Document:

performanceshare102208.htm

    Exhibit
10.10

     

    OLIN
CORPORATION

     

    PERFORMANCE
SHARE PROGRAM

     

    Codified
to reflect amendments

     

    through
October 22, 2008

     

    
      	
              1.  

            	
              Terms
      and Conditions

            

    

     

    The terms
and conditions of the Performance Share Awards granted under this Program are
contained in the Performance Share Certificate evidencing such Award, this
Program and the LTIP.

     

    
      	
              2.  

            	
              Definitions

            

    

     

    “Common
Stock” means the common stock of Olin, par value $1.00 per share.

     

    “Final
Share Number” has the meaning specified in Section 3 of this
Program.

     

    “LTIP”
means the Olin Corporation benefit plan under which the relevant Performance
Share Award is granted, including the 2003 Long Term Incentive Plan, the 2006
Long Term Incentive Plan and any successor or similar plan.

     

    “Olin”
means Olin Corporation.

     

    “Performance
Cycle” means, with respect to a Performance Share Award, a period of three
calendar years, beginning with the calendar year in which such Performance Share
Award is granted.

     

    “Performance
Share Award” shall mean grants of “Performance Shares” and “Senior Performance
Shares.”

     

    “Performance
Share” and “Senior Performance Share” mean a unit granted under the LTIP and
this Program, maintained on the books of the Company during the Performance
Cycle, denominated as one phantom share of Common Stock, and paid in cash or
Common Stock in accordance with this Program.

     

    “Program”
means this Performance Share Program.

     

    “S&P
ROC” shall mean the average annual return on capital (calculated in the same
manner as Olin’s Return on Capital) of a group composed of the Standard &
Poor’s 1000 Materials companies plus Mueller Industries, Inc.; Wolverine Tube,
Inc.; Occidental Petroleum Corporation; Alliant Techsystems Inc.; PPG
Industries, Inc.; and The Dow Chemical Company, broken out by
quintiles.

     

    Capitalized
terms not otherwise defined in this Program shall have the meaning specified in
the LTIP.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
              3.  

            	
              Performance
      Share Awards

            

    

     

    
      	
              a.  

            	
              Awards
      of Senior Performance Shares (category A) under this Program granted
      pursuant to the LTIP are intended to be “performance-based compensation”
      as that term is used in Section 162(m) of the Code.  Each
      Performance Share Award shall establish a target number of Performance
      Shares or Senior Performance Shares awarded to the Participant named in
      such Award.

            

    

     

    
      	
              b.  

            	
              The
      target number of Performance Shares for each Participant shall be adjusted
      based upon a comparison of Olin’s average annual Return on Capital during
      the Performance Cycle with the S&P ROC during the Performance Cycle,
      in accordance with the following
chart:

            

    

     

    
      	
               

              If Olin’s Return on Capital for a Performance
      Cycle is in the:

            	
               

              The
      % of the target number of Performance

              Shares paid will
      be:                      

            
	
              highest
      Quintile of the S&P ROC

            	
              150%

            
	
              2nd
      Quintile of the S&P ROC

            	
              125%

            
	
              3rd
      Quintile of the S&P ROC

            	
              100%

            
	
              4th
      Quintile of the S&P ROC

            	
              50%

            
	
              lowest
      Quintile of the S&P ROC

            	
              25%

            

    

    

    
      	
              c.  

            	
              The
      target number of Senior Performance Shares for each Participant shall be
      adjusted based upon a comparison of Olin’s average annual Return on
      Capital during the Performance Cycle with the S&P ROC during the
      Performance Cycle, in accordance with the following
  chart:

            

    

     

    
      	 
      	
              The
      % of the target number of Senior

              Performance
      Shares paid will be:

            
	
               

              If Olin’s Return on Capital for a Performance
      Cycle is in the:

            	
              A
      Shares

            	
              B
      Shares

            
	
              highest
      Quintile of the S&P ROC

            	
              150%

            	
              150%

            
	
              2nd
      Quintile of the S&P ROC

            	
              125%

            	
              125%

            
	
              3rd
      Quintile of the S&P ROC

            	
              100.0%

            	
              100%

            
	
              4th
      Quintile of the S&P ROC

            	
              33.33%

            	
              100%

            
	
              lowest
      Quintile of the S&P ROC

            	
              0%

            	
              100%

            

    

    

    
      	
              d.  

            	
              As
      soon as practicable in the calendar year following the end of the
      Performance Cycle, the Company shall calculate the appropriate adjustment,
      if any, to the target number of Performance Shares and Senior Performance
      Shares (the “Final Share Number”) for all Participants whose Performance
      Share Awards have vested during or at the end of such Performance
      Cycle.

            

    

     

    
      	
              4.  

            	
              Vesting
      and Forfeiture

            

    

     

    
      	
              a.  

            	
              Except
      as otherwise provided by the Committee, the LTIP, this Program or the
      Performance Share Award certificate, an interest in a Performance Share
      Award shall vest only if the Participant is an employee of the Company or
      a subsidiary on the last day of the relevant Performance
      Cycle.

            

    

     

    
      	
              b.  

            	
              If
      a Participant’s employment with the Company or a subsidiary terminates for
      cause or without the Company’s consent (other than as the result of the
      Participant’s death, disability or retirement) before a Performance Share
      Award has vested, his or her Performance Share Award shall terminate and
      all rights under such Award shall be
forfeited.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              c.  

            	
              If
      a Participant’s employment with the Company or a subsidiary terminates as
      the result of his or her disability, (as that term is defined in Section
      409A of the Code or any successor provision), or retirement under any of
      the Company’s retirement plans before a Performance Share Award has
      vested, the Participant shall be entitled to a pro rata Performance Share
      Award, payable solely in cash at the time that the Performance Share Award
      would otherwise be payable under Section 5.  The cash payment
      shall be equal to the Final Share Number calculated in accordance with
      Sections 3 and 5 of this Program, multiplied by the Fair Market Value on
      the last day of the relevant Performance Cycle, multiplied by a fraction
      with a numerator equal to the number of months during the Performance
      Cycle the Participantwas employed by the Company or a subsidiary (rounded
      up to the nearest whole month) and a denominator of
  36.

            

    

     

    
      	
              d.  

            	
              If
      a Participant’s employment with the Company or a subsidiary terminates as
      the result of his or her death before a Performance Share Award has
      vested, the Participant shall be entitled to a pro rata Performance Share
      Award, payable solely in cash within ninety (90) days of the Participant’s
      death.  The cash payment shall be equal to the Participant’s
      target number of Performance Shares or Senior Performance Shares, as the
      case may be, multiplied by the Fair Market Value on the date of the
      Participant’s death (or the next trading day, if the Common Stock was not
      traded on such date), multiplied by a fraction with a numerator equal to
      the number of months during the Performance Cycle the Participant was
      employed by the Company or a subsidiary (rounded up to the nearest whole
      month) and a denominator of 36.

            

    

     

    
      	
              e.  

            	
              If
      a Participant’s employment with the Company or a subsidiary terminates for
      any other reason, the Company shalldetermine the portion, if any, of the
      Performance Share Award that shall not be forfeited, and the form of
      payment (cash or shares or a combination) that the Participant shall
      receive.  That determination shall be made by the Committee in
      the case of any officer, and by the Chairman of the Board, President,
      Chief Executive Officer, or any Vice President, in the case of any
      non-officer employee.  Notwithstanding this Section 4,
      payment shall be made pursuant to Section
5.

            

    

     

    
      	
              5.  

            	
              Payment
      Timing

            

    

     

    
      	
              a.  

            	
              As
      soon as is administratively practicable after the determination of the
      Final Share Number, but not later than the last day of the calendar year
      following the Performance Cycle, the Company will (i) issue to each
      Participant a number of shares of the Common Stock equal to one-half of
      the Final Share Number, rounded down to the nearest whole share if such
      number is not a whole number, and (ii) pay the Participant an amount equal
      to the Fair Market Value of one-half of the Final Share Number of shares
      of Common Stock on the last day of the Performance Cycle, rounded up to
      the nearest whole share if such number is not a whole
    number.

            

    

     

    
      	
              b.  

            	
              No
      dividends or dividend equivalents shall be paid on any Performance Shares
      or Senior Performance Shares.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
              6.  

            	
              Reserved

            

    

     

    
      	
              7.  

            	
              Miscellaneous

            

    

     

    
      	
              a.  

            	
              By
      acceptance of the Performance Share Award, each Participant agrees that
      such Award is special compensation, and that any amount paid will not
      affect:

            

    

     

    
      	
              i.  

            	
              the
      amount of any pension under any pension or retirement plan in which he or
      she participates as an employee of
Olin,

            

    

     

    
      	
              ii.  

            	
              the
      amount of coverage under any group life insurance plan in which he or she
      participates as an employee of Olin,
or

            

    

     

    
      	
              iii.  

            	
              the
      benefits under any other benefit plan of any kind heretofore or hereafter
      in effect, under which the availability or amount of benefits is related
      to compensation.

            

    

     

    
      	
              b.  

            	
              The
      Company will withhold from the distribution of any cash pursuant to
      Performance Share Awards the amount necessary to satisfy the Participant’s
      federal, state and local withholding tax requirements.  It is
      the Company’s intention that all income tax liability on Performance Share
      Awards be deferred in accordance with the applicable requirements of Code
      Section 409A, until the Participant actually receives such shares or
      payment thereof.

            

    

     

    
      	
              c.  

            	
              To
      the extent any provision of the Program (or any Performance Share Award)
      or action by the Board of Directors or Committee would subject any
      Participant to liability for interest or additional taxes under Code
      Section 409A, it will be deemed null and void, to the extent permitted by
      law and deemed advisable by the Committee.  It is intended that
      the Program (and any Performance Share Award) will comply with Code
      Section 409A, and the Program (and any Performance Share Award) shall be
      interpreted and construed on a basis consistent with such
      intent.  The Program (and any Performance Share Award) may be
      amended in any respect deemed necessary (including retroactively) by the
      Committee in order to preserve compliance with Code Section
      409A.  The preceding shall not be construed as a guarantee of
      any particular tax effect for Program benefits or Performance Share
      Awards.  Except as specifically provided in the LTIP, a
      Participant (or beneficiary) is solely responsible and liable for the
      satisfaction of all taxes and penalties that may be imposed on the
      Participant (or beneficiary) in connection with any distributions to such
      Participant (or beneficiary) under the Program (including any taxes and
      penalties under Code Section 409A), and neither Olin nor any Affiliate
      shall have any obligation to indemnify or otherwise hold a Participant (or
      beneficiary) harmless from any or all of such taxes or
      penalties.

            

    

     

    
      
         

      

      
        4firstamendpca082807.htm

    Exhibit 10.11

      FIRST
AMENDMENT TO

      PURCHASE
AND CONTRIBUTION AGREEMENT

      

      FIRST
AMENDMENT, dated as of August 28, 2007 (this “Amendment”), to the
Purchase and Contribution Agreement, dated as of July 25, 2007 (as amended,
restated, modified or supplemented from time to time, the “PCA”), by and among
Olin Funding Company LLC (the “Purchaser”), Olin
Corporation (“Parent”), as
Collection Agent, A.J. Oster Co. (“A.J. Oster Co.”),
A.J. Oster Foils, Inc. (“A.J. Oster Foils”),
A.J. Oster West, Inc. (“A.J. Oster West”),
Bryan Metals, Inc. (“Bryan Metals”) and
Chase Brass & Copper Company, Inc. (“Chase” and together
with Parent, A.J. Oster Co., A.J. Oster Foils, A.J. Oster West and Bryan Metals,
each a “Seller”
and collectively, the “Sellers”).  Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to
such terms in the PCA.

      

      WHEREAS,
pursuant to Section 9.01 of the PCA, the parties hereto have agreed to amend the
PCA as described herein.

       

      NOW
THEREFORE, the parties hereto agree as follows:

       

                  1. Amendments to the
PCA.  Effective as of the date on which all of the conditions
precedent set forth in Section 3 hereof
shall have been satisfied, the PCA is hereby amended as follows:

       

                                      a. Section
4.01(s) of the PCA is hereby amended and restated in its entirety to read as
follows: 

                           “(s)
Such Seller (or the partners of such Seller, if such Seller is a partnership)
does  not
carry on business in Canada

                                        through a permanent establishment
for the purposes of the Canada-U.S.
Convention.”

       

                                      b. Section
5.01(m) of the PCA is hereby amended and restated in its entirety to read as
follows: 

                         
 “(m) Business in
Canada.  Such Seller (or the partners of such Seller, if such
Seller  is
a partnership) will not carry 

                                      on business in Canada
through a permanent establishment for the purposes of the Canada-U.S.
Convention.”

       

                                      c. Exhibit B
to the PCA is hereby replaced in its entirety by Exhibit B attached to
this Amendment.

       

      2. The Stanley Works
Receivables.  Chase hereby notifies the Purchaser and the
Collection Agent that (a) all receivables financing and purchasing arrangements
pertaining to the accounts receivable due from The Stanley Works Co. described
in clause (a) of the definition of “Excluded Receivables” set forth in Section
1.01 of the PCA (“The
Stanley Works Receivables”) have been terminated and the UCC Financing
Statement filed in connection therewith has been terminated (an acknowledgment
copy of the termination of the UCC Financing Statement has been separately
delivered to the Purchaser and the Collection Agent), and (b) The Stanley Works
Receivables are free and clear of Adverse Claims (UCC search results indicating
the absence of Adverse Claims have been separately delivered to the Purchaser
and the Collection Agent), and Chase hereby authorizes the Program Agent (as
defined in the RPA) as the designee of the Purchaser to file an amendment of the
UCC Financing Statement filed against Chase in connection with the PCA to
reflect that The Stanley Works Receivables are no longer Excluded
Receivables.  Notwithstanding the requirement set forth in the
definition of “Excluded Receivables” that thirty (30) days’ prior written notice
be delivered, effective as of August 31, 2007, The Stanley Works Receivables
shall no longer be deemed to be Excluded Receivables.

       

      3. Effectiveness.  This
Amendment shall become effective as of the date hereof at such time as executed
counterparts of this Amendment have been delivered by each party hereto to the
other parties hereto and the Program Agent and each of the Investor Agents (as
such terms are defined in the RPA) have executed and delivered the consent on
the signature pages hereto.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4. Representations and
Warranties.

                                      a. Each
Seller reaffirms and restates as to itself each of the representations and
warranties contained in Section 4.01of the PCA, as amended by this
Amendment.

       

                      b. The
Sellers hereby represent and warrant that the names and addresses of all of the
Deposit Banks, together with the post office boxes and account numbers of the
Lock-Boxes and
Deposit Accounts at such Deposit Banks, are as specified in Exhibit B attached
hereto, and that all of the information set forth on such Exhibit B is true and
correct as of the date
hereof.

       

      5. Confirmation of the
PCA.  All references to the PCA in the PCA and the other
documents and instruments delivered pursuant to or in connection with the PCA
shall mean the PCA as amended by this Amendment, and as hereafter amended or
restated.  Except as expressly provided herein, the PCA shall remain
unmodified and shall continue to be in full force and effect in accordance with
its terms.

       

      6. GOVERNING
LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY
CONFLICTS OF LAWS PRINCIPLES THEREOF.

       

      7. Counterparts.  This
Amendment may be executed by the parties hereto on any number of separate
counterparts and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.  Delivery of an executed
counterpart of a signature page to this Amendment by facsimile or by electronic
mail in portable document format (pdf) shall be effective as delivery of a
manually executed counterpart of this Amendment.

       

      [Signature
Pages Follow]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered as of the day and year first above written.

       

      
        	 
      	
                OLIN
      FUNDING COMPANY LLC, as Purchaser

                 

                 

                By:  /s/ Stephen C.
      Curley

                Name:  Stephen
      C. Curley

                Title:  Treasurer

                 

              
	
                OLIN
      CORPORATION, as Parent, Collection Agent and a Seller

                 

                 

                By:  /s/ Stephen C.
      Curley

                Name:  Stephen
      C. Curley

                Title:  Vice
      President & Treasurer

                 

              
	 
      	
                A.J.
      OSTER CO., as a Seller

                 

                 

                By:  /s/ Daniel B.
      Becker

                Name:  Daniel
      B. Becker

                Title:  President

                 

              
	 
      	
                A.J.
      OSTER FOILS, INC., as a Seller

                 

                 

                By:  /s/ Daniel B.
      Becker

                Name:  Daniel
      B. Becker

                Title:  President

                 

              
	
                A.J.
      OSTER WEST, INC., as a Seller

                 

                 

                By:  /s/ Daniel B.
      Becker

                Name:  Daniel
      B. Becker

                Title:  President

                 

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	 
      	
                BRYAN
      METALS, INC., as a Seller

                 

                 

                By:  /s/ Daniel B.
      Becker

                Name:  Daniel
      B. Becker

                Title:  President

                 

                 

              
	
                CHASE
      BRASS & COPPER COMPANY, INC., as a Seller

                 

                 

                By:  /s/ Jeffrey J.
      Haferkamp

                Name:
      Jeffrey J. Haferkamp

                Title:  President

                 

              
	 
      

      

      

      
        	
                Pursuant
      to Section 5.01(m) of the RPA, each of the undersigned consents to the
      foregoing First Amendment:

                 

              	 
      
	
                CITICORP
      NORTH AMERICA, INC., as Program Agent and an Investor Agent under the
      RPA

                 

                 

                By:
      /s/ Junette M.
      Earl

                Name:  Junette
      M. Earl

                Title:  Vice
      President

                 

              	 
      
	 
      	 
      
	
                WACHOVIA
      BANK, NATIONAL ASSOCIATION, as an Investor Agent under the
RPA

                 

                 

                By:  /s/ William P.
      Rutkowski

                Name:  William
      P. Rutkowski

                Title:  Vice
      President

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