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EXHIBIT 10.1

                             THE VALSPAR CORPORATION
                             1991 STOCK OPTION PLAN
                      (as amended through December 6, 2006)

1.       PURPOSES OF THE PLAN

The purposes of the 1991 Stock Option Plan (the "Plan") are (i) to enhance the
ability of The Valspar Corporation (the "Company") and its subsidiary companies
to attract and retain superior personnel and (ii) to stimulate and reward their
interest and initiative. The Plan is designed to enable key officers and
employees, and certain other key individuals who perform services for the
Company, to contribute to the Company's strategic performance objectives by
making such individuals eligible to receive options to purchase common stock of
the Company as provided herein. Subject to the provisions of the Plan, options
may contain such terms and conditions as shall be required so as to be either
nonqualified stock options or incentive stock options as defined in Section 422
of the Internal Revenue Code of 1986, as amended (the "Code"). Subject to such
limits as may be imposed by existing or future laws or by the Plan, nonqualified
stock options or incentive stock options or both may be granted to eligible
individuals.

2.       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 25,000,000
shares, and may be unissued shares or reacquired shares. If any 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.

3.       ADMINISTRATION

The Plan shall be administered by a committee (the "Committee"), appointed from
time to time by the Company's Board of Directors (the "Board"), consisting of
not less than two members of the Board. Each Committee member shall be (a)
non-employee director within the meaning of Rule 16b-3 under the Securities
Exchange Act of 1934 (the "Exchange Act") or any successor Rule and (b) an
outside director within the meaning of Section 162(m) of the Internal Revenue
Code of 1986, as amended, and the rules and regulations thereunder. Except as
provided below, the Committee shall determine from time to time (i) the
individuals to whom grants will be made; (ii) the number of shares to be
granted; and (iii) the terms and provisions of each option (which need not be
identical). Except as provided below, each grant shall be in such form and
content as the Committee shall determine.

The Committee may from time to time adopt rules for carrying out the Plan and
for its interpretation and construction which rules shall be final, conclusive
and binding on all parties. All determinations of the Committee shall be made by
a majority of the Committee. Any determination reduced to writing and signed by
all members shall be as effective as if it had been made by a majority vote at a
duly constituted meeting.

The Company's Chief Executive Officer may, on a discretionary basis and without
Committee review or approval, grant options to purchase up to 5,000 shares each
to new employees of the Company who are not officers of the Company. Such
discretionary option grants shall not exceed 25,000 shares in total in any
fiscal year. Subject to the foregoing limitations, the Chief Executive Office
shall determine from time to time (i) the new employees to whom grants will be
made, (ii) the number of shares to be granted, and (iii) the terms and
provisions of each option (which need not be identical).
<PAGE>

4.       ELIGIBILITY

Options will be granted only to salaried officers and employees of the Company
or of a subsidiary (as defined in Section 425 of the Code) and to any other
individual who performs services for the Company and contributes to its
strategic performance objectives, including, without limitation, members of the
Board of Directors, consultants and advisors ("Optionee"); provided, however,
that a consultant or advisor shall not be eligible to receive stock options
hereunder unless such consultant or advisor renders bona fide services to the
Company or a subsidiary and such services are not in connection with the offer
or sale of securities in a capital-raising transaction.

Notwithstanding any other provisions of the Plan, the maximum number of shares
of Common Stock that may be covered by option grants to a person covered by
Section 162(m) of the Code during any fiscal year shall be 500,000 shares.

5.       GRANT DATE

Annual option grants for fiscal year 2007 and subsequent fiscal year annual
grants will be granted on the date of the October board meeting. 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. Grant date of options granted on an individual
basis will be determined by the Compensation Committee.

6.       OPTION PRICE

The exercise price of each option shall be equal to the closing price of one
share of Stock on the New York Stock Exchange on the date of grant.

7.       EXERCISE OF OPTION

The Committee may prescribe at the time of grant that the option will be
exercisable in full or in installments at any time or from time to time.
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 which has
been owned for more than six months on the date of surrender 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.

8.       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.

9.       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 or Optionee's legal representative
or guardian or a permitted transferee may exercise the option.
<PAGE>

10.      DILUTION OR OTHER ADJUSTMENTS

In the event of any change in the outstanding common stock of the Company by
reason of a stock dividend, stock split, reverse stock split, combination of
shares, spin-off, dividend (other than regular, quarterly cash dividends),
recapitalization, merger or similar event, the number of shares of common stock
then subject to this Plan, including shares subject to outstanding options, the
other numbers of shares of common stock provided in this Plan, and the exercise
price of outstanding options shall be adjusted appropriately by the Committee to
reflect the change in outstanding shares of common stock, in order to provide
participants with the same relative rights before and after such adjustment.

11.      MERGERS, ACQUISITION 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.

12.      CHANGE OF CONTROL

Upon any Change of Control, each outstanding option shall immediately become
exercisable in full for the remainder of its term without regard to any vesting
or installment exercise provisions then applicable to the option. This section
applies to all options outstanding under this Plan as of June 16, 1999, as well
as to all options granted under this Plan thereafter. For purposes of this Plan,
the term "Change of Control" means any of the following:
   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.

13.      AMENDMENT OF THE PLAN

The Plan may be amended, suspended or discontinued in whole or in part at any
time and from time to time by the Board, provided, however, that no amendment to
increase the number of shares with respect to which options may be granted, or
to increase materially the benefits accruing to Optionees, or to materially
modify the requirements as to eligibility, shall be effective without
stockholder approval where the failure to obtain such approval would adversely
affect the compliance of the Plan with Rule 16b-3 under the Exchange Act or
successor rule and with other applicable law, including the Code. No amendment
of the Plan shall adversely affect in a material manner any right of any
Optionee with respect to a prior grant without such Optionee's written consent.
<PAGE>

14.      DURATION OF THE PLAN

The Amended Plan shall become effective as of December 7, 2005, subject to
stockholder approval, to increase the total number of shares reserved for
issuance upon exercise of options to be granted under the Plan. Incentive Stock
Options may be granted from time to time during a period of ten (10) years from
the effective date of the Amended Plan. Nonqualified stock options may be
granted from time to time from the effective date until the Plan is discontinued
or terminated by the Board.EXHIBIT 10.2

                    The Valspar Corporation Stock Option Plan
                           For Non-Employee Directors
                      (as amended through December 6, 2006)

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 1,000,000
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 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.
<PAGE>

c.) For grants in respect of service in fiscal years 2002 and 2003, 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.

d.) For grants in respect of service in fiscal year 2004 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 $65,000.00. 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.

e.) For grants in respect of service in fiscal year 2007 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 $65,000.00. The per share option exercise price
will be equal to the closing price of one share of Stock on the New York Stock
Exchange on the date of grant. 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 the closing price of one
share of Stock on the New York Stock Exchange on the date of grant.

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
<PAGE>

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.

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.

In the event of any change in the outstanding common stock of the Company by
reason of a stock dividend, stock split, reverse stock split, combination of
shares, spin-off, dividend (other than regular, quarterly cash dividends),
recapitalization, merger or similar event, the number of shares of common stock
then subject to this Plan, including shares subject to outstanding options, the
other numbers of shares of common stock provided in this Plan, and the exercise
price of outstanding options shall be adjusted appropriately by the Committee to
reflect the change in outstanding shares of common stock, in order to provide
participants with the same relative rights before and after such adjustment.

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.
<PAGE>

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(b)
relating to grants in fiscal 2001 was approved by stockholders on February 27,
2002.

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