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<SEC-DOCUMENT>0000950152-07-006379.txt : 20070803
<SEC-HEADER>0000950152-07-006379.hdr.sgml : 20070803
<ACCEPTANCE-DATETIME>20070803163431
ACCESSION NUMBER:		0000950152-07-006379
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20070803
DATE AS OF CHANGE:		20070803
EFFECTIVENESS DATE:		20070803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAHAM CORP
		CENTRAL INDEX KEY:			0000716314
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560]
		IRS NUMBER:				161194720
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-145116
		FILM NUMBER:		071024453

	BUSINESS ADDRESS:	
		STREET 1:		20 FLORENCE AVE
		STREET 2:		POST OFFICE BOX 719
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
		BUSINESS PHONE:		5853432216

	MAIL ADDRESS:	
		STREET 1:		20 FLORENCE AVENUE
		STREET 2:		POST OFFICE BOX 719
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14021-0719
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>l27305asv8.htm
<DESCRIPTION>GRAHAM CORPORATION    S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>Graham Corporation    S-8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">As filed
with the Securities and Exchange Commission on August&nbsp;3, 2007.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Registration No.&nbsp;333-_______
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>GRAHAM CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16-1194720</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">20 Florence Avenue</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Batavia, New York
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14020</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Amended and Restated<BR>
2000 Graham Corporation Incentive Plan to Increase Shareholder Value<BR>
(Full title of the plan)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">James R. Lines<BR>
President and Chief Operating Officer<BR>
Graham Corporation<BR>
20 Florence Avenue<BR>
Batavia, New York 14020<BR>
(Name and address of agent for service)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(585)&nbsp;343-2216<BR>
(Telephone number, including area code, of agent for service)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">With a copy to:<BR>
Daniel R. Kinel, Esq.<BR>
Harter Secrest &#038; Emery LLP<BR>
1600 Bausch &#038; Lomb Place<BR>
Rochester, New York 14604-2711<BR>
(585)&nbsp;232-6500<BR>
Fax: (585)&nbsp;232-2152

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CALCULATION OF REGISTRATION FEE</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="13%">&nbsp;</TD>
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    <TD width="18%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title Of</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Securities to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price Per</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate Offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registered (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Share (2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Price (2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registration Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $0.10
par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">250,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 2px solid #000000">$35.10</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 2px solid #000000">$8,775,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="top" style="border-top: 2px solid #000000">$269.39</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, there are also being registered
such additional shares of Common Stock as may become issuable pursuant to stock splits, stock
dividends and similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of computing the registration fee pursuant to Rule 457(c)
under the Securities Act of 1933, and based on the average of the high and low prices reported on
the American Stock Exchange on August&nbsp;1, 2007.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Corporation (the &#147;Company&#148;) previously registered 150,000 shares of common stock, $0.10
par value per share (&#147;Common Stock&#148;) of the Company, available for the grant of awards under the
2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the &#147;Original Plan&#148;). The
registration of such shares of Common Stock was filed on a Registration Statement on Form S-8 filed
with the Securities and Exchange Commission on March&nbsp;9, 2004 (Registration No.&nbsp;333-113426) (the
&#147;Initial Registration Statement&#148;) in accordance with the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;31, 2004, the Company filed Post-Effective Amendment No.&nbsp;1 to the Initial
Registration Statement to include a reoffer prospectus to be used by directors and officers of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company declared a two-for-one stock split of the Common Stock in the nature of a stock
dividend, and stockholders received one additional share of Common Stock for every share of Common
Stock held on the record date of September&nbsp;1, 2005, resulting in an additional 150,000 shares of
Common Stock being available for grant under the Original Plan. Pursuant to Rule 416(a) under the
Securities Act, such additional shares are deemed to be included in the Initial Registration
Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;1, 2006, the Company&#146;s Board of Directors adopted an amendment and restatement of the
Original Plan, increasing the number of shares of Common Stock available for awards thereunder by
250,000 shares (the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase
Shareholder Value), subject to stockholder approval. On July&nbsp;27, 2006, the Company&#146;s stockholders
approved the adoption of the Amended and Restated 2000 Graham Corporation Incentive Plan to
Increase Shareholder Value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement is being filed to register the additional 250,000 shares of Common
Stock available for grant under the Amended and Restated 2000 Graham Corporation Incentive Plan to
Increase Shareholder Value. This Registration Statement also contains a reoffer prospectus meeting
the requirements of Part&nbsp;I of Form S-3. The reoffer prospectus relates solely to reoffers and
resales on a continuous or delayed basis in the future of up to an aggregate of 2,016 shares of
restricted stock that were issued by the Company to the selling stockholders listed in the resale
prospectus under the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase
Shareholder Value prior to the filing of this Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I of Form S-8 have been or will be
sent or given to participants in the Amended and Restated 2000 Graham Corporation Incentive Plan to
Increase Shareholder Value as specified by Rule&nbsp;428(b)(1) promulgated by the Securities and
Exchange Commission under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such documents are not being filed with the Securities and Exchange Commission, but constitute
(along with the documents incorporated by reference into this Registration Statement pursuant to
Item&nbsp;3 of Part&nbsp;II hereof) a prospectus that meets the requirements of Section 10(a) of the
Securities Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 18pt">GRAHAM CORPORATION
</DIV>

<DIV align="center" style="font-size: 10pt">20 Florence Avenue</DIV>


<DIV align="center" style="font-size: 10pt">Batavia, New York 14020</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Telephone: (585)&nbsp;343-2216

</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt">Common Stock, $0.10 par value per share
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">2,016 shares

</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to the disposition, from time to time, of up to 2,016 shares of
our common stock by the holders of these shares named in this reoffer prospectus, some of whom may
be deemed to be our &#147;affiliates.&#148;
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares may be offered directly, through agents on behalf of the selling stockholders and
their transferees, or through underwriters or dealers.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any of the proceeds from the sale of the shares. We have agreed to bear
the expenses in connection with the registration and sale of the shares, except for selling
commissions.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders propose to sell the shares from time to time in transactions
occurring either on or off the American Stock Exchange at prevailing market prices or at negotiated
prices. Sales may be made through brokers or to dealers, who are expected to receive customary
commissions or discounts.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders and any agents or broker-dealers that participate with the selling
stockholders in the distribution of the shares may be considered &#147;underwriters&#148; within the meaning
of the Securities Act of 1933, as amended, and, in that event, any commissions received by them and
any profit on the resale of the shares may be considered underwriting commissions or discounts
under the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock is listed on the American Stock Exchange under the
symbol &#147;GHM.&#148; On August&nbsp;2, 2007, the closing price of
our common stock on the American Stock Exchange was $35.49 per
share.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our common stock involves a high degree of risk. Please see the section entitled
&#147;Risk Factors&#148; beginning on page 3 of this prospectus to read about risks you should consider
before buying our common stock.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The
date of this prospectus is August&nbsp;3, 2007.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Summary of this Offering</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Special Note Regarding Forward Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Our Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Selling Stockholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Plan of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Documents Incorporated by Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Disclosure of Commission Position on Indemnification for Securities Act Liabilities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
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<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l27305aexv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l27305aexv23w2.htm">EX-23.2</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SUMMARY OF THIS OFFERING
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Issuer:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Graham Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Securities Offered:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The selling stockholders are offering up to 2,016
shares of our common stock that were granted under
the Amended and Restated 2000 Graham Corporation
Incentive Plan to Increase Shareholder Value.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>NASDAQ Symbol:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;GHM&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Securities Outstanding:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As of August&nbsp;1, 2007, 3,911,990 shares of our
common stock were issued and outstanding.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Use of Proceeds:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will not receive any proceeds from sales of our
common stock covered by this prospectus. The
selling stockholders will receive all proceeds
from sales of common stock covered by this
prospectus.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Offering Price:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The offering price for the shares of common stock
covered by this prospectus will be determined by
the prevailing market price for the shares at the
time of their sale or in negotiated transactions.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Risk Factors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An investment in our common stock is highly
speculative. You should read the &#147;Risk Factors&#148;
section beginning on page 3 of this prospectus
(along with other matters referred to and
incorporated by reference in this prospectus) to
ensure that you understand the risks associated
with a purchase of our common stock.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Terms of Sale:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The terms of sale for the shares of our common
stock covered by this prospectus will be
determined at the time of their sale.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this reoffer prospectus, the terms &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; mean Graham Corporation
and its subsidiaries, unless otherwise specified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporated under the laws of the state of Delaware. Our executive offices are
located at 20 Florence Avenue, Batavia, New York 14020, and our telephone number is:
(585)&nbsp;343-2216.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED OR INCORPORATED BY REFERENCE IN THIS REOFFER
PROSPECTUS. NO ONE HAS BEEN AUTHORIZED TO PROVIDE YOU WITH DIFFERENT INFORMATION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THESE SECURITIES ARE NOT BEING OFFERED IN ANY JURISDICTION WHERE THE OFFER IS NOT PERMITTED.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YOU SHOULD NOT ASSUME THAT THE INFORMATION IN THIS REOFFER PROSPECTUS IS ACCURATE AS OF ANY
DATE OTHER THAN THE DATE ON THE FRONT OF SUCH DOCUMENT<I>.</I>
</DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RISK FACTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should carefully consider the risks described below before purchasing our common stock.
The risks and uncertainties described below are not the only ones we face. Additional risks and
uncertainties not presently known to us or that we currently deem immaterial may also impair our
business or cause the value of our common stock to drop. If any of the following risks actually
occur, our business could be adversely affected. In those cases, the trading price of our common
stock could decline, and you may lose the value of your investment in our securities.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks related to our business</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The industries in which we operate are cyclical, and downturns in such industries may adversely
affect our operating results.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, a substantial portion of our revenue has been derived from sales of our products
to companies in the chemical, petrochemical, petroleum refining and power generating industries, or
to firms that design and construct facilities for these industries. The core industries in which
our products are used are, to varying degrees, cyclical and have historically experienced severe
downturns. Although we are currently in an upturn of demand for our products in the petrochemical,
petroleum refining and power generating industries, a downturn in one or more of these industries
could occur at any time. In the event of such a downturn, we have no way of knowing if, when and
to what extent there might be a recovery. A deterioration in any of the cyclical industries we
serve would harm our business and operating results because our customers would not likely have the
resources necessary to purchase our products nor would they likely have the need to build
additional facilities or improve existing facilities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our international sales operations are subject to uncertainties that could harm our business.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that revenue from the sale of our products outside the United States will continue
to account for a material portion of our total revenue for the foreseeable future. For our fiscal
year ended March&nbsp;31, 2007, our sales to geographic regions were as follows: 50% &#151; United States;
23% &#151; Middle East; 17% &#151; Asia; 4% &#151; Canada; 2% &#151; Mexico and South America; and 4% &#151; various other
regions. Our international sales operations are subject to numerous risks, including:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it may be difficult to enforce agreements and collect receivables through some
foreign legal systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign customers may have longer payment cycles than customers in the United
States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tax rates in some foreign countries may exceed those of the United States and
foreign earnings may be subject to withholding requirements or the imposition of
tariffs, exchange controls or other restrictions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic and political conditions in the countries where we sell our
products may have an adverse effect on our sales in those countries or not be favorable
to our growth strategy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign governments may adopt regulations or take other actions that could directly
or indirectly harm our business and growth strategy; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it may be difficult to enforce intellectual property rights in some foreign
countries.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The occurrence of any one of the above risks could harm our business and results of
operations. In addition, we are exposed to the risk of currency fluctuations between the U.S.
dollar and the currencies of the countries in which we sell our products to the extent that such
sales are not based on U.S. dollars, as we compete for orders against foreign competitors that base
their prices on relatively weaker currencies. As such, fluctuations in currency exchange rates,
which cause the value of the U.S. dollar to increase, could have an adverse effect on the
profitability of our business. While we may enter into currency exchange rate hedges from time to
time to mitigate these types of fluctuations, we cannot remove all fluctuations or hedge all
exposures and our earnings are impacted by changes in currency exchange rates. At March&nbsp;31, 2007
and 2006, we held no forward foreign currency exchange contracts.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>If we fail to introduce enhancements to our existing products or to keep abreast of technological
changes in our markets, our business and results of operations could be adversely affected.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although technologies in the vacuum and heat transfer areas are well established, we believe
our future success depends in part on our ability to enhance our existing products and develop new
products in order to continue to meet customer demands. Our failure to introduce new or enhanced
products on a timely and cost-competitive basis, or the development of processes that make our
existing technologies or products obsolete, could harm our business and results of operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The loss of any of our senior executive officers or our inability to hire additional qualified
management personnel could harm our business.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are dependent to a large degree on the services of James R. Lines, our president and chief
operating officer and J. Ronald Hansen, our vice president of finance and administration and chief
financial officer. Our operations may suffer if we were to lose the services of either of our
senior executive officers. We maintain key person insurance only on Mr.&nbsp;Lines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, competition for qualified management in our industry is intense. Many of the
companies with which we compete for management personnel have greater financial and other resources
than we do or are located in geographic areas which may be considered by some to be more desirable
places to live. If we are not able to retain qualified management personnel or if a significant
number of them were to leave our employ, our business could be harmed.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our business is highly competitive. If we are unable to successfully implement our business
strategy, we risk losing market share to current and future competitors.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our present and potential competitors have or may have substantially greater
financial, marketing, technical or manufacturing resources. Our competitors may also be able to
respond more quickly to new technologies or processes and changes in customer demands. They may
also be able to devote greater resources to the development, promotion and sale of their products
than we can. In addition, our current and potential competitors may make strategic acquisitions or
establish cooperative relationships among themselves or with third parties that increase their
ability to address the needs of our existing customers. If we cannot compete successfully against
current or future competitors, our business will be harmed.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>If we are unable to make necessary capital investments or respond to pricing pressures, our
business may be harmed.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to remain competitive, we need to invest continuously in research and development,
manufacturing, customer service and support, and marketing. From time to time we also have to
adjust the prices of our products to remain competitive. We may not have available sufficient
financial or other resources to continue to make investments necessary to maintain our competitive
position.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>If third parties infringe our intellectual property or if we were to infringe the intellectual
property of third parties, we may expend significant resources enforcing or defending our rights or
suffer competitive injury.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success depends in part on our proprietary technology. We rely on a combination of
patent, copyright, trademark, trade secret laws and confidentiality provisions to establish and
protect our proprietary rights. If we fail to successfully enforce our intellectual property
rights, our competitive position could suffer. We may also be required to spend significant
resources to monitor and police our intellectual property rights. Similarly, if we were to
infringe on the intellectual property rights of others, our competitive position could suffer.
Furthermore, other companies may develop technologies that are similar or superior to our
technologies, duplicate or reverse engineer our technologies or design around our patents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some instances, litigation may be necessary to enforce our intellectual property rights and
protect our proprietary information, or to defend against claims by third parties that our products
infringe their intellectual property rights. Any litigation or claims brought by or against us,
whether with or without merit, could result in substantial costs to us and divert the attention of
our management, which could harm our business and results of operations. In addition, any
intellectual property litigation or claims against us could result in the loss or compromise of our
intellectual property and proprietary rights, subject us to significant liabilities, require us to
seek licenses on unfavorable terms, prevent us from manufacturing or selling certain products or
require us to redesign certain products, any of which could harm our business and results of
operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>A decrease in supply or increase in cost of the materials used in our products could harm our
profitability.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any restrictions on the supply or the increase in the cost of the materials used by us in
manufacturing our products could significantly reduce our profit margins. Efforts to mitigate
restrictions on the supply or price increases of materials by entering into long-term purchase
agreements, by implementing productivity improvements or by passing cost increases on to our
customers may not be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">successful. Our profitability depends largely on the price and continuity of supply of the
materials used in the manufacture of our products, which in many instances are supplied by a
limited number of sources.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>If we are unable to effectively outsource a portion of our production during times when we are
experiencing strong demand, our results of operations might be adversely affected. In addition,
outsourcing may negatively affect our profit margins.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part of our business strategy calls for us to increase manufacturing capacity through
outsourcing selected fabrication when we are experiencing strong demand for our products. We could
experience difficulty in outsourcing if customers demand that our products be manufactured by us
exclusively. Furthermore, our ability to effectively outsource production could be adversely
affected by limited worldwide manufacturing capacity. If we are unable to effectively outsource
our production capacity when circumstances warrant, our results of operations could be adversely
affected and we might not be able to deliver products to our customers on a timely basis. In
addition, outsourcing to complete our products and services can increase the costs associated with
such products and services. If we rely too heavily on outsourcing and are not able to increase our
own production capacity during times when there is high demand for our products and services, our
gross margins may be negatively affected.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We face potential liability from asbestos exposure and similar claims.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a defendant in several lawsuits alleging illnesses from exposure to asbestos or
asbestos-containing products and seeking unspecified compensatory and punitive damages. We cannot
predict with certainty the outcome of these lawsuits or whether we could become subject to any
similar, related or additional lawsuits in the future. In addition, because some of our products
are used in systems that handle toxic or hazardous substances, any failure or alleged failure of
our products in the future could result in litigation against us. Any litigation brought against
us, whether with or without merit, could result in substantial costs to us as well as divert the
attention of our management, which could harm our business and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks related to operating a subsidiary in China</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The operations of our Chinese subsidiary may be adversely affected by China&#146;s evolving economic,
political and social conditions.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The results of operations and future prospects of our Chinese subsidiary are subject to
evolving economic, political and social developments in China. In particular, the results of
operations of our Chinese subsidiary may be adversely affected by, among other things, changes in
China&#146;s political, economic and social conditions, changes in policies of the Chinese government,
changes in laws and regulations or in the interpretation of existing laws and regulations, changes
in foreign exchange regulations, measures that may be introduced to control inflation, such as
interest rate increases, and changes in the rates or methods of taxation.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>It may be difficult for our Chinese subsidiary to make dividend or other payments to us, which
could adversely affect our results of operations.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to receive dividends and payments from, and transfer funds to, our Chinese
subsidiary could be subject to restrictions under Chinese laws. Any such restrictions could
negatively affect our results of operations and restrict our ability to act quickly in response to
changing market conditions.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Intellectual property rights are difficult to enforce in China.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chinese commercial law is relatively undeveloped compared to the commercial law in many of our
other major markets and limited protection of intellectual property is available in China as a
practical matter. Although we intend to take precautions in the operations of our Chinese
subsidiary to protect our intellectual property, any local design or manufacture of products that
we undertake in China could subject us to an increased risk that unauthorized parties will be able
to copy or otherwise obtain or use our intellectual property, which could harm our business. We
may also have limited legal recourse in the event we encounter patent or trademark infringers.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Uncertainties with respect to the Chinese legal system may adversely affect the operations of our
Chinese subsidiary.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct our business in China primarily through our wholly-owned Chinese subsidiary. Our
Chinese subsidiary is subject to laws and regulations applicable to foreign investment in China.
There are uncertainties regarding the interpretation and enforcement of laws, rules and policies in
China. The Chinese legal system is based on written statutes, and prior court decisions have
limited precedential value. Because many laws and regulations are relatively new and the Chinese
legal system is still evolving, the interpretations of many laws, regulations and rules are not
always uniform. Moreover, the relative inexperience of China&#146;s judiciary in many cases creates
additional uncertainty as to the outcome of any litigation, and the interpretation of statutes and
regulations may be subject to government policies reflecting domestic political changes. Finally,
enforcement of existing laws or contracts based on existing law may be uncertain and sporadic. For
the preceding reasons, it may be difficult for us to obtain swift and equitable enforcement of laws
ostensibly designed to protect companies like ours.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Changes in accounting standards, legal requirements and American Stock Exchange listing standards,
or our inability to comply with any existing requirements or standards, could adversely affect our
operating results.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extensive reforms relating to public company financial reporting, corporate governance and
ethics, American Stock Exchange listing standards and oversight of the accounting profession have
been implemented over the past several years. Compliance with the new rules, regulations and
standards that have resulted from such reforms has increased our accounting and legal costs and has
required significant management time and attention. In the event that additional rules,
regulations or standards are implemented or any of the existing rules, regulations or standards to
which we are subject undergo additional material modification, we could be forced to spend
significant financial and management resources to ensure our continued compliance, which could have
an adverse effect on our results of operations. In addition, although we believe that we are in
full compliance with all such existing rules, regulations and standards, should we be or become
unable to comply with any of such rules, regulations and standards, as they presently exist or as
they may exist in the future, our results of operations could be adversely effected and the market
price of our common stock could decline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks related to the ownership of our common stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Provisions contained in our certificate of incorporation, bylaws and our stockholder rights plan
could impair or delay stockholders&#146; ability to change our management and could discourage takeover
transactions that our stockholders might consider to be in their best interests.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of our certificate of incorporation and bylaws, as well as our stockholder rights
plan, could impede attempts by our stockholders to remove or replace our management and could
discourage others from initiating a potential merger, takeover or other change of control
transaction, including a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">potential transaction at a premium over the market price of our common stock, that our
stockholders might consider to be in their best interests. For example:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We could issue shares of preferred stock with terms adverse to our common stock.
Under our certificate of incorporation, our Board of Directors is authorized to issue
shares of preferred stock and to determine the rights, preferences and privileges of
such shares without obtaining any further approval from the holders of our common
stock. Up to 440,000 of such undesignated shares of preferred stock are presently
eligible for issuance. We could issue shares of preferred stock with voting and
conversion rights that adversely affect the voting power of the holders of our common
stock, or that have the effect of delaying or preventing a change in control of our
company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We maintain a stockholder rights, or &#147;poison pill,&#148; plan. Our stockholder rights
plan has the effect of discouraging any person or group that wishes to acquire 15% or
more of our common stock from doing so without obtaining our agreement because such
acquisition would cause such person or group to suffer substantial dilution. Such plan
may have the effect of discouraging a change in control transaction that our
stockholders would otherwise consider to be in their best interests.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Only a minority of our directors may be elected in a given year. Our bylaws provide
for a classified Board of Directors, with only approximately one-third of our Board
elected each year. This provision makes it more difficult to effect a change of
control because at least two annual stockholder meetings are necessary to replace a
majority of our directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our bylaws contain advance notice requirements. Our bylaws also provide that any
stockholder who wishes to bring business before an annual meeting of our stockholders
or to nominate candidates for election as directors at an annual meeting of our
stockholders must deliver advance notice of their proposals to us before the meeting.
Such advance notice provisions may have the effect of making it more difficult to
introduce business at stockholder meetings or nominate candidates for election as
director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our certificate of incorporation requires supermajority voting to approve a change
of control transaction. Seventy-five percent of our outstanding shares entitled to
vote are required to approve any merger, consolidation, sale of all or substantially
all of our assets and similar transactions if the other party to such transaction owns
5% or more of our shares entitled to vote. In addition, a majority of the shares
entitled to vote not owned by such 5% or greater stockholder are also required to
approve any such transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendments to our certificate of incorporation require supermajority voting. Our
certificate of incorporation contains provisions that make its amendment require the
affirmative vote of both 75% of our outstanding shares entitled to vote and a majority
of the shares entitled to vote not owned by any person who may hold 50% or more of our
shares unless the proposed amendment was previously recommended to our stockholders by
an affirmative vote of 75% of our Board. This provision makes it more difficult to
implement a change to our certificate of incorporation that stockholders might
otherwise consider to be in their best interests without approval of our Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendments to our bylaws require supermajority voting. Although our Board of
Directors is permitted to amend our bylaws at any time, our stockholders may only</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend our bylaws upon the affirmative vote of both 75% of our outstanding shares
entitled to vote and a majority of the shares entitled to vote not owned by any
person who owns 50% or more of our shares. This provision makes it more difficult
for our stockholders to implement a change they may consider to be in their best
interests without approval of our Board.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our stock price may be volatile because of factors beyond our control.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of our common stock may fluctuate significantly in response to a number of
factors, many of which are beyond our control, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="center"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>variations in our revenue and operating results from quarter to quarter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="center"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developments or downturns in the industries in which we do business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="center"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to obtain and/or maintain securities analyst coverage;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="center"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in securities analysts&#146; recommendations or estimates of our financial
performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="center"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in market valuations of companies similar to ours;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="center"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>announcements by our competitors of significant contracts, new offerings,
acquisitions, commercial relationships, joint ventures or capital commitments; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="center"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past, companies that have experienced volatility in the market price of their stock
have been subject to securities class action litigation. A securities class action lawsuit against
us, regardless of its merit, could result in substantial costs to us and divert the attention of
our management, which in turn could harm our business and results of operations.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for historical facts, the statements in this prospectus are forward-looking statements.
Forward-looking statements are merely our current predictions of future events. These statements
are inherently uncertain, and actual events could differ materially from our predictions.
Important factors that could cause actual events to vary from our predictions include those
discussed under the heading &#147;Risk Factors.&#148; We assume no obligation to update our forward-looking
statements to reflect new information or developments. We urge readers to review carefully the
risk factors described in this prospectus and the other documents that we file with the Securities
and Exchange Commission. You can read these documents at <I>www.sec.gov</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not undertake any obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, or to reflect any events or
circumstances after the date of this prospectus or the date of any applicable prospectus
supplement. Although we believe that our plans, intentions and expectations reflected in or
suggested by the forward-looking statements made are reasonable, ultimately we may not achieve such
plans, fulfill such intentions or meet such expectations.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We design, manufacture and sell custom-built vacuum and heat transfer equipment to customers
worldwide. Our products include steam jet ejector vacuum systems, surface condensers for steam
turbines, vacuum pumps and compressors, various types of heat exchangers, including helical coil
heat exchangers marketed under the Heliflow<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> name, and plate and frame exchangers. Our
products produce a vacuum, condense steam or transfer heat, or perform a combination of these
tasks. Our products are available in a variety of metals and non-metallic corrosion resistant
materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our products are used in a wide range of industrial process applications, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>petroleum refineries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>chemical plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>power generation facilities, such as fossil fuel, nuclear, cogeneration and
geothermal power plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pharmaceutical plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>plastics plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fertilizer plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>liquefied natural gas production facilities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>soap manufacturing plants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>air conditioning systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>food processing plants; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other process industries.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated in Delaware in 1983 and are the successor to Graham Manufacturing Co.,
Inc., which was incorporated in 1936. Our principal business location is in Batavia, New York. We
also maintain two wholly-owned subsidiaries, Graham Europe Limited in the United Kingdom and, as of
May&nbsp;2006, Graham Vacuum and Heat Transfer Technology (Suzhou) Co., Ltd. in Suzhou, China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal customers include large chemical, petrochemical, petroleum refining and power
generating industries, which are end users of our products in their manufacturing, refining and
power generation processes, large engineering companies that build installations for such
companies, and original equipment manufacturers, who combine our products into their equipment
prior to its sale to end users.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our products are sold using a combination of sales engineers we employ directly, as well as
independent sales representatives located worldwide.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proceeds from the sale of the shares by the selling stockholders will belong to the
selling stockholders. We will not receive any of the proceeds from the sale of the shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common stock to which this reoffer prospectus relates was granted under the Amended and
Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value and is being
registered for reoffers and resales by the selling stockholders. The selling stockholders may sell
all, some or none of such shares of common stock. The selling stockholders may offer the common
stock for sale from time to time. See &#147;Plan of Distribution.&#148; The inclusion in the table of the
individuals named below will not be deemed to be an admission that any of these individuals are our
affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides the names, the relationship with us within the past three years,
beneficial ownership of, and the number of shares of common stock which may be sold by, each
selling stockholder.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount to be</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">Amount and nature of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Offered for</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">beneficial ownership of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Total</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">the Selling</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">common stock</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Relationship with us</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Stockholder&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">after sale of the securities</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name (1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">within past 3 years</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Owned (2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Account</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number (3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Percent (4)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">J. Ronald Hansen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Vice President &#150;<BR>
Finance and<BR>
Administration and<BR>
Chief Financial<BR>
Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25,860 </TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">James R. Lines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">President and Chief<BR>Operating Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11,575 </TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than 1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The address of each of the selling stockholders is c/o Graham
Corporation, 20 Florence Avenue, Batavia, New York 14020.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Each person or entity named in the table has sole voting and
investment power with respect to all common stock listed as owned by
that person or entity.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Assuming the sale of all shares registered for the account of the
selling stockholders. The selling stockholders may sell all, some or
no portion of the common stock registered hereunder.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on 3,911,900 shares of common stock outstanding as of August&nbsp;1,
2007. Common stock deemed to be beneficially owned by virtue of the
right of any person to acquire these shares whether or not exercisable
within 60&nbsp;days of the date of this reoffer prospectus is treated as
outstanding only for purposes of determining the percent owned by such
person.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 7,500 shares that Mr.&nbsp;Hansen may acquire within 60&nbsp;days upon
exercise of stock options and 1,440 shares held by the Employee Stock
Ownership Plan of Graham Corporation (the &#147;ESOP&#148;) trustee and
allocated to Mr.&nbsp;Hansen&#146;s account, as to which Mr.&nbsp;Hansen has sole
voting power but no dispositive power, except in limited
circumstances.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 8,250 shares that Mr.&nbsp;Lines may acquire within 60&nbsp;days upon
exercise of stock options and 2,229 shares held by the ESOP trustee
and allocated to Mr.&nbsp;Lines&#146;s account, as to which Mr.&nbsp;Lines has sole
voting power but no dispositive power, except in limited
circumstances.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders and any of their pledgees, transferees and successors-in-interest
may, from time to time, sell any or all of their shares of our common stock on any stock exchange,
market or trading facility on which the shares are traded. Our common stock is currently quoted on
the American Stock Exchange. They may also sell the shares in private transactions in accordance
with applicable law. These sales may be at fixed or negotiated prices. The selling stockholders
may use any one or more of the following methods when selling shares:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ordinary brokerage transactions and transactions in which the broker-dealer solicits
purchasers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>block trades in which the broker-dealer will attempt to sell the shares as agent but
may position and resell a portion of the block as principal to facilitate the
transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchases by a broker-dealer as principal and resale by the broker-dealer for its
account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>privately negotiated transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>broker-dealers may agree with the selling stockholders to sell a specified number of
such shares at a stipulated price per share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a combination of any such methods of sale; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other method permitted pursuant to applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders may also sell shares of our common stock under Rule&nbsp;144 under the
Securities Act of 1933, as amended, if available, rather than under this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from the selling
stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the
purchaser) in amounts to be negotiated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders and any broker-dealers or agents that are involved in selling the
shares may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act of 1933, as
amended, in connection with such sales. In such event, any commissions received by such
broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed
to be underwriting commissions or discounts under the Securities Act of 1933, as amended. The
selling stockholders have informed us that they do not have any agreement or understanding,
directly or indirectly, with any person to distribute our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay certain fees and expenses incurred by us incident to the registration of the
shares of our common stock.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements and the related financial statement
schedule incorporated in this prospectus by reference from the Company&#146;s
Annual Report on Form 10-K for the year ended March&nbsp;31, 2007
have been audited by Deloitte &#038; Touche
LLP, an independent registered public accounting firm, as stated in
their reports, which are incorporated
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">herein by
reference, and have been so incorporated in reliance upon
the reports of such firm given upon their authority as experts in accounting and auditing.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which we have filed with the Securities and Exchange Commission, are
incorporated into this prospectus by reference:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our annual report on Form 10-K for our fiscal year ended March&nbsp;31, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our quarterly report on Form 10-Q for the quarter ended June&nbsp;30, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our current reports on Form 8-K filed on June&nbsp;5, 2007,
June&nbsp;6, 2007, July&nbsp;27, 2007 and July&nbsp;30, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of our common stock, par value $0.10 per share, contained in our
registration statement on Form 8-A, as amended by Form&nbsp;8, filed with the Securities and
Exchange Commission on March&nbsp;2, 1990 (SEC File No.&nbsp;900-70376).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other documents we subsequently file pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934 prior to the termination of this offering shall be deemed to be
incorporated by reference herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed incorporated herein by reference
shall be deemed to be modified or superseded for the purpose of this registration statement to the
extent that a statement contained herein or in any subsequently filed document that also is, or is
deemed to be, incorporated herein by reference modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon written or oral request, we will provide to each person at no cost, including any
beneficial owner, to whom a copy of this prospectus is delivered, a copy of any of the information
that has been incorporated by reference in this prospectus but has not been delivered with it.
Requests for any such information should be directed to us at: Graham Corporation, 20 Florence
Avenue, Batavia, New York 14020, Attention: Chief Financial Officer or telephone us at
585-343-2216.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a public company, and we file annual, quarterly and special reports, proxy statements
and other information with the Securities and Exchange Commission. Copies of the reports, proxy
statements and other information may be read and copied at the Securities and Exchange Commission&#146;s
Public Reference Room at 100 F Street, N.E., Room&nbsp;1580, Washington, D.C. 20549. You can request
copies of such documents by writing to the Securities and Exchange Commission and paying a fee for
the copying cost. You may obtain information on the operation of the Public Reference Room by
calling the Securities and Exchange Commission at 1-800-SEC-0330. All reports and other
information that we file with the Securities and Exchange Commission are also available to the
public from the Securities and Exchange Commission&#146;s web site at <I>www.sec.gov</I>, under our company
name or our CIK number: 0000716314.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make available through our web site at <I>www.graham-mfg.com </I>our annual reports on Form 10-K,
our quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports
filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended, as soon as reasonably practicable after we electronically file material with, or furnish
it to, the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form S-8 that we have filed with the
Securities and Exchange Commission. Certain information in the registration statement has been
omitted from this prospectus in accordance with the rules and regulations of the Securities and
Exchange Commission. We have also filed exhibits and schedules with the registration statement
that are excluded from this prospectus. For further information about us, and the common stock
offered by this prospectus, we refer you to the registration statement and its exhibits, which may
be obtained as described above.
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR<BR>
SECURITIES ACT LIABILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended, may be permitted to directors, officers or persons controlling us, we have been informed
that it is the opinion of the Securities and Exchange Commission that such indemnification is
against public policy as expressed in the Securities Act, and is, therefore, unenforceable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;3. Incorporation of Documents by Reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed with the Securities and Exchange Commission by the
Registrant are incorporated herein by reference:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended March&nbsp;31, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registrant&#146;s Current Reports on Form 8-K filed on
June&nbsp;5, 2007, June&nbsp;6, 2007, July&nbsp;27, 2007 and
July&nbsp;30, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of the Registrant&#146;s Common Stock, par value $0.10 per share,
contained in the Registrant&#146;s Registration Statement on Form 8-A, as amended by Form&nbsp;8, filed
with the Securities and Exchange Commission on March&nbsp;2, 1990 (SEC File No.&nbsp;900-70376) and
including any other amendments or reports filed for the purpose of updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended, after the date of this Registration Statement and
prior to the filing of a post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;4. Description of Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;5. Interests of Named Experts and Counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;6. Indemnification of Directors and Officers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law (the &#147;DGCL&#148;) empowers a corporation to
indemnify, subject to the standards set forth therein, any person who is a party to any action in
connection with any action, suit, or proceeding brought or threatened by reason of the fact that
the person was a director, officer, employee or agent of the corporation, or is or was serving as
such with respect to another entity at the request of the corporation. The DGCL also provides that
a corporation may purchase insurance on behalf of any such director, officer, employee or agent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-1 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102(b)(7) of the DGCL enables a corporation to provide in its certificate of
incorporation for the elimination or limitation of the personal liability of a director to the
corporation or its stockholders
for monetary damages for breach of fiduciary duty as a director. Any such provision cannot
eliminate or limit a director&#146;s liability: (1)&nbsp;for any breach of director&#146;s duty of loyalty to the
corporation or its stockholders; (2)&nbsp;for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of the law; (3)&nbsp;under Section&nbsp;174 of the DGCL (which
imposes liability on directors for unlawful payment of dividends or unlawful stock purchase or
redemption); or (4)&nbsp;for any transaction from which the director derived an improper personal
benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;Fourteenth of the Registrant&#146;s Certificate of Incorporation (the &#147;Certificate of
Incorporation&#148;) provides that, to the fullest extent permitted by the DGCL, a director of the
Registrant shall not be liable to the Registrant or to any of its stockholders for monetary damages
for breach of fiduciary duty as a director. Article&nbsp;Fourteenth of the Certificate of Incorporation
also provides that a director or officer of the Registrant shall be indemnified by the Registrant
against any liabilities incurred in his capacity as a director or officer, such indemnification to
include payment by the Registrant of expenses incurred in defending a proceeding in advance of its
final disposition, to the fullest extent permitted by the DGCL or as may be provided by written
agreement with the Registrant. The Certificate of Incorporation also provides that such rights to
indemnification shall not be exclusive of any other right which a director or officer may have
under any statute, provision of the Certificate of Incorporation, bylaw, agreement, vote of
stockholders or disinterested directors or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains indemnification agreements with its directors. These agreements
provide that the Registrant shall pay on behalf of such directors any amount which any such
director becomes legally obligated to pay because of any claim or claims made against him or her or
because of any act or omission or neglect or breach of duty, including any actual or alleged error
or misstatement or misleading statement, which such person commits or suffers while acting in his
or her capacity as a director of the Registrant, and solely because of his or her status as a
director of the Registrant. The payments which the Registrant is obligated to make under such
indemnification agreements include damages, judgments, settlements, and certain costs and expenses
(including attorneys&#146; fees and costs of attachment or similar bonds). Notwithstanding the
preceding, among other limitations, the Registrant shall not be obligated to make any
indemnification payments in contravention of applicable laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant also maintains an indemnification agreement with its chief operating officer.
This agreement provides that in the event that his employment is terminated for any reason, the
Registrant will indemnify him for all acts or omissions and for any suits it has at law or in
equity, claims, actions or other proceedings against him initiated either prior to the termination
of employment or after such termination which relate to duties performed in good faith by the chief
operating officer while employed by the Registrant. The agreement also provides that in the event
that the chief operating officer&#146;s employment is terminated, the Registrant will retain him as a
named insured under any directors&#146; and officers&#146; insurance policies it may have, for acts of the
chief operating officer during the time he served as an officer of the Registrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant provides directors&#146; and officers&#146; liability insurance coverage for its
directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect of the above-described provisions and agreements is to indemnify the directors and
certain officers of the Registrant against all costs and expenses of liability incurred by them in
connection with any action, suit or proceeding in which they are involved by reason of their
affiliation with the Registrant, to the fullest extent permitted by law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-2 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;7. Exemption from Registration Claimed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of Common Stock covered by the reoffer prospectus included in this Registration
Statement were issued under the Amended and Restated 2000 Corporation Incentive Plan to Increase
Shareholder Value. The issuance of these shares was exempt under Section&nbsp;4(2) of the Securities
Act as a sale not involving a public offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;8. Exhibits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the Exhibit&nbsp;Index, which is incorporated herein by this reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;9. Undertakings.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any prospectus required by Section
10(a)(3) of the Securities Act of 1933, as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to reflect in the prospectus any facts or
events arising after the effective date of this Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in this Registration Statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20
percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective Registration
Statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any material information with
respect to the plan of distribution not previously disclosed in this
Registration Statement or any material change to such information in
this Registration Statement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided, however, </I>that paragraphs (1)(i) and (1)(ii) above do not apply if this Registration
Statement is on Form S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange
Commission by the Registrant pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in this Registration Statement; and
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-3 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual
report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of
1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to
a court of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act of 1933 and will be governed
by the final adjudication of such issue.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-4 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Batavia, State of New York,
on August&nbsp;3, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GRAHAM CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James R. Lines</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">James R. Lines&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Operating Officer<BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints James R. Lines and J. Ronald Hansen, jointly and severally, his or her true and lawful
attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all capacities, to sign any and all
amendments to this Registration Statement, and to file the same, with exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and
every act and thing requisite or necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying and confirming all
that each of said attorneys-in-fact and agents, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>
<tr><td>&nbsp;</td></tr>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/ James R. Lines</DIV>
James R. Lines
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Operating Officer and Director
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
J. Ronald Hansen
</DIV>
J. Ronald Hansen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
(Principal Financial and
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
Helen H. Berkeley
</DIV>
Helen H. Berkeley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
Jerald D. Bidlack
</DIV>
Jerald D. Bidlack
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
William C. Denninger
</DIV>
William C. Denninger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-5 <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>
<tr><td>&nbsp;</td></tr>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
H. Russel Lemcke
</DIV>
H. Russel Lemcke
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/ James J. Malvaso
</DIV>
James J. Malvaso
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
Cornelius S. Van Rees
</DIV>
Cornelius S. Van Rees
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;3, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-6 <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX<BR>
TO<BR>
REGISTRATION STATEMENT ON FORM S-8</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation, as amended (incorporated herein by reference to
Exhibit&nbsp;4.1 to the Registrant&#146;s Registration Statement on Form&nbsp;S-2 (SEC File No.
333-128646) filed on September&nbsp;28, 2005).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws, as amended (incorporated herein by reference to Exhibit&nbsp;3(ii) to the
Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the quarterly period ended June
30, 2004).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated 2000 Graham Corporation Incentive Plan to Increase
Shareholder Value (incorporated herein by reference to Appendix&nbsp;A to the
Registrant&#146;s Proxy Statement for its 2006 Annual Meeting of Stockholders).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Harter Secrest &#038; Emery LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Harter Secrest &#038; Emery LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature pages to the Registration Statement).</TD>
</TR>
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<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
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    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Exhibits filed with this Registration Statement.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->II-7 <!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>l27305aexv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Opinion of Harter Secrest &#038; Emery LLP
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;Letterhead of Harter Secrest &#038; Emery LLP&#093;

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">August&nbsp;3, 2007

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Graham Corporation<BR>
20 Florence Avenue<BR>
Batavia, New York 14020

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Graham Corporation, a Delaware corporation (the &#147;Company&#148;), in
connection with the Company&#146;s Registration Statement on Form S-8 under the Securities Act of 1933,
as amended (such Registration Statement, as it may be amended from time to time, is referred to
herein as the &#147;Registration Statement&#148;) with respect to the registration of 250,000 shares of the
Company&#146;s Common Stock, par value $0.10 per share (the &#147;Common Stock&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have examined such corporate records, other documents and questions of law as we have
considered necessary or appropriate for the purpose of this opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination of the corporate records and other documents, we have assumed the
genuineness of all signatures and the authenticity of all documents submitted to us as originals,
the conformity to original documents of all documents submitted to us as certified or photostatic
copies, and the authenticity of the originals of such latter documents. Our opinions set forth
below are limited to the General Corporation Law of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on such examination, we are of the opinion that the Common Stock that may be issued
pursuant to awards under the Plan are duly authorized shares of the Company&#146;s Common Stock, and,
when issued against receipt of the consideration therefor or, with respect to shares of restricted
stock, when vested in accordance with the provisions of the Plan, will be validly issued, fully
paid and non-assessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
referred to above and the use of our name wherever it appears in such Registration Statement. This
consent is not to be construed as an admission that we are a party whose consent is required to be
filed with the Registration Statement under the provisions of the Securities Act of 1933, as
amended, or the rules and regulations of the United States Securities and Exchange Commission
promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Harter Secrest &#038; Emery LLP

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>l27305aexv23w2.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We consent to the incorporation by reference in this Registration Statement on Form S-8 of our
reports dated June&nbsp;5, 2007, relating to the consolidated financial statements and financial
statement schedule of Graham Corporation and subsidiaries (which report on the consolidated
financial statements expresses an unqualified opinion and includes an explanatory paragraph related
to the adoption of the effective provisions of Statement of Financial Accounting Standards No.&nbsp;158,
<I>Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans</I>, as of March&nbsp;31,
2007), appearing in the Annual Report on Form 10-K of Graham Corporation and subsidiaries for the
year ended March&nbsp;31, 2007, and to the reference to us under the heading &#147;Experts&#148; in the
Prospectus, which is part of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ Deloitte &#038; Touche LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Rochester, New York<BR>
August&nbsp;3, 2007
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
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