Amendment to Olin Senior Management Incentive Compensation Plan by Olin Corporation
Olin Corporation, through its Benefit Plan Review Committee, has amended its Senior Management Incentive Compensation Plan. The amendment changes the timing for determining and paying incentive awards to senior management. Now, awards for a fiscal year must be determined as soon as possible after the fiscal year ends and paid no later than the 15th day of the third month following that fiscal year, unless deferred under specific plan provisions. This amendment is effective as of January 1, 2005.
Exhibit 10(l)(1)
BENEFIT PLAN REVIEW COMMITTEE OF OLIN CORPORATION
AMENDMENT TO THE
OLIN SENIOR MANAGEMENT INCENTIVE COMPENSATION PLAN
Olin Corporation (the “Company”) currently maintains the Olin Senior Management Incentive Compensation Plan (the “Plan”). In Section 7 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 (“the Committee”), effective as of January 1, 2005, the Committee hereby amends the Plan in the following manner:
1. Section 4.1 of the Plan is amended by replacing the first sentence of the fourth paragraph with the following:
“Incentive Awards for a fiscal year shall be determined as soon as practicable after such fiscal year and shall be paid no later than the 15th day of the third month following such fiscal year unless deferred as provided in Section 4.3 hereof.”
