GRAHAM CORP — Director's Dealing 2008

Jun 6, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2008-06-04

Reporting Person: MALVASO JAMES J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-06-04	Common Stock	M	2500	$5.00	Acquired	2500	Direct
2008-06-04	Common Stock	M	2500	$11.12	Acquired	5000	Direct
2008-06-04	Common Stock	M	1250	$15.952	Acquired	6250	Direct
2008-06-04	Common Stock	M	625	$13.80	Acquired	6875	Direct
2008-06-04	Common Stock	S	223	$74.92	Disposed	6652	Direct
2008-06-04	Common Stock	S	100	$74.85	Disposed	6552	Direct
2008-06-04	Common Stock	S	340	$74.83	Disposed	6212	Direct
2008-06-04	Common Stock	S	100	$74.73	Disposed	6112	Direct
2008-06-04	Common Stock	S	100	$74.66	Disposed	6012	Direct
2008-06-04	Common Stock	S	137	$74.61	Disposed	5875	Direct
2008-06-04	Common Stock	S	100	$74.40	Disposed	5775	Direct
2008-06-04	Common Stock	S	200	$74.28	Disposed	5575	Direct
2008-06-04	Common Stock	S	3700	$74.08	Disposed	1875	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-06-04	Stock Option (Right to Buy)	$5.00	M	2500	Disposed	2014-10-28	Common Stock (2500)	Direct
2008-06-04	Stock Option (Right to Buy)	$11.12	M	2500	Disposed	2015-10-26	Common Stock (2500)	Direct
2008-06-04	Stock Option (Right to Buy)	$15.952	M	1250	Disposed	2016-06-01	Common Stock (1250)	Direct
2008-06-04	Stock Option (Right to Buy)	$13.80	M	625	Disposed	2017-05-31	Common Stock (625)	Direct

Footnotes

F1: This option was previously reported by Mr. Malvaso and is exercisable pro rata on the first, second, third and fourth anniversaries of the 06/01/2006 grant date.

F2: This option was previously reported by Mr. Malvaso and is exercisable pro rata on the first, second, third and fourth anniversaries of the 05/31/2007 grant date.