Document:

Arch Chemicals, Inc. Employee Deferral Plan

 Exhibit 10.7 
 ARCH CHEMICALS, INC. 
 EMPLOYEE DEFERRAL PLAN 
 As Amended and Restated January 30, 2003 
 Amended by Amendment dated as of
November 3, 2005* 
 And Amended through April 25, 2008 
  

	1.	PURPOSE 

 The purpose of this Arch Chemicals,
Inc. Employee Deferral Plan (the “Plan”) is to provide eligible employees of Arch Chemicals, Inc. and its subsidiaries and affiliates with an opportunity to defer compensation earned or to be earned by them as a means of saving for
retirement or other future purposes. 
  

	2.	DEFINITIONS 

 The following definitions shall
be applicable throughout the Plan: 
 “Accounting Date” means with respect to the Arch Stock Account, each December 31,
March 31, June 30 and September 30 and with respect to all other Investment Accounts, such date determined by Corporate Human Resources but not less than quarterly. 
 “Administrator” means the Vice President, Human Resources or his or her delegate. 
 “Arch Stock Account” means the account or subaccount, as the case may be, of a Participant’s Compensation Account to which Arch Stock
Units are credited. 
 “Arch Stock Unit(s)” means the share equivalents (including fractions) credited to the Arch Stock Account of
a Participant’s Compensation Account pursuant to Section 6, with one Arch Stock Unit equal to one share of Arch Common Stock. 
 “Beneficiary” means the person(s) designated by the Participant in accordance with Section 10. 
 “Board”
means the Board of Directors of the Company. 
 “Cash Account” means the account or subaccount, as the case may be, of a
Participant’s Compensation Account to which compensation has been or is to be credited in the form of cash and which is to earn interest at the Rate of Interest as provided herein. 
  

	*	This Amendment is not incorporated herein. 

 “Change in Control” means that any of the following events shall have occurred: 
 (i) the Company ceases to be, directly or indirectly, owned by at least 1,000 shareholders; 
 (ii) a person, partnership, joint venture, corporation or other entity, or two or more of any of the foregoing acting as a group (or a “person”
within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company, a majority-owned subsidiary of the Company or an employee benefit plan of the Company or such subsidiary (or such plan’s related trust), become(s) the
“beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act) of 20% or more of the then outstanding voting stock of the Company; 
 (iii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Company’s Board (together with any new director whose election by the Company’s Board or whose
nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election
was previously so approved) cease for any reason to constitute a majority of the directors then in office; 
 (iv) all or substantially all
of the business of the Company is disposed of pursuant to a merger, consolidation or other transaction in which the Company is not the surviving corporation or the Company combines with another company and is the surviving corporation (unless the
shareholders of the Company immediately following such merger, consolidation, combination, or other transaction beneficially own, directly or indirectly, more than 50% of the aggregate voting stock or other ownership interests of (x) the entity
or entities, if any, that succeed to the business of the Company or (y) the combined company); or 
 (v) the shareholders of the Company
approve a sale of all or substantially all of the assets of the Company or a liquidation or dissolution of the Company. 
 “Code”
means the Internal Revenue Code of 1986, as amended from time to time. 
 “Committee” means the Compensation Committee (or its
successor) of the Board. 
 “Common Stock” means the Company’s common stock, $1.00 par value per share. 
 “Company” means Arch Chemicals, Inc., a Virginia corporation, its divisions and subsidiaries, and any successor thereto. 
 “Compensation” means any employee compensation which represents salary, severance pay, bonus, or any other incentive plan payout, in the form
of cash or stock, 

  

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including but not limited to payouts or payment distributions from the Arch Chemicals, Inc. 1999 Long Term Incentive Plan but excluding stock resulting from
employee stock option exercises and excluding other incentive payouts which the Administrator prospectively determines to be not eligible to be deferred under this Plan. 
 “Compensation Account” means the account and any of its subaccounts established under the Plan to which the Participant’s Deferred Compensation is credited and which has a specific distribution schedule
that was specified by a Participant as provided in this Plan and was permitted by Corporate Human Resources. 
 “Corporate Human
Resources” means the Corporate Human Resources Department of the Company. 
 “Credit Date” means with respect to Deferred
Compensation, such date as designated by Corporate Human Resources that Deferred Compensation shall be credited to the Compensation Account. 
 “Deferred Compensation” means the Compensation elected by the Participant to be deferred pursuant to the Plan. 
 “Distribution” means the distribution of all outstanding shares of Common Stock to the shareholders of Olin. 
 “Distribution Date” means the dividend payment date fixed by the Board of Directors of Olin for the Distribution. 
 “Election” means a Participant’s delivery of a written notice of election to Corporate Human Resources electing to defer payment of all or a portion of his or her Compensation. 
 “Employee” means a full-time salaried employee (which term shall be deemed to include officers) on the active payroll of the Company and its
affiliates who has at least 1182 Hay Points and who has been selected by the Administrator, and if required, approved by the Committee, to participate in this Plan. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market
Value” means, with respect to a date, on a per share or unit basis, (i) with respect to Common Stock or Olin Common Stock or phantom shares of Common Stock or Olin Common Stock, the average of the high and the low price of a share of
Common Stock or Olin Common Stock, as the case may be, as reported on the consolidated tape of the New York Stock Exchange (or such other primary exchange on which such stock is traded) (“Exchange”) on such date or if the Exchange is
closed on such date, the next succeeding date on which it is open and (ii) with respect to other investment vehicles, the closing or unit price or net asset value of such vehicle, as the case may be, on such date. 
  

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 “Fiscal Year” means that annual period commencing January 1 and ending the following
December 31. 
 “Hardship” means a severe financial hardship to the Participant resulting from a sudden and unexpected illness
or accident of the Participant or of a dependent of the Participant (as defined in Code Section 152(a)), a Participant’s loss of property due to casualty, or other similar, extraordinary and unforeseeable circumstance arising as a result
of events beyond the control of the Participant, which is not relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of assets would
not itself cause severe hardship, or (iii) by cessation of deferrals under this Plan. 
 “Investment Account” means the
account or subaccount, as the case may be, of a Participant’s Compensation Account that is invested in a particular investment vehicle offered under this Plan. 
 “Olin” means Olin Corporation, a Virginia corporation and any successor thereto. 
 “Olin
Common Stock” means shares of common stock of Olin, par value $1.00 per share. 
 “Olin Employee” means an employee of Olin.

 “Olin Employee Deferral Plan” means the Olin Corporation Employee Deferral Plan. 
 “Olin Stock Account” means the account or subaccount, as the case may be, of a Participant’s Compensation Account to which Olin Stock
Units are credited upon transfer from the Olin Employee Deferral Plan and from time to time. 
 “Olin Stock Unit(s)” means the
share equivalents credited to the Olin Stock Account of a Participant’s Compensation Account pursuant to Section 6, with one Olin Stock Unit equal to one share of Olin Common Stock. 
 “Participant” means an Employee selected by the Administrator and if required, approved by the Committee, to participate in the Plan and who
has elected to defer payment of all or a portion of his or her Compensation under the Plan. “Participant” shall also include any person who had an account under the Olin Employee Deferral Plan which has been transferred to this Plan.

 “Plan” means this Arch Chemicals, Inc. Employee Deferral Plan. 
  

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 “Rate of Interest” means the rate of interest for the quarterly period ending with the
Accounting Date equal to (i) the Company’s before-tax cost of borrowing as determined from time to time by the Chief Financial Officer, Controller or Treasurer (or in the event there is no such borrowing, the Federal Reserve A1/P1
Composite rate for 90-day commercial paper plus 10 basis points as determined by such officer) or (ii) such other rate as the Board or the Committee may select prospectively from time to time. 
 “Section 16(b) Employee” means an Employee or former Employee who is subject to Section 16(b) of the Exchange Act. 
 “Stock Account” means an account or subaccount, as the case may be, of a Participant’s Compensation Account to which shares of Common
Stock or Olin Common Stock have been or are to be credited in the form of Arch Stock Units and Olin Stock Units, which shall include the Arch Stock Account and the Olin Stock Account. 
 “Stock-based Compensation” means Compensation that is being paid out in the form of shares of Common Stock (excluding stock options), such as
retention stock units, performance shares and restricted stock units. 
 “Termination” means retirement from the Company or
termination of services as an Employee for any other reason. 
  

	3.	SHARES; ADJUSTMENTS IN EVENT OF CHANGES IN CAPITALIZATION 

 (a) Shares Authorized for Issuance. There shall be reserved for issuance under the Plan 25,000 shares of Common Stock, subject to adjustment pursuant to subsection (b) below. 
 (b) Adjustments in Certain Events. In the event of any change in the outstanding Common Stock of the Company or Olin Common Stock by reason of any
stock split, share dividend, recapitalization, merger, consolidation, reorganization, combination, or exchange or reclassification of shares, split-up, split-off, spin-off, liquidation or other similar change in capitalization, or any distribution
to common shareholders other than cash dividends, the number or kind of shares or Arch Stock Units or Olin Stock Units, as the case may be that may be issued or credited under the Plan shall be adjusted by the Committee so that the proportionate
interest of the Participants shall be maintained as before the occurrence of such event. Such adjustment shall be conclusive and binding for all purposes of the Plan. 
  

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	4.	ELIGIBILITY 

 The Administrator shall have
the authority to select among any Employees those Employees who shall be eligible to participate in the Plan. Deferrals to a Stock Account by Section 16(b) Employees must be approved by the Committee in advance of the deferral. 
  

	5.	ADMINISTRATION 

 Full power and authority to construe,
interpret and administer the Plan shall be vested in the Committee (and its delegate). This power and authority includes, but is not limited to, selecting compensation eligible for deferral, establishing deferral terms and conditions and
adopting modifications, amendments and procedures as may be deemed necessary, appropriate or convenient by the Committee or its delegate, as the case may be, subject to Section 15. Decisions of the Committee (and its delegate) and the
Administrator shall be final, conclusive and binding upon all parties. Day-to-day administration of the Plan shall be the responsibility of Corporate Human Resources or its delegate. Notwithstanding the foregoing, to the extent required for
transactions under the Plan to qualify for the exemptions available under Rule 16b-3 promulgated under the Exchange Act, all actions relating to persons subject to Section 16 of the Exchange Act may be taken by the Board or the Committee (or
any other committee or subcommittee of the Board composed of two or more members, each of whom is a “non-employee director” within the meaning of Exchange Act Rule 16b-3) and, to the extent required for compensation realized under the Plan
to be deductible by the Company pursuant to Section 162(m) of the Code, all actions relating to such compensation (and awards thereof) may be taken by the Committee (or any other committee or subcommittee of the Board composed of two or more
members, each of whom is an “outside director” within the meaning of Code Section 162(m)). 
  

	6.	PARTICIPANT ACCOUNTS 

 (a) Compensation
Accounts. Upon election to participate in the Plan, there shall be established a Compensation Account for the Participant to which there shall be credited any Deferred Compensation as of the Credit Date for such deferral. Corporate Human
Resources may limit the number of Compensation Accounts a Participant may establish. For each type of Compensation Account, the Plan shall provide for a Cash Account, an Arch Stock Account and such other Investment Accounts as may be established
from time to time hereunder. Stock-based Compensation may only be deferred to an Arch Stock Account and such deferral shall remain in such Account for at least six months; provided this six-month requirement shall not apply to dividend equivalents
accruing thereon and in the event of death, retirement or termination of employment. The Committee and the Administrator each may establish from time to time other types of Investment Accounts reflecting different investment options. Each
Participant’s Investment Account shall be credited (or debited) on each Accounting Date with income (or loss) based on a hypothetical investment in any one or more of the investment options available under the Plan, as prescribed by the Plan,
the 

  

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Committee or Corporate Human Resources. Gains, losses and other elements of determining value shall be determined substantially on the basis of a
hypothetical investment in the various investment options, as determined and applied in the manner deemed appropriate by the Committee or Corporate Human Resources. 
 (b) Arch Stock Account. If a Participant elects to invest all or any portion of his or her Deferred Compensation in an Arch Stock Account, that portion of the Participant’s Compensation Account shall be
credited on the Credit Date with Arch Stock Units equal to the number of shares of Common Stock (including fractions of a share determined to three decimal places) that could have been purchased with the amount of such Deferred Compensation at the
Fair Market Value on the Credit Date; provided that in the case of Stock-based Compensation, the Arch Stock Account shall be credited with the number of Arch Stock Units equal to the number of shares being paid out as the Stock-based Compensation.

 (c) Dividends and Interest. Each time a cash dividend is paid on Common Stock or Olin Common Stock, a Participant who has shares of
such stock credited to his or her Stock Account shall receive a credit in applicable Stock Units for such dividends on the dividend payment date to his or her applicable Stock Account. The number of additional Arch Stock Units or Olin Stock Units
(rounded to the nearest one-thousandth of a share) credited to the applicable Stock Account will be determined by dividing (i) the product of (a) the dollar value of the cash dividend declared in respect of a share of Common Stock or Olin
Common Stock, as applicable, multiplied by (b) the number of Stock Units credited to the Participant’s applicable Stock Account as of the dividend record date by (ii) the Fair Market Value of a share of Common Stock or Olin Common
Stock, as applicable, on the dividend payment date. 
 The Cash Account of a Participant shall be credited on each Accounting Date with
interest for the quarter ending on such date, payable at the Rate of Interest on such date. 
 Other Investment Accounts shall be credited
with income (or loss) as appropriate based on the hypothetical investment vehicle as the Committee or Corporate Human Resources determines from time to time. 
 After January 30, 2003, deferrals of salary may not be made directly to the Stock Accounts. 
 (d)
Adjustment for Distribution. As of the Distribution Date, the cash account and stock account held under the Olin Employee Deferral Plan of each Arch Employee (after giving effect to the adjustment described in Section 6(e) of the Olin
Employee Deferral Plan) shall be transferred to this Plan. 
  

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 Except as provided in Section 6(c) with respect to dividends or in Section 3, no additional
contributions or additions may be made to a Participant’s Olin Stock Account after the Distribution Date. 
 (e) Plan Remains
Unfunded. Amounts credited to a Compensation Account shall remain a part of the general funds of the Company and nothing contained in this Plan shall be deemed to create a trust or fund of any kind or create any fiduciary relationship. Nothing
contained herein shall be deemed to give any Participant any ownership or other proprietary, security or other rights in any funds, stock or assets owned or possessed by the Company, whether or not earmarked for the Company’s own purposes as a
reserve or fund to be utilized by the Company for the discharge of its obligations hereunder. To the extent that any person acquires a right to receive payments or distributions from the Company under this Plan, such right shall be no greater than
the right of any unsecured creditor of the Company. Nothing herein shall prohibit the establishment of a grantor or rabbi trust with respect to the Plan. 
  

	7.	MANNER OF ELECTION 

 (a) General. Any
Employee selected by the Administrator to participate in the Plan may elect to do so in any Fiscal Year by delivering to Corporate Human Resources a written notice on a form prescribed by Corporate Human Resources electing to defer payment of all or
a portion (in 1% increments or other increments, amounts or formulae so prescribed by Corporate Human Resources) of his or her Compensation (an “Election”) to existing or new Compensation Accounts; provided Section 16(b) Employees who
elect to defer to an Arch Stock Account must have the prior approval of the Committee. Such Election shall specify whether the payout for any new Compensation Account to be established shall be in a lump sum or in annual installments (not to exceed
20). Separate elections may be made with respect to each Compensation Account. The Election must be filed on or before December 31 (or such earlier date as established by the Administrator) in order to be effective for amounts earned in
the immediately succeeding Fiscal Year. An effective Election may not be revoked or modified (except as otherwise stated herein) with respect to a Fiscal Year for which such Election is effective. 
 (b) Changes in Election. A Participant will be allowed to change the Election as provided herein. Any change with respect to the terms of a
Participant’s Election for (i) amount or form of any future deferral hereunder may be made at any time prior to such Compensation being earned and (ii) the timing (which change may not accelerate a distribution date) or amount of
payments from any Compensation Account shall only be effective if made at least six months prior to the payout and in the calendar year prior to the calendar year payout is to occur; provided, if the Administrator so determines, for each
Compensation Account established under the Plan shall be permitted only one change in the scheduled distribution date during the life of such account; provided further no timing change may be made to a Compensation Account which the Participant has
scheduled to be distributed on or beginning at the Participant’s Termination. As the Administrator 

  

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determines, the Administrator may adopt additional restrictions on changes in election which may be more or less restrictive than those provided herein. The
most recent prior elections and beneficiary designations applicable to the Olin Employee Deferral Plan shall govern this Plan unless changed subsequent to the Distribution or is inconsistent with this Plan. 
  

	8.	MANNER OF PAYMENT 

 (a) Form of Payment. In accordance with the Participant’s Election, amounts credited to a Participant’s Compensation Account will be paid in a lump sum or in the form of annual installments.
Notwithstanding the foregoing, the Administrator may elect to pay out all of any portion of a Compensation Account of a Participant in a lump sum regardless of any election made by a Participant except in the case of a Compensation Account of the
Administrator where such election for a lump sum shall only be made by the Chief Executive Officer of the Company or the Committee. Except as provided in Section 11, in the case of distributions from the Arch Stock Account (unless the
Administrator, or in the case of a Section 16(b) Employee, the Committee, decides it shall be in the form of cash), distributions shall be in shares of Common Stock and in case of distributions from any other Compensation Account (including the
Olin Stock Account), distributions shall be in the form of cash (unless the Committee decides it shall be in the form of shares of Common Stock), in each case to the Participant or, in the event of his or her death, to the Beneficiary.1 If a Participant elects to receive payment in installments, the payment period shall not exceed 20 years. Payment dates shall be
January 1 or July 1 pursuant to Participant’s Election. 
 (b) Calculation for Payments in Cash. The amount of any cash
distribution to be made in installments with respect to a Compensation Account (other than the Stock Account) will be determined by multiplying (i) the balance in such Compensation Account on the payment date by (ii) a fraction, the
numerator of which is one and the denominator of which is the number of installments in which distributions remain to be made (including the current distribution). If a Stock Account is to be paid out in cash, the amount of any cash distribution to
be made in installments with respect to Arch or Olin Stock Units will be determined by (i) multiplying the number of Arch Stock Units or Olin Stock Units attributable to such installment (determined as hereinafter provided) by (ii) the
Fair Market Value of a share of Common Stock or Olin Common Stock, as applicable, on the fifth business day immediately prior to the date on which such installment is to be paid. The number of Arch Stock Units or Olin Stock Units, as applicable,
attributable to an installment shall be determined by multiplying (i) the current number of Arch Stock Units or Olin Stock Units in the applicable Stock Account by (ii) a fraction, the numerator of which is one and the denominator of which
is the number of installments in which distributions remain to be made (including the current distribution). 
  

	1	Complier’s Note: Effective January 30, 2003 and unless changed by the Committee, the Committee has determined that all Arch Stock Accounts when distributed, shall be paid
out in the form of cash. 

  

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 (c) Calculation for Payments in Stock. The amount of any stock distribution to be made in
installments with respect to the amount of a Compensation Account invested in the Arch Stock Account shall be determined by multiplying (i) the current number of Arch Stock Units by (ii) a fraction, the numerator of which is one and the
denominator of which is the number of installments in which distributions remain to be made (including the current distribution). If a Compensation Account (other than the Arch Stock Account) is to be paid out in shares of Common Stock, the amount
of any stock distribution to be made in installments with respect to such Compensation Account shall be determined by dividing the amount of cash attributable to such installment (determined as provided above) by the Fair Market Value of the Common
Stock on the fifth business day immediately prior to the date on which such installment is to be paid. 
 (d) Fractional Shares; Required
Withholding. Only whole numbers of shares of Common Stock will be issued, with any fractional shares to be paid in cash. To the extent required by law, taxes shall be withheld from payouts of the Compensation Account, provided that if a
fractional share results after withholding, such fractional share shall be withheld as additional tax. 
  

	9.	COMMENCEMENT OF PAYMENTS; WITHDRAWALS 

 Subject to Section 11, payments of amounts deferred pursuant to a valid Election shall commence (i) with respect to a lump sum, on January 1 or July 1 as indicated in a Participant’s Election and (ii) with
respect to annual installments, on January 1 or July 1 of the first calendar year of deferred payment as selected by a Participant in his or her Election. If a Participant dies prior to the first deferred payment specified in an Election
or prior to completion of all installments, payments shall commence to the Participant’s Beneficiary on the first or next payment date so specified, unless the Administrator elects otherwise to provide for a lump-sum distribution of the
deceased Participant’s Compensation Accounts. In the event a Participant who is actively employed by the Company or its subsidiary suffers a Hardship, such Participant may apply to the Administrator for withdrawal of amounts held in all the
Participant’s Compensation Accounts. The amount of the withdrawal shall not be less than $500.00 and shall be limited to the amount required to meet the need created by the Hardship. The Administrator shall in his or her discretion determine
whether a Hardship exists and the amount that may be withdrawn to satisfy the Hardship. Withdrawals shall be made prorata from all Compensation Accounts other than the Arch Stock Account which may only be withdrawn from after all other accounts are
depleted. Notwithstanding the foregoing, in the event Stock-based Compensation is deferred to the Arch Stock Account, such deferral shall remain in such Account for at least six months; provided this six-month requirement shall not apply to dividend
equivalents accruing thereon and in the event of death, retirement or termination of employment. 
  

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	10.	BENEFICIARY DESIGNATION 

 A Participant may
designate one or more persons to whom payments are to be made if the Participant dies before receiving payment of any or all amounts due hereunder. A designation of Beneficiary will be effective only after the signed Election is filed with Corporate
Human Resources while the Participant is alive and will cancel all designations of Beneficiary signed and filed earlier. If Corporate Human Resources so permits, Beneficiaries may be designated for each type of Compensation that is deferred or
Compensation Account. If the Participant fails to designate a Beneficiary as provided above, the remaining unpaid amounts shall be paid in one lump sum to the estate of such Participant. If all Beneficiaries of the Participant die before the
Participant or before complete payment of all amounts due hereunder, the remaining unpaid amounts shall be paid in one lump sum to the estate of the last to die of such Beneficiaries. A Participant may, at any time prior to death, elect to change
the designation of a Beneficiary. 
  

	11.	CHANGE IN CONTROL 

 Notwithstanding any
provision of this Plan to the contrary, if a Change in Control occurs, each Participant who has a Termination within two years following such Change in Control shall receive an automatic lump-sum cash distribution of all amounts accrued in the
Participant’s Compensation Account not later than 15 days after the date of such Participant’s Termination. For this purpose, the balance in the portion of a Participant’s Compensation Account invested in the Arch Stock Account shall
be determined by multiplying the number of applicable Stock Units by the highest of (a) the highest Fair Market Value of Common Stock on any date within the period commencing 30 days prior to such Change in Control and ending on the date of the
Change in Control, (b) the Fair Market Value of the Common Stock the date of Termination, and (c) if the Change in Control of the Company occurs as a result of a tender or exchange offer or consummation of a corporate transaction, then the
highest price paid per share of Common Stock or Olin Common Stock, as applicable, pursuant thereto. Any consideration other than cash forming a part or all of the consideration for Common Stock to be paid pursuant to the applicable transaction shall
be valued at the valuation price thereon determined by the Board or Committee. 
 In addition, if a Change in Control has occurred, the
Company shall reimburse a Participant for the legal fees and expenses incurred thereafter if the Participant is required after the Change in Control to seek to obtain or enforce any right to distribution under this Section 11. In such case and
in the event that it is determined that such Participant is properly entitled to a cash distribution hereunder, such Participant shall also be entitled to interest thereon payable in an amount equivalent to the prime rate of interest as announced
from time to time by Citibank, N.A. from the date such distribution should have been made to and including the date it is made. 
 Notwithstanding any provision of this Plan to the contrary, this Section 11 as applied to any Participant may not be amended or modified to the detriment of a Participant after a Change in Control occurs without the written consent of
such Participant. 
  

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	12.	TRANSFERS AMONG ACCOUNTS 

 Participants may
transfer account balances between and among the various Compensation Accounts and Investment Accounts within a Compensation Account from time to time and in such amounts in each case in accordance with procedures established from time to time by
Corporate Human Resources; provided no amounts may be transferred into the Olin Stock Account and no amounts may be transferred either from a Compensation Account that is scheduled to be distributed on a Termination or from a Compensation Account
that has a later scheduled distribution date to a Compensation Account with an earlier scheduled distribution date. Additionally, Section 16(b) Employees may not transfer amounts out of or into the Arch Stock Account without complying with
Section 16(b) of the Exchange Act. The Administrator may establish from time to time blackout periods applicable to either all Participants or to all Section 16(b) Employees during which no transfers may occur among all or certain
Compensation or Investment Accounts. Notwithstanding the foregoing, in the event Stock-based Compensation is deferred to the Arch Stock Account, such deferral shall remain in such Account and not be transferred for at least six months; provided this
six-month requirement shall not apply to dividend equivalents accruing thereon and in the event of death, retirement or termination of employment. 
  

	13.	INALIENABILITY OF BENEFITS 

 The interests of
the Participants and their Beneficiaries under the Plan may not in any way be voluntarily or involuntarily transferred, alienated or assigned, nor subject to attachment, execution, garnishment or other such equitable or legal process. A Participant
or Beneficiary cannot waive the provisions of this Section 13. 
  

	14.	GOVERNING LAW 

 The provisions of this plan
shall be interpreted and construed in accordance with the laws of the State of Connecticut, except to the extent preempted by Federal law. 
  

	15.	AMENDMENTS 

 The Committee may terminate this Plan at any
time without the prior approval of the Board. The Committee (and its delegate) may amend or alter this Plan at any time without the prior approval of the Board (and in the case of its delegate, the Committee); provided, however, that the Committee
(and its delegate) may not, without approval by the Board increase the number of securities that may be issued under the Plan (except as provided in Section 3(b)). No amendment or modification may impair the rights of a Participant to receive
amounts accrued in the Participant’s Compensation Account at the time of the effectiveness of the amendment or modification. Notwithstanding the foregoing, (1) the Board or the Committee (or any other Committee or subcommittee of the Board
composed of two or more members, 

  

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each of whom is a “non-employee director” within the meaning of Exchange Act Rule 16b-3) shall be required to approve any amendment that, if not
approved by the Board or Committee or any such committee or subcommittee, would adversely affect the qualification of transactions under the Plan for the exemptions available under Rule 16b-3 promulgated under the Exchange Act with respect to
persons subject to Section 16 of the Exchange Act and (2) the Committee (or any other committee or subcommittee of the Board composed of two or more members, each of whom is an “outside director” within the meaning of Code
Section 162(m)), shall be required to approve any amendment that, if not approved by such committee or subcommittee, would adversely affect the deductibility under Section 162(m) of the Code with respect to compensation payable under the
Plan. 
  

	16.	SECTION 16b COMPLIANCE 

 It is the intention
of the Company that all transactions under the Plan be exempt from liability imposed by Section 16(b) of the Exchange Act. Therefore, if any transaction under the Plan is found not to be in compliance with an exemption from such
Section 16(b), the provision of the Plan governing such transaction shall be deemed amended so that the transaction does so comply and is so exempt, to the extent permitted by law and deemed advisable by the Committee, and in all events the
Plan shall be construed in favor of its meeting the requirements of an exemption. 
  

	17.	EFFECTIVE DATE 

 The Plan shall become
effective as of the Distribution Date. 
  

 13Fifth Amendment to Credit Agreement dated January 29, 2008

 Exhibit 10.1 
 FIFTH AMENDMENT TO 
 CREDIT AGREEMENT 
 This FIFTH AMENDMENT TO CREDIT AGREEMENT (the “Fifth Amendment or this “Amendment”), effective as of January 29, 2008, is
entered into by and among Asbury Automotive Group, Inc. (the “Company”), each of the subsidiaries of the Company listed on the signature pages hereof (the “Floor Plan Borrowers”), each of the Lenders listed
on the signature pages hereof (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders (the “Agent”), JPMorgan Chase Bank, N.A., as Floor Plan Agent for the Lenders (the
“Floor Plan Agent”) and Bank of America, N.A., as Syndication Agent. 
 PRELIMINARY STATEMENT 
 WHEREAS, the Company, the Floor Plan Borrowers, the Lenders, the Agent, the Floor Plan Agent and the Syndication Agent entered into that certain
Revolving Credit Agreement dated March 23, 2005, as amended by that First Amendment to Credit Agreement and Waiver, effective March 1, 2006, that Second Amendment to Credit Agreement dated August 1, 2006, that Third Amendment to
Credit Agreement dated March 8, 2007 and that Fourth Amendment to Credit Agreement dated September 28, 2007 (as so amended, and as further amended from time to time, the “Credit Agreement”), under the terms of which such
Lenders agreed to make available to the Company (a) a revolving credit commitment not to exceed at any time $125,000,000.00 and (b) a floor plan loan commitment not to exceed $425,000,000.00; and 
 WHEREAS, the Company and the Floor Plan Borrowers have requested the Lenders, the Agent and the Floor Plan Agent to amend further certain
provisions of the Credit Agreement; and 
 WHEREAS, the Lenders, the Agent and the Floor Plan Agent have agreed to do so to the extent
reflected in this Amendment. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration and the
mutual benefits, covenants and agreements herein expressed, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Defined Terms. All capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 
 2. Amendment to Section 1.1. (a) Section 1.1 of the Credit Agreement is hereby amended by restating the definition of
“Permitted Real Estate Debt” contained therein, to read as follows: 
  

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 “Permitted Real Estate Debt” means Indebtedness of a Borrower or any Subsidiary
(i) secured solely by real estate owned by such Borrower or any Subsidiary thereof, the amount of which does not exceed eighty-five percent (85%) of the value of the real estate securing such Indebtedness (determined on a per loan basis),
as evidenced by an appraisal of the real estate ordered in connection with obtaining such Indebtedness, and (ii) for which no Person other than the obligor of such Indebtedness or the Company has any liability with respect to such Indebtedness.

 3. Ratification. The Company and each of the Floor Plan Borrowers hereby ratify all of its Obligations under the Credit Agreement
and each of the Loan Documents to which it is a party, and agrees and acknowledges that the Credit Agreement and each of the Loan Documents to which it is a party are and shall continue to be in full force and effect as amended and modified by this
Amendment. Nothing in this Amendment extinguishes, novates or releases any right, claim, lien, security interest or entitlement of any of the Lenders, the Agent or the Floor Plan Agent created by or contained in any of such documents nor is the
Company nor any Floor Plan Borrower released from any covenant, warranty or obligation created by or contained herein or therein. 
 4.
Representations and Warranties. The Company and each of the Floor Plan Borrowers hereby represents and warrants to the Administrative Agent and the Lenders that (a) this Amendment has been duly executed and delivered on behalf of the
Company and each of the Floor Plan Borrowers, (b) this Amendment constitutes a valid and legally binding agreement enforceable against the Company and each of the Floor Plan Borrowers in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law,
(c) the representations and warranties contained in the Credit Agreement and the Loan Documents are true and correct on and as of the date hereof in all material respects as though made as of the date hereof, except as heretofore otherwise
disclosed in writing to the Agent, (d) no Default or Event of Default exists under the Credit Agreement or under any Loan Document and (e) the execution, delivery and performance of this Amendment has been duly authorized by the Company
and each of the Floor Plan Borrowers. 
 5. Conditions to Effectiveness. This Amendment shall be effective upon the execution and
delivery hereof by all parties to the Agent and receipt by the Agent of the following in form satisfactory to the Agent: 
 (a) this Amendment; 
 (b) the payment to the Agent of all billed fees and expenses (including the billed fees and
disbursements of Andrews Kurth LLP); and 
 (c) such other consents, approvals, opinions or documents as the Agent or the
Lenders may reasonably request. 
 6. Release and Indemnity. (a) The Company does hereby release and forever discharge the Agent,
Floor Plan Agent and each of the Lenders and each affiliate thereof 
  

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and each of their respective employees, officers, directors, trustees, agents, attorneys, successors, assigns or other representatives from any and all
claims, demands, damages, actions, cross-actions, causes of action, costs and expenses (including legal expenses), of any kind or nature whatsoever, whether based on law or equity, which any of said parties has held or may now or in the future own
or hold, whether known or unknown, for or because of any matter or thing done, omitted or suffered to be done on or before the actual date upon which this Amendment is signed by any of such parties (a) arising directly or indirectly out of the
Loan Documents, or any other documents, instruments or any other transactions relating thereto and/or (b) relating directly or indirectly to all transactions by and between the Company, the Floor Plan Borrowers, or their representatives and the
Agent, the Floor Plan Agent and each Lender or any of their respective directors, officers, agents, employees, attorneys or other representatives. Such release, waiver, acquittal and discharge shall and does include, without limitation, any claims
of usury, fraud, duress, misrepresentation, lender liability, control, exercise of remedies and all similar items and claims, which may, or could be, asserted by the Company or any Floor Plan Borrower including any such caused by the actions or
negligence of the indemnified party (other than its gross negligence or willful misconduct). 
 (b)The Company and each
Floor Plan Borrower hereby ratifies the indemnification provisions contained in the Loan Documents, including, without limitation, Section 13.4 of the Credit Agreement, and agrees that this Amendment and losses, claims, damages and
expenses related thereto shall be covered by such indemnities. 
 7. Counterparts. This Amendment may be signed in any number of
counterparts, which may be delivered in original or facsimile form each of which shall be construed as an original, but all of which together shall constitute one and the same instrument. 
 8. Governing Law. This Amendment, all Notes, the other Loan Documents and all other documents executed in connection herewith shall be deemed
to be contracts and agreements under the laws of the State of New York and of the United States of America and for all purposes shall be construed in accordance with, and governed by, the laws of New York and of the United States. 
 9. Final Agreement of the Parties . Any previous agreement among the parties with respect to the subject matter hereof is superseded by the
Credit Agreement, as amended by this Amendment. Nothing in this Amendment, express or implied is intended to confer upon any party other than the parties hereto any rights, remedies, obligations or liabilities under or by reason of this
Amendment. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
 [Signatures on separate pages]

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