GRAHAM CORP — Director's Dealing 2011

Jun 10, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2011-06-10

Reporting Person: Glajch Jeffrey (VP-Finance; CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-06-10	Common Stock	P	200	$19.95	Acquired	22216	Direct
2011-06-10	Common Stock	P	800	$19.8899	Acquired	23016	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$8.01	2019-03-02	Common Stock (1000)	1000	Direct
Stock Option (Right to Buy)	$15.22	2019-05-28	Common Stock (4693)	4693	Direct
Stock Option (Right to Buy)	$15.25	2020-05-20	Common Stock (3675)	3675	Direct

Footnotes

F1: Mr. Glajch previously reported his 5/26/11 performance-vested restricted stock award assuming target achievement of the performance criteria (1,712 shares). The award provides if maximum achievement is realized, the number of shares would double. The number of shares reported by Mr. Glajch as beneficially owned has been adjusted to assume maximum achievement of the performance criteria.

F2: This option was previously reported by Mr. Glajch and is exercisable pro rata on the first, second, third and fourth anniversaries of the 3/2/09 grant date.

F3: This option was previously reported by Mr. Glajch and is exercisable 33 1/3% per year over three years beginning on the first anniversary of the 5/28/09 grant date.

F4: This option was previously reported by Mr. Glajch and is exercisable 33 1/3% per year over three years beginning on the first anniversary of the 5/20/10 grant date.