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<title>Mentor Corporation - Form 8-K - 2007 Strategic Equity Incentive Plan</title>



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<p align=center style='text-align:center'><font face="Times New Roman" size="4"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</b></font><b><font face="Times New Roman" size="2">Washington, DC 20549</font></b></p>

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

<p align=center style='text-align:center'><font face="Times New Roman" 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="Times New Roman" size="2">Date of Report (Date
of earliest event reported)<br>
</font><font face="Times New Roman" size="4">
<b>August 9, 2007</b></font></p>

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<p align=center style='text-align:center'><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><u>Minnesota</u></b></font></p>
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  <p><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>
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	<font face="Times New Roman" size="2"><b><u>001-31744</u></b></font></p>
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  <p><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>
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	<font face="Times New Roman" size="2"><b><u>41-0950791</u></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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  <p align=center style='text-align:center'>
	<font face="Times New Roman" size="2">(Commission File
  Number)</font></p>
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  <td width="2%" valign=bottom style='width:2.5%;padding:0in .7pt 0in .7pt'>

  </td>
  <td width="32%" valign=top style='width:32.56%;padding:0in .7pt 0in .7pt'>
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	<font face="Times New Roman" size="2">(IRS Employer<br>
  Identification No.)</font></p>
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<p align=center style='text-align:center'><font face="Times New Roman" size="2"><b>201 Mentor Drive</b><br>
  <b>Santa Barbara, California&nbsp; 93111</b><br>
(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:</font></p>

<p style='margin-left:14.25pt;text-indent:-14.25pt'>
<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 style='margin-left:14.25pt;text-indent:-14.25pt'>
<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 style='margin-left:14.25pt;text-indent:-14.25pt'>
<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 style='margin-left:14.25pt;text-indent:-14.25pt'>
<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&nbsp;5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</b></font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
August&nbsp;9, 2007, the Board of Directors (the &quot;Board&quot;) of Mentor Corporation
(the &quot;Company&quot;) approved the 2007 Strategic Equity Incentive Plan (the
&quot;Sub-Plan&quot;) under the Company's 2005 Long Term Incentive Plan (the
&quot;Plan&quot;).&nbsp; </font> </p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">The Board's
objective in establishing the Sub-Plan was to create a long-term incentive plan
for the Company's top 40 executives and senior managers, including the
Company's executive officers, designed to reward the participants for achieving
superior financial results for the Company over a period of four fiscal years.&nbsp;
In designing the Sub-Plan, the Compensation Committee of the Board consulted
extensively with Pearl Meyer and Partners, an independent human resources
consulting firm, and Pearl Meyer provided the Compensation Committee with
relevant market data and alternatives to consider when considering adoption of
the Sub-Plan.&nbsp; </font> </p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">The Sub-Plan
provides for the grants of nonqualified stock options to key employees of the
Company, and the options are for the acquisition of shares of the Company's
common stock.&nbsp; The exercise price for the shares subject to the options will be
set at a premium to the closing trading price of the Company's common stock as
reported by the New York Stock Exchange on the date of grant.&nbsp; The shares
subject to the options will vest subject to the attainment of specified
earnings per share (&quot;EPS&quot;) targets over fiscal years 2008, 2009, 2010 and 2011.&nbsp;
The vesting percentages are disproportionately skewed to the achievement of the
EPS targets in fiscal years 2010 and 2011, and the EPS targets represent
compounded growth rates that are in excess of recent EPS growth rates for the
Company.</font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">The Sub-Plan
provides that the attainment or non-attainment of an EPS target for one fiscal
year shall not affect a participant's ability to achieve vesting in a
subsequent fiscal year nor to vest pursuant to the provisions for catch up
vesting.&nbsp; Catch up vesting allows a percentage of the shares subject to the
options to vest as of the last day of fiscal year 2011 if the cumulative EPS
for fiscal years 2008-2011 meets or exceeds certain thresholds.</font></p>

<p style='text-indent:.5in'><font face="Times New Roman" size="2">As a consequence of the
design of the Sub-Plan, the participants will only realize the Sub-Plan's
possible full payout if the Company achieves superior EPS results and the
trading price of the Company's common stock increases materially.&nbsp; The Board
believes that the Sub-Plan provides an incentive for the participants to
deliver superior, not easily achieved, financial results to the Company's
shareholders over the fiscal years covered by the Sub-Plan, and the Sub-Plan
increases the alignment of the participants' interests with those of the
Company's shareholders.</font></p>

<p style='text-indent:0in'><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
there is a Change in Control Event (as defined in the Plan) unvested shares
subject to each option granted under the Sub-Plan shall become vested
immediately on the date of the Change in Control Event as follows:</font></p>

<p style='margin-left:1.0in;text-indent:-.5in'>
<font face="Times New Roman" size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Change in Control Event
occurs on or before March 31, 2009, the participant shall become vested in the
number of options required to bring the aggregate vesting to fifty percent
(50%) of the options; and</font></p>

<p style='margin-left:1.0in;text-indent:-.5in'>
<font face="Times New Roman" size="2">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
the Change in Control Event occurs after March 31, 2009 and before April 1, 2011, the participant shall
become vested in a number of options equal to fifty percent (50%) plus the
number of vested options immediately prior to the Change in Control Event, up
to a total of one hundred percent (100%).</font></p>

<p><font face="Times New Roman" size="2">A copy of the Sub-Plan is
attached hereto as Exhibit 10.1 and the prior description is qualified entirely
by such document, which is deemed incorporated by reference herein.</font></p>





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<p style='text-autospace:ideograph-numeric'>
<font face="Times New Roman" size="2"><b>Item
9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and
Exhibits</b></font></p>

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	<font face="Times New Roman" size="2"><u>Exhibit No.</u></font></p>
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	<font face="Times New Roman" size="2"><u>Exhibit Title or
  Description</u></font></p>
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	<font face="Times New Roman" size="2">10.1&nbsp;</font></p>
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  height:25.65pt'>
  <p align=left style='margin-bottom:0in;margin-bottom:.0001pt;
  text-align:left'><font face="Times New Roman" size="2">2007 Strategic Equity Incentive Plan <br>
  Under the 2005 Long-Term Incentive Plan</font></p>
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<p align=center style='text-align:center'><font face="Times New Roman" size="2"><b>&nbsp;</b></font></p>

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

<p><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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  <p><font face="Times New Roman" size="2"><b>MENTOR CORPORATION</b></font></p>
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  &nbsp;</td>
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  &nbsp;</td>
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  &nbsp;</td>
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  <p><font face="Times New Roman" size="2">Date:&nbsp; August 10, 2007</font></p>
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	<font face="Times New Roman" size="2">By:</font></p>
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  <p><font face="Times New Roman" size="2"><u>/s/ Joseph A. Newcomb&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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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  </td>
  <td width="56%" valign=top style='width:56.9%;padding:0in .7pt 0in .7pt'>
  <p><font face="Times New Roman" size="2">Joseph A. Newcomb<br>
  General Counsel</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": "071046782"}, "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 - Form 8-K - 2007 Strategic Equity Incentive Plan
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)
August 9, 2007
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)
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:
[  ]
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 5.02               Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(e)          On
August 9, 2007, the Board of Directors (the "Board") of Mentor Corporation
(the "Company") approved the 2007 Strategic Equity Incentive Plan (the
"Sub-Plan") under the Company's 2005 Long Term Incentive Plan (the
"Plan").
The Board's
objective in establishing the Sub-Plan was to create a long-term incentive plan
for the Company's top 40 executives and senior managers, including the
Company's executive officers, designed to reward the participants for achieving
superior financial results for the Company over a period of four fiscal years. 
In designing the Sub-Plan, the Compensation Committee of the Board consulted
extensively with Pearl Meyer and Partners, an independent human resources
consulting firm, and Pearl Meyer provided the Compensation Committee with
relevant market data and alternatives to consider when considering adoption of
the Sub-Plan.
The Sub-Plan
provides for the grants of nonqualified stock options to key employees of the
Company, and the options are for the acquisition of shares of the Company's
common stock.  The exercise price for the shares subject to the options will be
set at a premium to the closing trading price of the Company's common stock as
reported by the New York Stock Exchange on the date of grant.  The shares
subject to the options will vest subject to the attainment of specified
earnings per share ("EPS") targets over fiscal years 2008, 2009, 2010 and 2011. 
The vesting percentages are disproportionately skewed to the achievement of the
EPS targets in fiscal years 2010 and 2011, and the EPS targets represent
compounded growth rates that are in excess of recent EPS growth rates for the
Company.
The Sub-Plan
provides that the attainment or non-attainment of an EPS target for one fiscal
year shall not affect a participant's ability to achieve vesting in a
subsequent fiscal year nor to vest pursuant to the provisions for catch up
vesting.  Catch up vesting allows a percentage of the shares subject to the
options to vest as of the last day of fiscal year 2011 if the cumulative EPS
for fiscal years 2008-2011 meets or exceeds certain thresholds.
As a consequence of the
design of the Sub-Plan, the participants will only realize the Sub-Plan's
possible full payout if the Company achieves superior EPS results and the
trading price of the Company's common stock increases materially.  The Board
believes that the Sub-Plan provides an incentive for the participants to
deliver superior, not easily achieved, financial results to the Company's
shareholders over the fiscal years covered by the Sub-Plan, and the Sub-Plan
increases the alignment of the participants' interests with those of the
Company's shareholders.
If
there is a Change in Control Event (as defined in the Plan) unvested shares
subject to each option granted under the Sub-Plan shall become vested
immediately on the date of the Change in Control Event as follows:
(i)          
If the Change in Control Event
occurs on or before March 31, 2009, the participant shall become vested in the
number of options required to bring the aggregate vesting to fifty percent
(50%) of the options; and
(ii)          If
the Change in Control Event occurs after March 31, 2009 and before April 1, 2011, the participant shall
become vested in a number of options equal to fifty percent (50%) plus the
number of vested options immediately prior to the Change in Control Event, up
to a total of one hundred percent (100%).
A copy of the Sub-Plan is
attached hereto as Exhibit 10.1 and the prior description is qualified entirely
by such document, which is deemed incorporated by reference herein.
Item
9.01        Financial Statements and
Exhibits
Exhibit No.
Exhibit Title or
  Description
10.1
2007 Strategic Equity Incentive Plan
Under the 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:  August 10, 2007
By:
/s/ Joseph A. Newcomb
Joseph A. Newcomb
General Counsel