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<SEC-DOCUMENT>0000950123-10-080134.txt : 20100824
<SEC-HEADER>0000950123-10-080134.hdr.sgml : 20100824
<ACCEPTANCE-DATETIME>20100824093048
ACCESSION NUMBER:		0000950123-10-080134
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20100824
DATE AS OF CHANGE:		20100824
EFFECTIVENESS DATE:		20100824

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:	333-169015
		FILM NUMBER:		101034076

	BUSINESS ADDRESS:	
		STREET 1:		20 FLORENCE AVE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
		BUSINESS PHONE:		5853432216

	MAIL ADDRESS:	
		STREET 1:		20 FLORENCE AVENUE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>l40558sv8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on August&nbsp;24, 2010.</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 margin-top: 3pt">&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: 18pt"><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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>16-1194720</B><BR>
(I.R.S Employer Identification No.)</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"><B>20 Florence Avenue</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Batavia, New York</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>14020</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Graham Corporation Employee Stock Purchase Plan</B><BR>
(Full title of the plan)</div>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Jeffrey Glajch<BR>
Chief Financial Officer<BR>
Graham Corporation<BR>
20 Florence Avenue<BR>
Batavia, New York 14020</B><BR>
(Name and address of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(585)&nbsp;343-2216<BR>
(Telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">With a copy to:<BR>
<B>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</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
</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="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap"> Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
<FONT style="white-space: nowrap">(Do not check if a smaller reporting company)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</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="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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="bottom" style="border-top: 2px solid #000000">200,000 Shares (3)</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="bottom" style="border-top: 2px solid #000000">$14.00</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="bottom" style="border-top: 2px solid #000000">$2,800,000</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="bottom" style="border-top: 2px solid #000000">$199.64</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>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px 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">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This registration statement covers, in addition to the number of shares of common stock, par value $0.10
per share, of Graham Corporation stated above (&#147;Common Stock&#148;) and pursuant to Rule 416(a) under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;), any additional shares of Common Stock which
become issuable by reason of any stock dividend, stock split, recapitalization or other similar
transaction effected without the receipt of consideration which results in an increase in the number of
outstanding shares of Common Stock issuable under the Graham Corporation Employee Stock Purchase Plan
(the &#147;Plan&#148;).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated pursuant to Rule 457(c) and (h)&nbsp;under the
Securities Act on the basis of $14.00 per share,
which was the average of the high and low prices of the Company&#146;s Common Stock as reported on the NYSE
Amex on August&nbsp;20, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the number of shares of Common Stock issuable under the Plan.</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">&nbsp;</H5><P>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>TABLE OF CONTENTS</B></U>
</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="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-1</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Item&nbsp;3. Incorporation of Documents by Reference</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Item&nbsp;4. Description of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Item&nbsp;5. Interests of Named Experts and Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Item&nbsp;6. Indemnification of Directors and Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Item&nbsp;7. Exception from Registration Claimed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Item&nbsp;8. Exhibits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Item&nbsp;9. Undertakings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-3</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SIGNATURES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-5</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">II-6</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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">&nbsp;</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement on Form S-8 is filed by Graham Corporation (the &#147;Company&#148;)
relating to 200,000 shares of common stock, par value $0.10 per share
(&#147; Common Stock&#148;), to be offered and sold under the Graham Corporation
Employee Stock Purchase Plan (the &#147;Plan&#148;).
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PART I</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</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 this registration statement
have been or will be delivered to participants in the Plan as specified by Rule&nbsp;428(b)(1) of 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;Such
documents are not being filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) 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>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PART II</B>
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed with the Commission by the Company 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="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s Annual Report on Form 10-K for the fiscal
year ended March&nbsp;31, 2010;</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s Quarterly Report on Form 10-Q for the
quarter ended June&nbsp;30, 2010;</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s Current Reports on Form 8-K filed on May&nbsp;21, 2010, July&nbsp;29, 2010
and July&nbsp;30, 2010 (except for information contained in such reports which is
furnished to the Commission, which information is not
incorporated herein by reference); 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%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of the Company&#146;s Common Stock,
contained in the Company&#146;s registration statement on Form 8-A filed with the 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;All documents filed by the Company and the Plan 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;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"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</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: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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. No such provision in the certificate of incorporation may limit or
eliminate the liability of a director for any act or omission occurring before the date when such
provision becomes effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;Fourteenth
of the Company&#146;s Certificate of Incorporation, as amended (the &#147;Certificate of
Incorporation&#148;), provides that, to the fullest extent permitted by the DGCL, a director of the
Company shall not be liable to the Company 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 Company shall be indemnified by the Company against any
liabilities incurred in his capacity as a director or officer, such indemnification to include
payment by the Company 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 Company. 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;The Company also maintains indemnification agreements with its directors. These agreements
provide that the Company 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 Company, and solely because of his or her status as a director of
the Company. The payments which the Company 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 Company 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;The Company also maintains indemnification agreements with its officers. These agreements
provide that in the event that the employment of either such officer is terminated for any reason,
the Company will indemnify such officer for all acts or omissions and for any suits it has at law
or in equity, claims, actions or other proceedings against such officer initiated either prior to
the termination of employment or after such termination which relate to duties performed in good
faith by such officer while employed by the Company. Such agreements also provides that in the
event that either such officer&#146;s employment is terminated, the Company will retain him as a named
insured under any directors&#146; and officers&#146; insurance policies it may have, for acts during the time
such officer served as an officer of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company 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;The effect of the above-described provisions and agreements is to indemnify the directors and
officers of the Company 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 Company, to the fullest extent permitted by law.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</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"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The undersigned registrant hereby undertakes:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of the 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 the 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 a 20&nbsp;percent change in the maximum aggregate offering price
set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however</I>, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Company pursuant to Section&nbsp;13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in this registration
statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, 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 bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company&#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 the 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant to the foregoing
provisions, or otherwise, the Company has been advised that in the
opinion of the 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 Company of expenses incurred or paid by a director, officer or
controlling person of the Company 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 Company will, unless in the opinion of its counsel the
</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 align="left" style="font-size: 10pt; margin-top: 6pt">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 and will be
governed by the final adjudication of such issue.
</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 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;Pursuant to the requirements of the Securities Act, 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;23, 2010.
</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
&nbsp;</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 Executive 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;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints James R. Lines and Jeffrey Glajch, 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;Pursuant to the requirements of the Securities Act, 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="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">/s/ James R. Lines
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James R. Lines
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive
Officer and Director<BR>

(Principal Executive
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;23, 2010</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">/s/ Jeffrey Glajch
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jeffrey Glajch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
<BR>
(Principal Financial
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;23, 2010</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">/s/ Jennifer R. Condame
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jennifer R. Condame
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Accounting Officer
and Controller <BR>
(Principal
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;23, 2010</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">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</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">&nbsp;</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">/s/ Jerald D. Bidlack
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</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;23, 2010</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">/s/ Alan Fortier
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alan Fortier
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;23, 2010</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">/s/ James J. Malvaso
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</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;23, 2010</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">/s/ Gerard T. Mazurkiewicz
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gerard T. Mazurkiewicz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;23, 2010</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">/s/ Cornelius S. Van Rees
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</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;23, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /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>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="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of Graham Corporation, as amended, is incorporated
herein by reference from Exhibit&nbsp;3.1 to the Company&#146;s Quarterly Report on Form
10-Q for the quarterly period ended September&nbsp;30, 2008.</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">&nbsp;&nbsp;4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated By-laws of Graham Corporation are incorporated herein by
reference from Exhibit&nbsp;3.2 to the Company&#146;s Current Report on Form&nbsp;8-K dated
October&nbsp;25, 2007.</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">&nbsp;&nbsp;4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stockholder Rights Plan is incorporated herein by reference from Exhibit&nbsp;99.3 to
the Company&#146;s Form&nbsp;8-A filed with the Securities and Exchange Commission on
September&nbsp;15, 2000 (SEC File No.&nbsp;000-18703).</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">*4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Graham Corporation Employee Stock Purchase Plan.</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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    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Exhibits filed with this registration statement.</TD>
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<DESCRIPTION>EX-4.4
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GRAHAM CORPORATION<BR>
EMPLOYEE STOCK PURCHASE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Purpose of Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Plan is to provide employees of the Company with an opportunity to
purchase Common Stock at a discount through payroll deductions. The Plan is intended to qualify as
an employee stock purchase plan under Section&nbsp;423 of the Code, and the provisions of the Plan shall
be construed consistent with such intention.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Definitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in the Plan, the following terms shall have the meanings set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&#147;<U>Applicable Percentage</U>&#148; means, with respect to an Offering Period, 85%, or
such other percentage from 85% to 100%, as determined by the Committee in its sole discretion for
that Offering Period and applicable to all Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&#147;<U>Board</U>&#148; means the Board of Directors of Graham.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended from time to time,
and any regulations promulgated and other official guidance issued thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&#147;<U>Committee</U>&#148; means the committee established pursuant to Section&nbsp;4 to be
responsible for the general administration of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&#147;<U>Common Stock</U>&#148; means Graham&#146;s common stock, par value $0.10 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&#147;<U>Company</U>&#148; means Graham and each of its U.S. &#147;subsidiary corporations,&#148; as
defined by Section 424(f) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&#147;<U>Eligible Compensation</U>&#148; means the regular earnings of an Eligible Employee,
including salary, overtime, bonuses, and salary reduction contributions pursuant to elections under
a plan subject to Sections&nbsp;125 or 401(k) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&#147;<U>Eligible Employee</U>&#148; means any employee of the Company that meets the
eligibility requirements of Section&nbsp;5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&#147;<U>Enrollment Form</U>&#148; means the electronic or hardcopy form filed with the
Committee or its designated agent pursuant to Section&nbsp;6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&#147;<U>Fair Market Value</U>&#148; of Common Stock on a given date means the closing sale
price of the Common Stock on the NYSE Amex, or if the NYSE Amex is not open for trading on such
date, then on the most recent preceding date when the NYSE Amex is open for trading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&#147;<U>Graham</U>&#148; means Graham Corporation, a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&#147;<U>Offering Commencement Date</U>&#148; means, with respect to an Offering Period, the
first day of that Offering Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&#147;<U>Offering Period</U>&#148; means a six-month period; provided, however, that the first
Offering Period shall commence on September&nbsp;1, 2010 and shall end on December&nbsp;31, 2010. Successive
Offering Periods shall commence on the day following the end of the preceding Offering Period
(i.e., January 1 or July 1) and shall end on the six-month anniversary of the commencement date
(i.e., June&nbsp;30 or December&nbsp;31).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&#147;<U>Participant</U>&#148; means an Eligible Employee who elects to participate in the
Plan by filing an Enrollment Form pursuant to Section&nbsp;6.
</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;(o)&nbsp;&#147;<U>Payroll Deduction Account</U>&#148; means the account established for a Participant
to hold payroll deductions pursuant to Section&nbsp;6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&#147;<U>Plan</U>&#148; means this Graham Corporation Employee Stock Purchase Plan, as set
forth herein and as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&#147;<U>Purchase Date</U>&#148; means, with respect to an Offering Period, the last day of that
Offering Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&#147;<U>Rule&nbsp;16b-3</U>&#148; means Rule&nbsp;16b-3 promulgated under the Securities Exchange Act
of 1934, as amended, or any successor rule thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Shares Subject to the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of Section&nbsp;12, the total number of shares of Common Stock which
may be purchased by employees under the Plan shall not exceed 200,000. Shares subject to the Plan
may be either authorized but unissued shares or shares that were once issued and subsequently
reacquired by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. Administration of the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee appointed by the Board, which shall be
comprised of two or more members of the Board, and each member of the Committee shall be a
&#147;non-employee director&#148; within the meaning of Rule&nbsp;16b-3. The Committee shall be the Compensation
Committee of the Board unless the Board shall appoint another committee to administer the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the express provisions of the Plan, the Committee shall have the authority to
take any and all actions necessary to implement the Plan and to interpret the Plan, to prescribe,
amend and rescind rules and regulations relating to it, and to make all other determinations
necessary or advisable in administering the Plan. All of such determinations shall be final and
binding upon all persons. The Committee may request advice or assistance or employ such other
persons as are necessary for proper administration of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. Eligible Employees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any employee of the Company shall be eligible to participate in the Plan, except an employee
who owns (or is considered as owning within the meaning of Section 424(d) of the Code) stock
possessing 5% or more of the total combined voting power or value of all classes of stock of the
Company. No director of the Company who is not an employee shall be eligible to participate in the
Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Election to Participate</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Eligible Employee may become a Participant effective on the first day of any Offering
Period coincident with or following the date he or she becomes an Eligible Employee by filing with
the Committee or its designated agent an Enrollment Form authorizing specified regular payroll
deductions from his or her Eligible Compensation. Such regular payroll deductions shall be subject
to a maximum deduction of a maximum dollar amount specified by the Committee for such Offering
Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll deductions for an Offering Period shall commence on the first payroll date occurring
on or after the applicable Offering Commencement Date and shall end on the last payroll date
occurring on or before the Purchase Date for that Offering Period. A Participant&#146;s payroll
deductions shall be credited to the Payroll Deduction Account that the Company has established in
the name of the Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Participant may at any time withdraw from the Plan and cease to be a Participant following
the end of the Offering Period in which the election is made to discontinue participation. A
Participant may, to be effective as of the first day of the next following Offering Period,
increase or decrease his or her payroll deduction by filing a new Enrollment Form. Elections shall
last the entire Offering Period, or until the employee ceases to be a Participant, whichever is
longer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enrollment Forms must be filed with the Committee or its designated agent not less than ten
days before the beginning of an Offering Period to be effective for that Offering Period, unless a
shorter period
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of time is prescribed by the Committee. An Enrollment Form not filed within the
prescribed filing period shall be effective the first day of the Offering Period following the
Offering Period in which it would otherwise become effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a condition of participation in the Plan, each Participant agrees to notify the Company if
he or she sells or otherwise disposes of any Common Stock purchased by him or her under the Plan
within two years of the Purchase Date on which such shares were purchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. Purchase of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Participant having eligible funds in his or her Payroll Deduction Account on a Purchase
Date shall be deemed, without any further action, to have purchased the number of full shares of
Common Stock which the eligible funds in his or her Payroll Deduction Account could purchase on
that Purchase Date at a price per share that shall be the lesser of (a)&nbsp;the Applicable Percentage
of the Fair Market Value of such share on the Purchase Date, or (b)&nbsp;the Applicable Percentage of
the Fair Market Value of such share on the Offering Commencement Date. The Payroll Deduction
Account of each such Participant shall be charged for the amount of such purchase and shares shall
be issued to the Participant as of the Purchase Date. No fractional shares shall be purchased; any
funds in a Participant&#146;s Payroll Deduction Account that are insufficient to purchase a full share
shall be retained in the Participant&#146;s Payroll Deduction Account for the following Offering Period,
subject to earlier payment to the Participant pursuant to Section&nbsp;13 or 15. Except for amounts not
expended because of the preceding sentence, any funds left over in a Participant&#146;s Payroll
Deduction Account after a Purchase Date shall be returned to the Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as administratively practicable following each Purchase Date on which a purchase of
shares occurs, the Company shall arrange for the delivery to each Participant or his or her broker,
or a broker designated by the Committee, of the shares purchased by that Participant on that
Purchase Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. Registration of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock will be registered only in the name of the Participant or, if he or she
so indicates on his or her Enrollment Form, in the Participant&#146;s name jointly with one other
person, with right of survivorship.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Limitation on Purchases</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;During any one calendar year, no Participant shall have the right to purchase under the
Plan (and all other plans qualified under Section&nbsp;423 of the Code) shares of Common Stock having a
Fair Market Value (determined as of an Offering Commencement Date) in excess of $25,000. The
purpose of this limitation is to comply with Section&nbsp;423(b)(8) of the Code and shall be interpreted
accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A Participant&#146;s Payroll Deduction Account may not be used to purchase Common Stock on
any Purchase Date to the extent that after such purchase the Participant would own (or be
considered as owning within the meaning of Section 424(d) of the Code) stock possessing 5% or more
of the total combined voting power or value of all classes of stock of the Company. For this
purpose, stock which the Participant may purchase under any outstanding option shall be treated as
owned by such Participant. As of the first Purchase Date on which this Section 9(b) limits a
Participant&#146;s ability to purchase Common Stock, the employee shall cease to be an Eligible Employee
and a Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. Rights as a Stockholder</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the rights or privileges of a stockholder of Graham shall exist with respect to shares
of Common Stock purchased under the Plan until the date as of which such shares are delivered
pursuant to Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. Rights Not Transferable</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided in Section&nbsp;13, neither payroll deductions credited to a
Participant&#146;s Payroll Deduction Account nor any rights with regard to participation in the Plan nor
the right to receive shares of Common Stock shall be transferable in any way by a Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Change in Capital Structure</B>
</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;In the event of a stock dividend, stock split or combination of shares, recapitalization or
merger in which Graham is the surviving corporation or other change in Graham&#146;s capital stock
applicable to all stockholders generally, the number and kind of shares of stock or other
securities of Graham to be subject to the Plan, the maximum number of shares or other securities
which may be delivered under the Plan, and other relevant provisions shall be appropriately
adjusted by the Committee, whose determination shall be binding on all persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Graham is a party to a consolidation or a merger in which Graham is not the surviving
corporation, a transaction that results in the acquisition of substantially all of Graham&#146;s
outstanding stock by a single person or entity, or a sale or transfer of substantially all of
Graham&#146;s assets, the Committee may take such actions with respect to the Plan as the Committee
deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in the Plan to the contrary, the Committee may take the foregoing
actions without the consent of any Participant, and the Committee&#146;s determination shall be
conclusive and binding on all persons for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Retirement, Termination and Death</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Participant&#146;s death or retirement or termination of employment for any
reason, or in the event that a Participant ceases to be such, then no further purchase of shares
shall be made by him or her under the Plan. In such event, the amount remaining in the employee&#146;s
Payroll Deduction Account shall be refunded to him or her without interest. In the event of a
Participant&#146;s death, the amount in his or her Payroll Deduction Account shall be delivered without
interest to the beneficiary designated by the Participant in a writing filed with the Company. If
no beneficiary has been designated, or if the designated beneficiary does not survive the
Participant, such amount shall be delivered to the employee&#146;s estate without interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. Amendment of the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time, or from time to time, amend the Plan in any respect; provided,
however, that the stockholders of Graham must approve any amendment that would materially
(a)&nbsp;increase the benefits accruing to Participants under the Plan, (b)&nbsp;increase (other than
pursuant to Section&nbsp;12) the number of securities that may be issued under the Plan, or (c)&nbsp;modify
the requirements as to eligibility for participation in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. Termination of the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan and all rights of employees hereunder shall terminate on the earlier of: (a)&nbsp;the
Purchase Date that Participants become entitled to purchase a number of shares greater than the
number of shares remaining available for purchase under the Plan; or (b)&nbsp;a date specified by the
Board in its sole discretion. In the event that the Plan terminates under circumstances described
in clause (a)&nbsp;of this Section, the shares remaining as of the termination date shall be purchased
by Participants on a pro-rata basis. Upon termination of the Plan, all amounts in an employee&#146;s
Payroll Deduction Account that are not used to purchase Common Stock will be refunded to such
employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. General Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Term of Plan</U>. The Plan shall become effective upon (a)&nbsp;due approval of the Plan
by the stockholders of the Company within 12&nbsp;months after its adoption by the Board, and (b)&nbsp;the
effectiveness of a Registration Statement on Form S-8 under the Securities Act, as amended,
covering the shares of Common Stock subject to the Plan. Once effective, the Plan shall continue in
effect until all of the shares of Common Stock available under the Plan, as increased or adjusted
from time to time, have been issued under the Plan, unless sooner terminated by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Use of Funds</U>. All payroll deductions received or held by the Company under the
Plan shall be general corporate funds, and as such, may be used by the Company for any corporate
purpose, and the Company shall not be obligated to segregate payroll deductions or pay interest
thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>No Limit on Other Compensation Plans or Arrangements</U>. Nothing contained in the
Plan shall prevent the Company from adopting or continuing in effect other or additional
compensation plans or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">arrangements, and such plans or arrangements may be either generally
applicable or applicable only in specific cases.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>No Right to Employment</U>. Participation in the Plan shall not be construed as
giving a Participant the right to be retained as an employee of the Company, nor will it affect in
any way the right of the Company to terminate a Participant&#146;s employment at any time, with or
without cause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>No Guarantee of Tax Consequences</U>. No person connected with the Plan in any
capacity, including, but not limited to, the Company and its directors, officers, agents and
employees, makes any representation, commitment, or guarantee that any tax treatment, including,
but not limited to, federal, state and local income tax treatment, will be applicable, or that such
tax treatment will apply to or be available to a Participant on account of participation in the
Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Government and Other Regulations</U>. The Plan, and the grant and exercise of the
rights to purchase shares hereunder, and the Company&#146;s obligation to sell and deliver shares upon
the exercise of rights to purchase shares, shall be subject to all applicable federal, state and
foreign laws, rules and regulations, and to such approvals by any regulatory or government agency
as may, in the opinion of counsel for the Company, be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Indemnification</U>. The Company shall indemnify and hold harmless each member of the
Board or the Committee and other persons connected with the Plan in any capacity, including, but
not limited to, the employees and directors of the Company performing services on behalf of the
Committee, against any liability, cost or expense arising as a result of any claim asserted by any
person or entity with respect to any action or failure to act of such individuals taken in
connection with this Plan, except claims or liabilities arising on account of the willful
misconduct or bad faith of such Board member, Committee member or individual.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Governing Law; Venue</U>. The validity and construction of the Plan and all
determinations made and actions taken pursuant hereto, to the extent that federal laws do not
control, will be governed by the laws of the State of New York, without giving effect to the
principles of conflicts of laws. Any action arising under or related to the Plan shall be subject
to the jurisdiction and venue of the courts located in Monroe County, New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Severability</U>. If any provision of the Plan is, becomes or is deemed to be
invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan under any law
deemed applicable by the Committee, then such provision shall be construed or deemed amended to
conform to applicable laws, or if it cannot be so construed or deemed amended without, in the
determination of the Committee, materially altering the purpose or intent of the Plan, such
provision shall be stricken as to such jurisdiction, and the remainder of the Plan shall remain in
full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>References</U>. Unless otherwise indicated, all references to &#147;Sections&#148; contained
herein are references to Sections of this Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>Headings</U>. Headings are given to the Sections and subsections of the Plan solely
as a convenience to facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction or interpretation of the Plan or any provision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<U>Gender and Number</U>. As used herein, and as appropriate to the context, the
masculine pronoun shall include the feminine and the neuter, and the single shall include the
plural.
</DIV>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>l40558exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">
August&nbsp;24, 2010
</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;We have acted as counsel to Graham Corporation, a Delaware corporation (the &#147;Company&#148;), in
connection with its filing of a 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 the Securities and Exchange Commission with respect
to the registration of 200,000 shares of the Company&#146;s Common Stock, par value $0.10 per share (the
&#147;Shares&#148;) issuable pursuant to the Graham Corporation Employee Stock Purchase Plan (together with
any accompanying agreements, the &#147;Plan&#148;). This opinion is furnished to you at your request to
enable you to fulfill the requirements of Item&nbsp;601(b)(5) of Regulation&nbsp;S-K, 17 C.F.R. &#167;
229.601(b)(5), in connection with the filing of the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As such counsel, and for purposes of our opinions set forth below, we have examined originals
or copies, certified or otherwise, identified to our satisfaction, of such other documents,
corporate records, certificates of officers of the Company and of public officials and other
instruments as we have deemed necessary or advisable to enable us to render these opinions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this opinion, we have with your permission made the following assumptions, in
each case without independent verification: (i)&nbsp;the due authorization, execution and delivery of
all documents by all the parties thereto; (ii)&nbsp;the genuineness of all signatures on all documents
submitted to us; (iii)&nbsp;the authenticity and completeness of all documents, corporate records,
certificates and other instruments submitted to us; (iv)&nbsp;that photocopy, electronic, certified,
conformed, facsimile and other copies submitted to us of original documents, corporate records,
certificates and other instruments conform to the original documents, records, certificates and
other instruments, and that all such original documents, corporate records, certificates and other
instruments were authentic and complete; (v)&nbsp;the legal capacity of all individuals executing
documents; (vi)&nbsp;that all documents are the valid and binding obligations of each of the parties
thereto, enforceable against such parties in accordance with their respective terms and that no
such documents have been amended or terminated orally or in writing; (vii)&nbsp;that the statements
contained in the certificates and comparable documents of public officials, officers and
representatives of the Company and other persons on which we have relied for the purposes of this
opinion are true and correct; and (viii)&nbsp;that all of the Shares will be issued for the
consideration permitted under the Plan as currently in effect, and none of such Shares will be
issued for less than the par value per share. As to all questions of fact material to this
opinion, we have relied (without independent investigation) upon certificates or comparable
documents of officers and representatives of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon, subject to and limited by the foregoing, we are of the opinion that following (i)
effectiveness of the Registration Statement with the Securities and Exchange Commission,
(ii)&nbsp;issuance of the Shares in accordance with the terms of the Plan, and (iii)&nbsp;receipt by the
Company of the consideration for the Shares as specified in the Plan, the Shares will be validly
issued, fully paid, and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion with regard to the law of any jurisdiction other than the Delaware
General Corporation Law, including the applicable provisions of the Delaware Constitution and the
reported judicial decision interpreting such law, as in effect as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter deals only with the specified legal issues expressly addressed herein, and
you should not infer any opinion that is not explicitly addressed herein from any matter stated in
this letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the use of this opinion as an exhibit to the Registration Statement. In giving
such consent, we do not hereby admit that we are within the category of persons whose consent is
required under Section&nbsp;7 of the Securities Act of 1933, as emended and the rules and regulations
thereunder. This opinion is rendered to you as of the date hereof and we assume no obligation to
advise you or any other person hereafter with regard to any change after the date hereof in the
circumstances or the law that may bear on
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the matters set forth herein even though the changes may affect the legal analysis or legal
conclusion or other matters in this letter.
</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">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Harter Secrest &#038; Emery LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>l40558exv23w2.htm
<DESCRIPTION>EX-23.2
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<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>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.2</B>
</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: 6pt">We consent to the incorporation by reference in this Registration Statement on Form S-8 of our
reports dated May&nbsp;25, 2010, relating to the consolidated financial statements and financial
statement schedule of Graham Corporation and subsidiary (which report on the consolidated financial
statements expresses an unqualified opinion and includes an explanatory paragraph related to the
adoption of the measurement date provisions of Financial Accounting Standards Board Accounting
Standards Codification Topic 715, <I>Compensation &#151; Retirement Benefits, </I>as of April&nbsp;1, 2008) and the
effectiveness of Graham Corporation&#146;s internal control over financial reporting, appearing in the
Annual Report on Form 10-K of Graham Corporation and subsidiary for the year ended March&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Deloitte &#038; Touche LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rochester, New York<BR>
August&nbsp;23, 2010

</DIV>


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