Document:

Exhibit 10(a) to The Valspar Corporation Form 10-Q for the period ended April 28, 2006

Exhibit 10(a) 

FORM OF STOCK OPTION GRANTED TO NON-EMPLOYEE DIRECTORS 

The Valspar Corporation

Nonstatutory Stock Option Agreement

Under 1991 Stock Option Plan 

New Director Option Grant 

By action of its shareholders, The Valspar Corporation (“Valspar”)
established the 1991 Stock Option Plan (“1991 Plan”) authorizing the issue of not more than 25,000,000 shares of its
common stock (50 cents par value) to key employees, designed to stimulate and reward interest and initiative in their employment,
and to members of the Board of Directors, to attract and retain the services of experienced and knowledgeable independent
directors and recognize their immediate contributions to the strategic performance objectives and governance of the Corporation.

Pursuant to the provisions of the 1991 Plan, Valspar hereby grants
_____________ (“Optionee”), a non-employee director, a nonstatutory option to purchase from Valspar _______ shares of its
common stock at a price of $_____ per share, all in accordance with and subject to the following terms and conditions: 

        1.    Period
of Exercise/Vesting Rights – The Option becomes exercisable immediately and will expire ten (10) years from the date of
this Agreement. 

        2.    Method
of Exercise – The Optionee shall exercise his/her rights hereunder by paying cash for the full amount of the purchase
price for the shares then being purchased. In lieu of cash, all or part of the purchase price may be paid by surrender (or deemed
surrender through attestation) to Valspar of previously acquired shares of common stock of Valspar, based on the fair market value
at the closing price on the day preceding the date of exercise. Shares surrendered in lieu of cash must have been held by Optionee
for a minimum of six (6) months. Upon effective exercise of the Option, Valspar shall promptly cause the shares being purchased to
be issued to the Optionee. 

        3.    Board
Retirement – Upon termination of an Optionee’s service as a director of the Company, such Non-Employee Director will
be allowed to exercise the option for a period of three (3) years after the date on which the Optionee ceased to be a director,
but in no event may the option be exercised after the expiration of its original term. 

        4.    Transferability – The
rights of the Optionee hereunder are exercisable during the Optionee’s life only by the Optionee and are not transferable,
voluntarily or involuntarily, except (a) at Optionee’s death by Will or applicable law of descent or (b) as otherwise
provided in this Section 4. Notwithstanding the preceding sentence, the vested portion of the Option may be transferred by
Optionee to Optionee’s spouse, children, grandchildren, parents, stepchildren, former spouse, adoptive relationships, sisters
or brothers (collectively, the “Family Members”), to trusts in which Family Members have more than fifty percent of the
beneficial interest, to entities in which Family Members own more than fifty percent of the voting interests, to foundations in
which the Optionee or Family Members control the management of assets, or to entities exempt from federal income taxation pursuant
to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. 

        5.    Adjustments
in Stock – In the event of a change in Valspar common stock as a result of a stock split or stock dividend, this Option
may be adjusted by the Compensation Committee in such manner as it deems equitable to prevent dilution or enlargement of the
Optionee’s rights hereunder by reason of such change. 

        6.       Mergers,
Acquisition or Other Reorganization – The Compensation 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. 

        7.       Construction – Interpretation
and construction of the terms of this Option shall be made by the Compensation Committee in accordance with the provisions of the
1991 Plan. 

	Dated: 	THE VALSPAR CORPORATION 
	 
	Accepted and Confirmed
as of the Above Date 
	    	By    	    

	
	Its 	President and CEOExhibit 10(b) to The Valspar Corporation Form 10-Q for the period ended April 28, 2006

Exhibit 10(b) 

FORM OF RESTRICTED STOCK GRANTED TO CERTAIN EXECUTIVE OFFICERS 

The Valspar Corporation

Restricted Stock Agreement

Under The 2001 Stock Incentive Plan 

        This RESTRICTED STOCK
AGREEMENT (“Agreement”) is made to be effective as of the ____ day of __________, between The Valspar Corporation, a
Delaware corporation (the “Company”), and _______________, an employee of the Company or subsidiary thereof
(“Employee”). 

        The Company desires to
provide the Employee with an added incentive to continue the Employee’s services to the Company, and through his or her
proprietary interest, to increase his or her participation in the success of the Company and its subsidiaries. 

        THEREFORE, IT IS, AGREED:

1.      Issuance of Restricted Stock.   Subject to the
terms and conditions set forth below in this Agreement, the Company grants and issues to the Employee, as additional compensation
for services, and the Employee accepts from the Company, a total of ________ shares of the Company’s Common Stock, $.50 par
value per share (the “Shares”). During the period enumerated in Section 2 (the “Restriction Period”), Employee
shall not sell, transfer, pledge or otherwise encumber any of the Shares, whether voluntarily, involuntarily or by operation of
law. 

2.      Lapse of Restrictions.   The
restrictions described in this Agreement applicable to the Shares shall apply for the Restriction Period, which shall commence on
the grant date hereof, __________, and shall lapse as follows: 

	a.  	  	On ___________, if the Employee is employed by the
Company on that date, with respect to 100% of the Shares; 

	b.  	  	On the date of the Employee’s death while
employed with the Company, with respect to 100% of the Shares; 

	c.  	  	On the date the Employee is determined to be
disabled under the Company’s long term disability plan for entitlement to benefits thereunder, with respect to 100% of the
Shares; 

	d.  	  	On the date of a Change in Control of the Company
(as defined in Section 3 below), if the Employee is employed by the Company on that date, with respect to 100% of the Shares.

Except as provided in subsection a. through d. above, all Shares for which
the Restriction Period has not lapsed shall be forfeited to the Company, without payment therefore, if during the Restriction
Period the employment of the Employee shall terminate for any reason. 

3.      Change in
Control.   Change in Control means any of the following: 

	a.  	  	any individual, entity, or group becomes a
“Beneficial Owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of at least twenty percent
(20%) but less than fifty percent (50%) of the voting stock of the Company in a transaction that is not previously approved by the
Board of Directors of the Company; 

	b.  	  	any individual, entity, or group becomes a
Beneficial Owner, directly or indirectly, of at least fifty percent (50%) of the voting stock of the Company; 

	c.  	  	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 combination, 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; 

	d.  	  	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 fifty percent (50%) of the voting securities of the business
resulting from the combination; 

	e.  	  	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;

	f.  	  	the liquidation or dissolution of the Company; or

	g.  	  	the occurrence of any other event by which the
Company no longer operates as an independent public company. 

4.      Deposit of
Certificates.   The certificate or certificates representing the Shares, together with stock powers or other
instruments of transfer appropriately endorsed in blank by the Employee, will be held on deposit with the Company until the
Restriction Period shall have lapsed with respect to such Shares pursuant to Section 2 of this Agreement. If the Shares are
maintained in uncertificated form, the Company shall denote such Shares as being subject to restrictions as set forth in this
Agreement as part of the book entry of the Shares on the Company’s stock records. After the Restriction Period described in
Section 2 lapses, the Company shall promptly cause the certificate or certificates for the Shares and the stock powers relating
thereto, to be delivered to the Employee, or shall mark its records that the Employee is the owner of Shares. 

5      Employment
of Employee.   Nothing in this Agreement shall be construed as constituting a commitment, guaranty, agreement
or understanding of any kind or nature that the Company or its subsidiaries shall continue to employ the Employee, and this
Agreement shall not affect in any way the right of the Company or its subsidiaries to terminate the employment of the Employee at
any time for any reason. 

6.      Changes in Capital Structure
of the Company.   The number of Shares held by the Employee for which the Restriction Period has not lapsed may
be adjusted equitably by the Company, as if the Restriction Period had lapsed with respect to such Shares, in the event of (i) a
subdivision or combination of the shares of capital stock of the Company, (ii) a dividend payable in shares of capital stock of
the Company, (iii) a reclassification of any shares of capital stock of the Company, or (iv) any other change in the capital
structure of the Company. Any additional Shares issued to the Employee as a result of any of the foregoing events shall continue
to be subject to the terms of this Agreement to the same extent as the Shares giving rise to the right to receive such additional
Shares. 

7.      Withholding.   The
Employee agrees to pay to the Company, when due, any amount necessary to satisfy applicable federal, state and local withholding
tax requirements with respect to the Shares. The Employee may elect, subject to the approval of the Company, to satisfy the
withholding, in whole or in part, by having the Company withhold Shares having the aggregate fair market value equal to the amount
of the withholding, provided that the amount withheld may not exceed the minimum required federal, state and FICA withholding
amount. 

8.      Rights of
Stockholder.   Subject to the terms and provisions of this Agreement, the Employee shall have all the rights of
a stockholder of the Company with respect to the Shares, including the right to vote the Shares and to receive all dividends or
other distributions paid or made with respect to the Shares. 

9.      Burden and
Benefit.   The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the
Employee and the Employee’s executors or administrators, personal representatives and heirs. 

10.      Governing
Law.   This Agreement shall be construed and enforced in accordance with the laws of the State of Minnesota,
without regard to the principles of rules of any jurisdiction with respect to conflict of laws. 

11.      Incorporation of
Plan.   Except to the extent specifically provided in this Agreement, this grant shall be subject to and
governed by the terms and conditions of the Plan, which shall be incorporated as though fully set forth herein. 

12.      Entire Agreement;
Modification.   This Agreement sets forth all of the promises, agreements, conditions, understandings,
warranties and representations between the parties of this Agreement with respect to the Shares, and there are no promises,
agreements, conditions, understandings, warranties or representations, oral or written, express or implied, between the parties
with respect to the Shares other than as set forth in this Agreement. This Agreement is, and is intended by the parties to be, an
integration of any and all prior agreements or understandings, oral or written, with respect to the Shares. Any change in, or
modification of, this Agreement shall be valid only if in writing and signed by the parties to this Agreement. 

13.      Notices.   Any
and all notices provided for in this Agreement shall be addressed: (i) if to the Company, to the principal executive office of the
Company to the attention of the Secretary, and (ii) if to the Employee, to the address of the Employee as reflected in the stock
records of the Company. 

14.      Invalid or Unenforceable
Provisions.   The invalidity or unenforceability of any particular provisions of this Agreement shall not
affect the other provisions, and this Agreement shall be construed in all respects as if that invalid or unenforceable provision
were omitted. 

        IN WITNESS WHEREOF, the
Company and the Employee have executed this Agreement to be effective as of the day and year first above written. 

	Accepted and Confirmed: 	THE VALSPAR CORPORATION 
	 
	    	By    	    

	
	Its 	President and CEO

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