STEPAN CO — Director's Dealing 2021

Nov 9, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2021-11-05

Reporting Person: Rojo Luis (VP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-11-05	Common Stock	M	2000	$70.86	Acquired	4210	Direct
2021-11-05	Common Stock	D	1135	$124.95	Disposed	3075	Direct
2021-11-05	Common Stock	F	254	$124.95	Disposed	2821	Direct
2021-11-05	Common Stock	M	1000	$70.86	Acquired	3821	Direct
2021-11-05	Common Stock	D	552	$128.35	Disposed	3269	Direct
2021-11-05	Common Stock	F	132	$128.35	Disposed	3137	Direct
2021-11-05	Common Stock	S	800	$125.015	Disposed	2337	Direct
2021-11-05	Common Stock	S	300	$125.88	Disposed	2037	Direct
2021-11-08	Common Stock	M	1000	$70.86	Acquired	3037	Direct
2021-11-08	Common Stock	D	553	$128.22	Disposed	2484	Direct
2021-11-08	Common Stock	F	131	$128.22	Disposed	2353	Direct
2021-11-08	Common Stock	S	900	$128.147	Disposed	1453	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-11-05	Stock Appreciation Right	$70.86	M	2000	Disposed	2028-05-01	Common Stock (2000)	Direct
2021-11-05	Stock Appreciation Right	$70.86	M	1000	Disposed	2028-05-01	Common Stock (1000)	Direct
2021-11-08	Stock Appreciation Right	$70.86	M	1000	Disposed	2028-05-01	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	232.587	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Share Units	$		Common Stock (2223.907)	2223.907	Direct

Footnotes

F1: The Stock Appreciation Rights ("SARS") were settled in shared 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 $124.738 to $125.51, 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 $125.78 to $126.01, 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.

F6: Includes exempt acquisitions under Rule 16a-11 pursuant to dividend reinvestments since the date of the reporting person's last report.

F7: Vests ratably over three years beginning on the date shown.

F8: Share units convert on a one-for-one basis into Common Stock.

F9: Share units are acquired under the Management Incentive Plan (As Amended and Restated Effective January 1, 2015) ("MIP"), a nonqualified deferred compensation plan which allows MIP participants to elect to defer all or a portion of their deferred compensation into accounts pursuant to MIP provisions.