SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Rojo Luis
(Last) (First) (Middle)
1101 SKOKIE BOULEVARD, SUITE 500
(Street)
NORTHBROOK IL 60062
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
STEPAN CO [ SCL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
VP & Chief Financial Officer
3. Date of Earliest Transaction (Month/Day/Year)
11/05/2021
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/05/2021 M(1) 2,000 A $70.86 4,210 D
Common Stock 11/05/2021 D(2) 1,135 D $124.95 3,075 D
Common Stock 11/05/2021 F(3) 254 D $124.95 2,821 D
Common Stock 11/05/2021 M(1) 1,000 A $70.86 3,821 D
Common Stock 11/05/2021 D(2) 552 D $128.35 3,269 D
Common Stock 11/05/2021 F(3) 132 D $128.35 3,137 D
Common Stock 11/05/2021 S 800 D $125.015(4) 2,337 D
Common Stock 11/05/2021 S 300 D $125.88(5) 2,037 D
Common Stock 11/08/2021 M(1) 1,000 A $70.86 3,037 D
Common Stock 11/08/2021 D(2) 553 D $128.22 2,484 D
Common Stock 11/08/2021 F(3) 131 D $128.22 2,353 D
Common Stock 11/08/2021 S 900 D $128.147 1,453 D
Common Stock 232.587(6) I By Esop II Trust
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Appreciation Right $70.86 11/05/2021 M 2,000 05/02/2019(7) 05/01/2028 Common Stock 2,000 $0 7,221 D
Stock Appreciation Right $70.86 11/05/2021 M 1,000 05/02/2019(7) 05/01/2028 Common Stock 1,000 $0 6,221 D
Stock Appreciation Right $70.86 11/08/2021 M 1,000 05/02/2019(7) 05/01/2028 Common Stock 1,000 $0 5,221 D
Share Units (8) (9) (9) Common Stock 2,223.907 2,223.907(6) D
Explanation of Responses:
1. The Stock Appreciation Rights ("SARS") were settled in shared of common stock as per the terms of the award.
2. Deemed disposition of underlying common stock to the issuer in an amount equal to the conversion price of the SARs.
3. Withholding of shares to satisfy tax liability on exercise of SARs.
4. 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.
5. 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.
6. Includes exempt acquisitions under Rule 16a-11 pursuant to dividend reinvestments since the date of the reporting person's last report.
7. Vests ratably over three years beginning on the date shown.
8. Share units convert on a one-for-one basis into Common Stock.
9. 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.
/s/ Stephanie J. Pacitti, Attorney-in-Fact for Luis Rojo 11/09/2021
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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