BALCHEM CORP — Director's Dealing 2006

Nov 22, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BALCHEM CORP (BCP)
CIK: 0000009326
Period of Report: 2006-11-20

Reporting Person: Richardson Paul H (VP Research and Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-20	Common Stock	M	2250	$9.4	Acquired	4254	Direct
2006-11-20	Common Stock	S	2250	$25.7004	Disposed	2004	Direct
2006-11-20	Common Stock	M	2925	$10.24	Acquired	4929	Direct
2006-11-20	Common Stock	S	2925	$25.7004	Disposed	2004	Direct
2006-11-20	Common Stock	M	5400	$10.15	Acquired	7404	Direct
2006-11-20	Common Stock	S	5400	$25.7004	Disposed	2004	Direct
2006-11-20	Common Stock	M	13500	$13.16	Acquired	15504	Direct
2006-11-20	Common Stock	S	13500	$25.7004	Disposed	2004	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-20	Employee Stock Option (right to buy)	$9.4	M	2250	Acquired	2011-10-25	Common Stock (2250)	Direct
2006-11-20	Employee Stock Option (right to buy)	$10.24	M	2925	Acquired	2012-09-12	Common Stock (2925)	Direct
2006-11-20	Employee Stock Option (right to buy)	$10.15	M	5400	Acquired	2013-12-12	Common Stock (5400)	Direct
2006-11-20	Employee Stock Option (right to buy)	$13.16	M	13500	Acquired	2014-09-16	Common Stock (13500)	Direct

Footnotes

F1: Options Vest 20% year 1, 40% year 2, 40% year 3