Arthur W. Mergner - May 25, 2021 Form 4 Insider Report for STEPAN CO (SCL)

Role: Exec VP, Supply Chain
Signature: /s/ Stephanie J. Pacitti, Attorney-in-Fact for Arthur W. Mergner
Stock symbol: SCL
Transactions as of: May 25, 2021
Transactions value $: -$541,973
Form type: 4
Date filed: 5/27/2021, 10:47 AM
Next filing: Jun 16, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SCL	Common Stock	Options Exercise	$263K	+6K	+30.07%	$43.85	26K	May 25, 2021	Direct	F1
transaction	SCL	Common Stock	Disposed to Issuer	-$263K	-1.96K	-7.54%	$134.40	24K	May 25, 2021	Direct	F2
transaction	SCL	Common Stock	Tax liability	-$241K	-1.79K	-7.46%	$134.40	22.2K	May 25, 2021	Direct	F3
transaction	SCL	Common Stock	Sale	-$301K	-2.25K	-10.14%	$133.82	20K	May 25, 2021	Direct	F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SCL	Stock Appreciation Right	Options Exercise	$0	-6K	-48.93%	$0.00	6.26K	May 25, 2021	Common Stock	6K	$43.85	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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 $133.24 to $134.24, 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.