First Amendment to Stepan Company 2011 Incentive Compensation Plan
Stepan Company has amended its 2011 Incentive Compensation Plan, effective January 1, 2018. The amendment changes the terms for when certain stock options, stock appreciation rights, stock awards, and performance grants expire after an employee's termination, except in cases of disability, death, or retirement under a qualified plan. All other terms of the original plan remain unchanged. The amendment was approved by the company's Board of Directors and signed by the Vice President of Human Resources.
Exhibit 10.21
FIRST AMENDMENT
to the
STEPAN COMPANY 2011 INCENTIVE COMPENSATION PLAN
Subject to certain inapplicable limitations, Section 5.9 of the Stepan Company 2011 Incentive Compensation Plan (the “Plan”) provides that the Plan may be amended at any time by action of the Board of Directors of Stepan Company (the “Company”). In accordance with the authority granted by Section 5.9 of the Plan and the approval provided by the Board of Directors of the Company, the Plan is hereby amended as follows:
1.Effective as of January 1, 2018, Section 3.11(d) of the Plan is amended to read as follows:
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| “(d) | in the case of a Non-Qualified Stock Option or a Stock Appreciation Right, the date which is the last date of the next trading window after such termination if terminated for any reason other than by reason of his becoming Disabled (within the meaning of Code section 22(e)(3)), his death or his retirement under the provisions of any qualified retirement plan that may be maintained by the Company or subsidiary; or” |
2.Effective as of January 1, 2018, Section 3.11(e) of the Plan is amended to read as follows:
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| “(e) | in the case of a Stock Award or Performance Grant, the date on which the Participant’s employment with the Company, including its subsidiaries, is terminated for any reason other than by reason of his becoming Disabled (within the meaning of Code section 22(e)(3)), his death or his retirement under the provisions of any qualified retirement plan that may be maintained by the Company or subsidiary.” |
3.In all other respects, the Plan remains in full force and effect.
[Signature Page Follows]
CHICAGO/#3098949.1
IN WITNESS WHEREOF, the changes made by this First Amendment shall be effective as of the applicable dates set forth above.
| STEPAN COMPANY | ||
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| By: | /s/ Gregory Servatius | |
| Name: |
| Gregory Servatius |
| Title: |
| Vice President, Human Resources |
| Date: |
| February 21, 2018 |
CHICAGO/#3098949.1
