Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chemtura Corporation entered into a Separation Agreement and General Release, dated as of December 8, 2008 (executed December 14, 2008), with Mr. Robert L. Wood, formerly Chairman, President and Chief Executive Officer (the "Wood Agreement"). The Wood Agreement provides for severance payments and benefits to be paid to Mr. Wood that includes: severance payments in the gross amount of four million dollars ($4,000,000) as follows: one million dollars ($1,000,000) paid on January 15, 2009; one million dollars ($1,000,000) paid on March 13, 2009; and two million dollars ($2,000,000) paid on June 15, 2009; and certain other benefits including accrued vacation pay; and the ability of Mr. Wood and his eligible dependents to participate in Company plans providing medical, dental and vision benefits for a period of up to two (2) years. Under surviving provisions of the employment agreement between Chemtura Corporation and Mr. Wood (reported on Form 8-K on June 19, 2006) Mr. Wood is prohibited from, among other things, soliciting the Company's employees, customers and others with a business relationship with the Chemtura Corporation. Mr. Wood's participation in the Company's savings and supplemental savings plans terminated as of his date of separation. A copy of the Wood Agreement is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits

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(d) Exhibits

Exhibit Number Exhibit Description

99.1 Wood Agreement