Exhibit 10.2
STEPAN COMPANY
2022 EQUITY INCENTIVE COMPENSATION PLAN
NOTICE OF GRANT OF NONQUALIFIED STOCK OPTION
Stepan Company (the “Company”) hereby grants to the Participant an Option Right (the “Option”) to purchase the number of Common Shares set forth below under the Stepan Company 2022 Equity Incentive Compensation Plan (the “Plan”). The Option is subject to all of the terms and conditions in this Notice of Grant of Nonqualified Stock Option (this “Grant Notice”), in the Nonqualified Stock Option Agreement attached hereto (the “Agreement”) and in the Plan. Capitalized terms used, but not otherwise defined, in this Grant Notice will have the meanings given to such terms in the Plan or Agreement, as applicable, and the Plan and Agreement are hereby incorporated by reference into this Grant Notice. If there are any inconsistences between this Grant Notice or the Agreement and the Plan, the terms of the Plan shall govern.
Participant: | [___] |
Type of Grant: | Nonqualified Option Right |
Date of Grant: | [____] |
Number of Common Shares Subject to the Option: | [____] |
Option Price: | [____] |
Option Expiration Date: | [____] |
Vesting Schedule: | Subject to the conditions set forth in the Agreement, including but not limited to the Participant’s continuous employment with the Company or a Subsidiary until the applicable vesting date, Option shall vest and become exercisable [in three substantially equal installments on the first three anniversaries of the Date of Grant].
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STEPAN COMPANY
2022 EQUITY incentive compensation plan
NONQUALIFIED STOCK OPTION AGREEMENT
Stepan Company (the “Company”) has granted, pursuant to the Stepan Company 2022 Equity Incentive Compensation Plan (the “Plan”), to the Participant named in the Notice of Grant of Nonqualified Stock Option (the “Grant Notice”) to which this Nonqualified Stock Option Agreement is attached (together with the Grant Notice, this “Agreement”) an Option to purchase the number of Common Shares set forth in the Grant Notice, subject to the terms and conditions set forth in this Agreement.
For the avoidance of doubt, any portion of the Option that remains outstanding, whether or not Vested, will terminate immediately on the tenth anniversary of the Date of Grant.
[Signature Page Follows]
IN WITNESS WHEREOF, the undersigned have executed this Agreement on the day and year indicated below.
STEPAN COMPANY
By:
Name:
Title:
Date:
Participant Acknowledgment and Acceptance
By:
Name:
Date: