GRAHAM CORP — Director's Dealing 2009

Jun 4, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2009-06-02

Reporting Person: BIDLACK JERALD D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-06-02	Common Stock	M	5000	$2.50	Acquired	52893	Direct
2009-06-02	Common Stock	S	5000	$13.00	Disposed	47893	Direct
2009-06-02	Common Stock	S	4000	$12.99	Disposed	43893	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-06-02	Stock Option (Right to Buy)	$2.50	M	5000	Disposed	2014-10-28	Common Stock (5000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$5.56	2015-10-26	Common Stock (5000)	5000	Direct
Stock Option (Right to Buy)	$7.976	2016-06-01	Common Stock (5000)	5000	Direct
Stock Option (Right to Buy)	$6.90	2017-05-31	Common Stock (5000)	5000	Direct
Stock Option (Right to Buy)	$30.875	2018-05-29	Common Stock (924)	924	Direct

Footnotes

F1: This option was previously reported by Mr. Bidlack. The number of shares subject to this option and the exercise price have been adjusted to reflect a 2-for-1 stock split in the nature of a stock dividend paid on 10/6/08.

F2: This option was previously reported by Mr. Bidlack and is exercisable pro rata on the first, second, third and fourth anniversaries of the 6/01/06 grant date. The number of shares subject to this option and the exercise price have been adjusted to reflect a 2-for-1 stock split in the nature of a stock dividend paid on 10/6/08.

F3: This option was previously reported by Mr. Bidlack and is exercisable pro rata on the first, second, third and fourth anniversaries of the 5/31/07 grant date. The number of shares subject to this option and the exercise price have been adjusted to reflect a 2-for-1 stock split in the nature of a stock dividend paid on 10/6/08.

F4: This option was previously reported by Mr. Bidlack and is exercisable pro rata on the first, second, third and fourth anniversaries of the 05/29/08 grant date. The number of shares subject to this option and the exercise price have been adjusted to reflect a 2-for-1 stock split in the nature of a stock dividend paid on 10/6/08.