SEPARATION AGREEMENT AND GENERAL RELEASESeparation Agreement • April 7th, 2006 • Chemtura CORP • Plastic material, synth resin/rubber, cellulos (no glass) • Connecticut
THIS SEPARATION AGREEMENT AND GENERAL RELEASE, dated as of FEBRUARY 23, 2006 (the "Agreement"), by and between CHEMTURA CORPORATION, a DELAWARE corporation (the "Company") and MYLES ODANIELL (the "Executive"). WHEREAS, the Company wishes to terminate the Executive's employment, and have the Executive resign as an officer of the Company and as a director and/or officer of each subsidiary and affiliate of the Company, as applicable; and WHEREAS, except as otherwise set forth herein, the parties intend that this Agreement shall set forth the terms of the Executive's termination and resignation and that this Agreement shall supersede all prior agreements between the parties regarding the subject matter contained herein, including, without limitation, the Enhanced Severance Agreement dated May 30, 2003 between the Executive and Crompton Corporation and executed by the Executive on June 1, 2003. NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set for
