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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">As filed with the Securities and Exchange Commission on June 9, 2010&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;Registration No. 333- </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">UNITED STATES </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Washington, D.C.&nbsp; 20549</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">_________________________________</FONT></P>
<H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">FORM S-8</FONT></B></H1>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="'Times New Roman,serif'">THE VALSPAR CORPORATION</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">(Exact name of registrant as specified in its charter)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Delaware</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">36-2443580</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">(State or other jurisdiction of<BR>
<FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">Incorporation or organization)</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">901- 3rd Avenue South</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Minneapolis, MN&nbsp; 55402</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Telephone:&nbsp; (612) 851-7000</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">(I.R.S. Employer<BR>
<FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">Identification No.)</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center">&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">(Address of principal executive offices)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">_______________________________</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">2009 OMNIBUS EQUITY PLAN</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">&nbsp;(Full title of the Plan)</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 11pt" face="'Times New Roman,serif'">_______________________________</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Rolf Engh</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Executive Vice President, </FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">General Counsel and Secretary</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">The Valspar Corporation</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">901- 3rd Avenue South</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Minneapolis, MN&nbsp;&nbsp; 55402</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Telephone:&nbsp; (612) 851-7000</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">(Name and address of agent for service)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Copy to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Martin R. Rosenbaum, Esq.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Maslon Edelman Borman &amp; Brand, LLP</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">3300 Wells Fargo Center</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">90 South 7th Street</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Minneapolis, Minnesota&nbsp; 55402</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Telephone: (612) 672-8200</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">Facsimile:&nbsp; (612) 672-8397</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of &#147;large accelerated filer,&#148; &#147;accelerate filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act. (Check one):</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Large Accelerated Filer </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>x</FONT><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated Filer </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>o</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Non- Accelerated Filer&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>o</FONT><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>o</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT lang=EN-US style="FONT-WEIGHT: normal; FONT-SIZE: 10pt" face="'Times New Roman,serif'">____________________________________</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">CALCULATION OF REGISTRATION FEE</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Title of</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Securities to be Registered</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Proposed Maximum Amount to be</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Registered (1)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Proposed</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Maximum</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Offering Price</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Per Share (2)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Aggregate</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Offering Price (2)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Amount of</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Registration Fee</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">Common stock,&nbsp; par&nbsp; value $.50 per share </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">3,000,000</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">$ 30.89</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">$ 92,670,000</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-WEIGHT: normal; FONT-SIZE: 9pt" face="'Times New Roman,serif'">$ 6,607.37</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">(1)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Pursuant to Rule 416(a), this Registration Statement also covers additional securities that may be offered as a result of stock splits, stock dividends, or similar transactions relating to the shares covered by this registration statement.&nbsp; In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan(s) described herein.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">(2)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="'Times New Roman,serif'">Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c) and (h) and based upon the average of the high and low sale prices of the registrant&#146;s common stock on June 4, 2010,&nbsp; as reported on the New York Stock Exchange.</FONT></P>
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</DIV> <H2 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">PART I</FONT></B></H2>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">As permitted by the rules of the Securities and Exchange Commission, this registration statement omits the information specified in Part I of Form S-8. &nbsp;The documents containing the information specified in Part I of this registration statement will be sent or given to eligible employees as specified in Rule 428(b)(1) promulgated under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).&nbsp; Such documents are not being filed with the Securities and Exchange Commission either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 promulgated under the Securities Act.&nbsp; A registration statement on Form S-8 (File No. 333-158588) was filed with the Securities and Exchange Commission on April 15, 2009, covering the registration of 5,229,684 shares issuable under the 2009 Omnibus Equity Plan. &nbsp;Pursuant to Rule 429 and General Instruction E of Form S-8, this registration statement should also be considered a post-effective amendment to the prior registration statement.&nbsp; The contents of the prior registration statement are incorporated herein by reference.</FONT></P>
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<H2 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">PART II</FONT></B></H2>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Item 3.&nbsp; Incorporation of Documents by Reference.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">The following documents filed by the registrant with the Securities and Exchange Commission are hereby incorporated herein by this reference:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(a)&nbsp; Annual Report on Form 10-K for the fiscal year ended October 30, 2009;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(b)&nbsp; The Definitive Proxy Statement dated January 15, 2010 for the Annual Meeting of Stockholders held on February 18, 2010;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(c)&nbsp; Quarterly Reports on Form 10-Q for the three months ended January 29, 2010 and April 30, 2010;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(d)&nbsp; Current Reports on Form 8-K filed on February 23, 2010 and April 23, 2010;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(e)&nbsp; The description of Company&#146;s common share purchase rights as set forth in Form 8-A filed May 3, 2000; and</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(f)&nbsp; the description of the Company capital stock as set forth in the Company&#146;s Form S-2 Registration Statement (File No. 2-82000) declared effective March 9, 1983.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">All documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Item 4.&nbsp; Description of Securities.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Not applicable.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Item 5.&nbsp; Interests of Named Experts and Counsel.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Not applicable.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">II-1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Item 6.&nbsp; Indemnification of Directors and Officers.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Under provisions of the By-Laws of the registrant, directors and officers will be indemnified for any and all judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys fees, in connection with threatened, pending or completed actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than an action arising by or in the right of the registrant), if such director or officer has been wholly successful on the merits or otherwise, or is found to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the registrant, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.&nbsp; In addition, directors and officers will be indemnified for reasonable expenses in connection with threatened, pending or completed actions or suits by or in the right of the registrant if such director or officer has been wholly successful on the merits or otherwise, or is found to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the registrant, except in the case of certain findings by a court that such person is liable for negligence or misconduct in his or her duty to the registrant unless such court or the Delaware Court of Chancery also finds that such person is nevertheless fairly and reasonably entitled to indemnity.&nbsp; The registrant&#146;s Certificate of Incorporation also eliminates the liability of directors of the registrant for monetary damages to the fullest extent permissible under Delaware law.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">A provision of the By-Laws provides current and former directors and officers with indemnification rights to the fullest extent permitted by law, and protects against any retroactive loss of indemnification rights due to unilateral termination, repeal or amendment of the By-Laws by the registrant&#146;s board of directors or stockholders. &nbsp;In addition, this provision includes procedures for the advancement of expenses to indemnitees prior to the final disposition of indemnifiable claims, as well as procedures by which an indemnitee may bring suit against the registrant to recover the unpaid amount of any claim for indemnification or request for advancement of expenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Section 145 of the Delaware General Corporation Law provides the following:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(a)&nbsp; A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.&nbsp; The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">nolo contendere</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"> or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(b)&nbsp; A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&#146; fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expense which the Court of Chancery or such other court shall deem proper.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">II-2</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Item 7.&nbsp; Exemption from Registration Claimed.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Not applicable.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Item 8.&nbsp; Exhibits.</FONT></B></P>
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<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;4.1</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">2009 Omnibus Equity Plan (incorporated by reference to Exhibit 10.1 to the registrant&#146;s Form 10-Q for the quarter ended April 30, 2010).</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;5.1</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Opinion of Maslon Edelman Borman &amp; Brand, LLP as to the legality of the securities being registered.</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">23.1</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Consent of Independent Registered Public Accounting Firm &#150; Ernst &amp; Young LLP.</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">23.2</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
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<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Consent of Maslon Edelman Borman &amp; Brand, LLP (included in Exhibit 5.1).</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">24.1</FONT></P>
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<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Power of Attorney (included on signature page hereof).</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Item 9.&nbsp; Undertakings.</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">The undersigned registrant hereby undertakes:&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(a)(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(ii)&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement.&nbsp; Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and prices represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(iii)&nbsp;&nbsp;&nbsp; To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">II-3</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(b) &nbsp;The undersigned registrant hereby undertakes that, for the purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">(h)&nbsp; Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </FONT></P>
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<H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</H1> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</H1>
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</DIV> <H1 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">SIGNATURES</FONT></B></H1>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis and the State of Minnesota, on this 9<SUP>th </SUP>day of June, 2010.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">THE VALSPAR CORPORATION</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Rolf Engh</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Rolf Engh, </FONT><I><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Secretary</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">POWER OF ATTORNEY</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Each person whose signature to this registration statement appears below hereby constitutes and appoints William L. Mansfield and Rolf Engh, signing singly as his or her true and lawful attorney-in-fact and agent, with full power of substitution, to sign on his behalf individually and in the capacity stated below and to perform any acts necessary to be done in order to file all amendments to this registration statement and any and all instruments or documents filed as part of or in connection with this registration statement or the amendments thereto and each of the undersigned does hereby ratify and confirm all that said attorney-in-fact and agent, or his substitutes, shall do or cause to be done by virtue hereof.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">The undersigned also grants to said attorney-in-fact, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ William L. Mansfield</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Ian R. Friendly</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">William L. Mansfield, Director,<BR>
Chairman and Chief Executive</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Ian R. Friendly, Director</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Charles W. Gaillard</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Charles W. Gaillard, Director</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Lori A. Walker</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Lori A. Walker, Senior Vice President</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Janel S. Haugarth</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">and Chief Financial Officer (principal<BR>
financial officer)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Janel S. Haugarth, Director</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Gary E. Hendrickson</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Tracy C. Jokinen</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Gary E. Hendrickson, Director</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=bottom noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Tracy C. Jokinen, Vice President and </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Controller (principal accounting officer)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Mae C. Jemison</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Mae C. Jemison, Director</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ John S. Bode</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">John S. Bode, Director</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Stephen D. Newlin</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
</TD></TR>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Stephen D. Newlin, Director</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
<TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ William M. Cook</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">William M. Cook, Director</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Gregory R. Palen</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top noWrap width="35%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Gregory R. Palen, Director</FONT></P>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">/s/ Jeffrey H. Curler</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;6/9/2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Jeffrey H. Curler, Director</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">II-5</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="'BSN Dutch Roman 12pt'"></FONT>&nbsp;</P>
</DIV>
<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="'Times New Roman,serif'">EXHIBIT INDEX</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
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     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="8%"> <H4 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><U><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Exhibit</FONT></U></B></H4></TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="90%"> <H5 style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><U><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Description</FONT></U></B></H5></TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;4.1</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="MARGIN: 8pt 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="90%">
<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">2009 Omnibus Equity Plan (incorporated by reference to Exhibit 10.1 to the registrant&#146;s Form 10-Q for the quarter ended April 30, 2010).</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">&nbsp;5.1</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="MARGIN: 8pt 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="90%">
<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Opinion of Maslon Edelman Borman &amp; Brand, LLP as to the legality of the securities being registered.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">23.1</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="MARGIN: 8pt 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="90%">
<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Consent of Independent Registered Public Accounting Firm &#150; Ernst &amp; Young LLP.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">23.2</FONT></P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="MARGIN: 8pt 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="90%">
<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Consent of Maslon Edelman Borman &amp; Brand, LLP (included in Exhibit 5.1).</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="MARGIN: 8pt 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">24.1</FONT></P>
</TD>
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<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'"></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 8pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">Power of Attorney (included on signature page hereof).</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="'Times New Roman,serif'">II-6</FONT></P>
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valspar102887_s8.htm - Generated by SEC Publisher for SEC Filing
As filed with the Securities and Exchange Commission on June 9, 2010      Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_________________________________
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
_________________________________
THE VALSPAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
36-2443580
(State or other jurisdiction of
Incorporation or organization)
901- 3rd Avenue South
Minneapolis, MN  55402
Telephone:  (612) 851-7000
(I.R.S. Employer
Identification No.)
(Address of principal executive offices)
_______________________________
2009 OMNIBUS EQUITY PLAN
(Full title of the Plan)
_______________________________
Rolf Engh
Executive Vice President,
General Counsel and Secretary
The Valspar Corporation
901- 3rd Avenue South
Minneapolis, MN   55402
Telephone:  (612) 851-7000
(Name and address of agent for service)
Copy to:
Martin R. Rosenbaum, Esq.
Maslon Edelman Borman & Brand, LLP
3300 Wells Fargo Center
90 South 7th Street
Minneapolis, Minnesota  55402
Telephone: (612) 672-8200
Facsimile:  (612) 672-8397
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of "large accelerated filer," "accelerate filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
x
Accelerated Filer
o
Non- Accelerated Filer
o
Smaller reporting company
o
____________________________________
CALCULATION OF REGISTRATION FEE
Title of
Securities to be Registered
Proposed Maximum Amount to be
Registered (1)
Proposed
Maximum
Offering Price
Per Share (2)
Aggregate
Offering Price (2)
Amount of
Registration Fee
Common stock,  par  value $.50 per share
3,000,000
$ 30.89
$ 92,670,000
$ 6,607.37
(1)
Pursuant to Rule 416(a), this Registration Statement also covers additional securities that may be offered as a result of stock splits, stock dividends, or similar transactions relating to the shares covered by this registration statement.  In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan(s) described herein.
(2)
Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(c) and (h) and based upon the average of the high and low sale prices of the registrant's common stock on June 4, 2010,  as reported on the New York Stock Exchange.
PART I
As permitted by the rules of the Securities and Exchange Commission, this registration statement omits the information specified in Part I of Form S-8.  The documents containing the information specified in Part I of this registration statement will be sent or given to eligible employees as specified in Rule 428(b)(1) promulgated under the Securities Act of 1933, as amended (the "Securities Act").  Such documents are not being filed with the Securities and Exchange Commission either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 promulgated under the Securities Act.  A registration statement on Form S-8 (File No. 333-158588) was filed with the Securities and Exchange Commission on April 15, 2009, covering the registration of 5,229,684 shares issuable under the 2009 Omnibus Equity Plan.  Pursuant to Rule 429 and General Instruction E of Form S-8, this registration statement should also be considered a post-effective amendment to the prior registration statement.  The contents of the prior registration statement are incorporated herein by reference.
PART II
Item 3.  Incorporation of Documents by Reference.
The following documents filed by the registrant with the Securities and Exchange Commission are hereby incorporated herein by this reference:
(a)  Annual Report on Form 10-K for the fiscal year ended October 30, 2009;
(b)  The Definitive Proxy Statement dated January 15, 2010 for the Annual Meeting of Stockholders held on February 18, 2010;
(c)  Quarterly Reports on Form 10-Q for the three months ended January 29, 2010 and April 30, 2010;
(d)  Current Reports on Form 8-K filed on February 23, 2010 and April 23, 2010;
(e)  The description of Company's common share purchase rights as set forth in Form 8-A filed May 3, 2000; and
(f)  the description of the Company capital stock as set forth in the Company's Form S-2 Registration Statement (File No. 2-82000) declared effective March 9, 1983.
All documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of filing of such documents.
Item 4.  Description of Securities.
Not applicable.
Item 5.  Interests of Named Experts and Counsel.
Not applicable.
II-1
Item 6.  Indemnification of Directors and Officers.
Under provisions of the By-Laws of the registrant, directors and officers will be indemnified for any and all judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys fees, in connection with threatened, pending or completed actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than an action arising by or in the right of the registrant), if such director or officer has been wholly successful on the merits or otherwise, or is found to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the registrant, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.  In addition, directors and officers will be indemnified for reasonable expenses in connection with threatened, pending or completed actions or suits by or in the right of the registrant if such director or officer has been wholly successful on the merits or otherwise, or is found to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the registrant, except in the case of certain findings by a court that such person is liable for negligence or misconduct in his or her duty to the registrant unless such court or the Delaware Court of Chancery also finds that such person is nevertheless fairly and reasonably entitled to indemnity.  The registrant's Certificate of Incorporation also eliminates the liability of directors of the registrant for monetary damages to the fullest extent permissible under Delaware law.
A provision of the By-Laws provides current and former directors and officers with indemnification rights to the fullest extent permitted by law, and protects against any retroactive loss of indemnification rights due to unilateral termination, repeal or amendment of the By-Laws by the registrant's board of directors or stockholders.  In addition, this provision includes procedures for the advancement of expenses to indemnitees prior to the final disposition of indemnifiable claims, as well as procedures by which an indemnitee may bring suit against the registrant to recover the unpaid amount of any claim for indemnification or request for advancement of expenses.
Section 145 of the Delaware General Corporation Law provides the following:
(a)  A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.  The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of
nolo contendere
or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b)  A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expense which the Court of Chancery or such other court shall deem proper.
II-2
Item 7.  Exemption from Registration Claimed.
Not applicable.
Item 8.  Exhibits.
Exhibit
Description
4.1
2009 Omnibus Equity Plan (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q for the quarter ended April 30, 2010).
5.1
Opinion of Maslon Edelman Borman & Brand, LLP as to the legality of the securities being registered.
23.1
Consent of Independent Registered Public Accounting Firm – Ernst & Young LLP.
23.2
Consent of Maslon Edelman Borman & Brand, LLP (included in Exhibit 5.1).
24.1
Power of Attorney (included on signature page hereof).
Item 9.  Undertakings.
The undersigned registrant hereby undertakes:
(a)(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)      To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)     To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and prices represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
(iii)    To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.
II-3
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)  The undersigned registrant hereby undertakes that, for the purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(h)  Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis and the State of Minnesota, on this 9
th
day of June, 2010.
THE VALSPAR CORPORATION
By:
/s/ Rolf Engh
Rolf Engh,
Secretary
POWER OF ATTORNEY
Each person whose signature to this registration statement appears below hereby constitutes and appoints William L. Mansfield and Rolf Engh, signing singly as his or her true and lawful attorney-in-fact and agent, with full power of substitution, to sign on his behalf individually and in the capacity stated below and to perform any acts necessary to be done in order to file all amendments to this registration statement and any and all instruments or documents filed as part of or in connection with this registration statement or the amendments thereto and each of the undersigned does hereby ratify and confirm all that said attorney-in-fact and agent, or his substitutes, shall do or cause to be done by virtue hereof.
The undersigned also grants to said attorney-in-fact, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted. This Power of Attorney shall remain in effect until revoked in writing by the undersigned.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated:
/s/ William L. Mansfield
6/9/2010
/s/ Ian R. Friendly
6/9/2010
William L. Mansfield, Director,
Chairman and Chief Executive
Ian R. Friendly, Director
Officer (principal executive officer)
/s/ Charles W. Gaillard
6/9/2010
Charles W. Gaillard, Director
/s/ Lori A. Walker
6/9/2010
Lori A. Walker, Senior Vice President
/s/ Janel S. Haugarth
6/9/2010
and Chief Financial Officer (principal
financial officer)
Janel S. Haugarth, Director
/s/ Gary E. Hendrickson
6/9/2010
/s/ Tracy C. Jokinen
6/9/2010
Gary E. Hendrickson, Director
Tracy C. Jokinen, Vice President and
Controller (principal accounting officer)
/s/ Mae C. Jemison
6/9/2010
Mae C. Jemison, Director
/s/ John S. Bode
6/9/2010
John S. Bode, Director
/s/ Stephen D. Newlin
6/9/2010
Stephen D. Newlin, Director
/s/ William M. Cook
6/9/2010
William M. Cook, Director
/s/ Gregory R. Palen
6/9/2010
Gregory R. Palen, Director
/s/ Jeffrey H. Curler
6/9/2010
Jeffrey H. Curler, Director
II-5
EXHIBIT INDEX
Exhibit
Description
4.1
2009 Omnibus Equity Plan (incorporated by reference to Exhibit 10.1 to the registrant's Form 10-Q for the quarter ended April 30, 2010).
5.1
Opinion of Maslon Edelman Borman & Brand, LLP as to the legality of the securities being registered.
23.1
Consent of Independent Registered Public Accounting Firm – Ernst & Young LLP.
23.2
Consent of Maslon Edelman Borman & Brand, LLP (included in Exhibit 5.1).
24.1
Power of Attorney (included on signature page hereof).
II-6