AWARD DESCRIPTION AND AGREEMENT FOR PERFORMANCE RETENTION SHARE AWARDS

Exhibit 10.3

AWARD DESCRIPTION AND AGREEMENT FOR

PERFORMANCE RETENTION SHARE AWARDS

GRANTED UNDER THE

ARCH CHEMICALS, INC. 1999 LONG TERM INCENTIVE PLAN

GRANTED MARCH 5, 2008

TO H. ANDERSON, M. E. CAMPBELL, S. C. GIULIANO,

L. S. MASSIMO AND S. A. O’CONNOR

AS AMENDED APRIL 25, 2008

The terms and conditions of the Performance Retention Shares (as defined below) are contained in the Award Certificate evidencing the grant of such shares, this Award Agreement (as defined below) and in the Arch Chemicals, Inc. 1999 Long Term Incentive Plan (the “Plan”) and such resolutions, rules and policies previously or hereinafter adopted by the Compensation Committee of the Board of Directors of Arch Chemicals, Inc. from time to time.

As used herein:

“Award Agreement” means this Award Description and Agreement.

“Performance Retention Share” means a unit denominated as one phantom share of Arch Chemicals, Inc. Common Stock, granted as a Performance Award pursuant to Section 6(c) of the Plan that may be replaced by or converted into a Restricted Stock Unit (as defined below).

“Measurement Date” means with respect to a Performance Cycle, the last day of the second calendar year of the Performance Cycle and the last day of the third calendar year of such Performance Cycle.

“Participant” means a Salaried Employee granted an award of Performance Retention Shares under the Plan.

“Payment Schedule” means with respect to a Performance Retention Share, such Performance Retention Share’s schedule as set forth in Exhibit I hereto with respect to the Performance Cycle to govern determination of the Payment Value of such Performance Retention Share.

“Payment Value” means with respect to a Performance Retention Share at any given time, the portion, if any, of such Performance Retention Share which a Participant has earned at such time under the applicable Payment Schedule during the Performance Cycle relating to that Performance Retention Share.

“Performance Cycle” means with respect to Performance Retention Shares, a period of three fiscal years (beginning with the fiscal year in which such Performance Retention Shares are granted) over which such Performance Retention Shares are to be earned in accordance with the Payment Schedule; provided a Performance Cycle shall end upon full payment of the Performance Retention Shares relating thereto.

“Performance Goal” means with respect to a particular Performance Retention Share the particular goal established by the Committee with respect to a particular performance measure for such Performance Retention Share as set forth in resolutions of the Committee as adopted from time to time.

“Restricted Stock Unit” means a unit denominated as one phantom share of Company Common Stock, granted pursuant to Section 6(b) of the Plan, that results from the conversion or replacement of a Performance Retention Share as provided in Section 4 hereof.

“Valuation Date” means the first business day immediately prior to the Change in Control (or if the Arch Chemicals, Inc. Common Stock is not traded on such day, the first preceding day on which such stock is traded).

“Vesting Period” means with respect to a Restricted Stock Unit, the three-year period beginning with the date of conversion of a Performance Retention Share into a Restricted Stock Unit at the end of which such Restricted Stock Unit is to vest.

“Vesting Time” means with respect to a Vesting Period, the close of business on the last day of such Vesting Period.

Other capitalized terms utilized but not defined herein have the meanings specified in the Plan.

Performance Retention Shares which are awarded to a Participant shall have a Payment Value during a Performance Cycle determined on the basis of the performance of Arch over such Performance Cycle in accordance with the applicable Payment Schedule. The Payment Schedules, Performance Cycles and performance measures applicable to Performance Retention Shares are set forth in Exhibit I hereto. Except as may be otherwise set forth in the Plan or herein, no Performance Retention Share may be earned prior to the Measurement Date of the applicable Performance Cycle and then only to the extent set forth in the applicable Payment Schedule.

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If the Performance Retention Shares held by a Participant and outstanding at the end of the Performance Cycle do not result in a payout as provided in the Payment Schedule, then each such Performance Retention Share shall be automatically and without further action by the Committee or the Company replaced with (or converted into) a Restricted Stock Unit on a one-for-one basis and such Performance Retention Share shall be extinguished; provided in each case such Participant is on the active payroll of the Company or then subsidiary of the Company as an employee on the last day of the Performance Cycle. No other person shall be entitled to receive Restricted Stock Units as result of holding Performance Retention Shares at the end of the Performance Cycle.

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Unless the Committee or the Board has acted otherwise, upon a Change in Control, outstanding Performance Retention Shares and outstanding Restricted Stock Units, as the case may be, shall become vested, deemed earned in full and promptly paid to the Participants in cash (but no later than the tenth business day after the Change in Control), in each case without regard to payment schedules and notwithstanding that the applicable performance cycle or retention cycle shall not have been completed.

Federal, state or local taxes as may be applicable to any payout (“withholding taxes”) shall be deducted as withholding taxes to be paid by the Participant from the portion of the payout payable in cash.

Unless and until the Committee decides otherwise and while a Performance Retention Share or Restricted Stock Unit is outstanding, within five business days of each cash dividend payment date relating to Company Common Stock, the Company will pay to a Participant for each outstanding Performance Share and Restricted Stock Unit so held on such dividend payment date, a cash payment equal to the cash dividend payment made on one share of Company Common Stock on such cash dividend payment date. Performance Retention Shares and Restricted Stock Units carry no voting rights nor shall the holder thereof be entitled to dividends or other rights enjoyed by shareholders except as otherwise provided in this Section 10.

In the event a payout in the form of Shares, after giving effect to any deferral of the Share payout to any deferral plan or program of the Company, including the

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Employee Deferral Plan, would entitle a Participant to a fractional share of Arch Chemicals, Inc. Common Stock, such fractional share shall be rounded up to the next whole number of Shares and the Performance Retention Shares or Restricted Stock Units, as the case may be, to be paid out in cash shall be reduced by the same amount of the fractional increase to the payout in Shares.

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Exhibit I

Payment Schedule:

No more than one payout may occur for Performance Retention Shares with respect to the Performance Cycle.

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