STEPAN CO — Director's Dealing 2006

Nov 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2006-11-17

Reporting Person: STEPAN F QUINN (Director, Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-17	Common Stock	M	1300	$19.25	Acquired	363842.606	Direct
2006-11-17	Common Stock	F	974.096	$30.00	Disposed	362868.51	Direct
2006-11-17	Common Stock	S	325.904	$30.00	Disposed	362542.606	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-17	Employee Stock Option	$19.25	M	1300	Disposed	2007-02-19	Common Stock (1300)	Direct