GRAHAM CORP — Director's Dealing 2007

Jun 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2007-05-31

Reporting Person: LINES JAMES R (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-31	Common Stock	A	1096	—	Acquired	1096	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-31	Stock Option (Right to Buy)	$17.25	A	5277	Acquired	2017-05-31	Common Stock (5277)	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)	$13.90	2015-10-26	Common Stock (6000)	6000	Direct
Stock Option (Right to Buy)	$19.94	2016-06-01	Common Stock (6000)	6000	Direct
Stock Option (Right to Buy)	$17.10	2016-07-27	Common Stock (3000)	3000	Direct

Footnotes

F1: Restricted stock award granted under the 2000 Graham Corporation Incentive Plan to Increase Shareholder Value in a transaction exempt under Rule 16b-3.

F2: 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.

F3: This option was previously reported by Mr. Lines.

F4: 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.

F5: 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.

F6: This option was granted under the 2000 Graham Corporation Incentive Plan to Increase Shareholder Value in a transaction exempt under Rule 16b-3 and is exercisable pro rata on the first, second, third and fourth anniversaries of the grant date.