STEPAN CO — Director's Dealing 2003

Nov 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2003-11-14

Reporting Person: STEPAN F QUINN JR (Director, President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-14	Common Stock	M	2130	$14.00	Acquired	53924.299	Direct
2003-11-14	Common Stock	M	400	$14.00	Acquired	733	Indirect
2003-11-14	Common Stock	M	400	$14.00	Acquired	733	Indirect
2003-11-14	Common Stock	M	400	$14.00	Acquired	733	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-14	Employee Stock Option	$14.00	M	12000	Disposed	2004-05-01	Common Stock (12000)	Direct

Footnotes

F1: Net amount from stock option exercise pursuant to stock pyramiding exempt pursuant to Rule 16(b) 3(f) (2) Release No. 34-28869