Exhibit 10.21(e) EXTENSION AGREEMENT Arch Chemicals, Inc. 501 Merritt 7 Norwalk, Connecticut 06856 Attention: Mr. W. Paul Bush JPMorgan Chase Bank, as Administrative Agent under the 364-Day Credit Agreement referred to below 270 Park Avenue New York, New York 10017 January 22, 2003 Gentlemen: Each undersigned Lender hereby agrees to extend, effective on January 22, 2003 (the "Extension Date"), the Maturity Date under the 364-Day Credit Agreement dated as of January 27, 1999 (as extended on January 26, 2000, January 24, 2001 and January 23, 2002 and as the same may be amended, supplemented or otherwise modified from time to time, the "364-Day Credit Agreement") among Arch Chemicals, Inc., Olin Corporation, the Lenders and agents party thereto and JPMorgan Chase Bank, as Administrative Agent for the Lenders, to January 21, 2004. Terms defined in the 364-Day Credit Agreement are used herein as therein defined. Each undersigned Lender hereby acknowledges that the amount of its commitment under the 364-Day Credit Agreement listed on the Commitment Schedule attached hereto as Annex A is correct as of the date hereof. It is acknowledged that immediately following the effectiveness of this Agreement on January 22, 2003, the 364-Day Credit Agreement is being amended to change the Maturity Date to June 21, 2003. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. [Remainder of this page intentionally left blank] This Extension Agreement shall be governed by and construed in accordance with the laws of the State of New York. JPMORGAN CHASE BANK, individually and as Administrative Agent, By: /s/ Lawrence Palumbo Jr. ------------------------- Name: Lawrence Palumbo Jr. Title: Vice President WACHOVIA BANK, N.A., individually and as Documentation Agent, By: ----------------------- Name: Title: BANK OF AMERICA, N.A., individually and as Syndication Agent, By: /s/ Donald J. Chin -------------------- Name: Donald J. Chin Title: Managing Director THE BANK OF NEW YORK By: /s/ Joanna S. Bellocq ----------------------- Name: Joanna S. Bellocq Title: Vice President PNC BANK, NATIONAL ASSOCIATION By: /s/ Donald V. Davis ---------------------- Name: Donald V. Davis Title: Vice President 2 ING (US) CAPITAL LLC By: ----------------------- Name: Title: By: ----------------------- Name: Title: CITIZENS BANK OF MASSACHUSETTS By: /s/ Cindy Chen ----------------- Name: Cindy Chen Title: Vice President THE NORTHERN TRUST COMPANY By: /s/ Russ Rockenbach ---------------------- Name: Russ Rockenbach Title: Vice President 3 Agreed and accepted: ARCH CHEMICALS, INC. By: /s/ W. Paul Bush --------------------------------- Name: W. Paul Bush Title: Vice President & Treasurer 4 Annex A ------- Commitment Schedule - ------------------------------------------------------------------------------ | Lender | Commitment Amount | | | | |-------------------------------------------------------|---------------------| |-------------------------------------------------------|---------------------| | JPMorgan Chase Bank | $15,000,000 | |-------------------------------------------------------|---------------------| |-------------------------------------------------------|---------------------| | Bank of America, N.A. | $15,000,000 | |-------------------------------------------------------|---------------------| |-------------------------------------------------------|---------------------| | The Bank of New York | $10,000,000 | |-------------------------------------------------------|---------------------| |-------------------------------------------------------|---------------------| | PNC Bank, National Association | $10,000,000 | |-------------------------------------------------------|---------------------| |-------------------------------------------------------|---------------------| | Citizens Bank of Massachusetts | $ 7,500,000 | |-------------------------------------------------------|---------------------| |-------------------------------------------------------|---------------------| | The Northern Trust Company | $ 7,500,000 | |-------------------------------------------------------|---------------------| 5