GRAHAM CORP — Director's Dealing 2007

Nov 1, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2007-10-30

Reporting Person: LINES JAMES R (Director, President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-30	Common Stock	M	6000	$13.90	Acquired	7096	Direct
2007-10-30	Common Stock	M	1500	$19.94	Acquired	8596	Direct
2007-10-30	Common Stock	M	212	$17.10	Acquired	8808	Direct
2007-10-30	Common Stock	S	162	$61.54	Disposed	8646	Direct
2007-10-30	Common Stock	S	900	$61.50	Disposed	7746	Direct
2007-10-30	Common Stock	S	300	$61.21	Disposed	7446	Direct
2007-10-30	Common Stock	S	600	$61.20	Disposed	6846	Direct
2007-10-30	Common Stock	S	1500	$16.16	Disposed	5346	Direct
2007-10-30	Common Stock	S	100	$61.02	Disposed	5246	Direct
2007-10-30	Common Stock	S	100	$61.01	Disposed	5146	Direct
2007-10-30	Common Stock	S	1650	$61.00	Disposed	3496	Direct
2007-10-31	Common Stock	M	538	$17.10	Acquired	4034	Direct
2007-10-31	Common Stock	S	100	$61.10	Disposed	3934	Direct
2007-10-31	Common Stock	S	2	$61.0801	Disposed	3932	Direct
2007-10-31	Common Stock	S	100	$61.08	Disposed	3832	Direct
2007-10-31	Common Stock	S	336	$61.00	Disposed	3496	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-30	Stock Option (Right to Buy)	$13.90	M	6000	Disposed	2015-10-26	Common Stock (6000)	Direct
2007-10-30	Stock Option (Right to Buy)	$19.94	M	1500	Disposed	2016-06-01	Common Stock (1500)	Direct
2007-10-30	Stock Option (Right to Buy)	$17.10	M	212	Disposed	2016-07-27	Common Stock (212)	Direct
2007-10-31	Stock Option (Right to Buy)	$17.10	M	538	Disposed	2016-07-27	Common Stock (538)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2228	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$17.25	2017-05-31	Common Stock (5277)	5277	Direct

Footnotes

F1: 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.

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

F3: This option was previously reported by Mr. Lines 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. Lines and is exercisable pro rata on the first, second, third and fourth anniversaries of the 7/27/06 grant date.

F5: This option was previously reported by Mr. Lines and is exercisable pro rata on the first, second, third and fourth anniversaries of the 5/31/2007 grant date.