GRAHAM CORP — Director's Dealing 2008

Jun 4, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2008-06-02

Reporting Person: BIDLACK JERALD D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-06-02	Common Stock	M	2500	$3.00	Acquired	32500	Direct
2008-06-02	Common Stock	S	2500	$70.8262	Disposed	30000	Direct
2008-06-02	Common Stock	S	5	$69.96	Disposed	29995	Direct
2008-06-02	Common Stock	S	400	$69.95	Disposed	29595	Direct
2008-06-02	Common Stock	S	260	$69.90	Disposed	29335	Direct
2008-06-02	Common Stock	S	100	$69.82	Disposed	29235	Direct
2008-06-02	Common Stock	S	50	$69.75	Disposed	29185	Direct
2008-06-02	Common Stock	S	173	$69.74	Disposed	29012	Direct
2008-06-02	Common Stock	S	12	$69.65	Disposed	29000	Direct
2008-06-03	Common Stock	S	875	$74.1601	Disposed	28125	Direct
2008-06-03	Common Stock	S	1000	$73.9401	Disposed	27125	Direct
2008-06-03	Common Stock	S	58	$73.425	Disposed	27067	Direct
2008-06-03	Common Stock	S	86	$73.40	Disposed	26981	Direct
2008-06-03	Common Stock	S	554	$73.35	Disposed	26427	Direct
2008-06-03	Common Stock	S	100	$73.22	Disposed	26327	Direct
2008-06-03	Common Stock	S	202	$73.21	Disposed	26125	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-06-02	Stock Option (Right to Buy)	$3.00	M	2500	Disposed	2012-10-31	Common Stock (2500)	Direct