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<TITLE>Valspar Corporation Form S-8 dated October 19, 2005 </TITLE>
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     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>As filed with the Securities and Exchange Commission on October 19, 2005</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=27% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><BR>Registration No. _________</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>UNITED STATES
<BR>SECURITIES AND EXCHANGE COMMISSION </B></FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Washington, D.C. 20549</B></FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=6><B>FORM S-8</B> </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=3>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="6"><B>THE VALSPAR CORPORATION</B> </FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of registrant as specified in its charter) </FONT> </P>


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     <TD WIDTH=45% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>Delaware</B> </FONT></TD>
     <TD WIDTH=8% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>&nbsp;</B> </FONT></TD>
     <TD WIDTH=45% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>36-2443580</B> </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction of</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(I.R.S. Employer</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>incorporation or organization)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification No.)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>1101 Third Street South
<BR>Minneapolis, Minnesota 55415 </B></FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address of Principal Executive Offices and zip code) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>THE VALSPAR CORPORATION
<BR>STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS </B></FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Full title of the Plans) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Rolf Engh
<BR>Executive Vice President, General Counsel and Secretary
<BR>The Valspar Corporation
<BR>1101 Third Street South
<BR>Minneapolis, Minnesota 55415
<BR>(612) 332-7371
<BR>(Name, address and telephone number, including area code, of agent for service) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Copy to:
<BR>Martin R. Rosenbaum
<BR>Maslon Edelman Borman &amp; Brand L.L.P.
<BR>3300 South Seventh Street
<BR>Minneapolis, Minnesota 55402
<BR>(612) 672-8326 </FONT></P>


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<H1 style="margin-bottom:0pt;" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>CALCULATION OF REGISTRATION FEE </FONT></H1>


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     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title of Securities to<BR>be Registered </FONT></TH><TH></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount to be<BR>Registered(1) </FONT></TH><TH></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed Maximum<BR>Offering Price Per<BR>Share(2) </FONT></TH><TH></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed Maximum<BR>Aggregate Offering<BR>Price(2) </FONT></TH><TH></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount of<BR>Registration<BR>Fee(3) </FONT></TH></TR>
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     <TD WIDTH=34% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Common Stock, par value</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=13% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>$.50 per share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>1,000,000</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>$    21.395</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>$10,697,500</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>$  1,259.10</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Includes 1,000,000 shares offered pursuant to the Stock Option
Plan for Non-Employee Directors (the &#147;Directors Plan&#148;). </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>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 prices of the Company&#146;s Common Stock on
October 17, 2005 as reported on the New York Stock Exchange. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(3)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Registration fees are being paid with respect to 500,000 shares
(Aggregate Offering Price of $10,697,500) under the Directors Plan. Registration fees were previously paid with respect to 250,000
shares under the Directors Plan on Form S-8 (File No. 333-46865) and an additional 250,000 shares were deemed registered pursuant
to Rule 416 as a result of a two-for-one stock split effective in September 2005. An amendment to the Directors Plan approved by
the stockholders in February 2005 added 250,000 shares to the Directors Plan (500,000 shares on a post-split basis). </FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>INCORPORATION OF CONTENTS OF REGISTRATION STATEMENTS
<BR>BY REFERENCE </FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Registration
Statement on Form S-8 (File No. 333-46865) was filed with the Securities and Exchange Commission on February 25, 1998 covering the
registration of 500,000 shares (adjusted to reflect a two-for-one stock split in September 2005) initially authorized for issuance
under the Directors 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. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PART I </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Part I of Form S-8, the information required by Items 1 and 2 of Form S-8 is not filed as a part of this Registration
Statement. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PART II </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.</U> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents filed with the Securities and Exchange Commission are hereby incorporated by reference: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Annual Report of the Company on Form 10-K for the fiscal year
ended October 29, 2004. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Definitive Proxy Statement dated January 21, 2005 for the
Annual Meeting of Shareholders held on February 23, 2005. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Quarterly report on Form 10-Q for the quarter ended January 28,
2005; Quarterly report on Form 10-Q for the quarter ended April 29, 2005; Quarterly report on Form 10-Q for the quarter ended July
29, 2005. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current report on Form 8-K dated January 14, 2005; Current report
on Form 8-K dated February 2, 2005; Current report on Form 8-K dated February 14, 2005; Current report on Form 8-K dated February
28, 2005; Current report on Form 8-K dated March 30, 2005; Current report on Form 8-K dated May 16, 2005; Current report on Form
8-K dated June 27, 2005; Current report on Form 8-K dated July 18, 2005; Current report on Form 8-K dated July 25, 2005; Current
report on Form 8-K dated August 15, 2005; Current report on Form 8-K dated August 18, 2005. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The description of the Company&#146;s common share purchase rights
as set forth in Form 8-A filed May 3, 2000. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The description of the Company&#146;s 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></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents subsequently filed by the Company 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 such documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities</U>. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel</U>. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, or 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 believes 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 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&#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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
145 of the Delaware General Corporation Law provides the following: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;A
corporation shall have the 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 arising 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.
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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&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 to 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><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</U>. </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit</U> </FONT> </TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certificate of Incorporation, as amended to and including June 30,
1970, with further amendments to Article Four filed on March 5, 1984, February 28, 1986, February 26, 1992, February 26, 1997 and
May 22, 2003 and to Article Eleven filed on March 12, 1987, (incorporated by reference to Exhibit 3.1 to the Registrant&#146;s
Form 10-Q for the quarter ended April 25, 2003, filed with the Commission on June 9, 2003). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By-Laws, as amended to and including October 15, 1997,
(incorporated by reference to Exhibit 3(b) to the Registrant&#146;s Form 10-K for the year ended October 31, 1997, filed with the
Commission on January 23, 1998). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Valspar Corporation Stock Option Plan For Non-Employee
Directors (incorporated by reference to Exhibit 10(g) to the Registrant&#146;s Form 10-K for the year ended October 26, 2001).
</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4(d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rights Agreement dated as of May 1, 2000, between the registrant
and Chasemellon Shareholder Services, L.L.C., as rights agent (incorporated by reference to Exhibit 2.1 to Form 8-A filed on May
3, 2000). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion and consent of Maslon Edelman Borman &amp; Brand L.L.P.
</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Maslon Edelman Borman &amp; Brand L.L.P. (included in
Exhibit 5(a)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23(b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Ernst &amp; Young LLP, independent auditors of The
Valspar Corporation </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of Attorney (included on signature page) </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant will submit or
has submitted the Plan and any amendment thereto to the Internal Revenue Service (&#147;IRS&#148;) in a timely manner and has made
or will make all changes required by the IRS in order to qualify the Plan. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings</U>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:  </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
</FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set
forth in the registration statement; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3,
and 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 Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that,
for 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 that is incorporated by reference in the
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><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Securities and Exchange
Commission 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 connected 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 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Registrant</U>.&nbsp;&nbsp;&nbsp;&nbsp;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, State
of Minnesota, on October 19, 2005. </FONT></P>

<TABLE WIDTH=90%>
<TR VALIGN=TOP>
     <TD>&nbsp;</TD>
     <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE VALSPAR CORPORATION </FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
     <TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:&nbsp;&nbsp;&nbsp; </FONT></TD>
     <TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Rolf Engh </FONT><HR size=1 noshade color=black></TD></TR>
<TR VALIGN=TOP>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Rolf Engh, Secretary </FONT></TD></TR>
</TABLE>
<BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>POWER OF ATTORNEY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned officers and
directors of The Valspar Corporation hereby constitute and appoint William L. Mansfield and Rolf Engh, or either of them, with
power to act one without the other, our true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for us and in our stead, in any and all capacities to sign any and all amendments (including post-effective
amendments) to this Registration Statement and all documents relating thereto, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing necessary or advisable to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent, or his or her substitutes, may lawfully do or cause to be done by virtue hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the
capacities and on the dates indicated. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 width=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Signature</U> </FONT></TH>
     <TH COLSPAN=1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Title</U> </FONT></TH><TH></TH>
     <TH COLSPAN=1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Date</U> </FONT></TH></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Top>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;William L. Mansfield </FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President, Chief Executive</FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Officer and Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>William L. Mansfield </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Principal Executive Officer)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Paul C. Reyelts </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive Vice President and </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD nowrap ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CFO (Principal Financial Officer)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Paul C. Reyelts </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Lori A. Walker </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice President, Treasurer </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and Controller (Principal</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lori A. Walker </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounting Officer) </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;John S. Bode  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John S. Bode </FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Susan S. Boren  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Susan S. Boren </FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Jeffrey H. Curler  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jeffrey H. Curler </FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Charles W. Gaillard  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Charles W. Gaillard </FONT></TD></TR>
</TABLE>
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<TR VALIGN=Top>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Mae C. Jemison  </FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director </FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mae C. Jemison </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>


<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Thomas R. McBurney  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas R. McBurney </FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Gregory R. Palen  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gregory R. Palen </FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Lawrence Perlman  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lawrence Perlman </FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;&nbsp;&nbsp;Richard L. White  </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2005 </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard L. White </FONT></TD></TR>
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{"company-data": {"conformed-name": "VALSPAR CORP", "cik": "0000102741", "assigned-sic": "2851", "irs-number": "362443580", "state-of-incorporation": "DE", "fiscal-year-end": "1031"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-129135", "film-number": "051145727"}, "business-address": {"street1": "1101 THIRD ST SOUTH", "city": "MINNEAPOLIS", "state": "MN", "zip": "55415", "phone": "6123327371"}, "mail-address": {"street1": "1101 THIRD STREET SOUTH", "city": "MINNEAPOLIS", "state": "MN", "zip": "55415"}}
Valspar Corporation Form S-8 dated October 19, 2005
As filed with the Securities and Exchange Commission on October 19, 2005
Registration No. _________
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
(I.R.S. Employer
incorporation or organization)
Identification No.)
1101 Third Street South
Minneapolis, Minnesota 55415
(Address of Principal Executive Offices and zip code)
THE VALSPAR CORPORATION
STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS
(Full title of the Plans)
Rolf Engh
Executive Vice President, General Counsel and Secretary
The Valspar Corporation
1101 Third Street South
Minneapolis, Minnesota 55415
(612) 332-7371
(Name, address and telephone number, including area code, of agent for service)
Copy to:
Martin R. Rosenbaum
Maslon Edelman Borman & Brand L.L.P.
3300 South Seventh Street
Minneapolis, Minnesota 55402
(612) 672-8326
CALCULATION OF REGISTRATION FEE
Title of Securities to
be Registered
Amount to be
Registered(1)
Proposed Maximum
Offering Price Per
Share(2)
Proposed Maximum
Aggregate Offering
Price(2)
Amount of
Registration
Fee(3)
Common Stock, par value
$.50 per share
1,000,000
$    21.395
$10,697,500
$  1,259.10
(1)
Includes 1,000,000 shares offered pursuant to the Stock Option
Plan for Non-Employee Directors (the "Directors Plan").
(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 prices of the Company's Common Stock on
October 17, 2005 as reported on the New York Stock Exchange.
(3)
Registration fees are being paid with respect to 500,000 shares
(Aggregate Offering Price of $10,697,500) under the Directors Plan. Registration fees were previously paid with respect to 250,000
shares under the Directors Plan on Form S-8 (File No. 333-46865) and an additional 250,000 shares were deemed registered pursuant
to Rule 416 as a result of a two-for-one stock split effective in September 2005. An amendment to the Directors Plan approved by
the stockholders in February 2005 added 250,000 shares to the Directors Plan (500,000 shares on a post-split basis).
INCORPORATION OF CONTENTS OF REGISTRATION STATEMENTS
BY REFERENCE
A Registration
Statement on Form S-8 (File No. 333-46865) was filed with the Securities and Exchange Commission on February 25, 1998 covering the
registration of 500,000 shares (adjusted to reflect a two-for-one stock split in September 2005) initially authorized for issuance
under the Directors 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 I
Pursuant
to Part I of Form S-8, the information required by Items 1 and 2 of Form S-8 is not filed as a part of this Registration
Statement.
PART II
Item 3.    Incorporation of Documents by Reference.
The
following documents filed with the Securities and Exchange Commission are hereby incorporated by reference:
(a)
The Annual Report of the Company on Form 10-K for the fiscal year
ended October 29, 2004.
(b)
The Definitive Proxy Statement dated January 21, 2005 for the
Annual Meeting of Shareholders held on February 23, 2005.
(c)
Quarterly report on Form 10-Q for the quarter ended January 28,
2005; Quarterly report on Form 10-Q for the quarter ended April 29, 2005; Quarterly report on Form 10-Q for the quarter ended July
29, 2005.
(d)
Current report on Form 8-K dated January 14, 2005; Current report
on Form 8-K dated February 2, 2005; Current report on Form 8-K dated February 14, 2005; Current report on Form 8-K dated February
28, 2005; Current report on Form 8-K dated March 30, 2005; Current report on Form 8-K dated May 16, 2005; Current report on Form
8-K dated June 27, 2005; Current report on Form 8-K dated July 18, 2005; Current report on Form 8-K dated July 25, 2005; Current
report on Form 8-K dated August 15, 2005; Current report on Form 8-K dated August 18, 2005.
(e)
The description of the Company's common share purchase rights
as set forth in Form 8-A filed May 3, 2000.
(f)
The description of the Company's 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 Company 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 such documents.
Item 4.    Description of Securities
.
Not applicable.
Item 5.    Interests of Named Experts and Counsel
.
Not applicable.
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, or 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 believes 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 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.
Section
145 of the Delaware General Corporation Law provides the following:
(a)   A
corporation shall have the 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 arising 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 to 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.
Item 7.    Exemption from Registration Claimed
.
Not applicable.
Item 8.    Exhibits
.
Exhibit
4(a)
Certificate of Incorporation, as amended to and including June 30,
1970, with further amendments to Article Four filed on March 5, 1984, February 28, 1986, February 26, 1992, February 26, 1997 and
May 22, 2003 and to Article Eleven filed on March 12, 1987, (incorporated by reference to Exhibit 3.1 to the Registrant's
Form 10-Q for the quarter ended April 25, 2003, filed with the Commission on June 9, 2003).
4(b)
By-Laws, as amended to and including October 15, 1997,
(incorporated by reference to Exhibit 3(b) to the Registrant's Form 10-K for the year ended October 31, 1997, filed with the
Commission on January 23, 1998).
4(c)
The Valspar Corporation Stock Option Plan For Non-Employee
Directors (incorporated by reference to Exhibit 10(g) to the Registrant's Form 10-K for the year ended October 26, 2001).
4(d)
Rights Agreement dated as of May 1, 2000, between the registrant
and Chasemellon Shareholder Services, L.L.C., as rights agent (incorporated by reference to Exhibit 2.1 to Form 8-A filed on May
3, 2000).
5(a)
Opinion and consent of Maslon Edelman Borman & Brand L.L.P.
23(a)
Consent of Maslon Edelman Borman & Brand L.L.P. (included in
Exhibit 5(a))
23(b)
Consent of Ernst & Young LLP, independent auditors of The
Valspar Corporation
24
Power of Attorney (included on signature page)
The Registrant will submit or
has submitted the Plan and any amendment thereto to the Internal Revenue Service ("IRS") in a timely manner and has made
or will make all changes required by the IRS in order to qualify the Plan.
Item 9.    Undertakings
.
(a)            The undersigned registrant hereby undertakes:
(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 the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set
forth in the registration statement;
(iii)    To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
Provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3,
and 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 Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.
(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 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 that is incorporated by reference in the
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.
(c)            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 Securities and Exchange
Commission 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 connected 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.
SIGNATURES
The
Registrant
.    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, State
of Minnesota, on October 19, 2005.
THE VALSPAR CORPORATION
By:
/s/   Rolf Engh
Rolf Engh, Secretary
POWER OF ATTORNEY
The undersigned officers and
directors of The Valspar Corporation hereby constitute and appoint William L. Mansfield and Rolf Engh, or either of them, with
power to act one without the other, our true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for us and in our stead, in any and all capacities to sign any and all amendments (including post-effective
amendments) to this Registration Statement and all documents relating thereto, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing necessary or advisable to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent, or his or her substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/   William L. Mansfield
President, Chief Executive
October 19, 2005
Officer and Director
William L. Mansfield
(Principal Executive Officer)
/s/   Paul C. Reyelts
Executive Vice President and
October 19, 2005
CFO (Principal Financial Officer)
Paul C. Reyelts
/s/   Lori A. Walker
Vice President, Treasurer
October 19, 2005
and Controller (Principal
Lori A. Walker
Accounting Officer)
/s/   John S. Bode
Director
October 19, 2005
John S. Bode
/s/   Susan S. Boren
Director
October 19, 2005
Susan S. Boren
/s/   Jeffrey H. Curler
Director
October 19, 2005
Jeffrey H. Curler
/s/   Charles W. Gaillard
Director
October 19, 2005
Charles W. Gaillard
/s/   Mae C. Jemison
Director
October 19, 2005
Mae C. Jemison
/s/   Thomas R. McBurney
Director
October 19, 2005
Thomas R. McBurney
/s/   Gregory R. Palen
Director
October 19, 2005
Gregory R. Palen
/s/   Lawrence Perlman
Director
October 19, 2005
Lawrence Perlman
/s/   Richard L. White
Director
October 19, 2005
Richard L. White