Document:

EX-10.3

 EXHIBIT 10.3 
 FORM OF 
 RESTRICTED STOCK AGREEMENT 

(Employee – Time Vesting) 
 This RESTRICTED STOCK AGREEMENT (this “Agreement”) is made and entered into as of the              day
of                    , 20             (the “Grant Date”), by and between
Graham Corporation, a corporation organized and existing under the laws of the State of Delaware and having an office at 20 Florence Avenue, Batavia, New York 14020 (the “Company”) and
                     (the “RSA Holder”). 
 W I T N E S S E T H : 
 WHEREAS, by action of its Board of Directors (the “Board”), the Company has adopted the Amended and Restated 2000 Graham Corporation Incentive Plan to Increase Shareholder Value (the
“Plan”), pursuant to which Restricted Stock Awards (“RSAs”) with respect to shares of common stock of the Company (“Shares”) may be granted to the Company’s eligible officers and employees; and 

WHEREAS, pursuant to Section 4 of the Plan, a Compensation Committee (the “Committee”) has been appointed to select the
individuals to whom RSAs shall be granted and to prescribe the terms and conditions of such grants; and 
 WHEREAS, the
Committee has determined that the RSA Holder is eligible to be granted an RSA and desires to grant an RSA to the RSA Holder, and the RSA Holder desires to accept such grant, on the terms and conditions hereinafter set forth; 

NOW, THEREFORE, the Company and the RSA Holder hereby agree as follows: 

Section 1. Grant of RSA. As of the date set forth above, the Company hereby grants, and the RSA Holder hereby accepts the
Company’s grant of, an RSA of              Shares (the “Restricted Shares”), on the terms and conditions hereinafter set forth. 

Section 2. Restrictions and Vesting. 
 (a) Subject to the terms set forth in this Agreement, provided that the RSA Holder has remained a full-time employee of the Company through that date, the Restricted Shares will vest on the following
dates (each, a “Vesting Date”) as follows: 
 (i)
                     (                     of the
Restricted Shares) Shares on the                      anniversary of the Grant Date; 

(ii) an additional
                     (                     of the
Restricted Shares) Shares on the                      anniversary of the Grant Date; and 

(iii) the remaining
                     (                     of the
Restricted Shares) on the                      anniversary of the Grant Date. 

(b) Upon the death or Disability of the RSA Holder, all outstanding Restricted Shares under this Agreement shall immediately vest in
full. 

 (c) If there is an employment agreement (or other agreement providing for treatment of
equity awards upon a Change in Control of the Company) by and between the RSA Holder and the Company on the date of the RSA Holder’s termination of employment, then the terms of such agreement shall apply instead of the terms of this
Section 2(c). Otherwise, in the event of the involuntary termination of the RSA Holder’s employment by the Company other than for Cause within the 12-month period following a Change in Control, or the voluntary termination of the RSA
Holder’s employment by the RSA Holder for Good Reason within the 12-month period following a Change in Control, the Restricted Shares will become fully vested, with all applicable performance requirements, if any, being deemed to have been
satisfied at the target level applicable to such Shares. 
 For purposes of this Agreement, “Cause” shall have
the equivalent meaning as the term “Cause” or “for Cause” has in any employment agreement between the RSA Holder and the Company, or in the absence of such an agreement that contains such a defined term, shall mean
the willful misconduct by the RSA Holder in connection with the performance of the RSA Holder’s duties to the Company, or any other conduct on the part of the RSA Holder which has been materially injurious to the Company. 

For purposes of this Agreement, “Good Reason” shall have the equivalent meaning as the term “Good
Reason” or “Reasonable Determination” has in any employment agreement between the RSA Holder and the Company, or in the absence of such an agreement that contains such a defined term, shall mean the occurrence of any one of
the following events without either the RSA Holder’s express prior written consent or substantial cure by the Company within 30 days after the RSA Holder gives written notice to the Company describing the event and requesting cure, provided RSA
Holder has given notice within 30 days after he or she became aware of any one or more of the following events constituting Good Reason: 
 (i) A change in the nature or scope of the RSA Holder’s authority from that prior to a Change in Control, a reduction in the RSA Holder’s total compensation (including all and any base
compensation, bonuses, incentive compensation and benefits of any kind or nature whatsoever) from that prior to a Change in Control, or failure of the Company to make any increase in compensation to which the RSA Holder may be entitled under any
employment agreement, or a change requiring the RSA Holder to perform services other than in Batavia, New York, except for required travel on the Company’s business to an extent substantially consistent with the RSA Holder’s present
business travel obligations; or 
 (ii) subsequent to a Change in Control of the Company, and without the RSA Holder’s
express written consent, the assignment to the RSA Holder of any duties inconsistent with the RSA Holder’s positions, duties, responsibilities and status with the Company immediately prior to a Change in Control, or a change in the RSA
Holder’s reporting responsibilities, titles, or offices as in effect immediately prior to a Change in Control, or any removal of the RSA Holder from or any failure to re-elect the RSA Holder to any of such positions, except in connection with
the termination of employment for Cause, death, disability or retirement; or 
 (iii) subsequent to a Change in Control of the
Company, a reduction by the Company in the RSA Holder’s base salary as in effect on the date hereof or as the same may be increased from time to time, or failure of the Company to make an increase in compensation to which the RSA Holder may be
entitled under any employment agreement; or 
 (iv) subsequent to a Change in Control of the Company, a failure by the Company
to continue any bonus plans in which the RSA Holder is presently entitled to participate (the “Bonus Plans”) as the same may be modified from 

 time to time but substantially in the forms currently in effect, or a failure by the Company to continue the
RSA Holder as a participant in the Bonus Plans on at least the same basis as the RSA Holder presently participates in accordance with the Bonus Plans; or 
 (v) subsequent to a Change in Control of the Company, the failure by the Company to continue in effect (subject to such changes as may be required by law from time to time) any benefit or compensation
plan, stock ownership plan, stock purchase plan, stock option plan, life insurance plan, health-and-accident plan or disability plan in which the RSA Holder is participating at the time of Change in Control of the Company (or plans providing him
with substantially similar benefits), the taking of any action by the Company which would adversely affect the RSA Holder’s participation in or materially reduce his benefits under any of such plans or deprive the RSA Holder of any material
fringe benefit enjoyed at the time of the Change in Control, or the failure by the Company to provide the RSA Holder with the number of paid vacation days to which the RSA Holder is then entitled in accordance with the Company’s normal vacation
policy in effect on the date hereof; or 
 (vi) prior to a Change in Control of the Company, the failure by the Company to
obtain the assumption by any successor of any employment agreement between the Company and the RSA Holder, if assumption of such agreement is required by its terms. 
 (c) Except as otherwise provided by Section 2(b) or Section 2(c), or unless the Committee determines otherwise, if the RSA Holder’s employment terminates before a Vesting Date for any
reason, the unvested Restricted Shares as of such date shall be forfeited and cancelled immediately. 
 Section 3.
Rights as a Stockholder. The RSA Holder will have the rights of a stockholder with respect to the Restricted Shares, including, but not limited to, the right to receive such cash dividends, if any, as may be declared on such Shares from time
to time and the right to vote (in person or by proxy) such Restricted Shares at any meeting of stockholders of the Company. Notwithstanding the foregoing, the RSA Holder shall repay to the Company any dividends or other distributions paid to the RSA
Holder on any Restricted Shares that do not become vested Shares under Section 2. 
 Section 4. Restrictions on
Transfer of Restricted Shares. The Restricted Shares, and the right to vote the Restricted Shares and to receive dividends thereon, may not, except as otherwise provided in the Plan, be sold, assigned, transferred, pledged or encumbered in any
way prior to the applicable Vesting Date, whether by operation of law or otherwise, except by will or the laws of descent and distribution. The RSA Holder agrees that any certificate representing the Restricted Shares (or any portion thereof) will
be held by the Company’s stock transfer agent or other representative of the Company (the “RSA Agent”) until the applicable Vesting Dates are satisfied and the Company’s provides written authorization to such RSA Agent.

 Section 5. Registration and Delivery of Restricted Shares. The Company’s obligation to deliver Shares under
this Agreement and/or authorize the RSA Agent to release Restricted Shares shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the RSA Holder to whom such Shares are to be
delivered, in such form as the Committee shall determine to be reasonably necessary or advisable to comply with the provisions of applicable federal, state or local law. It may be provided that any such representation shall become inoperative upon a
registration of the Shares or upon the occurrence of any other event eliminating the necessity of such representation. The Company shall not be required to deliver any Shares under this Agreement prior to (a) the admission of such Shares to
listing on any stock exchange on which Shares may then be listed, or (b) the completion of such registration or other qualification under any state or federal law, rule or regulations as the Committee shall determine to be necessary or
advisable. 

 Section 6. Adjustments in the Event of Reorganization. In the event of any
merger, consolidation, or other business reorganization in which the Company is the surviving entity, and in the event of any stock split, stock dividend or other event generally affecting the number of Shares held by each person who is then a
shareholder of record, the number of Restricted Shares shall be adjusted to account for such event. Such adjustment shall be effected by multiplying such number of Restricted Shares by an amount equal to the number of Shares that would be owned
after such event by a person who, immediately prior to such event, was the holder of record of one Share. 
 Section 7.
No Right to Continued Employment. Nothing in this Agreement nor any action of the Board or Committee with respect to this Agreement shall be held or construed to confer upon the RSA Holder any right to a continuation of employment by the
Company or any of its affiliates which employ the RSA Holder. The RSA Holder may be dismissed or otherwise dealt with as though this Agreement had not been entered into. 
 Section 8. Taxes. Where any person is entitled to receive Shares pursuant to the RSA granted hereunder, the Employer shall have the right to require such person to pay to the Employer the
amount of any tax which the Employer is required to withhold with respect to such Shares, or, in lieu thereof, to retain, or to sell without notice, a sufficient number of Shares to cover the amount required to be withheld. 

Section 9. No Assignment. The RSA granted hereunder shall not be subject in any manner to anticipation, alienation or
assignment, nor shall such RSA be liable for or subject to debts, contracts, liabilities, engagements or torts, nor shall it be transferable by the RSA Holder other than by will or by the laws of descent and distribution. 

Section 10. Notices. Any communication required or permitted to be given under the Plan, including any notice, direction,
designation, comment, instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered personally or five (5) days after mailing if mailed, postage prepaid, by registered or certified
mail, return receipt requested, addressed to such party at the address listed below, or at such other address as one such party may by written notice specify to the other party: 

(a) If to the Committee: 
 Graham Corporation 
 20 Florence Avenue 

Batavia, New York 14020 
 Attention: Chief Accounting Officer 
 (b) If to the RSA Holder, to the RSA
Holder’s then current residential address as set forth in the Company’s personnel records. 
 Section 11.
Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding upon the Company and the RSA Holder and their respective heirs, successors and assigns. 

Section 12. Construction of Language. Whenever appropriate in the Agreement, words used in the singular may be read in the
plural, words used in the plural may be read in the singular, and words importing the masculine gender may be read as referring equally to the feminine or the neuter. Any reference to a section shall be a reference to a section of this Agreement,
unless the 

 context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the
meanings assigned to them under the Plan. 
 Section 13. Governing Law. This Agreement shall be construed,
administered and enforced according to the laws of the State of New York without giving effect to the conflict of laws principles thereof, except to the extent that such laws are preempted by the federal law. 

Section 14. Amendment. This Agreement may be amended, in whole or in part and in any manner not inconsistent with the
provisions of the Plan, at any time and from time to time by written agreement between the Company and the RSA Holder. 

Section 15. Plan Provisions Control. This Agreement and the rights and obligations created hereunder shall be subject to all
of the terms and conditions of the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms of the Plan, which are incorporated herein by reference, shall control. By signing this
Agreement, the RSA Holder acknowledges receipt of a copy of the Plan. 
 Section 16. Acceptance by RSA Holder. By
executing this Agreement and returning a fully executed copy hereof to the Committee at the address specified in section 10, the RSA Holder signifies his acceptance of the terms and conditions of this RSA. If a fully executed copy of this Agreement
is not received by the Committee within forty-five (45) days after the date when it is presented to the RSA Holder, the Committee may revoke the RSA granted, and thereby avoid all obligations, hereunder. 

Section 17. Recoupment. This Agreement (and any Shares or dividends payable hereunder) shall be subject to recovery by the
Company under any incentive compensation recoupment policy maintained by the Company, as such policy may be amended from to time. In addition, notwithstanding any other provision of the Plan or this Agreement to the contrary, in order to comply with
Section 10D of the Securities Exchange Act of 1934, as amended, and any regulations promulgated, or national securities exchange listing conditions adopted, with respect thereto (collectively, the “Clawback Requirements”), if the
Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirements under the securities laws, then the RSA Holder shall return to the Company, or forfeit if not yet
paid, the Shares under this Agreement received during the three-year period preceding the date on which the Company is required to prepare the accounting restatement, based on the erroneous data, in excess of the number of shares that would have
vested based on the accounting restatement, as determined by the Committee, in accordance with the Clawback Requirements and any policy adopted by the Committee pursuant to the Clawback Requirements. 

Section 18. Golden Parachute Limitation. 
 (a) In the event that the independent auditors most recently selected by the Board (the “Auditors”) determine that any payment by the Company to or for the benefit of the RSA Holder would be
nondeductible by the Company for federal income tax purposes because of the provisions concerning “excess parachute payments” in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), then the total
amount of all payments by the Company shall be reduced (but not below zero) to the Reduced Amount. The “Reduced Amount” shall be the amount that maximizes the total amount of the payments without causing any payment to be nondeductible by
the Company because of Section 280G of the Code. 
  

 (b) If the Auditors determine that any payment by the Company would be nondeductible by the
Company because of Section 280G of the Code, then the Company shall promptly give the RSA Holder notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the RSA Holder may then elect, in his or her
sole discretion and in compliance with the requirements of Section 409A of the Code, which and how much of the payments shall be eliminated or reduced (as long as after such election the aggregate present value of the payments equals the
Reduced Amount) and shall advise the Company in writing of his or her election within ten days of receipt of notice. If no such election is made by the RSA Holder within such ten-day period, then the Company may elect which and how much of the
payments shall be eliminated or reduced (as long as after such election the aggregate present value of the payments equals the Reduced Amount) and shall notify the RSA Holder promptly of such election. All determinations made by the Auditors shall
be binding upon the Company and the RSA Holder and shall be made within 60 days of the date when a payment becomes payable. 

(c) As a result of uncertainty in the application of Section 280G of the Code at the time of an initial determination by the Auditors
hereunder, it is possible that payments will have been made by the Company that should not have been made (an “Overpayment”) or that additional payments that will not have been made by the Company could have been made (an
“Underpayment”), consistent in each case with the calculation of the Reduced Amount hereunder. In the event that the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the RSA Holder
that the Auditors believe has a high probability of success, determine that an Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the RSA Holder which he or she shall repay to the Company, together with
interest at the applicable federal rate provided in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the RSA Holder to the Company if and to the extent that such payment would not reduce the amount subject
to taxation under Section 4999 of the Code or to the extent that such loan would be prohibited under Section 402 of the Sarbanes-Oxley Act of 2002. In the event that the Auditors determine that an Underpayment has occurred, such
Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the RSA Holder, together with interest at the applicable federal rate provided in Section 7872(f)(2) of the Code. 

IN WITNESS WHEREOF, the RSA Holder has executed, and the Company has caused its duly authorized representative to execute, this Agreement
as of the date first above written. 
  

			
	GRAHAM CORPORATION
		
	By:	 	 
		 	 James R. Lines
 President
and Chief Executive Officer

  

			
	ATTEST:
		
		 	 
		 	Corporate Secretary

  

	
	RSA HOLDER
	
	  
	Name:EX-10.4

 EXHIBIT 10.4 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”), is made and entered into as of July 25, 2013, by and between Graham Corporation, a Delaware corporation with its principal place of business at 20 Florence Avenue, Batavia, New York 14020 (the “Company”), and
Jennifer Condame, currently residing at                      (the “Executive”). 

WHEREAS, the Company and the Executive desire to enter into this Agreement to describe the employment relationship and obligations of the
parties. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound and in consideration of the mutual covenants
herein contained, agree as follows: 
 1. Employment. The Company hereby agrees to continue to employ the Executive and
the Executive hereby accepts continued employment as the Controller and Chief Accounting Officer of the Company, upon the terms and conditions hereinafter set forth. 
 2. Duties. 
 (a) The Executive shall have authority and responsibility for
the efficient and effective functioning of the day-to-day financial and accounting operations, including establishing and maintaining financial policies, procedures, controls, and reporting systems as the Company’s Chief Accounting Officer, and
shall report directly to the Company’s Chief Financial Officer. The Executive shall perform such duties generally consistent with Executive’s title and as may from time to time be required of the Executive by the Chief Financial Officer,
the President and Chief Executive Officer or the Board of Directors (the “Board”) of the Company. The Executive’s office shall be located at the Company’s principal place of business in Batavia, New York. The Executive agrees to
travel to the extent reasonably necessary for the performance of her duties. The Executive shall devote her full time to the business and affairs of the Company and shall use her best efforts, skill and ability in performing her duties on behalf of
the Company. 
 (b) The Executive agrees that the Company, in its discretion, may apply for and procure in its own name and for
its own benefit, life insurance on the life of the Executive in any amount or amounts considered advisable, and that she shall have no right, title or interest therein. The Executive further agrees to submit to any medical or other examination and
to execute and deliver any application or other instrument in writing, reasonably necessary to effectuate such insurance, provided such actions do not materially harm the Executive’s ability to otherwise obtain or retain personal life
insurance. 
 3. Term. 
 (a) Except as otherwise provided in this Agreement to the contrary, this Agreement shall be and remain in effect during the period of employment (the “Term”) established under this
Section 3. 
 (b) Except as provided in Section 3(c), beginning on the effective date of this Agreement, the Term shall
be for one year and shall be automatically extended for one additional year each day (such that while this Agreement is in effect the remaining Term shall never be less or greater than one year) that this Agreement is in effect, unless either the
Company, or the Executive, respectively, elects not to extend the Term further by giving written notice to the other party, in which case the Term shall end on the first 

 
anniversary of the date on which such written notice is given; provided, however, that in any event, the Term shall end on the last day of the month in which the Executive attains the age of 65.

 (c) Notwithstanding anything herein contained to the contrary, (i) this Agreement may be terminated during the Term as
provided for herein and (ii) nothing in this Agreement shall mandate or prohibit a continuation of the Executive’s employment following the expiration of the Term upon such terms and conditions as the Company and the Executive may mutually
agree upon. 
 4. Base Compensation. As the base compensation for all services to be rendered by the Executive to the
Company, the Company agrees to pay to the Executive, and the Executive shall accept, a salary at a rate of $154,500 per annum, payable in arrears in equal monthly installments of $12,875 each, subject to such deductions and withholdings as may be
required by law. Periodically, the President and Chief Executive Officer and the Board will review the salary of the Executive, taking into consideration such factors as the Executive’s performance and such other matters as it deems relevant
and, in its discretion alone, may increase the salary of the Executive to such rate as the Board deems proper; provided that the Company shall in no event be required to grant any such increase. 

5. Incentive Compensation. 
 (a) Bonus. The Executive shall be eligible to receive bonuses and awards under the Company’s bonus plans or arrangements as may be in effect from time to time, including the Company’s
Annual Executive Cash Bonus Plan, as may be from time to time determined by the Board or a committee thereof. 
 (b) Long-Term
Incentive Compensation. The Executive shall be eligible to participate in any long-term incentive compensation plan generally made available to similarly situated executive officers of the Company in accordance with and subject to the terms of
such plans, including the Company’s Annual Stock-Based Long-Term Incentive Award Plan for Senior Executives, as may from time to time be determined by the Board of a committee thereof. 

(c) Other Compensation. The Company may, upon recommendation of the Board or a committee thereof, award to the Executive such other
bonuses and compensation as it deems appropriate and reasonable. 
 6. Benefits. During the term of this Agreement, the
Company shall provide the following benefits to the Executive: 
 (a) Medical. The Company will provide the Executive
health coverage for herself and her family in accordance with the Company’s health and medical insurance plans, as the same may be in effect from time to time. The Executive shall be responsible for paying the employee portion of the premiums
for such health and medical insurance plans. 
 (b) Vacation. The Executive shall be entitled to vacation in accordance
with the Company’s general vacation policies and practices as may be in effect from time to time. 
 (c) General
Benefits. The Executive shall be entitled to participate in all employee benefit plans and arrangements of the Company that may be in effect from time to time and as may from time to time be made available to the other similarly situated
executive officers of the Company, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. 

 (d) No Limitation of Company’s Rights. Nothing in this Section 6 shall be
construed to limit or restrict the complete discretion of the Company to amend, modify or terminate any employee benefit plan or plans of the Company where such action generally affects plan participants or employees, including the Executive.

 (e) Insurance. The Company shall provide Executive with $2,500 per annum for the purpose of Executive procuring a term
insurance policy that names such person(s) of Executive’s choosing as beneficiary(ies). 
 7. Travel Expenses. The
Company shall pay or reimburse the Executive for all reasonable and necessary traveling and other expenses incurred or paid by the Executive in connection with the performance of her duties under this Agreement upon presentation of expense
statements or vouchers and such other supporting information as the Company may from time to time reasonably request. However, the amount available for such traveling and other expenses may be fixed in advance by the Company. 

8. Termination. This Agreement shall terminate prior to the Term expiration date, hereinabove set forth, in the event that the
Executive shall die or the Board shall reasonably determine that the Executive has become disabled, or if the Executive’s employment shall be terminated for cause or without cause, as hereinafter provided. 

(a) Disability. The Board may determine that the Executive has become disabled, for purposes of this Agreement, in the event that
the Executive shall fail, because of illness or incapacity, to render for three successive months, or for shorter periods aggregating three months or more in any period of twelve months, services of the character contemplated by this Agreement; and
thereupon this Agreement and all rights of the Executive hereunder shall be deemed to have been terminated as of the end of the calendar month in which such determination is made. 

(b) For Cause. The Board may dismiss the Executive for cause in the event that it determines that there has been willful misconduct
by the Executive in connection with the performance of her duties hereunder, or any other conduct on the part of the Executive which has been materially injurious to the Company; and thereupon this Agreement shall terminate effective upon the
delivery to the Executive of 30-day written notice that the Board has made such determination. For purposes of this Agreement, “cause” shall be determined only by a good faith finding thereof by the Board, which shall afford the Executive
the opportunity to appear before it prior to finalizing any such determination. If the Executive in good faith contests a termination for cause, the Company will pay all reasonable legal fees and other expenses incurred by the Executive, as the
Executive is billed for such costs, within ten days of periodic submission to the Company of statements of charges of attorneys and statements of other expenses incurred by the Executive in connection with such challenge. The Executive will
reimburse the Company for all such costs if it should be determined by a court of final adjudication that the Executive did not act in good faith in bringing such challenge. 
 (c) Without Cause. The Executive may resign without cause at any time upon 30 days’ written notice to the Company, in which event the Company’s obligation to compensate her ceases on the
effective date of her termination except as to amounts due to her under Section 8(c)(i). The Company may dismiss the Executive without cause at any time upon 30-days’ written notice to the Executive. In the event that the Company dismisses
the Executive other than for cause, or if the Executive resigns because of a material breach of this Agreement by the Company (which Executive may do only if such breach remains materially uncured after the Executive has provided 30 days prior
written notice to the Board), and the Executive’s dismissal or resignation qualifies as a “separation from service” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the

 
Treasury Regulations and other official guidance issued thereunder (collectively, “Section 409A”), then the Company shall provide to the Executive: 

(i) payment of the compensation due to her through the effective date of the termination of the Executive’s employment, within ten
business days following such effective date of the termination of the Executive’s employment; 
 (ii) continuation of the
Executive’s salary for twelve months following the effective date of the termination of the Executive’s employment at the higher of the rate specified in Section 4 or the Executive’s then-current annualized salary, which salary
continuation shall be paid monthly in accordance with the Company’s regular payroll practices; and 
 (iii) payment of any
Accrued Bonus (as defined below), to be paid as soon as administratively practicable after the six-month anniversary of the effective date of the termination of the Executive’s employment. Accrued Bonus shall mean any amount of bonus with
respect to any year prior to the year in which dismissal without cause occurs (“Prior Bonus Year”) calculable by applying the formula prescribed by the Company’s incentive compensation plan as it existed on December 31 of such
Prior Bonus Year and employing in the application of such formula the goals, ratios and weighting percentages and other variable figures which the Bonus Plan calls for the Company’s Board or any committee thereof to determine annually
(“Bonus Plan Variables”) which the Company’s Board of Directors or any committee thereof adopted for purposes of the Bonus Plan prior to December 31 of such Prior Bonus Year. Notwithstanding any other provision of this Section,
no Accrued Bonus shall be payable pursuant to this Section 8(c) for any Prior Bonus Year with respect to which a bonus amount was paid to and accepted by the Executive. 
 Notwithstanding anything to the contrary, to the extent that any payments under Section 8(c) are subject to a six-month waiting period under Section 409A, any such payments that would be payable
before the expiration of six months following the Executive’s separation from service but for the operation of this sentence shall be made during the seventh month following the Executive’s separation from service. 

(d) In the event that the provisions of this Section 8(c) are triggered, the Executive shall resign from all offices and
directorships of the Company and of all subsidiaries and affiliates of the Company, upon payment to the Executive of the amount referred to in Section 8(c)(i). 
 (e) Release of Claims. The Company’s obligation to provide the payments under this Section 8 is conditioned upon the Executive’s execution of an enforceable release of all claims
(and upon the expiration of all applicable rescission periods contained in such release) and her compliance with all provisions of this Agreement. If the Executive chooses not to execute such a release (or rescinds such release) or fails to comply
with these provisions, then the Company’s obligation to compensate her ceases on the effective date of her termination except as to amount due to her under Section 8(c)(i). 

(f) Return of Confidential Documentation. Upon termination of her employment for any reason whatsoever, the Executive shall return
to the Company all working papers, computer equipment, notebooks, strategic plans and other confidential documents and information, in any form whatsoever. 

 9. Change in Control. In the event a person begins a tender or exchange offer,
circulates a proxy to stockholders, or takes other steps seeking to effect a Change in Control (as defined below), the Executive agrees that she will not voluntarily leave the employ of the Company, and will render the services contemplated under
this Agreement, until such person has either abandoned or terminated his or its efforts to effect a Change in Control or until three months after a Change in Control has occurred. For the purposes of this Agreement, the term “Change in
Control” shall mean: 
 (a) any “person” within the meaning of Section 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), other than the Company, a subsidiary, or any employee benefit plan(s) sponsored by the Company or any subsidiary, is or has become the “beneficial owner,” as defined in Rule 13d-3 under
the Exchange Act, directly or indirectly, of 25 percent or more of the combined voting power of the outstanding securities of the Company ordinarily having the right to vote at the election of directors; 

(b) individuals who constitute the Board on the effective date of this Agreement (the “Incumbent Board”) have ceased for any
reason to constitute at least a majority thereof (or a majority of the Board as then constituted), provided that any person becoming a director subsequent to the effective date of this Agreement whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee
for director without objection to such nomination) shall be, for purposes of this Plan, considered as though such person were a member of the Incumbent Board; 
 (c) the closing of a reorganization, merger or consolidation of the Company, other than one with respect to which all or substantially all of those persons who were the beneficial owners, immediately
prior to such reorganization, merger or consolidation, of outstanding securities of the Company ordinarily having the right to vote in the election of directors own, immediately after such transaction, more than three-quarters of the outstanding
securities of the resulting corporation ordinarily having the right to vote in the election of directors; 
 (d) the closing of a
sale or other disposition of all or substantially all of the assets of the Company, other than to a subsidiary; or 
 (e) the
complete liquidation and dissolution of the Company. 
 10. Covenants of Executive. The Executive acknowledges that:
(i) the business of the Company and its affiliates, as currently conducted and as conducted from time to time throughout the term of this Agreement (collectively, the “Business”), is conducted by and is proposed to be conducted by the
Company on a world-wide basis (the “Company’s Market”); (ii) the Business involves providing design, engineering and manufacture of certain vacuum and heat transfer equipment, including but not limited to steam condensers, steam
jet ejectors, shell and tube heat exchangers, plate and frame heat exchangers, Heliflow heat exchangers, liquid ring vacuum pumps and rotary piston pumps; (iii) the Company has developed trade secrets and confidential information concerning the
Business; and (iv) the agreements and covenants contained in this Section 10 are essential to protect the Business. In order to induce the Company to enter into this Employment Agreement, the Executive covenants and agrees that:

 (a) Agreement Not To Compete. For a period of 18 months after the termination of Executive’s employment with the
Company for any reason (such period of time hereinafter referred to as the “Restricted Period”), neither the Executive nor any entity of which 20 percent or more of the beneficial ownership is held by the Executive or a person related to
the Executive by blood 

 
or marriage (“Controlled Entity”) will, anywhere in the Company’s Market, directly or indirectly own, manage, operate, control, invest or acquire an interest in, or otherwise
engage or participate in, whether as a proprietor, partner, stockholder, director, officer, member manager, employee or otherwise any business which competes in the Company’s Market with the Business, without the prior written consent of the
Company. Notwithstanding any other provisions of this Agreement, the Executive may make a passive investment in any publicly-traded company or entity in an amount not to exceed five percent of the voting stock of any such company or entity.

 (b) Agreement Not To Interfere in Business Relationships. 

(i) During the Restricted Period, neither the Executive nor any Controlled Entity will directly or indirectly solicit, induce or
influence any customer, or any other person which has a business relationship with the Company or any affiliate, or which had on the date of this Agreement such a relationship with the Company or any affiliate, to discontinue or reduce the extent of
such relationship with the Company or any affiliate in the Company’s Market. 
 (ii) During the Restricted Period, neither
the Executive nor any Controlled Entity will (1) directly or indirectly recruit, solicit or otherwise induce or influence any stockholder or employee of the Company or any of its affiliates to discontinue such employment or other relationship
with the Company or any affiliate, or (2) employ or seek to employ, or cause any business which competes in the Company’s Markets to employ or seek to employ for any reason, any person who is then (or was at any time within six months
prior to the date the Executive or such business employs or seeks to employ such person) employed by the Company or any affiliate without the prior written consent of the Company. 

(c) Confidentiality. During the Restricted Period, neither the Executive nor any Controlled Entity will directly or indirectly
disclose to anyone, or use or otherwise exploit for the Executive’s or any Controlled Entity’s own benefit or for the benefit of anyone other than the Company, any confidential information, including, without limitation, any confidential
“know-how”, trade secrets, customer lists, details of customer contracts, pricing policies, operational methods, marketing plans or strategies, product development techniques or plans, business acquisition plans and new personnel
acquisition plans of the Company or any affiliate related to the Business or any portion or phase of any scientific, engineering or technical information, design, process, procedure, formula, improvement, discovery, invention, machinery or device of
the Company or any affiliate, whether or not in written or tangible form (all of the preceding is hereinafter referred to as “Confidential Information”). The term “Confidential Information” does not include, and there shall be no
obligation hereunder with respect to, information that becomes generally available to the public or the Company’s competitors other than as a result of a disclosure by the Executive or a Controlled Entity or any agent or other representative
thereof. Neither the Executive nor any Controlled Entity shall have any obligation hereunder to keep confidential any Confidential Information to the extent disclosure is required by law, or determined in good faith by the Executive to be necessary
or appropriate to comply with any legal or regulatory order, regulation or requirement; provided, however, that in the event disclosure is required by law, the Executive or the Controlled Entity concerned shall provide the Company with prompt
advance written notice of such requirement so that the Company may seek an appropriate protective order. It is understood that in any new employment, the Executive may use her ordinary skill and non-confidential knowledge, even though said skill and
non-confidential knowledge may have been gained at the Company. The Executive’s obligations under this Section 10(c) shall be in addition to, not in substitution for, 

 
any common law fiduciary duties the Executive has to the Company regarding information acquired during the course of her employment. 

(d) Intellectual Property. The Executive shall communicate to the Company full information concerning all inventions, improvements,
discoveries, formulas, processes, systems of organization, management procedures, software or computer applications (hereinafter, collectively, “Intellectual Property”) made or conceived by her either solely or jointly with others while in
the employ of the Company, whether or not perfected during her period of employment and which shall be within the existing or contemplated scope of the Company’s business during her employment. The Executive will assist the Company and its
nominees in every way at the Company’s expense in obtaining patents for such Intellectual Property as may be patentable in any and all countries and the Executive will execute all papers the Company may desire and assignments thereof to the
Company or its nominees and said Intellectual Property shall be and remain the property of the Company and its nominees, if any, whether patented or not or assigned or not. 
 (e) Survival of Covenants. In the event of a termination of this Agreement, the covenants and agreements contained in this Section 10 shall survive, shall continue thereafter, and shall not
expire unless and except as expressly set forth in this Section. 
 (f) Remedies. The parties to this Agreement agree that
(i) if either the Executive or any Controlled Entity breaches any provision of this Section 10, the damage to the Company and its affiliates will be substantial, although difficult to ascertain, and money damages will not afford an
adequate remedy, and (ii) if either the Executive or any Controlled Entity is in breach of this Agreement, or threatens a breach of this Agreement, the Company shall be entitled in its own right and/or on behalf of one or more of its
affiliates, in addition to all other rights and remedies as may be available at law or in equity, to (1) injunctive and other equitable relief to prevent or restrain a breach of this Agreement and (2) may require the breaching party to pay
damages as the result of any transactions constituting a breach hereof. 
 11. Indemnification of Executive. In the event
the Executive is terminated for any reason, (a) the Company will hold harmless and indemnify the Executive for all third party claims, actions or other proceedings against the Executive initiated either prior to the termination of employment or
thereafter which relate to duties performed in good faith by the Executive while employed by the Company; and (b) the Company will retain the Executive as named insured under any directors’ and officers’ insurance policies it may
have, for acts of the Executive during the time she served as an officer of the Company. Additionally, all reasonable legal and other costs incurred by the Executive to defend herself will be paid by the Company, as the Executive is billed for such
costs, within ten days of periodic submission to the Company of statements of charges of attorneys and statements of other expenses incurred by the Executive in connection with such defense. 

12. Effect of Waiver. The waiver by either party of a breach of any provision of this Agreement shall not operate as or be
construed as a waiver of any subsequent breach thereof. 
 13. Notice. Any and all notices provided for herein shall be
in writing and shall be physically delivered or mailed by registered or certified mail, return receipt requested to the parties at their respective addresses set forth hereinabove. Either party may from time to time designate a different address for
notices to be sent to such party by giving the other party due notice of such different address. 

 14. Validity. If any part of this Agreement shall be found to be invalid or
unenforceable, the same shall be deemed to be severable and the remaining portions of this Agreement shall remain in full force and effect. 
 15. Modification and Assignment. This Agreement shall not be modified or amended except by an instrument in writing signed by the parties hereto. This Agreement and all of its terms and conditions
shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns, including but not limited to any corporation or other entity with or into which the Company is
merged or consolidated or any other successor of the Company. The Executive agrees that she will not and may not assign, transfer or convey, pledge or encumber this Agreement or her right, title or interest therein, or her power to execute the same
or any monies due or to become due hereunder, this Agreement being intended to secure the personal services of the Executive, and the Company shall not recognize any such assignment, transfer, conveyance, pledge or encumbrance. 

16. Applicable Law. This Agreement and the rights and obligations of the parties hereunder shall be construed and interpreted in
accordance with the laws of the State of New York, without giving effect to the conflict of laws provisions thereof. Any action or proceeding brought by either party against the other arising out of or related to the Agreement shall be brought only
in a state court of competent jurisdiction located in the County of Monroe, State of New York or the Federal District Court for the Western District of New York located in Monroe County, New York and the parties hereby consent to the personal
jurisdiction and venue of said courts. 
 17. Prior Agreements. This Agreement shall supersede any prior employment
agreement, arrangement or understanding between the Company and the Executive, without limitation, and shall be effective from the date specified hereinabove. 
 18. Business Combinations. In the event of any sale, merger or any form of business combination affecting the Company, including without limitation the purchase of assets or any other form of
business combination, the Company will obtain the express written assumption of this Agreement by the acquiring or surviving entity from such combination, and failure of the Company to obtain such an assumption will constitute a breach of this
Agreement, entitling the Executive to all payments and other benefits to be provided in the event of termination without cause provided in Section 8. 
 19. Section 409A. This Agreement is intended to comply with Section 409A of the Code to the extent its provisions are subject to that law. The parties agree that they will negotiate in
good faith regarding amendments necessary to bring this Agreement into compliance with the terms of that Section or an exemption therefrom as interpreted by guidance issued by the Internal Revenue Service, taking into account any limitations on
amendments imposed by Section 409A or Internal Revenue Service guidance. The parties further agree that to the extent the terms of this Agreement fail to qualify for exemption from or satisfy the requirements of Section 409A, this
Agreement may be operated in compliance with Section 409A pending amendment to the extent authorized by the Internal Revenue Service. In such circumstances the Company and the Executive will administer the Agreement in a manner which adheres as
closely as possible to the existing terms and intent of the Agreement while complying with Section 409A. 
 20.
Headings. The section headings of this Agreement are for convenience of reference only and are not to be considered in the interpretation of the terms and conditions of this Agreement. 

 21. Invalidity or Unenforceability. If any term or provision of this Agreement is
held to be invalid or unenforceable, for any reason, such invalidity or unenforceability shall not affect any other term or provision hereof and this Agreement shall continue in full force and effect as if such invalid or unenforceable term or
provision (to the extent of the invalidity or unenforceability) had not been contained herein. If any court determines that any provision of Section 10 hereof is unenforceable because of the duration or geographic scope of such provision, such
court shall have the power to reduce the scope or duration of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable. 
 22. Counterparts. This Agreement may be executed in any number of counterparts, each of which for all purposes shall be deemed to be an original. 

[Remainder of page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this agreement as of the day and
year first above written. 
  

			
	 GRAHAM CORPORATION

		
	By:	 	/s/ James R. Lines
	Name:	 	James R. Lines
	Title:	 	President and Chief Executive Officer
	
	 /s/ Jennifer Condame

	 Jennifer Condame

 STATE OF NEW YORK ) 
 ss: 
 COUNTY OF MONROE ) 

On this 24th day of July, 2013, before me personally came James R. Lines, to me known, who, being by me duly sworn did depose and say
that the above-named person resides in Lancaster, NY, that said person is the President and the Chief Executive Officer of Graham Corporation, the corporation described in and which executed the foregoing instrument; and that the above-named person
signed thereto by order of the Board of Directors of said corporation. 
 Notary Public 

[notary stamped] 

 STATE OF NEW YORK ) 

ss: 
 COUNTY OF
MONROE ) 
 On the 24th day of July, in the year 2013, before me, the undersigned, a Notary Public in and for said State,
personally appeared Jennifer Condame, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her
capacity, and that by her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
 Notary Public 
 [notary stamped] 

[Signature Page to the Employment Agreement of Jennifer Condame]

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