STEPAN F QUINN JR

Stepan F. Quinn Jr.’s SEC Form 4 activity over the past two years paints a clear picture of a seller, not a buyer, in the stock of Stepan Company (SCL). Across 53 reported transactions, Quinn has executed zero open-market purchases, while open-market sales total roughly $2.75 million. The most recent sales occurred in early August 2025, with two dispositions valued at $186,809 and $314,761 on August 5 and August 4, respectively. These were preceded by option exercises on August 4, which generated no cash value but provided the shares sold. The pattern is consistent: sales are paired with option exercises or awards, and the proceeds are realized immediately rather than held as a growing stake. The remaining activity is largely mechanical or non-discretionary. Grants and awards (code A) added about $260,000 in value, including a $134,997 award in May 2026 and a $124,984 award in May 2024, but these are compensation, not conviction purchases. Option exercises (code M) appear frequently, often with zero reported value, and shares withheld to cover taxes (code F) show up as small deductions, such as the $30.65 transactions in August 2025. Gifts (code G) are also scattered throughout, including two zero-value transfers in December 2025 and several in August 2025, which reduce holdings without generating cash. No recent buys exist—the last two trades in the dataset are the August 2025 sales, and the most recent filings are the May 2026 award and February 2026 option exercises, neither of which represents a market purchase. The direction is unambiguous: Quinn has been a net seller of SCL over the period, with all discretionary cash flow from the position flowing out via open-market sales. The absence of any P-coded purchases, combined with the consistent pairing of exercises and sales, suggests a systematic liquidation of vested equity rather than a bet on the stock’s upside. The dollar figures are modest relative to the company’s market cap, but the bias is clear—every open-market transaction in the record is a sale, and the most recent activity continues that trend.