GRAHAM CORP - Director's Dealing 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2008-01-30

Reporting Person: LEMCKE H RUSSEL (Director)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-30	Common Stock	G	100	—	Disposed	20400	Direct
2007-12-03	Common Stock	G	60	—	Disposed	20340	Direct
2008-01-28	Common Stock	G	3410	—	Disposed	22015	Direct
2008-01-30	Common Stock	M	5625	$6.45	Acquired	27640	Direct
2008-01-30	Common Stock	M	2500	$4.40	Acquired	30140	Direct
2008-01-30	Common Stock	M	5625	$4.84	Acquired	35765	Direct
2008-01-30	Common Stock	M	2500	$4.68	Acquired	38265	Direct
2008-01-30	Common Stock	M	2500	$3.00	Acquired	40765	Direct
2008-01-30	Common Stock	M	2500	$3.52	Acquired	43265	Direct
2008-01-30	Common Stock	M	2500	$5.00	Acquired	45765	Direct
2008-01-30	Common Stock	M	2500	$11.12	Acquired	48265	Direct
2008-01-30	Common Stock	M	625	$15.952	Acquired	48890	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-30	Stock Option (Right to Buy)	$6.45	M	5625	Disposed	2008-08-01	Common Stock (5625)	Direct
2008-01-30	Stock Option (Right to Buy)	$4.40	M	2500	Disposed	2010-11-02	Common Stock (2500)	Direct
2008-01-30	Stock Option (Right to Buy)	$4.84	M	5625	Disposed	2011-06-04	Common Stock (5625)	Direct
2008-01-30	Stock Option (Right to Buy)	$4.68	M	2500	Disposed	2011-07-26	Common Stock (2500)	Direct
2008-01-30	Stock Option (Right to Buy)	$3.00	M	2500	Disposed	2012-10-31	Common Stock (2500)	Direct
2008-01-30	Stock Option (Right to Buy)	$3.52	M	2500	Disposed	2013-10-24	Common Stock (2500)	Direct
2008-01-30	Stock Option (Right to Buy)	$5.00	M	2500	Disposed	2014-10-28	Common Stock (2500)	Direct
2008-01-30	Stock Option (Right to Buy)	$11.12	M	2500	Disposed	2015-10-26	Common Stock (2500)	Direct
2008-01-30	Stock Option (Right to Buy)	$15.952	M	625	Disposed	2016-06-01	Common Stock (625)	Direct

F1: This option was previously reported by Mr. Lemcke and is exercisable on the first, second, third and fourth anniversaries of the grant date.