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<title>MENTOR CORPORATION 8-K</title>



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<font face="Tahoma" size="2"><b>SECURITIES AND EXCHANGE COMMISSION<br>
</b>Washington,
 D.C. 20549</font></p>



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<font face="Tahoma" size="2"><b>FORM 8-K<br>
</b><sup>&nbsp;</sup></font></p>

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<font face="Tahoma" size="2">CURRENT REPORT<br>
Pursuant to Section 13 or 15(d)<br>
of the Securities Exchange Act of 1934<br>
&nbsp;</font></p>



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<font face="Tahoma" size="2">Date of Report (Date of earliest event reported):<br>
December 13, 2004</font></p>



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<font face="Tahoma" size="2"><b>MENTOR CORPORATION<br>
</b>(Exact name of registrant as specified in its
charter)</font></p>



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  <p class=MsoNormal><font face="Tahoma" size="2">Minnesota</font></p>
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  <p class=MsoNormal><font face="Tahoma" size="2">0-7955</font></p>
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  <p class=MsoNormal><font face="Tahoma" size="2">(State or other
  jurisdiction of incorporation)</font></p>
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  <p class=MsoNormal><font face="Tahoma" size="2">(Commission File No.)</font></p>
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  <p class=MsoNormal><font face="Tahoma" size="2">(IRS Employer I.D. No.)</font></p>
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<font face="Tahoma" size="2">201 Mentor Drive<br>
 Santa Barbara, California 93111<br>
(Address of principal executive offices)</font></p>



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<font face="Tahoma" size="2">Registrant's telephone number, including area code:<br>
(805) 879-6000</font></p>





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  <p class=MsoNormal><font face="Tahoma" 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>
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  <p class=MsoNormal><font face="Tahoma" size="2">Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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  <p class=MsoNormal><font face="Tahoma" size="2">Soliciting material
  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font> </p>
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  <p class=MsoNormal><font face="Tahoma" size="2">Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b)) </font> </p>
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  <p class=MsoNormal><font face="Tahoma" size="2">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 class=HdgLeftBold><font face="Tahoma" size="2"><b>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry Into a Material Definitive
Agreement</b></font></p>










<p class=MsoNormal><font face="Tahoma" size="2">On December 13, 2004,
Mentor entered into an agreement to repurchase 1,500,000 shares of its Common
stock from two investment partnerships managed by ValueAct Capital at a purchase
price of $33.85 per share, the closing price of the Common Stock on the NYSE on
such date. &nbsp;On December 14, Mentor repurchased an additional 750,000 shares of
its Common stock from the same investment partnerships at $34.00 per share, a
small discount to the closing price on the NYSE of $34.41. &nbsp;The 2.25
million shares were repurchased for a total of
$76.3 million pursuant to the Company's continuing stock repurchase program and
represent approximately 5% of outstanding shares before the transactions. &nbsp;
After the transactions, ValueAct Capital, through several of its investment partnerships, continues to
own more than 4.6 million shares of Common Stock, or approximately 11% of the
outstanding shares of Mentor and continues to be represented on Mentor's Board
of Directors by Mr. Jeff Ubben.&nbsp; Approximately
1.3 million shares of Common Stock remain authorized for repurchase.&nbsp; All
shares repurchased under the program have been retired and are no longer deemed
to be outstanding.&nbsp; There is no guarantee that the remaining shares authorized
for repurchase will ultimately be repurchased.</font></p>

<p class=SMCLevel1><font face="Tahoma" size="2"><b>&nbsp;</b></font></p>

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

<p style='text-indent:.5in'><font face="Tahoma" 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>

<p style='margin-left:2.0in;text-indent:.5in'><font face="Tahoma" size="2">MENTOR CORPORATION</font></p>

<p style='margin-left:2.5in;text-indent:-2.5in'><font face="Tahoma" size="2">Date:&nbsp; December 16, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <u>/s/JOSHUA
H. LEVINE&nbsp;&nbsp;&nbsp; <br>
</u>Joshua H. Levine<br>
Chief Executive Officer</font></p>

<p class=MsoFooter><font face="Tahoma" size="2">Date:&nbsp; December 16, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp;
<u>/s/LOREN L. MCFARLAND<br>
</u>&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loren L. McFarland<br>
&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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": "041207646"}, "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
SECURITIES AND EXCHANGE COMMISSION
Washington,
 D.C. 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):
December 13, 2004
MENTOR CORPORATION
(Exact name of registrant as specified in its
charter)
Minnesota
0-7955
41-0950791
(State or other
  jurisdiction of incorporation)
(Commission File No.)
(IRS Employer I.D. No.)
201 Mentor Drive
Santa Barbara, California 93111
(Address of principal executive offices)
Registrant's telephone number, including area code:
(805) 879-6000
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
On December 13, 2004,
Mentor entered into an agreement to repurchase 1,500,000 shares of its Common
stock from two investment partnerships managed by ValueAct Capital at a purchase
price of $33.85 per share, the closing price of the Common Stock on the NYSE on
such date.  On December 14, Mentor repurchased an additional 750,000 shares of
its Common stock from the same investment partnerships at $34.00 per share, a
small discount to the closing price on the NYSE of $34.41.  The 2.25
million shares were repurchased for a total of
$76.3 million pursuant to the Company's continuing stock repurchase program and
represent approximately 5% of outstanding shares before the transactions.  
After the transactions, ValueAct Capital, through several of its investment partnerships, continues to
own more than 4.6 million shares of Common Stock, or approximately 11% of the
outstanding shares of Mentor and continues to be represented on Mentor's Board
of Directors by Mr. Jeff Ubben.  Approximately
1.3 million shares of Common Stock remain authorized for repurchase.  All
shares repurchased under the program have been retired and are no longer deemed
to be outstanding.  There is no guarantee that the remaining shares authorized
for repurchase will ultimately be repurchased.
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:  December 16, 2004
/s/JOSHUA
H. LEVINE
Joshua H. Levine
Chief Executive Officer
Date:  December 16, 2004
/s/LOREN L. MCFARLAND
Loren L. McFarland
Chief Financial Officer