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    SEC Form SC 13D/A filed by Olin Corporation (Amendment)

    11/10/22 5:00:15 PM ET
    $OLN
    Major Chemicals
    Industrials
    Get the next $OLN alert in real time by email
    SC 13D/A 1 sa58342593-sc13da.htm AMENDMENT NO. 5

    UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
    Washington, D.C. 20549
    SCHEDULE 13D
    (Rule 13d-101)

    INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
    TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT
    TO § 240.13d-2(a)
    Under the Securities Exchange Act of 1934
    (Amendment No. 5)*

    Olin Corporation
    (Name of Issuer)

    Common Stock, par value $1.00 per share
    (Title of Class of Securities)

    680665205
    (CUSIP Number)

    Michael D. Adamski
    Sachem Head Capital Management LP
    250 West 55th Street, 34th Floor
    New York, New York 10019
     212-714-3300
    (Name, Address and Telephone Number of Person Authorized to Receive
    Notices and Communications)
    Copies to:
    Richard M. Brand
    Cadwalader, Wickersham & Taft LLP
    200 Liberty Street
    New York, NY 10281
    (212) 504-6000

    November 9, 2022
    (Date of Event which Requires Filing of this Statement)
    If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
    Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
    * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).



    CUSIP No.
    680665205
    SCHEDULE 13D
    Page 2 of 8


    1
    NAME OF REPORTING PERSON OR
     
     
    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     
     
    Sachem Head Capital Management LP
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) ☐
     
    (b) ☐
     
    3
    SEC USE ONLY
     
     
     
     
    4
    SOURCE OF FUNDS
     
    OO (See Item 3)
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
    ☐
     

     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
    Delaware
     
     
    NUMBER OF
    SHARES BENEFICIALLY
    OWNED BY EACH
    REPORTING
    PERSON
    WITH
    7
    SOLE VOTING POWER
     
    0
     
     
    8
    SHARED VOTING POWER
     
    9,465,160
     
     
    9
    SOLE DISPOSITIVE POWER
     
    0
     
     
    10
    SHARED DISPOSITIVE POWER
     
    9,465,160
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
    9,465,160
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
    ☐
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
    6.9%
     
     
    14
    TYPE OF REPORTING PERSON
     
    IA
     




    CUSIP No.
    680665205
    SCHEDULE 13D
    Page 3 of 8


    1
    NAME OF REPORTING PERSON OR
     
     
    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     
     
    Uncas GP LLC
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) ☐
     
    (b) ☐
     
    3
    SEC USE ONLY
     
     
     
     
    4
    SOURCE OF FUNDS
     
    OO (See Item 3)
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
    ☐
     

     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
    Delaware
     
     
    NUMBER OF
    SHARES BENEFICIALLY
    OWNED BY EACH
    REPORTING
    PERSON
    WITH
    7
    SOLE VOTING POWER
     
    0
     
     
    8
    SHARED VOTING POWER
     
    9,465,160
     
     
    9
    SOLE DISPOSITIVE POWER
     
    0
     
     
    10
    SHARED DISPOSITIVE POWER
     
    9,465,160
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
    9,465,160
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
    ☐
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
    6.9%
     
     
    14
    TYPE OF REPORTING PERSON
     
    OO
     





    CUSIP No.
    680665205
    SCHEDULE 13D
    Page 4 of 8

    1
    NAME OF REPORTING PERSON OR
     
     
    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     
     
    Sachem Head GP LLC
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) ☐
     
    (b) ☐
     
    3
    SEC USE ONLY
     
     
     
     
    4
    SOURCE OF FUNDS
     
    OO (See Item 3)
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
    ☐
     

     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
    Delaware
     
     
    NUMBER OF
    SHARES BENEFICIALLY
    OWNED BY EACH
    REPORTING
    PERSON
    WITH
    7
    SOLE VOTING POWER
     
    0
     
     
    8
    SHARED VOTING POWER
     
    3,700,000
     
     
    9
    SOLE DISPOSITIVE POWER
     
    0
     
     
    10
    SHARED DISPOSITIVE POWER
     
    3,700,000
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
    3,700,000
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
    ☐
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
    2.7%
     
     
    14
    TYPE OF REPORTING PERSON
     
    OO
     




    CUSIP No.
    680665205
    SCHEDULE 13D
    Page 5 of 8


    1
    NAME OF REPORTING PERSON OR
     
     
    I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     
     
    Scott D. Ferguson
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a) ☐
     
    (b) ☐
     
    3
    SEC USE ONLY
     
     
     
     
    4
    SOURCE OF FUNDS
     
    OO (See Item 3)
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
    ☐
     

     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
    United States
     
     
    NUMBER OF
    SHARES BENEFICIALLY
    OWNED BY EACH
    REPORTING
    PERSON
    WITH
    7
    SOLE VOTING POWER
     
    0
     
     
    8
    SHARED VOTING POWER
     
    9,465,160
     
     
    9
    SOLE DISPOSITIVE POWER
     
    0
     
     
    10
    SHARED DISPOSITIVE POWER
     
    9,465,160
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
    9,465,160
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
    ☐
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
    6.9%
     
     
    14
    TYPE OF REPORTING PERSON
     
    IN
     




    CUSIP No.
    680665205
    SCHEDULE 13D
    Page 6 of 8
    This amendment No. 5 to Schedule 13D (this “Amendment No. 5”) amends and supplements the Schedule 13D filed on February 24, 2020 (the “Initial 13D” and, as amended and supplemented through the date of this Amendment No. 5, collectively, the “Schedule 13D”) by the Reporting Persons, relating to the common stock, par value $1.00 per share (the “Common Stock”), of Olin Corporation (the “Issuer”). Capitalized terms not defined in this Amendment No. 5 shall have the meaning ascribed to them in the Schedule 13D.
    The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. The Schedule 13D is hereby amended as follows:
    Item 4. Purpose of Transaction
    Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information:
    On November 9, 2022, Scott D. Ferguson resigned from his position as a member of the Board, and of each committee of the Board, of the Issuer. A copy of Mr. Ferguson’s resignation letter is attached hereto as Exhibit 99.6 and is incorporated herein by reference.
    Item 5. Interest in Securities of the Issuer
    Item 5 of the Schedule 13D is hereby amended and restated to read in full as follows:
    (a), (b) Sachem Head, SH Management and Scott D. Ferguson may be deemed to beneficially own 9,465,160 shares of Common Stock (the “Subject Shares”). The Subject Shares collectively represent approximately 6.9% of the outstanding shares of Common Stock based on 136,960,837 shares of Common Stock outstanding as of September 30, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q filed on October 27, 2022.
    Sachem Head, as the investment adviser to the Sachem Head Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Subject Shares. As the general partner of Sachem Head, SH Management may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Subject Shares. As the general partner of SH and SHM, Sachem Head GP may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) 3,700,000 of the Subject Shares, constituting 2.7% of the outstanding shares of Common Stock. By virtue of Scott D. Ferguson’s position as the managing partner of Sachem Head and the managing member of SH Management and Sachem Head GP, Scott D. Ferguson may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Subject Shares.
    (c) None.
    (d) The Sachem Head Funds have the right to receive dividends from, and the proceeds from the sale of, the Subject Shares.
    (e) Not applicable.




    CUSIP No.
    680665205
    SCHEDULE 13D
    Page 7 of 8
    SIGNATURE
    After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certify that the information set forth in this statement is true, complete and correct.
    Dated: November 10, 2022
     
    SACHEM HEAD CAPITAL MANAGEMENT LP
     
         
     
     
    By: Uncas GP LLC, its General Partner
     
           
     
    By:
    /s/ Scott D. Ferguson
     
       
    Scott D. Ferguson
     
       
    Managing Member
     
           

     
     
    UNCAS GP LLC
     
           
     
     
    By:
     
    /s/ Scott D. Ferguson
     
       
    Scott D. Ferguson
     
       
    Managing Member
     
           

     
     
    SACHEM HEAD GP LLC
     
           
     
    By:
    /s/ Scott D. Ferguson
     
       
    Scott D. Ferguson
     
       
    Managing Member
     
           

         
     
     
    By:
     
    /s/ Scott D. Ferguson
     
       
    Scott D. Ferguson
     
       
    Managing Member
     





    CUSIP No.
    680665205
    SCHEDULE 13D
    Page 8 of 8

    INDEX TO EXHIBITS
    Exhibit Number
    Description of Exhibits
    Exhibit 99.1
    Joint Filing Agreement, among Sachem Head Capital Management LP, Uncas GP LLC, Sachem Head GP LLC and Scott D. Ferguson.*
    Exhibit 99.2
    Form of Engagement and Indemnification Agreement entered into by and between Sachem Head Capital Management LP on behalf of Sachem Head LP and each Nominee.*
    Exhibit 99.3
    Trading Data.*
    Exhibit 99.4
    Cooperation Agreement, dated February 29, 2020, by and between Olin Corporation and Sachem Head Capital Management LP.*
    Exhibit 99.5
    Amendment to Cooperation Agreement, dated October 1, 2020, by and between Olin Corporation and Sachem Head Capital Management LP.*
    Exhibit 99.6
    Letter of Resignation from Scott D. Ferguson, dated November 9, 2022.
       
    *Previously filed.
     


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