Common use of Change in Control Severance Payment Clause in Contracts

Change in Control Severance Payment. (a) Subject to Section 4(b) of this Agreement and the remainder of this Section 4(a), in the event of a Termination occurring before the expiration of this Agreement, Olin will pay Executive a lump sum in an amount equal to the Change in Control Severance. The payment of the Change in Control Severance will be made on the 60th day after the date of Termination; provided that no such amount shall be payable to Executive unless, on or prior to the 59th day following the date of Termination the Release Requirement (as defined in Section 7 of this Agreement) has been satisfied; provided further, that, any portion of the Change in Control Severance that constitutes deferred compensation within the meaning of Section 409A (as defined in Section 19 of this Agreement) will be paid at the earliest date that is permitted in accordance with the schedule that is applicable to the cash severance provided for in any agreement between Executive and Olin, as would be applicable in the event of a Termination on the date hereof. (b) Notwithstanding Section 4(a) of this Agreement, if Executive would otherwise have been required by Olin policy to retire at the applicable age specified in Olin’s mandatory retirement policy for specified job positions, as in effect on the date of Termination (the “Mandatory Retirement Age”), then if the date upon which Executive would have attained the Mandatory Retirement Age falls during the 24-month period following the date of Termination, the amount payable pursuant to Section 4(a) of this Agreement shall be reduced to the amount equal to the product of (i) the Change in Control Severance, multiplied by (ii) a fraction, the numerator of which is the number of days from the date of Termination through and including the date upon which Executive would have attained the Mandatory Retirement Age and the denominator of which is 730. (c) If on the date of Termination, Executive is eligible and is receiving payments under any then existing disability plan of Olin or its subsidiaries and affiliates, then Executive agrees that all payments under such disability plan may, and will be, suspended and offset (subject to applicable law) for 24 months (or, if earlier, until Executive would have attained the Mandatory Retirement Age) following the date of Termination. If, after such period, Executive remains eligible to receive disability payments, then such payments shall resume in the amounts and in accordance with the provisions of the applicable disability plan of Olin or its subsidiaries and affiliates.

Change in Control Severance Payment. (a) Subject to Section 4(b) of this Agreement and the remainder of this Section 4(a), in the event of a Termination occurring before the expiration of this Agreement, Olin will pay Executive a lump sum in an amount equal to the Change in Control Severance. The payment of the Change in Control Severance will be made on the 60th day after the date of Termination; provided that no such amount shall be payable to Executive unless, on or prior to the 59th day following the date of Termination the Release Requirement (as defined in Section 7 of this Agreement) has been satisfied; provided further, that, any portion of the Change in Control Severance that constitutes deferred compensation within the meaning of Section 409A (as defined in Section 19 of this Agreement) will be paid at the earliest date that is permitted in accordance with the schedule that is applicable to set forth in Section 4(a) of the cash severance provided for in any agreement between Executive and OlinAgreement, as would be applicable in the event of a Termination effect on the date hereof. (b) Notwithstanding Section 4(a) of this Agreement, if Executive would otherwise have been required by Olin policy to retire at the applicable age specified in Olin’s mandatory retirement policy for specified job positions, as in effect on the date of Termination (the “Mandatory Retirement Age”)65, then if the date upon which Executive would have attained the Mandatory Retirement Age of Executive’s sixty-fifth birthday falls during the 2436-month period following the date of Termination, the amount payable pursuant to Section 4(a) of this Agreement shall be reduced to the amount equal to the product of (i) the Change in Control Severance, multiplied by (ii) a fraction, the numerator of which is the number of days from the date of Termination through and including the date upon which Executive would have attained the Mandatory Retirement Age of Executive’s sixty-fifth birthday and the denominator of which is 7301095. (c) If on the date of Termination, Executive is eligible and is receiving payments under any then existing disability plan of Olin or its subsidiaries and affiliates, then Executive agrees that all payments under such disability plan may, and will be, suspended and offset (subject to applicable law) for 24 36 months (or, if earlier, until Executive attains age 65, if Executive would otherwise have attained the Mandatory Retirement Agebeen required by Olin policy to retire at age 65) following the date of Termination. If, after such period, Executive remains eligible to receive disability payments, then such payments shall resume in the amounts and in accordance with the provisions of the applicable disability plan of Olin or its subsidiaries and affiliates.