STEPAN CO — Director's Dealing 2006

May 1, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2006-04-28

Reporting Person: STEPAN F QUINN JR (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-28	Common Stock	M	10948	$19.25	Acquired	67270.2262	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-28	Employee Stock Option	$19.25	M	40000	Disposed	2007-02-19	Common Stock (40000)	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