STEPAN CO — Director's Dealing 2006

Nov 10, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2006-11-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-07	Common Stock	M	776.687	$19.25	Acquired	363319.293	Direct
2006-11-07	Common Stock	S	776.687	$30.00	Disposed	362542.606	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-07	Employee Stock Option	$19.25	M	3094	Disposed	2007-02-19	Common Stock (3094)	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.