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: Johnson William (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-10-26	Stock Option (Right to Buy)	$13.90	A	12000	Acquired	2015-10-26	Common Stock (12000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	0	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$6.50	2014-12-02	Common Stock (20800)	20800	Direct

Footnotes

F1: This option was previously reported by Mr. Johnson and has been adjusted to reflect a 2-for-1 stock split in the nature of a stock dividend paid on October 3, 2005.

F2: This option was granted under the 2000 Graham Corporation Incentive Plan to Increase Shareholder Value in a transaction exempt under Rule 16b-3.