BALCHEM CORP — Director's Dealing 2006

Nov 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BALCHEM CORP (BCP)
CIK: 0000009326
Period of Report: 2006-11-15

Reporting Person: FITZPATRICK FRANK (CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-15	Common Stock	M	9625	$5.33	Acquired	16118	Direct
2006-11-15	Common Stock	S	9625	$24.34	Disposed	6493	Direct
2006-11-16	Common Stock	M	1625	$5.33	Acquired	8118	Direct
2006-11-16	Common Stock	M	22500	$9.4	Acquired	30618	Direct
2006-11-16	Common Stock	S	24125	$21.82	Disposed	6493	Direct
2006-11-17	Common Stock	M	3375	$2.78	Acquired	9868	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-15	Employee Stock Option (right to buy)	$5.33	M	9625	Acquired	2010-12-22	Common Stock (9625)	Direct
2006-11-16	Employee Stock Option (right to buy)	$5.33	M	1625	Acquired	2010-12-22	Common Stock (1625)	Direct
2006-11-16	Employee Stock Option (right to buy)	$9.4	M	22500	Acquired	2011-10-25	Common Stock (22500)	Direct
2006-11-17	Employee Stock Option (right to buy)	$2.78	M	3375	Acquired	2008-10-23	Common Stock (3375)	Direct

Footnotes

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