GRAHAM CORP — Director's Dealing 2005

Nov 8, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2005-10-26

Reporting Person: LINES JAMES R (VP and General Manager)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-10-26	Stock Option (Right to Buy)	$13.90	A	6000	Acquired	2015-10-26	Common Stock (6000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2228	Indirect

Footnotes

F1: Adjusted to reflect a 2-for-1 stock split in the nature of a stock dividend paid on October 3, 2005.

F2: Shares held by the trustee of the Graham Corporation Employee Stock Ownership Plan and allocated to Mr. Lines's account, as to which Mr. Lines has sole voting power but no dispositive power, except in limited circumstances.

F3: This option was granted under the 2000 Graham Corporation Incentive Plan to Increase Shareholder Value in a transaction exempt under Rule 16b-3.