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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Registration No.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
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    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>As filed with the Securities and Exchange Commission on June&nbsp;17, 2010</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 20pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
Washington, D.C. 20549
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 20pt"><B>FORM S-8<BR>
REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>GRACO INC.</B><BR>
(Exact name of registrant as specified in its charter)
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
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    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="left" valign="top"><B>Minnesota</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>41-0285640</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>88-11th Avenue N.E.<BR>
Minneapolis, Minnesota 55413-1894</B><BR>
(Address of registrant&#146;s principal executive offices, including zip code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Graco Inc. 2010 Stock Incentive Plan</B><BR>
(Full title of the plan)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Karen P. Gallivan, Esq.<BR>
Vice President, General Counsel &#038; Secretary<BR>
88-11th Avenue N.E.<BR>
Minneapolis, Minnesota 55413-1894<BR>
(612)&nbsp;623-6604</B><BR>
(Name, address and telephone number,<BR>
including area code, of agent for service)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act
</DIV>

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    <TD align="left" valign="top" nowrap>Large accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT><BR>
(Do not check if a smaller reporting company)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Title of securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">offering price per</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">aggregate offering</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>to be registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">share<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">price<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">registration fee</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5,100,000 shares</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$31.23</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$159,273,000</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">11,356.16</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">($1.00 par value)<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt">1.&nbsp;&nbsp; Pursuant to Rule 416(a) under the Securities Act of 1933, this registration statement also
registers such additional shares of Common Stock that become available under the foregoing plan in
connection with changes in the number of outstanding Common Stock because of events such as stock
splits, stock dividends, combinations or reclassifications of shares, recapitalizations, mergers or
other similar events.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">2.&nbsp;&nbsp; Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(c) and 457 (h)(1), based upon the average of the high and low prices of the Common Stock as
reported on the New York Stock Exchange on June&nbsp;14, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">3. &nbsp;&nbsp;Each share of Common Stock includes a Preferred Share Purchase Right pursuant to the
Registrant&#146;s Rights Agreement.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c58695exv5w1.htm">EX-5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="c58695exv23w1.htm">EX-23.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="c58695exv24w1.htm">EX-24.1</A></TD></TR>
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<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The documents containing the information specified in Part&nbsp;I of Form S-8 have been or will be sent
to participants as specified by Rule&nbsp;428(b)(1) under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;).
</DIV>


<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 20pt"><B>PART II.<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;3</B>.&nbsp; Incorporation of Documents by Reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which have been filed by Graco Inc. (the &#147;Company&#148;) with the
Securities and Exchange Commission (the &#147;SEC&#148;), are incorporated by reference in this Registration
Statement, as of their respective dates:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;25,
2009, filed with the SEC on February&nbsp;16, 2010, as amended by Amendment No.&nbsp;1 on Form 10-K/A
filed with the SEC on February&nbsp;18, 2010;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other reports of the Company filed pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), since the end of the
fiscal year covered by the Annual Report referred to in subsection (a)&nbsp;above; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The description of the Company&#146;s Common Stock, par value $1.00 per share, contained
in any Registration Statement or report filed under the Exchange Act, including any
amendment or report filed for the purpose of updating such description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date of this Registration Statement and prior to the filing of a
post-effective amendment to this Registration Statement which indicates that all securities offered
here have been sold or which deregisters all securities remaining unsold shall be deemed to be
incorporated by reference into this Registration Statement and to be a part of this Registration
Statement from the respective dates of filing of such documents.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in any document incorporated by reference herein shall be deemed to be
modified or superseded for the purposes of this Registration Statement to the extent that a
statement contained herein or in any subsequently filed document which also is or is deemed to be
incorporated by reference herein modified or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as modified or superseded, to constitute a part of this
 Registration Statement.
</DIV>

<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;4.</B>&nbsp; Description of Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5.</B>&nbsp; Interests of Named Experts and Counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karen P. Gallivan, Vice President, General Counsel and Secretary of the Company, has given her
opinion about certain legal matters affecting the shares of the Company&#146;s Common Stock registered
under this Registration Statement. Ms.&nbsp;Gallivan is eligible to participate in the Graco Inc. 2010
Stock Incentive Plan and, as of June 10, 2010, she is the beneficial owner of 96,125 shares of the
Company&#146;s Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition,
Ms. Gallivan shares voting and investment power over (i) 348,748 shares owned by the Graco Employee Retirement
Plan, as to which she shares voting and investment power as a member of the Company&#146;s Benefits Finance
Committee, and (ii) 17,308 shares held by The Graco Foundation, as to which she shares voting and
investment power as a director.  She disclaims beneficial ownership
of such shares.</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;6.</B>&nbsp; Indemnification of Directors and Officers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;302A.521 of the Minnesota Business Corporation Act provides that a company shall,
subject to certain limitations, indemnify officers and directors made or threatened to be made a
party to a proceeding by reason of that officer or director&#146;s former or present official capacity
with the company. As required, the Company will indemnify that person against judgments, penalties, fines, settlements and reasonable expenses
if the officer or director:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has not been indemnified by another organization;</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acted in good faith;</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has not received an improper personal benefit and Section&nbsp;302A.255 regarding
director conflicts of interests, if applicable, has been satisfied;</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assuming the case is a criminal proceeding, the person had no reasonable cause to
believe the conduct was unlawful; and</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reasonably believed that the conduct was in the best interests of the company or, in
the case of an officer or director who is or was serving at the request of the company
as a director, officer, partner, trustee, employee or agent of another organization or
employee benefit plan, reasonably believed that the conduct was not opposed to the best
interests of the company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;7 of the Company&#146;s Restated Articles of Incorporation, as amended to date, provides
that no director of the Company shall be personally liable to Graco or its shareholders for
monetary damages for breach of fiduciary duty by such director as a director, provided, however,
that the liability of the director shall not be eliminated or limited (i)&nbsp;for breach of the
director&#146;s duty of loyalty to the corporation or its shareholders, (ii)&nbsp;for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of the law, (iii)
under Section&nbsp;302A.559 of the Minnesota Business Corporation Act or Section&nbsp;80A.23 of the Minnesota
Securities Law or (iv)&nbsp;for any transactions from which the director derived an improper personal
benefit. Article&nbsp;7 further provides that no amendment to or repeal of the Article shall apply to
or have any effect on the liability or alleged liability of any director for or with respect to any
acts or omissions of such director occurring prior to such amendment or repeal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.01 of the Company&#146;s Bylaws provides that the Company shall indemnify its officers
and directors under such circumstances and to the extent permitted by Section&nbsp;302A.521, as now
enacted or as hereafter amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains directors&#146; and officers&#146; liability insurance which covers certain
liabilities and expenses of its directors and officers and covers the Company for reimbursement of
payments to its directors and officers in respect of such liabilities and expenses.
</DIV>


<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7.</B>&nbsp; Exemption from Registration Claimed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;8.</B>&nbsp; <B>Exhibits.</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restated Articles of Incorporation of Graco Inc., as amended June&nbsp;14, 2007.
(Incorporated by reference to Exhibit&nbsp;3.1 to the Company&#146;s Report on Form 10-Q for the
thirteen weeks ended June&nbsp;29, 2007.)</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rights Agreement dated as of February&nbsp;12, 2010, between the Company and Wells
Fargo, Bank N.A., as Rights Agent. (Incorporated by reference to Exhibit&nbsp;4.1 to the
Company&#146;s Report on Form 8-K dated February&nbsp;12, 2010.)</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Amendment of Certificate of Designation, Preferences and
Rights of Series&nbsp;A Junior Participating Preferred Shares. (Incorporated by reference
to Exhibit&nbsp;2 to the Company&#146;s Registration Statement on Form 8-A filed on February&nbsp;16,
2010.)</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Credit Agreement dated July&nbsp;12, 2007 between the Company and U.S. Bank National
Association, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Bank
of America, N.A. (Incorporated by reference to Exhibit&nbsp;10.1 to the Company&#146;s Report on
Form 8-K dated July&nbsp;12, 2007.)</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion and consent of Karen P. Gallivan, Vice President, General Counsel and
Secretary of Graco Inc., regarding legality.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Graco Inc. 2010 Stock Incentive Plan. (Incorporated by reference to Appendix&nbsp;A
to the Company&#146;s Proxy Statement for the Annual Meeting of Shareholders held on April
23, 2010.)</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP, the Company&#146;s independent registered public
accounting firm.</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="5%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney.</TD>
</TR>

</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.</B>&nbsp; <B>Undertakings.</B>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">A.&nbsp;</TD>
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Post-Effective Amendments.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&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:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&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, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which is registered)
and deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation
of Registration Fee&#148; table in the effective registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&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;
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>provided, however</I>, that paragraphs (i)&nbsp;and (ii)&nbsp;above will not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or
Section 15(d) of the Securities Exchange Act that are incorporated by reference in this
registration statement.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3) &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.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">B.</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsequent Documents Incorporated by Reference.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&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, each filing of the registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act 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.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">C.</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Claims for Indemnification.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act 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 other controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection 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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the 17th day of June,
2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>GRACO INC.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 30pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Karen P. Gallivan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;Karen P. Gallivan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;<FONT style="white-space: nowrap">Vice President, General Counsel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="33%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 20pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Patrick J. McHale
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patrick J. McHale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer<BR>
(<I>Principal Executive Officer</I>)</TD>
</TR>
<TR valign="bottom" style="line-height: 30pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James A. Graner
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James A. Graner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer and Treasurer<BR>
(<I>Principal Financial and Accounting Officer</I>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Caroline M. Chambers
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Caroline M. Chambers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Controller<BR>
(<I>Principal Accounting Officer</I>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patrick J. McHale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William J. Carroll
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack W. Eugster
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. Kevin Gilligan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lee R. Mitau
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Chairman of the Board</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Marti A.M. Morfitt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William G. Van Dyke
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R. William Van Sant Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 20pt">Patrick J. McHale, by signing his name hereto, does hereby sign this document on behalf of himself
and each of the above named directors of the Registrant pursuant to powers of attorney duly
executed by such persons (set forth in Exhibit&nbsp;24.1 to this Registration Statement).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 30pt">
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Patrick J. McHale
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patrick J. McHale
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(For himself and as attorney-in-fact)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: June&nbsp;17, 2010
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 20pt">
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B>&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;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 20pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of Graco Inc., as amended June&nbsp;14,
2007. (Incorporated by reference to Exhibit&nbsp;3.1 to the Company&#146;s
Report on Form&nbsp;10-Q for the thirteen weeks ended June&nbsp;29, 2007.)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of February&nbsp;12, 2010, between the Company
and Wells Fargo Bank N.A., as Rights Agent. (Incorporated by
reference to Exhibit&nbsp;4.1 to the Company&#146;s Report on Form&nbsp;8-K dated
February&nbsp;12, 2010.)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Articles of Amendment of Certificate of Designation,
Preferences and Rights of Series&nbsp;A Junior Participating Preferred
Shares. (Incorporated by reference to Exhibit&nbsp;2 to the Company&#146;s
Registration Statement on Form&nbsp;8-A filed on February&nbsp;16, 2010.)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement dated July&nbsp;12, 2007 between the Company and U.S.
Bank National Association, JPMorgan Chase Bank, N.A., Wells Fargo
Bank, National Association and Bank of America, N.A. (Incorporated by
reference to Exhibit&nbsp;10.1 to the Company&#146;s Report on Form&nbsp;8-K dated
July&nbsp;12, 2007.)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion and consent of Karen P. Gallivan, Vice President, General
Counsel and Secretary of Graco Inc., regarding legality.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Graco Inc. 2010 Stock Incentive Plan (Incorporated by reference to
Appendix&nbsp;A to the Company&#146;s Proxy Statement for the Annual Meeting of
Shareholders held on April&nbsp;23, 2010.).</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP, the Company&#146;s independent
registered public accounting firm.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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sv8
Table of Contents
Registration No.
As filed with the Securities and Exchange Commission on June 17, 2010
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
GRACO INC.
(Exact name of registrant as specified in its charter)
Minnesota
41-0285640
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
88-11th Avenue N.E.
Minneapolis, Minnesota 55413-1894
(Address of registrant's principal executive offices, including zip code)
Graco Inc. 2010 Stock Incentive Plan
(Full title of the plan)
Karen P. Gallivan, Esq.
Vice President, General Counsel & Secretary
88-11th Avenue N.E.
Minneapolis, Minnesota 55413-1894
(612) 623-6604
(Name, address and telephone number,
including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of securities
Amount to be
offering price per
aggregate offering
Amount of
to be registered
registered
1
share
2
price
1
registration fee
Common Stock
5,100,000 shares
$31.23
$159,273,000
$
11,356.16
($1.00 par value)
3
1.   Pursuant to Rule 416(a) under the Securities Act of 1933, this registration statement also
registers such additional shares of Common Stock that become available under the foregoing plan in
connection with changes in the number of outstanding Common Stock because of events such as stock
splits, stock dividends, combinations or reclassifications of shares, recapitalizations, mergers or
other similar events.
2.   Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(c) and 457 (h)(1), based upon the average of the high and low prices of the Common Stock as
reported on the New York Stock Exchange on June 14, 2010.
3.   Each share of Common Stock includes a Preferred Share Purchase Right pursuant to the
Registrant's Rights Agreement.
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
EX-5.1
EX-23.1
EX-24.1
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of Form S-8 have been or will be sent
to participants as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the
"Securities Act").
PART II.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3
.  Incorporation of Documents by Reference.
The following documents, which have been filed by Graco Inc. (the "Company") with the
Securities and Exchange Commission (the "SEC"), are incorporated by reference in this Registration
Statement, as of their respective dates:
(a)      The Company's Annual Report on Form 10-K for the fiscal year ended December 25,
2009, filed with the SEC on February 16, 2010, as amended by Amendment No. 1 on Form 10-K/A
filed with the SEC on February 18, 2010;
(b)      All other reports of the Company filed pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the end of the
fiscal year covered by the Annual Report referred to in subsection (a) above; and
(c)      The description of the Company's Common Stock, par value $1.00 per share, contained
in any Registration Statement or report filed under the Exchange Act, including any
amendment or report filed for the purpose of updating such description.
All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date of this Registration Statement and prior to the filing of a
post-effective amendment to this Registration Statement which indicates that all securities offered
here have been sold or which deregisters all securities remaining unsold shall be deemed to be
incorporated by reference into this Registration Statement and to be a part of this Registration
Statement from the respective dates of filing of such documents.
Any statement contained in any document incorporated by reference herein shall be deemed to be
modified or superseded for the purposes of this Registration Statement to the extent that a
statement contained herein or in any subsequently filed document which also is or is deemed to be
incorporated by reference herein modified or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as modified or superseded, to constitute a part of this
 Registration Statement.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Karen P. Gallivan, Vice President, General Counsel and Secretary of the Company, has given her
opinion about certain legal matters affecting the shares of the Company's Common Stock registered
under this Registration Statement. Ms. Gallivan is eligible to participate in the Graco Inc. 2010
Stock Incentive Plan and, as of June 10, 2010, she is the beneficial owner of 96,125 shares of the
Company's Common Stock.
In addition,
Ms. Gallivan shares voting and investment power over (i) 348,748 shares owned by the Graco Employee Retirement
Plan, as to which she shares voting and investment power as a member of the Company's Benefits Finance
Committee, and (ii) 17,308 shares held by The Graco Foundation, as to which she shares voting and
investment power as a director.  She disclaims beneficial ownership
of such shares.
Table of Contents
Item 6.
Indemnification of Directors and Officers.
Section 302A.521 of the Minnesota Business Corporation Act provides that a company shall,
subject to certain limitations, indemnify officers and directors made or threatened to be made a
party to a proceeding by reason of that officer or director's former or present official capacity
with the company. As required, the Company will indemnify that person against judgments, penalties, fines, settlements and reasonable expenses
if the officer or director:
•
has not been indemnified by another organization;
•
acted in good faith;
•
has not received an improper personal benefit and Section 302A.255 regarding
director conflicts of interests, if applicable, has been satisfied;
•
assuming the case is a criminal proceeding, the person had no reasonable cause to
believe the conduct was unlawful; and
•
reasonably believed that the conduct was in the best interests of the company or, in
the case of an officer or director who is or was serving at the request of the company
as a director, officer, partner, trustee, employee or agent of another organization or
employee benefit plan, reasonably believed that the conduct was not opposed to the best
interests of the company.
Article 7 of the Company's Restated Articles of Incorporation, as amended to date, provides
that no director of the Company shall be personally liable to Graco or its shareholders for
monetary damages for breach of fiduciary duty by such director as a director, provided, however,
that the liability of the director shall not be eliminated or limited (i) for breach of the
director's duty of loyalty to the corporation or its shareholders, (ii) for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of the law, (iii)
under Section 302A.559 of the Minnesota Business Corporation Act or Section 80A.23 of the Minnesota
Securities Law or (iv) for any transactions from which the director derived an improper personal
benefit. Article 7 further provides that no amendment to or repeal of the Article shall apply to
or have any effect on the liability or alleged liability of any director for or with respect to any
acts or omissions of such director occurring prior to such amendment or repeal.
Section 8.01 of the Company's Bylaws provides that the Company shall indemnify its officers
and directors under such circumstances and to the extent permitted by Section 302A.521, as now
enacted or as hereafter amended.
The Company maintains directors' and officers' liability insurance which covers certain
liabilities and expenses of its directors and officers and covers the Company for reimbursement of
payments to its directors and officers in respect of such liabilities and expenses.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits.
3.1
Restated Articles of Incorporation of Graco Inc., as amended June 14, 2007.
(Incorporated by reference to Exhibit 3.1 to the Company's Report on Form 10-Q for the
thirteen weeks ended June 29, 2007.)
4.1
Rights Agreement dated as of February 12, 2010, between the Company and Wells
Fargo, Bank N.A., as Rights Agent. (Incorporated by reference to Exhibit 4.1 to the
Company's Report on Form 8-K dated February 12, 2010.)
4.2
Form of Articles of Amendment of Certificate of Designation, Preferences and
Rights of Series A Junior Participating Preferred Shares. (Incorporated by reference
to Exhibit 2 to the Company's Registration Statement on Form 8-A filed on February 16,
2010.)
4.3
Credit Agreement dated July 12, 2007 between the Company and U.S. Bank National
Association, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Bank
of America, N.A. (Incorporated by reference to Exhibit 10.1 to the Company's Report on
Form 8-K dated July 12, 2007.)
Table of Contents
5.1
Opinion and consent of Karen P. Gallivan, Vice President, General Counsel and
Secretary of Graco Inc., regarding legality.
10.1
Graco Inc. 2010 Stock Incentive Plan. (Incorporated by reference to Appendix A
to the Company's Proxy Statement for the Annual Meeting of Shareholders held on April
23, 2010.)
23.1
Consent of Deloitte & Touche LLP, the Company's independent registered public
accounting firm.
24.1
Power of Attorney.
Item 9.
Undertakings.
A.
Post-Effective Amendments.
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:
(a)      To include any prospectus required by Section 10(a)(3) of the Securities
Act;
(b)      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, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which is registered)
and deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20% change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement;
(c)      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 (i) and (ii) above will not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act that are incorporated by reference in this
registration statement.
(2)      That, for the purpose of determining any liability under the Securities Act, 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.
Table of Contents
B.
Subsequent Documents Incorporated by Reference.
The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act 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.
Claims for Indemnification.
Insofar as indemnification for liabilities arising under the Securities Act 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 other controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection 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.
Table of Contents
SIGNATURES
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 the 17th day of June,
2010.
GRACO INC.
By:
/s/ Karen P. Gallivan
Karen P. Gallivan
Vice President, General Counsel
and Secretary
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
Signature
Title
/s/ Patrick J. McHale
Patrick J. McHale
President and Chief Executive Officer
(
Principal Executive Officer
)
/s/ James A. Graner
James A. Graner
Chief Financial Officer and Treasurer
(
Principal Financial and Accounting Officer
)
/s/ Caroline M. Chambers
Caroline M. Chambers
Vice President and Controller
(
Principal Accounting Officer
)
Patrick J. McHale
Director
William J. Carroll
Director
Jack W. Eugster
Director
J. Kevin Gilligan
Director
Lee R. Mitau
Director, Chairman of the Board
Marti A.M. Morfitt
Director
William G. Van Dyke
Director
R. William Van Sant Director
Patrick J. McHale, by signing his name hereto, does hereby sign this document on behalf of himself
and each of the above named directors of the Registrant pursuant to powers of attorney duly
executed by such persons (set forth in Exhibit 24.1 to this Registration Statement).
/s/ Patrick J. McHale
Patrick J. McHale
(For himself and as attorney-in-fact)
Dated: June 17, 2010
Table of Contents
EXHIBIT INDEX
Exhibit Number
Description
3.1
Restated Articles of Incorporation of Graco Inc., as amended June 14,
2007. (Incorporated by reference to Exhibit 3.1 to the Company's
Report on Form 10-Q for the thirteen weeks ended June 29, 2007.)
4.1
Rights Agreement dated as of February 12, 2010, between the Company
and Wells Fargo Bank N.A., as Rights Agent. (Incorporated by
reference to Exhibit 4.1 to the Company's Report on Form 8-K dated
February 12, 2010.)
4.2
Form of Articles of Amendment of Certificate of Designation,
Preferences and Rights of Series A Junior Participating Preferred
Shares. (Incorporated by reference to Exhibit 2 to the Company's
Registration Statement on Form 8-A filed on February 16, 2010.)
4.3
Credit Agreement dated July 12, 2007 between the Company and U.S.
Bank National Association, JPMorgan Chase Bank, N.A., Wells Fargo
Bank, National Association and Bank of America, N.A. (Incorporated by
reference to Exhibit 10.1 to the Company's Report on Form 8-K dated
July 12, 2007.)
5.1
Opinion and consent of Karen P. Gallivan, Vice President, General
Counsel and Secretary of Graco Inc., regarding legality.
10.1
Graco Inc. 2010 Stock Incentive Plan (Incorporated by reference to
Appendix A to the Company's Proxy Statement for the Annual Meeting of
Shareholders held on April 23, 2010.).
23.1
Consent of Deloitte & Touche LLP, the Company's independent
registered public accounting firm.
24.1
Power of Attorney.