GRAHAM CORP — Director's Dealing 2006

Feb 10, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2006-02-03

Reporting Person: LEMCKE H RUSSEL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-21	Common Stock	G	200	—	Disposed	31900	Direct
2006-02-03	Common Stock	M	16500	$5.665	Acquired	48400	Direct
2006-02-08	Common Stock	S	6000	$18.30	Disposed	42400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-03	Stock Option (Right to Buy)	$5.665	M	16500	Disposed	2006-08-01	Common Stock (16500)	Direct

Footnotes

F1: This option (of which 4,500 shares were exercisable on 8/01/96 and 12,000 shares were exercisable on 8/01/01) was previously reported by Mr. Lemcke and has been adjusted to reflect a 2-for-1 stock split in the nature of a stock dividend paid on October 3, 2005.