50 of the Top 250 law firms use our Products every day
Exhibit 10(bb)
OLIN AND ARCH STOCK
OPTION/PERFORMANCE SHARE
CONTINUATION PROVISIONS FOR OLIN
EMPLOYEES
FEBRUARY 2006
After the end of an employee’s employment
at Olin or a subsidiary, the employee’s vested Olin stock
options remain exercisable for a specified period of time. The
various plans permit that period to be extended by Olin for a
period up to the term specified in the stock option agreement. The
continuation provisions included in the stock option and long term
incentive plans and Olin’s stock option extension policy are
summarized in the chart below. Performance share awards that are
vested at the time employment terminates pay out as scheduled.
There is no general extension policy for unvested performance share
awards, but the relevant provisions of the performance share
program are summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
Plan Provisions
|
|
|
|
|
|
|
Options
|
|
Performance Shares
|
|
|
Olin’s General
Extension Policy
|
|
|
|
1991 LTIP/2000 LTIP/
2003 LTIP/2006 LTIP
1988/1996 Option
Plans
|
|
1991 LTIP/2000 LTIP/
2003 LTIP/2006 LTIP
|
|
|
1991 LTIP/2000 LTIP/
2003 LTIP/2006 LTIP
1988/1996 Option Plans
|
|
Termination by Olin
- Without cause
- With cause
- In sale or shut-down of business or spin-off
|
|
3 mos. (1)
Immediate expiration
3 mos. (1)
|
|
(6
(7
(6
|
)
)
)
|
|
1
yr.
N/A
2 yrs.
|
|
|
|
|
|
|
Quitting
- Without consent
- With consent
|
|
Immediate expiration
3 mos. (1)
|
|
(7
(6
|
)
)
|
|
N/A
1 yr.
|
|
|
|
|
|
|
Death
- While Olin Employee(2)
- While not an Olin Employee
|
|
1 yr. (1)
(3)
|
|
(8
(7
|
)
)
|
|
Term of
option
N/A
|
|
|
|
|
|
|
Retires under Pension Plan (55 or
over)
|
|
3
mos.(1)
|
|
(8
|
)
|
|
Term of option
(9)
|
|
|
|
|
|
|
Disability
|
|
1
yr.
|
|
(8
|
)
|
|
N/A
|
|
|
|
|
|
|
Transfer to JV or Arch
- Transfer to JV or Arch in Spin-off with Consent
- JV Termination without cause or with JV consent
- JV Termination with cause or without JV consent
|
|
3 mos. (1)
(4)
Immediate expiration
|
|
(6
(6
(7
|
)
)
)
|
|
Term of
option
(5)
N/A
|
|
|
|
|
|
|
Transfer to Sold Business (SB)
- Transfer to SB with consent
|
|
