OLIN CORP
AMENDMENT TO OLIN SENIOR EXECUTIVE PENSION PLAN EFFECTIVE  MAY 27, 2005
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<TYPE>EX-10.C.1
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<FILENAME>dex10c1.htm
<DESCRIPTION>AMENDMENT TO OLIN SENIOR EXECUTIVE PENSION PLAN EFFECTIVE  MAY 27, 2005
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<TITLE>Amendment to Olin Senior Executive Pension Plan effective  May 27, 2005</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10(c)(1) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>BENEFIT PLAN REVIEW COMMITTEE OF OLIN CORPORATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMENDMENT TO THE </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>OLIN SENIOR EXECUTIVE PENSION PLAN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(As
amended and restated effective July&nbsp;27, 2000) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Olin Corporation (the &#147;Company&#148;) currently maintains the Olin Senior
Executive Pension Plan (the &#147;Plan&#148;). In Section&nbsp;7.1 of the Plan, the Company reserved the right to amend the Plan. Pursuant to the authority granted to the Benefit Plan Review Committee of Olin Corporation (&#147;the Committee&#148;),
the Committee hereby amends the Plan in the following manner: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Article IV of the Plan is amended by adding the following Section&nbsp;4.8:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;4.8. Effective May&nbsp;27, 2005, the Plan is amended to add a Participation Termination Provision, provided that
such provision shall be subject to the following requirements: (i)&nbsp;the Company, in its sole discretion, consents to each election, (ii)&nbsp;the Company determines the form and terms of any termination election (which form and terms may vary
among participants), (iii)&nbsp;in accordance with the 409A Guidance, the Participant shall receive his accrued but unpaid Plan benefit as soon as administratively feasible following such termination, provided that such payment(s) will be made on or
before December&nbsp;31, 2005, or if later, the taxable year in which the amount is earned and vested, and (iv)&nbsp;only participants who terminate employment with the Company on or before December&nbsp;31, 2005 are eligible to elect to terminate
their Plan participation (subject to the Company consent contained in item (i)). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;Participation Termination
Provision&#148; shall mean an election to terminate participation in the Plan upon a Participant&#146;s termination of employment on or before December&nbsp;31, 2005, consistent with applicable Internal Revenue Service guidance for Code
Section&nbsp;409A, including without limitation, IRS Notice 2005-1, as amended (referred to herein as the &#147;409A Guidance&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Effective as of May&nbsp;27, 2005, this Section&nbsp;4.8 is further amended so that no Participant other than Anthony W. Ruggiero may make a termination election under this Section&nbsp;4.8.&#148; </FONT></P>
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