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Exhibit (10)(xiv)    
    

 
  RESIGNATION AGREEMENT AND LIMITED RELEASE

        This
RESIGNATION AGREEMENT AND LIMITED RELEASE ("Agreement") is made and entered into this 5th day of November, 2004, by and between Mark Bulriss (hereinafter referred to as "the
Executive") and Great Lakes Chemical Corporation (hereinafter referred to as "the Company"). 

        The
Executive has expressed his desire to resign as a member of the Board of Directors of the Company and from employment with the Company as President and Chief Executive Officer
effective on November 5, 2004 ("the Resignation Date"), and the Company has expressed its willingness to accept such resignation. Therefore, in consideration of the mutual promises contained
herein, the parties agree to the following terms and conditions: 

	1.
	The
Executive represents and agrees that he is fully aware of his rights and that he has been advised to discuss any and all aspects of this Agreement with his attorney. The Executive
has carefully read and fully understands all of the provisions of this Agreement, and he acknowledges that he executes it voluntarily.

	2.
	Executive
does not release claims (a) that he may have arising out of the indemnification provisions of the Company's Certificate of Incorporation, Bylaws, or the provisions of the
Delaware General Corporation Law, or (b) arising out of the Employment Agreement by and between the Company and the Executive dated as of April 1, 1998 (the "Employment Agreement")
except to the extent he has expressly released them as set forth in Paragraph 3(b) below. Other than as set forth in the preceding sentence, the Executive hereby releases and forever discharges the
Released Parties from all Claims. This release is a material inducement to the Company to enter into this Agreement.

	3.
	As
a material inducement to the Executive to enter into this Agreement, the Company agrees to the following:

	a)
	Right to Resign.    The Executive hereby resigns his employment with the Company as its President and Chief Executive Officer,
as a member of the Board of Directors of the Company and as an officer or director of any entity affiliated with the Company as of the Resignation Date. The Company agrees to accept the Executive's
resignation, effective on the Resignation Date. The Executive also agrees to be available for consulting from November 5, 2004 through November 30, 2004 at the Company's reasonable
request (although it is anticipated that such requests will be infrequent and related primarily to transition issues).

	(b)
	Severance Pay and Benefits.    The Company acknowledges and agrees that the Executive's resignation shall be deemed a
resignation by the Executive for Good Reason under the terms of the Employment Agreement. As a result, the Company shall pay or provide to the Executive the items set forth in paragraph 6(c)(i)
through (viii) of the Employment Agreement in accordance with the terms thereof. 

The
Executive expressly releases the Company from any claims or liability for any additional compensation, benefits, or other payments pursuant to, or based upon, the Employment Agreement, and the
Executive expressly waives his right to any additional compensation, benefits, or other payments based upon, or pursuant to, the Employment Agreement. 

	4.
	The
Executive represents and warrants that he has no actual knowledge of any practice engaged in by the Company, its subsidiaries or related entities that is or was a violation in any
material respect of any applicable state law or regulations or of any federal law or regulations including, but not by way of limitation, the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended, and the regulations promulgated thereunder.

	5.
	The
Executive agrees that he will not disparage the Company, its business, its executive, officers or agents, or any of the Company's affiliates or related entities in any manner
harmful to their 

business
or business reputation. Likewise, the Company agrees that its managing agents will not disparage the Executive in any manner harmful to his reputation. 

	6.
	The
executive represents and warrants that the Executive has not filed any complaint(s) or charge(s) against the Company with the EEOC or the state commission empowered to investigate
claims of employment discrimination, the Office of Federal Contract Compliance Programs, or with any other local, state or federal agency or court. This Agreement will not affect the Executive's right
to file hereafter a charge with or otherwise participate in an investigation or proceeding conducted by the EEOC regarding matters which arose after this date and which are not the subject of this
Agreement.

	7.
	The
Company represents that it has no knowledge of any pending claim against the Company or the Executive involving, or based upon, acts of the Executive. The Executive represents and
acknowledges that, in executing this Agreement, he does not rely and has not relied upon any other representation or statement made by any of the Released Parties or by any of the Released Parties'
agents, representatives or attorneys, except as set forth herein, with regard to the subject matter, basis or effect of this Agreement.

	8.
	This
Agreement shall be binding upon the Company, the Executive and upon the Executive's heirs, administrators, representatives, executors, successors, and assigns, and shall inure to
the benefit of the Released Parties and each of them, and to their heirs, administrators, representatives, executor, successors and assigns.

	9.
	This
Agreement shall in all respects be interpreted, enforced and governed under the laws of the State of Indiana.

	10.
	Should
any provision of this Agreement be declared or be determined by any court to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be
affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement.

	11.
	This
Agreement shall not be construed as an admission by the Company or the Executive of any fact or conclusion of law, except as provided in Section 3(b).

	12.
	The
term "Released Parties" means the Company, its related entities, and each of the Company's and its shareholders, successors, assigns, agents, directors, officers, representatives,
and attorneys. The term "Claim" means any and all claims, liabilities, obligations, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorney's
fees and costs actually incurred), of any nature whatsoever, known or unknown, which the Executive now has, owns, holds, or claims to have, own, or hold, or which the Executive at any time heretofore
had, owned, or held, or claimed to have, own, or hold against each or any of the Released Parties.

	13.
	This
Agreement sets forth the entire agreement between the parties hereto. 

	 	 	Great Lakes Chemical Corporation
	

 	
 	

By:	

/s/  JAMES W. CROWNOVER      

	 	 	 	Title:	Presiding Independent Director

	

 	
 	

/s/  MARK P. BULRISS      
 Mark Bulriss
	

 	
 	

Date: 11-5-04

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Exhibit (10)(xiv)

RESIGNATION AGREEMENT AND LIMITED RELEASEQuickLinks
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Exhibit (10)(xviii)    
    

 
 

GREAT LAKES CHEMICAL CORPORATION    
    
    2005 INCENTIVE COMPENSATION PLAN    
    
    PERSONAL AND CONFIDENTIAL

 
 
 

GREAT LAKES CHEMICAL CORPORATION    
    
    INCENTIVE COMPENSATION PLAN    
    

Purpose and Objectives  

        The purpose of the Incentive Compensation Plan (Plan) is to contribute to the motivation of key employees in accomplishing the Company goals. The objectives of
the Plan are as follows: 

	•
	Clearly
communicate and reinforce Operating Income and Free Cash Flow goals.

	•
	Provide
a competitive incentive for achievement of Operating Income and Free Cash Flow goals.

	•
	Establish
an objective basis for determining annual awards. 

Plan Definitions  

        Certain words or phases used in this plan document are defined as follows: 

	•
	Award—An annual incentive compensation award.

	•
	Base Salary—Annual Salary as of December 31st of the Plan year.

	•
	Business Unit—Any designated organizational entity, division or business unit within the Company.

	•
	Capital Employed—Average capital used to produce revenue and profits of the business.

	•
	Company—Great Lakes Chemical Corporation and its subsidiaries.

	•
	Free Cash Flow (FCF):  

	•
	Business Unit Free Cash Flow:  Net Income plus depreciation and amortization, net of changes in working capital,
less capital expenditures and cash repositioning charges.

	•
	Corporate Free Cash Flow:  Operating Cash Flow less capital expenditures.

	•
	Operating Income—Sales less COGS (cost of goods sold) and SAR (sales, administrative, and R&D) excluding special
charges and other call-outs; adjusted for the minority interest income or loss from non-consolidated JV's (Saudi Arabia, TBT).

	•
	Plan Year—The period from January 1st - December 31st of each
calendar year.

	•
	Target Award—An incentive compensation award earned by a participant based on achieving Operating Income and FCF
target objectives and other performance objectives during the plan year that represents payment at 100%.

	•
	Vitality Index—Percent of revenues generated from new products commercialized within last five calendar years 

Eligibility  

        Participants include key positions that significantly influence the performance of the Company and/or Business Unit. Participants are identified by salary band
and recommended by the head of each Business Unit or Corporate function, subject to the approval of the Incentive Compensation Review Committee. 

Administration  

        The Compensation and Incentive Committee (C&IC) of the Board has ultimate authority over the Plan, is responsible for approving the Plan and may alter any
provision of the Plan or terminate the 

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Plan
at any time. The Compensation and Incentive Committee of the Board will directly administer the Plan with respect to all participants. Specific responsibilities of this Committee include: 

	•
	Approving
Annual Incentive Compensation Plan.

	•
	Approving
Corporate and Business Unit performance objectives.

	•
	Determining
incentive compensation award percentages.

	•
	Approving
incentive compensation awards. 

        The
Incentive Compensation Review Committee, consisting of the Chief Executive Officer and the Senior Vice President, Human Resources and Communications will make recommendations to the
C&IC and resolve questions regarding the interpretation of the Plan. 

Target Award Levels  

        The target incentive awards for each eligible position (by category) are expressed as a percentage of base salary as follows: 

	ELIGIBLE POSITION
 
	 	TARGET INCENTIVE AWARD

	CEO	 	85 - 100%
	President, Executive Vice President, Senior Vice President	 	45% - 75%
	Vice Presidents, General Managers, Directors	 	25% - 40%
	Key Employees	 	7.5% - 20%

Payout Ranges  

        Payout ranges are based upon target incentive award and are expressed as a percentage of base salary as follows: 

	 
	 	MINIMUM
	 	TARGET
	 	MAXIMUM
	 
	Corp or BU Op Income & FCF	 	0	%	100	%	Unlimited	 
	Individual MBO's	 	0	%	100	%	200	%

        As
an incentive to increase shareholder value, Operating Income & FCF achievements, based upon actual results, are uncapped. That portion of participants' total earned incentive
award in excess of 200% will be converted to Great Lakes Chemical Corporation Restricted Stock Units (RSU's) and presented to the ICP participant with a three year cliff vesting period. 

3

 

Determination of Awards  

        Awards will be determined as follows: 

	PARTICIPANT

GROUP
 
	 	CORPORATE

OP INC + FCF
	 	BUSINESS UNIT

OP INC + FCF
	 	INDIVIDUAL

MBO

COMPONENT
	 
	Corporate	 	*50	%	 	 	**50	%
	Business Unit	 	 	 	*50	%	**50	%

	*
	Compensation
and Incentive Committee, based on the recommendation of the CEO, may choose to increase or decrease Operating Income and FCF based awards after evaluating business unit and
company performance and results in comparison to the overall business conditions in 2004.

	**
	If
the Great Lakes Chemical Corporation 2005 Earnings Per Share (EPS) exceeds $1.50, the individual MBO component pool can be increased by up to 150%; and if EPS exceeds $1.75, the
individual MBO component pool can be increased by up to 200%. The CEO will make the final determination based on business unit results, degree of difficulty to obtain such results, and general
business conditions. 

Distribution of Incentive Compensation  

        Awards under the Plan are to be paid to a participant in cash as soon as financial performance is determined and individual performance can be assessed. Awards
will typically be paid by March 15th following the close of a Plan year. 

        A
participant must be actively employed by the company on the date the bonus is paid to receive an incentive award. Participants hired or promoted to an eligible position during the Plan
year may receive a pro-rated incentive award (based on salary earned in the Plan year while in the eligible position) if approved by the Incentive Compensation Review Committee. 

        In
the event a participant's employment is terminated prior to the end of the Plan year due to death, disability, or normal retirement, the participant or beneficiary may be entitled to
receive the award that would have been earned if participant's employment had continued to the end of the Plan year, subject to the approval of the Incentive Compensation Review Committee. 

        At
the sole discretion of the Incentive Compensation Review Committee, a participant may not receive an incentive award due to poor individual performance or misconduct and may be
declared ineligible under the ICP. 

Distribution of Restricted Stock Units  

        A participant must be actively employed by the company on the date the restricted stock unit award vest to receive such award. Non-vested awards will
lapse upon termination of employment. In the event a participant's employment is terminated prior to the end of the vesting period due to death, disability, or normal retirement, the participant or
beneficiary may be entitled to receive the award that would have vested if employment had continued to the end of the vesting period. These provisions are subject to the approval of the Incentive
Compensation Review Committee. 

General Provisions  

Limitations on Vested Interest  

It
is understood that the awarding of incentive compensation hereunder is within the sole discretion of Great Lakes Chemical Corporation. No participant has any vested interest in an 

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award
under the Plan until such award has been approved by the Compensation and Incentive Committee. 

        Participants
may be deleted from or added to the Plan each year at the sole discretion of the Company. 

Employment Rights  

The
Plan does not give any employee the right to be retained in the employ of the Company. Specifically, the Plan does not create an employment contract for the Plan year or any part thereof. 

Non-Assignment  

Incentive
compensation payments may not be pledged, assigned or transferred for any reason. 

Withholding  

Any
taxes required to be withheld by Federal, State or Local Regulations will be deducted from incentive compensation payments hereunder. 

Discontinuance, Suspension or Amendment of the Plan  

The
Company, with the approval of the Compensation and Incentive Committee, may discontinue or suspend the Plan at any time, or amend the Plan in any respect. The Company may review the Plan and its
administration at any time to determine whether the objectives of the Plan continue to be met. Where appropriate, the Incentive Compensation Review Committee of the Company may make changes in the
Plan with the approval of the Compensation and Incentive Committee of the Board of Directors. 

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QuickLinks

Exhibit (10)(xviii)

GREAT LAKES CHEMICAL CORPORATION 2005 INCENTIVE COMPENSATION PLAN PERSONAL AND CONFIDENTIAL

GREAT LAKES CHEMICAL CORPORATION INCENTIVE COMPENSATION PLAN

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