GRAHAM CORP — Director's Dealing 2007

Oct 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2007-10-29

Reporting Person: HANSEN J RONALD (VP-Finance; CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-29	Common Stock	M	6000	$13.90	Acquired	22920	Direct
2007-10-29	Common Stock	M	1500	$19.94	Acquired	24420	Direct
2007-10-29	Common Stock	S	1100	$58.25	Disposed	23320	Direct
2007-10-29	Common Stock	S	6400	$58.00	Disposed	16920	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-29	Stock Option (Right to Buy)	$13.90	M	6000	Disposed	2015-10-26	Common Stock (6000)	Direct
2007-10-29	Stock Option (Right to Buy)	$19.94	M	1500	Disposed	2016-06-01	Common Stock (1500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1440	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$17.25	2017-05-31	Common Stock (4426)	4426	Direct

Footnotes

F1: Shares held by the trustee of the Graham Corporation Employee Stock Ownership Plan and allocated to Mr. Hansen's account, as to which Mr. Hansen has sole voting power but no dispositive power, except in limited circumstances.

F2: This option was previously reported by Mr. Hansen.

F3: This option was previously reported by Mr. Hansen and is exercisable pro rata on the first, second, third and fourth anniversaries of the 6/01/06 grant date.

F4: This option was previously reported by Mr. Hansen and is exercisable pro rata on the first, second, third and fourth anniversaries of the 5/31/07 grant date.