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<title>Mentor Corporation - Form 8-K</title>


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<b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</b></font><b><font face="Times New Roman">Washington, DC 20549</font></b></p>



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<b><font face="Times New Roman" size="4">FORM 8-K<br>
</font></b><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>

<p align=center style='margin-bottom:12.0pt;text-align:center'>
<font face="Times New Roman" size="2">CURRENT REPORT<br>
Pursuant to Section&nbsp;13 or 15(d) of<br>
the Securities Exchange Act of 1934</font></p>

<p align=center style='margin-bottom:12.0pt;text-align:center'>
<font face="Times New Roman" size="2">Date of Report (Date of earliest event reported):<br>
</font><font face="Times New Roman" size="4">
<b>September 26, 2008</b></font></p>

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

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	<font face="Times New Roman" size="2"><b>Minnesota</b></font></p>
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	<font face="Times New Roman" size="2"><b>001-31744</b></font></p>
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	<font face="Times New Roman" size="2"><b>41-0950791</b></font></p>
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	<font face="Times New Roman" size="2">(State or Other Jurisdiction of Incorporation)</font></p>
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	<font face="Times New Roman" size="2">(Commission<br>
  File Number)</font></p>
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  <p align=center style='text-align:center'>
	<font face="Times New Roman" size="2">(I.R.S. Employer<br>
  Identification No.)</font></p>
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<p style='margin-top:0in' align="center"><br>
<br>
<font face="Times New Roman" 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="Times New Roman" size="2"><b>(805) 879-6000<br>
</b>(Registrant's
telephone number, including area code)</font></p>



<p align=center style='text-align:center'><font face="Times New Roman" size="2"><b>Not Applicable<br>
</b>(Former name or
former address, if changed since last report)</font></p>





<p><font face="Times New Roman" 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 (<i>see</i>
General Instruction A.2. below):</font></p>



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



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



<p><font face="Times New Roman" 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="Times New Roman" 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="Times New Roman" size="2"><b>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry into a
Material Definitive Agreement.</b></font></p>

<p><font face="Times New Roman" size="2"><i>Credit Facility</i></font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">On September 26,
2008, Mentor Corporation (the &quot;Company&quot;) entered into a Third
Amendment to Credit Agreement (the &quot;Third Amendment&quot;), which amends
the Credit Agreement (the &quot;Credit Agreement&quot;), dated as of May 25, 2005, as amended,
supplemented or otherwise modified, among the Company, Bank of the West as
Administrative Agent, Union Bank of California, N. A. as Syndication Agent,
Wells Fargo Bank, National Association as Documentation Agent, and the Lenders
from time to time party thereto.</font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">Among other things,
the Third Amendment (i) extends the maturity date of the Credit Agreement by up
to thirteen (13) months (up to October 31, 2009), (ii) provides for continuation
of the Credit Agreement upon consummation of the Company's proposed
reorganization into a holding company structure, (iii) requires Mentor
International Holdings, Inc. to execute and deliver a Guaranty of the Secured
Obligations upon consummation of such proposed reorganization, (iv) amends an
Adjusted Consolidated EBITDA covenant and adds a liquidity covenant, (v)
permits use of proceeds from the Loans and Letters of Agreement to prepay or
repay Subordinated Indebtedness under the Subordinated Notes, and (vi) revises
the Applicable Rate and the Commitment Fee for each of four Pricing Levels.</font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">Any defined term
used herein and not otherwise defined herein shall have the same meaning as set
forth in the Third Amendment and Credit Agreement.</font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">The foregoing
summary does not purport to be complete and is qualified in its entirety by
reference to the Third Amendment, attached hereto as Exhibit 10.1 and
incorporated by reference in its entirety herein.</font></p>

<p><font face="Times New Roman" size="2"><i>Amendment and Restatement of the Mentor
Corporation 2005 Long-Term Incentive Plan</i></font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">On September 29,
2008, the Company's shareholders approved the
amendment and restatement of the Mentor Corporation 2005 Long-Term Incentive
Plan.&nbsp; The amendment and restatement provides that, among other things, the
aggregate number of shares of the Company's common stock available for grant is
increased by 2,500,000 shares.&nbsp; </font> </p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">The foregoing
summary does not purport to be complete and is qualified in its entirely by
reference to the Mentor Corporation Amended and Restated 2005 Long-Term
Incentive Plan, which is attached hereto as Exhibit 10.2 and incorporated
herein by reference.</font></p>

<p style='margin-left:74.1pt;text-indent:-74.1pt'>
<font face="Times New Roman" size="2"><b>Item 2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></font></p>

<p><font face="Times New Roman" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in
Item&nbsp;1.01 of this Current Report on Form 8-K, including Exhibit 10.1, is
incorporated in its entirety in this Item 2.03 by this reference. </font> </p>

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<p><font face="Times New Roman" size="2"><b>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial
Statements and Exhibits.</b></font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</font></p>

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  <td width=430 valign=top style='width:322.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style="margin-bottom: 4px"><font face="Times New Roman" size="2"><b><u>Exhibit Title or Description</u></b></font></p>
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  <td width=104 valign=top style='width:78.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">10.1</font></p>
  </td>
  <td width=430 valign=top style='width:322.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">Third Amendment to Credit Agreement dated
  as of September 26, 2008, amending that certain Credit Agreement, dated as of
  May 25, 2005, as amended, supplemented or otherwise modified, by and among
  the Company, Bank of the West as Administrative Agent, Union Bank of
  California, N. A. as Syndication Agent, Wells Fargo Bank, National
  Association as Documentation Agent, and the Lenders from time to time party
  thereto.</font></p>
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  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">10.2</font></p>
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  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">Mentor Corporation Amended and Restated
  2005 Long-Term Incentive Plan</font></p>
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<p align=center style='text-align:center'>&nbsp;</p>

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

<p style='text-align:justify;text-indent:37.05pt'>
<font face="Times New Roman" size="2">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.</font></p>



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  <b><font face="Times New Roman" size="2">MENTOR CORPORATION</font></b></td>
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  <font face="Times New Roman" size="2">&nbsp;</font></td>
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  <font face="Times New Roman" size="2">Date:&nbsp;
  September 30, 2008</font></td>
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  <font face="Times New Roman" size="2"><u>/s/
  Michael O'Neill</u></font></td>
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  <font face="Times New Roman" size="2">Michael
  O'Neill<br>
  Chief Financial Officer</font></td>
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<p align=center style='text-align:center'><font face="Times New Roman" size="2"><b>Exhibit Index</b></font></p>







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  <td width=510 valign=top style='width:382.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style="margin-bottom: 4px"><font face="Times New Roman" size="2"><b><u>Exhibit Title or Description</u></b></font></p>
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  <td width=102 valign=top style='width:76.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">10.1</font></p>
  </td>
  <td width=510 valign=top style='width:382.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">Third Amendment to Credit Agreement dated
  as of September 26, 2008, amending that certain Credit Agreement, dated as of
  May 25, 2005, as amended, supplemented or otherwise modified , by and among
  the Company, Bank of the West as Administrative Agent, Union Bank of
  California, N. A. as Syndication Agent, Wells Fargo Bank, National
  Association as Documentation Agent, and the Lenders from time to time party
  thereto.</font></p>
  </td>
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  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">10.2</font></p>
  </td>
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  <p style="margin-top: 8px; margin-bottom: 4px"><font face="Times New Roman" size="2">Mentor Corporation Amended and Restated
  2005 Long-Term Incentive Plan</font></p>
  </td>
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<p>&nbsp;</p>











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Mentor Corporation - Form 8-K
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):
September 26, 2008
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)
(I.R.S. 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)
Not Applicable
(Former name or
former address, if changed since last report)
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.
Credit Facility
On September 26,
2008, Mentor Corporation (the "Company") entered into a Third
Amendment to Credit Agreement (the "Third Amendment"), which amends
the Credit Agreement (the "Credit Agreement"), dated as of May 25, 2005, as amended,
supplemented or otherwise modified, among the Company, Bank of the West as
Administrative Agent, Union Bank of California, N. A. as Syndication Agent,
Wells Fargo Bank, National Association as Documentation Agent, and the Lenders
from time to time party thereto.
Among other things,
the Third Amendment (i) extends the maturity date of the Credit Agreement by up
to thirteen (13) months (up to October 31, 2009), (ii) provides for continuation
of the Credit Agreement upon consummation of the Company's proposed
reorganization into a holding company structure, (iii) requires Mentor
International Holdings, Inc. to execute and deliver a Guaranty of the Secured
Obligations upon consummation of such proposed reorganization, (iv) amends an
Adjusted Consolidated EBITDA covenant and adds a liquidity covenant, (v)
permits use of proceeds from the Loans and Letters of Agreement to prepay or
repay Subordinated Indebtedness under the Subordinated Notes, and (vi) revises
the Applicable Rate and the Commitment Fee for each of four Pricing Levels.
Any defined term
used herein and not otherwise defined herein shall have the same meaning as set
forth in the Third Amendment and Credit Agreement.
The foregoing
summary does not purport to be complete and is qualified in its entirety by
reference to the Third Amendment, attached hereto as Exhibit 10.1 and
incorporated by reference in its entirety herein.
Amendment and Restatement of the Mentor
Corporation 2005 Long-Term Incentive Plan
On September 29,
2008, the Company's shareholders approved the
amendment and restatement of the Mentor Corporation 2005 Long-Term Incentive
Plan.  The amendment and restatement provides that, among other things, the
aggregate number of shares of the Company's common stock available for grant is
increased by 2,500,000 shares.
The foregoing
summary does not purport to be complete and is qualified in its entirely by
reference to the Mentor Corporation Amended and Restated 2005 Long-Term
Incentive Plan, which is attached hereto as Exhibit 10.2 and incorporated
herein by reference.
Item 2.03                Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
(a)           The information contained in
Item 1.01 of this Current Report on Form 8-K, including Exhibit 10.1, is
incorporated in its entirety in this Item 2.03 by this reference.
2
Item 9.01               Financial
Statements and Exhibits.
(d)           Exhibits.
Exhibit No.
Exhibit Title or Description
10.1
Third Amendment to Credit Agreement dated
  as of September 26, 2008, amending that certain Credit Agreement, dated as of
  May 25, 2005, as amended, supplemented or otherwise modified, by and among
  the Company, Bank of the West as Administrative Agent, Union Bank of
  California, N. A. as Syndication Agent, Wells Fargo Bank, National
  Association as Documentation Agent, and the Lenders from time to time party
  thereto.
10.2
Mentor Corporation Amended and Restated
  2005 Long-Term Incentive Plan
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.
MENTOR CORPORATION
Date: 
  September 30, 2008
/s/
  Michael O'Neill
Michael
  O'Neill
Chief Financial Officer
3
Exhibit Index
Exhibit No.
Exhibit Title or Description
10.1
Third Amendment to Credit Agreement dated
  as of September 26, 2008, amending that certain Credit Agreement, dated as of
  May 25, 2005, as amended, supplemented or otherwise modified , by and among
  the Company, Bank of the West as Administrative Agent, Union Bank of
  California, N. A. as Syndication Agent, Wells Fargo Bank, National
  Association as Documentation Agent, and the Lenders from time to time party
  thereto.
10.2
Mentor Corporation Amended and Restated
  2005 Long-Term Incentive Plan
4