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                                                                  EXHIBIT 10.33

             COMPLETE AND PERMANENT RELEASE AND SEVERANCE AGREEMENT

         Mr. David Schroeder ("Mr. Schroeder") and Brady Corporation ("the
Company") hereby enter into this complete and permanent release and severance
agreement to resolve all matters relating to Mr. Schroeder's employment with and
severance from the Company. Mr. Schroeder and the Company hereby agree as
follows:

         1. Mr. Schroeder's employment with the Company will irrevocably
terminate on May 31, 2004 (the termination date). Assuming Mr. Schroeder accepts
this agreement and does not revoke it, the Company will pay Mr. Schroeder his
normal base salary (less required withholding), pursuant to the Company's normal
payroll system, as "severance payments" for six months after he ceases full time
work for the Company, which shall be a date of his choosing prior to or no later
than May 31, 2004. Additionally, Mr. Schroeder will be entitled to receive a
pro-rated bonus, based on actual company performance against the bonus targets,
through his last day of full time work. Although Mr. Schroeder will have no
specific duties or obligations to the Company after his last day of full time
work, he shall remain available to respond to reasonable inquiries and to
provide relevant information to the Company until his termination date. As an
employee, Mr. Schroeder shall also be entitled to employee health and dental
insurance benefits up to his termination date, unless he becomes eligible for
alternative benefits through another employer prior to May 31, 2004, in which
event such insurance benefits shall cease. Additionally, Mr. Schroeder shall be
entitled to executive perquisites through either his last day of full time
employment or his termination date, whichever occurs first. If Mr. Schroeder
does not have

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alternative benefits through another employer as of May 31, 2004, then he can
continue medical coverage pursuant to a valid COBRA election by him. Mr.
Schroeder shall be responsible for the employee portion of such premium costs.
His termination date shall be deemed to be the "qualifying event" for insurance
continuation purposes under state and federal law. As of the date he ceases
full-time work for the Company, Mr. Schroeder shall no longer be entitled to
participate in the Company's 401(k) or other retirement plans, but he shall have
all vested rights with respect to those plans. Mr. Schroeder shall be deemed to
be actively employed through May 31, 2004, for all purposes under any Company
stock option plan in which he is a participant.

         2. Mr. Schroeder acknowledges that the Company is under no pre-existing
obligation to pay him any of the severance payments or benefits described above,
and that no amounts are due and owing Mr. Schroeder other than salary through
his termination date and vested benefits to which he is otherwise entitled
("vested benefits"). The parties agree that the foregoing, and the benefits
described in paragraphs 3 and 4 below, constitute all of the payments and
benefits to be provided to Mr. Schroeder under this Agreement, and that they are
in full settlement of all payments and benefits, including but not limited to,
claims for wages, vacation pay, sick pay, bonuses, commissions, relocation
costs, severance payments, or any other compensation. No portion of the
severance payments made under this Agreement following Mr. Schroeder's
termination date shall be taken into account as compensation under any Company
welfare, pension, 401(K), profit sharing plan or similar program that bases
benefits in whole or in part on compensation received from the Company. In
addition, Mr. Schroeder shall not accrue fringe benefits such as holidays,
vacations, or similar benefits during the period of his severance


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payments, nor shall any 401(K) payments be made by the Company or by Mr.
Schroeder after his termination date.

         3. As of the date he ceases full time employment, or his termination
date, whichever occurs first, Mr. Schroeder shall also be entitled to purchase
his Company automobile at 80% of its wholesale value. In further consideration
of the provisions of this Agreement, the Company will provide outplacement
services to Mr. Schroeder through its designated provider.

         4. In further consideration of the provisions of this Agreement, Mr.
Schroeder shall be allowed to retain the laptop computer and printer provided to
him by the Company, provided, however, that no later than his termination date
he shall return to the Company any proprietary information in his possession and
provided that he shall not be allowed access to the Company's e-mail, Internet,
or other network systems after his termination date.

         5. Mr. Schroeder agrees that his employment with the Company will
irrevocably end as of his termination date, with no right of re-employment with
the Company.

         6. In consideration of the payments and benefits described above, and
to the fullest extent allowed by law, Mr. Schroeder, for himself, his spouse,
heirs, successors and assigns, hereby releases and forever discharges the
Company, its owners, parents, successors, affiliates, directors, officers,
employees and all other representatives, from any and all charges, claims, suits
and expenses (including attorneys' fees and costs), whether known or unknown,
including, but not limited to, claims of age, gender, or other discrimination,
breach of contract, wrongful discharge, constructive discharge, claims under the
Wisconsin Fair Employment Act, Section 111.31, et seq. Wis. Stats.; Title VII of
The Civil Rights Act of 1964, as amended, 42 U.S.C.

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Section 2000e, et seq.; the Age Discrimination in Employment Act, 29
U.S.C. '621 et. seq.; the common law of Wisconsin, or any other federal, state
or local law relating to employment. This release includes any and all matters
in connection with or relating in any way to Mr. Schroeder's employment with the
Company and his termination from the Company, provided, however, that nothing
herein shall release, diminish, or otherwise affect Mr. Schroeder's vested
benefits.

         7. Mr. Schroeder and the Company agree that this complete and permanent
release and severance agreement shall not constitute an admission by the Company
that it has acted wrongfully with respect to Mr. Schroeder or that it has
discriminated against him or against any other individual.

         8. Except as permitted below, Mr. Schroeder hereby agrees to keep the
terms and existence of this complete and permanent release and severance
agreement confidential, and he agrees that he shall neither directly nor
indirectly disclose the terms of this Agreement to any other person or entity
except to his attorneys, tax preparers or financial advisors, and immediate
family members, but only on the condition that they agree to abide by the terms
of this confidentiality clause, unless compelled by law.

         9. Mr. Schroeder acknowledges that as of his termination date, he will
cease to perform services for the Company, and that thereafter he will not have
any further authority to act on its behalf. Mr. Schroeder agrees that at no time
will he make disparaging remarks about the Company, its products or practices
including, but not limited to, its personnel practices. Mr. Schroeder agrees to
cooperate with and assist the Company in connection with all pending legal
matters in which he was involved. Mr. Schroeder further agrees to comply in all
respects with


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his Confidential Information Agreement dated January, 2001, which shall
survive his termination of employment with the Company. Mr. Schroeder and the
Company specifically agree that the severance payments under paragraph 1 above,
regardless of the date they actually commence, shall be deemed to fulfill the
first 12 months of any obligation the Company may have to provide a maximum of
24 months of payments to Mr. Schroeder under that Confidential Information
Agreement.

         10. This complete and permanent release and severance agreement sets
forth the entire agreement between the parties and fully supersedes any and all
prior agreements or understandings between Mr. Schroeder and the Company with
the exception of the January, 2001 Confidential Information Agreement, which
shall remain in full force and effect except as modified in paragraph 9 above.
Mr. Schroeder acknowledges that he is hereby advised to seek legal counsel
before signing this Agreement, that he has twenty-one (21) days to consider this
Agreement, that upon his acceptance he has seven (7) days to revoke his
acceptance, and that this Agreement will not become effective until that seven
(7) day period has expired. Mr. Schroeder agrees that he has read, understands
and voluntarily accepts its terms.


October 10, 2003                            /s/ David Schroeder
----------------------------                ------------------------------------
Date                                        David Schroeder

                                            BRADY CORPORATION

October 10, 2003                            By: /s/ Frank M. Jaehnert
----------------------------                   ---------------------------------
Date                                           Its Authorized Representative



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