GRAHAM CORP — Director's Dealing 2006

Jun 5, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2006-06-01

Reporting Person: VAN REES CORNELIUS S (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-06-01	Stock Option (Right to Buy)	$19.94	A	2000	Acquired	2016-06-01	Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	18100	Direct

Footnotes

F1: This option was granted under the 2000 Graham Corporation Incentive Plan to Increase Shareholder Value in a transaction exempt under Rule 16b-3 and will be exercisable pro rata on the first, second, third and fourth anniversaries of the grant date.