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<title>Mentor Corporation - 8-K Compensation Committee Matters</title>



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<p align=center style='text-align:center'><b><font face="Arial" size="4">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</font> </b><font face="Arial">Washington, DC 20549</font></p>

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<p align=center style='text-align:center'><font face="Arial" size="4"><b>FORM 8&#8209;K</b></font></p>

<p align=center style='text-align:center'><font face="Arial" size="2">CURRENT REPORT<br>
Pursuant to Section 13 or 15(d) of<br>
the Securities Exchange Act of 1934</font></p>

<p align=center style='text-align:center'><font face="Arial" size="2">Date of Report (Date of earliest
event reported)<br>
</font><font face="Arial" size="4">
<b>June 15, 2006</b></font></p>

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<p align=center style='text-align:center'><font face="Arial" size="4"><b>MENTOR CORPORATION<br>
</b></font><font face="Arial" size="2">(Exact name of
registrant as specified in its charter)</font></p>

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  <p align=center style='text-align:center'><font face="Arial" size="2"><b><u>Minnesota</u></b></font></p>
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  <p><font face="Arial" size="2"><b>&nbsp;</b></font></p>
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  <td width="31%" valign=top style='width:31.78%;padding:0in .7pt 0in .7pt'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b><u>001-31744</u></b></font></p>
  </td>
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  <p><font face="Arial" size="2"><b>&nbsp;</b></font></p>
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  <td width="32%" valign=top style='width:32.54%;padding:0in .7pt 0in .7pt'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b><u>41-0950791</u></b></font></p>
  </td>
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  <p align=center style='text-align:center'><font face="Arial" size="2">(State or other jurisdiction of
  incorporation)</font></p>
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  <p align=center style='text-align:center'><font face="Arial" size="2">(Commission File Number)</font></p>
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  <p align=center style='text-align:center'><font face="Arial" size="2">(IRS Employer<br>
  Identification No.)</font></p>
  </td>
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<p align=center style='text-align:center'><font face="Arial" size="2"><b>201 Mentor Drive<br>
 Santa Barbara, California&nbsp; 93111<br>
</b>(Address of
principal executive offices, including zip code)</font></p>

<p align=center style='text-align:center'><font face="Arial" size="2"><b>(805) 879-6000<br>
</b>(Registrant's
telephone number, including area code)</font></p>

<p><font face="Arial" size="2">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</font></p>

<p><font face="Arial" size="2">[&nbsp; ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p><font face="Arial" size="2">[&nbsp; ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p><font face="Arial" size="2">[&nbsp; ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</font></p>

<p><font face="Arial" size="2">[&nbsp; ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</font></p>





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<p><font face="Arial" size="2"><b>Item
1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry into a Material Definitive Agreement.</b></font></p>
<p style="margin-top:12.0pt;text-indent:.5in">
<font face="Arial" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
June&nbsp;15, 2006, the Compensation Committee (the &quot;Compensation
Committee&quot;) of the Board of Directors of Mentor Corporation (the &quot;Company&quot;)
approved changes in the compensation programs for nonemployee members of the
Board of Directors. &nbsp;Commencing on
July&nbsp;1, 2006, compensation of
directors will be as follows:</font></p>
<p style="text-indent: 1.0in; line-height: 10.85pt">
<font face="Arial" size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board members who are employees of the Company
receive no additional compensation for their services as directors, which is
unchanged from prior to
July 1, 2006;</font></p>
<p style="text-indent: 1.0in; line-height: 10.85pt">
<font face="Arial" size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each non-employee member of the Board of
Directors of the Company will receive an annual base fee of $50,000, which is
unchanged;</font></p>
<p style="text-indent: 1.0in; line-height: 10.85pt">
<font face="Arial" size="2">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Chairman of the Board, who is a non-employee
Director, will receive an additional annual fee of $70,000, which is reduced
from $100,000;</font></p>
<p style="text-indent: 1.0in; line-height: 10.85pt">
<font face="Arial" size="2">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Chairman of the Audit Committee, who is also
a non-employee Director, will receive an additional $20,000 annually, which is
unchanged; </font> </p>
<p style="text-indent: 1.0in; line-height: 10.85pt">
<font face="Arial" size="2">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Chairman of each of the Compensation
Committee and the Nominating and Governance Committees, each of whom is also a
non-employee director, will now receive an additional annual fee of $5,000; and
</font>
</p>
<p style="text-indent: 1.0in; line-height: 10.85pt">
<font face="Arial" size="2">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each member of a committee of the Board of
Directors now will receive a per meeting fee of $1,000 for attending any
committee meetings other than those scheduled on the same day or the day
following the quarterly board meeting.</font></p>
<p style="text-indent: .5in; line-height: 10.85pt">
<font face="Arial" size="2">Fees will be paid quarterly.&nbsp; Mr. Ubben's fees for service as a director
are paid directly to VA Partners, LLC, the investment partnership he founded and
for which he is the Managing Member. </font> </p>
<p style="text-indent: .5in; line-height: 10.85pt">
<font face="Arial" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
June&nbsp;15, 2006, the Compensation Committee approved the Company's Fiscal 2007
Bonus Plan, including the Executive Management Incentive Plan (the &quot;EMIP&quot;) and
the Senior Management Incentive Plan (&quot;SMIP&quot;).&nbsp; The Fiscal 2007 Bonus plan is a
company wide plan for the Company's U.S. based non-sales commission employees.&nbsp;
</font>
</p>
<p style="text-indent: 1.0in; line-height: 10.85pt">
<font face="Arial" size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The EMIP is a plan in which the Company's
executive officers participate and is also referred to as the Annual Incentive
Bonus Plan.&nbsp; It is designed to integrate individual performance objectives to
corporate performance objectives.&nbsp; Payments under the EMIP are made only if the
Company achieves its annual operating income objectives, as defined by the
Compensation Committee.&nbsp; No quarterly bonuses are payable under the EMIP.&nbsp;
Payments are made on a sliding scale, starting from the minimum operating income
threshold resulting in 25% of the bonus amount, up to 120% of the bonus amount
at the high end of the operating income objective.&nbsp; The participation of
executive officers is based on a percentage of such executive officer's base
salary as described in the Company's Current Report on Form 8-K dated
May&nbsp;31, 2006.&nbsp; </font> </p>
<p style="text-indent: 1in">
<font face="Arial" size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The SMIP is a plan in which corporate vice presidents and directors
reporting to executive officers participate.&nbsp; It is designed to integrate
individual performance objectives to corporate performance objectives.&nbsp; Payments
under the SMIP are made pursuant to two thresholds.&nbsp; The thresholds are based on
individual objectives and the Company's achievement of annual operating income
objectives, as defined by the Compensation Committee, and no quarterly bonuses
are payable under the SMIP.&nbsp; Payments under the first threshold are made at 20%
of the total bonus only if&nbsp;Company and individual objectives are achieved.&nbsp;
Payments under the second (and higher) threshold are made on a sliding scale,
ranging from the minimum operating income threshold of 25% of the bonus amount,
up to 120% of the bonus amount at the high end of the operating income
objective.&nbsp; This higher threshold is equal to the single threshold under the
EMIP described above.</font></p>
<p style="text-indent: 1in">
&nbsp;</p>


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<p align=center style='text-align:center'><font face="Arial" size="2"><b>SIGNATURES</b></font></p>



<p><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.<br>
&nbsp;</font></p>





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  <p style='margin-top:1.0pt;margin-right:0in;margin-bottom:
  1.0pt;margin-left:0in'><font face="Arial" size="2"><b>MENTOR
  CORPORATION</b></font></p>
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  <font face="Arial" size="2">By:</font></td>
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  <p style='margin-top:1.0pt;margin-right:0in;margin-bottom:
  1.0pt;margin-left:0in'><font face="Arial" size="2"><u>/s/LOREN L. MCFARLAND&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>
	</font></p>
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  <font face="Arial" size="2">Name:<br>
	Title:</font></td>
  <td style='width:307px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:1.0pt;margin-right:0in;margin-bottom:
  1.0pt;margin-left:0in'><font face="Arial" size="2">Loren
  L. McFarland<br>
	Vice President and Chief Financial
  Officer</font></p>
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{"company-data": {"conformed-name": "MENTOR CORP /MN/", "cik": "0000064892", "assigned-sic": "3842", "irs-number": "410950791", "state-of-incorporation": "MN", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31744", "film-number": "06917957"}, "business-address": {"street1": "201 MENTOR DR", "city": "SANTA BARBARA", "state": "CA", "zip": "93111", "phone": "8058796000"}, "mail-address": {"street1": "201 MENTOR DR", "city": "SANTA BARBARA", "state": "CA", "zip": "93111"}}
Mentor Corporation - 8-K Compensation Committee Matters
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8‑K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported)
June 15, 2006
MENTOR CORPORATION
(Exact name of
registrant as specified in its charter)
Minnesota
001-31744
41-0950791
(State or other jurisdiction of
  incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
201 Mentor Drive
Santa Barbara, California  93111
(Address of
principal executive offices, including zip code)
(805) 879-6000
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item
1.01          Entry into a Material Definitive Agreement.
(a)        On
June 15, 2006, the Compensation Committee (the "Compensation
Committee") of the Board of Directors of Mentor Corporation (the "Company")
approved changes in the compensation programs for nonemployee members of the
Board of Directors.  Commencing on
July 1, 2006, compensation of
directors will be as follows:
(i)         Board members who are employees of the Company
receive no additional compensation for their services as directors, which is
unchanged from prior to
July 1, 2006;
(ii)        each non-employee member of the Board of
Directors of the Company will receive an annual base fee of $50,000, which is
unchanged;
(iii)        the Chairman of the Board, who is a non-employee
Director, will receive an additional annual fee of $70,000, which is reduced
from $100,000;
(iv)        the Chairman of the Audit Committee, who is also
a non-employee Director, will receive an additional $20,000 annually, which is
unchanged;
(v)         the Chairman of each of the Compensation
Committee and the Nominating and Governance Committees, each of whom is also a
non-employee director, will now receive an additional annual fee of $5,000; and
(vi)        each member of a committee of the Board of
Directors now will receive a per meeting fee of $1,000 for attending any
committee meetings other than those scheduled on the same day or the day
following the quarterly board meeting.
Fees will be paid quarterly.  Mr. Ubben's fees for service as a director
are paid directly to VA Partners, LLC, the investment partnership he founded and
for which he is the Managing Member.
(b)        On
June 15, 2006, the Compensation Committee approved the Company's Fiscal 2007
Bonus Plan, including the Executive Management Incentive Plan (the "EMIP") and
the Senior Management Incentive Plan ("SMIP").  The Fiscal 2007 Bonus plan is a
company wide plan for the Company's U.S. based non-sales commission employees.
(i)         The EMIP is a plan in which the Company's
executive officers participate and is also referred to as the Annual Incentive
Bonus Plan.  It is designed to integrate individual performance objectives to
corporate performance objectives.  Payments under the EMIP are made only if the
Company achieves its annual operating income objectives, as defined by the
Compensation Committee.  No quarterly bonuses are payable under the EMIP. 
Payments are made on a sliding scale, starting from the minimum operating income
threshold resulting in 25% of the bonus amount, up to 120% of the bonus amount
at the high end of the operating income objective.  The participation of
executive officers is based on a percentage of such executive officer's base
salary as described in the Company's Current Report on Form 8-K dated
May 31, 2006.
(ii)         The SMIP is a plan in which corporate vice presidents and directors
reporting to executive officers participate.  It is designed to integrate
individual performance objectives to corporate performance objectives.  Payments
under the SMIP are made pursuant to two thresholds.  The thresholds are based on
individual objectives and the Company's achievement of annual operating income
objectives, as defined by the Compensation Committee, and no quarterly bonuses
are payable under the SMIP.  Payments under the first threshold are made at 20%
of the total bonus only if Company and individual objectives are achieved. 
Payments under the second (and higher) threshold are made on a sliding scale,
ranging from the minimum operating income threshold of 25% of the bonus amount,
up to 120% of the bonus amount at the high end of the operating income
objective.  This higher threshold is equal to the single threshold under the
EMIP described above.
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:    June 21, 2006
MENTOR
  CORPORATION
By:
/s/LOREN L. MCFARLAND
Name:
Title:
Loren
  L. McFarland
Vice President and Chief Financial
  Officer
3