection with
     underwritten offerings, and (iv) deliver such documents and certificates as
     may be reasonably requested by the Holders of a majority in principal
     amount of the Registrable Securities being sold or the Underwriters, and
     which are customarily delivered in underwritten offerings, to evidence the
     continued validity of the representations and warranties of the Company
     made pursuant to clause (i) above and to evidence compliance with any
     customary conditions contained in an underwriting agreement.

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     In the case of a Shelf Registration Statement, the Company may require each
Holder of Registrable Securities to furnish to the Company such information
regarding the Holder and the proposed distribution by such Holder of such
Registrable Securities as the Company may from time to time reasonably request
in writing. Each Holder agrees to provide such information to the Company.

     In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Company of the happening of any event of the
kind described in Section 3(e)(v) hereof, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to a Registration Statement until
such Holder's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3(i) hereof, and, if so directed by the Company, such
Holder will deliver to the Company (at its expense) all copies in its
possession, other than permanent file copies then in such Holder's possession,
of the Prospectus covering such Registrable Securities current at the time of
receipt of such notice. If the Company shall give any such notice to suspend the
disposition of Registrable Securities pursuant to a Registration Statement, the
Company shall extend the period during which the Registration Statement shall be
maintained effective pursuant to this Agreement by the number of days during the
period from and including the date of the giving of such notice to and including
the date when the Holders shall have received copies of the supplemented or
amended Prospectus necessary to resume such dispositions and any such
suspensions may not exceed 90 days in the aggregate during any 365 day period.

     The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment banker
or investment bankers and manager or managers (the "UNDERWRITERS") that will
administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering.

      4. PARTICIPATION OF BROKER-DEALERS IN EXCHANGE OFFER.

          (a)  The parties hereto understand that the Staff of the SEC has taken
     the position that any broker-dealer that receives Exchange Securities for
     its own account in the Exchange Offer in exchange for Securities that were
     acquired by such broker-dealer as a result of market-making or other
     trading activities (a "Participating Broker-Dealer"), may be deemed to be
     an "underwriter" within the meaning of the 1933 Act and must deliver a
     prospectus meeting the requirements of the 1933 Act in connection with any
     resale of such Exchange Securities.

     The Company understands that it is currently the Staff's position that if
the Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means by

                                       13
<Page>

which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating
Broker-Dealers to satisfy their prospectus delivery obligation under the 1933
Act in connection with resales of Exchange Securities for their own accounts, so
long as the Prospectus otherwise meets the requirements of the 1933 Act.

          (b)  In light of the above, notwithstanding the other provisions of
     this Agreement, the Company agrees that the provisions of this Agreement as
     they relate to a Shelf Registration shall also apply to an Exchange Offer
     Registration to the extent, and with such reasonable modifications thereto,
     as may be reasonably requested by the Purchasers or by one or more
     Participating Broker-Dealers, in each case as provided in clause (ii)
     below, in order to expedite or facilitate the disposition of any Exchange
     Securities by Participating Broker-Dealers consistent with the positions of
     the Staff recited in Section 4(a) above; PROVIDED that:

               (i)    the Company shall not be required to amend or supplement
          the Prospectus contained in the Exchange Offer Registration Statement,
          as would otherwise be contemplated by Section 3(i), for a period
          exceeding 180 days after the last Exchange Date (as such period may be
          extended pursuant to the penultimate paragraph of Section 3 of this
          Agreement) and Participating Broker-Dealers shall not be authorized by
          the Company to deliver and shall not deliver such Prospectus after
          such period in connection with the resales contemplated by this
          Section 4; and

               (ii)   the application of the Shelf Registration procedures set
          forth in Section 3 of this Agreement to an Exchange Offer
          Registration, to the extent not required by the positions of the Staff
          of the SEC or the 1933 Act and the rules and regulations thereunder,
          will be in conformity with the reasonable request in writing to the
          Company by the Purchasers or with the reasonable request in writing to
          the Company by one or more broker-dealers who certify to the
          Purchasers and the Company in writing that they anticipate that they
          will be Participating Broker-Dealers; and PROVIDED FURTHER that, in
          connection with such application of the Shelf Registration procedures
          set forth in Section 3 to an Exchange Offer Registration, the Company
          shall be obligated (x) to deal only with one entity representing the
          Participating Broker-Dealers, which shall be Salomon Smith Barney Inc.
          unless it elects not to act as such representative, (y) to pay the
          fees and expenses of only one counsel representing the Participating
          Broker-Dealers, which shall be counsel to the Purchasers unless such
          counsel elects not to

                                       14
<Page>

          so act and (z) to cause to be delivered only one, if any, "cold
          comfort" letter with respect to the Prospectus in the form existing on
          the last Exchange Date and with respect to each subsequent amendment
          or supplement, if any, effected during the period specified in clause
          (i) above.

     For purposes of this Section 4(b), all references in Section 3 to the
"Majority Holders" shall be deemed to mean, solely insofar as relates to this
Section 4(b), the Participating Broker-Dealers who are the Holders of the
majority in aggregate principal amount of the Exchange Securities which are
Registrable Securities

          (c)  The Purchasers shall have no liability to the Company, other than
     as Holders in accordance with the terms hereof, or to any other Holder with
     respect to any request that they may make pursuant to Section 4(b) above.

      5. INDEMNIFICATION AND CONTRIBUTION.

          (a)  The Company agrees to indemnify and hold harmless each Purchaser,
     each Holder and each Person, if any, who controls any Purchaser or any such
     Holder within the meaning of either Section 15 of the 1933 Act or Section
     20 of the 1934 Act, from and against all losses, claims, damages and
     liabilities (including, without limitation, any legal or other expenses
     reasonably incurred in connection with defending or investigating any such
     action or claim) caused by any untrue statement or alleged untrue statement
     of a material fact contained in any Registration Statement (or any
     amendment thereto) pursuant to which Exchange Securities or Registrable
     Securities were registered under the 1933 Act, including all documents
     incorporated therein by reference, or caused by any omission or alleged
     omission to state a material fact required to be stated therein or
     necessary to make the statements therein not misleading, or caused by any
     untrue statement or alleged untrue statement of a material fact contained
     in any Prospectus (as amended or supplemented if the Company shall have
     furnished any amendments or supplements thereto), or caused by any omission
     or alleged omission to state a material fact necessary to make the
     statements therein in light of the circumstances under which they were made
     not misleading, except insofar as such losses, claims, damages or
     liabilities are caused by any such untrue statement or omission or alleged
     untrue statement or omission based upon information relating to any
     Purchaser or any Holder furnished to the Company in writing by such
     Purchaser or any selling Holder expressly for use therein, provided,
     however, that the foregoing indemnity with respect to any such Registration
     Statement or Prospectus, including any document incorporated therein by
     reference, shall not inure to the benefit of any

                                       15
<Page>

     Purchaser or any Holder (or to the benefit of any Person controlling such
     Holder) from whom the Person asserting any such losses, claims, damages or
     liabilities purchased the Registrable Securities if such untrue statement
     or omission or alleged untrue statement or alleged omission made in any
     such Registration Statement or Prospectus, including any document
     incorporated therein by reference, is eliminated or remedied in an
     amendment or supplement thereto and a copy of the amended or supplemented
     Registration Statement or Prospectus has not been furnished to such person
     on or prior to the written confirmation of the sale of such Registrable
     Securities to such Person. In connection with any Underwritten Offering
     permitted by Section 3, the Company will also indemnify the Underwriters,
     if any, selling brokers, dealers and similar securities industry
     professionals participating in the distribution, their officers and
     directors and each Person who controls such Persons (within the meaning of
     the 1933 Act and the 1934 Act) to the same extent as provided above with
     respect to the indemnification of the Holders, if requested in connection
     with any Registration Statement.

          (b)  Each Holder agrees, severally and not jointly, to indemnify and
     hold harmless the Company, the Purchasers and the other selling Holders,
     and each of their respective directors, officers of the Company who sign
     the Registration Statement and each Person, if any, who controls the
     Company, the Purchasers and any other selling Holder within the meaning of
     either Section 15 of the 1933 Act or Section 20 of the 1934 Act to the same
     extent as the foregoing indemnity from the Company to the Purchasers and
     the Holders, but only with reference to information relating to such Holder
     furnished to the Company in writing by such Holder expressly for use in any
     Registration Statement (or any amendment thereto) or any Prospectus (or any
     amendment or supplement thereto).

          (c)  In case any proceeding (including any governmental investigation)
     shall be instituted involving any Person in respect of which indemnity may
     be sought pursuant to either paragraph (a) or paragraph (b) of this Section
     5, such Person (the "INDEMNIFIED PARTY") shall promptly notify the Person
     against whom such indemnity may be sought (the "INDEMNIFYING PARTY") in
     writing and the indemnifying party, upon request of the indemnified party,
     shall retain counsel reasonably satisfactory to the indemnified party to
     represent the indemnified party and any others the indemnifying party may
     designate in such proceeding and shall pay the fees and disbursements of
     such counsel related to such proceeding. In any such proceeding, any
     indemnified party shall have the right to retain its own counsel, but the
     fees and expenses of such counsel shall be at the expense of such
     indemnified party unless (i) the indemnifying party and the indemnified
     party shall have mutually agreed to the retention of such counsel or (ii)
     the named parties to any such

                                       16
<Page>

     proceeding (including any impleaded parties) include both the indemnifying
     party and the indemnified party and representation of both parties by the
     same counsel would be inappropriate due to actual or potential differing
     interests between them. It is understood that the indemnifying party shall
     not, in connection with any proceeding or related proceedings in the same
     jurisdiction, be liable for (A) the fees and expenses of more than one
     separate firm (in addition to any local counsel) for the Purchasers and all
     Persons, if any, who control any Purchaser within the meaning of either
     Section 15 of the 1933 Act or Section 20 of the 1934 Act, (B) the fees and
     expenses of more than one separate firm (in addition to any local counsel)
     for the Company, its directors, its officers who sign the Registration
     Statement and each Person, if any, who controls the Company within the
     meaning of either such Section and (C) the fees and expenses of more than
     one separate firm (in addition to any local counsel) for all Holders and
     all Persons, if any, who control any Holders within the meaning of either
     such Section, and that all such fees and expenses shall be reimbursed as
     they are incurred. In such case involving the Purchasers and Persons who
     control any Purchaser, such firm shall be designated in writing by such
     Purchaser. In such case involving the Holders and such Persons who control
     any Holder, such firm shall be designated in writing by the Majority
     Holders. In all other cases, such firm shall be designated by the Company.
     The indemnifying party shall not be liable for any settlement of any
     proceeding effected without its written consent but, if settled with such
     consent or if there be a final judgment for the plaintiff, the indemnifying
     party agrees to indemnify the indemnified party from and against any loss
     or liability by reason of such settlement or judgment. Notwithstanding the
     foregoing sentence, if at any time an indemnified party shall have
     requested an indemnifying party to reimburse the indemnified party for fees
     and expenses of counsel as contemplated by the second and third sentences
     of this paragraph, the indemnifying party agrees that it shall be liable
     for any settlement of any proceeding effected without its written consent
     if (i) such settlement is entered into more than 30 days after receipt by
     such indemnifying party of the aforesaid request and (ii) such indemnifying
     party shall not have reimbursed the indemnified party for such fees and
     expenses of counsel in accordance with such request prior to the date of
     such settlement. No indemnifying party shall, without the prior written
     consent of the indemnified party, effect any settlement of any pending or
     threatened proceeding in respect of which such indemnified party is or
     could have been a party and indemnity could have been sought hereunder by
     such indemnified party, unless such settlement includes an unconditional
     release of such indemnified party from all liability on claims that are the
     subject matter of such proceeding.

          (d)  If the indemnification provided for in paragraph (a) or
     paragraph (b) of this Section 5 is unavailable to an indemnified party or

                                       17
<Page>

     insufficient in respect of any losses, claims, damages or liabilities
     referred to therein, then each indemnifying party under such paragraph, in
     lieu of indemnifying such indemnified party thereunder, shall contribute to
     the amount paid or payable by such indemnified party as a result of such
     losses, claims, damages or liabilities in such proportion as is appropriate
     to reflect the relative fault of the indemnifying party or parties on the
     one hand and of the indemnified party or parties on the other hand in
     connection with the statements or omissions that resulted in such losses,
     claims, damages or liabilities, as well as any other relevant
     considerations. The relative fault of the Company, the Holders and the
     Underwriters, if any, shall be determined by reference to, among other
     things, whether the untrue or alleged untrue statement of a material fact
     or the omission or alleged omission to state a material fact relates to
     information supplied by the Company or by the Holders or the Underwriters,
     if any, and the parties' relative intent, knowledge, access to information
     and opportunity to correct or prevent such statement or omission. The
     Holders' respective obligations to contribute pursuant to this Section 5(d)
     are several in proportion to the respective principal amount of Registrable
     Securities of such Holder that were registered pursuant to a Registration
     Statement.

          (e)  The Company and each Holder agree that it would not be just or
     equitable if contribution pursuant to this Section 5 were determined by pro
     rata allocation or by any other method of allocation that does not take
     account of the equitable considerations referred to in paragraph (d) above.
     The amount paid or payable by an indemnified party as a result of the
     losses, claims, damages and liabilities referred to in paragraph (d) above
     shall be deemed to include, subject to the limitations set forth above, any
     legal or other expenses reasonably incurred by such indemnified party in
     connection with investigating or defending any such action or claim.
     Notwithstanding the provisions of this Section 5, no Holder shall be
     required to indemnify or contribute any amount in excess of the amount by
     which the total price at which Registrable Securities were sold by such
     Holder exceeds the amount of any damages that such Holder has otherwise
     been required to pay by reason of such untrue or alleged untrue statement
     or omission or alleged omission. No Person guilty of fraudulent
     misrepresentation (within the meaning of Section 11(f) of the 1933 Act)
     shall be entitled to contribution from any Person who was not guilty of
     such fraudulent misrepresentation. The remedies provided for in this
     Section 5 are not exclusive and shall not limit any rights or remedies
     which may otherwise be available to any indemnified party at law or in
     equity.

     The indemnity and contribution provisions contained in this Section 5 shall
remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of the
Purchasers,

                                       18
<Page>

any Holder or any Person controlling any Purchaser or any Holder, or by or on
behalf of the Company, its officers or directors or any Person controlling the
Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of
Registrable Securities pursuant to a Shelf Registration Statement.

      6. MISCELLANEOUS.

          (a)  No Inconsistent Agreements. The Company has not entered into, and
     on or after the date of this Agreement will not enter into, any agreement
     which breaches the rights granted to the Holders of Registrable Securities
     in this Agreement or the provisions hereof. The rights granted to the
     Holders hereunder do not breach the rights granted to the holders of the
     Company's other issued and outstanding securities under any such
     agreements.

          (b)  Amendments and Waivers. The provisions of this Agreement,
     including the provisions of this sentence, may not be amended, modified or
     supplemented, and waivers or consents to departures from the provisions
     hereof may not be given unless the Company has obtained the written consent
     of Holders of at least a majority in aggregate principal amount of the
     outstanding Registrable Securities affected by such amendment,
     modification, supplement, waiver or consent; provided, however, that no
     amendment, modification, supplement, waiver or consent to any departure
     from the provisions of Section 5 hereof shall be effective as against any
     Holder of Registrable Securities unless consented to in writing by such
     Holder.

          (c)  Notices. All notices and other communications provided for or
     permitted hereunder shall be made in writing by hand-delivery, registered
     first-class mail, telex, telecopier, or any courier guaranteeing overnight
     delivery (i) if to a Holder, at the most current address given by such
     Holder to the Company by means of a notice given in accordance with the
     provisions of this Section 6(c), which address initially is, the address of
     the representatives of the Purchasers set forth in the Purchase Agreement;
     and (ii) if to the Company, initially at the Company's address set forth in
     the Purchase Agreement and thereafter at such other address, notice of
     which is given in accordance with the provisions of this Section 6(c).

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt is acknowledged, if telecopied; and on
the next business day if timely delivered to an air courier guaranteeing
overnight delivery.

                                       19
<Page>

     Copies of all such notices, demands, or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

          (d)  Successors and Assigns. This Agreement shall inure to the benefit
     of and be binding upon the successors, assigns and transferees of each of
     the parties, including, without limitation and without the need for an
     express assignment, subsequent Holders; provided that nothing herein shall
     be deemed to permit any assignment, transfer or other disposition of
     Registrable Securities in violation of the terms of the Purchase Agreement.
     If any transferee of any Holder shall acquire Registrable Securities, in
     any manner, whether by operation of law or otherwise, such Registrable
     Securities shall be held subject to all of the terms of this Agreement, and
     by taking and holding such Registrable Securities such Person shall be
     conclusively deemed to have agreed to be bound by and to perform all of the
     terms and provisions of this Agreement and such Person shall be entitled to
     receive the benefits hereof. Each Purchaser (in its capacity as Purchaser)
     shall have no liability or obligation to the Company with respect to any
     failure by a Holder to comply with, or any breach by any Holder of, any of
     the obligations of such Holder under this Agreement.

          (e)  Purchases and Sales of Securities. The Company shall not, and
     shall use its reasonable best efforts to cause its affiliates (as defined
     in Rule 405 under the 1933 Act) not to, purchase and then resell or
     otherwise transfer any Securities (other than to another affiliate of the
     Company).

          (f)  Third Party Beneficiary. The Holders shall be third party
     beneficiaries to the agreements made hereunder between the Company, on the
     one hand, and the Purchasers, on the other hand, and shall have the right
     to enforce such agreements directly to the extent it deems such enforcement
     necessary or advisable to protect its rights or the rights of Holders
     hereunder.

          (g)  Counterparts. This Agreement may be executed in any number of
     counterparts and by the parties hereto in separate counterparts, each of
     which when so executed shall be deemed to be an original and all of which
     taken together shall constitute one and the same agreement.

          (h)  Headings. The headings in this Agreement are for convenience of
     reference only and shall not limit or otherwise affect the meaning hereof.

          (i)  Governing Law. This Agreement shall be governed by the laws of
     the State of New York.

                                       20
<Page>

          (j)  Severability. In the event that any one or more of the provisions
     contained herein, or the application thereof in any circumstance, is held
     invalid, illegal or unenforceable, the validity, legality and
     enforceability of any such provision in every other respect and of the
     remaining provisions contained herein shall not be affected or impaired
     thereby.

                                       21
<Page>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                                AON CORPORATION

                                                By: /s/ Harvey N. Medvin
                                                    ----------------------------
                                                    Name:
                                                    Title:

Confirmed and accepted as of
 the date first above written:

Salomon Smith Barney Inc.
 Credit Suisse First Boston Corporation

For themselves and on behalf of the several
purchasers named in Schedule I hereto.

SALOMON SMITH BARNEY INC.

By: /s/ Anne Kronenberg
    -------------------------------
    Name:
    Title:

CREDIT SUISSE FIRST BOSTON CORPORATION

By: /s/ Sharon Harrison
    -------------------------------
    Name:  Sharon Harrison
    Title: Director

                                       22
<Page>

                                                                      SCHEDULE I

               PURCHASER

Salomon Smith Barney Inc.

Credit Suisse First Boston Corporation

BNY Capital Markets, Inc.

Wachovia Securities, Inc.

                                       23
<Page>

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Exhibit (10)(xv)    
  

GREAT LAKES CHEMICAL CORPORATION

2002 STOCK OPTION AND INCENTIVE PLAN  

        1.    Plan Purpose.    The purpose of the Plan
is to promote the long-term interests of the Company and its shareholders by providing a means for attracting and retaining officers, directors and key employees of the Company and its
Affiliates. 

        2.    Definitions.    The following definitions are applicable to the
Plan:  

        "Affiliate" means any "parent corporation" or "subsidiary corporation" of the Company as such terms are defined in
Code sections 424(e) and (f), respectively. 

        "Affiliated SAR" means a SAR that is granted in connection with a related Option, and which automatically will be deemed to be exercised
at the same time that the related Option is exercised. The deemed exercise of an Affiliated SAR will not necessitate a reduction in the number of Shares subject to the related Option. 

        "Award" means the grant by the Committee of Incentive Stock Options, Non-Qualified Stock Options, SARs, Restricted Shares,
Restricted Share Units, Performance Shares or any combination thereof, as provided in the Plan. 

        "Award Agreement" means the written agreement setting forth the terms and provisions applicable to each Award granted under the Plan. 

        "Base Price" means the amount over which the appreciation in value of a Share will be measured upon exercise of a SAR. 

        "Board" means the Board of Directors of the Company. 

        "Cause" means (a) a Participant's dishonesty, fraud or misconduct with respect to the business or affairs of the Company or any
Affiliate which materially and adversely affects the operations or reputation of the Company or any Affiliate (monetarily or otherwise); (b) a Participant's conviction of a felony crime or a
crime involving moral turpitude or entry of a plea of nolo contendre thereof; (c) a Participant's violation of the Company's Code of Conduct; or (d) a Participant's violation of the
Company's or an Affiliate's drug and/or alcohol policy. 

        "Change in Control" means each of the events set forth in any one of the following paragraphs: 

	(a)
	any
"person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act (as in effect as of the date of this Plan) other than (i) the Company, (ii) a
trustee or other fiduciary holding securities under an employee benefit plan of the Company, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or
(iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of the Company (any such person is
hereinafter referred to as a "Person"), is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
representing more than 20% of the combined voting power of the Company's then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly
from the Company);

	(b)
	there
is consummated a merger or consolidation of the Company with or into any other corporation, other than a merger or consolidation which would result in the holders of the voting
securities of the Company outstanding immediately prior thereto holding securities which represent, in combination with the ownership of any trustee or other fiduciary holding securities under an
employee benefit plan of the Company, immediately after such merger or consolidation, more than 70% of the combined voting power of the voting securities of 

either
the Company or the other entity which survives such merger or consolidation or the parent of the entity which survives such merger or consolidation; 

	(c)
	the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or
substantially all of the Company's assets to any Person; or

	(d)
	during
any period of two consecutive years (not including any period prior to the date of this Agreement), individuals who at the beginning of such period constitute the Board of
Directors and
any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in (a), (b), or (c) above) whose election by
the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof. 

For
purposes of this Plan, where a change in control of the Company results from a series of related transactions, the change in control of the Company shall be deemed to have occurred on the date of
the consummation of the first such transaction. For purposes of paragraph (a) above, the stockholders of another corporation (other than the Company or a corporation described in
clause (iv) of paragraph (a)) shall be deemed to constitute a Person. Further, it is understood by the parties that the sale, transfer, or other disposition of a subsidiary of the
Company shall not constitute a change in control of the Company giving rise to payments or benefits under this Plan. 

        "Code" means the Internal Revenue Code of 1986, as amended, and its interpretive regulations. 

        "Committee" means the Committee appointed by the Board pursuant to Section 3 of the Plan. 

        "Company" means Great Lakes Chemical Corporation, a Delaware corporation. 

        "Continuous Service" means, in the case of an Employee, the absence of any interruption or termination of service as an Employee of the
Company or an Affiliate; and in the case of an individual who is not an Employee, the absence of any interruption or termination of the service relationship between the individual and the Company or
an Affiliate. Service will not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or in the case of a Participant's transfer
between the Company and an Affiliate or any successor to the Company. 

        "Director" means any individual who is a member of the Board. 

        "Disability" means total and permanent disability as determined by the Committee pursuant to Code section 22(e)(3). 

        "EBITDA" means earnings before interest, taxes, depreciation and amortization. 

        "Employee" means any person, including an officer or Director, who is employed by the Company or any Affiliate. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Exercise Price" means the price per Share at which the Shares subject to an Option may be purchased upon exercise of the Option. 

        "Freestanding SAR" means a SAR that is granted independently of any Option. 

        "Incentive Stock Option" means an option to purchase Shares granted by the Committee pursuant to the terms of the Plan that is intended to
qualify under Code section 422. 

        "Market Value" means the last reported sale price on the last trading date preceding the date in question (or, if there is no reported
sale on such date, on the last preceding date on which any 

reported sale occurred) of one Share on the New York Stock Exchange, or, if the Shares are not listed on the New York Stock Exchange, on the principal exchange on which the Shares are listed for
trading, or, if the Shares are not listed for trading on any exchange, the average trading price of one Share on the date in question as reported on the Nasdaq National Market or any similar system
then in use, or, if the Shares are not listed on the Nasdaq National Market, the mean between the closing high bid and low asked quotations of one Share on the date in question as reported by Nasdaq
or any similar system then in use, or, if no such quotations are available, the fair market value on such date of one Share as the Committee shall determine. 

        "Non-Qualified Stock Option" means an option to purchase Shares granted by the Committee pursuant to the terms of the Plan,
which option is not intended to qualify under Code section 422. 

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

        "Participant" means any individual selected by the Committee to receive an Award. 

        "Performance Cycle" means the period of time, designated by the Committee, over which Performance Shares may be earned. 

        "Performance Shares" means Shares awarded pursuant to Section 14 of the Plan. 

        "Plan" means the Great Lakes Chemical Corporation 2002 Stock Option and Incentive Plan. 

        "Reorganization" means the liquidation or dissolution of the Company, or any merger, consolidation or combination of the Company (other
than a merger, consolidation or combination in which the Company is the continuing entity and which does not result in the outstanding Shares being converted into or exchanged for different
securities, cash or other property or any combination thereof). 

        "Restricted Period" means the period of time selected by the Committee for the purpose of determining when restrictions are in effect
under Section 11 or 12 of the Plan with respect to Restricted Shares or Restricted Share Units. 

        "Restricted Shares" means Shares that have been contingently awarded to a Participant by the Committee subject to the restrictions
referred to in Section 11 of the Plan, so long as such restrictions are in effect. 

        "Restricted Share Units" means an Award of units pursuant to Section 12 of the Plan. Each Restricted Share Unit shall, at all
times, be equal in value to the Market Value of one Share of the Company. 

        "Retirement" means, in the case of an Employee, a termination of Continuous Service by reason of the Employee's retirement under the
Company's Retirement Plan for Certain Employees, or, any other defined benefit retirement plan sponsored by the Company or an Affiliate, that the Employee is eligible to retire under, or any successor
plan. 

        "Stock Appreciation Right" or "SAR" means an Award, granted alone or in connection with a related Option, pursuant to Section 13 of
the Plan. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Shares" means the shares of common stock, $1.00 par value, of the Company. 

        "Tandem SAR" means a SAR that is granted in connection with a related Option, the exercise of which requires forfeiture of the right to
purchase an equal number of Shares under the related Option (and when a Share is purchased under the Option, the SAR is canceled to the same extent). 

        3.    Administration.    The Plan will be
administered by the Committee, which will consist of two or more members of the Board, each of whom will be a "non-employee director" as provided under Rule 16b-3 of the
Exchange Act, and an "outside director" as provided under Code section 162(m). The members of the Committee will be appointed by the Board. Except as limited by the express provisions of the
Plan, the Committee will have sole and complete authority and discretion to 

(a) select Participants and grant Awards; (b) determine the number of Shares to be subject to types of Awards generally, as well as to individual Awards granted under the Plan;
(c) determine the terms and conditions upon which Awards will be granted under the Plan; (d) prescribe the form and terms of Award Agreements; (e) establish procedures and
regulations for the administration of the Plan; (f) interpret the Plan; and (g) make all determinations deemed necessary or advisable for the administration of the Plan. 

        A
majority of the Committee will constitute a quorum, and the acts of a majority of the members present at any meeting at which a quorum is present, or acts approved in writing by all
members of the Committee without a meeting, will be acts of the Committee. All determinations and decisions made by the Committee pursuant to the provisions of the Plan will be final, conclusive, and
binding on all persons, and will be given the maximum deference permitted by law. 

        4.    Participants.    The Committee may
select from time to time Participants in the Plan from those officers, Directors and key Employees of the Company or its Affiliates who, in the opinion of the Committee, have the capacity for
contributing in a substantial measure to the successful performance of the Company or its Affiliates. 

        5.    Shares Subject to Plan, Limitations on Grants and Exercise
Price.    Subject to adjustment by the operation of Section 15 hereof: 

	(a)
	The
maximum number of Shares that may be issued with respect to Awards made under the Plan is 2,500,000 Shares. The number of Shares that may be granted under the Plan to any
Participant during the term of the Plan under all forms of Awards will not exceed 150,000 Shares per calendar year.

	(b)
	The
Shares with respect to which Awards may be made under the Plan may either be authorized and unissued shares or issued shares heretofore or hereafter reacquired and held as
treasury
shares. Any Award that expires, terminates or is surrendered for cancellation, or with respect to Restricted Shares, which is forfeited (so long as any cash dividends paid on such Shares are also
forfeited), may be subject to new Awards under the Plan with respect to the number of Shares as to which a termination or forfeiture has occurred.

	(c)
	The
Exercise Price for any Award made under the Plan may not be less than the Market Value of the Shares as of the date of the award. 

        6.    General Terms and Conditions of
Options.    The Committee will have full and complete authority and discretion, except as expressly limited by the Plan, to grant Options and to prescribe the terms
and conditions (which need not be identical among Participants) of the Options. Each Option will be evidenced by an Award Agreement that will specify: (a) the Exercise Price, (b) the
number of Shares subject to the Option, (c) the expiration date of the Option, (d) the manner, time and rate (cumulative or otherwise) of exercise of the Option, (e) the
restrictions, if any, to be placed upon the Option or upon Shares that may be issued upon exercise of the Option, (f) the conditions, if any, under which a Participant may transfer or assign
Options, and (g) any other terms and conditions as the Committee, in its sole discretion, may determine. The Committee may, as a condition of granting any Option, require that a Participant
agree to surrender for cancellation one or more Options previously granted to such Participant. 

        7.    Exercise of Options.    

	(a)
	Except
as provided in Section 18, an Option granted under the Plan will be exercisable during the lifetime of the Participant to whom such Option was granted only by the
Participant, and except as provided in Section 8 of the Plan, no Option may be exercised unless at the time the Participant exercises the Option, the Participant has maintained Continuous
Service since the date of the grant of the Option.

	(b)
	To
exercise an Option under the Plan, the Participant must give written notice to the Company specifying the number of Shares with respect to which the Participant elects to 

exercise
the Option together with full payment of the Exercise Price. The date of exercise will be the date on which the notice is received by the Company. Payment may be made either (i) in
cash (including check, bank draft or money order), (ii) by tendering Shares already owned by the Participant for at least six (6) months or such longer period required for financial
reporting purposes to avoid a charge to earnings prior to the date of exercise and having a Market Value on the date of exercise equal to the Exercise Price, (iii) through the delivery of a
notice that the Participant has placed a market sell order with a broker with respect to Shares issuable upon exercise of the Option and the broker has been directed to pay a sufficient portion of the
net proceeds of the sale to the Company to cover the Exercise Price, or (iv) by any other means determined by the Committee in its sole discretion and, with respect to Incentive Stock Options,
reflected in the Award Agreement as of the date of grant. 

        8.    Termination of Options.    Unless
otherwise specifically provided by the Committee in the Award Agreement or any amendment thereto, Options will terminate as provided in this Section. 

	(a)
	Unless
sooner terminated under the provisions of this Section, Options will expire on the earlier of the date specified in the Award Agreement or the expiration of ten
(10) years from the date of grant.

	(b)
	If
the Continuous Service of a Participant is terminated for reason of Retirement, all outstanding options will become fully vested and the Participant may exercise all outstanding
Options in full within the period of two (2) years immediately succeeding the Participant's Retirement.

	(c)
	If
the Continuous Service of a Participant is terminated for Cause, all rights under any Options granted to the Participant will terminate immediately upon the Participant's cessation
of Continuous Service, and the Participant will (unless the Committee, in its sole discretion, waives this requirement) repay to the Company within ten (10) days the amount of any gain realized
by the Participant upon any exercise of an Option, awarded under this Plan, within the 90-day period prior to the cessation of Continuous Service.

	(d)
	If
the Continuous Service of a Participant is terminated voluntarily by the Participant for any reason other than death, Disability, or Retirement, the Participant may exercise
outstanding Options to the extent that the Participant was entitled to exercise the Options at the date of cessation of Continuous Service, but only within the period of three (3) months
immediately succeeding the Participant's cessation of Continuous Service, and in no event after the applicable expiration dates of the Options.

	(e)
	If
the Continuous Service of a Participant is terminated by the Company without Cause, the Participant may exercise outstanding Options to the extent that the Participant was entitled
to exercise the Options at the date of cessation of Continuous Service, but only within the period of two (2) years immediately succeeding the Participant's cessation of Continuous Service, and
in no event after the applicable expiration dates of the Options.

	(f)
	In
the event of the Participant's death or Disability, the Participant or the Participant's beneficiary, as the case may be, may exercise outstanding Options to the extent that the
Participant was entitled to exercise the Options at the date of cessation of Continuous Service, but only within the period of two (2) years immediately succeeding the Participant's cessation
of Continuous Service by reason of death or Disability, and in no event after the applicable expiration date of the Options.

	(g)
	Notwithstanding
the provisions of the foregoing paragraphs of this Section 8, the Committee may, in its sole discretion, establish different terms and conditions pertaining to
the effect of the cessation of Continuous Service, to the extent permitted by applicable federal and state law. 

        9.    Restrictive Covenants.    In its
discretion, the Committee may condition the grant of any Award under the Plan upon the Participant agreeing to covenants in favor of the Company and/or any Affiliate (including, without limitation,
covenants not to compete, not to solicit employees and customers, and not to disclose confidential information) that may have effect following the termination of employment with the Company or any
Affiliate, and after the Award has been exercised, including, without limitation, the requirement to disgorge any profit, gain or other benefit received upon exercise of the Award prior to any breach
of any covenant. 

        10.    Incentive Stock Options    

	(a)
	Incentive
Stock Options may be granted only to Participants who are Employees. Any provisions of the Plan to the contrary notwithstanding, (a) no Incentive Stock Option will be
granted more than ten (10) years from the earlier of the date the Plan is adopted by the Board of Directors of the Company or approved by the Company's Shareholders, (b) no Incentive
Stock Option will be exercisable more than ten (10) years from the date the Incentive Stock Option is granted, (c) the Exercise Price of any Incentive Stock Option will not be less than
the Market Value per Share on the date such Incentive Stock Option is granted, (d) any Incentive Stock Option will not be transferable by the Participant to whom such Incentive Stock Option is
granted other than by will or the laws of descent and distribution and will be exercisable during the Participant's lifetime only by such Participant, (e) no Incentive Stock Option will be
granted that would permit a Participant to acquire, through the exercise of Incentive Stock Options in any calendar year, under all plans of the Company and its Affiliates, Shares having an aggregate
Market Value (determined as of the time any Incentive Stock Option is granted) in excess of $100,000 (determined by assuming that the Participant will exercise each Incentive Stock Option on the date
that such Option first becomes exercisable), and (f) no Incentive Stock Option may be exercised more than three (3) months after the Participant's cessation of Continuous Service for
reasons other than Disability or death of the Participant, or more than one (1) year after the Participant's cessation of Continuous Service due to the Disability or the death of the
Participant. Notwithstanding the foregoing, in the case of any Participant who, at the date of grant, owns shares possessing more than 10% of the total
combined voting power of all classes of capital stock of the Company or any Affiliate, the Exercise Price of any Incentive Stock Option will not be less than 110% of the Market Value per Share on the
date such Incentive Stock Option is granted and such Incentive Stock Option will not be exercisable more than five (5) years from the date such Incentive Stock Option is granted.

	(b)
	Notwithstanding
any other provisions of the Plan, if for any reason an Option granted under the Plan that is intended to be an Incentive Stock Option fails to qualify as an Incentive
Stock Option, such Option will be deemed to be a Non-Qualified Stock Option, and such Option will be deemed to be fully authorized and validly issued under the Plan. 

        11.    Terms and Conditions of Restricted
Shares.    The Committee will have full and complete authority, subject to the limitations of the Plan, to grant Awards of Restricted Shares and to prescribe the
terms and conditions (which need not be identical among Participants) in respect of the Awards. Unless the Committee otherwise specifically provides in the Award Agreement, an Award of Restricted
Shares will be subject to the following provisions: 

	(a)
	At
the time of an Award of Restricted Shares, the Committee will establish for each Participant a Restricted Period during which, or at the expiration of which, the Restricted Shares
will vest. Subject to paragraph (e) of this Section, the Participant will have all the rights of a shareholder with respect to the Restricted Shares, including, but not limited to, the right to
receive all dividends paid on the Restricted Shares and the right to vote the Restricted Shares. The Committee will have the authority, in its discretion, to accelerate the time at which any or all of
the restrictions will lapse with respect to any Restricted Shares prior to the expiration of the Restricted Period, or to remove any or all restrictions, whenever it may determine that such action is
appropriate by reason of changes in applicable tax or 

other
laws or other changes in circumstances occurring after the commencement of the Restricted Period. 

	(b)
	Subject
to Section 17, if a Participant ceases Continuous Service for any reason, including death, before the Restricted Shares have vested, a Participant's rights with respect
to the unvested portion of the Restricted Shares will terminate and be returned to the Company.

	(c)
	Each
certificate issued in respect to Restricted Shares will be registered in the name of the Participant and deposited by the Participant, together with a stock power endorsed in
blank, with the Company and will bear the following (or a similar) legend: 

"The
transferability of this certificate and the shares represented hereby are subject to the terms and conditions (including forfeiture) contained in the Great Lakes Chemical Corporation 2002 Stock
Option and Incentive Plan and an Award Agreement entered into between the registered owner and Great Lakes Chemical Corporation. Copies of the Plan and Award Agreement are on file in the office of the
Secretary of Great Lakes Chemical Corporation." 

	(d)
	At
the time of an Award of Restricted Shares, the Participant will enter into an Award Agreement with the Company in a form specified by the Committee agreeing to the terms and
conditions of the Award.

	(e)
	At
the time of an Award of Restricted Shares, the Committee may, in its discretion, determine that the payment to the Participant of dividends declared or paid on the Restricted
Shares by the Company, or a specified portion thereof, will be deferred until the earlier to occur of (i) the lapsing of the restrictions imposed with respect to the Restricted Shares, or
(ii) the forfeiture of such Restricted Shares under paragraph (b) of this Section, and will be held by the Company for the account of the Participant until such time. In the event of
deferral, there will be credited at the end of each year (or portion thereof) interest on the amount of the account at the beginning of the year at a rate per annum as the Committee, in its
discretion, may determine. Payment of deferred dividends, together with accrued interest, will be made upon the earlier to occur of the events specified in (i) and (ii) of this
paragraph.

	(f)
	At
the expiration of the restrictions imposed by this Section, the Company will redeliver to the Participant the certificate(s) and stock powers, deposited with the Company pursuant
to paragraph (c) of this Section and the Shares represented by the certificate(s) will be free of all restrictions.

	(g)
	No
Award of Restricted Shares maybe assigned, transferred or encumbered. 

        12.    Award of Restricted Share Units.    The
Committee will have full and complete authority, subject to the limitations of the Plan, to grant Awards of Restricted Share Units and to prescribe the terms and conditions (which need not be
identical among Participants) in respect of the Awards. Unless the Committee otherwise specifically provides in the Award Agreement, an Award of Restricted Share Units will be subject to the following
provisions: 

	(a)
	At
the time of an Award of Restricted Share Units, the Committee will establish for each Participant a Restricted Period during which, or at the expiration of which, the Restricted
Share Units will vest. The Committee will have the authority, in its discretion, to accelerate the time at which any and all of the restrictions will lapse with respect to any Restricted Share Units
prior to the expiration of the Restricted Period, or to remove any or all restrictions, whenever it may determine that such action is appropriate by reason of changes in applicable tax or other laws
or other changes in circumstances occurring after the commencement of the Restricted Period.

	(b)
	Subject
to Section 17, if a Participant ceases Continuous Service for any reason, including death, before the Restricted Share Units have vested, a Participant's rights with
respect to 

the
unvested portion of the Restricted Share Units will terminate and be returned to the Company. 

	(c)
	As
soon as practicable following vesting, the Company shall deliver to the Participant the number of Shares equal to the number of Restricted Share Units that have vested, minus the
number of Shares necessary to cover applicable withholding taxes. 

        13.    Grant of SARs.    Subject to the terms
and conditions of the Plan, an Award of SARs may be made to Participants at any time and from time to time as determined by the Committee, in its sole discretion. The Committee may grant Affiliated
SARs, Freestanding SARs, Tandem SARs, or any combination thereof as follows: 

	(a)
	The
Committee, subject to the limitations of the Plan, will have complete discretion to determine the terms and conditions (which need not be identical among all Participants) of SARs
granted under the Plan. Each SAR Award will be evidenced by an Award Agreement specifying the terms and conditions of the Award, including its term, the Base Price and the conditions of exercise.

	(b)
	The
Base Price of Shares with respect to a Tandem or Affiliated SAR Award will equal the Exercise Price of the Shares under the related Option.

	(c)
	Tandem
SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option. A
Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. With respect to a Tandem SAR granted in connection with an Incentive Stock Option:
(i) the Tandem SAR will expire no later than the expiration of the underlying Incentive Stock Option; (ii) the value of the payout with respect to the Tandem SAR will be for no more than
one hundred percent (100%) of the difference between the Exercise Price of the underlying Incentive Stock Option and the Market Value of the Shares subject to the underlying Incentive Stock Option at
the time the Tandem SAR is exercised; and (iii) the Tandem SAR will be exercisable only when the Market Value of the Shares subject to the Incentive Stock Option exceeds the Exercise Price of
the Incentive Stock Option.

	d)
	Upon
exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:

	(i)
	The
difference between the Market Value of a Share on the date of exercise over the Base Price; times

	(ii)
	The
number of Shares with respect to which the SAR Award is exercised. 

At
the discretion of the Committee, payment for a SAR may be in cash, Shares or a combination thereof. 

        14.    Performance Shares.    The Committee,
in its sole discretion, may from time to time authorize the grant of Performance Shares upon the achievement of performance goals (which may be cumulative and/or alternative) as may be established, in
writing, by the Committee based on any one or any combination of the following business criteria: (a) earnings per Share; (b) return on equity; (c) return on assets;
(d) operating income; (e) market value per Share; (f) EBITDA; (g) cash flow; (h) net income (before or after taxes); (i) working capital or components
thereof, (j) EVA®; (k) margin percentage or (l) the Company's stock price. As determined in the discretion of the Committee, performance goals may differ among
Participants and/or relate to performance on a Company-wide or divisional basis. At the time as it is certified, in writing, by the Committee that the performance goals established by the
Committee have been attained or otherwise satisfied within the Performance Cycle, the Committee will authorize the payment of cash in lieu of Performance Shares or the issuance of Performance Shares
registered in the name of the Participant, or a combination of cash and Shares. The grant of an Award of Performance Shares will be evidenced by an Award Agreement containing the terms and conditions
of the Award as determined by the Committee. To the extent required under Code section 162(m), the business criteria under which performance goals 

are determined by the Committee will be resubmitted to shareholders for reapproval no later than the first shareholder meeting that occurs in the fifth year following the year in which shareholders
previously approved the Plan. 

        Subject
to Section 17, if the Participant ceases Continuous Service before the end of a Performance Cycle for any reason other than Retirement, Disability, or death, the
Participant will forfeit all rights with respect to any Performance Shares that were being earned during the Performance Cycle. The Committee, in its sole discretion, may establish guidelines
providing that if a Participant ceases Continuous Service before the end of a Performance Cycle by reason of Retirement, Disability, or death, the Participant will be entitled to a prorated payment
with respect to any Performance Shares that were being earned during the Performance Cycle. 

        15.    Adjustments Upon Changes in
Capitalization.    In the event of any change in the outstanding Shares subsequent to the effective date of the Plan by reason of any reorganization,
recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation or any change in the corporate structure or Shares of the Company, the maximum aggregate number
and class of Shares as to which Awards may be granted under the Plan and the number and class of Shares, the Exercise Price of any outstanding Options and the Base Price of any outstanding SAR Awards
with respect to which Awards theretofore have been granted under the Plan will be appropriately adjusted by the Committee to prevent the dilution or diminution of Awards. The Committee's determination
with respect to any adjustments will be conclusive. Any Shares or other securities received, as a result of any of the foregoing, by a Participant with respect to Restricted Shares will be subject to
the same restrictions and the certificate(s) or other instruments representing or evidencing the Shares or other securities will be legended and deposited with the Company in the manner provided in
Section 11 of this Agreement. 

        16.    Effect of Reorganization.    Unless
otherwise provided by the Committee in the Award Agreement, Awards will be affected by a Reorganization as follows: 

	(a)
	If
the Reorganization is a dissolution or liquidation of the Company then (i) the restrictions on Restricted Shares and Restricted Share Units will lapse and (ii) each
outstanding Option or SAR Award will terminate, but each Participant to whom the Option or SAR was granted will have the right, immediately prior to the dissolution or liquidation, to exercise the
Option or SAR in full, notwithstanding the provisions of Section 10, and the Company will notify each Participant of such right within a reasonable period of time prior to any dissolution or
liquidation.

	(b)
	If
the Reorganization is a merger or consolidation, upon the effective date of the Reorganization (i) each Participant will be entitled, upon exercise of an Option in
accordance with all of the terms and conditions of the Plan, to receive in lieu of Shares, shares or other securities or consideration as the holders of Shares are entitled to receive pursuant to the
terms of the Reorganization; and (ii) each holder of Restricted Shares or Restricted Share Units will be entitled to receive shares or other securities as the holders of Shares received which
will be subject to the restrictions set forth in Sections 11 and 12 unless the Committee accelerates the lapse of such restrictions and the certificate(s) or other instruments representing or
evidencing the shares or other securities is legended and deposited with the Company in the manner provided in Section 11 of this Plan. 

The
adjustments contained in this Section and the manner of application of such provisions will be determined solely by the Committee. 

        17.    Effect of Change in Control.    If the
Continuous Service of any Participant of the Company or any Affiliate is involuntarily terminated, for whatever reason, at any time within twelve (12) months after a Change in Control, unless
the Committee has otherwise provided in the Award Agreement, (a) any Restricted Period with respect to an Award of Restricted Shares and Restricted Share Units will lapse upon the Participant's
termination of Continuous Service and all Restricted Shares and Restricted Share Units will become fully vested in the Participant to whom the Award 

was made; and (b) with respect to Performance Shares, the Participant will be entitled to receive a prorata payment of Shares to the same extent as if the Participant ceases Continuous Service
by reason of Retirement under Section 14 of the Plan. If a tender offer or exchange offer for Shares (other than such an offer by the Company) is commenced, or if an event specified in
paragraphs (c) or (d) of the definition of a Change in Control contained in Section 2 occurs, unless the Committee has otherwise provided in the Award Agreement, all Option and
SAR Awards theretofore granted and not fully exercisable will become exercisable in full upon the happening of such event and will remain exercisable in accordance with their terms; provided, however,
that no Option or SAR which has previously been exercised or otherwise terminated will become exercisable. 

        18.    Assignments and Transfers.    Except as
otherwise expressly authorized by the Committee in the Award Agreement or any amendment thereto during the lifetime of a Participant, no Award nor any right or interest of a Participant in any Award
under the Plan may be assigned, encumbered or transferred otherwise than by will or the laws of descent and distribution. 

        19.    Employee Rights Under the Plan.    No
officer, Employee or other person will have a right to be selected as a Participant nor, having been so selected, to be selected again as a Participant, and no officer, Employee or other person will
have any claim or right to be granted an Award under the Plan or under any other incentive or similar plan of the Company or any Affiliate. Neither the Plan nor any action taken under the Plan will be
construed as giving any Employee any right to be retained in the employ of the Company or any Affiliate. 

        20.    Delivery and Registration of
Shares.    The Company's obligation to deliver Shares with respect to an Award will, if the Committee requests, be conditioned upon the receipt of a representation as
to the investment intention of the Participant to whom such Shares are to be delivered, in such form as the Committee will determine to be necessary or advisable to comply with the provisions of the
Securities Act or any other applicable federal or state securities laws. It may be provided that any representation requirement will become inoperative upon a registration of the Shares or other
action eliminating the necessity of the representation under the Securities Act or other state securities laws. The Company will not be required to deliver any Shares under the Plan prior to
(a) the admission of such Shares to listing on any stock exchange or system on which Shares may then be listed, and (b) the completion of any registration or other qualification of the
Shares under any state or federal law, rule or regulation, as the Company determines to be necessary or advisable. 

        21.    Withholding Tax.    Prior to the
delivery of any Shares or cash pursuant to an Award, the Company has the right and power to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy all
applicable tax withholding requirements. The Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require a Participant to satisfy all
or part of the tax withholding obligations in connection with an Award by (a) having the Company withhold otherwise deliverable Shares, or (b) delivering to the Company Shares already
owned for a period of at least six months and having a value equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount that the
Committee determines, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date
that the amount of tax to be withheld is to be determined for these purposes. For these purposes, the value of the Shares to be withheld or delivered will be equal to the Market Value as of the date
that the taxes are required to be withheld. 

        22.    Termination, Amendment and Modification of
Plan.    The Board may at any time terminate, and may at any time and from time to time and in any respect amend or modify the Plan; provided, however, that to the
extent necessary and desirable to comply with Rule 16b-3 under the Exchange Act or Code section 422 (or any other applicable law or regulation, including requirements of any
stock exchange or quotation system on which the Company's common stock is listed or quoted), shareholder approval of any Plan amendment will be obtained in the manner and to the degree as is required
by the applicable law or regulation; and provided further, that no termination, 

amendment or modification of the Plan will in any manner affect any Award theretofore granted pursuant to the Plan without the consent of the Participant to whom the Award was granted or the
transferee of the Award. 

        23.    Repricing.    Notwithstanding any
provision in the Plan to the contrary and except for adjustments made pursuant to Section 15 of the Plan (relating to the adjustment of Shares and related Awards upon certain changes in
capitalization), the Exercise Price of any outstanding Option granted under the Plan and the Base Price of any outstanding SAR Award granted under the Plan may not be decreased after the date of grant
nor may any outstanding Option or SAR Award granted under the Plan be surrendered to the Company as consideration for the grant of a new Option or SAR Award with a lower Exercise Price or Base Price,
as applicable. 

        24.    Effective Date and Term of Plan.    The
Plan will become effective upon its adoption by the Board of Directors and shareholders of the Company. Unless sooner terminated pursuant to Section 22, no further Awards may be made under the
Plan after ten (10) years from the effective date of the Plan. 

        25.    Governing Law.    The Plan and Award
Agreements will be construed in accordance with and governed by the internal laws of the State of Delaware. 

	

 	
 	
Adopted by the Board of Directors of Great Lakes Chemical Corporation as of
	

 	
 	

February 12, 2002

	

 	
 	

Adopted by the Shareholders of Great Lakes Chemical Corporation as of
	

 	
 	

May 2, 2002

	

 	
 	

/s/  RICHARD J. KINSLEY      
Richard J. Kinsley, Senior Vice President

Human Resources and Communications

QuickLinks

Exhibit (10)(xv)

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