STEPAN CO — Director's Dealing 2021

May 6, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2021-05-04

Reporting Person: Stepan Richard Finn (V.P. and Gen'l. Mgr., Polymers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-04	Common Stock	M	552	$72.99	Acquired	211203	Direct
2021-05-04	Common Stock	D	300	$133.06	Disposed	212044	Direct
2021-05-04	Common Stock	F	73	$133.06	Disposed	211143	Direct
2021-05-04	Common Stock	M	563	$92.29	Acquired	211766	Direct
2021-05-04	Common Stock	D	387	$133.06	Disposed	211657	Direct
2021-05-04	Common Stock	F	51	$133.06	Disposed	211092	Direct
2021-05-04	Common Stock	M	578	$102.30	Acquired	212344	Direct
2021-05-04	Common Stock	D	441	$133.06	Disposed	211216	Direct
2021-05-04	Common Stock	F	39	$133.06	Disposed	211053	Direct
2021-05-05	Common Stock	M	184	$72.99	Acquired	211237	Direct
2021-05-05	Common Stock	M	188	$92.29	Acquired	211425	Direct
2021-05-05	Common Stock	S	1043	$135.111	Disposed	210382	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-04	Stock Appreciation Right	$72.99	M	552	Disposed	2028-02-20	Common Stock (552)	Direct
2021-05-04	Stock Appreciation Right	$92.29	M	563	Disposed	2029-02-19	Common Stock (563)	Direct
2021-05-04	Stock Appreciation Right	$102.30	M	578	Disposed	2030-02-18	Common Stock (578)	Direct
2021-05-05	Stock Option (Right to Buy)	$72.99	M	184	Disposed	2028-02-20	Common Stock (184)	Direct
2021-05-05	Stock Option (Right to Buy)	$92.29	M	188	Disposed	2029-02-19	Common Stock (188)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	918.233	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 $135.00 to $135.38, 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: Reflects ESOP II acquisitions that have occurred since the Reporting Person's last ownership report covering ESOP II transactions.