Document:

Election to Terminate Plan Participation

 Exhibit 10.1 
  
 Election to Terminate Plan Participation 
  
 Supplemental Contributing Employee Ownership Plan 
  
 Effective as of the close of business on May 27, 2005, I hereby elect to terminate my participation in the Supplemental Contributing
Employee Ownership Plan (the “Supplemental CEOP”). This election is intended to comply with the provisions of IRS Notice 2005-1 (revised), Q&A 20. 
  

I understand that as soon as administratively practicable following such termination, I shall be paid the full value of my Supplemental CEOP account in a single lump
sum distribution, in accordance with the terms of that plan. After such payment, I acknowledge and understand that I shall have no remaining rights or benefits under the Supplemental CEOP. Notwithstanding the foregoing, I understand that pursuant to
the terms of the Supplemental CEOP, I remain eligible for the Excess Company Matching Contribution (the “Company Match”) payable with respect to my 2005 Supplemental CEOP contributions, if and when paid. 
  

				
	Estimated Supplemental CEOP single sum payment to be paid pursuant to this election*	  	$	252,800

	*	Estimate based on participant’s Supplemental CEOP account balance as of May 25, 2005, plus a $6,800 (approx.) participant deferral to be effective on or about May 27, 2005.

				
		
	Estimated Company Match payment, estimated to be paid on or before March 31, 2006*	  	$	3,800

	*	Estimate based on 2005 participant contributions of $6,800 (approx.) to the Supplemental CEOP, and assuming a Company Match rate of 75%. The actual amount depends on the actual
Company Match awarded under the plan, if any. 

  
 Olin Senior
Executive Pension Plan 
  
 Effective as of the close of business on May 27,
2005, I hereby elect to terminate my participation in the Olin Senior Executive Pension Plan (the “Senior Pension Plan”) in accordance with the terms set forth herein. This election is intended to comply with the provisions of IRS Notice
2005-1 (revised), Q&A 20. 

 I understand that as soon as administratively practicable following such termination, I shall be paid all accrued and
unpaid benefits due under the Senior Pension Plan in a single lump sum distribution, in accordance with the terms of that plan (including the May 1, 2001 and April 24, 2002 Benefit Plan Review Committee resolutions related to the plan). 

 
 Pursuant to the terms of the Voluntary Employee Separation Agreement and Release between
me and the Company, I am due certain benefits pursuant to the Senior Pension Plan contingent upon my execution of the Release, provided that I do not revoke the Release during its revocation period. Notwithstanding anything to the contrary contained
herein, my termination of participation in the Senior Pension Plan with respect to that benefit contingent on the Release shall be effective upon the expiration of the Release’s revocation period. After such payments, I acknowledge and
understand that I shall have no remaining rights or benefits under the Senior Pension Plan. 
  
 Amounts payable pursuant to this election: 
  

				
	 Senior Pension Plan single sum payment (excluding benefit contingent on the Release)
	  	$	2,209,860
		
	 Senior Pension Plan single sum payment contingent on the Release
	  	$	331,718

  

	
	
	 /s/ Anthony W. Ruggiero

	Anthony W. Ruggiero
	
	Date: May 27, 2005

  

			
	ACCEPTED:
	
	OLIN CORPORATION
		
	By:	 	 /s/ Dennis R. McGough

	Its:	 	Vice President, Human Resources
	
	Date: May 27, 2005Resolution Of The Benefit Plan Review Adopted May 27, 2005

 Exhibit 10.2 
  
 RESOLUTION OF THE 
 BENEFIT PLAN REVIEW COMMITTEE OF OLIN CORPORATION 
  
 WHEREAS, pursuant to authority set forth in its Charter, the Benefit Plan Review Committee (the “Committee”) of Olin Corporation (the “Company”) may amend the Supplemental Contributing Employee Ownership Plan and
the Olin Senior Executive Pension Plan (together, the “Plans”) to conform to the requirements of Internal Revenue Code Section 409A, as created by the American Jobs Creation Act of 2004 and supplemented by available guidance provided by
the Treasury Department (the “409A Guidance”). 
  
 WHEREAS, to
permit companies to transition to the new rules contained in Code Section 409A, the 409A Guidance provides that the Company may amend the Plans to permit some or all participants to terminate their Plan participation (or any Plan deferral election)
on or before December 31, 2005, provided that the Plans are so amended on or before December 31, 2005, and that the Plan benefits are paid and taxable in 2005 (or later, if a payment is earned and vested in a later tax year) (the “Transition
Termination Provision”). 
  
 WHEREAS, the Company now desires to adopt
the Transition Termination Provision for each Plan to create a smoother transition to compliance with the new Code Section 409A requirements. 
  
 THEREFORE, BE IT RESOLVED THAT, effective May 27, 2005, the Committee hereby amends each Plan to add a Transition Termination Provision, provided that each such
provision shall include the following requirements: (i) the Company, in its sole discretion, consents to each election, (ii) the Company determines the form and terms of any termination election (which form and terms may vary among participants),
(iii) payments to Plan participants will be in accordance with the 409A Guidance, and (iv) only participants who terminate employment with the Company on or before December 31, 2005 are eligible to elect to terminate their Plan participation
(subject to the Company consent contained in item (i)). 
  
 BE IT FURTHER
RESOLVED THAT, the President and Chief Executive Officer and any Vice President of the Company be, and each of them hereby is, authorized and empowered in the name and on behalf of the Company to take any action (including, without limitation,
the payment of expenses) and to execute (by manual or facsimile signature) and deliver any and all agreements, certificates, instruments, and other documents (under corporate seal of the Company or otherwise) that such officer or officers may deem
necessary, appropriate, or desirable in order to carry out the purposes and intent of the foregoing resolution. 
  
  

 This unanimous consent to action is effective this 27th day of May, 2005. 
  
 THE BENEFIT PLAN REVIEW COMMITTEE OF OLIN CORPORATION 
  

	
	 
	
	 /s/ Sharon E. Doughty

	Sharon E. Doughty

  

	
	 
	
	 /s/ Dennis R. McGough

	Dennis R. McGough

  

	
	 
	
	 /s/ George H. Pain

	George H. Pain

  

	
	 
	
	 /s/ Stephen C. Curley

	Stephen C. CurleyResolutions Of The Benefit Plan Review Adopted May 1, 2001 & April 24, 2002

 Exhibit 10.3 
  
 RESOLUTIONS OF THE BENEFIT PLAN REVIEW COMMITTEE 
 OF OLIN CORPORATION 
 (adopted May 1, 2001) 
  
 RESOLVED, that, upon his retirement, Mr. Ruggiero’s lump sum benefit
shall be calculated in accordance with Section 4.4(b)(ii) of the Plan, using the discount rate provided therein determined approximately at the time of the lump sum payment of the accumulated benefit unless such discount rate is higher than the
weighted average of the discount rates on October 31 of each year beginning with the year 1998 and ending on the October 31st preceding the date of the actual lump sum payment, in which case such weighted average shall be used to determine the lump sum benefits. The determination of the weighted average discount rate should be weighted by the amount of the
distributions that would have otherwise been made had Mr. Ruggiero received annual distributions beginning on October 31, 1998; and 
  
 RESOLVED FURTHER, that should Mr. Ruggiero die prior to retirement from the Company, his spouse, or his estate should his spouse predecease him, shall be
entitled to payment of the same lump sum benefit to which he would have been entitled had he instead retired on the date of his death. Should Mr. Ruggiero die after retiring from the Company, but prior to receipt of his lump sum benefit, his spouse,
or his estate should his spouse predecease him, shall be entitled to the same lump sum benefit as would have otherwise been paid to Mr. Ruggiero had he received such payment on the date of his death. In either event, such lump sum benefit shall be
calculated in the same manner as described in the preceding section and such payment shall be made as soon as administratively feasible; and 
  
 RESOLVED FURTHER, that Mr. Ruggiero be paid his accumulated benefit under the Plan in a lump sum effective as soon as administratively feasible
immediately following the close of the taxable year in which Mr. Ruggiero actually retires. Mr. Ruggiero shall receive regular monthly benefits, as described in the Plan, until the lump sum payment of his accumulated benefit is made. The amount of
the lump sum payment will reflect the payment of any monthly benefits; and 
  
 RESOLVED FURTHER, that, inasmuch as Mr. Ruggiero is not now seeking payment of any accumulated benefits in good faith reliance on the promise of the Committee to pay such benefits upon his actual retirement as
hereinbefore provided, the obligations of the Committee to make payment in accordance with the foregoing resolutions shall be binding on any successor Plan Administrator and all successor members of any Plan Administrative Committee. 
  
  

 RESOLUTIONS OF THE BENEFIT PLAN REVIEW COMMITTEE 
 OF OLIN CORPORATION 
 (adopted April
24, 2002) 
  
 RESOLVED, that, upon his retirement, Mr.
Ruggiero be paid his accumulated benefit under the Plan in a lump sum effective as soon as administratively feasible immediately following his retirement. Such lump sum payment will represent payment in full of the benefits to which Mr. Ruggiero
will be entitled from the Plan. 
  
 RESOLVED FURTHER, that
inasmuch as Mr. Ruggiero is not now seeking payment of any accumulated benefits in good faith reliance on the promise of the Committee to pay such benefits upon his actual retirement as hereinbefore provided, the obligations of the Committee to make
payment in accordance with the foregoing resolutions shall be binding on any successor Plan Administrator and all successor members of a Plan Administrative Committee.

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