Document:

scl-ex1025_437.htm

 

Exhibit 10.25

 

STEPAN COMPANY

2011 incentive compensation plan

STOCK AWARDS AGREEMENT

THIS STOCK AWARDS AGREEMENT (this “Agreement”), is made and entered into as of the ___ day of               ,         (the “Date of Grant”) by and between Stepan Company, a Delaware corporation (the “Company”), and [Participant Name] (the “Participant”). 

W I T N E S S E T H THAT:

1.Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to such terms in the Company’s 2011 Incentive Compensation Plan (the “Plan”).

2.Grant of Stock Awards. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, pursuant to authorization under a resolution of the Board or the Committee, the Company has granted to the Participant as of the Date of Grant, [Number of Shares Granted] Stock Awards (“Stock Awards”). Each Stock Award is a restricted stock unit that shall represent the right of the Participant to receive one share of Stock after full vesting thereof, subject to and upon the terms and conditions of this Agreement.

3.Restrictions on Transfer of Stock Awards. Subject to Section 5 of the Plan, neither the Stock Awards granted hereby nor any interest therein or in the Stock related thereto shall be transferable prior to payment to the Participant pursuant to Section 5 hereof other than by will or pursuant to the laws of descent and distribution.

4.Vesting of Stock Awards. Except as otherwise provided in this Section 4, the Stock Awards covered by this Agreement shall become nonforfeitable and payable to the Participant pursuant to Section 5 hereof on                      (the “Vesting Date”), conditioned upon the Participant’s continuous employment with the Company or a Company subsidiary through the Vesting Date.

Notwithstanding the foregoing, (a) in the event that the Participant’s employment with the Company or a Company subsidiary is terminated as a result of (i) the Participant becoming Disabled, (ii) the Participant’s death, or (iii) the Participant’s retirement (as determined under the provisions of any qualified retirement plan that may be maintained by the Company or a subsidiary) on or after [CHOOSE ONE][FOR ON-CYCLE AWARDS: the last day of the calendar year in which the Grant Date occurs][FOR OFF-CYCLE AWARDS: the first anniversary of the Grant Date], then in any such case, the Stock Awards shall become fully vested as of the date of the Participant’s termination of employment with the Company or a Company subsidiary, as applicable; and (b) in the event that the Participant’s employment with the Company or a Company subsidiary is terminated (i) by the Company or a Company subsidiary without Cause, or (ii) by the Participant for Good Reason, then in either case the Prorated Portion of the Stock Awards shall become vested as of the date of the Participant’s termination of employment with the Company or a Company subsidiary, as applicable.

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For purposes of this Section 4:

 “Cause” means, as reasonably determined by the Company, (A) conviction of, or plea of nolo contendere to, a felony (excluding motor vehicle violations); (B) theft or embezzlement, or attempted theft or embezzlement, of money or property or assets of the Company or any Company subsidiary; (C) illegal use of drugs; (D) material breach of any employment-related undertakings provided in a writing signed by the Participant; (E) gross negligence or willful misconduct in the performance of the Participant’s duties to the Company or any Company subsidiary; (F) breach of any fiduciary duty owed to the Company or any Company subsidiary including, without limitation, engaging in competitive acts while employed by the Company or any Company subsidiary; or (G) the Participant’s willful refusal to perform the assigned duties for which the Participant is qualified as directed by the Participant’s supervising officer or the Board; provided, that in the case of any event constituting Cause within clauses (D) through (G) that is curable by the Participant (as reasonably determined by the Company), the Participant has been given written notice by the Company or a Company subsidiary of such event said to constitute Cause, describing such event in reasonable detail, and has not cured such action within ten (10) days of such written notice as reasonably determined by the Company. For purposes of this definition of Cause, action or inaction by the Participant shall not be considered “willful” unless done or omitted by the Participant (I) intentionally or not in good faith, and (II) without reasonable belief that the Participant’s action or inaction was in the best interests of the Company or any applicable Company subsidiary, and shall not include failure to act by reason of total or partial incapacity due to physical or mental illness. For the avoidance of doubt, if the Participant is eligible for retirement (as described above in this Section 4), but grounds exist to terminate the Participant’s employment with the Company or a Company subsidiary for Cause, then for purposes of this Agreement, the Participant will not be treated as having retired from the Company or a Company subsidiary, but will instead be treated as having been terminated by the Company or a Company subsidiary for Cause.

“Good Reason” means the occurrence of any of the following events: (A) any material reduction, without the Participant’s written consent, in the Participant’s duties, responsibilities or authority; provided, however, that for purposes of this clause (A), neither of (I) a change in the Participant’s supervisor or the number or identity of the Participant’s direct reports, nor (II) a change in the Participant’s title, duties, responsibilities or authority as a result of a realignment or restructuring of the Company or its organizational chart, shall be deemed by itself to materially reduce the Participant’s duties, responsibilities or authority, as long as the Participant continues to report to either the supervisor to whom he or she reported immediately prior to the realignment or restructuring, or a supervisor of equivalent responsibility and authority; or (B) without the Participant’s written consent: (I) a material reduction in the Participant’s base salary, or (II) the relocation of the Participant’s principal place of employment more than fifty (50) miles from its location immediately prior to such relocation. For purposes of this definition of “Good Reason,” notwithstanding the above, the occurrence of any of the events described above will not constitute Good Reason unless the Participant gives the Company written notice within thirty (30) days after the initial occurrence of any of such events that the Participant believes that such event constitutes Good Reason, the 

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Company thereafter fails to cure any such event within sixty (60) days after receipt of such notice. In addition, the Participant must actually terminate employment within thirty (30) days following the end of the cure period described in the preceding sentence in order for such termination of employment to be considered a termination for Good Reason.

“Prorated Portion” means the product of (A) the number of shares of stock units subject to the Stock Awards, and (B) a fraction, the numerator of which is the number of full months elapsing between the Grant Date and the date of the Participant’s termination of employment with the Company and any Company subsidiary, and the denominator of which is thirty-six (36).

Except as otherwise provided in this Section 4, any Stock Awards that do not become nonforfeitable will be forfeited if the Participant ceases to be continuously employed by the Company or a Company subsidiary prior to the Vesting Date. For purposes of this Agreement, “continuously employed” means the absence of any interruption or termination of the Participant’s employment with the Company or with a subsidiary of the Company. Continuous employment shall not be considered interrupted or terminated in the case of sick leave, military leave or any other leave of absence approved by the Company or in the case of transfers between locations of the Company and its subsidiaries. 

5.Form and Time of Payment of Stock Awards. 

(a)Payment for the Stock Awards, after and to the extent they have become nonforfeitable, shall be made in the form of shares of Stock. Payment shall be made within 10 days following the date that the Stock Awards become nonforfeitable pursuant to Section 4 hereof.

(b)Except to the extent provided by Section 409A of the Code and permitted by the Committee, no Stock may be issued to the Participant at a time earlier than otherwise expressly provided in this Agreement.

(c)The Company’s obligations to the Participant with respect to the Stock Awards will be satisfied in full upon the issuance of Stock corresponding to the nonforfeitable portion of the Stock Awards.

6.Dividend, Voting, and Other Rights.

(a)The Participant shall have no rights of ownership in the Stock underlying the Stock Awards and no right to vote the Stock underlying the Stock Awards until the date on which the shares of Stock underlying the Stock Awards are issued or transferred to the Participant pursuant to Section 5 above. 

(b)The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver shares of Stock in the future, and the rights of the Participant will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement.

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(c)The Participant shall not have rights to any dividend equivalents on the Stock Awards except as provided in this Section 6(c). Dividend Equivalents will be credited regarding the Stock Awards during the Restricted Period, including any additional Stock that the Participant might become entitled to receive pursuant to a stock dividend or other securities as a result of a merger or reorganization in which the Company is the surviving corporation or any other change in the capital structure of the Company, but shall be withheld and credited to the Participant and subject to the same restrictions and nonforfeitability terms as the Stock Awards. After the Restricted Period, to the extent that the Stock Awards have has become nonforfeitable and payable, any credited Dividend Equivalents with respect to such nonforfeitable and payable Stock Awards shall be paid in cash to the Participant pursuant to Section 3.6(e) of the Plan. To the extent the Stock Awards are forfeited pursuant to Section 4 of this Agreement, all credited Dividend Equivalents with respect to the Restricted Stock shall also be forfeited. No interest shall be payable with respect to any such credited Dividend Equivalents.

7.Adjustments. The number of shares of Stock issuable for each Stock Award is subject to adjustment as provided in Section 1.5 of the Plan.

8.Withholding Taxes. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with the delivery to the Participant of Stock or any other payment to the Participant or any other payment or vesting event under this Agreement, and the amounts available to the Company for such withholding are insufficient, it shall be a condition to the obligation of the Company to make any such delivery or payment that the Participant make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld. The Participant may elect that all or any part of such withholding requirement be satisfied by retention by the Company of a portion of the Stock to be delivered to the Participant or by delivering to the Company other shares of Stock held by the Participant. If such election is made, the shares so retained shall be credited against such withholding requirement at the Fair Market Value of such Stock on the date of such delivery. In no event will the Fair Market Value of the Stock to be withheld and/or delivered pursuant to this Section 8 to satisfy applicable withholding taxes exceed the minimum amount of taxes required to be withheld.

9.Compliance With Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any shares of Stock pursuant to this Agreement if the issuance thereof would result in a violation of any such law.

10.Compliance With Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code. To the greatest extent reasonably possible, this Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by the Company without the consent of the Participant). Reference to Section 409A of the Code is to Section 409A of the Code, as amended, and will also include any regulations or any other formal guidance 

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promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. Notwithstanding the foregoing, in no case will the Company be liable to the Participant, the Internal Revenue Service or any other person or entity for taxes imposed on the Participant pursuant to Section 409A of the Code.

11.Interpretation. Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. Except as expressly provided in this Agreement, capitalized terms used herein will have the meaning ascribed to such terms in the Plan.

12.No Employment Rights. The grant of the Stock Awards under this Agreement to the Participant is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards. The grant of the Stock Awards and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law. Nothing contained in this Agreement shall confer upon the Participant any right to be employed or remain employed by the Company or any of its subsidiaries, nor limit or affect in any manner the right of the Company or any of its subsidiaries to terminate the employment or adjust the compensation of the Participant.

13.Relation to Other Benefits. Any economic or other benefit to the Participant under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Participant may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or any of its subsidiaries and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any of its subsidiaries.

14.Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that (a) no amendment shall adversely affect the rights of the Participant under this Agreement without the Participant’s written consent, and (b) the Participant’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code. 

15.Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

16.Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement. 

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17.Recoupment. Notwithstanding anything in this Agreement to the contrary:

(a)If the Participant’s employment with the Company or a Company subsidiary is terminated for Cause or other gross misconduct (as determined in the reasonable but sole discretion of the Company), then the Participant’s rights to the Stock Awards and any related benefit or compensation under this Agreement will expire and be forfeited as of the date of such termination of employment. 

(b)The Stock Awards and any related benefit or compensation under this Agreement is subject to the applicable recoupment, recapture, clawback or recovery policy of the Company as adopted by the Board or the Committee and in effect from time to time. In addition, this Agreement may be amended at any time and from time to time by the Company without the consent or written agreement of the Participant to the extent necessary to comply with any recoupment, recapture, clawback or recovery policy of the Company adopted by the Board or the Committee to comply with Section 10D of the Securities Exchange Act of 1934 and any applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Stock may then be traded, as reasonably determined by the Board or the Committee in its sole discretion. 

18.Successors and Assigns. Without limiting Section 3 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Participant, and the successors and assigns of the Company.

19.Acknowledgment. The Participant acknowledges that the Participant (a) has received a copy of the Plan, (b) has had an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan, and (d) agrees to such terms and conditions.

20.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement. 

[Signature Page Follows]

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This Agreement is hereby accepted as of the date set forth below.

 

	
By:
	
 
	
 

	
 
	
 
	
Participant Name

	
 
	
 
	
 

	
Date:
	
 
	
 

	
 
	
 
	
Acceptance Date

 

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CHICAGO/#3098353.2scl-ex1031_943.htm

Exhibit 10.31

 

 

 

 

 

STEPAN COMPANY

 

 

 

 

 

SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT

Dated as of April 23, 2014 

to:

NOTE PURCHASE AGREEMENT

dated as of September 29, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT

 

THIS SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT, dated as of April 23, 2014 (this “Second Amendment”), is among STEPAN COMPANY, a Delaware corporation (the “Company”), and each of the institutions which is a signatory to this Second Amendment (collectively, the “Noteholders”).

 

RECITALS:

 

A.The Company and each of the purchasers named therein have heretofore entered into (i) a Note Purchase Agreement dated as of September 29, 2005, as amended by that certain First Amendment, dated as of October 25, 2011 (as so amended, the “2005 Note Purchase Agreement”), pursuant to which the Company issued its $40,000,000 5.69% Series 2005-A Senior Notes, due November 1, 2018 (the “2005 Notes”), (ii) a First Supplement to Note Purchase Agreement dated as of June 1, 2010 (the “2010 Supplement”), pursuant to which the Company issued its $40,000,000 5.88% Series 2010-A Senior Notes, due June 1, 2022 (the “2010 Notes”) and (iii) a Second Supplement to Note Purchase Agreement dated as of November 1, 2011 (the “2011 Supplement” and, together with the 2005 Note Purchase Agreement and 2010 Supplement, the “Note Purchase Agreement”), pursuant to which the Company issued its $65,000,000 4.86% Series 2011-A Senior Notes, due November 1, 2023 (the “2011 Notes” and, together with the 2005 Notes and 2010 Notes, the “Notes”).

 

B.The Company and the Noteholders now desire to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter set forth.

 

C.Capitalized terms used herein shall have the meanings ascribed thereto in the Note Purchase Agreement unless herein defined or the context shall otherwise require.

 

D.All requirements of law have been fully complied with and all other acts and things necessary to make this Second Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.

 

NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this Second Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and the Noteholders do hereby agree as follows:

 

SECTION 1.SECOND AMENDMENT.

 

Section 1.1.The last paragraph of Section 10.6 of the Note Purchase Agreement is hereby amended by (i) deleting the word “and” at the end of clause (ii), (ii) deleting the period at the end of such paragraph and replacing it with “, and” and (iii) adding a new clause (iv) at the end thereof to read as follows:

 

(iv) the sale by the Company or any Restricted Subsidiary of accounts receivable owing to it by account debtors which customarily pay on terms longer than general market practices (“Permitted Supplier Financings”) pursuant to a receivables purchase agreement or other customary documentation (any such agreement a “Receivables Purchase Agreement”) with JPMorgan Chase Bank, National Association or another institution (any such institution a “Receivables Facility Counterparty”) whereby the Company or such Restricted Subsidiary promptly receive cash proceeds from such 

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Receivables Facility Counterparty equal to the face value of such receivables net of a commercially reasonable and customary discount rate; provided further that (i) any such sale is a true sale with recourse to the Company or such Restricted Subsidiary limited to breach of representation, warranty or covenant by the Company or such Restricted Subsidiary with respect to the sold receivables; (ii) such Receivables Purchase Agreement is on customary terms for such arrangement; and (iii) no Default or Event of Default exists or would result from the sale of such receivables.

 

Section 1.2.Section 10 of the Note Purchase Agreement is hereby amended by adding a new Section 10.11 thereto to read as follows:

 

Section 10.11. Lien Restrictions. Notwithstanding anything to the contrary contained in Section 10.5, no Liens permitted pursuant to the terms of Section 10.5 may secure any obligations under the Bank Credit Agreement or any private placement document pursuant to which the Company has issued senior notes, either now existing or existing in the future (each such Bank Credit Agreement or private placement document, a “Senior Debt Facility”), unless the Company makes, or causes to be made, effective a provision whereby the Notes will be equally and ratably secured with any and all other obligations thereby secured, such security to be pursuant to an agreement reasonably satisfactory to the Required Holders.

 

Section 1.3.Section 10 of the Note Purchase Agreement is hereby amended by adding a new Section 10.12 thereto to read as follows:

 

Section 10.12. Most Favored Lender Status. If at any time (including, for the avoidance of doubt, on the date of the Second Amendment) any Senior Debt Facility contains any covenant (whether set forth as a covenant, undertaking, event of default, restriction or other such provision (or any thereof shall be amended or otherwise modified)) similar in nature to the provisions set out in Section 10.6 of this Agreement with respect to Permitted Supplier Financings and such covenant (howsoever expressed) is more restrictive on the Company or would be more beneficial to the holders of Notes than the provisions of Section 10.6 of this Agreement (any such covenant, a “More Favorable Covenant”), then (i) such More Favorable Covenant shall be deemed automatically incorporated by reference into this Agreement, mutatis mutandis, as if set forth in full herein, effective as of the date when such More Favorable Covenant shall have become effective under such Senior Debt Facility, and (ii) the Company shall provide a More Favored Lender Notice in respect of such More Favorable Covenant.

 

Any More Favorable Covenant incorporated into this Agreement (herein referred to as an “Incorporated Covenant”) pursuant to this Section 10.12, (a) shall thereafter be waived, amended or otherwise modified under this Agreement at such time as the applicable Senior Debt Facility shall be so waived, amended or otherwise modified, provided that (A) if a Default or Event of Default then exists (including in respect of such Incorporated Covenant), such Incorporated Covenant shall only be deemed to be so waived, amended or otherwise modified hereunder at such time, if it should occur, when such Default or Event of Default no longer exists and (B) if any fee or other cash consideration is given to the lenders under the applicable Senior Debt Facility for the waiver, amendment or other modification of such More Favorable Covenant, the equivalent of such fee or other cash consideration shall also be given pro rata to the holders of the Notes at substantially the same time, and (b) shall be deemed automatically deleted from this Agreement at such time as such applicable Senior Debt Facility shall be 

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terminated and no amounts shall be outstanding thereunder provided that, if a Default or Event of Default then exists (including in respect of such Incorporated Covenant), such Incorporated Covenant shall only be deemed automatically deleted from this Agreement at such time, if it should occur, when such Default or Event of Default no longer exists.

 

“Most Favored Lender Notice” means, in respect of any More Favorable Covenant, a written notice to each of the holders of the Notes delivered promptly, and in any event within five Business Days after the inclusion of such More Favorable Covenant in any Senior Debt Facility (including by way of amendment or other modification of any existing provision thereof), by a Senior Financial Officer referring to the provisions of this Section 10.12 and setting forth a reasonably detailed description of such More Favorable Covenant (including any defined terms used therein).

 

Section 1.4.The provisions of Paragraph 6 in each of the First Supplement and the Second Supplement are hereby deleted in their entirety and replaced by “Reserved.”.

 

Section 1.5.Schedule B of the Note Purchase Agreement is hereby amended by adding the following new defined term in the appropriate alphabetical order therein:

 

“Second Amendment” means the Second Amendment to Note Purchase Agreement dated as of April [___], 2014, among the Company and each of the institutions which is a signatory thereto.

 

SECTION 2.REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY.

 

Section 2.1.To induce the Noteholders to execute and deliver this Second Amendment, the Company represents and warrants to the Noteholders (which representations and warranties shall survive the execution and delivery of this Second Amendment) that:

 

	
(a)
	
this Second Amendment has been duly authorized, executed and delivered by it and this Second Amendment, and the Note Purchase Agreement as amended by this Second Amendment, constitutes the legal, valid and binding obligations, contracts and agreements of the Company enforceable against it in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;

 

	
(b)
	
the execution, delivery and performance by the Company of this Second Amendment (i) has been duly authorized by all requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any material indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 2.1(b);

 

	
(c)
	
as of the date hereof and after giving effect to this Second Amendment, no Default or Event of Default under the Note Purchase Agreement has occurred which is continuing; and

 

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(d)all of the representations and warranties contained in Section 5 of the Note Purchase Agreement are true and correct in all material respects with the same force and effect as if made by the Company on and as of the date hereof, except that any representation or warranty made as of a specific date shall be deemed made as of such specific date.

 

Execution and delivery by the Company of this Second Amendment constitutes the certification by the Company that the foregoing representations and warranties are true and correct on and with respect to the date hereof.

 

SECTION 3.CONDITIONS TO EFFECTIVENESS OF THIS SECOND AMENDMENT.

 

Section 3.1.This Second Amendment shall not become effective until, and shall become effective when, each and every one of the following conditions shall have been satisfied:

 

	
(a)
	
executed counterparts of this Second Amendment, duly executed by the Company and the Required Holders of the Notes under the Note Purchase Agreement, shall have been delivered to the Noteholders; and

 

(b)the representations and warranties of the Company set forth in Section 2 hereof are true and correct on and with respect to the date hereof.

 

Upon receipt of all of the foregoing, this Second Amendment shall become effective. 

 

SECTION 4.PAYMENT OF NOTEHOLDERS’ COUNSEL FEES AND EXPENSES.

 

Section 4.1.The Company agrees to pay upon demand, the reasonable fees and expenses of Chapman and Cutler LLP, counsel to the Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this Second Amendment.

 

SECTION 5.MISCELLANEOUS.

 

Section 5.1.This Second Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this Second Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and each of the Notes are hereby ratified and shall be and remain in full force and effect.

 

Section 5.2.Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Second Amendment may refer to the Note Purchase Agreement without making specific reference to this Second Amendment but nevertheless all such references shall include this Second Amendment unless the context otherwise requires.

 

Section 5.3.The descriptive headings of the various Sections or parts of this Second Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

 

Section 5.4.This Second Amendment shall be governed by and construed in accordance with New York law.

 

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Section 5.5.This Second Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.

 

[Signature Pages Follow]

 

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In Witness Whereof, the parties hereto have executed and delivered this Second Amendment as of the date Second written above

 

STEPAN COMPANY

 

 

By  /s/ Scott D. Beamer

Name:  Scott D. Beamer

	
 
	
Title:
	
Vice President and Chief 
Financial Officer

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the first date written above.

 

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

 

 

 

 

By  /s/ illegible

Vice President

 

We acknowledge that we hold $10,400,000.00 5.88% Series 2010-A Senior Notes, due November 1, 2018.

We acknowledge that we hold $22,500,000.00 4.86% Series 2011-A Senior Notes, due November 1, 2023

 

 

PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY

	
 
	
By:
	
Prudential Investment Management, Inc., as investment manager

 

 

By  /s/ illegible

Vice President

 

	
 
	
We acknowledge that w
	
old $6,600,000.00 5.88% Series 2010-A Senior Notes, due November 1, 2018.

 

 

FORETHOUGHT LIFE INSURANCE COMPANY

 

	
 
	
By:
	
Prudential Private Placement Investors, L.P. (as Investment Advisor)

	
 
	
By:
	
Prudential Private Placement Investors, Inc. (as its General Partner)

 

 

By  /s/ illegible

Vice President

 

We acknowledge that we hold $3,000,000.00 5.88%

Series 2010-A Senior Notes, due November 1, 2018.

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the first date written above.

 

MUTUAL OF OMAHA INSURANCE COMPANY

 

	
 
	
By:
	
Prudential Private Placement Investors, L.P. (as Investment Advisor)
	
 

	
 
	
By:
	
Prudential Private Placement Investors, Inc. (as its General Partner)
	
 

 

 

By  /s/ illegible

Vice President

We acknowledge that we hold $15,000,000.00 4.86% Series 2011-A Senior Notes, due November 1, 2023

 

RGA REINSURANCE COMPANY

 

	
 
	
By:
	
Prudential Private Placement Investors, L.P. (as Investment Advisor)

	
 
	
By:
	
Prudential Private Placement Investors, Inc. (as its General Partner)

 

 

By  /s/ illegible

Vice President

We acknowledge that we hold $7,500,000.00 4.86% Series 2011-A Senior Notes, due November 1, 2023

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the date first written above.

 

CONNECTICUT GENERAL LIFE INSURANCE COMPANY

 

By:Cigna Investments, Inc. (authorized agent)

 

 

By  /s/ Elisabeth V. Piker

Name:Elisabeth V. Piker

Title:Managing Director

We acknowledge that we hold $6,428,565.00 5.69% Series 2005-A Senior Notes, due November l, 20 l 8.

We acknowledge that we hold $6,000,000 5.88% Series 2010-A Senior Notes, due November l, 2018.

 

 

LIFE INSURANCE COMPANY OF NORTH AMERICA

 

By:Cigna Investments, Inc. (authorized agent)

 

 

By  /s/ Elisabeth V. Piker

Name:Elisabeth V. Piker

Title:Managing Director

We acknowledge that we hold $4,999,995.00 5.69% Series 2005-A Senior Notes, due November 1, 2018.

We acknowledge that we hold $2,000,000 5.88% Series 2010-A Senior Notes, due November 1, 2018.

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the date first written above.

 

CIGNA HEALTH AND LIFE INSURANCE COMPANY

 

By:Cigna Investments, Inc. (authorized agent)

 

 

By  /s/ Elisabeth V. Piker

Name:Elisabeth V. Piker

Title:Managing Director

We acknowledge that we hold $2,142,855 .00 5.69% Series 2005-A Senior Notes, due November 1, 2018.

We acknowledge that we hold $2,000,000 5.88% Series 2010-A Senior Notes, due November l, 2018.

 

 

HEALTHSPRJNG LIFE& HEALTH INSURANCE COMPANY, INC.

 

By:Cigna Investments, Inc. (authorized agent)

 

 

By  /s/ Elisabeth V. Piker

Name:Elisabeth V. Piker

Title:Managing Director

We acknowledge that we hold $714,285.00 5.69% Series 2005-A Senior Notes, due November l, 2018.

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the date first written above.

 

AXA EQUITABLE LIFE INSURANCE COMPANY

 

 

 

By  /s/ Amy Judd

Name:Amy Judd

Title:Investment Officer

 

We acknowledge that we hold $8,571,420.00 5.69% Series 2005-A Senior Notes, due November 1, 2018.

 

We acknowledge that we hold $10,000,000 5.88% Series 2010-A Senior Notes, due November 1, 2018.

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the date first written above.

 

HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSEY

 

By:AllianceBernstein LP, 

its Investment Advisor

 

 

By  /s/ Amy Judd

Name:Amy Judd

Title:Investment Officer

We acknowledge that we hold $1,785,712.50 5.69% Series 2005-A Senior Notes, due November 1, 2018.

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the date first written above.

 

NEW YORK LIFE INSURANCE COMPANY

 

 

By  /s/ James Belletire

Name:James Belletire

Title:Vice President

We acknowledge that we hold $9,400,000 4.86% Series 2011-A Senior Notes, due November 1, 2023

 

 

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

 

By  NYL Investors LLC, its Investment Manager

 

 

By  /s/ James Belletire

Name:James Belletire

Title:Managing Director

We acknowledge that we hold $9,200,000 4.86% Series 2011-A Senior Notes, due November 1, 2023

 

 

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30C)

 

By  NYL Investors LLC, its Investment Manager

 

 

By  /s/ James Belletire

Name:James Belletire

Title:Managing Director

We acknowledge that we hold $1,200,000 4.86% Series 2011-A Senior Notes, due November 1, 2023

 

Signature page to Second Amendment to 2005 Note Purchase Agreement
 

Accepted as of the date first written above.

 

NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLYOWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 3-2)

 

By NYL Investors LLC, its Investment Manager

 

 

By  /s/ James Belletire

Name:James Belletire

Title:Managing Director

 

We acknowledge that we hold $200,000 4.86% Series 2011-A Senior Notes, due November l, 2023

Signature page to Second Amendment to 2005 Note Purchase Agreement

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