Arthur W. Mergner - May 23, 2023 Form 4 Insider Report for STEPAN CO (SCL)

Role: Exec VP
Signature: /s/ Stephanie J. Pacitti, Attorney-in-Fact for Arthur W. Mergner
Stock symbol: SCL
Transactions as of: May 23, 2023
Transactions value $: -$339,589
Form type: 4
Date filed: 5/24/2023, 05:55 PM
Previous filing: Mar 1, 2023
Next filing: May 31, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SCL	Common Stock	Options Exercise	$275K	+6.26K	+22.76%	$43.85	33.8K	May 23, 2023	Direct	F2
transaction	SCL	Common Stock	Disposed to Issuer	-$275K	-2.8K	-8.3%	$98.01	31K	May 23, 2023	Direct	F3
transaction	SCL	Common Stock	Tax liability	-$143K	-1.46K	-4.73%	$98.01	29.5K	May 23, 2023	Direct	F4
transaction	SCL	Common Stock	Sale	-$196K	-2K	-6.76%	$98.23	27.5K	May 23, 2023	Direct	F1
holding	SCL	Common Stock						179	May 23, 2023	By Esop II Trust	F1

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	-6.26K	-100%	$0.00^*	0	May 23, 2023	Common Stock	6.26K	$43.85	Direct
holding	SCL	Share Units						8.63K	May 23, 2023	Common Stock	8.63K		Direct	F1, F5, F6

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

Explanation of Responses:

Id	Content
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.