STEPAN CO — Director's Dealing 2023

May 24, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2023-05-23

Reporting Person: Mergner Arthur W (Exec VP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-23	Common Stock	M	6262	$43.85	Acquired	33778.39	Direct
2023-05-23	Common Stock	D	2802	$98.01	Disposed	30976.39	Direct
2023-05-23	Common Stock	F	1464	$98.01	Disposed	29512.39	Direct
2023-05-23	Common Stock	S	1996	$98.23	Disposed	27516.39	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-23	Stock Appreciation Right	$43.85	M	6262	Disposed	2026-02-22	Common Stock (6262)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	178.63	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Share Units	$		Common Stock (8625.787)	8625.787	Direct

Footnotes

F1: Includes exempt acquisitions under Rule 16a-11 pursuant to dividend reinvestments since the date of the reporting person's last report.

F2: The stock appreciation rights ("SARs") were settled in shares of common stock as per the terms of the award.

F3: Deemed disposition of underlying common stock to the issuer in an amount equal to the conversion price of the SARs.

F4: Withholding of shares to satisfy tax liability on exercise of SARs.

F5: Share Units convert on a one-for-one basis into Common Stock.

F6: 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.