STEPAN CO — Director's Dealing 2019

Jul 29, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2019-07-25

Reporting Person: Behrens Scott R. (VP/GM Surfactants)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-07-25	Common Stock	M	2000	$43.85	Acquired	13824.913	Direct
2019-07-25	Common Stock	D	890	$98.50	Disposed	12934.913	Direct
2019-07-25	Common Stock	F	492	$98.50	Disposed	12442.913	Direct
2019-07-25	Common Stock	M	2000	$43.85	Acquired	14442.913	Direct
2019-07-25	Common Stock	D	890	$98.50	Disposed	13552.913	Direct
2019-07-25	Common Stock	F	492	$98.50	Disposed	13060.913	Direct
2019-07-26	Common Stock	S	2004	$97.387	Disposed	11056.913	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-07-25	Stock Appreciation Right	$43.85	M	2000	Disposed	2026-02-22	Common Stock (2000)	Direct
2019-07-25	Stock Appreciation Right	$43.85	M	2000	Disposed	2026-02-22	Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3611.949	Indirect

Footnotes

F1: The Stock Appreciation Rights ("SARs") were settled in shares of common stock as per the terms of the award.

F2: Deemed disposition of underlying common stock to the issuer in an amount equal to the conversion price of the SARs.

F3: Withholding of shares to satisfy tax liability on exercise of SARs.

F4: The price reported is a weighted average price. Shares were sold in a series of transactions within the same trading day at prices ranging from $97.290 to $97.790, inclusive. Full information regarding the number of shares sold at each separate price is available upon request by the Commission staff, the issuer, or a security holder of the issuer.