STEPAN CO — Director's Dealing 2020

Aug 3, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2020-07-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-07-31	Common Stock	M	9494	$78.58	Acquired	20669.546	Direct
2020-07-31	Common Stock	D	6930	$107.66	Disposed	13739.546	Direct
2020-07-31	Common Stock	F	751	$107.66	Disposed	12988.546	Direct
2020-07-31	Common Stock	S	1552	$108.043	Disposed	11436.546	Direct
2020-07-31	Common Stock	S	261	$109.332	Disposed	11175.546	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-07-31	Stock Appreciation Right	$78.58	M	9494	Disposed	2027-02-20	Common Stock (9494)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3734.492	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 $107.585 to $108.57, 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.

F5: 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 $109.29 to $109.42, 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.