BALCHEM CORP — Director's Dealing 2008

Dec 15, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BALCHEM CORP (BCPC)
CIK: 0000009326
Period of Report: 2008-12-10

Reporting Person: LUDWIG DAVID F (VP/Gen Mgr/ARC Spec Prods)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-12-10	Common Stock	A	2500	$0.666	Acquired	15247	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-12-10	Employee Stock Option (right to buy)	$25.92	A	25000	Acquired	2018-12-09	Common Stock (0)	Direct

Footnotes

F1: The purchased stock is subject to a repurchase option in favor of the Issuer and to restrictions on transfer until it vests
in accordance with the provisions of the Restricted Stock Purchase Agreement dated December 10, 2008 between the Issuer and
the Reporting Person.

F2: Options vest 20% year 1; 40% year 2; and 40% year 3.