BALCHEM CORP — Director's Dealing 2003

Dec 31, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BALCHEM CORP (bpc)
CIK: 0000009326
Period of Report: 2003-12-12

Reporting Person: MINIGER ROBERT T (Vice President,Human Resource)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-31	Common Stock	A	205	$22.85	Acquired	2880	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-12	Incentive Stock Option (right to buy)	$22.84	A	5000	Acquired	2013-12-12	Common Stock (5000)	Direct

Footnotes

F1: Common stock, par value $0.6 2/3 per share.

F2: This information is based on the individual's year-end 401(k) plan information using the formula year-end total dollar value divided by stock price on close of market on 12/30 equals number of shares held.

F3: Option vests 20% year 1; 40% year 2; 40% year 3.