Amendment to Stepan Company 2000 Stock Option Plan (Section 3.7)
This amendment updates Section 3.7 of the Stepan Company 2000 Stock Option Plan. It states that, unless the Board of Directors decides otherwise, employees must complete two continuous years of employment after receiving a stock option award before they can exercise it. The Board retains the right to accelerate this vesting period at its discretion.
EXHIBIT 10.1
Amendment to Stepan Company 2000 Stock Option Plan
Section 3.7 of the Plan is amended and restated in its entirety as follows: “Except to the extent that the Board of Directors of the Company in its discretion may determine to accelerate the vesting requirement of an outstanding Award, no Award under this Section 3 may be exercised by any person prior to the date, if any, on which the Participant to whom the Award was granted completes two continuous years of employment with the Company after the grant thereof.”
