OLIN CORP
AMENDMENT TO OLIN SUPPLEMENTAL CONTRIBUTING EMPLOYEE OWNERSHIP PLAN
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<TYPE>EX-10.D.1
<SEQUENCE>4
<FILENAME>dex10d1.htm
<DESCRIPTION>AMENDMENT TO OLIN SUPPLEMENTAL CONTRIBUTING EMPLOYEE OWNERSHIP PLAN
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<TITLE>Amendment to Olin Supplemental Contributing Employee Ownership Plan</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(d)(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 OLIN CORPORATION
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SUPPLEMENTAL CONTRIBUTING EMPLOYEE OWNERSHIP 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 January&nbsp;1, 2005) </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Olin Corporation (the &#147;Company&#148;)
currently maintains the Olin Corporation Supplemental Contributing Employee Ownership 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="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Article IV of the Plan is amended by adding the following Section&nbsp;4.7: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;4.7. 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 SCEOP 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 SCEOP 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)). Subject to other terms and conditions of the Plan, a SCEOP Participant terminating participation under this Section&nbsp;4.7 remains eligible for the Excess
Company Matching Contribution payable with respect to any 2005 SCEOP Participant Contributions, if and when paid. </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;4.7 is further amended so that no SCEOP Participant other than Anthony W. Ruggiero
may make a termination election under this Section&nbsp;4.7.&#148; </FONT></P>
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