Crompton Corporation Non-Qualified Stock Option Agreement with Optionee (November 23, 2004)
Crompton Corporation has granted a non-qualified stock option to the named optionee under its 1998 Long Term Incentive Plan. The agreement allows the optionee to purchase a specified number of company shares at a set price, with the options vesting over three years: 33% after the first year, 33% after the second year, and 34% after the third year. The option expires on December 22, 2014. Both parties must sign the agreement, which is governed by the terms of the Plan.
Exhibit 10.1
Crompton Corporation
199 Benson Road
Middlebury, CT 06749
(203) 573-2000
Stock Option Agreement
[Name of Optionee]
Pursuant to the terms and conditions of the Crompton Corporation 1998 Long Term Incentive Plan ("the Plan"), you have been granted a Non-Qualified Stock Option to purchase [ ] shares (the "Option") of stock as outlined below.
Granted To: [Name of Optionee] Grant Date: November 23, 2004 Options Granted: [Number of Options] Option Price per Share: $ Total Cost to Exercise: Expiration Date: December 22, 2014 Vesting Schedule: 33% on First Anniversary;
33% on Second Anniversary; and
34% on Third Anniversary.
By your signature and the Company's signature below, you and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan. A copy of the Plan is attached and made a part of this document.
| Signature: | Date: |
| Signature: | Date: |
