STEPAN CO — Director's Dealing 2006

May 9, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2006-05-09

Reporting Person: WOOD ROBERT JOHN (VP & GM Polymers)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-09	Common Stock	M	3000	$21.75	Acquired	4223	Direct
2006-05-09	Common Stock	S	3000	$31.50	Disposed	1223	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-09	Employee Stock Option	$21.75	M	3000	Disposed	2010-05-08	Common Stock (3000)	Direct