GRIFFON CORP — Director's Dealing 2003

Dec 17, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRIFFON CORP (GFF)
CIK: 0000050725
Period of Report: 2003-12-15

Reporting Person: KRAMER EDWARD I (Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-15	Common Stock, Par Value $.25 per share	M	16500	$6.65	Acquired	46650	Direct
2003-12-15	Common Stock, Par Value $.25 per share	M	5500	$7.61	Acquired	52150	Direct
2003-12-15	Common Stock, Par Value $.25 per share	M	5500	$6.81	Acquired	57650	Direct
2003-12-15	Common Stock, Par Value $.25 per share	F	15842	$20.06	Disposed	41808	Direct
2003-12-15	Common Stock, Par Value $.25 per share	S	4900	$20.07	Disposed	36908	Direct
2003-12-15	Common Stock, Par Value $.25 per share	S	2500	$20.02	Disposed	34408	Direct
2003-12-15	Common Stock, Par Value $.25 per share	S	100	$20.08	Disposed	34308	Direct
2003-12-15	Common Stock, Par Value $.25 per share	S	1200	$20.09	Disposed	33108	Direct
2003-12-15	Common Stock, Par Value $.25 per share	S	1800	$20.05	Disposed	31308	Direct
2003-12-15	Common Stock, Par Value $.25 per share	S	500	$20.06	Disposed	30808	Direct
2003-12-16	Common Stock, Par Value $.25 per share	S	658	$19.90	Disposed	30150	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-15	1998 E&D Non-Qualified Stock Option Plan	$6.65	M	16500	Disposed	2009-11-12	Common Stock (16500)	Direct
2003-12-15	1988 Non-Qualified Stock Option Plan	$7.61	M	5500	Disposed	2005-11-06	Common Stock (5500)	Direct
2003-12-15	1988 Non-Qualified Stock Option Plan	$6.81	M	5500	Disposed	2004-11-07	Common Stock (5500)	Direct

Footnotes

F1: Does not include shares indirectly owned as follows: 326 shares owned by reporting person's wife and 5,926 shares owned by the Blau, Kramer, Wactlar & Lieberman Profit Sharing Plan, of which Mr. Kramer is one of three trustees, all of which shares are allocated to Reporting Person.

F2: Does not include options to purchase 27,500 shares under the 1997 Non-Qualified Stock Option Plan and options to purchase 10,000 shares under the 2001 Stock Option Plan.