Document:

Exhibit 10.1

                              AMENDED AND RESTATED
                                  SECTIONS OF
                           AIP STOCKHOLDERS AGREEMENT

      3.1. Restrictions on Transfer.  Subject to compliance with the limitations
on the rights of AIP to freely  Transfer  Equity  Securities of HHI set forth in
this  Article 3 (together  with any  limitations  which may arise from any other
agreement  to which AIP is subject or  applicable  federal and state  securities
laws), AIP may sell, pledge, hypothecate,  transfer, assign or otherwise dispose
of (a  "Transfer")  any of its remaining  shares of Common Stock or other Equity
Security to any Person at any time.  Notwithstanding  anything else contained in
this Agreement, AIP may Transfer any Equity Security to an Affiliate of AIP, but
only if such  Affiliate,  before the  consummation of the Transfer,  agrees,  in
writing,  to be bound by this  Agreement.  Any  transferee  of AIP other than an
Affiliate  shall be released from the  obligations  set forth in this Agreement:
provided,  however,  any transferee that receives shares from AIP in a privately
negotiated  transaction and not in a market  transaction  prior to the Effective
Date, shall be bound by this Agreement until the day immediately  following such
Effective Date.  Notwithstanding  anything else contained in this Agreement, the
provisions of this Article 3 will not apply to any Common Stock acquired by John
W.  Adams as the  result  of any  exercise  of  existing  options  or  warrants.
Notwithstanding  anything  else  contained  herein  to the  contrary,  until the
Effective Date,  other than  open-market  sales, AIP may not Transfer any Equity
Securities of HHI unless the transferee  thereof has provided a signed affidavit
indicating  that such  person is a U.S.  citizen  within the  meaning of Section
40102(a)(15) of the Transportation Act (49 U.S.C. Section 40101, ET SEQ.,).

      3.2 Right of First Offer.  If at any time after December 22, 2004, AIP has
a bona fide intent to complete a Transfer  with  respect to any shares of Common
Stock  owned by AIP,  AIP shall  first give the Buyer a right of first  offer to
purchase the shares of Common Stock that AIP wishes to Transfer. AIP shall do so
by notifying  Larry  Hershfield (an  "Intention to Sell") of AIP's  intention to
Transfer its shares of Common  Stock.  Thereafter,  AIP shall  negotiate in good
faith for the sale of its shares of Common  Stock with the Buyer for a period of
one hour. During the one hour period following receipt of the Intention to Sell,
AIP shall not engage in any

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discussions,  written or oral,  regarding  the  Transfer of its shares of Common
Stock  with any other  person or  entity.  If at the end of the one hour  period
after  receipt of the  Intention to Sell,  the parties have been unable to reach
agreement as to the terms of such purchase,  AIP shall be free to negotiate with
third  parties  for the sale of such  shares of Common  Stock,  and  subject  to
Section 3.3 below hereof,  may enter into  agreements  with respect to same. AIP
and Buyer shall  consummate  any purchase of Common Stock agreed upon during the
one hour period within three (3) days of such agreement to purchase.

      3.3 Right of First  Refusal.  Prior to entering into any Transfer with any
potential  transferee (a  "Transferee"),  AIP shall first offer to the Buyer the
right to purchase all of the shares of Common Stock  proposed to be  Transferred
in accordance with the following provisions:

      (a) If AIP receives (i) a bona fide written  offer to purchase all or part
of its shares of Common Stock (a "Bona Fide  Offer") from a Transferee  that AIP
desires to accept,  or (ii) a bona fide written  acceptance from a Transferee of
AIP's  offer to sell all or part of its  shares  of Common  Stock (a "Bona  Fide
Acceptance"),  then AIP shall, not later than two (2) days after receipt of such
Bona Fide  Offer or Bona Fide  Acceptance,  deliver  written  notice  thereof (a
"First  Refusal  Notice") to the Buyer. A First Refusal Notice in respect of any
shares of Common  Stock  shall:  (i)  identify  the  Transferee;  (ii) state the
aggregate  purchase  price for such  shares  of  Common  Stock to be paid by the
Transferee  (if such purchase  price is to be paid by delivery of property other
than cash,  such price shall be the fair market value of such  property and such
notice shall state AIP's  estimate of the fair market  value of such  property);
(iii) summarize all material terms and conditions of the Bona Fide Offer or Bona
Fide Acceptance and all other transactions and agreements directly or indirectly
conditioned  upon or  otherwise  related to the purchase of the shares of Common
Stock by the  Transferee;  and (iv) be  accompanied by a certificate of AIP or a
duly authorized  officer of AIP certifying that the information set forth in the
First Refusal  Notice is true,  correct and complete in all respects to the best
of his or her knowledge and that the Bona Fide Offer or Bona Fide  Acceptance is
a result of arm's-length

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offer and has not been made or  otherwise  effected for the purpose of avoiding,
evading,  circumventing or otherwise  adversely affecting the right of the Buyer
to  purchase  the shares of Common  Stock  pursuant  to the  provisions  of this
Section 3.3.

      (b) For a period of twenty four (24) hours following  receipt by the Buyer
of a First Refusal Notice (the "First Refusal Period"),  the Buyer may elect, by
the  delivery of written  notice of such  election  to AIP (the  "First  Refusal
Election  Notice") within such First Refusal Period,  to purchase all the shares
of Common  Stock at a price  equal to the  price set forth in the First  Refusal
Notice  and on the terms  and  conditions,  including  the  manner  of  payment,
described in the First Refusal  Notice and in the  accompanying  materials.  The
rights  afforded to the Buyer  pursuant to this  Section 3.3 may be exercised by
the Buyer or may be assigned by it to an entity  wholly  owned by the Buyer,  in
which case each  reference  to the Buyer in this  Section 3.3 shall be deemed to
include such assignee.

      (c) If the Buyer duly and timely delivers a First Refusal  Election Notice
to AIP in  respect  of all of the  shares of Common  Stock  subject to the First
Refusal Notice during the First Refusal  Period,  then AIP shall be obligated to
sell all such  shares  of Common  Stock to the  Buyer,  and the  Buyer  shall be
obligated to purchase  all such shares of Common Stock from AIP,  free and clear
of all liens, claims, charges or security interests.  The purchase of any shares
of Common Stock by the Buyer shall be  consummated on or before the tenth (10th)
day after the First Refusal  Election Notice is received by AIP or on such other
date as AIP and the Buyer may agree.

      (d) If the Buyer does not duly and timely deliver a First Refusal Election
Notice to AIP in respect of any shares of Common Stock, or if the Buyer fails to
close such purchase as required by the date set forth in Subsection 3.3 (c), AIP
shall have the right to enter into an  agreement  to sell such  shares of Common
Stock to the Transferee by a date not later than fifteen (15) Days after (i) the
expiration of the First Refusal Period in respect of such shares of Common Stock
or (ii) the date of the  failure to close such  purchase at a price and on terms
which are in strict  accordance  with the price and terms  included  in the Bona
Fide Offer or Bona Fide

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Acceptance (except for variations in immaterial terms and conditions of the Bona
Fide Offer or Bona Fide  Acceptance  which are neither  individually  nor in the
aggregate more favorable to the Transferee  than those  originally  contained in
the Bona Fide Offer or Bona Fide Acceptance).

      (e) This  Section 3.3 shall only apply to  privately  negotiated  sales of
AIP's Common Stock and shall not apply to sales of AIP's Common Stock to be sold
in market transactions.

                                        4Exhibit 10(d) to The Valspar Corporation Form 10-K dated October 29, 2004

Exhibit 10(d)  

THE VALSPAR CORPORATION

KEY EMPLOYEE ANNUAL BONUS PLAN

as amended through August 11, 2004 

KEY EMPLOYEE — OFFICER  

PURPOSE: 

The purpose of The Valspar Corporation Key Employee Annual Bonus Plan is to
more closely align the goals and motivation of management with those of other Valspar shareholders and to provide key personnel
with a long-term capital appreciation opportunity. This purpose is accomplished by granting options to acquire Valspar stock based
on the performance of the Participant and Valspar and by encouraging the conversion of performance based cash bonuses to grants of
restricted Valspar stock. 

DEFINITIONS: 

“Bonus and Election Form” shall mean the form used from time to
time by Valspar for Participants to make elections under the Plan for each Fiscal Year. 

“Cash Bonus Amount” shall mean the amount determined for a
Participant for a particular Fiscal Year as set forth in Section 2 below. The amount of the Cash Bonus Amount will not change if
all or part is converted into a restricted stock grant pursuant to the terms of this Plan. 

“Change of Control” shall be deemed to have occurred in any of the
following circumstances: (a) Any individual, entity or group becomes a beneficial owner (as defined in Rule 13d-3 of the
Securities Exchange Act of 1934), directly or indirectly, of 20% or more of the voting stock of the Company; (b) The persons who
were directors of the Company immediately prior to any contested election or series of contested elections, tender offer, exchange
offer, merger, consolidation, other business combinations, or any combination of the foregoing cease to constitute a majority of
the members of the Board of Directors of the Company immediately following such occurrence; (c) Any merger, consolidation,
reorganization or other business combination where the individuals or entities who constituted the Company’s shareholders
immediately prior to the combination will not immediately after the combination own at least 50% of the voting securities of the
business resulting from the combination; (d) The sale, lease, exchange or other transfer of all or substantially all the assets of
the Company to any individual, entity or group not affiliated with the Company; (e) The liquidation or dissolution of the Company;
or (f) The occurrence of any other event by which the Company no longer operates as an independent public company. 

“Committee” shall mean the Compensation Committee of the Board of
Directors of Valspar as constituted from time to time; provided, however, each member of the Committee shall be an outside
director within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) and the
rules and regulations thereunder. 

“Disability” shall mean permanent disability as that term is
defined under the long term disability insurance coverage offered by Valspar to its employees at the time the determination is to
be made. 

“Eligible Employee” shall mean an Employee that the Committee has
determined to permit to become a Participant. 

“Employee” shall mean each person who is an employee of Valspar
which term shall include both full and part-time employees but shall not include independent contractors providing services to
Valspar. 

“Fiscal Year” shall mean the period corresponding with each of the
fiscal years of Valspar. 

“Option Plan” shall mean The Valspar Corporation 1991 Stock Option
Plan, or any other stock option plan of Valspar designated by the Committee. 

“Participant” shall mean an Eligible Employee that has executed a
Bonus and Election Form and who remains a Participant pursuant to the provisions of Section 1 of the Plan. 

“Plan” shall mean The Valspar Corporation Key Employee
Annual Bonus Plan, as set forth herein and as amended from time to time. 

“Plan Administrator” shall mean the person or persons designated as
such from time to time by the Committee. If no person is designated as the Plan Administrator, the Plan Administrator shall be the
Secretary of Valspar. 

“Retirement” shall mean the termination of employment with Valspar
at any time after the Employee has attained the age of sixty years (or age fifty-five with an executed non-compete agreement) for
any reason other than Termination for Cause. 

“Stock” shall mean the common stock of Valspar, par value
$.50 per share. 

“Termination for Cause” shall mean the termination of employment
with Valspar as a result of an illegal act, gross insubordination or willful violation of a Valspar policy by an Employee.

“Valspar” shall mean The Valspar Corporation, a Delaware
corporation, with its principal offices in Minneapolis, Minnesota. 

PLAN: 

        1.   Participants:   From
time to time, the Committee shall determine the Employees who will be Eligible Employees under the Plan. As soon as possible after
the Committee has made its determination, the Plan Administrator will notify each Eligible Employee of his/her eligibility. An
Eligible Employee shall become a participant by executing a Bonus and Election Form and filing it with the Plan Administrator. A
Participant will cease being a Participant upon the earlier of (i) his/her termination of employment with Valspar for any reason
or (ii) a determination by the Committee that he/she shall no longer be an Eligible Employee. 

        2.   Cash Bonus Determination and Amount: 

        (a)   Each
Participant will be eligible to earn a Cash Bonus Amount calculated as a percentage of that Participant’s base salary for the
Fiscal Year based on the performance of the 

Participant and/or Valspar for such Fiscal Year as determined pursuant to The
Valspar Corporation Incentive Bonus Plan for Key Employees (the “Incentive Plan”). 

        (b)   With
respect to any executive officers designated by the Committee (the “Designated Executive Officers”), who shall always
include the Chief Executive Officer, the Chief Operating Officer, the President and any Executive or Senior Vice Presidents, (i)
the Committee will identify specific performance targets and maximum bonus levels, as a percentage of base salary, for each
Designated Executive Officer under the Incentive Plan within the first 90 days of each Fiscal Year and record these targets and
bonus levels in writing; (ii) the performance targets for Designated Executive Officers shall be limited to one or more of the
following categories for the Fiscal Year, either on an absolute basis or a comparative basis with other Fiscal Years: gross or net
sales, expenses as a percentage of net sales, inventory turns, profits, return on average equity and cash flow; (iii) the
Committee will certify in writing following the end of the Fiscal Year whether the performance targets have been met and the level
of the Cash Bonus Amount earned under the Incentive Plan; and (iv) the maximum Cash Bonus Amount for any Designated Executive
Officer under the Incentive Plan for any Fiscal Year shall be $2,000,000.00. 

        3.   Restricted
Stock Grant: 

        (a)   A
Participant may elect prior to the beginning of each Fiscal Year to convert all or any portion of his/her Cash Bonus Amount for
that Fiscal Year into a grant of restricted Stock. The number of shares of Stock contained in the grant of restricted Stock for
each Fiscal Year shall be determined by dividing the Cash Bonus Amount for that Fiscal Year that is converted into a grant of
restricted Stock by the average closing price of one share of Stock on the New York Stock Exchange for the ten business days
immediately prior to the date on which the Cash Bonus Amount for such Fiscal Year was to be paid. The maximum number of shares
that may be granted to any Designated Executive Officer under this Section 3(a) for any Fiscal year shall be 250,000 shares.

        (b)   Each
participant who receives a Cash Bonus Amount (whether or not he/she elects to convert all or any portion of his/her Cash Bonus
Amount into a grant of restricted Stock pursuant to the previous paragraph) will also receive a grant of restricted Stock equal to
150 percent (150%) of his/her Cash Bonus Amount. The number of shares of Stock contained in the grant of restricted Stock under
this paragraph for each Fiscal Year shall be determined by dividing the 150 percent (150%) Cash Bonus Amount for that Fiscal Year
by the average closing price of one share of Stock on the New York Stock Exchange for the ten business days immediately prior to
the date on which the Cash Bonus Amount for such Fiscal Year was to be paid. 

        (c)   Notwithstanding
the fact that the number of shares of Stock contained in any grant of restricted Stock made pursuant to Sections 3(a) or (b) above
is not determined until after the end of each Fiscal Year, a Participant who is a Participant on the last day of a Fiscal Year
shall be entitled to his/her Cash Bonus Amount and/or grant(s) of restricted Stock for such Fiscal Year even if such Participant
is not a Participant on the date the Cash Bonus Amount is determined or paid or when the number of shares of Stock to be contained
in the grant(s) of restricted Stock is determined or the certificate representing those shares is issued. 

        (d)   Immediately
upon determination of the number of shares of Stock contained in the grant(s) of restricted Stock made pursuant to Sections 3(a)
or (b) above, Valspar shall cause to be 

issued a stock certificate representing such shares of Stock in the name of
the Participant. All certificates representing shares of Stock that are subject to the risk of forfeiture set forth in
Section 3(e) below shall be held for Valspar by the Plan Administrator; provided, however, the person in whose name the
certificate is issued shall be entitled to vote the shares represented by such certificate and receive dividends attributable
thereto until such time, if ever, the shares are forfeited pursuant to Section 3(e) below. 

        (e)   The
shares of Stock contained in each grant of restricted Stock are forfeitable for three years from the date of the grant if the
Participant’s employment with Valspar terminates for any reason other than death, Disability, Retirement or Change of
Control. Such shares of Stock shall not be forfeitable if (i) the Participant’s employment with Valspar terminates during
such three year period as a result of the Participant’s death, Disability or Retirement, (ii) any Change of Control (see
Definitions) occurs during such three year period, or (iii) the Participant’s employment with Valspar terminates after the
end of such three year period. At such time as the foregoing risk of forfeiture lapses, the certificate representing the shares of
Stock shall be distributed to the person in whose name it was issued, or if appropriate that person’s estate. If the shares
of Stock are forfeited, the certificate representing those shares shall be canceled. 

        (f)   A
maximum of 1,400,000 shares of Stock may be issued as restricted Stock under the Plan. 

        4.   Nonstatutory Stock Options: 

        (a)   For
each Fiscal Year, each Participant will be granted a nonstatutory stock option under the Option Plan. The number of shares of
Stock included in the nonstatutory stock option will be determined by dividing a multiple of the participant’s base salary by
the average closing price of one share of Stock on the New York Stock Exchange for a consecutive twelve-month period preceding the
issuance of the option. 

        (b)   Each
such option shall be evidenced by an option agreement between the Participant and Valspar which shall be prepared and executed as
soon as possible after the determination of the number of shares of Stock to be covered by the option. The option agreement shall
provide for an exercise price per share equal to the closing price of one share of Stock on the New York Stock Exchange on the day
prior to the date on which the number of shares of Stock included in the nonstatutory stock option is determined, a term of ten
years, vesting at the rate of 33 1/3% per year so that the option will be fully exercisable three years after the date of grant
and will permit the option to be exercised by surrendering other shares of Stock owned by the Participant. The option agreement
shall also provide for full vesting in the event that (i) the Participant’s employment with Valspar terminates as a result of
death, Disability or Retirement or (ii) a Change of Control (see Definitions) occurs. The option agreement shall permit the
exercise in full of the option for the remainder of its term in the event of a Change of Control. Terms for stock option vesting
are stated in the attached Appendix. 

        5.   Change of Control: 

        Upon any Change of Control
(see Definitions), each outstanding option shall immediately become exercisable in full for the remainder of its term, without
regard to any vesting or installment exercise provisions theretofore applicable to the option, and all restrictions shall
immediately lapse with respect to each grant of restricted Stock. This section applies to all 

options and grants of restricted Stock outstanding under this Plan as of June
16, 1999, as well as to all options and restricted Stock granted under this Plan thereafter. 

        6.   Miscellaneous:  

        (a)   The
Board of Directors of Valspar or the Committee may, at any time and without further action on the part of the shareholders of
Valspar, terminate this Plan or make such amendments as it deems advisable and in the best interests of Valspar; provided,
however, that no such termination or amendment shall, without the consent of the Participant, materially adversely affect or
impair the right of the Participant with respect to a Cash Bonus Amount that the Participant has already earned or a grant of
restricted Stock or a nonstatutory stock option that the Participant has already received; and provided, further, that unless the
shareholders of Valspar shall have approved the same, no amendment shall, either directly or indirectly: 

	  	(1) 	  	Materially increase the total number of shares of Stock that may
be awarded under this Plan to all Participants; 

	  	(2) 	  	Materially increase the benefits accruing to Participants under
the Plan; or 

	  	(3) 	  	Materially modify the requirements as to eligibility for
participation in the Plan. 

        (b)   Valspar
shall be entitled to withhold and deduct from future wages of a Participant or from the Cash Bonus Amount, or make other
arrangements for the collection of, all legally required amounts necessary to satisfy any and all federal, state and local
withholding and employment-related tax requirements attributable to the lapse of restrictions applicable to the grant of
restricted Stock pursuant to the Plan, or shall require the Participant promptly to remit the amount of such withholding tax
obligations to Valspar before issuing any certificate for shares of Stock awarded under a grant of restricted Stock. Subject to
such rules as the Committee may adopt, the Committee may, in its sole discretion, permit a Participant to satisfy such withholding
tax obligations, in whole or in part, with shares of Stock having an equivalent fair market value or by electing to have Valspar
withhold shares of Stock having an equivalent fair market value from the shares that may be issued pursuant to a grant of
restricted Stock; provided, however, that the Participant must comply with any applicable provisions of Rule 16b-3 or its
successor, as then in effect, of the General Rules and Regulations under the Securities and Exchange Act of 1934, as amended.

        (c)   The
categories of performance criteria for Designated Executive Officers under Section 2(b) shall be subject to shareholder approval
at the first shareholders meeting following the Fiscal Year ending October 31, 2003. These categories, or new categories of
performance criteria for the Designated Executive Officers, shall be subject to shareholder approval at the first shareholders
meeting following the end of each fifth Fiscal Year after 2003. 

	

	APPENDIX
OFFICERS  
	

	STOCK OPTION VESTING TERMS AND CONDITIONS
	

	Option Term	 	•   10 years	 
	

	Vesting	 	•   33 1/3% per year, fully exercisable three years after date of grant	 
	

	Retirement After Age 60	 	•   100% vested	 
	 	 	•   3 years to exercise, not to exceed original option term	 
	

	Retirement After Age 55	 	•   per cent vested at time of retirement, 30 days to exercise, not to exceed original option term	 
	 	 	•   100% vested, 3 years to exercise, with non-compete agreement executed at time of retirement, 
     not to exceed original option term	 
	

	Death and Disability	 	•   100% vested	 
	 	 	•   1 year to exercise, not to exceed original option term	 
	

	Change of Control	 	•   100% vested for remainder of term	 
	

	Termination	 	•   per cent vested at time of termination	 
		 	•   30 days to exercise, not to exceed original option term	 
	

	Termination For Cause	 	•   forfeit unexercised options

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