Document:

Exhibit 10(g)

                    THE VALSPAR CORPORATION STOCK OPTION PLAN
                FOR NON-EMPLOYEE DIRECTORS, AS AMENDED 12/12/2001

SECTION 1.    PURPOSE.

         This plan is known as "The Valspar Corporation Stock Option Plan for
Non-Employee Directors" and is hereinafter referred to as the "Plan." The
purpose of the Plan is to promote the interests of The Valspar Corporation, a
Delaware corporation (the "Company"), by enhancing its ability to attract and
retain the services of experienced and knowledgeable independent directors and
by providing additional incentive for these directors to increase their interest
in the Company's long-term success and progress.

SECTION 2.    PARTICIPATION IN THE PLAN.

         Each director of the Company who is not an employee of the Company or
any subsidiary of the Company (a "Non-Employee Director") will be eligible to
participate in the Plan.

SECTION 3.    STOCK SUBJECT TO THE PLAN.

         Shares to be issued under the Plan shall be common stock of the Company
(par value $.50 per share) ("common stock"), not to exceed a maximum of 250,000
shares, and may be unissued shares or reacquired shares. If options granted
under the Plan expire or terminate without having been exercised in full, such
unpurchased shares shall be available for other option grants. If shares of
common stock are delivered as full or partial payment upon exercise of an
option, the number of shares so delivered shall again be available for other
option grants.

SECTION 4.    NON-QUALIFIED STOCK OPTION GRANTS.

a.)      For grants in respect of board service in fiscal year 2000 and prior
         fiscal years, each Non-Employee Director serving as a member of the
         Board of Directors of the Company on the December 31 immediately
         preceding each annual meeting of the stockholders of the Company, will
         automatically be granted on the date of such annual meeting a
         Non-Qualified Stock Option with a value equal to 50% of the amount of
         the current annual retainer and meeting fees paid to Non-Employee
         Directors for their service on the Board of Directors and board
         committees for the preceding fiscal year. The per share option exercise
         price will be equal to 100% of the Fair Market Value of one share of
         the Company's common stock on the date of grant, as determined by the
         closing price of the Company's common stock on the last business day
         prior to the annual meeting date.

b.)      For grants in respect of service in fiscal year 2001, each Non-Employee
         Director serving as a member of the Board of Directors of the Company
         on October 26, 2001 will automatically be granted, on the date of the
         Company's annual meeting in 2002, a non-qualified stock option with a
         value equal to 100% of the annual retainer and meeting fees paid to
         Non-Employee Directors for their service on the Board of Directors and
         board committees during fiscal year 2001. The per share option price
         will be equal to 100% of

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         the fair market value of one share of the Company's common stock on the
         date of grant as determined by the closing price of the Company's
         common stock on the last business day prior to such annual meeting.

c.)      For grants in respect of service in fiscal year 2002 and subsequent
         fiscal years, each Non-Employee Director serving as a member of the
         Board of Directors of the Company on the date of the October board
         meeting in any year will automatically be granted on the date of such
         meeting a non-qualified stock option with a value equal to 100% of the
         amount of the current annual retainer and meeting fees paid to
         Non-Employee Directors for service on the Board of Directors and board
         committees during the current fiscal year. The per share option
         exercise price will be equal to 100% of the fair market value of one
         share of the Company's common stock on the date of grant, as determined
         by the closing price of the Company's common stock on the last business
         day prior to such October board meeting date. In the event no Board
         meeting is held in October of any year, the grant date shall be the
         last day of the current fiscal year and the per share option exercise
         price shall be equal to 100% of the fair market value of one share of
         the Company's common stock on the last business day preceding such
         grant date.

         The number of shares subject to the option will be determined by using
         the same option valuation model used to value options for purposes of
         the notes to the Company's audited financial statements for the prior
         fiscal year. If no option valuation model is used for financial
         reporting purposes, the Board of Directors will determine the
         appropriate model to be used for this purpose. All such options will be
         designated as Non-Qualified Stock Options. Each option will be
         immediately exercisable in full and have a term of ten years. Upon
         termination of a person's service as a director of the Company, such
         Non-Employee Director will be allowed to exercise the option for a
         period of three years after the date on which such person ceased to be
         a director, but in no event may the option be exercised after the
         expiration of its original term.

SECTION 5.    OPTION AGREEMENT AND EXERCISE OF OPTION.

         Promptly after determination of the number of stock options to be
granted to each Non-Employee Director under Section 4, the Company will prepare
and deliver a Non-Qualified Stock Option Agreement to each Non-Employee
Director, containing the terms described in this Plan. Optionee is not required
to exercise options in the sequential order that the options were granted. An
option shall be exercised by written notice in a form designated by the Company
accompanied by full payment of the purchase price. All or part of the purchase
price may be paid by surrender (or deemed surrender through attestation) of
previously acquired shares of common stock valued at the fair market value at
the closing price on the day preceding the date of exercise. Until an option is
exercised and the stock certificate issued, the Optionee shall have no rights as
a stockholder with respect to such option.

SECTION 6.    WITHHOLDING OF TAXES.

         Upon exercise of an option, the Optionee shall (i) pay cash, (ii)
surrender previously acquired shares of common stock or (iii) authorize the
withholding of shares from the shares issued upon exercise of an option for all
taxes required to be withheld.

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SECTION 7.    NON-TRANSFERABILITY.

         Except as otherwise provided by the Committee, Options shall not be
transferable, voluntarily or involuntarily, except by will or applicable laws of
descent and distribution. Only the Optionee, Optionee's legal representative or
guardian or a permitted transferee may exercise the option.

SECTION 8.    DILUTION OR OTHER ADJUSTMENTS.

         The number of shares subject to the Plan, the outstanding options and
the exercise price may be adjusted by the Committee as it deems equitable in the
event of stock split, stock dividend, recapitalization, reclassification or
similar event to prevent dilution or enhancement of option rights.

SECTION 9.    MERGERS, ACQUISITIONS, OR OTHER REORGANIZATION.

         The Committee may make provision, as it deems equitable, for the
protection of Optionees with grants of outstanding options in the event of (a)
merger of the Company into, or the acquisition of substantially all of the stock
or assets of the Company by, another entity; or (b) liquidation; or (c) other
reorganization of the Company.

SECTION 10.   ADMINISTRATION AND AMENDMENT OF THE PLAN.

         The Plan shall be administered by the Compensation Committee of the
Board of Directors. The Committee may suspend or discontinue the Plan or revise
or amend it in any respect deemed advisable and in the best interests of the
Company; provided, however, that no such revision or amendment would impair the
terms and conditions of any option which is outstanding on the date of such
revision or amendment to the material detriment of the Optionee without the
consent of the Optionee. In addition, no such revision or amendment may, without
the approval of the Corporation's stockholders, (i) materially increase the
number of shares subject to the Plan except as provided in the case of stock
splits, consolidations, stock dividends or similar events, (ii) change the
designation of the class of individuals eligible to receive options, or (iii)
materially increase the benefits accruing to Optionees under the Plan.

SECTION 11.   EFFECTIVE DATE OF THE PLAN.

         The Plan will become effective as of February 25, 1998, the date
stockholders of the Company approve such Plan. The first option grant under this
Plan will be granted on the date of the annual stockholder meeting held in 1999
to all Non-Employee Directors who were members of the Board of Directors on
December 31, 1998. This Plan is being adopted to replace The Valspar Corporation
Restricted Stock Plan for Non-Employee Directors, which will automatically
terminate following the issuance of the restricted stock grant that was earned
for services during 1997. The effectiveness of the amendments to Section 4
relating to grants in fiscal 2001 and subsequent years is subject to shareholder
approval of such amendments.Exhibit 10(n)

                                 US$150,000,000

                  AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT

                                   dated as of

                                November 15, 2001

                                      among

                             THE VALSPAR CORPORATION

                           The Borrowing Subsidiaries
                                  Party Hereto

                            The Lenders Party Hereto

                                       and

                              JPMORGAN CHASE BANK,
                             as Administrative Agent

                             BANK OF AMERICA, N.A.,
                                 BANK ONE, N.A.,
                              WACHOVIA BANK, N.A.,
              as Co-Syndication Agents and Co-Documentation Agents

                           ---------------------------

                           J.P. MORGAN SECURITIES INC.
                         as Lead Arranger and Bookrunner

<PAGE>

                                    AMENDMENT AND RESTATEMENT AGREEMENT dated as
                           of November 15, 2001 (this "Amendment and
                           Restatement"), in respect of the 364-DAY CREDIT
                           AGREEMENT dated as of November 17, 2000 (the "Credit
                           Agreement"), among THE VALSPAR CORPORATION, a
                           Delaware corporation (the "Company"); the BORROWING
                           SUBSIDIARIES from time to time party hereto (the
                           Company and the Borrowing Subsidiaries being
                           collectively called the "Borrowers"); the LENDERS
                           from time to time party hereto; JPMORGAN CHASE BANK,
                           as Administrative Agent; and BANK OF AMERICA, N.A.,
                           BANK ONE, N.A. and WACHOVIA BANK, N.A., as
                           Co-Syndication Agents and Co-Documentation Agents.

                  The Company and each other Borrower has requested that the
Credit Agreement be amended and restated as set forth in Section 1 below and the
parties hereto are willing so to amend the Credit Agreement. Each capitalized
term used but not defined herein has the meaning assigned thereto in the Credit
Agreement.

                  In consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto hereby agree, on
the terms and subject to the conditions set forth herein, as follows:

                  SECTION 1. Amendment and Restatement. Upon the effectiveness
of this Amendment and Restatement as provided in Section 3 below, the Credit
Agreement shall be amended and restated in the form resulting from the following
revisions:

                  (a) The preamble to the Credit Agreement is hereby amended by
         deleting the preamble in its entirety and substituting therefore the
         following paragraph:

                           "The Company has requested the Lenders to amend and
                           restate the Existing Credit Agreement (such term and
                           each other capitalized term used and not otherwise
                           defined herein having the meaning assigned to it in
                           Article I) under which the Borrowers may obtain
                           revolving loans in an aggregate principal amount at
                           any time outstanding not greater than $150,000,000.
                           All Borrowings under this Agreement will be
                           denominated in U.S. Dollars."

                  (b) Section 1.01 of the Credit Agreement is hereby amended as
         follows:

                           (i) Consolidated EBITDA. The definition of the term
                  "Consolidated EBITDA" is hereby amended by deleting clause
                  (vi) in its entirety and substituting therefor "(vi) charges,
                  to the extent such charges do not exceed $40,000,000 in the
                  aggregate, associated with addbacks related to the
                  restructuring program and other initiatives to eliminate
                  redundant facilities from the Lilly Acquisition and to
                  accelerate performance improvement".

                           (ii) Existing Credit Agreement. The definition of the
                  term "Existing Credit Agreement" is hereby amended by deleting
                  in its entirety and substituting therefor the following
                  definition:

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                  "Existing Credit Agreement" means the 364-Day Credit Agreement
                  dated as of November 17, 2000, among the Company, the
                  borrowing subsidiaries party thereto, the lenders party
                  thereto and Chase, as administrative agent."

                           (iii) Five-Year Credit Agreement. The definition of
                  the term "Five-Year Credit Agreement" is hereby amended by
                  deleting the words "as of the date hereof" and substituting
                  therefor "dated as of November 15, 2000, as amended,
                  supplemented or otherwise modified from time to time".

                           (iv) Information Memorandum. The definition of the
                  term "Information Memorandum" is hereby amended by deleting
                  the date "August 2000" and substituting therefor "October
                  2001".

                           (v) Maturity Date. The definition of the term
                  "Maturity Date" is hereby amended by deleting the words
                  "second anniversary" and substituting therefor "first
                  anniversary".

                           (vi) Termination Date. The definition of the term
                  "Termination Date" is hereby amended by deleting the date
                  "November 16, 2001" and substituting therefor "November 14,
                  2002".

                           (vii) US Tranche Commitment. The definition of the
                  term "US Tranche Commitment" is hereby amended by deleting the
                  amount "US$500,000,000" and substituting therefor
                  "US$150,000,000".

                           (viii) Transactions. The definition of the term
                  "Transactions" is hereby amended by deleting the words "and
                  the completion of the Lilly Acquisition" and inserting the
                  word "and" before the words "the use of the proceeds thereof".

                  (c) Fees. Paragraph (d) of Section 2.10 of the Credit
         Agreement is hereby amended by deleting the paragraph in its entirety
         and substituting therefor:

                           "(d) [Intentionally deleted];".

                  (d) Financial Information; No Material Adverse Change. (i)
         Paragraph (a) of Section 3.04 of the Credit Agreement is hereby amended
         by deleting the date "October 29, 1999" and substituting therefor
         "October 27, 2000", and deleting the dates "January 28, 2000, April 28,
         2000 and July 28, 2000" and substituting therefor "January 26, 2001,
         April 27, 2001 and July 27, 2001".

                           (ii) Paragraph (b) of Section 3.04 of the Credit
                  Agreement is hereby amended by deleting the date "October 29,
                  1999" and substituting therefor "October 27, 2000".

                  (e) Conditions. Section 4.01 of the Credit Agreement is hereby
         amended by deleting the entire Section and substituting therefor
         Section 3 of this Amendment and Restatement.

                  (f) Ratio of Consolidated Debt to Consolidated EBITDA. Section
         5.03 of the Credit Agreement is hereby amended by deleting the table
         appearing therein in its entirety and substituting therefor the
         following table:

<PAGE>

                               Period                             Ratio
                               ------                             -----

                   Effective Date through December            4.75 to 1.00
                   20, 2001

                   December 21, 2001 through                  4.00 to 1.00
                   December 20, 2002

                   December 21, 2002 through                  3.50 to 1.00
                   December 20, 2003

                   December 21, 2003 through                  3.25 to 1.00
                   December 20, 2004

                   December 21, 2004 and thereafter           3.00 to 1.00

                  (g) Effective Date. From and after the Effective Date (as
         defined below), all references in the Credit Agreement to "the date
         hereof", "the date of this Agreement" or other words or phrases of
         similar import, shall be deemed references to the date of this
         Amendment and Restatement.

                  (h) Schedules. Schedules 1.01, 2.01, 3.08 and 3.14 to the
         Credit Agreement are hereby deleted and new Schedules 1.01, 2.01, 3.08
         and 3.14 hereto are inserted in their place.

                  SECTION 2. Representations and Warranties. The Company and
each other Borrower represents and warrants as of the Effective Date to the
Lenders that:

                  (a) Before and after giving effect to this Amendment and
         Restatement, the representations and warranties set forth in the Credit
         Agreement are true and correct in all material respects with the same
         effect as if made on the Effective Date, except to the extent such
         representations and warranties expressly relate to an earlier date.

                  (b) Immediately before and after giving effect to this
         Amendment and Restatement, no Default has occurred and is continuing.

                  SECTION 3. Conditions to Effectiveness. This Amendment and
Restatement and the obligations of the Lenders to make Loans under the Credit
Agreement as amended and restated hereby shall become effective on the date (the
"Effective Date") on which each of the following conditions is satisfied (or
waived in accordance with Section 9.02 of the Credit Agreement):

                  (a) The Administrative Agent (or its counsel) shall have
         received from each party hereto either (i) a counterpart of this
         Amendment and Restatement signed on behalf of such party or (ii)
         written evidence satisfactory to the Administrative Agent (which may
         include telecopy transmission of a signed signature page of this
         Amendment and Restatement) that such party has signed a counterpart of
         this Amendment and Restatement.

                  (b) The Administrative Agent shall have received a favorable
         written opinion (addressed to the Administrative Agent and the Lenders
         and dated the Effective Date) of Lindquist & Vennum, PLLP, special
         counsel to the Company, dated the Effective Date and substantially in
         the form of Exhibit C to the Credit Agreement, and covering such other
         matters relating to the

<PAGE>

         Company, this Amendment and Restatement, the Credit Agreement or the
         Transactions as the Required Lenders shall reasonably request. The
         Company hereby requests such counsel to deliver such opinion.

                  (c) The Administrative Agent shall have received such
         documents and certificates as the Administrative Agent or its counsel
         may reasonably request relating to the organization, existence and good
         standing of the Borrowers, the authorization of the Transactions and
         any other legal matters relating to the Borrowers, this Amendment and
         Restatement, the Credit Agreement or the Transactions, all in form and
         substance satisfactory to the Administrative Agent and its counsel.

                  (d) The Administrative Agent shall have received a
         certificate, dated the Effective Date and signed by the President, a
         Vice President or a Financial Officer of the Company, confirming
         compliance with the conditions set forth in paragraphs (a) and (b) of
         Section 4.02 of the Credit Agreement.

                  (e) All loans outstanding under the Existing Credit Agreement
         shall have been repaid, together with all interest, fees and other
         amounts accrued thereunder.

                  (f) The Administrative Agent shall have received all fees and
         other amounts due and payable on or prior to the Effective Date,
         including, to the extent invoiced, reimbursement or payment of all
         out-of-pocket expenses (including the agreed upon fees and charges,
         plus disbursements, of counsel) required to be reimbursed or paid by
         the Company or any Subsidiary in connection with this Amendment and
         Restatement or any Loan Document.

The Administrative Agent shall notify the Company and the Lenders of the
Effective Date, and such notice shall be conclusive and binding.

                  SECTION 4. Agreement. Except as specifically stated herein,
the provisions of the Credit Agreement are and shall remain in full force and
effect. As used therein, the terms "Credit Agreement", "herein", "hereunder",
"hereinafter", "hereto", "hereof" and words of similar import shall, unless the
context otherwise requires, refer to the Credit Agreement as amended hereby.

                  SECTION 5. Consents. Each of the Company and the Borrowing
Subsidiaries hereby acknowledges receipt of and consents to the terms of this
Amendment and Restatement and confirms that their respective Guarantees pursuant
to Article VIII of the Credit Agreement and the Guarantee Agreement remain in
full force and effect notwithstanding the execution and delivery of this
Amendment and Restatement.

                  SECTION 6. APPLICABLE LAW. THIS AMENDMENT AND RESTATEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

                  SECTION 7. Counterparts. This Amendment and Restatement may be
executed in two or more counterparts, each of which shall constitute an original
but all of which when taken together shall constitute but one contract. Delivery
of an executed counterpart of a signature page of this Amendment and Restatement
by telecopy shall be effective as delivery of a manually executed counterpart of
this Amendment and Restatement.

<PAGE>

                  SECTION 8. Expenses. The Borrowers agree to reimburse the
Administrative Agent for all out-of-pocket expenses incurred by it in connection
with this Amendment and Restatement, including the agreed upon fees and charges
plus disbursements of Cravath, Swaine & Moore, counsel for the Administrative
Agent.

                  SECTION 9. Headings. The headings of this Amendment and
Restatement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment and Restatement to be duly executed by their respective authorized
officers as of the day and year first above written.

                                        THE VALSPAR CORPORATION

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

                                        ENGINEERED POLYMER SOLUTIONS,
                                        INC.,

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

Consent. Each of the undersigned Subsidiary Guarantors hereby acknowledges
receipt of, and consents to the terms of, the foregoing Amendment and confirms
that their respective Guaranties pursuant to the Guarantee Agreement remain in
full force and effect notwithstanding the execution and delivery of this
Amendment by the parties thereto.

                                        VALSPAR FINANCE CORPORATION

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

                                        VALSPAR COATINGS FINANCE
                                        CORPORATION,

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

<PAGE>

                                        VALSPAR CREDIT CORPORATION

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

                                        VALSPAR FINANCE CORPORATION

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

                                        JPMORGAN CHASE BANK, individually and
                                        as Administrative Agent and Swingline
                                        Lender

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

                                        BANK OF AMERICA, N.A., individually and
                                        as Co-Documentation Agent and Co-
                                        Syndication Agent,

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

                                        BANK ONE, N.A., (Main Office Chicago
                                        individually and as Co-Documentation
                                        Agent and Co-Syndication Agent,

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

                                        WACHOVIA SECURITIES, INC., individually
                                        and as Co-Documentation Agent and Co-
                                        Syndication Agent,

                                        by
                                        ----------------------------------------
                                        Name:
                                        Title:

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